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Boeing will pay $200 million to settle civil charges by the US Securities and Exchange Commission that it misled investors about its 737 MAX, which was grounded for 20 months after two fatal crashes killed 346 people.

World Business Watch: Boeing to pay $200 mn to settle US charges it misled investors about 737 MAX

US tech-giant Meta has more than doubled its cost-cutting targets. Reportedly, the company is looking to trim its costs by at least 10% within the next few months. The reported figure represents a big jump from the earlier forecast of about 2% to 4% cost cuts that Meta announced in July.

World Business Watch | Report: Meta aims to cut costs by 10% within next few months

Citi group is planning to wind down its retail bank in the United Kingdom, aiming to further streamline operations as part of its chief executive's strategy.

World Business Watch: Citi bank plans to scrap UK retail banking as part of strategic refresh

While Russia-Ukraine war clouds are becoming darker, the partial military mobilisation announcement is giving a boost to defence stocks. The shares jumped on expectations of higher spending.

World Business Watch: Defence stocks beat global stock markets as Putin order troop mobilisation

In a tougher stance against employees doing a second job after hours, an Indian multinational corporation Wipro Ltd. has fired almost 300 employees for "moonlighting."&nbsp;

Rishad Premji, the company's chairman and a prominent opponent of moonlighting, declared that any employee who chooses to work directly with competitors while still being paid by Wipro has no place in the organisation.&nbsp;

Speaking at an All India Management Association event, he declared that moonlighting is "a complete violation of integrity in its deepest form."&nbsp;

The truth is that there are currently 300 people working for one of Wipro's competitors while also directly working for another company, according to Premji.

Later, when questioned about the actions taken against the 300 employees, he responded that in those particular cases of violation, services have been terminated.&nbsp;

IT companies are concerned that when staff members take on additional jobs outside of regular working hours, it will reduce productivity, create conflicts of interest, and maybe result in data breaches.&nbsp;

Premji has been an outspoken opponent of it and has compared it to "cheating." He stated on Twitter last month, "there is a lot of chatter about people moonlighting in the tech industry. This is cheating - plain and simple."

His tweet received a lot of attention from the sector, and many IT organisations increased their vigilance against similar tactics.&nbsp;

In a memo sent to its employees last week, Infosys emphasised that dual employment is not permitted and cautioned that any breach of contract provisions would result in disciplinary action "which could even lead to termination of employment".&nbsp;

"No two-timing - no moonlighting!," the second-largest IT services provider in India, Infosys, told its staff last week in a stern warning.

Due to the present attention being placed on the difficult issue, some industry observers have encouraged businesses to consider implementing additional security measures to protect sensitive data and operating models, especially in situations when employees work remotely. Analysts have predicted that employers may enforce exclusivity clauses in employment contracts more strictly.

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In a tougher stance against employees doing a second job after hours, an Indian multinational corporation Wipro Ltd. has fired almost 300 employees for "moonlighting.

In a tougher stance against employees doing a second job after hours, an Indian multinational corporation Wipro Ltd. has fired almost 300 employees for "moonlighting." Rishad Premji, the company's chairman and a prominent opponent of moonlighting, declared that any employee who chooses to work directly with competitors while still being paid by Wipro has no place in the organisation. Speaking at an All India Management Association event, he declared that moonlighting is "a complete violation of integrity in its deepest form." The truth is that there are currently 300 people working for one of Wipro's competitors while also directly working for another company, according to Premji. Later, when questioned about the actions taken against the 300 employees, he responded that in those particular cases of violation, services have been terminated. IT companies are concerned that when staff members take on additional jobs outside of regular working hours, it will reduce productivity, create conflicts of interest, and maybe result in data breaches. Premji has been an outspoken opponent of it and has compared it to "cheating." He stated on Twitter last month, "there is a lot of chatter about people moonlighting in the tech industry. This is cheating - plain and simple." His tweet received a lot of attention from the sector, and many IT organisations increased their vigilance against similar tactics. In a memo sent to its employees last week, Infosys emphasised that dual employment is not permitted and cautioned that any breach of contract provisions would result in disciplinary action "which could even lead to termination of employment". "No two-timing - no moonlighting!," the second-largest IT services provider in India, Infosys, told its staff last week in a stern warning. Due to the present attention being placed on the difficult issue, some industry observers have encouraged businesses to consider implementing additional security measures to protect sensitive data and operating models, especially in situations when employees work remotely. Analysts have predicted that employers may enforce exclusivity clauses in employment contracts more strictly. 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.

Wipro sacks 300 employees for 'moonlighting'

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure.

The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed.

“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement.

&nbsp;“No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London.

The bank further said that an “overwhelming majority of clients would not be affected until 2023.”

Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf.

Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking.

The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank.

Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business.&nbsp;

The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain.

Goldman is also offering savings accounts under its consumer arm Marcus in Britain.

(With inputs from agencies)

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Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank.

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed. “Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement. “No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London. The bank further said that an “overwhelming majority of clients would not be affected until 2023.” Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf. Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking. The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank. Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business. The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain. Goldman is also offering savings accounts under its consumer arm Marcus in Britain. (With inputs from agencies) WATCH WION LIVE HERE:

Citigroup plans to shut down its lone retail bank in UK

According to a report, insulating homes in the UK and installing heat pumps could benefit the economy by $7.9 billion a year and create 140,000 new jobs by 2030.

World Business Watch | Study: Energy-saving measures could boost UK economy

The Asian Development Bank cut its economic growth forecast for developing Asia amid rising interest rates, a prolonged war in Ukraine and China's Covid Zero policy.

World Business Watch: Asian development bank cuts growth forecast for year 2022-23

Plant-based food maker Beyond Meat has suspended its chief operating officer Douglas Ramsey for allegedly biting a man's nose during the altercation.

World Business Watch: Beyond Meat's COO Douglas Ramsey suspended for allegedly biting man's nose

Boeing plans to cut about 150 finance jobs in the United States this year to simplify its corporate structure and focus more resources into manufacturing and product development.

World Business Watch: Boeing to slash nearly 150 finance jobs in US

The competition between YouTube and TikTok has grown quite intense in the past few months. With several viewers and creators turning towards TikTok, YouTube has come up with a new strategy.

The Google-owned streaming service said on Tuesday that it will be giving video creators of the platform 45 per cent of the total revenue generated from its video feature – Shorts.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-and-canadian-warships-sail-through-taiwan-strait-second-time-in-three-weeks-518244">US &amp; Canadian warships sail through Taiwan Strait, second time in three weeks</a>

It is standard practice for the company to share 55 percent of the revenue for content created on the main website and with this development, there will be parity on all of its platforms. This move is expected to counter the $1 billion fund that TikTok has for paying creators, according to Reuters.

Earlier this year, YouTube introduced a $100 million fund for creators who will be making videos on the Shorts feature. The 45 per cent share is a further addition to the already established plan.

According to New York Times, the advertisement revenue has gone up by around 9 per cent in the last year for YouTube and the official figure was somewhere around $14.2 billion.

Also read |&nbsp;<a href="https://www.wionews.com/world/pm-modis-no-war-comment-to-putin-lauded-by-france-and-united-states-518236">PM Modi's 'no war' comment to Putin lauded by France and United States</a>

“YouTube is sharing a smaller proportion of sales with Shorts creators to offset its significant investment in developing the feature”, Vice President Tara Walpert Levy told NYT.

However, when it comes to users, TikTok has become a major competition in the space. The application, known for extremely short videos and viral dance content, already has 1 billion users.

The Shorts feature was launched as a direct competition and these new moves are being considered to be the push that the new venture needs to excel in the market.

The competition between YouTube and TikTok has grown quite intense in the past few months. With several viewers and creators turning towards TikTok, YouTube has come up with a new strategy.

The competition between YouTube and TikTok has grown quite intense in the past few months. With several viewers and creators turning towards TikTok, YouTube has come up with a new strategy. The Google-owned streaming service said on Tuesday that it will be giving video creators of the platform 45 per cent of the total revenue generated from its video feature – Shorts. Also read | US & Canadian warships sail through Taiwan Strait, second time in three weeks It is standard practice for the company to share 55 percent of the revenue for content created on the main website and with this development, there will be parity on all of its platforms. This move is expected to counter the $1 billion fund that TikTok has for paying creators, according to Reuters. Earlier this year, YouTube introduced a $100 million fund for creators who will be making videos on the Shorts feature. The 45 per cent share is a further addition to the already established plan. According to New York Times, the advertisement revenue has gone up by around 9 per cent in the last year for YouTube and the official figure was somewhere around $14.2 billion. Also read | PM Modi's 'no war' comment to Putin lauded by France and United States “YouTube is sharing a smaller proportion of sales with Shorts creators to offset its significant investment in developing the feature”, Vice President Tara Walpert Levy told NYT. However, when it comes to users, TikTok has become a major competition in the space. The application, known for extremely short videos and viral dance content, already has 1 billion users. The Shorts feature was launched as a direct competition and these new moves are being considered to be the push that the new venture needs to excel in the market.

YouTube to give Shorts creators 45 per cent revenue share to compete with TikTok

Share markets across the world showed movement as Russian President Vladimir Putin announced partial mobilisation in the country. The escalation has raised concerns about energy supplies as well as increased demand for weapons.&nbsp;

UK's commodity-heavy FTSE 100 reversed early losses on Wednesday, buoyed by oil stocks as crude prices surged&nbsp;

The benchmark FTSE 100 (.FTSE) rose 0.5%, while the domestically focussed mid-cap index (.FTMC) added 0.3% by 0817 GMT.

Oil majors BP (BP.L) and Shell (SHEL.L) climbed nearly 2.5% each as crude prices jumped on concerns of tighter oil and gas supply.&nbsp;

In addition to oil companies, shares of defence companies rose too. Shares of BAE Systems, Britain's biggest defence company jumped by 5.3 per cent

"Investors will be looking at defence stocks and thinking about the potential that governments will look to increase their spend on weapons and on military hardware," said Danni Hewson, financial analyst at AJ Bell. Hewson was quoted by Reuters.

UK Prime Minister Liz Truss was another world leader who caused a stir in the markets.

Housing stocks (.FTNMX402020) rose 3.3% after a report said that Truss will announce plans to cut the stamp duty on property tax in the government's mini-budget this week.

Also Read | <a href="https://www.wionews.com/world/ukraine-crisis-russias-vladimir-putin-announces-partial-military-mobilisation-518283">'Will use all available means, this is not a bluff': Russia's Putin announces partial military mobilisation</a>

Markets are expecting the Bank of England to follow suit on Thursday,&nbsp;pricing in a 77% chance of a 75-basis-point increase in rates to 2.5%, and a 23% chance of a smaller 50-basis-point increase.&nbsp;

"After what we saw in Sweden yesterday and what we're expecting to see from the Federal Reserve, it does put a great deal of pressure on the Bank of England," said Hewson.

"Markets are not quite sure what to expect from the BoE because you've got the UK Government about to borrow a huge chunk of additional cash, the expectation that the economy is already in recession and a situation where the BoE cannot cut rates in order to stimulate economic growth because that will only lead to further inflationary pressures."

(With inputs from agencies)

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Share markets across the world showed movement as Russian President Vladimir Putin announced partial mobilisation in the country. The escalation has raised concerns about energy supplies as well as increased demand for weapons.

Share markets across the world showed movement as Russian President Vladimir Putin announced partial mobilisation in the country. The escalation has raised concerns about energy supplies as well as increased demand for weapons. UK's commodity-heavy FTSE 100 reversed early losses on Wednesday, buoyed by oil stocks as crude prices surged The benchmark FTSE 100 (.FTSE) rose 0.5%, while the domestically focussed mid-cap index (.FTMC) added 0.3% by 0817 GMT. Oil majors BP (BP.L) and Shell (SHEL.L) climbed nearly 2.5% each as crude prices jumped on concerns of tighter oil and gas supply. In addition to oil companies, shares of defence companies rose too. Shares of BAE Systems, Britain's biggest defence company jumped by 5.3 per cent "Investors will be looking at defence stocks and thinking about the potential that governments will look to increase their spend on weapons and on military hardware," said Danni Hewson, financial analyst at AJ Bell. Hewson was quoted by Reuters. UK Prime Minister Liz Truss was another world leader who caused a stir in the markets. Housing stocks (.FTNMX402020) rose 3.3% after a report said that Truss will announce plans to cut the stamp duty on property tax in the government's mini-budget this week. Also Read | 'Will use all available means, this is not a bluff': Russia's Putin announces partial military mobilisation Markets are expecting the Bank of England to follow suit on Thursday, pricing in a 77% chance of a 75-basis-point increase in rates to 2.5%, and a 23% chance of a smaller 50-basis-point increase. "After what we saw in Sweden yesterday and what we're expecting to see from the Federal Reserve, it does put a great deal of pressure on the Bank of England," said Hewson. "Markets are not quite sure what to expect from the BoE because you've got the UK Government about to borrow a huge chunk of additional cash, the expectation that the economy is already in recession and a situation where the BoE cannot cut rates in order to stimulate economic growth because that will only lead to further inflationary pressures." (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 ×

Partial military mobilisation in Russia announcement makes oil, defence stocks surge

The US Federal Reserve is expected to raise the interest rates significantly for the third consecutive time as it finds it difficult to tame inflation.&nbsp;

Experts believe that the central bank will raise its benchmark interest rate by 0.75 basis points in the range of 3 to 3.25 per cent, following&nbsp;similarly large&nbsp;rate hikes in June and July.&nbsp;

The policy decision, which will be announced at 2 p.m. EDT (1800 GMT), falls in line with the policy shift of the global central banks who are testing the resilience of the world's economy and the ability of countries to manage exchange rate shocks as the value of the dollar soars, reports Reuters.&nbsp;

Speaking at an economic conference in Wyoming last month, Federal Reserve Chair Jerome Powell issued a warning, saying that the central bank’s aim to curb inflation by aggressively raising interest rates would "bring some pain” for Americans.&nbsp;

"If we don't get inflation down, we're in trouble. So that's the number one job," he said.&nbsp;

It comes at a time when the US is struggling to control its inflation, which hovered around 8.3 per cent in August— down only slightly from the month before. &nbsp;

Though the gas price has dropped sharply&nbsp;from its record high in June, and airline tickets have gotten a bit cheaper, other costs continue to soar, including essentials such as rent, groceries and electricity.&nbsp;

The Fed has already increased its benchmark rate four times this year — from near zero to about 2.375 per cent, making it expensive to buy a car, use a credit card or get a mortgage. &nbsp;

(With inputs from agencies)&nbsp;

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The US Federal Reserve is expected to raise the interest rates significantly for the third consecutive time as it finds it difficult to tame inflation. Experts believe that the central bank will raise its benchmark interest rate by 0.

The US Federal Reserve is expected to raise the interest rates significantly for the third consecutive time as it finds it difficult to tame inflation. Experts believe that the central bank will raise its benchmark interest rate by 0.75 basis points in the range of 3 to 3.25 per cent, following similarly large rate hikes in June and July. The policy decision, which will be announced at 2 p.m. EDT (1800 GMT), falls in line with the policy shift of the global central banks who are testing the resilience of the world's economy and the ability of countries to manage exchange rate shocks as the value of the dollar soars, reports Reuters. Speaking at an economic conference in Wyoming last month, Federal Reserve Chair Jerome Powell issued a warning, saying that the central bank’s aim to curb inflation by aggressively raising interest rates would "bring some pain” for Americans. "If we don't get inflation down, we're in trouble. So that's the number one job," he said. It comes at a time when the US is struggling to control its inflation, which hovered around 8.3 per cent in August— down only slightly from the month before. Though the gas price has dropped sharply from its record high in June, and airline tickets have gotten a bit cheaper, other costs continue to soar, including essentials such as rent, groceries and electricity. The Fed has already increased its benchmark rate four times this year — from near zero to about 2.375 per cent, making it expensive to buy a car, use a credit card or get a mortgage. (With inputs from agencies) WATCH WION LIVE HERE:

US Fed set to raise interest rate ‘significantly’ as inflation continues to soar  

Japanese car manufacturer Honda asked hundreds of employees to pay back part of the bonuses after claiming it overpaid them. The employees at the Honda motor Factory in Ohio will have to return part of their bonuses by tomorrow, 22nd September.

World Business Watch | Honda to employees: Return extra bonus

American Express is looking to hire around 1,500 people for technology roles, shrugging off fears of an economic slowdown that has prompted other US financial companies to cut jobs in recent months.

World Business Watch: American Express to hire 1,500 tech staff by year-end

Uber's computer network was breached by a cyber attacker last Thursday. Uber laid the blame on hacking group Lapsus$, which used similar attacks to breach Microsoft, Cisco, Samsung, Nvidia, Okta and others in 2022.

World Business Watch: Uber blames hacking group Lapsus$ for cyber attack

Japan's core consumer inflation quickened to 2.8% in August to hit the fastest annual pace in nearly eight years. This is as price pressure from raw materials and yen weakness broadened.

World Business Watch: Japan's August consumer inflation hits near 8-year high

Wall Street’s major indexes ended a choppy session on Monday as investors looked to this week’s policy meeting at the Federal Reserve and how aggressively it will raise prices.

World Business Watch: Wall Street ends choppy session higher with firm focus on Fed

Listing of Indian start-ups was in focus last year but within months of listing the lofty valuations of many of them have crashed. The future of investors who are invested in these unicorns is uncertain with losses accumulating with every passing quarter. Nearly 12,000 startup employees have already been fired in India and the funding inflow within the startup ecosystem globally is not as abundant as before.

World Business Watch: Unicorn Start-ups: Unreal valuations, heavy losses

World Business Watch | Unicorn Start-ups: Unreal valuations, heavy losses

Ford has said inflation-related supplier costs will run about $1 billion higher than expected in the current quarter. It can also result in the firm lacking parts for around 50,000 vehicles.

World Business Watch: Ford sees inflation lifting quarterly supply costs by $1 billion

The world's largest economy, the United States of America is struggling with a 40-year high inflation. US federal reserve is poised to unleash another interest rate hike on Wednesday after the latest data showed a worrying US inflation picture.

World Business Watch: US Fed reserve set for another rate hike on Wednesday

Bitcoin on Sunday dropped 1.54% to $19,804, slipping from the 20,000 mark after losing $310 from its previous close. The world's biggest and best-known cryptocurrency is down 58.9% from the year's high of $48,234 on March 28.

World Business Watch: Bitcoin once again slips below $20,000

United Kingdom's new business secretary Kwasi Kwarteng is set to announce $30 billion in tax cuts in his emergency budget on Friday. The new chancellor is said to believe the changes will ease the cost of living and boost economic growth.

UK's new business secretary expected to announce $30 billion in tax cuts this week

Volkswagen is targeting a valuation of up to $75.1 billion for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany's second-largest initial public offering (IPO) in history.

Volkswagen will price preferred shares in the flotation of Porsche AG at $76.30 to $82.28 per share, the carmaker said, translating into a valuation of $70. to S75.1 billion.

At the upper end of the range, first reported by Reuters, it would become Europe's third largest IPO on record, according to Refinitiv data. Trading will begin on the Frankfurt Stock Exchange on September 29, Volkswagen said.

As part of the listing, 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million ordinary shares. Up to 113,875,000 preferred shares, carrying no voting rights will be placed with investors over the course of the IPO.

The sovereign wealth funds of Qatar, Abu Dhabi, and Norway as well as mutual fund company T. Rowe Price will subscribe up to $3.67 billion worth of preferred shares as cornerstone investors, at the upper end of the valuation, Volkswagen said.

"We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," Volkswagen Chief Financial Officer and Chief Operating Officer Arno Antlitz said.

In line with Volkswagen's agreement earlier in September with its largest shareholder Porsche SE. 25 per cent plus one ordinary share in the sportscar brand, which do carry voting rights, will go to Porsche SE at the price of the preferred shares plus a 7.5 per cent premium.

Porsche SE, the holding firm controlled by the Porsche and Piech families, will finance the acquisition of the ordinary shares with debt capital of up to $7.8 billion, it said in a separate statement.

Total proceeds from the sale will be $17.9 billion to $19.4 billion. If the IPO goes ahead, Volkswagen will call an extraordinary shareholder meeting in December where it will propose to pay 49 per cent of total proceeds to shareholders in early 2023 as a special dividend.

A stock exchange prospectus is expected to be published on Monday, after which institutional and private investors can subscribe to Porsche shares.

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&nbsp;

Volkswagen is targeting a valuation of up to $75.1 billion for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany's second-largest initial public offering (IPO) in history.

Volkswagen is targeting a valuation of up to $75.1 billion for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany's second-largest initial public offering (IPO) in history. Volkswagen will price preferred shares in the flotation of Porsche AG at $76.30 to $82.28 per share, the carmaker said, translating into a valuation of $70. to S75.1 billion. At the upper end of the range, first reported by Reuters, it would become Europe's third largest IPO on record, according to Refinitiv data. Trading will begin on the Frankfurt Stock Exchange on September 29, Volkswagen said. As part of the listing, 911 million Porsche AG shares will be divided into 455.5 million preferred shares and 455.5 million ordinary shares. Up to 113,875,000 preferred shares, carrying no voting rights will be placed with investors over the course of the IPO. The sovereign wealth funds of Qatar, Abu Dhabi, and Norway as well as mutual fund company T. Rowe Price will subscribe up to $3.67 billion worth of preferred shares as cornerstone investors, at the upper end of the valuation, Volkswagen said. "We are now in the home stretch with the IPO plans for Porsche and welcome the commitment of our cornerstone investors," Volkswagen Chief Financial Officer and Chief Operating Officer Arno Antlitz said. In line with Volkswagen's agreement earlier in September with its largest shareholder Porsche SE. 25 per cent plus one ordinary share in the sportscar brand, which do carry voting rights, will go to Porsche SE at the price of the preferred shares plus a 7.5 per cent premium. Porsche SE, the holding firm controlled by the Porsche and Piech families, will finance the acquisition of the ordinary shares with debt capital of up to $7.8 billion, it said in a separate statement. Total proceeds from the sale will be $17.9 billion to $19.4 billion. If the IPO goes ahead, Volkswagen will call an extraordinary shareholder meeting in December where it will propose to pay 49 per cent of total proceeds to shareholders in early 2023 as a special dividend. A stock exchange prospectus is expected to be published on Monday, after which institutional and private investors can subscribe to Porsche shares. WATCH WION LIVE HERE:

Volkswagen targets $75.1 billion IPO valuation for Porsche

How the strong US dollar can affect everyone