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In May this year, India became home to 100 unicorns, positioning itself as the hub of start-ups. The same year in August, 20 start-ups achieved the unicorn status. The collective valuation of these start-ups was at $341 billion.&nbsp;

Moreover, these firms were able to raise more than $94 billion in funding from outside, despite the so-called funding-winter in the domestic market.

However, behind this success story of India churning out unicorns at rapid pace, remains a grim reality plaguing the start-up ecosystem: rampant losses.

More than 10 Indian unicorn start-ups are making huge losses.

BYJUs: ₹4,588 crore 
OYO: ₹3,944 crore 
Udaan: ₹2,482 crore 
Flipkart: ₹2,446 crore 
Eruditus: ₹1,934 crore 
PhonePe: ₹1,728 crore 
Paytm: ₹1,710 crore 
Swiggy: ₹1,617 crore 
Unacademy: ₹1,537 crore 
Freshworks: ₹1,499 crore

The figures are significant considering that many of these unicorn companies are expected to launch Initial&nbsp;Public&nbsp;Offerings (IPOs) soon.

While Indian start-ups struggled to get more funding, a series of layoffs, shutdowns and multiple raids by the government on crypto startups became the headlines in August, too.&nbsp;

Edtech start-up Vedantu reportedly fired laid off 100 employees for the third time in 2022.&nbsp;

Nearly 300 Meesho employees were after the shuttering of the company’s grocery vertical Superstore, according to a report by Inc42. &nbsp;

Agritech startup DeHaat is said to have fired a significant number of employees recently.&nbsp;

Another company LEAD and social media platform Koo also joined the list.

Meanwhile, city-wise, Bengaluru continued to remain the top unicorn maker as 38 out of the 100 unicorns are based out of the city.&nbsp;

Delhi-NCR comes second in the list as 30 startups from the region managed to make it to the list of 100 unicorns.&nbsp; 
While Mumbai, Chennai, Pune and Hyderabad collectively produced 32 unicorns. 
&nbsp;

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In May this year, India became home to 100 unicorns, positioning itself as the hub of start-ups. The same year in August, 20 start-ups achieved the unicorn status.

In May this year, India became home to 100 unicorns, positioning itself as the hub of start-ups. The same year in August, 20 start-ups achieved the unicorn status. The collective valuation of these start-ups was at $341 billion. Moreover, these firms were able to raise more than $94 billion in funding from outside, despite the so-called funding-winter in the domestic market. However, behind this success story of India churning out unicorns at rapid pace, remains a grim reality plaguing the start-up ecosystem: rampant losses. More than 10 Indian unicorn start-ups are making huge losses. BYJUs: ₹4,588 crore OYO: ₹3,944 crore Udaan: ₹2,482 crore Flipkart: ₹2,446 crore Eruditus: ₹1,934 crore PhonePe: ₹1,728 crore Paytm: ₹1,710 crore Swiggy: ₹1,617 crore Unacademy: ₹1,537 crore Freshworks: ₹1,499 crore The figures are significant considering that many of these unicorn companies are expected to launch Initial Public Offerings (IPOs) soon. While Indian start-ups struggled to get more funding, a series of layoffs, shutdowns and multiple raids by the government on crypto startups became the headlines in August, too. Edtech start-up Vedantu reportedly fired laid off 100 employees for the third time in 2022. Nearly 300 Meesho employees were after the shuttering of the company’s grocery vertical Superstore, according to a report by Inc42. Agritech startup DeHaat is said to have fired a significant number of employees recently. Another company LEAD and social media platform Koo also joined the list. Meanwhile, city-wise, Bengaluru continued to remain the top unicorn maker as 38 out of the 100 unicorns are based out of the city. Delhi-NCR comes second in the list as 30 startups from the region managed to make it to the list of 100 unicorns. While Mumbai, Chennai, Pune and Hyderabad collectively produced 32 unicorns. WATCH WION LIVE HERE:

Top 10 loss-making start-ups: These Indian unicorns are bleeding cash

Ever since the Consumer Price Index report was released, the US stock market has continued to take a beating. On Friday, according to a Reuters report, Wall Street stumbled to its two-month low as fears of a global recession loomed amid a slowdown.

Ever since the Consumer Price Index report was released, the US stock market has continued to take a beating. On Friday, according to a Reuters report, Wall Street stumbled to its two-month low as fears of a global recession loomed amid a slowdown. Reportedly, all three major US stock indices fell well below their numbers set in the month of June. The Dow dropped 139. 40 points to close at 30,822 while S&P 500 closed the week by siding 0.72 per cent. Lastly, Nasdaq Composite slide 0.9 per cent to finish at 11,448. "It’s been a tough week. It feels like Halloween came early. We are facing this toxic brew of high inflation, high-interest rates and low growth, which isn’t good for stock or bond markets." said David Carter, managing director of JP Morgan. It is pertinent to note that the fear of global slowdown amongst the stock market investors was expedited after FedEx released a dystopian earning report. The company's revenue fell about $300 million below company forecasts which hastened the warning that a slowdown was impending. WATCH | World Business Watch: FedEx shares fall as global volume plunge × Moreover, to get ahead of the curve, banking major Goldman Sachs is planning to fire hundreds of its employees as early as next week. Reportedly, the layoffs will mark the resumption of its annual practice which was halted the last two years due to the pandemic. It is pertinent to note that on the day the CPI report showed inflation hitting a worse-than-expected mark of '8.3' per cent, US President Joe Biden threw an 'inflation reduction' party at his official residence at the White House. "Exactly four weeks ago, I signed the Inflation Reduction Act into law. So today, we're celebrating. Tune in at 3 PM ET as I deliver remarks and welcome the leaders and advocates who made it happen to the People's House." tweeted President Biden from his official Twitter account. Read more: Biden parties as stock market tumbles, inflation worsens and Fed indicates rate hike Experts believe that after inflation numbers continued to hit a 40-year record high, the US central bank, the Federal Reserve may be hiking interest rates for a record fifth time this year, next week. (With inputs from agencies) WATCH WION LIVE HERE:

As recession fears mount, Wall Street tumbles to a two-month low

Uber's computer network was breached on Thursday, leading the ride-hailing giant to take several internal communications and engineering systems offline as it investigated the hack.

World Business Watch: Uber investigating breach of its computer systems

FedEx tumbled to 11% after the company said its fiscal first-quarter results were hit by global volume softness and it withdrew its financial forecast.

World Business Watch: FedEx shares fall as global volume plunge

Adobe agreed to buy software design startup Figma in a deal valued at about $20 billion to help it expand tools for creative professionals.

World Business Watch: Adobe agrees to buy Figma in $20 billion software deal

In a bid to minimise, CO2 emissions, a few students have built a sustainable car model and showed their prototype on a US promotional tour to universities and companies. The car is called Zero Emission Mobility or ZEM.

World Business Watch: Students build sustainable all-electric car to reduce CO2 emissions

After data revealed that UK retail sales plunged significantly in August as the rise in the cost of living continued to affect consumers, the pound dropped to a fresh 37-year low against the US dollar.&nbsp;

The 1.6 per cent&nbsp;larger-than-anticipated decline in sales volumes raised further worries about the status of the economy.&nbsp;

As a result of consumers making budget cuts in response to rising costs, sales across all retail sectors decreased in August.&nbsp;

Retail data, according to some analysts, indicated that the UK is already in a recession.
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In the wake of the publication of the retail sales numbers, the sterling dropped more than 1 per cent&nbsp;versus the dollar, reaching $1.13, its lowest level since 1985. Because of the weak pound, British tourists will find that their money does not go as far.&nbsp;

This occurs at a time when UK inflation, or the rate at which prices increase, is at a level that is over 40 years high, albeit declining from 10.1 per cent&nbsp;in July to 9.9 per cent.&nbsp;

According to the Bank of England, the UK will experience a recession at the end of this year, and interest rates will likely continue to rise in an effort to stop inflation.&nbsp;

The retail sales numbers for August confirmed Capital Economics' assessment that the UK economy is "already in recession", according to Olivia Cross.

Also Read:<a href="https://www.wionews.com/world/china-plans-to-impose-sanctions-on-ceos-of-us-companies-over-arms-sales-to-taiwan-516760">&nbsp;China plans to impose sanctions on CEOs of US companies over arms sales to Taiwan</a>

When the economy shrinks for two consecutive three-month periods, it is said to be in a recession.&nbsp;

Households have had to make spending cuts as a result of price increases and impending increases in energy costs in October.&nbsp;

To aid consumers with their energy bills, the government did nevertheless introduce the Energy Price Guarantee last week. The assistance will result in a two-year cap on the yearly energy expense for a typical home at £2,500.&nbsp;

Before the government took action, annual energy costs were anticipated to reach £3,549 before going much higher in 2023.

(with inputs from agencies)

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After data revealed that UK retail sales plunged significantly in August as the rise in the cost of living continued to affect consumers, the pound dropped to a fresh 37-year low against the US dollar.

After data revealed that UK retail sales plunged significantly in August as the rise in the cost of living continued to affect consumers, the pound dropped to a fresh 37-year low against the US dollar. The 1.6 per cent larger-than-anticipated decline in sales volumes raised further worries about the status of the economy. As a result of consumers making budget cuts in response to rising costs, sales across all retail sectors decreased in August. Retail data, according to some analysts, indicated that the UK is already in a recession. In the wake of the publication of the retail sales numbers, the sterling dropped more than 1 per cent versus the dollar, reaching $1.13, its lowest level since 1985. Because of the weak pound, British tourists will find that their money does not go as far. This occurs at a time when UK inflation, or the rate at which prices increase, is at a level that is over 40 years high, albeit declining from 10.1 per cent in July to 9.9 per cent. According to the Bank of England, the UK will experience a recession at the end of this year, and interest rates will likely continue to rise in an effort to stop inflation. The retail sales numbers for August confirmed Capital Economics' assessment that the UK economy is "already in recession", according to Olivia Cross. Also Read: China plans to impose sanctions on CEOs of US companies over arms sales to Taiwan When the economy shrinks for two consecutive three-month periods, it is said to be in a recession. Households have had to make spending cuts as a result of price increases and impending increases in energy costs in October. To aid consumers with their energy bills, the government did nevertheless introduce the Energy Price Guarantee last week. The assistance will result in a two-year cap on the yearly energy expense for a typical home at £2,500. Before the government took action, annual energy costs were anticipated to reach £3,549 before going much higher in 2023. (with inputs from agencies)

Pound hits new 37-year low as consumer spending falls, stokes recession chatter

The equities market fell sharply on Friday during the afternoon trade due to a heavy sell-off in IT, PSU Banks, and Auto stocks following weak Asian markets on concerns of global recession, dealers said.

At 2.10 pm, Sensex was down 1050.03 points or 1.75 per cent at 58,883.98, and Nifty was trading 326.56 points or 1.83 per cent lower at 17,550.85. 
 
Mahindra &amp; Mahindra, Tech Mahindra, Ultratech Cement, TCS, Infosys, Wipro were major losers during the afternoon trade. 
 
Nifty IT and BSE IT index were down 2.91 per cent and 2.69 per cent respectively. Nifty PSU Bank index was down 2.79 per cent and BSE Auto was down 3.25 per cent. 
 
"Indian equity markets are witnessing some selling pressure after a long period of resilience. Global cues continuously remain weak as there is a sharp surge in the dollar index and US bond yields post US inflation numbers. We may continue to outperform, but we can`t remain in isolation for a long time. Global markets are looking nervous ahead of the FOMC meeting because there is talk of a 100 basis rate hike while a 75 basis rate hike was already discounted," said Santosh Meena, Head of Research, Swastika Investmart Ltd. 
 
Asian markets remained weak&nbsp;on Friday due to growing fears of a global recession after the warnings by the World Bank and the International Monetary Fund. 
 
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent. Australian shares were down 0.94 per cent on Friday, while Japan`s Nikkei stock index slipped 1.2 per cent. 
 
The world may edge toward a global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation, the World Bank said. 
 
The economies of the US, China, and the eurozone, were slowing and a slight hit to the global economy further would lead to recession. 
 
"Technically, Nifty is facing resistance at the 18,100 level and it has slipped below its 20-DMA of 17,700 which may lead to some more selling pressure where 17,470-17,400 is an immediate demand zone then 17,150 is a sacrosanct support level. Bank Nifty is outperforming but yesterday it ended at a day's low after hitting a fresh all-time high, which is a little disappointing. On the downside, 40,900-40,700 is an immediate demand zone; below this, 40,270 is the next important support level," Meena added.&nbsp;

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The equities market fell sharply on Friday during the afternoon trade due to a heavy sell-off in IT, PSU Banks, and Auto stocks following weak Asian markets on concerns of global recession, dealers said.

The equities market fell sharply on Friday during the afternoon trade due to a heavy sell-off in IT, PSU Banks, and Auto stocks following weak Asian markets on concerns of global recession, dealers said. At 2.10 pm, Sensex was down 1050.03 points or 1.75 per cent at 58,883.98, and Nifty was trading 326.56 points or 1.83 per cent lower at 17,550.85. Mahindra & Mahindra, Tech Mahindra, Ultratech Cement, TCS, Infosys, Wipro were major losers during the afternoon trade. Nifty IT and BSE IT index were down 2.91 per cent and 2.69 per cent respectively. Nifty PSU Bank index was down 2.79 per cent and BSE Auto was down 3.25 per cent. "Indian equity markets are witnessing some selling pressure after a long period of resilience. Global cues continuously remain weak as there is a sharp surge in the dollar index and US bond yields post US inflation numbers. We may continue to outperform, but we can`t remain in isolation for a long time. Global markets are looking nervous ahead of the FOMC meeting because there is talk of a 100 basis rate hike while a 75 basis rate hike was already discounted," said Santosh Meena, Head of Research, Swastika Investmart Ltd. Asian markets remained weak on Friday due to growing fears of a global recession after the warnings by the World Bank and the International Monetary Fund. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent. Australian shares were down 0.94 per cent on Friday, while Japan`s Nikkei stock index slipped 1.2 per cent. The world may edge toward a global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation, the World Bank said. The economies of the US, China, and the eurozone, were slowing and a slight hit to the global economy further would lead to recession. "Technically, Nifty is facing resistance at the 18,100 level and it has slipped below its 20-DMA of 17,700 which may lead to some more selling pressure where 17,470-17,400 is an immediate demand zone then 17,150 is a sacrosanct support level. Bank Nifty is outperforming but yesterday it ended at a day's low after hitting a fresh all-time high, which is a little disappointing. On the downside, 40,900-40,700 is an immediate demand zone; below this, 40,270 is the next important support level," Meena added. 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.

India: Indices trading down; Sensex falls over 1,000 points

Tesla has lost the infamous "most shorted stock" title as Apple's stock rises above Tesla's in the US, a report from short-seller analytics firm S3 Partners revealed on Wednesday. The recent trend shows that investors are betting more money against Apple as compared to Tesla for the first time since April 2020.&nbsp;

Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners commented in a research report, "Tesla Inc has held the top spot in the short interest league tables for 864 days, almost two and a half years since April 2020, but Apple Inc has recently recaptured the crown."&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-judge-appoints-special-master-in-donald-trump-document-case-516648">US judge appoints 'special master' in Donald Trump document case</a>&nbsp;

The reports said that short interest in Apple has surged to $18.4 billion, which exceeds Tesla's short interest of $17.4 billion.&nbsp;

After the surge, Apple in becomes the most heavily shorted US company by dollar amount. The title was held by Elon Musk's company for 864 days.&nbsp;

As of Wednesday, around 113 million Apple shares were sold short, which represents 0.7 per cent of Apple's shares publicly available.&nbsp;

On the other hand, around 57 million Tesla shares sold short which means about 2.2 per cent of Musk's float.&nbsp;

WATCH |&nbsp;Tech Talk: Apple's in-app purchase prices jump by 40% year-over-year&nbsp;

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Recently, Apple's in-app purchases climbed significantly more than the monthly or yearly purchases. The average cost of in-app purchases soared by 40 per cent.&nbsp;

Citing data from Apptopia, which is an app intelligence company, people are witnessing price increases practically everywhere, with the consumer price index in the United States rising 8.5 per cent year over year.&nbsp;

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Tesla has lost the infamous "most shorted stock" title as Apple's stock rises above Tesla's in the US, a report from short-seller analytics firm S3 Partners revealed on Wednesday.

Tesla has lost the infamous "most shorted stock" title as Apple's stock rises above Tesla's in the US, a report from short-seller analytics firm S3 Partners revealed on Wednesday. The recent trend shows that investors are betting more money against Apple as compared to Tesla for the first time since April 2020. Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners commented in a research report, "Tesla Inc has held the top spot in the short interest league tables for 864 days, almost two and a half years since April 2020, but Apple Inc has recently recaptured the crown." ALSO READ | US judge appoints 'special master' in Donald Trump document case The reports said that short interest in Apple has surged to $18.4 billion, which exceeds Tesla's short interest of $17.4 billion. After the surge, Apple in becomes the most heavily shorted US company by dollar amount. The title was held by Elon Musk's company for 864 days. As of Wednesday, around 113 million Apple shares were sold short, which represents 0.7 per cent of Apple's shares publicly available. On the other hand, around 57 million Tesla shares sold short which means about 2.2 per cent of Musk's float. WATCH | Tech Talk: Apple's in-app purchase prices jump by 40% year-over-year × Recently, Apple's in-app purchases climbed significantly more than the monthly or yearly purchases. The average cost of in-app purchases soared by 40 per cent. Citing data from Apptopia, which is an app intelligence company, people are witnessing price increases practically everywhere, with the consumer price index in the United States rising 8.5 per cent year over year. 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.

US: Apple unseats Tesla to reclaim the title of market's most-shorted stock after 864 days

The world economies may fall into a global recession next year amid aggressive monetary policy tightening by central banks to tame inflation, the World Bank said.

World Business Watch: World Bank sees rising risk of global recession in 2023 amid rate hikes

US President Joe Biden visited the Detroit auto show where he announced the approval of first $900 million in US funding to build electric vehicles charging stations in 35 states in the country, part of a $1 trillion infrastructure law approved last November.

Joe Biden touts electric vehicles at Detroit auto show

Lower fuel prices caused an unexpected fall in British consumer price inflation in August, offering some relief to households and the Bank of England after the CPI rate hit a 40-year high.

World Business Watch: UK inflation falls unexpectedly as fuel prices decline

The European Union's executive has outlined plans to raise more than $140 billion from energy firms to help shield households and businesses from soaring prices that threaten economic downturn and insolvencies.

World Business Watch: EU seeks $140 billion from energy companies

The Detroit auto show is returning this week after a two-year gap due to the Covid-19 pandemic. It starts today and will go on until September 25. However, lower attendance is expected at this year's auto show.

World Business Watch: Detroit auto show is back after 2-year gap due to Covid-19 pandemic

Big techs are in big trouble. Lawmakers are pulling up big tech companies over unfair business practices. Are these firms abusing their market power?

World Business Watch: Big tech firms abusing their market power?

Tesla has been sued in a proposed class action accusing Elon Musk's company of misleading the public by falsely advertising its autopilot and full self-driving features.

World Business Watch: Tesla sued by drivers over autopilot, full self-driving features

Though many of the experts of fifth-generation warfare thought that conventional war has become history, the Russia-Ukraine war has put their idea of modern-day warfare into serious scrutiny.&nbsp;

Many thought that in the twenty-first century warfare will be determined less on the battlefield and more in cubicles and on screen.&nbsp;

However, global economic repercussions caused by the warfare between Russia and Ukraine and economic warfare between Russia and, Europe and&nbsp;the United States, their spiralling actions and counteractions by the two sides have already brought the world to the brink of recession.&nbsp;

Russia has continued its oil exports, though it has had to give a deep discount. But the EU has paid a high price. Russia has reduced gas supply through Nordstrom I to 20% of capacity.&nbsp;

The price of natural gas has soared in the EU to $60 per MMBTU. This will have a cascading effect on the price of LNG in Asian markets. They have tripled to $45.39 per MMBTU on August 2022, from $15.65 MMBTU a year ago on August 2021.&nbsp;

In order to survive winter, the EU has initiated operations at conventional fossil fuel units (coal base, oil-based), which were taken out of operation due to their commitment to net zero by 2050.&nbsp;

This may further push back the target emission cut committed by the EU at London Summit. High gas prices have pushed the EU to switch from gas to oil and coal to meet its heating and power needs. This will add to the oil demand. The oil market is calm now because of the fear of recession. But if falling prices lead OPEC to cut production again, there will be a spike in crude prices again.&nbsp;

The oil prices will also be affected by the fate of the Iranian nuclear deal. Recently, the negotiations had been resumed in Vienna. The delegations have now gone back to their capitals for a political decision. If the deal works out, it will pave the way for Iranian oil exports to be resumed. Before the latest round of sanctions, Iran was exporting 2.1 million barrels per day.&nbsp;

This will not substitute more than five million barrels of Russian oil exports in case EU sanctions against that country deepen. Iranian oil, if it comes back to the market, will be a relief for the international oil market, though would not be sufficient to substitute Russian Supplies for EU, considering the same production rate from OPEC. However, considering the present US-Israel-EU lobbying and the current stance of the Iranian govt., it can be predicted that Iranian oil may not come into the international market in near future soon.&nbsp;

In the meantime, the Middle East has become a field for the cold war for US and Russia. US President Joe Biden’s visit to Israel and Saudi Arabia was followed by the visit of Russian President Vladimir Putin to the other side of the gulf. Putin visited Tehran, where he also met the Turkish President. The Turkish economy has been in deep crisis, but its President harbours regional ambitions. Its control of the entry and exit from the Black Sea has underlined its locational advantage for both sides in the Ukraine crisis. This has increased the importance of Turkey to both camps, though Turkey is a NATO member.&nbsp;

The sharp increase in oil prices following the Ukraine war brought President Biden to Saudi Arabia. This was seen as a departure from the position taken by candidate Biden during his election campaign when he had criticized the Crown Prince and threatened to make the Saudi Kingdom a pariah state. What prompted President Biden’s visit to the Saudi Kingdom was the increase in petrol price at the pump in the USA. This had reached the US-wide average of $5 per gallon. This was well past the comfort level of $4 per gallon long held as the limit the US consumer could tolerate. This had an ominous implication in an election year. The Congressional elections are due in November. A loss of the democratic majority in the house would seriously cramp President Biden’s capacity to shape the legislative agenda for the rest of his term.

The Crown Prince promised an increase in production. But the increase of 1,00,000 barrels per day announced subsequently by OPEC&nbsp;was rather disappointing. It was the smallest increase by that grouping in recent years. Despite, the underwhelming response to US President’s request, the market has not only stayed calm, but the prices have gone down.

The OPEC basket of crude has come down from $110.9 to $103.2 per barrel from July’22 last week to August’22 last week. The Indian crude oil basket has come down from $108.92 to $98.31 per barrel during the same period. This can only be attributed to fear of recession. The US economy has contracted for two quarters in a row. The balance in the oil market remains precarious. Any increase in geopolitical tensions in Europe could again lead to a spike in prices.&nbsp;

As the US is trying artificially hold the price of crude in the international oil market by pushing OPEC/Saudi Arabia, any upliftment of sanction on Russian or Iranian oil may immediately spike the oil price very high, as OPEC will not let their revenue cut due to reduction of capacity in future. Crown Prince Mohammad Bin Salman promised to raise the oil production to 13 million barrels per day by 2027.&nbsp;

But this is the long-range target. President Biden wanted prices to be moderated before the elections. The overriding concern was to maintain international oil price stable, even if more stringent EU sanctions against the import of Russian oil go into effect.&nbsp;

Though many of the experts of fifth-generation warfare thought that conventional war has become history, the Russia-Ukraine war has put their idea of modern-day warfare into serious scrutiny.

Though many of the experts of fifth-generation warfare thought that conventional war has become history, the Russia-Ukraine war has put their idea of modern-day warfare into serious scrutiny. Many thought that in the twenty-first century warfare will be determined less on the battlefield and more in cubicles and on screen. However, global economic repercussions caused by the warfare between Russia and Ukraine and economic warfare between Russia and, Europe and the United States, their spiralling actions and counteractions by the two sides have already brought the world to the brink of recession. Russia has continued its oil exports, though it has had to give a deep discount. But the EU has paid a high price. Russia has reduced gas supply through Nordstrom I to 20% of capacity. The price of natural gas has soared in the EU to $60 per MMBTU. This will have a cascading effect on the price of LNG in Asian markets. They have tripled to $45.39 per MMBTU on August 2022, from $15.65 MMBTU a year ago on August 2021. In order to survive winter, the EU has initiated operations at conventional fossil fuel units (coal base, oil-based), which were taken out of operation due to their commitment to net zero by 2050. This may further push back the target emission cut committed by the EU at London Summit. High gas prices have pushed the EU to switch from gas to oil and coal to meet its heating and power needs. This will add to the oil demand. The oil market is calm now because of the fear of recession. But if falling prices lead OPEC to cut production again, there will be a spike in crude prices again. The oil prices will also be affected by the fate of the Iranian nuclear deal. Recently, the negotiations had been resumed in Vienna. The delegations have now gone back to their capitals for a political decision. If the deal works out, it will pave the way for Iranian oil exports to be resumed. Before the latest round of sanctions, Iran was exporting 2.1 million barrels per day. This will not substitute more than five million barrels of Russian oil exports in case EU sanctions against that country deepen. Iranian oil, if it comes back to the market, will be a relief for the international oil market, though would not be sufficient to substitute Russian Supplies for EU, considering the same production rate from OPEC. However, considering the present US-Israel-EU lobbying and the current stance of the Iranian govt., it can be predicted that Iranian oil may not come into the international market in near future soon. In the meantime, the Middle East has become a field for the cold war for US and Russia. US President Joe Biden’s visit to Israel and Saudi Arabia was followed by the visit of Russian President Vladimir Putin to the other side of the gulf. Putin visited Tehran, where he also met the Turkish President. The Turkish economy has been in deep crisis, but its President harbours regional ambitions. Its control of the entry and exit from the Black Sea has underlined its locational advantage for both sides in the Ukraine crisis. This has increased the importance of Turkey to both camps, though Turkey is a NATO member. The sharp increase in oil prices following the Ukraine war brought President Biden to Saudi Arabia. This was seen as a departure from the position taken by candidate Biden during his election campaign when he had criticized the Crown Prince and threatened to make the Saudi Kingdom a pariah state. What prompted President Biden’s visit to the Saudi Kingdom was the increase in petrol price at the pump in the USA. This had reached the US-wide average of $5 per gallon. This was well past the comfort level of $4 per gallon long held as the limit the US consumer could tolerate. This had an ominous implication in an election year. The Congressional elections are due in November. A loss of the democratic majority in the house would seriously cramp President Biden’s capacity to shape the legislative agenda for the rest of his term. The Crown Prince promised an increase in production. But the increase of 1,00,000 barrels per day announced subsequently by OPEC was rather disappointing. It was the smallest increase by that grouping in recent years. Despite, the underwhelming response to US President’s request, the market has not only stayed calm, but the prices have gone down. The OPEC basket of crude has come down from $110.9 to $103.2 per barrel from July’22 last week to August’22 last week. The Indian crude oil basket has come down from $108.92 to $98.31 per barrel during the same period. This can only be attributed to fear of recession. The US economy has contracted for two quarters in a row. The balance in the oil market remains precarious. Any increase in geopolitical tensions in Europe could again lead to a spike in prices. As the US is trying artificially hold the price of crude in the international oil market by pushing OPEC/Saudi Arabia, any upliftment of sanction on Russian or Iranian oil may immediately spike the oil price very high, as OPEC will not let their revenue cut due to reduction of capacity in future. Crown Prince Mohammad Bin Salman promised to raise the oil production to 13 million barrels per day by 2027. But this is the long-range target. President Biden wanted prices to be moderated before the elections. The overriding concern was to maintain international oil price stable, even if more stringent EU sanctions against the import of Russian oil go into effect.

International oil and gas prices may further surge. World is on the verge of deep recession

Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court.&nbsp;

Investors were alarmed by the&nbsp;stunning drop in the cryptocurrencies earlier this year, which caused key token prices to crash. The Singapore-registered Terraform Labs, according to the prosecution, violated capital market regulations.&nbsp;

In May, Terra Luna lost 99 per cent of its value, which was made worse by a decline in TerraUSD, its sister currency.
<img alt="Cryptocrash" data-align="center" data-caption="Terra Luna cryptocrash; Source: Bloomberg" data-entity-type="file" data-entity-uuid="337b16cd-edb1-4672-b436-d4853e660675" src="//cdn.wionews.com/sites/default/files/inline-images/1200x861.jpg" />
Kwon and five other people involved in the case have arrest warrants, a representative for the South Korean prosecutor's office told the BBC. She wouldn't say how near the authorities were to making the arrests, though.&nbsp;

Kwon is reportedly believed to be in Singapore, a country without a formal extradition treaty with South Korea. In a recent interview with the cryptocurrency show Coinage, Kwon stated that it was "kind of hard" to determine whether to go back to South Korea. Additionally, he asserted that he had "never been in touch&nbsp;with the investigators."

Also Read:<a href="https://www.wionews.com/world/data-lab-fed-up-with-mundane-beer-options-a-brewing-revolution-is-underway-in-the-us-516212">&nbsp;Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US</a>

According to the Financial Times, prosecutors intend to deactivate Kwon's passport and cooperate with the international policing organisation Interpol to arrest and extradite him from Singapore.&nbsp;

Midway through May, the Terra Luna token dropped from a high of nearly $100 (£87) to $0.09. Its demise was associated with and made worse by a decline in TerraUSD's value, a so-called "stablecoin."&nbsp;

Stablecoin developers work to maintain parity with other assets, such as the US dollar. But TerraUSD's price dropped to $0.40.&nbsp;

A sell-off in popular cryptocurrencies like Bitcoin, Ethereum, and Tether was sparked by the collapse in Terra. The phrase "cryptocrash" became popular online as a result.

(with inputs from agencies) 
&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court.

Do Kwon, who co-founded the business that created the cryptocurrencies Terra Luna and TerraUSD, is the subject of an arrest warrant issued by a South Korean court. Investors were alarmed by the stunning drop in the cryptocurrencies earlier this year, which caused key token prices to crash. The Singapore-registered Terraform Labs, according to the prosecution, violated capital market regulations. In May, Terra Luna lost 99 per cent of its value, which was made worse by a decline in TerraUSD, its sister currency. Kwon and five other people involved in the case have arrest warrants, a representative for the South Korean prosecutor's office told the BBC. She wouldn't say how near the authorities were to making the arrests, though. Kwon is reportedly believed to be in Singapore, a country without a formal extradition treaty with South Korea. In a recent interview with the cryptocurrency show Coinage, Kwon stated that it was "kind of hard" to determine whether to go back to South Korea. Additionally, he asserted that he had "never been in touch with the investigators." Also Read: Data Lab| Fed up with mundane beer options? A brewing revolution is underway in the US According to the Financial Times, prosecutors intend to deactivate Kwon's passport and cooperate with the international policing organisation Interpol to arrest and extradite him from Singapore. Midway through May, the Terra Luna token dropped from a high of nearly $100 (£87) to $0.09. Its demise was associated with and made worse by a decline in TerraUSD's value, a so-called "stablecoin." Stablecoin developers work to maintain parity with other assets, such as the US dollar. But TerraUSD's price dropped to $0.40. A sell-off in popular cryptocurrencies like Bitcoin, Ethereum, and Tether was sparked by the collapse in Terra. The phrase "cryptocrash" became popular online as a result. (with inputs from agencies)

South Korea issues arrest warrant for Terra Luna founder on charges of 'cryptocrash'

Fitch Ratings has lowered the GDP forecasts for all the major economies citing high inflation, the European gas crisis&nbsp;and a sharp acceleration in the pace of global monetary policy tightening.&nbsp;

The world is now expected to grow at 2.4 per cent for the current year from the earlier projection of 2.9 per cent, according to Fitch's Global Economic Outlook.

For India, Fitch expects it to now grow at 7 per cent from earlier 7.8 per cent in 2022-23, with the growth expected to slow further to 6.7 per cent from 7.4 per cent projected before in 2023-24.&nbsp;

"The eurozone and UK are now expected to enter recession later this year and Fitch forecasts that the US will suffer a mild recession in mid-2023,” Fitch said in its latest global economic outlook.&nbsp;

Pointing out that India's 13 per cent growth in April to June quarter was below its expectation of an 18 per cent rise, Fitch in its report said, “Seasonally adjusted estimates show a 3.3 per cent quarter on quarter decline though this seems to be at odds with high-frequency indicators.”&nbsp;

It, however, cited improvements in Purchasing Manager Indices and industrial growth through the quarter. &nbsp;&nbsp;

“The manufacturing PMI index also recovered strongly in July and remained upbeat in August, with the Reserve Bank of India (RBI) saying that “domestic activity remains resilient.”&nbsp;

"Nevertheless, we expect the economy to slow down given the global economic backdrop, elevated inflation and tighter monetary policy,” the agency said.

The firm has cautioned that the risk of food inflation persists despite India registering a modest rise in August.

“Core inflation, which excludes food, fuel and light, remained elevated at 6% while inflation expectations have also stayed high. The RBI’s latest survey of household inflation expectations eased in July, but expectations are still far above pre-pandemic levels,” it said.

“Destabilising inflation expectations could risk triggering second-round effects, according to the minutes of the RBI’s August policy meeting. While the RBI expects monthly inflation data to be volatile in the near term, its expectation is for the consumer price inflation to ease towards the end of the year,” the agency added.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Fitch Ratings has lowered the GDP forecasts for all the major economies citing high inflation, the European gas crisis and a sharp acceleration in the pace of global monetary policy tightening.

Fitch Ratings has lowered the GDP forecasts for all the major economies citing high inflation, the European gas crisis and a sharp acceleration in the pace of global monetary policy tightening. The world is now expected to grow at 2.4 per cent for the current year from the earlier projection of 2.9 per cent, according to Fitch's Global Economic Outlook. For India, Fitch expects it to now grow at 7 per cent from earlier 7.8 per cent in 2022-23, with the growth expected to slow further to 6.7 per cent from 7.4 per cent projected before in 2023-24. "The eurozone and UK are now expected to enter recession later this year and Fitch forecasts that the US will suffer a mild recession in mid-2023,” Fitch said in its latest global economic outlook. Pointing out that India's 13 per cent growth in April to June quarter was below its expectation of an 18 per cent rise, Fitch in its report said, “Seasonally adjusted estimates show a 3.3 per cent quarter on quarter decline though this seems to be at odds with high-frequency indicators.” It, however, cited improvements in Purchasing Manager Indices and industrial growth through the quarter. “The manufacturing PMI index also recovered strongly in July and remained upbeat in August, with the Reserve Bank of India (RBI) saying that “domestic activity remains resilient.” "Nevertheless, we expect the economy to slow down given the global economic backdrop, elevated inflation and tighter monetary policy,” the agency said. The firm has cautioned that the risk of food inflation persists despite India registering a modest rise in August. “Core inflation, which excludes food, fuel and light, remained elevated at 6% while inflation expectations have also stayed high. The RBI’s latest survey of household inflation expectations eased in July, but expectations are still far above pre-pandemic levels,” it said. “Destabilising inflation expectations could risk triggering second-round effects, according to the minutes of the RBI’s August policy meeting. While the RBI expects monthly inflation data to be volatile in the near term, its expectation is for the consumer price inflation to ease towards the end of the year,” the agency added. WATCH WION LIVE HERE

Fitch lowers world's growth forecast, slashes India's GDP rise to 7% for 2022-23

Indian software giant Infosys has warned its employees in an email sent out by the HR department. The email reads, “Remember - NO TWO-TIMING - NO MOONLIGHTING.” The email stresses on clauses of the employment contract which restrict employees from taking up secondary employment.

World Business Watch: ‘No two-timing, no moonlighting’, Infosys warns employees

General Motors’ autonomous driving unit Cruise has developed its own chips for self-driving cars to be deployed by 2025, as they aim to bring down costs and scale up volume.

World Business Watch: GM's Cruise develops its own chips for self-driving cars

Japan's core machinery orders extended gains in July, raising hopes business growth spending may offset near-term headwinds from a global economic slowdown and a weaker yen.

World Business Watch: Japan's machinery orders post surprise gains in July

Economists are becoming more pessimistic about Germany than they have been since the 2008 financial crisis. The Europe's biggest economy is facing significant pressures at the moment, here's our report.

Pessimism over German economy grows, recession inevitable for Germany?

Global banking giant Goldman Sachs is embarking on its biggest job cuts since the start of the pandemic. Without any layoffs, the number of employees in the company has grown to 47,000 globally, which is 15% increase from last year.

WION Business News: Goldman Sachs plans to lay off hundreds of employees

Google CEO Sundar Pichai reviewed a plan to consider India as a manufacturing base, earlier this year but a decision has not been made yet. The plan is a result of disruptions in China from Covid lockdown and Beijing's rising tensions with the US.

WION Business News: Google may consider India to be manufacturing base for producing high-end phones

As data security is at the center of every debate, truecaller is planning to improve its data security mechanism. The company globally employs 350 people and India accounts for majority of that workforce.

WION Business News: Truecaller focuses on growth & expansion; to improve data protection regulations