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Reports say, at least $718 million has been stolen so far in October alone, taking the gross tally for the year past $3 billion and putting 2022 on course to be a record for the total value hacked.

World Business Watch: Crypto hackers set for record year after looting over $3 billion

Qantas Airways forecast will report a first-half profit that tops market estimates for the full year as demand rebounds, even as it spends money to improve operational reliability and sweeten wages.

World Business Watch: Qantas shares surge as it forecasts stronger-than-expected first-half profit

BYJU’S on Wednesday said that it will be laying off around 2,500 employees, constituting 5% of its workforce across product, content, media, and technology teams.

World Business Watch: BYJU's to fire 2,500 employees as it eyes profitability by March 2023

Global Economy: 

Japanese yen falls 146 against the dollar. This is for the first time since August 1998

Russian economy surfs sanctions on the oil boom

WION brings you the latest updates

Global Economy LIVE: Yen falls 146 against dollar, UK economy shrinks 0.3% in August

Holiday spending during China's Golden Week has plunged to its lowest level in seven years, as broad Covid curbs discouraged people from travelling or spending.

World  Business Watch: China's holiday spending plunges to seven-year low

An attorney for investors suing Credit Suisse told a jury in US court that chats between traders prove the world's largest banks colluded to fix prices in the foreign exchange market between 2007 and 2013.

World Business Watch: Credit Suisse faces trial on investors' currency rigging claims

US citizens at Chinese chip firms caught in the middle of tech war after new export restrictions. Washington’s latest export restrictions prohibit US persons from supporting the development or production of chips at targeted Chinese firms.

World Business Watch: US citizens at Chinese chip firms caught in the middle of tech war

The Biden administration is proposing a new labor rule that could classify millions of gig workers in thr United States as employees rather than independent contractors.

World Business Watch: Labor Department proposal may lead to US gig workers gaining employee status

A Bloomberg report&nbsp;published on Wednesday said that Intel Corp is planning a major reduction in workforce to cope with the slowdown in the personal computer market. The layoffs may be announced within this month around the time of its third-quarter earnings report on October 27, claimed the report citing people with knowledge on the matter. &nbsp;

The report also indicated that Intel’s divisions like sales and marketing could see cuts, affecting at least 20% of the staff. As of July, the company reportedly has 113,700 employees. Meanwhile, the company has declined to comment about the layoffs. The chipmaker has been facing a steep decline in demand for PC processors which is reportedly its main business.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/taiwan-signals-complying-with-new-us-export-controls-to-hobble-chinas-chip-industry-523570">Taiwan signals compliance with new US export controls to hobble China's chip industry</a>

Intel has also struggled to gain back some market share lost to rivals like Advanced Micro Devices Inc, said the report. Back in July, it also warned that 2022 sales would be at least $11 billion lower than it expected earlier. “We are also lowering core expenses in the calendar year 2022 and will look to take additional actions in the second half of the year,” said Intel CEO Pat Gelsinger, according to the report, regarding the second-quarter earnings call.&nbsp;

Gelsinger also released a memo to the company employees on Tuesday which outlines the plans to create an internal foundry model for external customers and the company’s product lines, said a different report. A foundry business is the one that builds chips that are designed by other companies, however, Intel till now has predominantly built and designed chips so far.&nbsp;

This comes at a time when the company faces intense pressure from investors over profits as Intel’s shares have fallen more than 50% in 2022 with a 20% plunge last month alone. The US-based company has also been trying to retain its position in the market with the release of new PC processors and graphics semiconductors which is reportedly a key part of its strategy to sell more chips to the data-centre market, said the Bloomberg report.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/world/intel-apologises-to-chinese-population-for-hurting-their-sentiments-over-xinjiang-comments-439553">Intel apologises to Chinese population for hurting their sentiments over Xinjiang comments</a>

According to the report, Intel’s chief financial officer, David Zinsner, had also said this after its latest quarterly report, “There are large opportunities for Intel to improve and deliver maximum output per dollar.” He added, the company is expecting to see restructuring changes in the third quarter and also signalled that the cuts are looming, the report indicated. Meanwhile, Google, also unveiled its new Intel-powered tech for server farms that will help speed artificial intelligence tasks, said the report.&nbsp; 
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A Bloomberg report published on Wednesday said that Intel Corp is planning a major reduction in workforce to cope with the slowdown in the personal computer market.

A Bloomberg report published on Wednesday said that Intel Corp is planning a major reduction in workforce to cope with the slowdown in the personal computer market. The layoffs may be announced within this month around the time of its third-quarter earnings report on October 27, claimed the report citing people with knowledge on the matter. The report also indicated that Intel’s divisions like sales and marketing could see cuts, affecting at least 20% of the staff. As of July, the company reportedly has 113,700 employees. Meanwhile, the company has declined to comment about the layoffs. The chipmaker has been facing a steep decline in demand for PC processors which is reportedly its main business. ALSO READ: Taiwan signals compliance with new US export controls to hobble China's chip industry Intel has also struggled to gain back some market share lost to rivals like Advanced Micro Devices Inc, said the report. Back in July, it also warned that 2022 sales would be at least $11 billion lower than it expected earlier. “We are also lowering core expenses in the calendar year 2022 and will look to take additional actions in the second half of the year,” said Intel CEO Pat Gelsinger, according to the report, regarding the second-quarter earnings call. Gelsinger also released a memo to the company employees on Tuesday which outlines the plans to create an internal foundry model for external customers and the company’s product lines, said a different report. A foundry business is the one that builds chips that are designed by other companies, however, Intel till now has predominantly built and designed chips so far. This comes at a time when the company faces intense pressure from investors over profits as Intel’s shares have fallen more than 50% in 2022 with a 20% plunge last month alone. The US-based company has also been trying to retain its position in the market with the release of new PC processors and graphics semiconductors which is reportedly a key part of its strategy to sell more chips to the data-centre market, said the Bloomberg report. ALSO READ: Intel apologises to Chinese population for hurting their sentiments over Xinjiang comments According to the report, Intel’s chief financial officer, David Zinsner, had also said this after its latest quarterly report, “There are large opportunities for Intel to improve and deliver maximum output per dollar.” He added, the company is expecting to see restructuring changes in the third quarter and also signalled that the cuts are looming, the report indicated. Meanwhile, Google, also unveiled its new Intel-powered tech for server farms that will help speed artificial intelligence tasks, said the report. 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: Intel plans to lay off thousands in workforce amid PC market slowdown

Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV).

The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology.

The company has opened the bookings for a token amount of Rs 50,000 (US $607) and the deliveries of the first five 50 units will begin in January 2023. The price of the SUV is yet to be announced.

Atto 3 will have an electric motor pushing out a peak power of 201bhp and 310Nm of torque. The model comes with a 60.49kWh battery pack promising a range of 420km on a single charge.&nbsp;The company claims that its SUV is capable to jump from 0 to 100kmph in 7.3 seconds.

It is expected to give tough competition to&nbsp;Tata Nexon EV, Mahindra XUV400, Maruti Suzuki Grand Vitara Hybrid, and Toyota Urban Cruiser Hybrid.

With the launch of its electric SUV, BYD aims to corner around 40 per cent of the electric car market in India by 2030.

BYD views India as one of the important markets for its global expansion plan, even as it has started selling EVs in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia.

"India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters news agency.

However, India has been wary of Chinese investments in the recent past, and has tightened scrutiny of investments coming from bordering nations, especially China. Due to this,&nbsp;another Chinese carmaker, Great Wall Motor, had to shelve its $1 billion investment plan in India. &nbsp;

However, BYD has been upbeat about its future prospects and has even sent up a manufacturing plant in India, where the annual capacity is expected to go up to 15,000 units.&nbsp;Beyond that, Balakrishnan said, the company is "still exploring" what it needs to do.

(With inputs from agencies)

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Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV). The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology.

Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV). The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology. The company has opened the bookings for a token amount of Rs 50,000 (US $607) and the deliveries of the first five 50 units will begin in January 2023. The price of the SUV is yet to be announced. Atto 3 will have an electric motor pushing out a peak power of 201bhp and 310Nm of torque. The model comes with a 60.49kWh battery pack promising a range of 420km on a single charge. The company claims that its SUV is capable to jump from 0 to 100kmph in 7.3 seconds. It is expected to give tough competition to Tata Nexon EV, Mahindra XUV400, Maruti Suzuki Grand Vitara Hybrid, and Toyota Urban Cruiser Hybrid. With the launch of its electric SUV, BYD aims to corner around 40 per cent of the electric car market in India by 2030. BYD views India as one of the important markets for its global expansion plan, even as it has started selling EVs in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia. "India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters news agency. However, India has been wary of Chinese investments in the recent past, and has tightened scrutiny of investments coming from bordering nations, especially China. Due to this, another Chinese carmaker, Great Wall Motor, had to shelve its $1 billion investment plan in India. However, BYD has been upbeat about its future prospects and has even sent up a manufacturing plant in India, where the annual capacity is expected to go up to 15,000 units. Beyond that, Balakrishnan said, the company is "still exploring" what it needs to do. (With inputs from agencies) WATCH WION LIVE HERE:

Warren Buffet-backed Chinese firm BYD debuts in India, starts booking of its new electric SUV

There are many places in the world to get a job and live a good life but there are very few good places to get retired and receive pensions. In a recent survey, Iceland has been rated for the second year running as the best place all because of the private and public sector pension benefits available to all.

World Business Watch: Singapore beats Hong Kong in Asian pension systems

Chipmaker Intel is preparing to lay off thousands of employees in response to a downturn in the personal computer industry. The announcement could come as early as this month.

World Business Watch: Intel plans to cut thousands of jobs hit by PC slowdown

The global economic environment has taken a significant hit in recent times with global conflicts and the resultant recession fears have led to economic crises all around the world. With most economies experiencing turbulent times, institutions like the Bank of England have been trying to implement preventive measures.

WION will be keeping track of global markets, stock market situations, and more.  

IMF cuts global growth forecast for 2023, oil prices slide

JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction.

Runaway inflation, big interest rates hikes, the Russian invasion of Ukraine and the unknown effects of the Federal Reserve's quantitative easing policy are among the indicators of a potential recession, he said in an interview to the business news channel.

"These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they're likely to put the US in some kind of recession six to nine months from now," Dimon said.

Dimon's comments came just when US banks would begin to file third-quarter earnings from Friday. This year the benchmark S&amp;P 500 index has lost about 24 per cent. All three major US indices have been trading in bear market territory.

Dimon said the S&amp;P 500 could fall by "another easy 20%" from the current levels, with the next 20% slide likely to "be much more painful than the first", according to the CNBC report.

Earlier this year, Dimon had asked investors to brace for an economic "hurricane", with JPMorgan, the biggest US investment bank, suspending share buybacks in July after missing quarterly Wall Street expectations.

(With inputs from agencies)

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JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction.

JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction. Runaway inflation, big interest rates hikes, the Russian invasion of Ukraine and the unknown effects of the Federal Reserve's quantitative easing policy are among the indicators of a potential recession, he said in an interview to the business news channel. "These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they're likely to put the US in some kind of recession six to nine months from now," Dimon said. Dimon's comments came just when US banks would begin to file third-quarter earnings from Friday. This year the benchmark S&P 500 index has lost about 24 per cent. All three major US indices have been trading in bear market territory. Dimon said the S&P 500 could fall by "another easy 20%" from the current levels, with the next 20% slide likely to "be much more painful than the first", according to the CNBC report. Earlier this year, Dimon had asked investors to brace for an economic "hurricane", with JPMorgan, the biggest US investment bank, suspending share buybacks in July after missing quarterly Wall Street expectations. (With inputs from agencies) 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 ×

US economy to dip into recession next year: JP Morgan CEO Jamie Dimon

New Zealand’s government on Tuesday proposed taxing the greenhouse gasses that farm animals make from burping and peeing as part of a plan to tackle climate change. But farmers quickly condemned the plan.

World Business Watch: New Zealand proposes taxing cow burps, angering farmers

JPMorgan Chase and chief executive officer Jamie Dimon warned Monday that a serious mix of headwinds will likely send the United States into a recession in the next six to nine months.

World Business Watch: 'US recession in six to nine months', warns JPMorgan's CEO Dimon

On Monday, the British finance minister Kwasi Kwarteng said that he will publish the fiscal plans and economic forecasts for the UK on October 31. This comes amid the pressure of rebuilding investor confidence in the new government, ballooning government debt and calming the rattled market.&nbsp;

Kwarteng announced that he is preponing his midterm budget by more than three weeks as it was due on November 23, in a bid to reassure markets after his “mini-budget” blunder which crashed the country’s currency and sent shockwaves throughout the financial markets. This was after the new Prime Minister Liz Truss's cabinet announced 45 billion pounds of unfunded tax cuts.&nbsp;

Following the “mini-budget” announcement on September 23 the government borrowing costs surged, and bond prices collapsed, threatening Britain’s pension funds this is when the Bank of England was forced to intervene and take emergency action.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/report-uk-bank-says-pension-funds-nearly-collapsed-amid-unprecedented-market-meltdown-523441">Report: UK central bank says pension funds nearly collapsed amid market meltdown</a>

Prior to the mini-budget, Kwarteng refused to publish a draft report by the Office for Budget Responsibility (OBR) which reportedly caused an uproar among some members of Parliament as well as rattled the market. This comes after he had previously said that OBR would not have sufficient time to provide satisfactory forecasts on his “mini-budget” however they have since contradicted this.&nbsp;

The new date for the fiscal plan means the finance minister’s report will be released ahead of the central bank’s announcement on interest rates on November 3. According to the British finance minister, the October 31 date for his medium-term fiscal statement would also give the OBR to assess updates to official data, for a full forecast to take place.&nbsp; 
 
ALSO READ:<a href="https://www.wionews.com/world/liz-truss-preparing-for-another-u-turn-this-time-on-welfare-payments-524207">&nbsp;Liz Truss preparing for another U-turn; this time on welfare payments</a>

Reportedly, Kwarteng and Truss are hoping that the OBR will back their claims that a combination of tax cuts and reforms on planning rules and immigration will boost the country’s economic growth. The OBR is an independent watchdog and will now publish a report alongside Kwarteng's statement, its forecasts will give a report on how the health of the nation’s finances faring.&nbsp;

Meanwhile, the International Monetary Fund (IMF) previously indicated that this push for economic growth and the central bank’s attempts to controlling inflation is working against each other. These remarks also came ahead of Kwarteng’s visit to Washington this week to attend the &nbsp;IMF's semi-annual meeting of global policymakers.&nbsp;

(With inputs from agencies) 
 
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On Monday, the British finance minister Kwasi Kwarteng said that he will publish the fiscal plans and economic forecasts for the UK on October 31. This comes amid the pressure of rebuilding investor confidence in the new government, ballooning government debt and calming the rattled market.

On Monday, the British finance minister Kwasi Kwarteng said that he will publish the fiscal plans and economic forecasts for the UK on October 31. This comes amid the pressure of rebuilding investor confidence in the new government, ballooning government debt and calming the rattled market. Kwarteng announced that he is preponing his midterm budget by more than three weeks as it was due on November 23, in a bid to reassure markets after his “mini-budget” blunder which crashed the country’s currency and sent shockwaves throughout the financial markets. This was after the new Prime Minister Liz Truss's cabinet announced 45 billion pounds of unfunded tax cuts. Following the “mini-budget” announcement on September 23 the government borrowing costs surged, and bond prices collapsed, threatening Britain’s pension funds this is when the Bank of England was forced to intervene and take emergency action. ALSO READ: Report: UK central bank says pension funds nearly collapsed amid market meltdown Prior to the mini-budget, Kwarteng refused to publish a draft report by the Office for Budget Responsibility (OBR) which reportedly caused an uproar among some members of Parliament as well as rattled the market. This comes after he had previously said that OBR would not have sufficient time to provide satisfactory forecasts on his “mini-budget” however they have since contradicted this. The new date for the fiscal plan means the finance minister’s report will be released ahead of the central bank’s announcement on interest rates on November 3. According to the British finance minister, the October 31 date for his medium-term fiscal statement would also give the OBR to assess updates to official data, for a full forecast to take place. ALSO READ: Liz Truss preparing for another U-turn; this time on welfare payments Reportedly, Kwarteng and Truss are hoping that the OBR will back their claims that a combination of tax cuts and reforms on planning rules and immigration will boost the country’s economic growth. The OBR is an independent watchdog and will now publish a report alongside Kwarteng's statement, its forecasts will give a report on how the health of the nation’s finances faring. Meanwhile, the International Monetary Fund (IMF) previously indicated that this push for economic growth and the central bank’s attempts to controlling inflation is working against each other. These remarks also came ahead of Kwarteng’s visit to Washington this week to attend the IMF's semi-annual meeting of global policymakers. (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.

UK: Finance minister Kwarteng to publish fiscal plan and economic forecasts on October 31

Another global executive has joined the chorus of fears of global recessions. This time the warning has come from JPMorgan Chase CEO Jamie Dimon who said serious headwinds are likely to push the US and Global economies into recession by the middle of next year.

JPMorgan's CEO warns on US recession

The global economic environment seems to be taking a turn for the worse as geopolitical tensions and the decision of OPEC+ to cut oil production continues to badly affect vulnerable economies around the world.

WION will be keeping track of global markets, stock market situations and more.  

NASDAQ tumbles to its lowest in two years

The Bank of England said it was launching a temporary facility aimed at easing liquidity pressures that arose after the UK government's budget shocked markets.

World Business Watch: Bank of England announces more market support measures

Some of the US airport websites were hit by a cyber attack. Though there are no concrete reports on disruptions in services, the sites were not offline but they were overloaded from fake web users.

World Business Watch: US airport websites hit by cyber attacks

Petronas has declared force majeure on supplies from its Malaysia LNG (MLNG) facility due to a pipeline leak, which could add more pressure on Asian and European liquefied natural gas buyers looking to cover before the winter season.

World Business Watch: Petronas pipeline leak hit part of Malaysia's LNG exports

Rising inflation is a global phenomenon and the pinch pf the inflationary surge has not been felt by the people in the emerging markets and the developing world but also by those who live in the high income nations.

World Business Watch: Inflation accelerates across the world

Portugal is officially launching a one-year 'digital nomad' visa, and it’s directly aimed at remote workers. By launching this visa, Portugal joins the list of countries that already offer such opportunities to all internationals who plan to work remotely.

World Business Watch: Portugal announces a one-year ‘digital nomad’ visa for remote workers

Japan throws open its doors to visitors this week after more than two years of pandemic isolation with hopes for a tourism boom face tough headwinds amid shuttered shops and a shortage of hospitality workers.

World Business Watch: Japan to reinstate Visa-free travel to dozens of countries after two years

Singapore Telecommunications Ltd said that its unit Dialog faced a cyber attack that potentially affected 1,000 current and former employees and fewer than 20 clients, weeks after a massive data breach at another Australian unit, Optus.

World Business Watch: Singtel's Dialog unit faces cyber attack weeks after Optus data breach