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The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities. &nbsp;

The dispute dates back to the financial crisis in 2008 when mortgages and loans were given to individuals who had insufficient income or a history of defaulting on loans. The market ended up losing millions of dollars in bad debt as several people around the world defaulted on their loans.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-finance-minister-jeremy-hunt-scraps-almost-all-government-tax-cut-plans-526127" hreflang="en">UK Finance Minister Jeremy Hunt scraps almost all government tax cut plans</a>

In 2013, a lawsuit was filed in New Jersey regarding Credit Suisse’s role in the crisis and the bank has now agreed to&nbsp;conclude the proceedings with a&nbsp;"one-time payment... to fully resolve claims".&nbsp;

According to AFP, the bank was accused of not having a proper measure of the risks that it took on mortgage-based securities and the $495 million will be paid as compensation for the involvement.&nbsp;

Credit Suisse has released a statement stating that the settlement will allow them "to resolve the only remaining RMBS (residential mortgage-backed securities) matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket".&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-hong-kong-pro-democracy-protester-dragged-and-beaten-up-in-manchester-chinese-consulate-probe-on-526022" hreflang="en">Watch | Hong Kong pro-democracy protester dragged and beaten up in&nbsp;Manchester Chinese consulate, probe on</a>

The settlement, which was approved by the New Jersey Attorney General, was welcome news for investors as the share prices of the company rose at the Swiss Stock Exchange.&nbsp;

Credit Suisse joined a long list of financial institutions around the world that faced fines for their roles in the 2008 financial crash. Both Deutsche Bank and Barclays agreed to pay more than $2 billion to settle their cases with the authorities while the Bank of America ended up paying $17 billion.&nbsp;

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities.

The Switzerland-based investment banking company Credit Suisse said on Monday that it will pay $495 million to settle a dispute concerning mortgage-backed securities. The dispute dates back to the financial crisis in 2008 when mortgages and loans were given to individuals who had insufficient income or a history of defaulting on loans. The market ended up losing millions of dollars in bad debt as several people around the world defaulted on their loans. Also read | UK Finance Minister Jeremy Hunt scraps almost all government tax cut plans In 2013, a lawsuit was filed in New Jersey regarding Credit Suisse’s role in the crisis and the bank has now agreed to conclude the proceedings with a "one-time payment... to fully resolve claims". According to AFP, the bank was accused of not having a proper measure of the risks that it took on mortgage-based securities and the $495 million will be paid as compensation for the involvement. Credit Suisse has released a statement stating that the settlement will allow them "to resolve the only remaining RMBS (residential mortgage-backed securities) matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket". Also read | Watch | Hong Kong pro-democracy protester dragged and beaten up in Manchester Chinese consulate, probe on The settlement, which was approved by the New Jersey Attorney General, was welcome news for investors as the share prices of the company rose at the Swiss Stock Exchange. Credit Suisse joined a long list of financial institutions around the world that faced fines for their roles in the 2008 financial crash. Both Deutsche Bank and Barclays agreed to pay more than $2 billion to settle their cases with the authorities while the Bank of America ended up paying $17 billion.

Credit Suisse to pay $495 million to settle case concerning 2008 financial crisis

Experts at Goldman Sachs warned of a deeper and “more significant recession” in the UK, following the sacking of Kwasi <a name="_Hlk116857692">Kwarteng</a> as chancellor and Prime Minister Liz Truss’ reversal of corporate tax decision.

In its report, the investment bank downgraded UK’s economic outlook, saying, “Folding in weaker growth momentum, significantly tighter financial conditions, and the higher corporation tax from next April, we downgrade our UK growth outlook further and now expect a more significant recession."

The firm reduced UK’s 2023 economic output forecast to a 1 per cent contraction from an earlier forecast for a 0.4 per cent output drop, with core inflation at 3.1 per cent at the end of 2023, down from 3.3 per cent previously, Bloomberg reported citing the report.

The UK prime minister on Friday announced to raise the corporation tax rate to 25 per cent, making a U-turn on a pledge to freeze it at 19 per cent.

Truss has been under fire ever since their newly formed government announced a mini-budget in a bid to tide over the cost-of-living crisis and provide cushion to people, who have been battered by food inflation and rising gas prices.

The controversial mini-budget— which proposed unfunded tax cuts, huge government borrowing and let energy companies off from a windfall tax—announced by Kwarteng sent financial markets into meltdown, due to which the pound sank to its lowest level against the dollar in decades.

It was only after the Bank of England intervened that the market somewhat settled.

However, this led to the sacking of Kwarteng and renewed rumours of Tory MPs planning to oust Truss.

On Friday, Truss defended her economic plan, but declined to apologise to her party or the public over the turmoil.

“We recognize because of current market issues we have to deliver the mission in a different way. And that’s what we are absolutely committed to do,” she said.

(With inputs from agencies)

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Experts at Goldman Sachs warned of a deeper and “more significant recession” in the UK, following the sacking of Kwasi Kwarteng as chancellor and Prime Minister Liz Truss’ reversal of corporate tax decision.

Experts at Goldman Sachs warned of a deeper and “more significant recession” in the UK, following the sacking of Kwasi Kwarteng as chancellor and Prime Minister Liz Truss’ reversal of corporate tax decision. In its report, the investment bank downgraded UK’s economic outlook, saying, “Folding in weaker growth momentum, significantly tighter financial conditions, and the higher corporation tax from next April, we downgrade our UK growth outlook further and now expect a more significant recession." The firm reduced UK’s 2023 economic output forecast to a 1 per cent contraction from an earlier forecast for a 0.4 per cent output drop, with core inflation at 3.1 per cent at the end of 2023, down from 3.3 per cent previously, Bloomberg reported citing the report. The UK prime minister on Friday announced to raise the corporation tax rate to 25 per cent, making a U-turn on a pledge to freeze it at 19 per cent. Truss has been under fire ever since their newly formed government announced a mini-budget in a bid to tide over the cost-of-living crisis and provide cushion to people, who have been battered by food inflation and rising gas prices. The controversial mini-budget— which proposed unfunded tax cuts, huge government borrowing and let energy companies off from a windfall tax—announced by Kwarteng sent financial markets into meltdown, due to which the pound sank to its lowest level against the dollar in decades. It was only after the Bank of England intervened that the market somewhat settled. However, this led to the sacking of Kwarteng and renewed rumours of Tory MPs planning to oust Truss. On Friday, Truss defended her economic plan, but declined to apologise to her party or the public over the turmoil. “We recognize because of current market issues we have to deliver the mission in a different way. And that’s what we are absolutely committed to do,” she said. (With inputs from agencies) WATCH WION LIVE HERE:

Goldman Sachs forecasts ‘significant recession’ in UK after Liz Truss’ U-turns on tax cut

A key US inflation measure due Thursday is set to return to a four-decade high, underscoring broad and elevated price pressures that are pushing the Federal Reserve toward yet another large interest-rate hike next month.

World Business Watch: Core US inflation rises to 40-year high, Fed expected to extend rate hikes

El Salvador has lost around $60 million on its bitcoin bet one year into a nationwide crypto experiment. The country faces plummeting economic growth and a high deficit.

World Business Watch | El Salvador's bitcoin experiment: $60 million lost

A Brazilian court has fined Apple with $19 million and ruled that battery chargers must come with new iPhones sold in the country. The Sao Paulo State quote it ruled against Apple in a lawsuit filed by association of borrowers consumers and taxpayers.

World Business Watch: Lawsuit filed by the association of consumers and taxpayers against Apple

Singapore City State's economy has returned to growth in third quarter while showing fragility of post-pandemic prospects. The gross domestic product (GDP) in three months through September was up 1.5 percent from previous quarter.

World Business Watch: Central bank tightens monetary policy settings in Singapore

In the middle of a debate on Moonlighting which is working for a company and taking another job at the same time, now Indian IT giant emphasis has reportedly fired several employees for this.

World Business Watch: Indian IT firm Infosys fires several employees for 'moonlighting'

The global economic environment has taken a big hit in recent times. These economic upheavals can be attributed to the ongoing conflicts across the world that has exhausted resources and pushed economies to the brink of a recession. 

WION keeps track of the global markets, stock market situations and more. Stay tuned for the latest updates.

Global economy LIVE | Yen hits lowest level against US dollar since 1990

Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor.&nbsp;

When asked for his opinion on the legality of moonlighting, Wipro CEO Thierry Delaporte called it a "question of ethics". &nbsp;

"Our contracts stipulate not taking up a side job with a competitor. It is not a question of legal (propriety); it is a question of ethics,” Delaporte told PTI news agency.&nbsp;&nbsp;

"I am not talking about things illegal. I am not talking about side jobs. I am really talking about being in an obvious situation of conflict of interest. I think that our employees understand that."&nbsp;

Wipro Chairman Rishad Premji last month revealed that around 300 employees were fired after the company claims to have found them to be working directly with rivals while being on Wipro payrolls.&nbsp;

Meanwhile, another tech company, HCL Technologies, waded into the moonlighting issuing, saying that while it does not approve of dual employment, the issue is not a major one within the company.&nbsp;

"Dual employment while working for HCL Tech...we do not approve of that. Everybody who signs up to work for HCL Tech is signing up employment contract which requires exclusivity. The requirements around confidentiality, and non compete... all those provisions that are there we expect our employees to honour those commitments," Ramachandran Sundararajan, Chief People Officer of the company said during the Q2 earnings briefing, reported PTI news agency.

(With inputs from agencies)

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Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor.

Following immense criticism for sacking 300 employees for moonlighting, Indian tech giant Wirpo has now come out with a clarification saying that they would allow their employees to take up a secondary job as long they are not working for a competitor. When asked for his opinion on the legality of moonlighting, Wipro CEO Thierry Delaporte called it a "question of ethics". "Our contracts stipulate not taking up a side job with a competitor. It is not a question of legal (propriety); it is a question of ethics,” Delaporte told PTI news agency. "I am not talking about things illegal. I am not talking about side jobs. I am really talking about being in an obvious situation of conflict of interest. I think that our employees understand that." Wipro Chairman Rishad Premji last month revealed that around 300 employees were fired after the company claims to have found them to be working directly with rivals while being on Wipro payrolls. Meanwhile, another tech company, HCL Technologies, waded into the moonlighting issuing, saying that while it does not approve of dual employment, the issue is not a major one within the company. "Dual employment while working for HCL Tech...we do not approve of that. Everybody who signs up to work for HCL Tech is signing up employment contract which requires exclusivity. The requirements around confidentiality, and non compete... all those provisions that are there we expect our employees to honour those commitments," Ramachandran Sundararajan, Chief People Officer of the company said during the Q2 earnings briefing, reported PTI news agency. (With inputs from agencies) WATCH WION LIVE HERE:

Wipro’s volte-face on moonlighting: Now says its fine, but there’s a catch 

Singapore Airlines (SIA) Ltd&nbsp;is in “confidential talks” with the Tata Group over the potential integration of Vistara, whose 49 per cent equity is held by SIA, and Air India to help the Singaporean carrier&nbsp;gain a stronger foothold in India and South Asia.&nbsp;

SIA in a statement further said that the talks were ongoing and no “definitive agreements” have been reached on the potential integration between the two parties.&nbsp;

"In line with its multi-hub strategy, SIA is currently in confidential discussions with&nbsp;Tata&nbsp;to explore a potential transaction in relation to the securities of Vistara and Air India Ltd, a subsidiary of Tata (the 'potential transaction').”&nbsp;

"The discussions seek to deepen the existing partnership between SIA and Tata, and may include a potential integration of Vistara and Air India," it said in a statement.&nbsp;

The aviation company said that it will make the necessary announcements “when there are any material developments regarding the potential transaction in compliance with the relevant provisions of the Listing Manual of the Singapore Exchange Securities Trading Limited”. &nbsp;

Earlier this month, Singapore civil aviation authorities&nbsp;told WION that they are interested in expanding direct passenger services between the two counties. When asked about the SIA-Air India deal, the official said that it is a "commercial decision".&nbsp;

Singapore Airlines and Scoot, a Singaporean low-cost airline, are restoring their India services to pre-Covid levels. For the next airline season, Air India, Indigo, Go Air and Vistara would be increasing their passenger services to Singapore.&nbsp;

Officials pointed out that during the pre-Covid level, passenger growth was mainly recorded from the secondary cities in India to Singapore.&nbsp;&nbsp;

SIA holds 49 per cent equity in Vistara while the balance 51 per cent equity is held by the Tata Group. &nbsp;

Vistara commenced operations in India on January 9, 2015, and has 50 flights running across the country.&nbsp;The airline's fleet comprises Airbus A320, A320neo, A321neo, Boeing 737 and B787.&nbsp;

The discussions come at a time when Air India has been looking to rebuild its fleet and target a domestic market share of at least 30 per cent over the next five years.

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Singapore Airlines (SIA) Ltd is in “confidential talks” with the Tata Group over the potential integration of Vistara, whose 49 per cent equity is held by SIA, and Air India to help the Singaporean carrier gain a stronger foothold in India and South Asia.

Singapore Airlines (SIA) Ltd is in “confidential talks” with the Tata Group over the potential integration of Vistara, whose 49 per cent equity is held by SIA, and Air India to help the Singaporean carrier gain a stronger foothold in India and South Asia. SIA in a statement further said that the talks were ongoing and no “definitive agreements” have been reached on the potential integration between the two parties. "In line with its multi-hub strategy, SIA is currently in confidential discussions with Tata to explore a potential transaction in relation to the securities of Vistara and Air India Ltd, a subsidiary of Tata (the 'potential transaction').” "The discussions seek to deepen the existing partnership between SIA and Tata, and may include a potential integration of Vistara and Air India," it said in a statement. The aviation company said that it will make the necessary announcements “when there are any material developments regarding the potential transaction in compliance with the relevant provisions of the Listing Manual of the Singapore Exchange Securities Trading Limited”. Earlier this month, Singapore civil aviation authorities told WION that they are interested in expanding direct passenger services between the two counties. When asked about the SIA-Air India deal, the official said that it is a "commercial decision". Singapore Airlines and Scoot, a Singaporean low-cost airline, are restoring their India services to pre-Covid levels. For the next airline season, Air India, Indigo, Go Air and Vistara would be increasing their passenger services to Singapore. Officials pointed out that during the pre-Covid level, passenger growth was mainly recorded from the secondary cities in India to Singapore. SIA holds 49 per cent equity in Vistara while the balance 51 per cent equity is held by the Tata Group. Vistara commenced operations in India on January 9, 2015, and has 50 flights running across the country. The airline's fleet comprises Airbus A320, A320neo, A321neo, Boeing 737 and B787. The discussions come at a time when Air India has been looking to rebuild its fleet and target a domestic market share of at least 30 per cent over the next five years. WATCH WION LIVE HERE:

Singapore Airlines, Tata Group in ‘confidential talks’ over Air India, Vistara integration 

Toshiba shares on Thursday (October 13) surged by seven per cent&nbsp;in afternoon trade following a report that a domestic investor-led group was looking at a $19 billion bid in a potential deal that could lead to foreign activist shareholders being bought out after years of tension.

A consortium led by private equity firm Japan Industrial Partners has been given preferred bidder status in the second round of bidding, a source familiar with the matter told Reuters. Japan Industrial Partners declined to comment.

Watch |&nbsp;World Business Watch: Qantas shares surge as it forecasts stronger-than-expected first-half profit

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Shares in Toshiba Corp are on track for their biggest one-day gain in more than a year after having risen about 17 per cent this year.

The bid figure of 2.8 trillion yen ($19.06 million) cited by the Kyodo news agency represents a premium of 26 per cent to Wednesday's (October) closing price.

(With inputs from agencies)

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Toshiba shares on Thursday (October 13) surged by seven per cent in afternoon trade following a report that a domestic investor-led group was looking at a $19 billion bid in a potential deal that could lead to foreign activist shareholders being bought out after years of tension.

Toshiba shares on Thursday (October 13) surged by seven per cent in afternoon trade following a report that a domestic investor-led group was looking at a $19 billion bid in a potential deal that could lead to foreign activist shareholders being bought out after years of tension. A consortium led by private equity firm Japan Industrial Partners has been given preferred bidder status in the second round of bidding, a source familiar with the matter told Reuters. Japan Industrial Partners declined to comment. Watch | World Business Watch: Qantas shares surge as it forecasts stronger-than-expected first-half profit Shares in Toshiba Corp are on track for their biggest one-day gain in more than a year after having risen about 17 per cent this year. The bid figure of 2.8 trillion yen ($19.06 million) cited by the Kyodo news agency represents a premium of 26 per cent to Wednesday's (October) closing price. (With inputs from agencies) 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.

Toshiba shares rise following reports of a possible $19 billion buyout

One of the largest Australian private health insurance providers has been hit by a “cyber incident”. Medibank Group detected unusual activity on its network on Wednesday and subsequently took immediate steps to contain the incident.

World Business Watch: Australia's Medibank reports ‘cyber incident’ following suspicious activity

Reports say, at least $718 million has been stolen so far in October alone, taking the gross tally for the year past $3 billion and putting 2022 on course to be a record for the total value hacked.

World Business Watch: Crypto hackers set for record year after looting over $3 billion

Qantas Airways forecast will report a first-half profit that tops market estimates for the full year as demand rebounds, even as it spends money to improve operational reliability and sweeten wages.

World Business Watch: Qantas shares surge as it forecasts stronger-than-expected first-half profit

BYJU’S on Wednesday said that it will be laying off around 2,500 employees, constituting 5% of its workforce across product, content, media, and technology teams.

World Business Watch: BYJU's to fire 2,500 employees as it eyes profitability by March 2023

Global Economy: 

Japanese yen falls 146 against the dollar. This is for the first time since August 1998

Russian economy surfs sanctions on the oil boom

WION brings you the latest updates

Global Economy LIVE: Yen falls 146 against dollar, UK economy shrinks 0.3% in August

Holiday spending during China's Golden Week has plunged to its lowest level in seven years, as broad Covid curbs discouraged people from travelling or spending.

World  Business Watch: China's holiday spending plunges to seven-year low

An attorney for investors suing Credit Suisse told a jury in US court that chats between traders prove the world's largest banks colluded to fix prices in the foreign exchange market between 2007 and 2013.

World Business Watch: Credit Suisse faces trial on investors' currency rigging claims

US citizens at Chinese chip firms caught in the middle of tech war after new export restrictions. Washington’s latest export restrictions prohibit US persons from supporting the development or production of chips at targeted Chinese firms.

World Business Watch: US citizens at Chinese chip firms caught in the middle of tech war

The Biden administration is proposing a new labor rule that could classify millions of gig workers in thr United States as employees rather than independent contractors.

World Business Watch: Labor Department proposal may lead to US gig workers gaining employee status

A Bloomberg report&nbsp;published on Wednesday said that Intel Corp is planning a major reduction in workforce to cope with the slowdown in the personal computer market. The layoffs may be announced within this month around the time of its third-quarter earnings report on October 27, claimed the report citing people with knowledge on the matter. &nbsp;

The report also indicated that Intel’s divisions like sales and marketing could see cuts, affecting at least 20% of the staff. As of July, the company reportedly has 113,700 employees. Meanwhile, the company has declined to comment about the layoffs. The chipmaker has been facing a steep decline in demand for PC processors which is reportedly its main business.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/taiwan-signals-complying-with-new-us-export-controls-to-hobble-chinas-chip-industry-523570">Taiwan signals compliance with new US export controls to hobble China's chip industry</a>

Intel has also struggled to gain back some market share lost to rivals like Advanced Micro Devices Inc, said the report. Back in July, it also warned that 2022 sales would be at least $11 billion lower than it expected earlier. “We are also lowering core expenses in the calendar year 2022 and will look to take additional actions in the second half of the year,” said Intel CEO Pat Gelsinger, according to the report, regarding the second-quarter earnings call.&nbsp;

Gelsinger also released a memo to the company employees on Tuesday which outlines the plans to create an internal foundry model for external customers and the company’s product lines, said a different report. A foundry business is the one that builds chips that are designed by other companies, however, Intel till now has predominantly built and designed chips so far.&nbsp;

This comes at a time when the company faces intense pressure from investors over profits as Intel’s shares have fallen more than 50% in 2022 with a 20% plunge last month alone. The US-based company has also been trying to retain its position in the market with the release of new PC processors and graphics semiconductors which is reportedly a key part of its strategy to sell more chips to the data-centre market, said the Bloomberg report.&nbsp; 
 
ALSO READ:&nbsp;<a href="https://www.wionews.com/world/intel-apologises-to-chinese-population-for-hurting-their-sentiments-over-xinjiang-comments-439553">Intel apologises to Chinese population for hurting their sentiments over Xinjiang comments</a>

According to the report, Intel’s chief financial officer, David Zinsner, had also said this after its latest quarterly report, “There are large opportunities for Intel to improve and deliver maximum output per dollar.” He added, the company is expecting to see restructuring changes in the third quarter and also signalled that the cuts are looming, the report indicated. Meanwhile, Google, also unveiled its new Intel-powered tech for server farms that will help speed artificial intelligence tasks, said the report.&nbsp; 
&nbsp;

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A Bloomberg report published on Wednesday said that Intel Corp is planning a major reduction in workforce to cope with the slowdown in the personal computer market.

A Bloomberg report published on Wednesday said that Intel Corp is planning a major reduction in workforce to cope with the slowdown in the personal computer market. The layoffs may be announced within this month around the time of its third-quarter earnings report on October 27, claimed the report citing people with knowledge on the matter. The report also indicated that Intel’s divisions like sales and marketing could see cuts, affecting at least 20% of the staff. As of July, the company reportedly has 113,700 employees. Meanwhile, the company has declined to comment about the layoffs. The chipmaker has been facing a steep decline in demand for PC processors which is reportedly its main business. ALSO READ: Taiwan signals compliance with new US export controls to hobble China's chip industry Intel has also struggled to gain back some market share lost to rivals like Advanced Micro Devices Inc, said the report. Back in July, it also warned that 2022 sales would be at least $11 billion lower than it expected earlier. “We are also lowering core expenses in the calendar year 2022 and will look to take additional actions in the second half of the year,” said Intel CEO Pat Gelsinger, according to the report, regarding the second-quarter earnings call. Gelsinger also released a memo to the company employees on Tuesday which outlines the plans to create an internal foundry model for external customers and the company’s product lines, said a different report. A foundry business is the one that builds chips that are designed by other companies, however, Intel till now has predominantly built and designed chips so far. This comes at a time when the company faces intense pressure from investors over profits as Intel’s shares have fallen more than 50% in 2022 with a 20% plunge last month alone. The US-based company has also been trying to retain its position in the market with the release of new PC processors and graphics semiconductors which is reportedly a key part of its strategy to sell more chips to the data-centre market, said the Bloomberg report. ALSO READ: Intel apologises to Chinese population for hurting their sentiments over Xinjiang comments According to the report, Intel’s chief financial officer, David Zinsner, had also said this after its latest quarterly report, “There are large opportunities for Intel to improve and deliver maximum output per dollar.” He added, the company is expecting to see restructuring changes in the third quarter and also signalled that the cuts are looming, the report indicated. Meanwhile, Google, also unveiled its new Intel-powered tech for server farms that will help speed artificial intelligence tasks, said the report. 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: Intel plans to lay off thousands in workforce amid PC market slowdown

Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV).

The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology.

The company has opened the bookings for a token amount of Rs 50,000 (US $607) and the deliveries of the first five 50 units will begin in January 2023. The price of the SUV is yet to be announced.

Atto 3 will have an electric motor pushing out a peak power of 201bhp and 310Nm of torque. The model comes with a 60.49kWh battery pack promising a range of 420km on a single charge.&nbsp;The company claims that its SUV is capable to jump from 0 to 100kmph in 7.3 seconds.

It is expected to give tough competition to&nbsp;Tata Nexon EV, Mahindra XUV400, Maruti Suzuki Grand Vitara Hybrid, and Toyota Urban Cruiser Hybrid.

With the launch of its electric SUV, BYD aims to corner around 40 per cent of the electric car market in India by 2030.

BYD views India as one of the important markets for its global expansion plan, even as it has started selling EVs in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia.

"India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters news agency.

However, India has been wary of Chinese investments in the recent past, and has tightened scrutiny of investments coming from bordering nations, especially China. Due to this,&nbsp;another Chinese carmaker, Great Wall Motor, had to shelve its $1 billion investment plan in India. &nbsp;

However, BYD has been upbeat about its future prospects and has even sent up a manufacturing plant in India, where the annual capacity is expected to go up to 15,000 units.&nbsp;Beyond that, Balakrishnan said, the company is "still exploring" what it needs to do.

(With inputs from agencies)

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Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV). The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology.

Warren Buffet-backed Chinese electric carmaker BYD has forayed into the Indian automobile market with its passenger car—an electric sport-utility vehicle (SUV). The Chinese car company unveiled its Atto 3 electric SUV, which is packed with its renowned Blade battery technology. The company has opened the bookings for a token amount of Rs 50,000 (US $607) and the deliveries of the first five 50 units will begin in January 2023. The price of the SUV is yet to be announced. Atto 3 will have an electric motor pushing out a peak power of 201bhp and 310Nm of torque. The model comes with a 60.49kWh battery pack promising a range of 420km on a single charge. The company claims that its SUV is capable to jump from 0 to 100kmph in 7.3 seconds. It is expected to give tough competition to Tata Nexon EV, Mahindra XUV400, Maruti Suzuki Grand Vitara Hybrid, and Toyota Urban Cruiser Hybrid. With the launch of its electric SUV, BYD aims to corner around 40 per cent of the electric car market in India by 2030. BYD views India as one of the important markets for its global expansion plan, even as it has started selling EVs in markets around the world, including Norway, New Zealand, Singapore, Brazil, Costa Rica, and Colombia. "India will be one of the key markets in BYD's global portfolio," Sanjay Gopalakrishnan, senior vice president of electric passenger vehicles at BYD India, told Reuters news agency. However, India has been wary of Chinese investments in the recent past, and has tightened scrutiny of investments coming from bordering nations, especially China. Due to this, another Chinese carmaker, Great Wall Motor, had to shelve its $1 billion investment plan in India. However, BYD has been upbeat about its future prospects and has even sent up a manufacturing plant in India, where the annual capacity is expected to go up to 15,000 units. Beyond that, Balakrishnan said, the company is "still exploring" what it needs to do. (With inputs from agencies) WATCH WION LIVE HERE:

Warren Buffet-backed Chinese firm BYD debuts in India, starts booking of its new electric SUV

There are many places in the world to get a job and live a good life but there are very few good places to get retired and receive pensions. In a recent survey, Iceland has been rated for the second year running as the best place all because of the private and public sector pension benefits available to all.

World Business Watch: Singapore beats Hong Kong in Asian pension systems

Chipmaker Intel is preparing to lay off thousands of employees in response to a downturn in the personal computer industry. The announcement could come as early as this month.

World Business Watch: Intel plans to cut thousands of jobs hit by PC slowdown

The global economic environment has taken a significant hit in recent times with global conflicts and the resultant recession fears have led to economic crises all around the world. With most economies experiencing turbulent times, institutions like the Bank of England have been trying to implement preventive measures.

WION will be keeping track of global markets, stock market situations, and more.  

IMF cuts global growth forecast for 2023, oil prices slide

JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction.

Runaway inflation, big interest rates hikes, the Russian invasion of Ukraine and the unknown effects of the Federal Reserve's quantitative easing policy are among the indicators of a potential recession, he said in an interview to the business news channel.

"These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they're likely to put the US in some kind of recession six to nine months from now," Dimon said.

Dimon's comments came just when US banks would begin to file third-quarter earnings from Friday. This year the benchmark S&amp;P 500 index has lost about 24 per cent. All three major US indices have been trading in bear market territory.

Dimon said the S&amp;P 500 could fall by "another easy 20%" from the current levels, with the next 20% slide likely to "be much more painful than the first", according to the CNBC report.

Earlier this year, Dimon had asked investors to brace for an economic "hurricane", with JPMorgan, the biggest US investment bank, suspending share buybacks in July after missing quarterly Wall Street expectations.

(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 <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

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JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction.

JP Morgan Chase CEO Jamie Dimon has predicted that the United States and global economy would plunge into a recession next year. He was speaking with CNBC when he made the prediction. Runaway inflation, big interest rates hikes, the Russian invasion of Ukraine and the unknown effects of the Federal Reserve's quantitative easing policy are among the indicators of a potential recession, he said in an interview to the business news channel. "These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they're likely to put the US in some kind of recession six to nine months from now," Dimon said. Dimon's comments came just when US banks would begin to file third-quarter earnings from Friday. This year the benchmark S&P 500 index has lost about 24 per cent. All three major US indices have been trading in bear market territory. Dimon said the S&P 500 could fall by "another easy 20%" from the current levels, with the next 20% slide likely to "be much more painful than the first", according to the CNBC report. Earlier this year, Dimon had asked investors to brace for an economic "hurricane", with JPMorgan, the biggest US investment bank, suspending share buybacks in July after missing quarterly Wall Street expectations. (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 ×

US economy to dip into recession next year: JP Morgan CEO Jamie Dimon