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Taking its most dramatic step yet to repair crisis, Credit Suisse has unveiled a fresh plan that will see a multi-billion dollar capital raise.

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Asian stock markets are mixed ahead of an update on the U.S. economy and a European Central Bank meeting. However, the Indian markets opened up with gains.

WION Business News: Asian share slips in morning trade; Indian markets open with gain

Trade with sanctioned Russia is helping China's currency, reports say that Yuan has become 5th most traded currency in the world. China's currency was up three places to number five in bank for international settlements.

World Business News: Yuan becomes 5th most traded currency, surpasses Australian, Canadian dollar

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WION Business News: Japan to announce new economic package to ease inflation pain

Facebook parent Meta Platforms Inc on Wednesday forecast a weak holiday quarter and significantly more costs next year, sending shares down nearly 20% as investors voiced skepticism about the company's pricey metaverse bets.

WION Business News: Facebook-parent Meta Platforms shares sink over 20%

Heading to Hong Kong where aiming to become a hub for crypto trading and for transactions of digital assets. Government is planning a mandatory licensing program for crypto platforms which is said to be enforced in March next year.

WION Business News: Hong Kong plans to legalize retail crypto trading

Japan to approve new economic package; $200 billion package to ease inflation pain

Wall Street tech rout has widened as economic gloom hits U.S. tech stocks. Intel is looking to cut workers to reduce costs. Watch this report.

Wall Street tech rout widens as economic gloom hits U.S. tech stocks

<p>Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources.<br />
<br />
Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg.<br />
<br />
The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus.<br />
<br />
ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/twitteratis-surprised-as-bengaluru-tea-seller-accepts-payment-in-crypto-520910">Twitterati surprised as Bengaluru tea seller accepts payment in crypto</a><br />
<br />
“Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.”<br />
<br />
A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan.&nbsp;Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development.&nbsp;<br />
<br />
Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report.<br />
<br />
ALSO READ |&nbsp;<a href="https://www.wionews.com/world/couple-entangled-in-legal-trouble-after-receiveing-erroneous-refund-of-105-from-a-crypto-company-524600">Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company</a><br />
<br />
Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago.<br />
<br />
Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group.&nbsp;<br />
<br />
He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.”</p>

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Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources.

Hong Kong is shedding its sceptical stance on cryptocurrencies and plans to legalise retail trading in contrast to the ban in mainland China. It has planned a mandatory licencing programme for crypto platforms that would be enforced from March next year to allow retail trading, Bloomberg reported citing sources. Regulators will allow listings of bigger tokens but won’t endorse specific coins like Bitcoin or Ether, and further details and timetable will be announced after as due public consultation, the sources told Bloomberg. The government is likely to share details of its plan of creating a top crypto hub at a fintech conference starting on Monday. The push is part of a drive to restore Hong Kong’s credentials as a finance centre after years of political turmoil and Covid curbs sparked a talent exodus. ALSO READ | Twitterati surprised as Bengaluru tea seller accepts payment in crypto “Introducing mandatory licensing in Hong Kong is just one of the important things regulators have to do,” said Gary Tiu, executive director at crypto firm BC Technology Group Ltd. “They can’t forever effectively close the needs of retail investors.” A spokesperson for Hong Kong’s Securities and Futures Commission declined to comment on the details of the plan. Shares of some crypto-related firms listed in Hong Kong rose on Friday after the development. Regulators across globe are struggling how to manage the highly volatile digital-asset sector, which is picking up the pieces of a $2 trillion rout since a peak in November 2021. The crash toppled a range of crypto outfits while exposing unbridled leverage and deficient risk management, added the Bloomberg report. ALSO READ | Couple in legal trouble after receiving erroneous refund of $10.5 mn from a crypto company Singapore, Hong Kong’s traditional rival for financial business, was buffeted by the implosion and has tightened up its digital-asset rules to curb retail trading. Singapore earlier this week proposed banning leveraged retail token purchases. China declared the crypto sector largely illegal a year ago. Hong Kong has actually been trying to frame an all-encompassing crypto regime going beyond retail token trading, said Michel Lee, executive president of digital-asset specialist HashKey Group. He cited tokenized versions of stocks and bonds as a potentially more important segment in future. “Just trading digital assets on its own is not the goal,” Lee said. “The goal is really to grow the ecosystem.” 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

Hong Kong to legalise retail crypto trading, plans to become top digital assets' centre

IMF has warned the Asian economies by looking at the major challenges faced by global economies especially Asia. IMF has cut Asia's economic forecast on global monetary tightening rising inflation and Ukraine war.

WION Business Watch: IMF cuts Asia's economic forecasts; 'China slowdown to drag on Asia's growth'

Amazon's Jeff Bezos massive wealth drop is becoming the talk of the town - he could see as much as $23 billion erase from his fortune after Amazon recorded sluggish sales in holiday season on Thursday.

WION Business Watch: Jeff Bezos on brink of $23 billion wealth drop

Singapore's mortgage costs are rising for property. The rising cost of borrowing is unlikely to have a major impact on Singapore's property market. That's because of several factors such as wealthy buyers, strong rental demand and foreigners moving to Singapore.

WION Business News | Singapore: Property buyers ignore mortgage rates

Wall Street is losing patience over Meta boss Mark Zuckerberg's enormous and experimental bets on his metaverse project that helped drive up companies overall cost by fifth and third quarter.

WION Business News | Costly metaverse pitch falls flat

Tesla is facing a criminal investigation in the US over the claims that the company's electric vehicle can drive themselves. The US Department of Justice launched an undisclosed probe last year - it followed more than a dozen crashes in which some of them were fatal. Watch the video to know more about the probe.

World Business Watch | Self-driving: Tesla faces US criminal probe

Ford and Volkswagen, two of the largest automakers in the world are shutting down the joint effort to develop self-driving through the startup. Argo AI reports ford concluded that large-scale profitable commercialisation of self-driving cars was further out than expected.

World Business Watch: Blow to self-driving car industry; Ford, Volkswagen pull plug on Robotaxis

Despite slightly meeting expectations and as poor net exports, South Korea's economy has fallen to slowest in the year in the third quarter. The countries' GDP was up by 0.3%, it was estimated that the GDP will go up but the pace of growth will come down.

World Business Watch: South Korean growth hits 1-year low

High inflation is leading to a shortage of a different kind in Malaysia- it is of eggs. Whatever is available in the market is usually snapped up, many are worried the situation will persist.

WION Business News | Inflation hits egg consumers in Malaysia

Asian shares were up today on growing expectations that major Central banks could start slowing pace of interest rate hikes in coming months.

WION Business News | Indian markets open with gains

Covid fears have come back to haunt China now. According to reports, Foxconn's largest iPhone manufacturing facility in Zhangzhou is facing another Covid-19 outbreak. However, the company has assured it has had minimal impacts on operations.

World Business Watch: China Covid policy disrupts iPhone production

<p>British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.</p>

<p>The result compared with a loss after tax of $447 million in the July-September period last year, Shell said.&nbsp;</p>

<p>Flush with cash from revenue surging to almost $100 billion, Shell said it would buy back shares at a cost of $4 billion.</p>

<p>"We are delivering robust results at a time of ongoing volatility in global energy markets," said Shell's outgoing chief executive Ben van Beurden.&nbsp;</p>

<p>The latest profit, however, was far lower than its second-quarter net income of $18 billion.</p>

<p>Shell alerted the market on the comparison earlier this month, blaming the drop on a slump in refining margins.</p>

<p>Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies.</p>

<p><strong>Shares rally</strong></p>

<p>Shell's share price jumped 3.5 percent following the results, which also included a raised dividend following underlying profits ahead of analyst expectations.</p>

<p>The group's latest earnings reignited calls for the UK government to slap a much bigger windfall tax on energy companies as millions of Britons struggle with a cost-of-living crisis.</p>

<p>"A proper tax on Shell's reported Q3... profits as well as the billions made in Q1 and Q2 by all the fossil fuel giants would already have generated enough cash to insulate thousands of homes," Greenpeace UK's senior climate advisor Charlie Kronick said.</p>

<p>"Responding to the cost-of-living crisis is well within the government's control."</p>

<p>Britain's new prime minister, Rishi&nbsp;Sunak, unveiled a windfall tax on the profits of British energy companies earlier this year in his role as finance minister, but it was deemed as far too small by campaigners.</p>

<p>Van Beurden recently indicated that governments should "probably" tax energy firms more to help protect the poorest from rocketing energy bills amid decades-high inflation, although critics said the comments did not carry much weight ahead of his departure.</p>

<p>Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan.</p>

<p>Towards the end of his nine years at the helm, van Beurden slashed thousands of jobs after Shell slumped into a huge loss on Covid lockdowns.&nbsp;</p>

<p>A Shell veteran with almost 40 years at the group, he departs having carried out a major corporate overhaul that saw the company ditch "Royal Dutch" from the start of its name.</p>


British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears.

British energy giant Shell on Thursday announced net profit totalling $6.7 billion in the third quarter, as oil and gas prices remain strong despite recent slides on easing supply fears. The result compared with a loss after tax of $447 million in the July-September period last year, Shell said. Flush with cash from revenue surging to almost $100 billion, Shell said it would buy back shares at a cost of $4 billion. "We are delivering robust results at a time of ongoing volatility in global energy markets," said Shell's outgoing chief executive Ben van Beurden. The latest profit, however, was far lower than its second-quarter net income of $18 billion. Shell alerted the market on the comparison earlier this month, blaming the drop on a slump in refining margins. Although oil and gas prices have surged from a year ago following the invasion of Ukraine by major energy producer Russia, hydrocarbon values have seen some recent cooling as the northern hemisphere experiences mild temperatures and countries shore up supplies. Shares rally Shell's share price jumped 3.5 percent following the results, which also included a raised dividend following underlying profits ahead of analyst expectations. The group's latest earnings reignited calls for the UK government to slap a much bigger windfall tax on energy companies as millions of Britons struggle with a cost-of-living crisis. "A proper tax on Shell's reported Q3... profits as well as the billions made in Q1 and Q2 by all the fossil fuel giants would already have generated enough cash to insulate thousands of homes," Greenpeace UK's senior climate advisor Charlie Kronick said. "Responding to the cost-of-living crisis is well within the government's control." Britain's new prime minister, Rishi Sunak, unveiled a windfall tax on the profits of British energy companies earlier this year in his role as finance minister, but it was deemed as far too small by campaigners. Van Beurden recently indicated that governments should "probably" tax energy firms more to help protect the poorest from rocketing energy bills amid decades-high inflation, although critics said the comments did not carry much weight ahead of his departure. Shell last month announced that van Beurden would step down as CEO at the end of the year, as the energy major looks to reinvent itself under group renewables boss Wael Sawan. Towards the end of his nine years at the helm, van Beurden slashed thousands of jobs after Shell slumped into a huge loss on Covid lockdowns. A Shell veteran with almost 40 years at the group, he departs having carried out a major corporate overhaul that saw the company ditch "Royal Dutch" from the start of its name.

Shell posts more bumper profits on high energy prices

<p>In his latest tweet, Elon Musk reached out to Twitter advertisers, explaining why he "bought" the social media platform. The Tesla CEO said that he wants the platform to be "warm and welcoming to all", adding that "much of traditional media has fueled and catered to those polarized extremes."&nbsp;</p>

<p>He wrote: "I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong."&nbsp;</p>

<p>"The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence."</p>

<p><strong>ALSO READ |&nbsp;<a href="https://www.wionews.com/world/twitter-shares-to-be-suspended-for-trading-on-nyse-ahead-of-musk-takeover-528920">Twitter shares to be suspended for trading on NYSE ahead of Musk takeover</a>&nbsp;</strong></p>

<p>"There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society," Musk further added.&nbsp;</p>

<p>"In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost," Musk said.&nbsp;</p>

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<p dir="ltr" lang="en">Dear Twitter Advertisers <a href="https://t.co/GMwHmInPAS">pic.twitter.com/GMwHmInPAS</a></p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1585619322239561728?ref_src=twsrc%5Etfw">October 27, 2022</a></blockquote>
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<p><strong>WATCH |&nbsp;Gravitas: Elon Musk's secret to staying 'fit &amp; healthy'&nbsp;</strong></p>

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<p>On Wednesday, Musk said he paid a visit to Twitter Inc's headquarters in San Francisco ahead of a court-ordered deadline to close his $44 billion deal for the social media platform.&nbsp;</p>

<p>"Entering Twitter HQ – let that sink in!" said the caption of a video that Musk tweeted in which he was walking into the Twitter office carrying a sink in his hands.&nbsp;</p>

<p>Hours earlier, he hinted at being the company's top boss after updating his profile's bio to "Chief Twit".&nbsp;</p>

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<p dir="ltr" lang="en">Entering Twitter HQ – let that sink in! <a href="https://t.co/D68z4K2wq7">pic.twitter.com/D68z4K2wq7</a></p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1585341984679469056?ref_src=twsrc%5Etfw">October 26, 2022</a></blockquote>
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In his latest tweet, Elon Musk reached out to Twitter advertisers, explaining why he "bought" the social media platform. The Tesla CEO said that he wants the platform to be "warm and welcoming to all", adding that "much of traditional media has fueled and catered to those polarized extremes.

In his latest tweet, Elon Musk reached out to Twitter advertisers, explaining why he "bought" the social media platform. The Tesla CEO said that he wants the platform to be "warm and welcoming to all", adding that "much of traditional media has fueled and catered to those polarized extremes." He wrote: "I wanted to reach out personally to share my motivation in acquiring Twitter. There has been much speculation about why I bought Twitter and what I think about advertising. Most of it has been wrong." "The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence." ALSO READ | Twitter shares to be suspended for trading on NYSE ahead of Musk takeover "There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society," Musk further added. "In the relentless pursuit of clicks, much of traditional media has fueled and catered to those polarized extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost," Musk said. Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS — Elon Musk (@elonmusk) October 27, 2022 × WATCH | Gravitas: Elon Musk's secret to staying 'fit & healthy' × On Wednesday, Musk said he paid a visit to Twitter Inc's headquarters in San Francisco ahead of a court-ordered deadline to close his $44 billion deal for the social media platform. "Entering Twitter HQ – let that sink in!" said the caption of a video that Musk tweeted in which he was walking into the Twitter office carrying a sink in his hands. Hours earlier, he hinted at being the company's top boss after updating his profile's bio to "Chief Twit". Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7 — Elon Musk (@elonmusk) October 26, 2022 × 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.

'That is why I bought Twitter': Elon Musk's latest message for advertisers

Global economic downturn has slashed appetite for electronic devices and now Samsung Electronics has reported 31% drop in third quarter profit.

WION Business News | Samsung electronics Q3 profit slumps 31%

Inflation in Australia has surged to 32-year high, it has now lead to a possibility of more aggressive rate hikes by country's central bank.

WION business News | Australia inflation hits highest in 32 years

China's broad fiscal deficit has hit an all-time high this year. China's economy has been slowing down due to covid-19 outbreaks and the housing market slump.

WION Business News | China's budget deficit nears record $1 trillion

Asian shares edged higher on Wednesday as investors clung to hopes that the pace of US and global rate hikes will start to slow. US futures dropped after disappointing results from tech giants Alphabet and Microsoft.

WION Business News | Asian shares rise on hopes of rate hike slowdown

<p>HSBC made a surprise move and named Georges Elhedery as its new chief financial officer (CFO) on Tuesday. The former head of the investment bank is now in the pole position to eventually succeed Noel Quinn as CEO.&nbsp;</p>

<p>The change came as HSBC's profits were knocked by a 42% slide in the third quarter, the result of loan losses and charges from the sale of its French business as it seeks to placate investors including China's Ping An Insurance Group.</p>

<p>HSBC stock, which fell as much as 8%, was on track for its worst single day performance since April 2020 as investors digested the sudden CFO shift and muted performance forecasts.</p>

<p>Lebanese-born Elhedery, who is a French passport holder had gone on six-month sabbatical from HSBC in January. He had stated that he wanted to travel with his family and explore personal interests.</p>

<p>Quinn said that while departing CFO Ewen Stevenson had done a good restructuring job over three years, the London-headquartered bank had succession in mind, effectively putting 48-year-old Elhedery at the front of the queue to be CEO.</p>

<p>"There is no change in strategy as a consequence of these leadership changes," Quinn, 60, said. "This is about how the group executive committee is positioned with potential succession options for the future," he told Reuters.</p>

<p>Former investment banker Stevenson, 56, who will leave HSBC next year, told Reuters he was "looking forward to some time off and thinking about future options".</p>

<p>"Stevenson was undoubtedly seen as doing a great job amongst the investor community," said John Cronin, analyst at Goodbody.</p>

<p>"His exit is most certainly a surprise and it smells of a fallout at the top management level in terms of direction of travel for HSBC - which will raise many questions," he said.</p>

<p><em>(With inputs from agencies)</em></p>

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HSBC made a surprise move and named Georges Elhedery as its new chief financial officer (CFO) on Tuesday. The former head of the investment bank is now in the pole position to eventually succeed Noel Quinn as CEO.

HSBC made a surprise move and named Georges Elhedery as its new chief financial officer (CFO) on Tuesday. The former head of the investment bank is now in the pole position to eventually succeed Noel Quinn as CEO. The change came as HSBC's profits were knocked by a 42% slide in the third quarter, the result of loan losses and charges from the sale of its French business as it seeks to placate investors including China's Ping An Insurance Group. HSBC stock, which fell as much as 8%, was on track for its worst single day performance since April 2020 as investors digested the sudden CFO shift and muted performance forecasts. Lebanese-born Elhedery, who is a French passport holder had gone on six-month sabbatical from HSBC in January. He had stated that he wanted to travel with his family and explore personal interests. Quinn said that while departing CFO Ewen Stevenson had done a good restructuring job over three years, the London-headquartered bank had succession in mind, effectively putting 48-year-old Elhedery at the front of the queue to be CEO. "There is no change in strategy as a consequence of these leadership changes," Quinn, 60, said. "This is about how the group executive committee is positioned with potential succession options for the future," he told Reuters. Former investment banker Stevenson, 56, who will leave HSBC next year, told Reuters he was "looking forward to some time off and thinking about future options". "Stevenson was undoubtedly seen as doing a great job amongst the investor community," said John Cronin, analyst at Goodbody. "His exit is most certainly a surprise and it smells of a fallout at the top management level in terms of direction of travel for HSBC - which will raise many questions," he said. (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 ×

HSBC appoints former investment bank head Georges Elhedery as CFO, potential CEO-in-waiting