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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

Stay with us for all the news on the global economy and fears of global recession 

Global Economy | European stocks open on a high after new UK FM scrapping of Liz Truss economic policy

In the latest from the Credit Suisse saga. The scandal-hit Swiss bank has approached at least one Middle Eastern sovereign wealth fund for a capital injection.

WION Business News | Credit Suisse looks to Mideast for capital boost

Renault and Stellantis unveiled new French-made electric vehicles (EVs) at the Paris Motor Show on Monday, as President Emmanuel Macron announced bigger subsidies for poorer families to buy EVs and pushed for more local production.

WION Business News: As carmakers unveil new EVs, France announces bigger subsidies for poorer buyers

On Monday, a report by Bloomberg citing various people with knowledge of the matter claimed that Abu Dhabi and Saudi Arabia are looking to invest in Credit Suisse Group AG’s investment bank and other businesses amid depressed values. While the talks are in the early stages, sources said, the potential investors are already being cautious regarding the risk of future losses or legal issues.&nbsp;

The sources have asked to remain anonymous since the talks are private, said the report. Meanwhile, the two countries are supposedly looking through sovereign wealth funds like Abu Dhabi’s Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. However, the deal may also come through other places where the countries own high stakes, said the sources.&nbsp;

This comes ahead of the bank’s announcement regarding the latest restructuring which is expected to take place in less than two weeks and also includes potential separation from its advisory and leveraged finance business. In a previous report, Bloomberg said that the bank has sought outside investment for this venture. This is the entity that Abu Dhabi’s highest levels of government could potentially invest in, said the report citing sources.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/credit-suisse-to-pay-495-millio-to-settle-case-concerning-2008-financial-crisis-526149">Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis</a>

The report also noted how this separation of the dealmaking and underwriting unit would let Credit Suisse break from the troubled investment banking division into three pieces while keeping the smaller trading unit and breaking off its securitized products group and other assets that it wants to offload.&nbsp;

Earlier this month, sources also elucidated how an outside investment for the new unit could help the bank lessen the cost of “retaining and attracting talent for a business that is almost entirely driven by key rainmaker’ relationships.”&nbsp;

Meanwhile, Credit Suisse in a statement said that they are in the midst of a comprehensive strategic review and will give an update on its progress when they announce its third-quarter earnings. “It would be premature to comment on any potential outcomes before then,”, the statement added. On the other hand, the representatives from the two countries have declined to comment, the report indicated.&nbsp;

ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-credit-suisse-faces-trial-on-investors-currency-rigging-claims-524652">World Business Watch: Credit Suisse faces trial on investors' currency rigging claims</a>

This comes amid the company’s shares rising as much as 8.7% in New York trading and 4.1% in Zurich, having lost at least of its value this year. Furthermore, the report citing anonymous sources also indicated the departure of investment banking head Christian Meissner as a part of the upcoming restructuring of the company which may be announced around October 27.&nbsp;

However, this would not be the first time as Credit Suisse has a history of relying on wealthy middle eastern investments as top shareholders like Qatar Investment Authority and Saudi Arabia’s Olayan Group which have invested in times of need, said the report. In 2021, the QIA was reportedly a part of the bank’s at least $2 billion convertible notes issuance.&nbsp;

&nbsp;

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On Monday, a report by Bloomberg citing various people with knowledge of the matter claimed that Abu Dhabi and Saudi Arabia are looking to invest in Credit Suisse Group AG’s investment bank and other businesses amid depressed values.

On Monday, a report by Bloomberg citing various people with knowledge of the matter claimed that Abu Dhabi and Saudi Arabia are looking to invest in Credit Suisse Group AG’s investment bank and other businesses amid depressed values. While the talks are in the early stages, sources said, the potential investors are already being cautious regarding the risk of future losses or legal issues. The sources have asked to remain anonymous since the talks are private, said the report. Meanwhile, the two countries are supposedly looking through sovereign wealth funds like Abu Dhabi’s Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund. However, the deal may also come through other places where the countries own high stakes, said the sources. This comes ahead of the bank’s announcement regarding the latest restructuring which is expected to take place in less than two weeks and also includes potential separation from its advisory and leveraged finance business. In a previous report, Bloomberg said that the bank has sought outside investment for this venture. This is the entity that Abu Dhabi’s highest levels of government could potentially invest in, said the report citing sources. ALSO READ: Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis The report also noted how this separation of the dealmaking and underwriting unit would let Credit Suisse break from the troubled investment banking division into three pieces while keeping the smaller trading unit and breaking off its securitized products group and other assets that it wants to offload. Earlier this month, sources also elucidated how an outside investment for the new unit could help the bank lessen the cost of “retaining and attracting talent for a business that is almost entirely driven by key rainmaker’ relationships.” Meanwhile, Credit Suisse in a statement said that they are in the midst of a comprehensive strategic review and will give an update on its progress when they announce its third-quarter earnings. “It would be premature to comment on any potential outcomes before then,”, the statement added. On the other hand, the representatives from the two countries have declined to comment, the report indicated. ALSO WATCH: World Business Watch: Credit Suisse faces trial on investors' currency rigging claims This comes amid the company’s shares rising as much as 8.7% in New York trading and 4.1% in Zurich, having lost at least of its value this year. Furthermore, the report citing anonymous sources also indicated the departure of investment banking head Christian Meissner as a part of the upcoming restructuring of the company which may be announced around October 27. However, this would not be the first time as Credit Suisse has a history of relying on wealthy middle eastern investments as top shareholders like Qatar Investment Authority and Saudi Arabia’s Olayan Group which have invested in times of need, said the report. In 2021, the QIA was reportedly a part of the bank’s at least $2 billion convertible notes issuance. 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: Abu Dhabi, Saudi Arabia may invest in Credit Suisse, others amid depressed values

Dutch hotel reservation website Booking.com is under lens of regulators in Spain. The antitrust watchdog has launched an investigation into possible unfair competition practices which are affecting hotels and rival online travel agencies in the country.

WION Business News | Booking.Com under regulatory lens; Spanish competition watchdog launches probe

5G is the buzzword nowadays in India. Giants like Airtel and Jio have started rolling out the next generation mobile technology in select cities. Where people are figuring out how they can upgrade to faster network, scamsters are using this opportunity to their best.

WION Business News | Watch out for 5G scams in India

China delayed the release of economic indicators scheduled for publication this week, which included its third-quarter Gross Domestic Product data due on Tuesday.

China delays release of Q3 growth figures

Global Economy updates on October 17:

-Asian stock markets slipped

-Sterling bounces

WION bring you the latest updates related to the world economy. 

Global Economy LIVE updates | UK Chancellor Jeremy Hunt reverses almost all tax measures set out in mini-budget

In the latest string of cyber attacks, Medibank says normal operations resume. There is no evidence that customer data were removed during the ransomware attack.

Medibank says normal operations resume after a ransomware attack on the Australian firm

China's economic woes are worsening. The local fiscal shortfall is posing growth risks. Policymakers are facing stern tests as recession risks rise.

China's economic woes: Local fiscal shortfall poses growth risks

There has been a surge in air traffic in Hong Kong. Passer throughput is up 10% at 525,000. Passenger traffic jumped 140% in the first nine months.

Hong Kong air traffic surges: Passer throughput up 10% at 525,000

Have a look at India's gold market. Gold prices are currently nearing a one-month low. The prices are expected to remain in a narrow range.

India gold market: Gold prices near one-month low

Amid the ongoing tussle between the United States and China over semiconductors, Apple has a frozen plan to use China's YTMC chips.

US-China semiconductor wars: Apple freezes plan to use China's YTMC chips

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities. &nbsp;

The dispute dates back to the financial crisis in 2008 when mortgages and loans were given to individuals who had insufficient income or a history of defaulting on loans. The market ended up losing millions of dollars in bad debt as several people around the world defaulted on their loans.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-finance-minister-jeremy-hunt-scraps-almost-all-government-tax-cut-plans-526127" hreflang="en">UK Finance Minister Jeremy Hunt scraps almost all government tax cut plans</a>

In 2013, a lawsuit was filed in New Jersey regarding Credit Suisse’s role in the crisis and the bank has now agreed to&nbsp;conclude the proceedings with a&nbsp;"one-time payment... to fully resolve claims".&nbsp;

According to AFP, the bank was accused of not having a proper measure of the risks that it took on mortgage-based securities and the $495 million will be paid as compensation for the involvement.&nbsp;

Credit Suisse has released a statement stating that the settlement will allow them "to resolve the only remaining RMBS (residential mortgage-backed securities) matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket".&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-hong-kong-pro-democracy-protester-dragged-and-beaten-up-in-manchester-chinese-consulate-probe-on-526022" hreflang="en">Watch | Hong Kong pro-democracy protester dragged and beaten up in&nbsp;Manchester Chinese consulate, probe on</a>

The settlement, which was approved by the New Jersey Attorney General, was welcome news for investors as the share prices of the company rose at the Swiss Stock Exchange.&nbsp;

Credit Suisse joined a long list of financial institutions around the world that faced fines for their roles in the 2008 financial crash. Both Deutsche Bank and Barclays agreed to pay more than $2 billion to settle their cases with the authorities while the Bank of America ended up paying $17 billion.&nbsp;

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities.

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities. The dispute dates back to the financial crisis in 2008 when mortgages and loans were given to individuals who had insufficient income or a history of defaulting on loans. The market ended up losing millions of dollars in bad debt as several people around the world defaulted on their loans. Also read | UK Finance Minister Jeremy Hunt scraps almost all government tax cut plans In 2013, a lawsuit was filed in New Jersey regarding Credit Suisse’s role in the crisis and the bank has now agreed to conclude the proceedings with a "one-time payment... to fully resolve claims". According to AFP, the bank was accused of not having a proper measure of the risks that it took on mortgage-based securities and the $495 million will be paid as compensation for the involvement. Credit Suisse has released a statement stating that the settlement will allow them "to resolve the only remaining RMBS (residential mortgage-backed securities) matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket". Also read | Watch | Hong Kong pro-democracy protester dragged and beaten up in Manchester Chinese consulate, probe on The settlement, which was approved by the New Jersey Attorney General, was welcome news for investors as the share prices of the company rose at the Swiss Stock Exchange. Credit Suisse joined a long list of financial institutions around the world that faced fines for their roles in the 2008 financial crash. Both Deutsche Bank and Barclays agreed to pay more than $2 billion to settle their cases with the authorities while the Bank of America ended up paying $17 billion.

Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis

Experts at Goldman Sachs warned of a deeper and “more significant recession” in the UK, following the sacking of Kwasi <a name="_Hlk116857692">Kwarteng</a> as chancellor and Prime Minister Liz Truss’ reversal of corporate tax decision.

In its report, the investment bank downgraded UK’s economic outlook, saying, “Folding in weaker growth momentum, significantly tighter financial conditions, and the higher corporation tax from next April, we downgrade our UK growth outlook further and now expect a more significant recession."

The firm reduced UK’s 2023 economic output forecast to a 1 per cent contraction from an earlier forecast for a 0.4 per cent output drop, with core inflation at 3.1 per cent at the end of 2023, down from 3.3 per cent previously, Bloomberg reported citing the report.

The UK prime minister on Friday announced to raise the corporation tax rate to 25 per cent, making a U-turn on a pledge to freeze it at 19 per cent.

Truss has been under fire ever since their newly formed government announced a mini-budget in a bid to tide over the cost-of-living crisis and provide cushion to people, who have been battered by food inflation and rising gas prices.

The controversial mini-budget— which proposed unfunded tax cuts, huge government borrowing and let energy companies off from a windfall tax—announced by Kwarteng sent financial markets into meltdown, due to which the pound sank to its lowest level against the dollar in decades.

It was only after the Bank of England intervened that the market somewhat settled.

However, this led to the sacking of Kwarteng and renewed rumours of Tory MPs planning to oust Truss.

On Friday, Truss defended her economic plan, but declined to apologise to her party or the public over the turmoil.

“We recognize because of current market issues we have to deliver the mission in a different way. And that’s what we are absolutely committed to do,” she said.

(With inputs from agencies)

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Experts at Goldman Sachs warned of a deeper and “more significant recession” in the UK, following the sacking of Kwasi Kwarteng as chancellor and Prime Minister Liz Truss’ reversal of corporate tax decision.

Experts at Goldman Sachs warned of a deeper and “more significant recession” in the UK, following the sacking of Kwasi Kwarteng as chancellor and Prime Minister Liz Truss’ reversal of corporate tax decision. In its report, the investment bank downgraded UK’s economic outlook, saying, “Folding in weaker growth momentum, significantly tighter financial conditions, and the higher corporation tax from next April, we downgrade our UK growth outlook further and now expect a more significant recession." The firm reduced UK’s 2023 economic output forecast to a 1 per cent contraction from an earlier forecast for a 0.4 per cent output drop, with core inflation at 3.1 per cent at the end of 2023, down from 3.3 per cent previously, Bloomberg reported citing the report. The UK prime minister on Friday announced to raise the corporation tax rate to 25 per cent, making a U-turn on a pledge to freeze it at 19 per cent. Truss has been under fire ever since their newly formed government announced a mini-budget in a bid to tide over the cost-of-living crisis and provide cushion to people, who have been battered by food inflation and rising gas prices. The controversial mini-budget— which proposed unfunded tax cuts, huge government borrowing and let energy companies off from a windfall tax—announced by Kwarteng sent financial markets into meltdown, due to which the pound sank to its lowest level against the dollar in decades. It was only after the Bank of England intervened that the market somewhat settled. However, this led to the sacking of Kwarteng and renewed rumours of Tory MPs planning to oust Truss. On Friday, Truss defended her economic plan, but declined to apologise to her party or the public over the turmoil. “We recognize because of current market issues we have to deliver the mission in a different way. And that’s what we are absolutely committed to do,” she said. (With inputs from agencies) WATCH WION LIVE HERE:

Goldman Sachs forecasts ‘significant recession’ in UK after Liz Truss’ U-turns on tax cut

A key US inflation measure due Thursday is set to return to a four-decade high, underscoring broad and elevated price pressures that are pushing the Federal Reserve toward yet another large interest-rate hike next month.

World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes

El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The country faces plummeting economic growth and a high deficit.

World Business Watch | El Salvador's bitcoin experiment: $60 million lost

A Brazilian court has fined Apple with $19 million and ruled that battery chargers must come with new iPhones sold in the country. The Sao Paulo State quote it ruled against Apple in a lawsuit filed by association of borrowers consumers and taxpayers.

World Business Watch: Lawsuit filed by the association of consumers and taxpayers against Apple

Singapore City State's economy has returned to growth in third quarter while showing fragility of post-pandemic prospects. The gross domestic product (GDP) in three months through September was up 1.5 percent from previous quarter.

World Business Watch: Central bank tightens monetary policy settings in Singapore

In the middle of a debate on Moonlighting which is working for a company and taking another job at the same time, now Indian IT giant emphasis has reportedly fired several employees for this.

World Business Watch: Indian IT firm Infosys fires several employees for 'moonlighting'

The global economic environment has taken a big hit in recent times. These economic upheavals can be attributed to the ongoing conflicts across the world that has exhausted resources and pushed economies to the brink of a recession. 

WION keeps track of the global markets, stock market situations and more. Stay tuned for the latest updates.

Global economy LIVE | Yen hits lowest level against US dollar since 1990

Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor.&nbsp;

When asked for his opinion on the legality of moonlighting, Wipro CEO Thierry Delaporte called it a "question of ethics". &nbsp;

"Our contracts stipulate not taking up a side job with a competitor. It is not a question of legal (propriety); it is a question of ethics,” Delaporte told PTI news agency.&nbsp;&nbsp;

"I am not talking about things illegal. I am not talking about side jobs. I am really talking about being in an obvious situation of conflict of interest. I think that our employees understand that."&nbsp;

Wipro Chairman Rishad Premji last month revealed that around 300 employees were fired after the company claims to have found them to be working directly with rivals while being on Wipro payrolls.&nbsp;

Meanwhile, another tech company, HCL Technologies, waded into the moonlighting issuing, saying that while it does not approve of dual employment, the issue is not a major one within the company.&nbsp;

"Dual employment while working for HCL Tech...we do not approve of that. Everybody who signs up to work for HCL Tech is signing up employment contract which requires exclusivity. The requirements around confidentiality, and non compete... all those provisions that are there we expect our employees to honour those commitments," Ramachandran Sundararajan, Chief People Officer of the company said during the Q2 earnings briefing, reported PTI news agency.

(With inputs from agencies)

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Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor.

Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor. When asked for his opinion on the legality of moonlighting, Wipro CEO Thierry Delaporte called it a "question of ethics". "Our contracts stipulate not taking up a side job with a competitor. It is not a question of legal (propriety); it is a question of ethics,” Delaporte told PTI news agency. "I am not talking about things illegal. I am not talking about side jobs. I am really talking about being in an obvious situation of conflict of interest. I think that our employees understand that." Wipro Chairman Rishad Premji last month revealed that around 300 employees were fired after the company claims to have found them to be working directly with rivals while being on Wipro payrolls. Meanwhile, another tech company, HCL Technologies, waded into the moonlighting issuing, saying that while it does not approve of dual employment, the issue is not a major one within the company. "Dual employment while working for HCL Tech...we do not approve of that. Everybody who signs up to work for HCL Tech is signing up employment contract which requires exclusivity. The requirements around confidentiality, and non compete... all those provisions that are there we expect our employees to honour those commitments," Ramachandran Sundararajan, Chief People Officer of the company said during the Q2 earnings briefing, reported PTI news agency. (With inputs from agencies) WATCH WION LIVE HERE:

Wipro’s volte-face on moonlighting: Now says its fine, but there’s a catch 

Singapore Airlines (SIA) Ltd&nbsp;is in “confidential talks” with the Tata Group over the potential integration of Vistara, whose 49 per cent equity is held by SIA, and Air India to help the Singaporean carrier&nbsp;gain a stronger foothold in India and South Asia.&nbsp;

SIA in a statement further said that the talks were ongoing and no “definitive agreements” have been reached on the potential integration between the two parties.&nbsp;

"In line with its multi-hub strategy, SIA is currently in confidential discussions with&nbsp;Tata&nbsp;to explore a potential transaction in relation to the securities of Vistara and Air India Ltd, a subsidiary of Tata (the 'potential transaction').”&nbsp;

"The discussions seek to deepen the existing partnership between SIA and Tata, and may include a potential integration of Vistara and Air India," it said in a statement.&nbsp;

The aviation company said that it will make the necessary announcements “when there are any material developments regarding the potential transaction in compliance with the relevant provisions of the Listing Manual of the Singapore Exchange Securities Trading Limited”. &nbsp;

Earlier this month, Singapore civil aviation authorities&nbsp;told WION that they are interested in expanding direct passenger services between the two counties. When asked about the SIA-Air India deal, the official said that it is a "commercial decision".&nbsp;

Singapore Airlines and Scoot, a Singaporean low-cost airline, are restoring their India services to pre-Covid levels. For the next airline season, Air India, Indigo, Go Air and Vistara would be increasing their passenger services to Singapore.&nbsp;

Officials pointed out that during the pre-Covid level, passenger growth was mainly recorded from the secondary cities in India to Singapore.&nbsp;&nbsp;

SIA holds 49 per cent equity in Vistara while the balance 51 per cent equity is held by the Tata Group. &nbsp;

Vistara commenced operations in India on January 9, 2015, and has 50 flights running across the country.&nbsp;The airline's fleet comprises Airbus A320, A320neo, A321neo, Boeing 737 and B787.&nbsp;

The discussions come at a time when Air India has been looking to rebuild its fleet and target a domestic market share of at least 30 per cent over the next five years.

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Singapore Airlines (SIA) Ltd is in “confidential talks” with the Tata Group over the potential integration of Vistara, whose 49 per cent equity is held by SIA, and Air India to help the Singaporean carrier gain a stronger foothold in India and South Asia.

Singapore Airlines (SIA) Ltd is in “confidential talks” with the Tata Group over the potential integration of Vistara, whose 49 per cent equity is held by SIA, and Air India to help the Singaporean carrier gain a stronger foothold in India and South Asia. SIA in a statement further said that the talks were ongoing and no “definitive agreements” have been reached on the potential integration between the two parties. "In line with its multi-hub strategy, SIA is currently in confidential discussions with Tata to explore a potential transaction in relation to the securities of Vistara and Air India Ltd, a subsidiary of Tata (the 'potential transaction').” "The discussions seek to deepen the existing partnership between SIA and Tata, and may include a potential integration of Vistara and Air India," it said in a statement. The aviation company said that it will make the necessary announcements “when there are any material developments regarding the potential transaction in compliance with the relevant provisions of the Listing Manual of the Singapore Exchange Securities Trading Limited”. Earlier this month, Singapore civil aviation authorities told WION that they are interested in expanding direct passenger services between the two counties. When asked about the SIA-Air India deal, the official said that it is a "commercial decision". Singapore Airlines and Scoot, a Singaporean low-cost airline, are restoring their India services to pre-Covid levels. For the next airline season, Air India, Indigo, Go Air and Vistara would be increasing their passenger services to Singapore. Officials pointed out that during the pre-Covid level, passenger growth was mainly recorded from the secondary cities in India to Singapore. SIA holds 49 per cent equity in Vistara while the balance 51 per cent equity is held by the Tata Group. Vistara commenced operations in India on January 9, 2015, and has 50 flights running across the country. The airline's fleet comprises Airbus A320, A320neo, A321neo, Boeing 737 and B787. The discussions come at a time when Air India has been looking to rebuild its fleet and target a domestic market share of at least 30 per cent over the next five years. WATCH WION LIVE HERE:

Singapore Airlines, Tata Group in ‘confidential talks’ over Air India, Vistara integration 

Toshiba shares on Thursday (October 13) surged by seven per cent&nbsp;in afternoon trade following a report that a domestic investor-led group was looking at a $19 billion bid in a potential deal that could lead to foreign activist shareholders being bought out after years of tension.

A consortium led by private equity firm Japan Industrial Partners has been given preferred bidder status in the second round of bidding, a source familiar with the matter told Reuters. Japan Industrial Partners declined to comment.

Watch |&nbsp;World Business Watch: Qantas shares surge as it forecasts stronger-than-expected first-half profit

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Shares in Toshiba Corp are on track for their biggest one-day gain in more than a year after having risen about 17 per cent this year.

The bid figure of 2.8 trillion yen ($19.06 million) cited by the Kyodo news agency represents a premium of 26 per cent to Wednesday's (October) closing price.

(With inputs from agencies)

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Toshiba shares on Thursday (October 13) surged by seven per cent in afternoon trade following a report that a domestic investor-led group was looking at a $19 billion bid in a potential deal that could lead to foreign activist shareholders being bought out after years of tension.

Toshiba shares on Thursday (October 13) surged by seven per cent in afternoon trade following a report that a domestic investor-led group was looking at a $19 billion bid in a potential deal that could lead to foreign activist shareholders being bought out after years of tension. A consortium led by private equity firm Japan Industrial Partners has been given preferred bidder status in the second round of bidding, a source familiar with the matter told Reuters. Japan Industrial Partners declined to comment. Watch | World Business Watch: Qantas shares surge as it forecasts stronger-than-expected first-half profit Shares in Toshiba Corp are on track for their biggest one-day gain in more than a year after having risen about 17 per cent this year. The bid figure of 2.8 trillion yen ($19.06 million) cited by the Kyodo news agency represents a premium of 26 per cent to Wednesday's (October) closing price. (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.

Toshiba shares rise following reports of a possible $19 billion buyout

One of the largest Australian private health insurance providers has been hit by a “cyber incident”. Medibank Group detected unusual activity on its network on Wednesday and subsequently took immediate steps to contain the incident.

World Business Watch: Australia's Medibank reports ‘cyber incident’ following suspicious activity