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According to the Bank of England, the pension funds which are managing vast sums on behalf of retired people in the UK came close to a collapse after an “unprecedented” meltdown in UK government bond markets following the Chancellor of the Exchequer, Kwasi Kwarteng’s mini-budget.&nbsp;

The central bank explained how the drastic increase in interest rates on long-dated UK government bonds in the days following the mini-budget announcement had triggered a “self-reinforcing” spiral in debt markets, said the Guardian. This threatened the stability of the British financial system.&nbsp;

The Bank of England stepped in last week after the British pound collapsed and became the lowest ever in history against the dollar. On the other hand, the interest rates on rates on UK government bonds rose to the highest ever since the 2008 global financial crisis.&nbsp;

In a letter to the Commons Treasury committee, the Bank’s deputy governor for financial stability, Jon Cunliffe while explaining the bank’s intervention suggested that the biggest market movements came after the chancellor’s announcement of the mini-budget.&nbsp; 
 
ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/uk-unveils-mini-budget-historic-tax-cuts-and-borrowing-in-uks-new-economic-agenda-519054">UK unveils mini budget; historic tax cuts and borrowing in UK's new economic agenda</a>

Explaining its emergency intervention to subdue the financial market turmoil they said how more than one trillion pounds invested in pension funds came under severe strain and a large number of which might have gone bust.&nbsp;

Reportedly, if they did not intervene and promised to buy 65 billion pounds of government debt, the funds managing money on behalf of pensioners “would have been left with negative net asset value” across the country. Subsequently, they would also have not been able to meet cash demands.&nbsp;

“As a result, it was likely that these funds would have to begin the process of winding up the following morning,” said the bank. They also went on to elucidate how the meltdown would have sent ripples through Britain’s financial system. This would have caused, “excessive and sudden tightening of financing conditions for the real economy”.

The currency had been “broadly stable” when on September 22 the bank increased interest rates. The long-term interest rates on government bonds rose by about 20 basis points during that time. However, after Kwarteng’s speech about 45 billion pounds of unfunded tax cuts, the Bank’s market intelligence was able to identify concerns by the pension fund managers.&nbsp;

Ministers had tried to argue that the turmoil in the market was reflective of global factors, the bank undermined the suggestion and published a chart which highlights a sharp rise in 30-year borrowing costs after the mini-budget. To show that this rise was not replicated in the US or the EU.&nbsp;

Amid this market turmoil, the value of UK government bonds fell sharply as investors began to lose faith in the UK Prime Minister Liz Truss’ administration to run a sustainable tax and spending policy. According to the report, this resulted in pension funds invested in liability-driven investment (LDI) schemes facing rolling “margin calls” as the value of the bonds pledged as collateral collapsed.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/proposed-uk-tax-cuts-caused-a-little-turbulence-says-finance-minister-kwasi-kwarteng-522165">Proposed UK tax cuts caused ‘a little turbulence’, says finance minister Kwasi Kwarteng</a>

During the ongoing “self-reinforcing downward spiral” the funds moved to sell other long-dated bonds to meet cash demands which increased pressure in the bond market. The bank indicated that they heard intelligence that funds were preparing to sell at least 50 billion pounds of long-dated government bonds in a short time, which was at least four times the usual 12 billion pound average market trading volumes in recent weeks, said the report.&nbsp;

Prior to the bank intervention, the yields on 30-year UK government bonds reportedly rose by 35 basis points on two separate days. The biggest daily rise seen since the data that has been dating back to the beginning of this century was 29 basis points.&nbsp;

However, on Thursday, a Treasury spokesperson did not budge from their previous stance and blamed the market turmoil on global issues, “While the UK has seen disruption, global financial markets have also seen significant volatility in recent weeks.”&nbsp;

They added, the economy is in a “competitive position” and attributed it to the lowest level of unemployment in the country for almost 50 years and the second lowest net debt to GDP ratio among the G7 countries.&nbsp;

“Our growth plan will unleash growth and make the UK more competitive. The government is committed to strong fiscal discipline and to debt falling as a percentage of GDP over the medium term,” said the spokesperson. Indicating that further details will be shared during the upcoming medium-term fiscal plan shortly.&nbsp; 
&nbsp;

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According to the Bank of England, the pension funds which are managing vast sums on behalf of retired people in the UK came close to a collapse after an “unprecedented” meltdown in UK government bond markets following the Chancellor of the Exchequer, Kwasi Kwarteng’s mini-budget.

According to the Bank of England, the pension funds which are managing vast sums on behalf of retired people in the UK came close to a collapse after an “unprecedented” meltdown in UK government bond markets following the Chancellor of the Exchequer, Kwasi Kwarteng’s mini-budget. The central bank explained how the drastic increase in interest rates on long-dated UK government bonds in the days following the mini-budget announcement had triggered a “self-reinforcing” spiral in debt markets, said the Guardian. This threatened the stability of the British financial system. The Bank of England stepped in last week after the British pound collapsed and became the lowest ever in history against the dollar. On the other hand, the interest rates on rates on UK government bonds rose to the highest ever since the 2008 global financial crisis. In a letter to the Commons Treasury committee, the Bank’s deputy governor for financial stability, Jon Cunliffe while explaining the bank’s intervention suggested that the biggest market movements came after the chancellor’s announcement of the mini-budget. ALSO WATCH: UK unveils mini budget; historic tax cuts and borrowing in UK's new economic agenda Explaining its emergency intervention to subdue the financial market turmoil they said how more than one trillion pounds invested in pension funds came under severe strain and a large number of which might have gone bust. Reportedly, if they did not intervene and promised to buy 65 billion pounds of government debt, the funds managing money on behalf of pensioners “would have been left with negative net asset value” across the country. Subsequently, they would also have not been able to meet cash demands. “As a result, it was likely that these funds would have to begin the process of winding up the following morning,” said the bank. They also went on to elucidate how the meltdown would have sent ripples through Britain’s financial system. This would have caused, “excessive and sudden tightening of financing conditions for the real economy”. The currency had been “broadly stable” when on September 22 the bank increased interest rates. The long-term interest rates on government bonds rose by about 20 basis points during that time. However, after Kwarteng’s speech about 45 billion pounds of unfunded tax cuts, the Bank’s market intelligence was able to identify concerns by the pension fund managers. Ministers had tried to argue that the turmoil in the market was reflective of global factors, the bank undermined the suggestion and published a chart which highlights a sharp rise in 30-year borrowing costs after the mini-budget. To show that this rise was not replicated in the US or the EU. Amid this market turmoil, the value of UK government bonds fell sharply as investors began to lose faith in the UK Prime Minister Liz Truss’ administration to run a sustainable tax and spending policy. According to the report, this resulted in pension funds invested in liability-driven investment (LDI) schemes facing rolling “margin calls” as the value of the bonds pledged as collateral collapsed. ALSO READ: Proposed UK tax cuts caused ‘a little turbulence’, says finance minister Kwasi Kwarteng During the ongoing “self-reinforcing downward spiral” the funds moved to sell other long-dated bonds to meet cash demands which increased pressure in the bond market. The bank indicated that they heard intelligence that funds were preparing to sell at least 50 billion pounds of long-dated government bonds in a short time, which was at least four times the usual 12 billion pound average market trading volumes in recent weeks, said the report. Prior to the bank intervention, the yields on 30-year UK government bonds reportedly rose by 35 basis points on two separate days. The biggest daily rise seen since the data that has been dating back to the beginning of this century was 29 basis points. However, on Thursday, a Treasury spokesperson did not budge from their previous stance and blamed the market turmoil on global issues, “While the UK has seen disruption, global financial markets have also seen significant volatility in recent weeks.” They added, the economy is in a “competitive position” and attributed it to the lowest level of unemployment in the country for almost 50 years and the second lowest net debt to GDP ratio among the G7 countries. “Our growth plan will unleash growth and make the UK more competitive. The government is committed to strong fiscal discipline and to debt falling as a percentage of GDP over the medium term,” said the spokesperson. Indicating that further details will be shared during the upcoming medium-term fiscal plan shortly. 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: UK central bank says pension funds nearly collapsed amid market meltdown

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday.

The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.

Direct tax collection came at Rs 8.98 trillion between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.

Tax on corporate and individual income makes up for direct taxes.

After adjusting refunds, direct tax collection stood at Rs 7.45 trillion, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said.

"This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added.

Tax collection is an indicator of economic activity in any country. But in India, the robust tax collection was despite a slowdown in industrial production and exports.

Some analysts believe that the economic growth has lost momentum but corporate profits are keeping the engine running.

The Reserve Bank of India (RBI) last month cut its production of India's GDP growth in the current fiscal to 7 per cent from 7.2 per cent previously estimated.

Other rating agencies too have lowered the economic growth projection for India citing impact of the geopolitical tensions, tightening global financial conditions and slowing external demand.

"So far as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent," the Central Board of Direct Taxes (CBDT) said.

After adjustment of refunds, the net growth in CIT collection was 16.29 per cent and that in PIT collection was 17.35 per cent (PIT only)/16.25 per cent (PIT including STT).

Refunds amounting to Rs 1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, 81 per cent higher than the refunds issued during the same period in the preceding year, it added.

Merchandise exports have lost on the momentum of last year's surge and shrunk by 3.5 per cent in September. Trade deficit has nearly doubled in the first six months. IIP growth was subdued at 2.4 per cent in July while 'core sector' hit a nine-month low of 3.3 per cent in August.

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday.

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 trillion between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes. After adjusting refunds, direct tax collection stood at Rs 7.45 trillion, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said. "This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added. Tax collection is an indicator of economic activity in any country. But in India, the robust tax collection was despite a slowdown in industrial production and exports. Some analysts believe that the economic growth has lost momentum but corporate profits are keeping the engine running. The Reserve Bank of India (RBI) last month cut its production of India's GDP growth in the current fiscal to 7 per cent from 7.2 per cent previously estimated. Other rating agencies too have lowered the economic growth projection for India citing impact of the geopolitical tensions, tightening global financial conditions and slowing external demand. "So far as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent," the Central Board of Direct Taxes (CBDT) said. After adjustment of refunds, the net growth in CIT collection was 16.29 per cent and that in PIT collection was 17.35 per cent (PIT only)/16.25 per cent (PIT including STT). Refunds amounting to Rs 1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, 81 per cent higher than the refunds issued during the same period in the preceding year, it added. Merchandise exports have lost on the momentum of last year's surge and shrunk by 3.5 per cent in September. Trade deficit has nearly doubled in the first six months. IIP growth was subdued at 2.4 per cent in July while 'core sector' hit a nine-month low of 3.3 per cent in August.

Direct tax collection jumps 24% in first half of FY22, earnings reach Rs 7.45 trillion

Taiwan's government said on Saturday that Taiwanese semiconductor firms place "great importance" on following the law and that they would abide by new U.S. export restrictions designed to stifle China's chip sector.&nbsp;

The administration of President Joe Biden's guidelines, which were unveiled on Friday, contains a provision to cut off China from specific chips produced anywhere in the globe using American machinery, greatly extending its reach in an effort to halt Beijing's scientific and military advancements.&nbsp;

Taiwan Semiconductor Manufacturing Co. (TSMC), the largest contract chipmaker in the world and a significant supplier to businesses like Apple Inc., is based in Taiwan, a country that produces a lot of chips.

Taiwan's economy ministry stated in a statement in reaction to the U.S. declaration that Taiwanese businesses adhered to the law.&nbsp;

"Taiwan's semiconductor industry has long served global customers and attaches great importance to compliance with laws," it said.

According to the ministry, the government remains in regular communication with manufacturers and encourages them to invest in the expansion of their factories and deliver goods to markets across the world for technical advancement.

TSMC refused to comment on the American regulations, claiming that it was a quiet time before its quarterly reports the next week. Prior to the announcement of its earnings later this month, the smaller competitor United Microelectronics Corp. similarly declined to comment.

Also Read:&nbsp;<a href="https://www.wionews.com/world/five-teenagers-sent-to-correction-facility-for-armed-revolution-in-hong-kong-523563">Five teenagers sent to 'correction facility' for 'armed revolution' in Hong Kong</a>

Taiwan has its own concerns about China, particularly the attempts made by Chinese businesses to snatch up technical know-how and semiconductor expertise. China, Taiwan's main commercial partner, has stiff restrictions on Taiwanese investment.&nbsp;

Taiwan's concerns have grown as China conducts frequent military exercises close to the island in an effort to pressure Taiwan into recognising Beijing's sovereignty.

(with inputs from agencies) 
&nbsp;

<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=&quot;100%&quot;"></iframe>

Taiwan's government said on Saturday that Taiwanese semiconductor firms place "great importance" on following the law and that they would abide by new U.S. export restrictions designed to stifle China's chip sector.

Taiwan's government said on Saturday that Taiwanese semiconductor firms place "great importance" on following the law and that they would abide by new U.S. export restrictions designed to stifle China's chip sector. The administration of President Joe Biden's guidelines, which were unveiled on Friday, contains a provision to cut off China from specific chips produced anywhere in the globe using American machinery, greatly extending its reach in an effort to halt Beijing's scientific and military advancements. Taiwan Semiconductor Manufacturing Co. (TSMC), the largest contract chipmaker in the world and a significant supplier to businesses like Apple Inc., is based in Taiwan, a country that produces a lot of chips. Taiwan's economy ministry stated in a statement in reaction to the U.S. declaration that Taiwanese businesses adhered to the law. "Taiwan's semiconductor industry has long served global customers and attaches great importance to compliance with laws," it said. According to the ministry, the government remains in regular communication with manufacturers and encourages them to invest in the expansion of their factories and deliver goods to markets across the world for technical advancement. TSMC refused to comment on the American regulations, claiming that it was a quiet time before its quarterly reports the next week. Prior to the announcement of its earnings later this month, the smaller competitor United Microelectronics Corp. similarly declined to comment. Also Read: Five teenagers sent to 'correction facility' for 'armed revolution' in Hong Kong Taiwan has its own concerns about China, particularly the attempts made by Chinese businesses to snatch up technical know-how and semiconductor expertise. China, Taiwan's main commercial partner, has stiff restrictions on Taiwanese investment. Taiwan's concerns have grown as China conducts frequent military exercises close to the island in an effort to pressure Taiwan into recognising Beijing's sovereignty. (with inputs from agencies)

Taiwan signals compliance with new US export controls to hobble China's chip industry

Follow this LIVE blog for all the updates from the world of finance.

Global Economy LIVE | US stocks fall as jobs market slows slightly

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ will cut production by 2 million barrels a day

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives."&nbsp;

When asked if the United States would contemplate turning to the oil-rich country Venezuela, he told reporters, "There's a lot of alternatives.&nbsp;We are still debating our options."&nbsp;

A day after OPEC+ said it will reduce oil output by 2 million barrels per day, the president made the&nbsp;remarks.

Oil-producing countries like Saudi Arabia, Russia, and the UAE would benefit economically from the OPEC+ decision.&nbsp;

However, it also implies that when storage levels drop, petrol prices will probably increase.&nbsp;

According to reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there.

Also Read:&nbsp;<a href="https://www.wionews.com/world/asia-pacific-may-lose-title-as-worlds-largest-travel-region-post-pandemic-523081">Asia Pacific may lose title as world's largest travel region to Europe post-pandemic</a>

However, the White House refuted these assertions on Thursday, stating that "there are no plans to change our sanctions policy without constructive steps from the Maduro regime."&nbsp;

Prior to the Wednesday decision, the Biden administration allegedly made attempts to convince the Saudi authorities to maintain oil output.

(with inputs from agencies)

<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=&quot;100%&quot;"></iframe>

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives.

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives." When asked if the United States would contemplate turning to the oil-rich country Venezuela, he told reporters, "There's a lot of alternatives. We are still debating our options." A day after OPEC+ said it will reduce oil output by 2 million barrels per day, the president made the remarks. Oil-producing countries like Saudi Arabia, Russia, and the UAE would benefit economically from the OPEC+ decision. However, it also implies that when storage levels drop, petrol prices will probably increase. According to reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there. Also Read: Asia Pacific may lose title as world's largest travel region to Europe post-pandemic However, the White House refuted these assertions on Thursday, stating that "there are no plans to change our sanctions policy without constructive steps from the Maduro regime." Prior to the Wednesday decision, the Biden administration allegedly made attempts to convince the Saudi authorities to maintain oil output. (with inputs from agencies)

US looking for 'alternatives' after OPEC 'disappointment', may ease Venezuela sanctions

Home prices in Hong Kong, long the world’s most expensive housing market, could fall by 30% by the end of 2023, compared to 2021’s prices, analysts at Goldman Sachs predicted.

World Business Watch | Goldman Sachs: Hong Kong home prices could fall 30%

The United States Defense Department added more Chinese companies, including drone maker DJI Technology to a blacklist which subjects them to an investment ban for Americans

World Business Watch: US puts Chinese drone giant DJI on military ties blacklist

Samsung Electronics flagged a worse-than-expected 32% drop in quarterly operating earnings, as demand for electronic devices and the memory chips shrank due to an economic downturn.

World Business Watch: Samsung Electronics posts first quarterly earnings drop in nearly 3 years

Cathay Pacific does not have enough pilots to sustain a rapid increase in business expected in the wake of Hong Kong’s easing of Covid-19 travel restrictions, the aircrew’s union has warned.

World Business Watch: Cathay Pacific not ready for soaring Hong Kong demand for flights

Just days after dropping its longstanding mandatory hotel quarantine requirement, Hong Kong has confirmed plans to give away half a million airline tickets in a bid to boost tourism.

World Business Watch: Hong Kong offers 500,000 free air tickets to tempt tourists back

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence.

The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures.&nbsp;

Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032.&nbsp;

In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point.

The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade.

“Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint.

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Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains.&nbsp;

Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two&nbsp;million barrels per day.&nbsp;

However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister.&nbsp;

If oil prices rise higher, analysts predict greater currency depreciation.

(with inputs from agencies)

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The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures. Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032. In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point. The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade. “Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint. Also Read: Famous moai statues 'irreparably' damaged due to Easter Island fire Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains. Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two million barrels per day. However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister. If oil prices rise higher, analysts predict greater currency depreciation. (with inputs from agencies)

Rupee hits record low of 82 against US dollar after OPEC+ production cut plan

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot.&nbsp;

According to a person acquainted with the issue, work on Scout, an autonomous machine begun roughly three years ago, has already been stopped.&nbsp;

Alisa Carroll, a representative for Amazon, said that the Scout team will be dissolved and given new opportunities inside the company.

According to the source, who asked to remain anonymous to discuss a private topic, about 400 employees were working on the project internationally.&nbsp;

The notion of an autonomous robot will still be considered by a skeleton staff, but the existing design is ineffective.

Carroll&nbsp;said the business is now "reorienting" or scaling back the initiative and would work with the affected workers to match them to other vacant jobs inside the company.&nbsp;

However, she said that the project was not completely abandoned.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/famous-moai-statues-irreparably-damaged-due-to-easter-island-fire-523300">Famous Moai statues 'irreparably' damaged due to Easter Island fire</a>

Before moving on to Southern California, Georgia, and Tennessee, Amazon began testing the fully-electric Scout in Washington state in 2019.&nbsp;

The Scout is about the size of a small cooler and rolls down sidewalks at a walking pace.

(with inputs from agencies)

<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=&quot;100%&quot;"></iframe>

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot.

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot. According to a person acquainted with the issue, work on Scout, an autonomous machine begun roughly three years ago, has already been stopped. Alisa Carroll, a representative for Amazon, said that the Scout team will be dissolved and given new opportunities inside the company. According to the source, who asked to remain anonymous to discuss a private topic, about 400 employees were working on the project internationally. The notion of an autonomous robot will still be considered by a skeleton staff, but the existing design is ineffective. Carroll said the business is now "reorienting" or scaling back the initiative and would work with the affected workers to match them to other vacant jobs inside the company. However, she said that the project was not completely abandoned. Also Read: Famous Moai statues 'irreparably' damaged due to Easter Island fire Before moving on to Southern California, Georgia, and Tennessee, Amazon began testing the fully-electric Scout in Washington state in 2019. The Scout is about the size of a small cooler and rolls down sidewalks at a walking pace. (with inputs from agencies)

Amazon shutting down tests of home delivery robot 'Scout' amid slowing growth

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.&nbsp;

According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday.&nbsp;

A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down.

This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains.&nbsp;

Theft of tokens valued at roughly $100 million weighs on the currency.&nbsp;

The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with."

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/data-lab-indias-supreme-court-legalises-abortion-regardless-of-marital-status-522735">Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status</a>

The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent&nbsp;on Friday.&nbsp;

Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business.&nbsp;

The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000.

(with inputs from agencies)

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In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies. According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday. A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down. This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains. Theft of tokens valued at roughly $100 million weighs on the currency. The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with." Also Read: Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent on Friday. Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business. The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000. (with inputs from agencies)

Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked

Rising oil prices in a strong dollar has resulted in Indian currency touching a record low this morning, crossing the 82 against a dollar mark for the very first time.

India: No peace for rupee, mighty dollar thunders on; currency has fallen over 10% this year

According to a report, General Electric Co is laying off workers at the onshore wind unit, after informing employees in North America, Latin America, the Middle East and Africa, on Wednesday about the cuts. Reuters cited four sources familiar with the move to say that these layoffs are partly due to the company’s plans to “restructure and resize the business”.&nbsp;

Furthermore, they might also downsize their workforce in the upcoming days in Europe and the Asia Pacific. This comes as the industry is facing low demand, high costs and supply chain delays, said the report. The company has also confirmed that they are “streamlining” its onshore wind business citing market realities but refrained from commenting directly on the aforementioned layoffs.&nbsp;

According to sources, the cuts will affect at least 20% of the US onshore wind unit's workforce, which is hundreds of employees at the company. The GE Renewables spokesperson also emailed the following statement to Reuters, “These are difficult decisions, which do not reflect on our employees' dedication and hard work but are needed to ensure the business can compete and improve profitability over time.”

The report indicates that among GE’s renewable businesses onshore wind is the largest, as of the end of 2021, it employed 38,000 people worldwide. However, the onshore wind unit has reportedly been suffering due to inflation and higher costs of raw materials, as well as supply chain pressures.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/imf-chief-urges-action-as-global-recession-risks-rise-523069">IMF chief urges global policymakers for timely action as global recession risks rise</a>

The US has been GE’s most onshore wind profitable market but it is faced with uncertainty since last year following the expiry of renewable electricity production tax credits. This has reportedly hit consumer demand and adversely affected the unit's revenue this year.&nbsp;

The report has also attributed this to increased competition, supply chain disruptions due to the Covid-19 pandemic and soaring metal prices worsened by the Russian invasion of Ukraine. These aspects have made it difficult for companies like GE to make a profit despite more companies and the government pushing for renewable energy as a way to tackle climate change, reported Reuters.&nbsp;

This has reportedly pushed GE to prioritise its onshore business as it plans to turn its energy businesses, including renewables, into a separate company by the year 2024. The company sources also told the media that the onshore business is working on reducing fixed costs which they estimate could save at least some hundred million dollars in 2023.&nbsp; 
 
&nbsp;

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According to a report, General Electric Co is laying off workers at the onshore wind unit, after informing employees in North America, Latin America, the Middle East and Africa, on Wednesday about the cuts.

According to a report, General Electric Co is laying off workers at the onshore wind unit, after informing employees in North America, Latin America, the Middle East and Africa, on Wednesday about the cuts. Reuters cited four sources familiar with the move to say that these layoffs are partly due to the company’s plans to “restructure and resize the business”. Furthermore, they might also downsize their workforce in the upcoming days in Europe and the Asia Pacific. This comes as the industry is facing low demand, high costs and supply chain delays, said the report. The company has also confirmed that they are “streamlining” its onshore wind business citing market realities but refrained from commenting directly on the aforementioned layoffs. According to sources, the cuts will affect at least 20% of the US onshore wind unit's workforce, which is hundreds of employees at the company. The GE Renewables spokesperson also emailed the following statement to Reuters, “These are difficult decisions, which do not reflect on our employees' dedication and hard work but are needed to ensure the business can compete and improve profitability over time.” The report indicates that among GE’s renewable businesses onshore wind is the largest, as of the end of 2021, it employed 38,000 people worldwide. However, the onshore wind unit has reportedly been suffering due to inflation and higher costs of raw materials, as well as supply chain pressures. ALSO READ: IMF chief urges global policymakers for timely action as global recession risks rise The US has been GE’s most onshore wind profitable market but it is faced with uncertainty since last year following the expiry of renewable electricity production tax credits. This has reportedly hit consumer demand and adversely affected the unit's revenue this year. The report has also attributed this to increased competition, supply chain disruptions due to the Covid-19 pandemic and soaring metal prices worsened by the Russian invasion of Ukraine. These aspects have made it difficult for companies like GE to make a profit despite more companies and the government pushing for renewable energy as a way to tackle climate change, reported Reuters. This has reportedly pushed GE to prioritise its onshore business as it plans to turn its energy businesses, including renewables, into a separate company by the year 2024. The company sources also told the media that the onshore business is working on reducing fixed costs which they estimate could save at least some hundred million dollars in 2023. 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: General Electric Co lays off hundreds of workers at onshore wind unit

Global Economy LIVE | Biden looks for options after OPEC+ decision to cut output

Elon Musk's decision to follow through with the buyout deal for Twitter made stocks of the social media giant soar, but Tesla investors are worried that the billionaire was spreading himself too thin.

Earlier this year, Musk sold over $15 billion worth of Tesla shares to fund the acquisition of Twitter. He had earlier threatened to abandon the takeover citing large number of fake accounts in Twitter.

While there was no insight into another round of potential stock sale from Musk, Wedbush analyst Dan Ives warned that the Tesla CEO's interest in closing the deal would weigh on the company's shares.

"We see lingering impacts from Musk stock sales as a drag dissipating but the big worry is Musk juggling too many balls at the same time," Ives said as quoted by Reuters.

"We see minimal benefit for Musk owning Twitter for Tesla investors going forward."

Musk also heads spacecraft manufacturing company SpaceX and is a co-founder of neurotechnology company Neuralink and The Boring Company.

Twitter shares, which closed at their highest level since April, were down about 2% on Wednesday, while Tesla fell nearly 6%.

(With inputs from agencies)

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Elon Musk's decision to follow through with the buyout deal for Twitter made stocks of the social media giant soar, but Tesla investors are worried that the billionaire was spreading himself too thin.

Elon Musk's decision to follow through with the buyout deal for Twitter made stocks of the social media giant soar, but Tesla investors are worried that the billionaire was spreading himself too thin. Earlier this year, Musk sold over $15 billion worth of Tesla shares to fund the acquisition of Twitter. He had earlier threatened to abandon the takeover citing large number of fake accounts in Twitter. While there was no insight into another round of potential stock sale from Musk, Wedbush analyst Dan Ives warned that the Tesla CEO's interest in closing the deal would weigh on the company's shares. "We see lingering impacts from Musk stock sales as a drag dissipating but the big worry is Musk juggling too many balls at the same time," Ives said as quoted by Reuters. "We see minimal benefit for Musk owning Twitter for Tesla investors going forward." Musk also heads spacecraft manufacturing company SpaceX and is a co-founder of neurotechnology company Neuralink and The Boring Company. Twitter shares, which closed at their highest level since April, were down about 2% on Wednesday, while Tesla fell nearly 6%. (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 ×

As Musk moves to close Twitter deal, Tesla investors are worried

IMF chief Kristalina Georgieva urged global policymakers on Thursday to take concerted action to avoid a dangerous 'new normal'&nbsp;as the risks of a worldwide recession are driven ever higher by repeated economic shocks.

In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to "stabilize the global economy by addressing the most immediate challenges" -- including rampant inflation.

Policymakers need to act together to "prevent this period of heightened fragility from becoming a dangerous 'new normal'," Georgieva said.

But she warned the process will be painful -- and that if central banks move too aggressively to tamp down price pressures, it could trigger a "prolonged" economic downturn.

Finance ministers and central bank governors from more than 180 nations will gather next week in Washington for the first fully in-person meeting of the International Monetary Fund and World Bank since 2019, prior to the Covid-19 pandemic.

Faced with the "darkening global outlook ... the risks of recession are rising," Georgieva said -- announcing that the crisis lender plans to once again downgrade its 2023 forecast for the world economy, in the forecasts due to be published next week for the annual meeting.

One-third of countries are expected to see at least two quarters of contraction, and "even when growth is positive, it will feel like a recession" because of rising prices eroding incomes, she said.

The fund in July slashed its growth forecast for this year to 3.2 percent, and for next year to 2.9 percent -- the third consecutive downgrade.

'Shock, after shock'

The meetings come at a difficult time for the global economy, with the pandemic largely under control, but soaring inflation and rising interest rates now threatening to reverberate around the globe and choke off nascent recoveries.

"In less than three years, we lived through shock, after shock, after shock," Georgieva said in her speech at Georgetown University.

Global supply snarls already were a challenge as demand surged following the pandemic slowdown, fueling inflation worldwide, and strains worsened in the wake of the Russian invasion of Ukraine -- which Georgieva called a "senseless war" -- sending food and food prices soaring.

"Far from being transitory, inflation has become more persistent," and acting before high prices become entrenched is a key challenge for policymakers, Georgieva said -- warning that "the cost of a policy misstep can be enormous".

"Not tightening enough would cause inflation to become de-anchored and entrenched," but moving "too much and too fast -- and doing so in a synchronized manner across countries -- could push many economies into prolonged recession," she said.

Despite the risks, central banks need to continue "act decisively."

"This is not easy, and it will not be without pain in the near term," she cautioned. "But the key is to avoid much greater and longer-lasting pain for everyone later on."

Debt distress

Georgieva stressed the need for fiscal policies to help the most vulnerable segments of society, but warned that efforts must be targeted "with a laser-sharp focus on lower-income households," to avoid acting against the current of monetary policy.

She cautioned against relying on price controls which are not affordable nor effective.

The pandemic forced many countries to take on more borrowing, and now many are already facing or at risk of debt distress amid rising interest rates. That "raises the risk of a widening debt crisis" which could further harm global growth.

To reduce the risk "large creditors such as China and private-sector creditors have a responsibility to act," she said, calling for "faster and more predictable" action on debt restructuring.

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IMF chief Kristalina Georgieva urged global policymakers on Thursday to take concerted action to avoid a dangerous 'new normal' as the risks of a worldwide recession are driven ever higher by repeated economic shocks.

IMF chief Kristalina Georgieva urged global policymakers on Thursday to take concerted action to avoid a dangerous 'new normal' as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund's annual meetings next week, the IMF's managing director said it was critical to "stabilize the global economy by addressing the most immediate challenges" -- including rampant inflation. Policymakers need to act together to "prevent this period of heightened fragility from becoming a dangerous 'new normal'," Georgieva said. But she warned the process will be painful -- and that if central banks move too aggressively to tamp down price pressures, it could trigger a "prolonged" economic downturn. Finance ministers and central bank governors from more than 180 nations will gather next week in Washington for the first fully in-person meeting of the International Monetary Fund and World Bank since 2019, prior to the Covid-19 pandemic. Faced with the "darkening global outlook ... the risks of recession are rising," Georgieva said -- announcing that the crisis lender plans to once again downgrade its 2023 forecast for the world economy, in the forecasts due to be published next week for the annual meeting. One-third of countries are expected to see at least two quarters of contraction, and "even when growth is positive, it will feel like a recession" because of rising prices eroding incomes, she said. The fund in July slashed its growth forecast for this year to 3.2 percent, and for next year to 2.9 percent -- the third consecutive downgrade. 'Shock, after shock' The meetings come at a difficult time for the global economy, with the pandemic largely under control, but soaring inflation and rising interest rates now threatening to reverberate around the globe and choke off nascent recoveries. "In less than three years, we lived through shock, after shock, after shock," Georgieva said in her speech at Georgetown University. Global supply snarls already were a challenge as demand surged following the pandemic slowdown, fueling inflation worldwide, and strains worsened in the wake of the Russian invasion of Ukraine -- which Georgieva called a "senseless war" -- sending food and food prices soaring. "Far from being transitory, inflation has become more persistent," and acting before high prices become entrenched is a key challenge for policymakers, Georgieva said -- warning that "the cost of a policy misstep can be enormous". "Not tightening enough would cause inflation to become de-anchored and entrenched," but moving "too much and too fast -- and doing so in a synchronized manner across countries -- could push many economies into prolonged recession," she said. Despite the risks, central banks need to continue "act decisively." "This is not easy, and it will not be without pain in the near term," she cautioned. "But the key is to avoid much greater and longer-lasting pain for everyone later on." Debt distress Georgieva stressed the need for fiscal policies to help the most vulnerable segments of society, but warned that efforts must be targeted "with a laser-sharp focus on lower-income households," to avoid acting against the current of monetary policy. She cautioned against relying on price controls which are not affordable nor effective. The pandemic forced many countries to take on more borrowing, and now many are already facing or at risk of debt distress amid rising interest rates. That "raises the risk of a widening debt crisis" which could further harm global growth. To reduce the risk "large creditors such as China and private-sector creditors have a responsibility to act," she said, calling for "faster and more predictable" action on debt restructuring. 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.

IMF chief urges global policymakers for timely action as global recession risks rise

The United Nations have warned of an impending global slowdown that may likely be worse than the financial crisis in 2008 and the COVID-19 shock in 2020.

In its Trade and Development Report 2022, the UN Conference on Trade and Development (UNCTAD) warned that the world is “on the edge of a recession” and developing nations like those in Asia could bear the brunt of it.

It said that monetary and fiscal policies in advanced economies — including continued interest rate hikes — could push the world toward a global recession and stagnation.

Global economy LIVE | OPEC+ ministers agree to cut production as gas prices tick up in US

World Business Watch: OPEC+ to cut oil production by 2 million barrels per day to shore up prices

Renault CEO Luca de Meo warns of a global recession. He said the business world was bracing for a possible recession, adding that the French carmaker is strong enough to be able to weather that "storm."

World Business Watch: Renault CEO Luca de Meo warns of a global recession

Fed Express pilots and management said they have jointly filed for federal mediation with the National Mediation Board for assistance with contract negotiations that began in May 2021.

World Business Watch: FedEx and pilots to pursue government mediation for contract negotiations

The United Kingdom's credit outlook was lowered to negative from stable by Fitch Ratings, which cited risk the government's new growth plan could increase the nation's fiscal deficit.

World Business Watch: Fitch revises the United Kingdom's outlook to negative

According to American Express Global Business Travel report, hotel prices will keep increasing in 2023 in most of the key cities for business events worldwide as demand for in-person meetings after pandemic disruptions grows, though at a slower pace due to a worsening economic outlook.

World Business Watch | Report: Hotel prices to rise at lower rate in 2023

A report by the Guardian shows how a boom in beekeeping with slowing demand for mānuka honey has New Zealand “drowning” in it with a current stockpile of up to 30,000 tonnes of honey. Reportedly, in the past 5 years, there was a global desire for this type of honey and because of the Covid-19 pandemic when people turned to home remedies some of them involved honey and the mānuka honey saw a price hike during that time.&nbsp;

This was described as a honey gold rush for farmers in New Zealand, but now that the demand is slowing there is a major surplus leaving Wellington with reserves of honey. According to an estimate by Karin Kos, chief executive of Apiculture New Zealand, there are 15,000-30,000 tonnes of honey stockpiles in the country.&nbsp;

“We had a massive bumper crop in 2020 – there was a national honey harvest of about 27,000 tonnes – well above the average of 19,000. So that alone is a surplus of 12,000 tonnes”, said Kos to the Guardian. Annually, they sell around 11,000-13,000 tonnes of honey, but with the bumper in 2020 with more people becoming beekeepers, the farmers ended up with a massive stockpile. Kos has also attributed this to the lack of tourists in the country during the pandemic which affected the gate sales.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/world/beginning-in-april-2023-new-zealand-to-ban-export-of-live-animals-via-sea-520835">Beginning in April 2023, New Zealand to ban export of live animals via sea</a>

In 2017, New Zealand’s mānuka honey garnered attention for its supposed health properties which sent the price of the honey soaring. According to the report, a 230g pot of the highest quality mānuka honey was being sold at a whopping NZ$2,621. Similarly, the bulk price for the country’s honey which was valued at NZ$37.50 per kg in 2010 rose to NZ$100 per kg.&nbsp;

Unfortunately, this price hike gave rise to incidents of stealing of hundreds of hives or honey stores over the year, said the report. However, it did not stop there, in 2016, the competition among the beekeepers became so fierce that it led to many cases of vandalism and mass poisoning of hives, together these incidents were seen as a bizarre wave of crime for mānuka.&nbsp;

This also led people to keep bee hives for themselves and others to want to start beekeeping because of the lucrative market for the mānuka honey. By 2020, there were at least a million hives in New Zealand compared to the 300,000 two decades earlier. “People thought that mānuka would be the golden egg – lots and lots of money,” Jane Lorimer, a Waikato beekeeper and president of New Zealand Beekeeping, told the Guardian.&nbsp; 
 
However, Kos pointed out that during this time no doubt more and more people were getting into the mānuka honey industry, but what they did not understand is how difficult beekeeping is, “People think it’s quite simple – it requires a lot of skill.” 
Reportedly, this month, the mid-range mānuka which would sell for somewhere between $65-$85 a kg in 2018 is now selling for as low as $25/kg. Similarly, the lower grade South Island mānuka honey which would sell for at least $36 per kg is now down to $26 per kg.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/world/world-bee-day-how-are-bees-integral-to-global-food-security-386362">World Bee Day: How are bees integral to global food security?</a>

A report by the country’s Ministry of Primary Industries said that demand for mānuka honey soared during the onset of the pandemic when people were looking for “health-boosting foods”. In 2021, New Zealand exported a record volume which earned the country a record total revenue of $482 million. However, this could not be sustained as the total export volume is forecasted to fall by 15%.&nbsp;

Meanwhile, the demand for multi-floral mānuka honey blends fell by 10% this year but the international price of single-strain mānuka honey has been consistent, said the government report. Additionally, while most of New Zealand-produced honey is exported the domestic market has not fared well either amid low demand in recent years. The prices have reportedly dropped as much as 50% as bulk buyers are relying on stockpiles.&nbsp;

According to Kos, the recent hive numbers have fallen to about 720,000 hives and are expected to reduce further, estimating that the industry should be sustainable with 600,000 hives. “The reality is we are seeing people leave the industry. We are seeing companies consolidate…I think there have been people getting into the market underprepared. And they’ve been getting out again, too,” said Kos to the Guardian.&nbsp;

A report by the Guardian shows how a boom in beekeeping with slowing demand for mānuka honey has New Zealand “drowning” in it with a current stockpile of up to 30,000 tonnes of honey.

A report by the Guardian shows how a boom in beekeeping with slowing demand for mānuka honey has New Zealand “drowning” in it with a current stockpile of up to 30,000 tonnes of honey. Reportedly, in the past 5 years, there was a global desire for this type of honey and because of the Covid-19 pandemic when people turned to home remedies some of them involved honey and the mānuka honey saw a price hike during that time. This was described as a honey gold rush for farmers in New Zealand, but now that the demand is slowing there is a major surplus leaving Wellington with reserves of honey. According to an estimate by Karin Kos, chief executive of Apiculture New Zealand, there are 15,000-30,000 tonnes of honey stockpiles in the country. “We had a massive bumper crop in 2020 – there was a national honey harvest of about 27,000 tonnes – well above the average of 19,000. So that alone is a surplus of 12,000 tonnes”, said Kos to the Guardian. Annually, they sell around 11,000-13,000 tonnes of honey, but with the bumper in 2020 with more people becoming beekeepers, the farmers ended up with a massive stockpile. Kos has also attributed this to the lack of tourists in the country during the pandemic which affected the gate sales. ALSO READ: Beginning in April 2023, New Zealand to ban export of live animals via sea In 2017, New Zealand’s mānuka honey garnered attention for its supposed health properties which sent the price of the honey soaring. According to the report, a 230g pot of the highest quality mānuka honey was being sold at a whopping NZ$2,621. Similarly, the bulk price for the country’s honey which was valued at NZ$37.50 per kg in 2010 rose to NZ$100 per kg. Unfortunately, this price hike gave rise to incidents of stealing of hundreds of hives or honey stores over the year, said the report. However, it did not stop there, in 2016, the competition among the beekeepers became so fierce that it led to many cases of vandalism and mass poisoning of hives, together these incidents were seen as a bizarre wave of crime for mānuka. This also led people to keep bee hives for themselves and others to want to start beekeeping because of the lucrative market for the mānuka honey. By 2020, there were at least a million hives in New Zealand compared to the 300,000 two decades earlier. “People thought that mānuka would be the golden egg – lots and lots of money,” Jane Lorimer, a Waikato beekeeper and president of New Zealand Beekeeping, told the Guardian. However, Kos pointed out that during this time no doubt more and more people were getting into the mānuka honey industry, but what they did not understand is how difficult beekeeping is, “People think it’s quite simple – it requires a lot of skill.” Reportedly, this month, the mid-range mānuka which would sell for somewhere between $65-$85 a kg in 2018 is now selling for as low as $25/kg. Similarly, the lower grade South Island mānuka honey which would sell for at least $36 per kg is now down to $26 per kg. ALSO READ: World Bee Day: How are bees integral to global food security? A report by the country’s Ministry of Primary Industries said that demand for mānuka honey soared during the onset of the pandemic when people were looking for “health-boosting foods”. In 2021, New Zealand exported a record volume which earned the country a record total revenue of $482 million. However, this could not be sustained as the total export volume is forecasted to fall by 15%. Meanwhile, the demand for multi-floral mānuka honey blends fell by 10% this year but the international price of single-strain mānuka honey has been consistent, said the government report. Additionally, while most of New Zealand-produced honey is exported the domestic market has not fared well either amid low demand in recent years. The prices have reportedly dropped as much as 50% as bulk buyers are relying on stockpiles. According to Kos, the recent hive numbers have fallen to about 720,000 hives and are expected to reduce further, estimating that the industry should be sustainable with 600,000 hives. “The reality is we are seeing people leave the industry. We are seeing companies consolidate…I think there have been people getting into the market underprepared. And they’ve been getting out again, too,” said Kos to the Guardian.

New Zealand: Rise in beekeeping and low demand leads to surplus of mānuka honey, says report