China's tech company - Nextperia - has been ordered by the British government to sell at least 86% of Britain's biggest microchip factory - its Newport wafer fab. UK has expressed concerns that the country was selling a prized-asset to a Chinese owned at a time of global shortages in chips.

World Business News: UK orders sale of Chinese chip plant, expresses concerns at its global shortage

Collapsed cryptocurrency exchange FTX suffered a "complete failure of corporate controls" under founder Sam Bankman-Fried, the company's new chief executive said Thursday, calling the situation "unprecedented."

The scathing condemnation came in a filing in US bankruptcy court from&nbsp;John&nbsp;J.&nbsp;Ray&nbsp;-- an executive with 40 years of experience in corporate restructurings including the infamous implosion of Enron in 2001.

Ray&nbsp;lambasted the failures of oversight, incomplete records, missing and unreliable financial statements and "potentially compromised" leadership at FTX, which declared bankruptcy last week -- a stunning downfall for a firm recently valued at $32 billion.

"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,"&nbsp;Ray&nbsp;said in the filing.&nbsp;

"From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented," he said.

The downfall of FTX came amid growing doubts over its financial stability, with attention focused on the relationship between the exchange and Alameda Research, a trading house also owned by Bankman-Fried, and reports he shifted funds out of the exchange, even as he tried to fill a $7 billion financing gap.

Binance, the world's biggest cryptocurrency platform, backed out of a buyout deal that could have stemmed the fall amid reports about mismanagement of client funds and potential investigations by regulators.

US officials are now calling for more oversight of the industry, and Congress plans to hold hearings to investigate.

Ray&nbsp;said he has "substantial concerns" about the reliability of financial statements and related entities, and noted that there were "at least $372 million of unauthorized transfers."

Executives at the firm -- many of whom&nbsp;Ray&nbsp;said "were not aware of the shortfalls or potential commingling of digital assets" --"have located and secured only a fraction of the digital assets of the FTX Group that they hope to recover."

The implosion was a spectacular reversal of fortune for the founder and one-time cryptocurrency wunderkind Bankman-Fried.

Ray&nbsp;slammed the former CEO saying he "often communicated by using applications that were set to auto-delete," and making clear he no longer speaks for FTX notwithstanding his frequent public declarations.

Bankman-Fried "continues to make erratic and misleading public statements,"&nbsp;Ray&nbsp;said, pointing to comments published by Vox on Thursday in which the disgraced executive said he regretted filing for bankruptcy.

"F*** regulators they make everything worse," Bankman-Fried said in a direct message on Twitter to the Vox reporter.

He later tweeted that he was "venting" and his comments were meant to remain private.

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Collapsed cryptocurrency exchange FTX suffered a "complete failure of corporate controls" under founder Sam Bankman-Fried, the company's new chief executive said Thursday, calling the situation "unprecedented.

Collapsed cryptocurrency exchange FTX suffered a "complete failure of corporate controls" under founder Sam Bankman-Fried, the company's new chief executive said Thursday, calling the situation "unprecedented." The scathing condemnation came in a filing in US bankruptcy court from John J. Ray -- an executive with 40 years of experience in corporate restructurings including the infamous implosion of Enron in 2001. Ray lambasted the failures of oversight, incomplete records, missing and unreliable financial statements and "potentially compromised" leadership at FTX, which declared bankruptcy last week -- a stunning downfall for a firm recently valued at $32 billion. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in the filing. "From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented," he said. The downfall of FTX came amid growing doubts over its financial stability, with attention focused on the relationship between the exchange and Alameda Research, a trading house also owned by Bankman-Fried, and reports he shifted funds out of the exchange, even as he tried to fill a $7 billion financing gap. Binance, the world's biggest cryptocurrency platform, backed out of a buyout deal that could have stemmed the fall amid reports about mismanagement of client funds and potential investigations by regulators. US officials are now calling for more oversight of the industry, and Congress plans to hold hearings to investigate. Ray said he has "substantial concerns" about the reliability of financial statements and related entities, and noted that there were "at least $372 million of unauthorized transfers." Executives at the firm -- many of whom Ray said "were not aware of the shortfalls or potential commingling of digital assets" --"have located and secured only a fraction of the digital assets of the FTX Group that they hope to recover." The implosion was a spectacular reversal of fortune for the founder and one-time cryptocurrency wunderkind Bankman-Fried. Ray slammed the former CEO saying he "often communicated by using applications that were set to auto-delete," and making clear he no longer speaks for FTX notwithstanding his frequent public declarations. Bankman-Fried "continues to make erratic and misleading public statements," Ray said, pointing to comments published by Vox on Thursday in which the disgraced executive said he regretted filing for bankruptcy. "F*** regulators they make everything worse," Bankman-Fried said in a direct message on Twitter to the Vox reporter. He later tweeted that he was "venting" and his comments were meant to remain private. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

New CEO says that FTX had 'complete failure' of controls

Chinese e-commerce giant&nbsp;Alibaba&nbsp;on Thursday reported a loss of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown.

The heavy net loss attributable to ordinary shareholders was primarily due to a "decrease in market prices of our equity investments in publicly traded companies", among other factors, the company said in a statement.

Alibaba's performance is widely seen as a gauge of Chinese consumer sentiment, given its market dominance.

Revenue for the three months ending September 30 was up three percent year-on-year at 207.2 billion yuan, which Chief Financial Officer Toby Xu said was achieved "in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross-border commerce".

Alibaba&nbsp;said it achieved revenue growth by "enhancing operating efficiency" as well as through the expansion of its logistics and services businesses, despite a slump in e-commerce sales within China.

It comes after the company earlier this year reported flat quarterly revenue growth for the first time ever.

Flagging demand&nbsp;

The company said in its statement on Thursday that revenue from domestic commerce had fallen in the third quarter, "mainly as a result of softer consumption demand, Covid-19 resurgence and restrictions, as well as ongoing competition".

In a sign of difficulties for&nbsp;Alibaba, the company appears to have laid off a number of employees, with its headcount down more than 1,700 from the previous quarter.

China's major tech companies have faced economic uncertainty, Covid-19 restrictions that have depressed consumer spending, as well as heightened scrutiny from regulators in recent months.

Fellow tech titan Tencent reported on Wednesday its second quarterly drop in revenue in a row.

Alibaba&nbsp;in particular has been at the centre of regulatory crackdowns at home and abroad.

US authorities have put the company on a watchlist that could see it delisted in New York if it does not comply with disclosure orders, causing its shares to slump.

Chinese authorities pulled a planned IPO by the company's financial arm Ant Group at the last minute in 2020, then hit&nbsp;Alibaba&nbsp;with a record $2.75 billion fine for alleged unfair practices last year.

The company's Singles Day e-commerce festival, which traditionally dwarfs similar US events such as Black Friday and Cyber Monday, has been more muted in recent years.

Alibaba&nbsp;-- alongside main rival JD.com -- did not release full sales figures for the shopping bonanza for the first time ever this year, instead saying in a statement that sales were flat from last year.

Chinese e-commerce giant Alibaba on Thursday reported a loss of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown.

Chinese e-commerce giant Alibaba on Thursday reported a loss of 20.6 billion yuan ($2.89 billion) for the third quarter, as the company grapples with an economic slowdown and an anti-monopoly crackdown. The heavy net loss attributable to ordinary shareholders was primarily due to a "decrease in market prices of our equity investments in publicly traded companies", among other factors, the company said in a statement. Alibaba's performance is widely seen as a gauge of Chinese consumer sentiment, given its market dominance. Revenue for the three months ending September 30 was up three percent year-on-year at 207.2 billion yuan, which Chief Financial Officer Toby Xu said was achieved "in spite of the impact on consumption demand by the Covid-19 resurgence in China as well as slowing cross-border commerce". Alibaba said it achieved revenue growth by "enhancing operating efficiency" as well as through the expansion of its logistics and services businesses, despite a slump in e-commerce sales within China. It comes after the company earlier this year reported flat quarterly revenue growth for the first time ever. Flagging demand The company said in its statement on Thursday that revenue from domestic commerce had fallen in the third quarter, "mainly as a result of softer consumption demand, Covid-19 resurgence and restrictions, as well as ongoing competition". In a sign of difficulties for Alibaba, the company appears to have laid off a number of employees, with its headcount down more than 1,700 from the previous quarter. China's major tech companies have faced economic uncertainty, Covid-19 restrictions that have depressed consumer spending, as well as heightened scrutiny from regulators in recent months. Fellow tech titan Tencent reported on Wednesday its second quarterly drop in revenue in a row. Alibaba in particular has been at the centre of regulatory crackdowns at home and abroad. US authorities have put the company on a watchlist that could see it delisted in New York if it does not comply with disclosure orders, causing its shares to slump. Chinese authorities pulled a planned IPO by the company's financial arm Ant Group at the last minute in 2020, then hit Alibaba with a record $2.75 billion fine for alleged unfair practices last year. The company's Singles Day e-commerce festival, which traditionally dwarfs similar US events such as Black Friday and Cyber Monday, has been more muted in recent years. Alibaba -- alongside main rival JD.com -- did not release full sales figures for the shopping bonanza for the first time ever this year, instead saying in a statement that sales were flat from last year.

Alibaba reports loss of $2.9 billion in third quarter

The latest sell-off in a string of divestments made by startups focused Softbank, has come from India. Japan's investment bank has sold 4.5% stake in Indian digital payment giant Paytm, for block deals for $200 million. The shares of Paytm owned by billionaire Vijay Shekhar Sharma fell more than 9% on the news of the trade.

Softbank sells 4.5% stake in Paytm, to slow down investments as valuation drops

Elon Musk's SpaceX is mulling over an offering of mostly secondary shares which will spur the valuation of the company from the $125 billion fetched earlier this year to about $150 billion, according to sources quoted by Reuters.&nbsp;

As per Reuters, after discussions with investors SpaceX will offer the new shares at about $85 apiece. The plan will fetch SpaceX a 20 per cent&nbsp;increase in valuation.&nbsp;With the issuance of these new shares, the offering is expected to raise one billion dollars for rocket and satellite company SpaceX.&nbsp;&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-fires-twitter-engineers-who-questioned-him-publicly-534252">Elon Musk fires Twitter engineer who questioned him publicly</a>

Discussions are undergoing with potential investors. The $85 share price is up from a split-adjusted $70 per share fetched earlier this year, sources said.

The offering would be aimed at helping employees and shareholders to take advantage as they will be able to sell their shares in the secondary market without the company itself going public.

Elon Musk's SpaceX routinely offers such liquidity programmes to its employees.&nbsp;However, Reuters sources clarified that any such share sale plan requires SpaceX’s approval and can change.&nbsp;

Before Reuters' sources, the SpaceX discussions to offer new shares was first reported by Bloomberg News on Tuesday. Hours after the report Musk tweeted the report was false. However, he refrained from delving into the details.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/videos/twitter-ceo-elon-musk-delays-blue-tick-relaunch-till-november-29-534615">Twitter CEO Elon Musk delays blue tick relaunch till November 29</a>

In another key development, Musk has said he plans to provide similar shares and liquidity programmes for Twitter. Musk recently completed the acquisition of microblogging site Twitter in a $44 billion deal.&nbsp;

Investors are also increasingly&nbsp;showing their interest in SpaceX as the California-based firm has achieved much in the last year. More recently, on November 1, SpaceX launched the world's most powerful active rocket, Falcon Heavy, into a geosynchronous Earth orbit at the Kennedy Space Center in Florida, US.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/final-day-of-g20-meet-indias-prime-minister-narendra-modi-addresses-summit-534685">Final day of G20 meet: India's Prime Minister Narendra Modi addresses summit</a>

SpaceX is also aiming to launch its giant Starship rocket system into orbit for the first time somewhere in early December. SpaceX's internet satellite Starlink is also emerging as a major revenue generator. Last month, it had rolled out high-speed internet on commercial airlines.&nbsp;

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Elon Musk's SpaceX is mulling over an offering of mostly secondary shares which will spur the valuation of the company from the $125 billion fetched earlier this year to about $150 billion, according to sources quoted by Reuters.

Elon Musk's SpaceX is mulling over an offering of mostly secondary shares which will spur the valuation of the company from the $125 billion fetched earlier this year to about $150 billion, according to sources quoted by Reuters. As per Reuters, after discussions with investors SpaceX will offer the new shares at about $85 apiece. The plan will fetch SpaceX a 20 per cent increase in valuation. With the issuance of these new shares, the offering is expected to raise one billion dollars for rocket and satellite company SpaceX. ALSO READ | Elon Musk fires Twitter engineer who questioned him publicly Discussions are undergoing with potential investors. The $85 share price is up from a split-adjusted $70 per share fetched earlier this year, sources said. The offering would be aimed at helping employees and shareholders to take advantage as they will be able to sell their shares in the secondary market without the company itself going public. Elon Musk's SpaceX routinely offers such liquidity programmes to its employees. However, Reuters sources clarified that any such share sale plan requires SpaceX’s approval and can change. Before Reuters' sources, the SpaceX discussions to offer new shares was first reported by Bloomberg News on Tuesday. Hours after the report Musk tweeted the report was false. However, he refrained from delving into the details. ALSO READ | Twitter CEO Elon Musk delays blue tick relaunch till November 29 In another key development, Musk has said he plans to provide similar shares and liquidity programmes for Twitter. Musk recently completed the acquisition of microblogging site Twitter in a $44 billion deal. Investors are also increasingly showing their interest in SpaceX as the California-based firm has achieved much in the last year. More recently, on November 1, SpaceX launched the world's most powerful active rocket, Falcon Heavy, into a geosynchronous Earth orbit at the Kennedy Space Center in Florida, US. WATCH | Final day of G20 meet: India's Prime Minister Narendra Modi addresses summit SpaceX is also aiming to launch its giant Starship rocket system into orbit for the first time somewhere in early December. SpaceX's internet satellite Starlink is also emerging as a major revenue generator. Last month, it had rolled out high-speed internet on commercial airlines. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's SpaceX plans to raise fresh funds, take valuation up to $150 billion

In the case of suspected cyberattack, the tire-maker Continental, it is investigating theft of company data. However, company declined to comment so far on reports that hackers had put up any information for sale

World Business Watch: Continental investigates cyberattack; data up for sale for $50 mn, say reports

A spate of resignations has hit Meta in India with its WhatsApp head Abhijit Bose and Rajiv Agarwal both quitting. Abhijit Bose was head of Indian operations while Agarwal is Director of Public Policy Meta India, have resigned from their positions

World Business Watch: WhatsApp India head Abhijit Bose steps down

On Tuesday, United States’ retail giant Walmart offered to pay $3.1 billion to settle the lawsuits against the company for the damage caused by prescription opioids sold at its pharmacies. This comes weeks after the country’s largest pharmacy chains, CVS Health and Walgreen Co. proposed a similar $5 billion each settlement.&nbsp;

In a statement, the Arkansas-based Walmart said that it “strongly disputes” the allegations put forth by state and local governments in the lawsuits accusing its pharmacies of not adhering to the standards of filling the prescriptions for the powerful prescription drugs.

They believe that the settlement is in the “best interest of all parties and will provide significant aid to communities across the country in the fight against the opioid crisis, with aid reaching state and local governments faster than any other nationwide opioid settlement to date.” However, the company has not admitted any liability with the lawsuit.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/after-surge-in-demand-cvs-and-walmart-are-rationing-plan-b-emergency-contraceptive-pills-492487">US abortion ban: CVS, Walmart ration Plan B contraceptive pills as demand surges</a>

The Walmart deal was made following negotiations with a group of state AGs, however, it is not final and would have to be approved by 43 of the 50 states by December 15. While local governments can sign on by March, next year the amount received by each state partly depends on the number of local governments that agree. Currently, the governments are in the midst of devising spending plans, said a report by Associated Press.&nbsp;

Meanwhile, lawyers representing the local governments have said if finalised the company must pay most of the settlement over the next year. In a statement, New York Attorney General, Letitia James said the retail giant would also have to comply with oversight measures, work on the prevention of fraudulent prescriptions and flag any suspicious ones.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/us-retailers-stock-tumble-after-walmart-cuts-profit-forecast-500722">US retailers' stock tumble after Walmart cuts profit forecast</a>

On the other hand, Nebraska AG, Doug Peterson, said that since 2018 Walmart&nbsp;had filled “significantly fewer prescriptions for opioids” when compared to CVS or Walgreens. However, it has also been “most proactive in trying to monitor and control prescription opioid diversion attempts through its pharmacies.”&nbsp;

Walmart’s settlement will add to the more than $50 billion settlements which will be aimed to reduce deaths caused by drug overdose, while the amount proposed represents at least two per cent of their quarterly revenue.&nbsp;According to the federal government, data opioids have caused nearly 650,000 overdose deaths since 1999 in the US.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/cvs-walmart-walgreens-agree-to-pay-138-bn-to-settle-us-opioid-claims-reports-530570">CVS, Walmart, Walgreens agree to pay $13.8 billion to settle US opioid lawsuits: Reports</a>

Over the past two decades, different types of opioids have been linked to more than 500,000 deaths in the US. In recent years, the number has soared to 80,000 a year and most of the deaths reportedly involve the use of the synthetic drug fentanyl. Therefore,&nbsp;state and local government authorities have said they will use this&nbsp;settlement money&nbsp;to combat the opioid crisis.&nbsp;

(With inputs from agencies)&nbsp; 
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On Tuesday, United States’ retail giant Walmart offered to pay $3.1 billion to settle the lawsuits against the company for the damage caused by prescription opioids sold at its pharmacies.

On Tuesday, United States’ retail giant Walmart offered to pay $3.1 billion to settle the lawsuits against the company for the damage caused by prescription opioids sold at its pharmacies. This comes weeks after the country’s largest pharmacy chains, CVS Health and Walgreen Co. proposed a similar $5 billion each settlement. In a statement, the Arkansas-based Walmart said that it “strongly disputes” the allegations put forth by state and local governments in the lawsuits accusing its pharmacies of not adhering to the standards of filling the prescriptions for the powerful prescription drugs. They believe that the settlement is in the “best interest of all parties and will provide significant aid to communities across the country in the fight against the opioid crisis, with aid reaching state and local governments faster than any other nationwide opioid settlement to date.” However, the company has not admitted any liability with the lawsuit. ALSO READ: US abortion ban: CVS, Walmart ration Plan B contraceptive pills as demand surges The Walmart deal was made following negotiations with a group of state AGs, however, it is not final and would have to be approved by 43 of the 50 states by December 15. While local governments can sign on by March, next year the amount received by each state partly depends on the number of local governments that agree. Currently, the governments are in the midst of devising spending plans, said a report by Associated Press. Meanwhile, lawyers representing the local governments have said if finalised the company must pay most of the settlement over the next year. In a statement, New York Attorney General, Letitia James said the retail giant would also have to comply with oversight measures, work on the prevention of fraudulent prescriptions and flag any suspicious ones. ALSO WATCH: US retailers' stock tumble after Walmart cuts profit forecast On the other hand, Nebraska AG, Doug Peterson, said that since 2018 Walmart had filled “significantly fewer prescriptions for opioids” when compared to CVS or Walgreens. However, it has also been “most proactive in trying to monitor and control prescription opioid diversion attempts through its pharmacies.” Walmart’s settlement will add to the more than $50 billion settlements which will be aimed to reduce deaths caused by drug overdose, while the amount proposed represents at least two per cent of their quarterly revenue. According to the federal government, data opioids have caused nearly 650,000 overdose deaths since 1999 in the US. ALSO READ: CVS, Walmart, Walgreens agree to pay $13.8 billion to settle US opioid lawsuits: Reports Over the past two decades, different types of opioids have been linked to more than 500,000 deaths in the US. In recent years, the number has soared to 80,000 a year and most of the deaths reportedly involve the use of the synthetic drug fentanyl. Therefore, state and local government authorities have said they will use this settlement money to combat the opioid crisis. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

US: Walmart proposes to pay $3.1 billion legal settlement for opioid lawsuits

Covid pandemic has cost us a lot more than we think, this time it comes in a form of heavy penalty and fines for an Indian airline - Air India. US has ordered Tata Group to pay the repetitions over of $121.5 million.

World Business Watch: Air India slapped with $121.5 mn fine for delay in refunds

United Kingdom is planning to raise taxes to fix its stagnant economy, now an announcement has been made, UK's Finance Minister Jeremy Hunt, said that all British citizens will soon be paying more taxes. This decision comes at a time when global economic outlook is weakening.

World Business Watch: Decoding the state of Global Economy

The Singapore-based online retailer Sea Ltd.'s quarterly loss increased less than analysts had predicted thanks to measures to reduce expenses as the company's growth slows.

World Business Watch: Cost cuts help Singapore's Sea Ltd as it lays off 10% workforce over 6 months

In the span of weeks, the United States’ Silicon Valley which has been a reliable source of high-paying jobs and booming stocks is now witnessing a tough time with major big tech companies including Meta, Twitter, Snap, and Microsoft announcing mass layoffs, which have tens of thousands of people unemployed.&nbsp;

On Monday, joining what many have called the “lay off season”, New York Times first reported that Amazon is planning to lay off as many as 10,000 people in “corporate and technology” departments across the world. This was preceded by Meta, Facebook’s parent company, which also operates Instagram and WhatsApp, announcing job cuts affecting at least 13 per cent of the company.&nbsp;

Why is this happening?

The two prominent reasons that most companies who have given a public statement following the announcement of mass layoffs are that they hired many employees during the pandemic when people spent most of their time online, as opposed to now when the boom is starting to fade as they get back to their daily lives. Secondly, soaring inflation in the US has made brands reluctant to spend money on advertising.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/elon-musk-fires-twitter-engineers-who-questioned-him-publicly-534252">Elon Musk fires Twitter engineer who questioned him publicly</a>

According to Layoffs.fyi, a website that tracks tech layoffs, 217,404 employees across more than 1,300 tech companies have been fired since the Covid-19 pandemic. &nbsp;The companies that were once thriving are now facing a major downturn and one of the main reasons that are seen across most of them is the reduction in demand.&nbsp;

Several reports have attributed the “boom” that the big tech witnessed during the pandemic to the lockdowns which had forced people indoors, essentially bringing their daily lives to a grinding halt. Amid the pandemic-induced lockdowns, people spent more time on online shopping, social media, and streaming content, which led to an overall increase in demand.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-meta-preparing-large-scale-layoffs-reports-531772">WION Business News | Meta preparing large-scale layoffs: Reports</a> 
 
However, as the lockdowns were lifted across the world and people went back outside, the demand was reportedly slower in comparison. This was in addition to the soaring inflation that the United States is currently witnessing that has led digital advertisers to cut back on spending on ads which nearly all tech companies rely on for revenue.&nbsp;

Meanwhile, the Federal Reserve in a bid to control the four-decade-high inflation has been increasing interest rates. Earlier this month, the central bank announced its fourth straight increase of 0.75 percent. “We’ve seen a surge in layoffs in recent weeks because it’s becoming obvious that the (Federal Reserve) will need to keep increasing interest rates for longer than originally expected,” Roger Lee, founder of Layoffs.fyi, told TIME.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/us-federal-reserve-raises-interest-rate-by-075-again-in-a-bid-to-combat-inflation-530687">In a historic move, US Federal Reserve raises interest rate by 0.75% again</a> 
 
He added, “Unfortunately, the pain won’t end until the Fed is able to get a handle on inflation.” Citing media reports, the website has also estimated that more than 24,000 tech workers across 72 companies have been laid off in November. This also comes amid reports of a possible global recession.&nbsp;

What has happened so far?

This year more than 121,000 employees from nearly 800 tech companies have been fired. Notably, the highest number of layoffs was seen in the month of November. Additionally, accounting for the biggest tech layoffs since the pandemic, the report by layoffs.fyi, said that <a href="https://www.wionews.com/world/explained-why-did-meta-fire-13-per-cent-of-its-employees-whats-in-store-for-the-facebook-parent-company-533887">Meta</a> is currently at the top of the list after it announced that it would lay off at least 11,000 employees.&nbsp;

As mentioned earlier, reports suggest that <a href="https://www.wionews.com/world/amazon-plans-to-lay-off-at-least-10000-people-job-cuts-may-begin-this-week-report-534150">Amazon</a> plans to lay off at least 10,000 employees as early as this week and will focus on the company’s devices unit and several products including Alexa and other appliances, as well as the retail division and the e-commerce giants’ human resources department. Amazon laying off employees is significant as it has previously been the most stable employer in tech and if confirmed this would be the biggest layoffs in company history.&nbsp;

This was preceded by <a href="https://www.wionews.com/world/twitter-layoffs-impact-at-least-50-of-employees-reassures-content-moderation-amid-speculations-531333">Twitter</a> which reports later confirmed fired at least 50 percent of their workforce after the billionaire Tesla CEO Elon Musk took over the microblogging platform in a $44 billion deal. Amid the mass layoffs, co-founder and former CEO Jack Dorsey had taken to the platform and accepted the responsibility and apologized for growing the “company size too quickly”.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/india-dream11-co-founder-offers-jobs-to-people-fired-from-twitter-meta-and-others-533728">Fantasy platform Dream11 co-founder offers jobs to people fired from Twitter, Meta and others</a> 
 
Furthermore, <a href="https://www.wionews.com/business-economy/microsoft-lays-off-nearly-1000-workers-across-multiple-divisions-report-526636">Microsoft</a> had also laid off nearly 1,000 employees across different units worldwide, first reported by Axios which was later confirmed by the company citing the impending slowdown in revenue.&nbsp;

Earlier this year, <a href="https://www.wionews.com/world/after-a-dismal-q2-snap-to-sack-nearly-1300-employees-511755">Snap Inc.</a> the company behind Snapchat said that by the end of August it will cut its workforce down by at least 20 percent which affected nearly 1,200 people. This was followed by <a href="https://www.wionews.com/business-economy/report-intel-plans-to-layoff-thousands-in-workforce-amid-pc-market-slowdown-524809">Intel</a> which according to a report by Bloomberg was set to lay off at least 20 percent of its staff, however, the company is yet to officially confirm the number.&nbsp;

(With inputs from agencies)&nbsp;

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In the span of weeks, the United States’ Silicon Valley which has been a reliable source of high-paying jobs and booming stocks is now witnessing a tough time with major big tech companies including Meta, Twitter, Snap, and Microsoft announcing mass layoffs, which have tens of thousands of people unemployed.

In the span of weeks, the United States’ Silicon Valley which has been a reliable source of high-paying jobs and booming stocks is now witnessing a tough time with major big tech companies including Meta, Twitter, Snap, and Microsoft announcing mass layoffs, which have tens of thousands of people unemployed. On Monday, joining what many have called the “lay off season”, New York Times first reported that Amazon is planning to lay off as many as 10,000 people in “corporate and technology” departments across the world. This was preceded by Meta, Facebook’s parent company, which also operates Instagram and WhatsApp, announcing job cuts affecting at least 13 per cent of the company. Why is this happening? The two prominent reasons that most companies who have given a public statement following the announcement of mass layoffs are that they hired many employees during the pandemic when people spent most of their time online, as opposed to now when the boom is starting to fade as they get back to their daily lives. Secondly, soaring inflation in the US has made brands reluctant to spend money on advertising. ALSO READ: Elon Musk fires Twitter engineer who questioned him publicly According to Layoffs.fyi, a website that tracks tech layoffs, 217,404 employees across more than 1,300 tech companies have been fired since the Covid-19 pandemic. The companies that were once thriving are now facing a major downturn and one of the main reasons that are seen across most of them is the reduction in demand. Several reports have attributed the “boom” that the big tech witnessed during the pandemic to the lockdowns which had forced people indoors, essentially bringing their daily lives to a grinding halt. Amid the pandemic-induced lockdowns, people spent more time on online shopping, social media, and streaming content, which led to an overall increase in demand. ALSO WATCH: WION Business News | Meta preparing large-scale layoffs: Reports However, as the lockdowns were lifted across the world and people went back outside, the demand was reportedly slower in comparison. This was in addition to the soaring inflation that the United States is currently witnessing that has led digital advertisers to cut back on spending on ads which nearly all tech companies rely on for revenue. Meanwhile, the Federal Reserve in a bid to control the four-decade-high inflation has been increasing interest rates. Earlier this month, the central bank announced its fourth straight increase of 0.75 percent. “We’ve seen a surge in layoffs in recent weeks because it’s becoming obvious that the (Federal Reserve) will need to keep increasing interest rates for longer than originally expected,” Roger Lee, founder of Layoffs.fyi, told TIME. ALSO READ: In a historic move, US Federal Reserve raises interest rate by 0.75% again He added, “Unfortunately, the pain won’t end until the Fed is able to get a handle on inflation.” Citing media reports, the website has also estimated that more than 24,000 tech workers across 72 companies have been laid off in November. This also comes amid reports of a possible global recession. What has happened so far? This year more than 121,000 employees from nearly 800 tech companies have been fired. Notably, the highest number of layoffs was seen in the month of November. Additionally, accounting for the biggest tech layoffs since the pandemic, the report by layoffs.fyi, said that Meta is currently at the top of the list after it announced that it would lay off at least 11,000 employees. As mentioned earlier, reports suggest that Amazon plans to lay off at least 10,000 employees as early as this week and will focus on the company’s devices unit and several products including Alexa and other appliances, as well as the retail division and the e-commerce giants’ human resources department. Amazon laying off employees is significant as it has previously been the most stable employer in tech and if confirmed this would be the biggest layoffs in company history. This was preceded by Twitter which reports later confirmed fired at least 50 percent of their workforce after the billionaire Tesla CEO Elon Musk took over the microblogging platform in a $44 billion deal. Amid the mass layoffs, co-founder and former CEO Jack Dorsey had taken to the platform and accepted the responsibility and apologized for growing the “company size too quickly”. ALSO READ: Fantasy platform Dream11 co-founder offers jobs to people fired from Twitter, Meta and others Furthermore, Microsoft had also laid off nearly 1,000 employees across different units worldwide, first reported by Axios which was later confirmed by the company citing the impending slowdown in revenue. Earlier this year, Snap Inc. the company behind Snapchat said that by the end of August it will cut its workforce down by at least 20 percent which affected nearly 1,200 people. This was followed by Intel which according to a report by Bloomberg was set to lay off at least 20 percent of its staff, however, the company is yet to officially confirm the number. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. 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From pandemic boom to layoff season: Why big tech firms are firing thousands of employees

The recent collapse of crypto-exchange FTX has left the finance world shocked. Reports suggest that as the company stood on the threshhold of bankruptcy with panicked customers withdrawing billions from the platform, a frantic Sam Bankman-Fried "worked the phone" calling up once interested investors, engaged in a futile bid to raise $7 billion in emergency funds; money that could've saved his company.

Citing three people in the know Reuters reports that apparently, the FTX founder spent the whole of a Sunday this month, calling some of the world's biggest investors including Sequoia Capital, Apollo Global Management Inc and TPG Inc.

Watch&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/wion-business-news-ftxs-sam-bankman-fried-questioned-by-bahamas-police-533929" target="_blank">WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police</a>

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Of these, Sequoia just months back was lining up amid other investors, looking to pump money into Bankman-Fried's empire. But when the FTX founder made the frantic call, shocked at the amount of money needed the investing firm backed down.&nbsp;

Quoting sources Reuters also says that Apollo on the other hand asked for more information but backed down later.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-bankruptcy-filing-claims-a-severe-liquidity-crisis-more-than-100000-creditors-534517">FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors</a>

In the end the calls came to naught, the rescue attempt failed, and the FTX had to file for bankruptcy on November 11, which as per the filing with US bankruptcy court affected close to one million people who are now facing millions in losses.

The collapse of FTX reverbated across the crypto world, leading to plummeting costs of bitcoin and other digital assets. The sudden demise of the rising star of the cryptocurrency market valued at $32 billion at the beginning of 2022 has also spurred inquiries from financial and other regulators all over the world.&nbsp; 
&nbsp;

(With inputs from agencies)

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The recent collapse of crypto-exchange FTX has left the finance world shocked. Reports suggest that as the company stood on the threshhold of bankruptcy with panicked customers withdrawing billions from the platform, a frantic Sam Bankman-Fried "worked the phone" calling up once interested investors, engaged in a futile bid to raise $7 billion in emergency funds; money that could've saved his company.

The recent collapse of crypto-exchange FTX has left the finance world shocked. Reports suggest that as the company stood on the threshhold of bankruptcy with panicked customers withdrawing billions from the platform, a frantic Sam Bankman-Fried "worked the phone" calling up once interested investors, engaged in a futile bid to raise $7 billion in emergency funds; money that could've saved his company. Citing three people in the know Reuters reports that apparently, the FTX founder spent the whole of a Sunday this month, calling some of the world's biggest investors including Sequoia Capital, Apollo Global Management Inc and TPG Inc. Watch | WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police Of these, Sequoia just months back was lining up amid other investors, looking to pump money into Bankman-Fried's empire. But when the FTX founder made the frantic call, shocked at the amount of money needed the investing firm backed down. Quoting sources Reuters also says that Apollo on the other hand asked for more information but backed down later. Also read | FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors In the end the calls came to naught, the rescue attempt failed, and the FTX had to file for bankruptcy on November 11, which as per the filing with US bankruptcy court affected close to one million people who are now facing millions in losses. The collapse of FTX reverbated across the crypto world, leading to plummeting costs of bitcoin and other digital assets. The sudden demise of the rising star of the cryptocurrency market valued at $32 billion at the beginning of 2022 has also spurred inquiries from financial and other regulators all over the world. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Report reveals how FTX founder Sam Bankman-Fried begged for a rescue but failed to save his company

The collapsed-crypto exchange FTX in its bankruptcy filing indicated a "severe liquidity crisis," claiming that it may have more than 1 million creditors.

"FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," said the court filing, as per Reuters.

Watch&nbsp;| <a href="https://www.wionews.com/videos/wion-business-news-ftxs-sam-bankman-fried-questioned-by-bahamas-police-533929" target="_blank">WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police</a>

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According to FTX's submissions to the US bankruptcy court which were published on Monday, the company has appointed five new independent directors at each of its major companies, including Alameda Research, and is in contact with financial regulators.

The company which was among the world's largest crypto exchanges&nbsp;filed for bankruptcy on Friday after a rescue deal by Binance, its rival, fell through and panicked traders took out $6 billion for it.

Also read |&nbsp;<a href="https://www.wionews.com/world/usa-sec-cftc-and-doj-launch-investigation-into-ftxs-collapse-534284">USA: SEC, CFTC and DoJ launch investigation into FTX's collapse</a>

More than 100,000 creditors are involved in FTX's bankruptcy procedures, and that number might rise beyond one million, the filing said.&nbsp;

The figure came to light after FTX asked several FTX Group companies to submit a single, consolidated list of important debtors rather than several individual lists.

Also read |&nbsp;<a href="https://www.wionews.com/world/ftx-says-making-every-effort-to-secure-all-assets-following-reports-of-unauthorised-transfers-worth-millions-533674">FTX says making ‘every effort to secure all assets’ after unauthorised transfers worth millions</a>

Furthermore, the documents showed that FTX had responded to a cyber attack on November 11 after claiming on Saturday that it had discovered "unauthorised transactions" on its platform.&nbsp;

The sudden demise of FTX, a rising star in the cryptocurrency market that was valued at $32 billion at the beginning of this year has, spurred inquiries from financial and other regulators all over the world. The US Federal Reserve and Congress urged for more regulatory scrutiny of cryptocurrency finance on Monday.

(With inputs from agencies)

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The collapsed-crypto exchange FTX in its bankruptcy filing indicated a "severe liquidity crisis," claiming that it may have more than 1 million creditors. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," said the court filing, as per Reuters.

The collapsed-crypto exchange FTX in its bankruptcy filing indicated a "severe liquidity crisis," claiming that it may have more than 1 million creditors. "FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," said the court filing, as per Reuters. Watch | WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police According to FTX's submissions to the US bankruptcy court which were published on Monday, the company has appointed five new independent directors at each of its major companies, including Alameda Research, and is in contact with financial regulators. The company which was among the world's largest crypto exchanges filed for bankruptcy on Friday after a rescue deal by Binance, its rival, fell through and panicked traders took out $6 billion for it. Also read | USA: SEC, CFTC and DoJ launch investigation into FTX's collapse More than 100,000 creditors are involved in FTX's bankruptcy procedures, and that number might rise beyond one million, the filing said. The figure came to light after FTX asked several FTX Group companies to submit a single, consolidated list of important debtors rather than several individual lists. Also read | FTX says making ‘every effort to secure all assets’ after unauthorised transfers worth millions Furthermore, the documents showed that FTX had responded to a cyber attack on November 11 after claiming on Saturday that it had discovered "unauthorised transactions" on its platform. The sudden demise of FTX, a rising star in the cryptocurrency market that was valued at $32 billion at the beginning of this year has, spurred inquiries from financial and other regulators all over the world. The US Federal Reserve and Congress urged for more regulatory scrutiny of cryptocurrency finance on Monday. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

FTX bankruptcy filing claims 'severe liquidity crisis', more than 100,000 creditors

FTX collapsed last week and the crypto-trading platform has filed for bankruptcy. But, the problems for FTX are far from over and there are concerns over a possible domino effect over the sector.

World Business Watch: US authorities probe FTX collapse; concerns over possible domino effect

In Hong Kong, the slowing property market, rising interest rates and pandemic effects, have hit luxury housing market. The number of luxury home sales transactions is expected to hit a nine-year low in 2022.

World Business Watch: Hong Kong luxury home sales to hit a 9-yr low

Japan's economy has unexpectedly shrank in the third quarter. The impact of high inflation, weak yen, and the soaring price of commodities have weighed on the country.

World Business Watch: High inflation, weakening Yen slows down Japan's economy

Market research firm International Data Corporation said, just before the start of the annual festive season, smartphone market in India declined by 10% to hit a three-year low of 43mn shipment in the July-September 2022 period.

World Business Watch: Indian smartphone market at three-year low

In a sign that world's second-largest economy is losing momentum, China's factory output grew more slowly than expected and retail sales unexpectedly dropped in October as it struggles with protracted covid-19 curbs and a property downturn.

World Business Watch: China's factory output, retail miss forecasts

There seems to be a race between Amazon boss Jeff Bezos and his former wife MacKenzie Scott, it is to give wealth to charity. Scott said she donated $2bn to charity over the past seven months and Bezos to give away a majority of his fortunes.

World Business Watch: MacKenzie Scott donates $2 bn to charity

Google will pay $391.5 million to settle allegations by 40 states that the search and advertising giant illegally tracked users' locations.

World Business Watch: Google to settle US location-tracking probe

Italy has banned facial recognition and 'smart glasses' as its Data Protection Agency issued a rebuke to two municipalities experimenting with the technologies.

World Business Watch: Italy outlaws facial recognition tech using biometric data

New analysis shows that Paris has overtaken London to become Europe's biggest stock market.&nbsp;As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market.

Five years back when Britain voted to leave the European Union its stocks were worth $1.5 trillion more than France's now it is a little behind. Paris now has a combined value of $2.823 trillion while the UK market is worth $2.821 trillion altogether.

Watch |&nbsp;London loses EU's stock market crown to Paris

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Plummeting pound, Brexit and France's high-end shares have also contributed to the change.&nbsp;

Speaking to Bloomberg, Michal Saunders, a policymaker at the Bank of England said that Brexit has "permanently damaged' the UK economy by reducing the country's potential output, which has led to a plunge in investments to businesses.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/stocks-pound-up-as-sunak-to-become-new-british-pm-528020">Stocks, pound up as Sunak to become new British PM</a>

The major victims of this economic downturn have been small ad consumer-focused firms, who have also taken the hit from the energy crisis, inflation and market volatility.

Dropping 13 per cent in value against the US Dollar, Pound this year has taken a major hammering. In comparison, Euro has only seen a 9.2 per cent fall.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/global-debt-grew-considerably-in-2021-warns-world-bank-president-report-533752" hreflang="en">Global debt grew considerably in 2021, China leading lender: World Bank president</a>

In September, as per Reuters, consumer price inflation in Britain saw a 40- year high of 10.1 per cent, this figure is only expected to rise as last month also saw regulated energy prices jump in spite of the subsidies.

As per an AFP report in spite of the ongoing recession and the cost-of-living crisis, Britain will hike taxes and slash public spending in its government budget which will be unveiled on Thursday (November 17). This is meant to signal "a return to austerity".

(With inputs from agencies)

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New analysis shows that Paris has overtaken London to become Europe's biggest stock market. As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market.

New analysis shows that Paris has overtaken London to become Europe's biggest stock market. As per a Bloomberg report amid recession jitters in Britain, the French market has gained a marginal edge on the London stock market. Five years back when Britain voted to leave the European Union its stocks were worth $1.5 trillion more than France's now it is a little behind. Paris now has a combined value of $2.823 trillion while the UK market is worth $2.821 trillion altogether. Watch | London loses EU's stock market crown to Paris Plummeting pound, Brexit and France's high-end shares have also contributed to the change. Speaking to Bloomberg, Michal Saunders, a policymaker at the Bank of England said that Brexit has "permanently damaged' the UK economy by reducing the country's potential output, which has led to a plunge in investments to businesses. Also read | Stocks, pound up as Sunak to become new British PM The major victims of this economic downturn have been small ad consumer-focused firms, who have also taken the hit from the energy crisis, inflation and market volatility. Dropping 13 per cent in value against the US Dollar, Pound this year has taken a major hammering. In comparison, Euro has only seen a 9.2 per cent fall. Also read | Global debt grew considerably in 2021, China leading lender: World Bank president In September, as per Reuters, consumer price inflation in Britain saw a 40- year high of 10.1 per cent, this figure is only expected to rise as last month also saw regulated energy prices jump in spite of the subsidies. As per an AFP report in spite of the ongoing recession and the cost-of-living crisis, Britain will hike taxes and slash public spending in its government budget which will be unveiled on Thursday (November 17). This is meant to signal "a return to austerity". (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Britain is no longer Europe's biggest stock market; Paris takes the crown

Amid the ongoing economic hardships in the UK, London has lost EU's stock market crown to Paris. UK economy shrank by 0.2% in the third quarter.

London loses EU's stock market crown to Paris

The International Monetary Fund said on Sunday that the global economic outlook is even gloomier than projected last month. It cited a steady worsening in purchasing manager surveys in recent months

WION Business News | Global economic outlook getting `gloomier`, says IMF

Amid growing tensions between Washington and Beijing, BlackRock, the world’s largest asset manager, has put off the launch of an exchange-traded fund that invests in Chinese bonds.

WION Business News | BlackRock delays China bond ETF launch