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Many financial institutions have predicted that the world is headed for another recession.

As rising inflation leads to a hike in interest rates, companies across the world have announced a freeze in hiring and planning to downsize their staff.

On Tuesday, the United Nations 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 towards a global recession and stagnation.

Economists have given a myriad of reasons for the current recession predictions. Here are some of the five key indicators that suggest a lull in the economy worldwide.

US dollar

The US dollar has been surging for the past few months. It’s now the strongest it has been in two decades, and experts believe the value will grow even stronger in the coming days.

But this surge in the value of the power of the greenback is agitating the economies and markets worldwide, and creating winners and losers.

Though a strong dollar bodes well for the Americans, the consequences are faced by other countries, especially the developing ones.

The rise of US dollar has led to a decline in the value of UK pound, the euro, China’s yuan, Japan’s yen, India’s rupee and many others.

As a result, it makes it more expensive for these nations to import essential items like food and fuel.

In response, central banks in a bid to fight surging inflation and to shore up the value of their own currencies end up raising rates higher

US economy faltering

The key driver of the US economy is shopping. They live by the motto ‘shop till you drop’.

But recently, their spending amount has taken a massive hit. And the reason is linked to the US Fed rate hike.

The central bank has raised interest rates at a historic pace, making mortgage rates to the highest level in decades, and clipping the wings of the business. &nbsp;

Though the Fed hikes rates to taper down inflation, it gives a short-term shock to consumers whose borrowing power decreases for a brief period.

Corporate America tightens purse strings

Though the business prospered in 2020 despite the Covid shocks thanks to the American spenders, it has not been smooth sailing for the past few months, especially in the wake of the Russian invasion of Ukraine, reports CNN.

In mid-September, FedEx, which operates in more than 200 countries and whose performance signals the strength of the market, revised its outlook.

It warned that demand was softening, and earnings were likely to take a hit by more than 40 per cent.

Moreover, last week, Apple cut back on its production of the iPhone 14 after assessing subdued demand. &nbsp;The move took a toll on its shares as it fell by 4 per cent.

Bear makes an entry into Wall Street

According to CNN, Wall Street is now on track for its worst year since 2008.

After inflation set in, the Fed raised interest rates giving a brutal blow to the stock market.

The S&amp;P 500, the broadest measure of Wall Street —&nbsp;and the index responsible for the bulk of Americans’ 401(k)s — is down nearly 24 per cent for the year. Moreover, all three major US indexes are&nbsp;in bear markets— down at least 20 per cent from their most recent highs.

A similar situation has arisen in Europe, where the bond yields are spiking as central banks follow the Fed’s lead in raising rates to shore up their own currencies.

War and inflation

The Russia-Ukraine war and the resultant inflation spike have caused the most harm to the people of the United Kingdom&nbsp;

The UK has been struggling with surging prices since COVID-19, followed by the trade disruptions created by Russia’s invasion of Ukraine.

After the West imposed sanctions on Russian gas, energy prices have soared and supplies have dwindled.

The Britishers, who are grappling with the cost-of-living crisis with 10 per cent inflation, are raising concerns over higher borrowing costs that make millions of homebuyers’ monthly mortgage payments go up by hundreds or even thousands of pounds, reports CNN.

When would recession hit?

While there is a general consensus on the impending global recession, many analysts predict it to happen sometime in 2023. But, no one has predicted how severe it will be or how long it will last.

(With inputs from agencies)

WATCH WION LIVE HERE: 

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Many financial institutions have predicted that the world is headed for another recession. As rising inflation leads to a hike in interest rates, companies across the world have announced a freeze in hiring and planning to downsize their staff.

Many financial institutions have predicted that the world is headed for another recession. As rising inflation leads to a hike in interest rates, companies across the world have announced a freeze in hiring and planning to downsize their staff. On Tuesday, the United Nations 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 towards a global recession and stagnation. Economists have given a myriad of reasons for the current recession predictions. Here are some of the five key indicators that suggest a lull in the economy worldwide. US dollar The US dollar has been surging for the past few months. It’s now the strongest it has been in two decades, and experts believe the value will grow even stronger in the coming days. But this surge in the value of the power of the greenback is agitating the economies and markets worldwide, and creating winners and losers. Though a strong dollar bodes well for the Americans, the consequences are faced by other countries, especially the developing ones. The rise of US dollar has led to a decline in the value of UK pound, the euro, China’s yuan, Japan’s yen, India’s rupee and many others. As a result, it makes it more expensive for these nations to import essential items like food and fuel. In response, central banks in a bid to fight surging inflation and to shore up the value of their own currencies end up raising rates higher US economy faltering The key driver of the US economy is shopping. They live by the motto ‘shop till you drop’. But recently, their spending amount has taken a massive hit. And the reason is linked to the US Fed rate hike. The central bank has raised interest rates at a historic pace, making mortgage rates to the highest level in decades, and clipping the wings of the business. Though the Fed hikes rates to taper down inflation, it gives a short-term shock to consumers whose borrowing power decreases for a brief period. Corporate America tightens purse strings Though the business prospered in 2020 despite the Covid shocks thanks to the American spenders, it has not been smooth sailing for the past few months, especially in the wake of the Russian invasion of Ukraine, reports CNN. In mid-September, FedEx, which operates in more than 200 countries and whose performance signals the strength of the market, revised its outlook. It warned that demand was softening, and earnings were likely to take a hit by more than 40 per cent. Moreover, last week, Apple cut back on its production of the iPhone 14 after assessing subdued demand. The move took a toll on its shares as it fell by 4 per cent. Bear makes an entry into Wall Street According to CNN, Wall Street is now on track for its worst year since 2008. After inflation set in, the Fed raised interest rates giving a brutal blow to the stock market. The S&P 500, the broadest measure of Wall Street — and the index responsible for the bulk of Americans’ 401(k)s — is down nearly 24 per cent for the year. Moreover, all three major US indexes are in bear markets— down at least 20 per cent from their most recent highs. A similar situation has arisen in Europe, where the bond yields are spiking as central banks follow the Fed’s lead in raising rates to shore up their own currencies. War and inflation The Russia-Ukraine war and the resultant inflation spike have caused the most harm to the people of the United Kingdom The UK has been struggling with surging prices since COVID-19, followed by the trade disruptions created by Russia’s invasion of Ukraine. After the West imposed sanctions on Russian gas, energy prices have soared and supplies have dwindled. The Britishers, who are grappling with the cost-of-living crisis with 10 per cent inflation, are raising concerns over higher borrowing costs that make millions of homebuyers’ monthly mortgage payments go up by hundreds or even thousands of pounds, reports CNN. When would recession hit? While there is a general consensus on the impending global recession, many analysts predict it to happen sometime in 2023. But, no one has predicted how severe it will be or how long it will last. (With inputs from agencies) WATCH WION LIVE HERE:

Five signs why global economy is headed for recession

The threat of a global recession hangs over the world. As per an AFP report, overall, 48 developing nations are seriously susceptible, and 46 developing nations are severely exposed to numerous economic shocks, raising the possibility of a worldwide debt crisis.

Get all the latest information about the impending economic disaster facing the world economy:

 

As it happened: Global recession fears: Hard to say inflation has peaked, says ECB president

We have seen robots performing different duties in the kitchen and now they can even make french fries and onion rings. Yes, you read it right, a company in US' California has launched what its calls the 'flippy 2' robot. The robot automates the process of deep frying potatoes and onions powered by cameras and artificial intelligence.

World Business Watch: US company 'Flippy 2' robots can make french fries faster than humans

With the prospective buyers hit by Covid curbs and high interest rates, property transactions in Hong Kong are expected to fall to historic low this year.

Hong Kong: Property sales to be at 27-year low

With high inflation, rising interest rates and growing economic uncertainty, America is facing another problem. It is of high National Debt. America's National Debt has crossed a whopping 31 trillion dollar for the first time.

US: Job openings fall sharply to 10.053 MN in August, record National debt

Crisis hit Swiss bank is now struggling to hold departures from its private bank division in Hong Kong. There are reports now of more recent resignations.

Hong Kong: Credit Suisse shares plummeted 12%, loses private bankers

US reality star Kim Kardashian has agreed to pay a $1.26 million fine after unlawfully pushing a cryptocurrency on Instagram without revealing that she was paid to do so.

World Business Watch: Kim Kardashian pays $1.26 million for unlawful crypto promo

Hong Kong is easing Covid-19 rules for airline pilots and crew members. Flight attendants will no longer be needed to isolate themselves in hotels while staying in the territory.

World Business Watch: Hong Kong scraps quarantine rules for airline pilots and crew members

Japan Airlines (JAL) could be the first one that can fly supersonic aircraft, that are going to make a re-entry in the aviation market nearly two decades after the last flight of Concorde.

World Business Watch: Japan's JAL likely to be first one who can fly supersonic plane

Global recession can be avoided if governments' fiscal policies were consistent with monetary policy tightening, the International Monetary Fund's managing director said on Monday.

World Business Watch: IMF chief Georgieva says global recession avoidable

Ferrari said some internal documents had been posted online but it has no evidence of a breach of its systems or ransomware. The luxury sports carmaker company also added that it is working to identify how this had happened.

World Business Watch: Ferrari says no evidence of system breach

Raising the risk of a technical recession, factory activity in Singapore has contracted for the first time since 2020. This was the second month of contraction in the electronics sector.

World Business Watch: Singapore factory activity contracts for first time since 2020

In a bid to cut China's access to chip technology, the United States plans to limit the sale of US-made microchips to Beijing. WION tells you more in this report.

World Business Watch: Washington plans to limit sale of US-made microchips to China

Japanese manufacturer' business mood worsened in the three months to September and corporate inflation expectations hit a record high, as stubbornly high material costs clouded the outlook for the fragile economy.

World Business Watch: Japan's business mood worsens in Q3 as costs cloud outlook

Amid tensions between the US and China, Google Translate will no longer be accessible in China, marking the company’s latest retreat from the world’s largest internet market.

World Business Watch: Google Translate app no longer available in China

Billionaire Richard Liu, founder of one of China’s largest e-commerce platforms JD.com, has settled a civil suit brought by former University of Michigan student Liu Jingyao, who had accused him of rape.

World Business Watch: JD.com founder and billionaire Liu settles US rape civil suit

Companies that have left Hong Kong may not return soon even if all coronavirus travel curbs are scrapped, one of the city’s biggest business chambers has warned after a survey it conducted revealed 10 per cent of responding firms have permanently relocated.

World Business Watch: Some departed firms from Hong Kong not looking back

Oil prices have jumped after reports said that OPEC+ is considering a cut to output this week. Meanwhile, Asian shares trade mix today as the holiday-heavy week gets underway.

World Business Watch: Oil prices climb, Asian shares mixed as holiday-heavy week gets underway

Vodafone on Monday confirmed it was in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison.

Vodafone said a combination would allow "the necessary scale to be able to accelerate the rollout of full 5G in the UK", which has been partly hampered by Britain banning Chinese giant Huawei from involvement in the technology offering faster downloads than 4G.

Vodafone said it would have a majority 51-percent stake and CK Hutchison the remainder in a non-cash deal.

A merger would "expand broadband connectivity to rural communities and small businesses" in the UK, the statement said.

"The UK government rightly sees 5G as transformational for the economy and society and critical to the UK becoming more competitive in an increasingly digital world," it added.

Vodafone's share price was up about three percent in late trading on London's FTSE 100 index, which was rising only slightly.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted the possibility of "significant regulatory hurdles ahead for the deal, as the authorities weigh up the potential ceding ownership of more core UK infrastructure to an overseas owner".

"Clearly much still needs to be agreed and it's far from certain that this is a done deal, but if it is signed the joint venture with Three UK would create the biggest player in the UK mobile industry," she added.

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Vodafone on Monday confirmed it was in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison. Vodafone said a combination would allow "the necessary scale to be able to accelerate the rollout of full 5G in the UK", which has been partly hampered by Britain banning Chinese giant Huawei from involvement in the technology offering faster downloads than 4G.

Vodafone on Monday confirmed it was in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison. Vodafone said a combination would allow "the necessary scale to be able to accelerate the rollout of full 5G in the UK", which has been partly hampered by Britain banning Chinese giant Huawei from involvement in the technology offering faster downloads than 4G. Vodafone said it would have a majority 51-percent stake and CK Hutchison the remainder in a non-cash deal. A merger would "expand broadband connectivity to rural communities and small businesses" in the UK, the statement said. "The UK government rightly sees 5G as transformational for the economy and society and critical to the UK becoming more competitive in an increasingly digital world," it added. Vodafone's share price was up about three percent in late trading on London's FTSE 100 index, which was rising only slightly. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted the possibility of "significant regulatory hurdles ahead for the deal, as the authorities weigh up the potential ceding ownership of more core UK infrastructure to an overseas owner". "Clearly much still needs to be agreed and it's far from certain that this is a done deal, but if it is signed the joint venture with Three UK would create the biggest player in the UK mobile industry," she added. 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 ×

Vodafone, Hutchison in talks to merge UK ops

Investor Prosus NV said on Monday a $4.7 billion deal to buy BillDesk, which would have been one of the largest in India's financial technology sector, was "terminated", saying conditions of the deal had not been met.

Indian antitrust regulator had approved the acquisition on Sept. 5, more than a year after it was announced, despite concerns BillDesk's combination with Prosus-owned PayU would lead to concentration on India's payments market.

But in a short statement, Prosus said "certain conditions were not fulfilled" by a Sept. 30 deadline and "the agreement has terminated automatically in accordance with its terms."

BillDesk could not immediately be reached for comment.

A spokesperson for Prosus said there was no break fee associated with the deal, but declined to comment on reasons for the cancellation.

"The consistent pushback from investors had been around the valuation and price being paid for BillDesk," said Citi analysts in a note.

"With no further details ... what we don’t know is whether Prosus’ PayU could make another offer for BillDesk at a lower price."

Fintech valuations have fallen sharply since Prosus announced plans to buy BillDesk.

Prosus CEO Bob van Dijk said in the company's annual report in June that the merger of PayU with BillDesk would create a "top-10 online payments company globally", substantially increasing the company's scale in India and strengthening its digital banking arm -- "pending regulatory approval."

BillDesk processed $92 billion of payments in the year ended March 31, 2021 and had a net profit of 2.71 billion Indian rupees ($37.05 million) for that period.

Prosus shares were down 0.9% at 53.51 euros at 0955 GMT in Amsterdam.

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Investor Prosus NV said on Monday a $4.7 billion deal to buy BillDesk, which would have been one of the largest in India's financial technology sector, was "terminated", saying conditions of the deal had not been met.

Investor Prosus NV said on Monday a $4.7 billion deal to buy BillDesk, which would have been one of the largest in India's financial technology sector, was "terminated", saying conditions of the deal had not been met. Indian antitrust regulator had approved the acquisition on Sept. 5, more than a year after it was announced, despite concerns BillDesk's combination with Prosus-owned PayU would lead to concentration on India's payments market. But in a short statement, Prosus said "certain conditions were not fulfilled" by a Sept. 30 deadline and "the agreement has terminated automatically in accordance with its terms." BillDesk could not immediately be reached for comment. A spokesperson for Prosus said there was no break fee associated with the deal, but declined to comment on reasons for the cancellation. "The consistent pushback from investors had been around the valuation and price being paid for BillDesk," said Citi analysts in a note. "With no further details ... what we don’t know is whether Prosus’ PayU could make another offer for BillDesk at a lower price." Fintech valuations have fallen sharply since Prosus announced plans to buy BillDesk. Prosus CEO Bob van Dijk said in the company's annual report in June that the merger of PayU with BillDesk would create a "top-10 online payments company globally", substantially increasing the company's scale in India and strengthening its digital banking arm -- "pending regulatory approval." BillDesk processed $92 billion of payments in the year ended March 31, 2021 and had a net profit of 2.71 billion Indian rupees ($37.05 million) for that period. Prosus shares were down 0.9% at 53.51 euros at 0955 GMT in Amsterdam. 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 ×

Prosus scraps $4.7 billion BillDesk deal, one of India's biggest

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.&nbsp; 
 
There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front.

According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year.

On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period."

<a href="https://www.wionews.com/world/credit-suisse-says-worlds-average-adult-will-be-worth-100000-by-2024-518721">Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024</a>

Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent&nbsp;chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products.&nbsp;

Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs.

<a href="https://www.wionews.com/world/number-of-global-ultra-high-net-worth-individuals-hits-record-high-in-2022-518310">Also read |&nbsp;Number of global ultra high net worth individuals hits record high in 2022</a>

Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs.&nbsp;

The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago.&nbsp;

The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil.

(With inputs from agencies)

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Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low. There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front. According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year. On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period." Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024 Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products. Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs. Also read | Number of global ultra high net worth individuals hits record high in 2022 Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs. The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago. The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil. (With inputs from agencies) WATCH WION LIVE HERE

Another Lehman Brothers? Credit Suisse shares down by record 12%, CEO puts up brave front

Tesla&nbsp;Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries.

The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.

"The economy around the edges is still having a negative impact for&nbsp;Tesla&nbsp;that's mostly logistical. But that I think there is some demand (issues) sprinkled in there," Wedbush Securities analyst Dan Ives told Reuters after the delivery results.

"There is a dark cloud over the auto sector. And&nbsp;Tesla&nbsp;is not immune."

Ford Motor said last month inflation-related costs would be $1 billion more than expected in the third quarter and that parts shortages had delayed deliveries.

Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg reported last month, citing people familiar with the matter.

"I think that EVs are in for probably a little bit of a rough patch, just because people are probably going to be a little bit hesitant and less urgent to buy something new," OANDA senior market analyst Ed Moya said.

'CRAZY WAVE OF DELIVERIES'

Tesla&nbsp;delivered 343,830 electric vehicles, a record for the world's most valuable automaker, but less than the 359,162 analysts on average had expected, according to Refinitiv. A year earlier&nbsp;Tesla&nbsp;delivered 241,300 units.

The latest deliveries fell short of&nbsp;Tesla's production of 365,923 vehicles, which is rare for the automaker which has seen its deliveries higher or similar to production in many of recent quarters.

"As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,"&nbsp;Tesla&nbsp;said in a statement on Sunday.

Tesla&nbsp;CEO Elon Musk said on Sunday "Smoothing out crazy end of quarter delivery wave to reduce expedite costs &amp; relieve stress on&nbsp;Tesla&nbsp;team."

Last year, he said&nbsp;Tesla&nbsp;is having a "crazy wave" of deliveries at the end of each quarter, because its Shanghai factory makes cars for exports to Europe and other countries in the first half of a quarter and then cars to be sold in China.

Tesla&nbsp;again asked employees to help deliver "a very high volume of vehicles to eagerly waiting customers during the final days of Q3" in California, according to an email seen by Reuters.

Tesla&nbsp;on Sunday said it has "began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter."

Q4 DELIVERY PUSH

Tesla&nbsp;set an ambitious target to produce almost 495,000 Model Y and Model 3s in the fourth quarter of this year, internal plans reviewed by Reuters show.

The company's production ambitions come against the backdrop of increasingly gloomy outlook for global growth, with Musk himself telling top managers in June he had a "super bad feeling" about the economy and planned to cut staff.

During a conference call in July, Musk said at first that macroeconomic uncertainty might have some impact on demand for its electric vehicles, but when pressed for details by an analyst, he said the company did not have a demand problem but a production problem.

The automaker expanded production capacity in Shanghai after a resurgence in COVID-19 cases forced a suspension at the plant and fueled the first dip in deliveries after a nearly two-year-long record run.

In September,&nbsp;Tesla's vehicle order backlog fell, especially in China, Troy Teslike, a&nbsp;Tesla&nbsp;data tracker tweeted.

Tesla&nbsp;said it delivered 325,158 Model 3 compact cars and Model Y sport-utility vehicle, as well as 18,672 of its Model S and Model X premium vehicles to customers during the quarter. Meanwhile, Musk on Friday showed off a prototype of its humanoid robot 'Optimus,' predicting the electric vehicle maker would be able to produce millions and sell them for under $20,000 - less than a third of the price of a Model Y.

Experts were impressed by the speed of development of&nbsp;Tesla's humanoid robots, but they agreed with Musk, who said "there's still a lot of work to be done to refine Optimus and prove it."

Tesla Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.

Tesla Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy. "The economy around the edges is still having a negative impact for Tesla that's mostly logistical. But that I think there is some demand (issues) sprinkled in there," Wedbush Securities analyst Dan Ives told Reuters after the delivery results. "There is a dark cloud over the auto sector. And Tesla is not immune." Ford Motor said last month inflation-related costs would be $1 billion more than expected in the third quarter and that parts shortages had delayed deliveries. Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg reported last month, citing people familiar with the matter. "I think that EVs are in for probably a little bit of a rough patch, just because people are probably going to be a little bit hesitant and less urgent to buy something new," OANDA senior market analyst Ed Moya said. 'CRAZY WAVE OF DELIVERIES' Tesla delivered 343,830 electric vehicles, a record for the world's most valuable automaker, but less than the 359,162 analysts on average had expected, according to Refinitiv. A year earlier Tesla delivered 241,300 units. The latest deliveries fell short of Tesla's production of 365,923 vehicles, which is rare for the automaker which has seen its deliveries higher or similar to production in many of recent quarters. "As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks," Tesla said in a statement on Sunday. Tesla CEO Elon Musk said on Sunday "Smoothing out crazy end of quarter delivery wave to reduce expedite costs & relieve stress on Tesla team." Last year, he said Tesla is having a "crazy wave" of deliveries at the end of each quarter, because its Shanghai factory makes cars for exports to Europe and other countries in the first half of a quarter and then cars to be sold in China. Tesla again asked employees to help deliver "a very high volume of vehicles to eagerly waiting customers during the final days of Q3" in California, according to an email seen by Reuters. Tesla on Sunday said it has "began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter." Q4 DELIVERY PUSH Tesla set an ambitious target to produce almost 495,000 Model Y and Model 3s in the fourth quarter of this year, internal plans reviewed by Reuters show. The company's production ambitions come against the backdrop of increasingly gloomy outlook for global growth, with Musk himself telling top managers in June he had a "super bad feeling" about the economy and planned to cut staff. During a conference call in July, Musk said at first that macroeconomic uncertainty might have some impact on demand for its electric vehicles, but when pressed for details by an analyst, he said the company did not have a demand problem but a production problem. The automaker expanded production capacity in Shanghai after a resurgence in COVID-19 cases forced a suspension at the plant and fueled the first dip in deliveries after a nearly two-year-long record run. In September, Tesla's vehicle order backlog fell, especially in China, Troy Teslike, a Tesla data tracker tweeted. Tesla said it delivered 325,158 Model 3 compact cars and Model Y sport-utility vehicle, as well as 18,672 of its Model S and Model X premium vehicles to customers during the quarter. Meanwhile, Musk on Friday showed off a prototype of its humanoid robot 'Optimus,' predicting the electric vehicle maker would be able to produce millions and sell them for under $20,000 - less than a third of the price of a Model Y. Experts were impressed by the speed of development of Tesla's humanoid robots, but they agreed with Musk, who said "there's still a lot of work to be done to refine Optimus and prove it."

Tesla's logistical challenges overshadow record deliveries

Tesla has announced that its third-quarter electric vehicle deliveries were lower than expected, citing logistics challenges. Tesla delivered 343,830 electric vehicles, while analysts on average had expected 359,162 for the period ending September 30, 2022.

World Business Watch: Tesla faces fall in vehicle deliveries in Q3

James Bond's favourite car is now partially owned by a Chinese firm Xiang Geely holding group. China's largest private car maker has now become a minority shareholder in the British luxury car maker, Aston Martin. The latter has scored investment from Geely that already owns around 80% in Volvo cars and other automakers.

World Business Watch: Chinese carmaker buys stake in Aston Martin

A clear escalation between the Malaysian government and the heirs of late Southeast Asian Sultan of Sulu. The latter party has now asked the Dutch court for permission to seize Malaysian assets in the Netherlands. The heirs are seeking a enforcement of $15 bn arbitration award.

WION Business News: Heirs of Sulu Sultan demand $15 bn from Malaysia; country to take legal actions

According to lead researcher Juliet Schor, a sociologist and economist at Boston College who is monitoring over 180 organisations globally as they switch to truncated schedules through six-month pilot programmes, workers who shifted to 32-hour workweeks logged 7.58 hours per night of sleep, nearly a full hour more than when they were maintaining in the 40-hour workweeks.&nbsp;

In other words, they slept for almost seven of the eight hours they had gained back each week rather than running errands or interacting with friends.

"I wasn't surprised that people are getting a little more sleep, but I was surprised at how robust the changes were," Schor said.&nbsp;On four-day work schedules, the proportion of participants who reported being sleep deprived—defined as receiving less than 7 hours of sleep each night—declined from 42.6 per cent&nbsp;to 14.5 per cent.&nbsp;

Schor's surveys of 304 employees at 16 companies (three with headquarters in the US, one in Australia, and 12 in Ireland) follow a series of international, six-month trials being conducted by a nonprofit group called 4 Day Week Global and come at a time when the pandemic has forced employers across industries to rethink how, where, and when work is completed.

Since the epidemic upended schedules and gave many workers a glimpse of how flexibility may enhance their lives, the idea of shorter workweeks is gaining popularity.&nbsp;

While demanding managers like Jamie Dimon of JPMorgan Chase &amp; Co. and Elon Musk of Tesla Inc. are urging staff members to resume their pre-pandemic schedules, other well-known figures are supporting shorter workweeks.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/explained-early-signs-of-a-recession-who-decides-if-its-officially-begun-521205">Explained: Early signs of a recession; who decides if it's officially begun?</a>

These four-day week trials are not always completed by the groups who start them. About one in five companies leave the programme, most often during the pre-planning phase. Executives who participated in the pilots claim that they confront the difficult task of eliminating needless labour in order to get the same results in four days in addition to the difficulty of overcoming employee and industry five-day standards.

The enormous improvement in sleep may appear contradictory to those who do. Why do workers who take Fridays off end up sleeping an extra hour every night of the week instead of engaging in hobbies, family time, and socialising?&nbsp;

According to Schor's early data, research participants who worked four-day schedules experienced improvements in a range of wellbeing and productivity metrics, including life satisfaction and work-family balance, and she suggested that such outcomes may be tied to more sleep time.

(with inputs from agencies) 
&nbsp;

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According to lead researcher Juliet Schor, a sociologist and economist at Boston College who is monitoring over 180 organisations globally as they switch to truncated schedules through six-month pilot programmes, workers who shifted to 32-hour workweeks logged 7.

According to lead researcher Juliet Schor, a sociologist and economist at Boston College who is monitoring over 180 organisations globally as they switch to truncated schedules through six-month pilot programmes, workers who shifted to 32-hour workweeks logged 7.58 hours per night of sleep, nearly a full hour more than when they were maintaining in the 40-hour workweeks. In other words, they slept for almost seven of the eight hours they had gained back each week rather than running errands or interacting with friends. "I wasn't surprised that people are getting a little more sleep, but I was surprised at how robust the changes were," Schor said. On four-day work schedules, the proportion of participants who reported being sleep deprived—defined as receiving less than 7 hours of sleep each night—declined from 42.6 per cent to 14.5 per cent. Schor's surveys of 304 employees at 16 companies (three with headquarters in the US, one in Australia, and 12 in Ireland) follow a series of international, six-month trials being conducted by a nonprofit group called 4 Day Week Global and come at a time when the pandemic has forced employers across industries to rethink how, where, and when work is completed. Since the epidemic upended schedules and gave many workers a glimpse of how flexibility may enhance their lives, the idea of shorter workweeks is gaining popularity. While demanding managers like Jamie Dimon of JPMorgan Chase & Co. and Elon Musk of Tesla Inc. are urging staff members to resume their pre-pandemic schedules, other well-known figures are supporting shorter workweeks. Also Read: Explained: Early signs of a recession; who decides if it's officially begun? These four-day week trials are not always completed by the groups who start them. About one in five companies leave the programme, most often during the pre-planning phase. Executives who participated in the pilots claim that they confront the difficult task of eliminating needless labour in order to get the same results in four days in addition to the difficulty of overcoming employee and industry five-day standards. The enormous improvement in sleep may appear contradictory to those who do. Why do workers who take Fridays off end up sleeping an extra hour every night of the week instead of engaging in hobbies, family time, and socialising? According to Schor's early data, research participants who worked four-day schedules experienced improvements in a range of wellbeing and productivity metrics, including life satisfaction and work-family balance, and she suggested that such outcomes may be tied to more sleep time. (with inputs from agencies)

Employees who work 4 days a week dedicate additional free time to sleep: Study