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WION Business News | China's GDP growth rebounds at a faster pace

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WION Business News | German utility major Uniper to shut 50% office space

China's economy is facing multiple problems and one of the sectors that is suffering the most is a property sector. Reports say China's home prices sunk for a 13th straight month in September as potential buyers hold a wait and see attitude.

WION Business News | China's property woes exist, home prices fall for 13th month

Fitbit is once again under the scanner in in Australia for allegedly misleading consumers about their consumer guarantee rights. Australia's competition regulator has instituted court proceedings against Fitbit for allegedly making misleading claims.

WION Business News | Australian regulator takes Fitbit to court

<p>Global stocks and the pound climbed Monday as markets reacted to the news that former finance minister Rishi Sunak would become Britain's new prime minister.</p>

<p>European and American equities climbed despite data showing Britain and Germany headed for recession and a plunging Hong Kong stock market as Chinese President Xi Jinping handed key economic posts to loyalists behind his zero-Covid strategy.</p>

<p>Wall Street also opened in the green on Monday, with sentiment boosted by hopes the Federal Reserve would soon slow its pace of interest rate hikes.</p>

<p><strong>Watch | UK: Penny Mordaunt backs out, Rishi Sunak to be the next UK PM</strong></p>

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<p>News that European gas prices were at a four-month low also spurred traders, as the reference Dutch TTF dipped below 100 euros for the first time since June, reaching 98.60 euros per megawatt hour at around 1030 GMT on Monday.</p>

<p>All eyes were on Britain as Sunak was poised to become the country's third prime minister in less than two months following the resignations of Boris Johnson and Liz Truss.</p>

<p>His last rival for leadership of the ruling Conservative party, Penny Mordaunt, dropped out of the race on Monday, clearing the way for Sunak to become prime minister after his failed bid earlier this year.</p>

<p>"The pound started the week trading higher as many see the new potential PM as a source of some stability, particularly when compared to the chaotic term served by the Truss government which saw massive volatility across markets," noted XTB chief market analyst Walid Koudmani.</p>

<p>"Many see Sunak as the final chance for the Conservative Party as he has managed to maintain some credibility" compared with the uncertainty of the Truss and Johnson premierships, he added.</p>

<p>"Investors clearly hope Sunak will stabilise the economy and the political situation -- though it's hard to work out at this point which is the harder task," commented AJ Bell financial analyst Danni Hewson.</p>

<p>Yields on UK government bonds also dropped following recent surges in the wake of Truss's disastrous budget that led to her downfall.</p>

<p>Focus was also on the euro after new Italian Prime Minister Giorgia Meloni took office.</p>

<p>Meloni's post-fascist Brothers of Italy scored a historic victory in general elections on September 25.</p>

<p>Her new government is the most far-right in Italy since World War II, and takes power at a time of decades-high inflation and an energy crisis linked to Russia's invasion of Ukraine.</p>

<p>Milan's stock market was up 1.3 percent in early afternoon trading on Monday, mirroring strong gains in Frankfurt and Paris, while yields on Italian government bonds also fell.</p>

<p>London was up by 0.6 percent in mid-afternoon trading, but the stronger pound and falling oil and gas prices were weighing on the heavyweight energy sector, according to traders.</p>

<p>The eurozone was meanwhile looking ahead to Thursday when the European Central Bank is expected to announce another bumper rise in interest rates aimed at curbing sky-high prices.</p>

<p>On the corporate front, Dutch medical device manufacturer Philips announced it would axe 4,000 jobs after its recall of faulty sleep respirators pushed it into a loss.</p>

<p>Following the news, the group's share price dropped 0.8 percent on the Amsterdam stock exchange on Monday.</p>

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Global stocks and the pound climbed Monday as markets reacted to the news that former finance minister Rishi Sunak would become Britain's new prime minister. European and American equities climbed despite data showing Britain and Germany headed for recession and a plunging Hong Kong stock market as Chinese President Xi Jinping handed key economic posts to loyalists behind his zero-Covid strategy.

Global stocks and the pound climbed Monday as markets reacted to the news that former finance minister Rishi Sunak would become Britain's new prime minister. European and American equities climbed despite data showing Britain and Germany headed for recession and a plunging Hong Kong stock market as Chinese President Xi Jinping handed key economic posts to loyalists behind his zero-Covid strategy. Wall Street also opened in the green on Monday, with sentiment boosted by hopes the Federal Reserve would soon slow its pace of interest rate hikes. Watch | UK: Penny Mordaunt backs out, Rishi Sunak to be the next UK PM × News that European gas prices were at a four-month low also spurred traders, as the reference Dutch TTF dipped below 100 euros for the first time since June, reaching 98.60 euros per megawatt hour at around 1030 GMT on Monday. All eyes were on Britain as Sunak was poised to become the country's third prime minister in less than two months following the resignations of Boris Johnson and Liz Truss. His last rival for leadership of the ruling Conservative party, Penny Mordaunt, dropped out of the race on Monday, clearing the way for Sunak to become prime minister after his failed bid earlier this year. "The pound started the week trading higher as many see the new potential PM as a source of some stability, particularly when compared to the chaotic term served by the Truss government which saw massive volatility across markets," noted XTB chief market analyst Walid Koudmani. "Many see Sunak as the final chance for the Conservative Party as he has managed to maintain some credibility" compared with the uncertainty of the Truss and Johnson premierships, he added. "Investors clearly hope Sunak will stabilise the economy and the political situation -- though it's hard to work out at this point which is the harder task," commented AJ Bell financial analyst Danni Hewson. Yields on UK government bonds also dropped following recent surges in the wake of Truss's disastrous budget that led to her downfall. Focus was also on the euro after new Italian Prime Minister Giorgia Meloni took office. Meloni's post-fascist Brothers of Italy scored a historic victory in general elections on September 25. Her new government is the most far-right in Italy since World War II, and takes power at a time of decades-high inflation and an energy crisis linked to Russia's invasion of Ukraine. Milan's stock market was up 1.3 percent in early afternoon trading on Monday, mirroring strong gains in Frankfurt and Paris, while yields on Italian government bonds also fell. London was up by 0.6 percent in mid-afternoon trading, but the stronger pound and falling oil and gas prices were weighing on the heavyweight energy sector, according to traders. The eurozone was meanwhile looking ahead to Thursday when the European Central Bank is expected to announce another bumper rise in interest rates aimed at curbing sky-high prices. On the corporate front, Dutch medical device manufacturer Philips announced it would axe 4,000 jobs after its recall of faulty sleep respirators pushed it into a loss. Following the news, the group's share price dropped 0.8 percent on the Amsterdam stock exchange on Monday. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Stocks, pound up as Sunak to become new British PM

From Apple to Google, there are problems for these Tech Giants giving a jolt to operations of search engine in India. India's competition regulated CCI has ordered Google to change its approach to its Android platform.

World Business Watch: Google fined $162 million by Indian regulator

US is exploring the possibility of new export controls that would limit China's access to some powerful emerging computer technologies.

WION Business News | US eyes expanding China tech ban

<p>Igor Danchenko, a Russian who contributed details to the "Steele&nbsp;dossier" was acquitted on Tuesday (October 18) on charges that he lied to the Federal Bureau of Investigation (FBI) about the sources of his intelligence.&nbsp;</p>

<p>Danchenko was acquitted of four counts&nbsp;initially, but he was charged with five counts of lying to the FBI. A judge threw out one of the charges.&nbsp;</p>

<p>Published in 2016, the "Steele dossier" (also known as the "Trump–Russia dossier") emerged as a controversial political document that was released by the opposition.&nbsp;</p>

<p>The document&nbsp;claimed there was misconduct, conspiracy, and cooperation between former United States president Donald Trump's presidential campaign and the Russian government before and during the 2016 election campaign.&nbsp;</p>

<p>The document&nbsp;is basically a collection of&nbsp;allegations.&nbsp;The report is compiled by retired British spy Christopher Steele, whose research was indirectly funded by Hillary Clinton's campaign in 2016.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/musk-says-he-hasnt-received-any-funding-from-pentagon-for-starlink-services-in-ukraine-526631">Musk says he hasn't received any funding from Pentagon for Starlink services in Ukraine</a>&nbsp;</strong></p>

<p>The result is yet another blow&nbsp;to Special Counsel John Durham, who was&nbsp;appointed by Attorney General William Barr in 2019. He spent around three years investigating the FBI's probe into the Trump-Russia probe.&nbsp;</p>

<p data-analytics-observe="off" data-component-name="paragraph" data-editable="text" data-uri="archive.cms.cnn.com/_components/paragraph/instances/paragraph_6EF0BBBB-2094-96A8-CE94-ECC668EB7DDE@published">Two cases taken by Durham to trial ended in acquittals.&nbsp;</p>

<p><strong>WATCH |&nbsp;US fighter jets intercept two Russian nuclear-capable warplanes near Alaska</strong></p>

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<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/hong-kongs-chief-executive-talks-of-luring-foreign-talent-in-inaugural-address-526643">Visa reform, property ownership: Hong Kong Chief Executive John Lee vows to lure foreign talent</a>&nbsp;</strong></p>

<p>In a statement, Durham said: "While we are disappointed in the outcome, we respect the jury’s decision and thank them for their service. I also want to recognize and thank the investigators and the prosecution team for their dedicated efforts in seeking truth and justice in this case."&nbsp;</p>

<p>Meanwhile, Danchenko's attorney Stuart Sears hailed the result. Sears told reporters outside the courthouse that "the American public knows that as well. We thank these jurors for their hard work and deliberation in reaching the right decision."&nbsp;</p>

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Igor Danchenko, a Russian who contributed details to the "Steele dossier" was acquitted on Tuesday (October 18) on charges that he lied to the Federal Bureau of Investigation (FBI) about the sources of his intelligence.

Igor Danchenko, a Russian who contributed details to the "Steele dossier" was acquitted on Tuesday (October 18) on charges that he lied to the Federal Bureau of Investigation (FBI) about the sources of his intelligence. Danchenko was acquitted of four counts initially, but he was charged with five counts of lying to the FBI. A judge threw out one of the charges. Published in 2016, the "Steele dossier" (also known as the "Trump–Russia dossier") emerged as a controversial political document that was released by the opposition. The document claimed there was misconduct, conspiracy, and cooperation between former United States president Donald Trump's presidential campaign and the Russian government before and during the 2016 election campaign. The document is basically a collection of allegations. The report is compiled by retired British spy Christopher Steele, whose research was indirectly funded by Hillary Clinton's campaign in 2016. ALSO READ | Musk says he hasn't received any funding from Pentagon for Starlink services in Ukraine The result is yet another blow to Special Counsel John Durham, who was appointed by Attorney General William Barr in 2019. He spent around three years investigating the FBI's probe into the Trump-Russia probe. Two cases taken by Durham to trial ended in acquittals. WATCH | US fighter jets intercept two Russian nuclear-capable warplanes near Alaska × ALSO READ | Visa reform, property ownership: Hong Kong Chief Executive John Lee vows to lure foreign talent In a statement, Durham said: "While we are disappointed in the outcome, we respect the jury’s decision and thank them for their service. I also want to recognize and thank the investigators and the prosecution team for their dedicated efforts in seeking truth and justice in this case." Meanwhile, Danchenko's attorney Stuart Sears hailed the result. Sears told reporters outside the courthouse that "the American public knows that as well. We thank these jurors for their hard work and deliberation in reaching the right decision." 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.

Igor Danchenko: US jury acquits Russian on charges he lied to FBI over 'Steele dossier'

India's capital market regulator SEBI has approved the government's proposal to convert dues of over $1.92 billion by telecom operator Vodafone Idea to equity.

World Business Watch: India's SEBI clears govt proposal to turn Vodafone Idea dues into equity

Asia Pacific travel and Industry could be the first to recover compared with pre-pandemic levels. Tourism Revenue in 2020 dropped more in Asia Pacific at 59% than anywhere else.

WION Business News | Travel industry could be first to recover compared with pre-pandemic levels

Signs of more trouble coming for Apple. Reports say Taiwan's Foxconn has imposed tough Covid-19 controlled restrictions on its plant in the Chinese city of Zhangzhou that assembles iPhones.

World Business Watch: Restrictions on world's largest iPhone plant

South Korean automaker Hyundai is investigating child labor violation in its US supply chain, it's a first of its kind incident in automaker's history.

WION Business News | Hyundai to address child labor violation in its US supply chain

At the time of record high inflation, reports indicate that nearly 70% percent of Singaporeans are concerned about higher household expenses. According to a survey, this increase of 11 percentage points from last year is mainly the result of rising inflation.

WION Business News | Recession fears: 70% of Singaporeans concerned

South Africa's financial watchdog has classified cryptocurrency assets as financial products. In a brief notice, it stated that at the crypto asset which it referred to as a digital representation of value must be regulated in South Africa from the date of publication.

WION Business News | South Africa moves to regulate Crypto assets

The speed of cyber attacks especially of ransomware types has urged Singapore to set up an interagency task force to help businesses and institutions which may be suppliers to critical information infrastructure operators there.

WION Business News | Singapore sets up Ransomware task force

WION Business News

Asian shares fell on Thursday to their lowest since April 2020 as risk appetite among investors faded after inflation data across the globe re-ignited fears of aggressive interest rate hikes by the Federal Reserve.

WION Business News | Asia stocks slip as risk appetite wanes on rate-hike fears

WION brings all the latest updates related to the world economy on October 19 

Global Economy LIVE updates (October 19): EU inflation rose to 10.9% in September

<p>Microsoft has laid off hundreds of workers across multiple divisions, a company spokesperson confirmed to CNET on Tuesday (October 18). This move comes amid tech companies expecting an economic downturn worldwide in demand for tablets and PCs.&nbsp;</p>

<p>Although Microsoft did not confirm the number of jobs it cut, reports have mentioned it laid off nearly 1,000 of approximately 221,000 employees across the organisation. As per multiple reports, layoffs were also done in the Xbox gaming division.&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-lawmakers-urge-biden-to-recognise-war-crimes-committed-by-pakistan-during-1971-bangladesh-liberation-526624">US lawmakers urge Biden to recognise 'war crimes' committed by Pakistan during 1971 Bangladesh liberation</a>&nbsp;</strong></p>

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<p>The company official said that they will evaluate business priorities as there's a need for structural adjustments.</p>

<p>Microsoft is the latest tech firm to cut staff in the face of slowing growth. Previously Intel, Meta and Google have also done staff reductions.&nbsp;</p>

<p>A Microsoft spokesperson told CNET in an emailed statement: "Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly. We will continue to invest in our business and hire in key growth areas in the year ahead."&nbsp;</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/musk-says-he-hasnt-received-any-funding-from-pentagon-for-starlink-services-in-ukraine-526631">Musk says he hasn't received any funding from Pentagon for Starlink services in Ukraine</a>&nbsp;</strong></p>

<p>Notably, the US-based multinational technology corporation had said that a small number of roles had been eliminated. It had said&nbsp;that it would increase its employee count down the line.&nbsp;</p>

<p>In a statement released by Microsoft had said, "Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities regularly, and make structural adjustments accordingly."&nbsp;</p>

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Microsoft has laid off hundreds of workers across multiple divisions, a company spokesperson confirmed to CNET on Tuesday (October 18). This move comes amid tech companies expecting an economic downturn worldwide in demand for tablets and PCs.

Microsoft has laid off hundreds of workers across multiple divisions, a company spokesperson confirmed to CNET on Tuesday (October 18). This move comes amid tech companies expecting an economic downturn worldwide in demand for tablets and PCs. Although Microsoft did not confirm the number of jobs it cut, reports have mentioned it laid off nearly 1,000 of approximately 221,000 employees across the organisation. As per multiple reports, layoffs were also done in the Xbox gaming division. ALSO READ | US lawmakers urge Biden to recognise 'war crimes' committed by Pakistan during 1971 Bangladesh liberation × The company official said that they will evaluate business priorities as there's a need for structural adjustments. Microsoft is the latest tech firm to cut staff in the face of slowing growth. Previously Intel, Meta and Google have also done staff reductions. A Microsoft spokesperson told CNET in an emailed statement: "Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly. We will continue to invest in our business and hire in key growth areas in the year ahead." ALSO READ | Musk says he hasn't received any funding from Pentagon for Starlink services in Ukraine Notably, the US-based multinational technology corporation had said that a small number of roles had been eliminated. It had said that it would increase its employee count down the line. In a statement released by Microsoft had said, "Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities regularly, and make structural adjustments accordingly." 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.

Microsoft lays off nearly 1,000 workers across multiple divisions: Report

<p>Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US&nbsp;dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted.</p>

<p>Spot gold was up 0.9% at $1,656.25 per ounce by 1:41 p.m. ET (1741 GMT), having risen more than 1% earlier in the session and moving away from the more than two-week low touched in the last session.</p>

<p>US&nbsp;gold futures settled 0.9% higher at $1,664.</p>

<p>"The dollar's significantly lower ... yields are ticking lower," said Bob Haberkorn, senior market strategist at RJO Futures, who also noted some "safe-haven demand with heightened geopolitical risks."</p>

<p>Making bullion less expensive for overseas buyers, the dollar slipped 1.1%, while Treasury yields also retreated.&nbsp;</p>

<p>However, it's going to be "a struggle for gold to rally even though there's a lot of question marks out in the world. Investors want safety, but it's hard not to go into Treasuries with rates going up as fast as they are," Haberkorn added.</p>

<p>Gold faces headwinds as the Fed is expected to continue on its rate-hiking trajectory and increase its benchmark overnight interest rate by at least 75 basis points at its next policy meeting in November to curb stubbornly high inflation.</p>

<p>Gold prices have fallen 20% since scaling above the key $2,000 per-ounce level in March.</p>

<p>Even though gold is seen as a hedge against inflation, rising interest rates dim the appeal of the non-yielding asset.</p>

<p>"In the near term, however, the recovery in risk assets bolstered by signs of stabilising gilts is raising pressure on precious metal shorts, but gold prices need to break above $1,750/oz to extend the short squeeze," TD Securities said in a note.</p>

<p>Elsewhere, spot silver climbed 2.5% to $18.72 per ounce after posting eight consecutive daily losses. Platinum rose 1.7% to $913.77 and palladium added 0.6% to $1,998.82.</p>

<p>"A surplus palladium market in 2023 should ultimately lead to lower palladium prices, although near term the market remains tight," Heraeus Precious Metals said in a note.</p>

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Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted.

Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted. Spot gold was up 0.9% at $1,656.25 per ounce by 1:41 p.m. ET (1741 GMT), having risen more than 1% earlier in the session and moving away from the more than two-week low touched in the last session. US gold futures settled 0.9% higher at $1,664. "The dollar's significantly lower ... yields are ticking lower," said Bob Haberkorn, senior market strategist at RJO Futures, who also noted some "safe-haven demand with heightened geopolitical risks." Making bullion less expensive for overseas buyers, the dollar slipped 1.1%, while Treasury yields also retreated. However, it's going to be "a struggle for gold to rally even though there's a lot of question marks out in the world. Investors want safety, but it's hard not to go into Treasuries with rates going up as fast as they are," Haberkorn added. Gold faces headwinds as the Fed is expected to continue on its rate-hiking trajectory and increase its benchmark overnight interest rate by at least 75 basis points at its next policy meeting in November to curb stubbornly high inflation. Gold prices have fallen 20% since scaling above the key $2,000 per-ounce level in March. Even though gold is seen as a hedge against inflation, rising interest rates dim the appeal of the non-yielding asset. "In the near term, however, the recovery in risk assets bolstered by signs of stabilising gilts is raising pressure on precious metal shorts, but gold prices need to break above $1,750/oz to extend the short squeeze," TD Securities said in a note. Elsewhere, spot silver climbed 2.5% to $18.72 per ounce after posting eight consecutive daily losses. Platinum rose 1.7% to $913.77 and palladium added 0.6% to $1,998.82. "A surplus palladium market in 2023 should ultimately lead to lower palladium prices, although near term the market remains tight," Heraeus Precious Metals said in a note. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Gold up about 1 per cent after falling 20% as US dollar, treasury yields falter

<p>The Indian rupee dropped by 71 paise during intraday trade to hit the all-time&nbsp;low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.</p>

<p>While the previous all-time low was 82.63, the rupee dipped to record low of 83.22.</p>

<p>Also read |&nbsp;<a href="https://www.wionews.com/world/iranian-trainers-reportedly-teaching-russian-military-about-drones-in-crimea-526668">Iranian trainers reportedly teaching Russian military about drones in Crimea</a></p>

<p>According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee.</p>

<p>The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday.</p>

<p>The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark.</p>

<p>Also read |&nbsp;<a href="https://www.wionews.com/world/uk-inflation-accelerates-to-40-year-high-amid-rising-food-prices-526733">UK inflation accelerates to 40-year high amid rising food prices</a></p>

<p>Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent.</p>

<p>On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.

The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom. While the previous all-time low was 82.63, the rupee dipped to record low of 83.22. Also read | Iranian trainers reportedly teaching Russian military about drones in Crimea According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee. The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday. The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark. Also read | UK inflation accelerates to 40-year high amid rising food prices Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent. On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.

Indian rupee falls to record low against United States dollar, crosses 83-mark

<p>Visa Inc and Mastercard Inc are currently under investigation by the Federal Trade Commission. The FTC is probing whether their security tokens limit debit-card routing for online payments.&nbsp;</p>

<p>Known as one of the two biggest card networks in the US, Visa and Mastercard allow people to route their payments.&nbsp;</p>

<p>The FTC has been keeping an eye on Visa and Mastercard for a few years, inquiring whether both prevent business owners from making payments through different debit card networks. The FTC has increased its focus on the matter.</p>

<p><a href="https://www.wionews.com/world/global-economy-live-updates-japanese-yen-hits-a-fresh-32-year-low-against-dollar-526286"><strong>Also read | Global Economy LIVE updates | Nationwide strikes in Paris Tuesday amidst soaring inflation</strong></a></p>

<p>Earlier, a Justice Department investigation was conducted to know whether Visa Inc has illegally maintained a monopoly on the debit card market share. This was done because as per federal laws, the customers must be provided with a choice of at least&nbsp;two debit card networks for making payments, The Wall Street Journal reported.&nbsp;</p>

<p>This month, the Federal issued an updated rule to the banks, referring that each customer must be&nbsp;given&nbsp;at least two networks on all debit cards including online shopping or payments.</p>

<p><a href="https://www.wionews.com/business-economy/credit-suisse-to-pay-495-millio-to-settle-case-concerning-2008-financial-crisis-526149"><strong>Also read |&nbsp;Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis</strong></a></p>

<p>Whenever a customer links a debit card with a digital wallet, a random 16-digit number is generated, referred to as a "security token" as it makes the payment easy. The token is only understood by the network. For example, if using Visa, then only Visa will be able to make the payments easy. However, the card network can also scramble the token if the debit is handled by another network.&nbsp;</p>

<p>Using this practice, Visa and Mastercard continue to remain on top.</p>

<p>However, customers complain regarding the process believing that the payments can be cancelled if it's handled by a different network.&nbsp;</p>

<p>This is the reason, the FTC is inquiring whether the top card networks are restricting payments after the shopper enters&nbsp;their debit card information.&nbsp;</p>

<p><em>(With inputs from agencies)</em><br />
&nbsp;</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>


Visa Inc and Mastercard Inc are currently under investigation by the Federal Trade Commission. The FTC is probing whether their security tokens limit debit-card routing for online payments.

Visa Inc and Mastercard Inc are currently under investigation by the Federal Trade Commission. The FTC is probing whether their security tokens limit debit-card routing for online payments. Known as one of the two biggest card networks in the US, Visa and Mastercard allow people to route their payments. The FTC has been keeping an eye on Visa and Mastercard for a few years, inquiring whether both prevent business owners from making payments through different debit card networks. The FTC has increased its focus on the matter. Also read | Global Economy LIVE updates | Nationwide strikes in Paris Tuesday amidst soaring inflation Earlier, a Justice Department investigation was conducted to know whether Visa Inc has illegally maintained a monopoly on the debit card market share. This was done because as per federal laws, the customers must be provided with a choice of at least two debit card networks for making payments, The Wall Street Journal reported. This month, the Federal issued an updated rule to the banks, referring that each customer must be given at least two networks on all debit cards including online shopping or payments. Also read | Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis Whenever a customer links a debit card with a digital wallet, a random 16-digit number is generated, referred to as a "security token" as it makes the payment easy. The token is only understood by the network. For example, if using Visa, then only Visa will be able to make the payments easy. However, the card network can also scramble the token if the debit is handled by another network. Using this practice, Visa and Mastercard continue to remain on top. However, customers complain regarding the process believing that the payments can be cancelled if it's handled by a different network. This is the reason, the FTC is inquiring whether the top card networks are restricting payments after the shopper enters their debit card information. (With inputs from agencies) WATCH WION LIVE HERE

Visa, Mastercard under FTC investigation over debit-card routing competition

Amid geopolitical tensions in China, European car maker Stellantis may stop making cars in the world's second-largest economy. The car company might implement an 'asset-light' plan for some brands in the world's largest auto market.

World Business Watch: Stellantis may stop manufacturing cars in China

This time it's Rolls-Royce that will manufacture its first electric car. The car company will start manufacturing the e-car next year. The two-door EV is longer than a full-size SUV and the Spectre will be offered with stars in its door.

World Business Watch: Rolls-Royce to start making its first electric car, already has 300 buyers

French cement-maker Lafarge has pleaded guilty for supporting ISIS and other terror groups. The firm paid millions of dollars to the terrorist group to keep a plant operational in Syria.

World Business Watch: Lafarge fined $778 million for supporting terror groups in Syria

US President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from nations emergency oil reserves that will be done by year's end. The plan will likely include putting final 15 million barrels of oil on the market from a record release of strategic oil reserves of the US.

World Business Watch: US President Joe Biden to announce new actions to encourage oil production