South Africa's financial watchdog has classified cryptocurrency assets as financial products. In a brief notice, it stated that at the crypto asset which it referred to as a digital representation of value must be regulated in South Africa from the date of publication.

WION Business News | South Africa moves to regulate Crypto assets

The speed of cyber attacks especially of ransomware types has urged Singapore to set up an interagency task force to help businesses and institutions which may be suppliers to critical information infrastructure operators there.

WION Business News | Singapore sets up Ransomware task force

WION Business News

Asian shares fell on Thursday to their lowest since April 2020 as risk appetite among investors faded after inflation data across the globe re-ignited fears of aggressive interest rate hikes by the Federal Reserve.

WION Business News | Asia stocks slip as risk appetite wanes on rate-hike fears

WION brings all the latest updates related to the world economy on October 19 

Global Economy LIVE updates (October 19): EU inflation rose to 10.9% in September

Microsoft has laid off hundreds of workers across multiple divisions, a company spokesperson confirmed to CNET on Tuesday (October 18). This move comes amid tech companies expecting an economic downturn worldwide in demand for tablets and PCs.&nbsp;

Although Microsoft did not confirm the number of jobs it cut, reports have mentioned it laid off nearly 1,000 of approximately 221,000 employees across the organisation. As per multiple reports, layoffs were also done in the Xbox gaming division.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-lawmakers-urge-biden-to-recognise-war-crimes-committed-by-pakistan-during-1971-bangladesh-liberation-526624">US lawmakers urge Biden to recognise 'war crimes' committed by Pakistan during 1971 Bangladesh liberation</a>&nbsp;

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The company official said that they will evaluate business priorities as there's a need for structural adjustments.

Microsoft is the latest tech firm to cut staff in the face of slowing growth. Previously Intel, Meta and Google have also done staff reductions.&nbsp;

A Microsoft spokesperson told CNET in an emailed statement: "Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly. We will continue to invest in our business and hire in key growth areas in the year ahead."&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/musk-says-he-hasnt-received-any-funding-from-pentagon-for-starlink-services-in-ukraine-526631">Musk says he hasn't received any funding from Pentagon for Starlink services in Ukraine</a>&nbsp;

Notably, the US-based multinational technology corporation had said that a small number of roles had been eliminated. It had said&nbsp;that it would increase its employee count down the line.&nbsp;

In a statement released by Microsoft had said, "Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities regularly, and make structural adjustments accordingly."&nbsp;

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Microsoft has laid off hundreds of workers across multiple divisions, a company spokesperson confirmed to CNET on Tuesday (October 18). This move comes amid tech companies expecting an economic downturn worldwide in demand for tablets and PCs.

Microsoft has laid off hundreds of workers across multiple divisions, a company spokesperson confirmed to CNET on Tuesday (October 18). This move comes amid tech companies expecting an economic downturn worldwide in demand for tablets and PCs. Although Microsoft did not confirm the number of jobs it cut, reports have mentioned it laid off nearly 1,000 of approximately 221,000 employees across the organisation. As per multiple reports, layoffs were also done in the Xbox gaming division. ALSO READ | US lawmakers urge Biden to recognise 'war crimes' committed by Pakistan during 1971 Bangladesh liberation × The company official said that they will evaluate business priorities as there's a need for structural adjustments. Microsoft is the latest tech firm to cut staff in the face of slowing growth. Previously Intel, Meta and Google have also done staff reductions. A Microsoft spokesperson told CNET in an emailed statement: "Like all companies, we evaluate our business priorities on a regular basis, and make structural adjustments accordingly. We will continue to invest in our business and hire in key growth areas in the year ahead." ALSO READ | Musk says he hasn't received any funding from Pentagon for Starlink services in Ukraine Notably, the US-based multinational technology corporation had said that a small number of roles had been eliminated. It had said that it would increase its employee count down the line. In a statement released by Microsoft had said, "Today we had a small number of role eliminations. Like all companies, we evaluate our business priorities regularly, and make structural adjustments accordingly." 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.

Microsoft lays off nearly 1,000 workers across multiple divisions: Report

Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US&nbsp;dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted.

Spot gold was up 0.9% at $1,656.25 per ounce by 1:41 p.m. ET (1741 GMT), having risen more than 1% earlier in the session and moving away from the more than two-week low touched in the last session.

US&nbsp;gold futures settled 0.9% higher at $1,664.

"The dollar's significantly lower ... yields are ticking lower," said Bob Haberkorn, senior market strategist at RJO Futures, who also noted some "safe-haven demand with heightened geopolitical risks."

Making bullion less expensive for overseas buyers, the dollar slipped 1.1%, while Treasury yields also retreated.&nbsp;

However, it's going to be "a struggle for gold to rally even though there's a lot of question marks out in the world. Investors want safety, but it's hard not to go into Treasuries with rates going up as fast as they are," Haberkorn added.

Gold faces headwinds as the Fed is expected to continue on its rate-hiking trajectory and increase its benchmark overnight interest rate by at least 75 basis points at its next policy meeting in November to curb stubbornly high inflation.

Gold prices have fallen 20% since scaling above the key $2,000 per-ounce level in March.

Even though gold is seen as a hedge against inflation, rising interest rates dim the appeal of the non-yielding asset.

"In the near term, however, the recovery in risk assets bolstered by signs of stabilising gilts is raising pressure on precious metal shorts, but gold prices need to break above $1,750/oz to extend the short squeeze," TD Securities said in a note.

Elsewhere, spot silver climbed 2.5% to $18.72 per ounce after posting eight consecutive daily losses. Platinum rose 1.7% to $913.77 and palladium added 0.6% to $1,998.82.

"A surplus palladium market in 2023 should ultimately lead to lower palladium prices, although near term the market remains tight," Heraeus Precious Metals said in a note.

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Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted.

Gold prices rose more than 1% on Monday after declines in the previous two sessions, as the US dollar and treasury yields faltered, although risks from looming Federal Reserve interest rate hikes persisted. Spot gold was up 0.9% at $1,656.25 per ounce by 1:41 p.m. ET (1741 GMT), having risen more than 1% earlier in the session and moving away from the more than two-week low touched in the last session. US gold futures settled 0.9% higher at $1,664. "The dollar's significantly lower ... yields are ticking lower," said Bob Haberkorn, senior market strategist at RJO Futures, who also noted some "safe-haven demand with heightened geopolitical risks." Making bullion less expensive for overseas buyers, the dollar slipped 1.1%, while Treasury yields also retreated. However, it's going to be "a struggle for gold to rally even though there's a lot of question marks out in the world. Investors want safety, but it's hard not to go into Treasuries with rates going up as fast as they are," Haberkorn added. Gold faces headwinds as the Fed is expected to continue on its rate-hiking trajectory and increase its benchmark overnight interest rate by at least 75 basis points at its next policy meeting in November to curb stubbornly high inflation. Gold prices have fallen 20% since scaling above the key $2,000 per-ounce level in March. Even though gold is seen as a hedge against inflation, rising interest rates dim the appeal of the non-yielding asset. "In the near term, however, the recovery in risk assets bolstered by signs of stabilising gilts is raising pressure on precious metal shorts, but gold prices need to break above $1,750/oz to extend the short squeeze," TD Securities said in a note. Elsewhere, spot silver climbed 2.5% to $18.72 per ounce after posting eight consecutive daily losses. Platinum rose 1.7% to $913.77 and palladium added 0.6% to $1,998.82. "A surplus palladium market in 2023 should ultimately lead to lower palladium prices, although near term the market remains tight," Heraeus Precious Metals said in a note. 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 ×

Gold up about 1 per cent after falling 20% as US dollar, treasury yields falter

The Indian rupee dropped by 71 paise during intraday trade to hit the all-time&nbsp;low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.

While the previous all-time low was 82.63, the rupee dipped to record low of 83.22.

Also read |&nbsp;<a href="https://www.wionews.com/world/iranian-trainers-reportedly-teaching-russian-military-about-drones-in-crimea-526668">Iranian trainers reportedly teaching Russian military about drones in Crimea</a>

According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee.

The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday.

The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-inflation-accelerates-to-40-year-high-amid-rising-food-prices-526733">UK inflation accelerates to 40-year high amid rising food prices</a>

Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent.

On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.

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The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom.

The Indian rupee dropped by 71 paise during intraday trade to hit the all-time low of 83 against the United States dollar on Wednesday. It followed the trend of the US dollar strengthening its position against most major currencies, including the pound in the United Kingdom. While the previous all-time low was 82.63, the rupee dipped to record low of 83.22. Also read | Iranian trainers reportedly teaching Russian military about drones in Crimea According to Financial Times, experts were taken by surprise following the sudden drop and the trading on Thursday will be crucial to determine the future trend of the Indian rupee. The impact of the rupee was also felt in the Indian stock market as the Sensex and Nifty 50 – two major indicators – fell considerably and closed the market with substantial losses on Wednesday. The main reasons behind this sudden drop in the rupee’s value are the mounting recession fears brought about the ongoing Ukraine-Russia war. Currencies like the Euro, Pound and the Yen have all lost their value in the last month and Reuters had reported that the rupee can fall below the 83-mark. Also read | UK inflation accelerates to 40-year high amid rising food prices Earlier in the day, the Office for National Statistics in the United Kingdom said that the inflation was at its all-time high since 1982. The index rose from 9.9 per cent in September to 10.1 per cent. On the other hand, the Japanese Yen is also experiencing a 32-year low against the US dollar. The USD is boosted by the measures taken by the US Federal Reserve and that has directly affected the other currencies.

Indian rupee falls to record low against United States dollar, crosses 83-mark

Visa Inc and Mastercard Inc are currently under investigation by the Federal Trade Commission. The FTC is probing whether their security tokens limit debit-card routing for online payments.&nbsp;

Known as one of the two biggest card networks in the US, Visa and Mastercard allow people to route their payments.&nbsp;

The FTC has been keeping an eye on Visa and Mastercard for a few years, inquiring whether both prevent business owners from making payments through different debit card networks. The FTC has increased its focus on the matter.

<a href="https://www.wionews.com/world/global-economy-live-updates-japanese-yen-hits-a-fresh-32-year-low-against-dollar-526286">Also read | Global Economy LIVE updates | Nationwide strikes in Paris Tuesday amidst soaring inflation</a>

Earlier, a Justice Department investigation was conducted to know whether Visa Inc has illegally maintained a monopoly on the debit card market share. This was done because as per federal laws, the customers must be provided with a choice of at least&nbsp;two debit card networks for making payments, The Wall Street Journal reported.&nbsp;

This month, the Federal issued an updated rule to the banks, referring that each customer must be&nbsp;given&nbsp;at least two networks on all debit cards including online shopping or payments.

<a href="https://www.wionews.com/business-economy/credit-suisse-to-pay-495-millio-to-settle-case-concerning-2008-financial-crisis-526149">Also read |&nbsp;Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis</a>

Whenever a customer links a debit card with a digital wallet, a random 16-digit number is generated, referred to as a "security token" as it makes the payment easy. The token is only understood by the network. For example, if using Visa, then only Visa will be able to make the payments easy. However, the card network can also scramble the token if the debit is handled by another network.&nbsp;

Using this practice, Visa and Mastercard continue to remain on top.

However, customers complain regarding the process believing that the payments can be cancelled if it's handled by a different network.&nbsp;

This is the reason, the FTC is inquiring whether the top card networks are restricting payments after the shopper enters&nbsp;their debit card information.&nbsp;

(With inputs from agencies) 
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Visa Inc and Mastercard Inc are currently under investigation by the Federal Trade Commission. The FTC is probing whether their security tokens limit debit-card routing for online payments.

Visa Inc and Mastercard Inc are currently under investigation by the Federal Trade Commission. The FTC is probing whether their security tokens limit debit-card routing for online payments. Known as one of the two biggest card networks in the US, Visa and Mastercard allow people to route their payments. The FTC has been keeping an eye on Visa and Mastercard for a few years, inquiring whether both prevent business owners from making payments through different debit card networks. The FTC has increased its focus on the matter. Also read | Global Economy LIVE updates | Nationwide strikes in Paris Tuesday amidst soaring inflation Earlier, a Justice Department investigation was conducted to know whether Visa Inc has illegally maintained a monopoly on the debit card market share. This was done because as per federal laws, the customers must be provided with a choice of at least two debit card networks for making payments, The Wall Street Journal reported. This month, the Federal issued an updated rule to the banks, referring that each customer must be given at least two networks on all debit cards including online shopping or payments. Also read | Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis Whenever a customer links a debit card with a digital wallet, a random 16-digit number is generated, referred to as a "security token" as it makes the payment easy. The token is only understood by the network. For example, if using Visa, then only Visa will be able to make the payments easy. However, the card network can also scramble the token if the debit is handled by another network. Using this practice, Visa and Mastercard continue to remain on top. However, customers complain regarding the process believing that the payments can be cancelled if it's handled by a different network. This is the reason, the FTC is inquiring whether the top card networks are restricting payments after the shopper enters their debit card information. (With inputs from agencies) WATCH WION LIVE HERE

Visa, Mastercard under FTC investigation over debit-card routing competition

Amid geopolitical tensions in China, European car maker Stellantis may stop making cars in the world's second-largest economy. The car company might implement an 'asset-light' plan for some brands in the world's largest auto market.

World Business Watch: Stellantis may stop manufacturing cars in China

This time it's Rolls-Royce that will manufacture its first electric car. The car company will start manufacturing the e-car next year. The two-door EV is longer than a full-size SUV and the Spectre will be offered with stars in its door.

World Business Watch: Rolls-Royce to start making its first electric car, already has 300 buyers

French cement-maker Lafarge has pleaded guilty for supporting ISIS and other terror groups. The firm paid millions of dollars to the terrorist group to keep a plant operational in Syria.

World Business Watch: Lafarge fined $778 million for supporting terror groups in Syria

US President Joe Biden will announce a plan on Wednesday to sell off the last portion of his release from nations emergency oil reserves that will be done by year's end. The plan will likely include putting final 15 million barrels of oil on the market from a record release of strategic oil reserves of the US.

World Business Watch: US President Joe Biden to announce new actions to encourage oil production

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

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

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

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

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

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

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

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

Report: Abu Dhabi, Saudi Arabia may invest in Credit Suisse, others amid depressed values

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

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

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

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

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

China delays release of Q3 growth figures

Global Economy updates on October 17:

-Asian stock markets slipped

-Sterling bounces

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

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

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

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

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

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

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

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

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

India gold market: Gold prices near one-month low

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

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