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JPMorgan Chase and chief executive officer Jamie Dimon warned Monday that a serious mix of headwinds will likely send the United States into a recession in the next six to nine months.

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On Monday, the British finance minister Kwasi Kwarteng said that he will publish the fiscal plans and economic forecasts for the UK on October 31. This comes amid the pressure of rebuilding investor confidence in the new government, ballooning government debt and calming the rattled market.&nbsp;

Kwarteng announced that he is preponing his midterm budget by more than three weeks as it was due on November 23, in a bid to reassure markets after his “mini-budget” blunder which crashed the country’s currency and sent shockwaves throughout the financial markets. This was after the new Prime Minister Liz Truss's cabinet announced 45 billion pounds of unfunded tax cuts.&nbsp;

Following the “mini-budget” announcement on September 23 the government borrowing costs surged, and bond prices collapsed, threatening Britain’s pension funds this is when the Bank of England was forced to intervene and take emergency action.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/report-uk-bank-says-pension-funds-nearly-collapsed-amid-unprecedented-market-meltdown-523441">Report: UK central bank says pension funds nearly collapsed amid market meltdown</a>

Prior to the mini-budget, Kwarteng refused to publish a draft report by the Office for Budget Responsibility (OBR) which reportedly caused an uproar among some members of Parliament as well as rattled the market. This comes after he had previously said that OBR would not have sufficient time to provide satisfactory forecasts on his “mini-budget” however they have since contradicted this.&nbsp;

The new date for the fiscal plan means the finance minister’s report will be released ahead of the central bank’s announcement on interest rates on November 3. According to the British finance minister, the October 31 date for his medium-term fiscal statement would also give the OBR to assess updates to official data, for a full forecast to take place.&nbsp; 
 
ALSO READ:<a href="https://www.wionews.com/world/liz-truss-preparing-for-another-u-turn-this-time-on-welfare-payments-524207">&nbsp;Liz Truss preparing for another U-turn; this time on welfare payments</a>

Reportedly, Kwarteng and Truss are hoping that the OBR will back their claims that a combination of tax cuts and reforms on planning rules and immigration will boost the country’s economic growth. The OBR is an independent watchdog and will now publish a report alongside Kwarteng's statement, its forecasts will give a report on how the health of the nation’s finances faring.&nbsp;

Meanwhile, the International Monetary Fund (IMF) previously indicated that this push for economic growth and the central bank’s attempts to controlling inflation is working against each other. These remarks also came ahead of Kwarteng’s visit to Washington this week to attend the &nbsp;IMF's semi-annual meeting of global policymakers.&nbsp;

(With inputs from agencies) 
 
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On Monday, the British finance minister Kwasi Kwarteng said that he will publish the fiscal plans and economic forecasts for the UK on October 31. This comes amid the pressure of rebuilding investor confidence in the new government, ballooning government debt and calming the rattled market.

On Monday, the British finance minister Kwasi Kwarteng said that he will publish the fiscal plans and economic forecasts for the UK on October 31. This comes amid the pressure of rebuilding investor confidence in the new government, ballooning government debt and calming the rattled market. Kwarteng announced that he is preponing his midterm budget by more than three weeks as it was due on November 23, in a bid to reassure markets after his “mini-budget” blunder which crashed the country’s currency and sent shockwaves throughout the financial markets. This was after the new Prime Minister Liz Truss's cabinet announced 45 billion pounds of unfunded tax cuts. Following the “mini-budget” announcement on September 23 the government borrowing costs surged, and bond prices collapsed, threatening Britain’s pension funds this is when the Bank of England was forced to intervene and take emergency action. ALSO READ: Report: UK central bank says pension funds nearly collapsed amid market meltdown Prior to the mini-budget, Kwarteng refused to publish a draft report by the Office for Budget Responsibility (OBR) which reportedly caused an uproar among some members of Parliament as well as rattled the market. This comes after he had previously said that OBR would not have sufficient time to provide satisfactory forecasts on his “mini-budget” however they have since contradicted this. The new date for the fiscal plan means the finance minister’s report will be released ahead of the central bank’s announcement on interest rates on November 3. According to the British finance minister, the October 31 date for his medium-term fiscal statement would also give the OBR to assess updates to official data, for a full forecast to take place. ALSO READ: Liz Truss preparing for another U-turn; this time on welfare payments Reportedly, Kwarteng and Truss are hoping that the OBR will back their claims that a combination of tax cuts and reforms on planning rules and immigration will boost the country’s economic growth. The OBR is an independent watchdog and will now publish a report alongside Kwarteng's statement, its forecasts will give a report on how the health of the nation’s finances faring. Meanwhile, the International Monetary Fund (IMF) previously indicated that this push for economic growth and the central bank’s attempts to controlling inflation is working against each other. These remarks also came ahead of Kwarteng’s visit to Washington this week to attend the IMF's semi-annual meeting of global policymakers. (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.

UK: Finance minister Kwarteng to publish fiscal plan and economic forecasts on October 31

Another global executive has joined the chorus of fears of global recessions. This time the warning has come from JPMorgan Chase CEO Jamie Dimon who said serious headwinds are likely to push the US and Global economies into recession by the middle of next year.

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According to the Bank of England, the pension funds which are managing vast sums on behalf of retired people in the UK came close to a collapse after an “unprecedented” meltdown in UK government bond markets following the Chancellor of the Exchequer, Kwasi Kwarteng’s mini-budget.&nbsp;

The central bank explained how the drastic increase in interest rates on long-dated UK government bonds in the days following the mini-budget announcement had triggered a “self-reinforcing” spiral in debt markets, said the Guardian. This threatened the stability of the British financial system.&nbsp;

The Bank of England stepped in last week after the British pound collapsed and became the lowest ever in history against the dollar. On the other hand, the interest rates on rates on UK government bonds rose to the highest ever since the 2008 global financial crisis.&nbsp;

In a letter to the Commons Treasury committee, the Bank’s deputy governor for financial stability, Jon Cunliffe while explaining the bank’s intervention suggested that the biggest market movements came after the chancellor’s announcement of the mini-budget.&nbsp; 
 
ALSO WATCH:&nbsp;<a href="https://www.wionews.com/videos/uk-unveils-mini-budget-historic-tax-cuts-and-borrowing-in-uks-new-economic-agenda-519054">UK unveils mini budget; historic tax cuts and borrowing in UK's new economic agenda</a>

Explaining its emergency intervention to subdue the financial market turmoil they said how more than one trillion pounds invested in pension funds came under severe strain and a large number of which might have gone bust.&nbsp;

Reportedly, if they did not intervene and promised to buy 65 billion pounds of government debt, the funds managing money on behalf of pensioners “would have been left with negative net asset value” across the country. Subsequently, they would also have not been able to meet cash demands.&nbsp;

“As a result, it was likely that these funds would have to begin the process of winding up the following morning,” said the bank. They also went on to elucidate how the meltdown would have sent ripples through Britain’s financial system. This would have caused, “excessive and sudden tightening of financing conditions for the real economy”.

The currency had been “broadly stable” when on September 22 the bank increased interest rates. The long-term interest rates on government bonds rose by about 20 basis points during that time. However, after Kwarteng’s speech about 45 billion pounds of unfunded tax cuts, the Bank’s market intelligence was able to identify concerns by the pension fund managers.&nbsp;

Ministers had tried to argue that the turmoil in the market was reflective of global factors, the bank undermined the suggestion and published a chart which highlights a sharp rise in 30-year borrowing costs after the mini-budget. To show that this rise was not replicated in the US or the EU.&nbsp;

Amid this market turmoil, the value of UK government bonds fell sharply as investors began to lose faith in the UK Prime Minister Liz Truss’ administration to run a sustainable tax and spending policy. According to the report, this resulted in pension funds invested in liability-driven investment (LDI) schemes facing rolling “margin calls” as the value of the bonds pledged as collateral collapsed.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/proposed-uk-tax-cuts-caused-a-little-turbulence-says-finance-minister-kwasi-kwarteng-522165">Proposed UK tax cuts caused ‘a little turbulence’, says finance minister Kwasi Kwarteng</a>

During the ongoing “self-reinforcing downward spiral” the funds moved to sell other long-dated bonds to meet cash demands which increased pressure in the bond market. The bank indicated that they heard intelligence that funds were preparing to sell at least 50 billion pounds of long-dated government bonds in a short time, which was at least four times the usual 12 billion pound average market trading volumes in recent weeks, said the report.&nbsp;

Prior to the bank intervention, the yields on 30-year UK government bonds reportedly rose by 35 basis points on two separate days. The biggest daily rise seen since the data that has been dating back to the beginning of this century was 29 basis points.&nbsp;

However, on Thursday, a Treasury spokesperson did not budge from their previous stance and blamed the market turmoil on global issues, “While the UK has seen disruption, global financial markets have also seen significant volatility in recent weeks.”&nbsp;

They added, the economy is in a “competitive position” and attributed it to the lowest level of unemployment in the country for almost 50 years and the second lowest net debt to GDP ratio among the G7 countries.&nbsp;

“Our growth plan will unleash growth and make the UK more competitive. The government is committed to strong fiscal discipline and to debt falling as a percentage of GDP over the medium term,” said the spokesperson. Indicating that further details will be shared during the upcoming medium-term fiscal plan shortly.&nbsp; 
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According to the Bank of England, the pension funds which are managing vast sums on behalf of retired people in the UK came close to a collapse after an “unprecedented” meltdown in UK government bond markets following the Chancellor of the Exchequer, Kwasi Kwarteng’s mini-budget.

According to the Bank of England, the pension funds which are managing vast sums on behalf of retired people in the UK came close to a collapse after an “unprecedented” meltdown in UK government bond markets following the Chancellor of the Exchequer, Kwasi Kwarteng’s mini-budget. The central bank explained how the drastic increase in interest rates on long-dated UK government bonds in the days following the mini-budget announcement had triggered a “self-reinforcing” spiral in debt markets, said the Guardian. This threatened the stability of the British financial system. The Bank of England stepped in last week after the British pound collapsed and became the lowest ever in history against the dollar. On the other hand, the interest rates on rates on UK government bonds rose to the highest ever since the 2008 global financial crisis. In a letter to the Commons Treasury committee, the Bank’s deputy governor for financial stability, Jon Cunliffe while explaining the bank’s intervention suggested that the biggest market movements came after the chancellor’s announcement of the mini-budget. ALSO WATCH: UK unveils mini budget; historic tax cuts and borrowing in UK's new economic agenda Explaining its emergency intervention to subdue the financial market turmoil they said how more than one trillion pounds invested in pension funds came under severe strain and a large number of which might have gone bust. Reportedly, if they did not intervene and promised to buy 65 billion pounds of government debt, the funds managing money on behalf of pensioners “would have been left with negative net asset value” across the country. Subsequently, they would also have not been able to meet cash demands. “As a result, it was likely that these funds would have to begin the process of winding up the following morning,” said the bank. They also went on to elucidate how the meltdown would have sent ripples through Britain’s financial system. This would have caused, “excessive and sudden tightening of financing conditions for the real economy”. The currency had been “broadly stable” when on September 22 the bank increased interest rates. The long-term interest rates on government bonds rose by about 20 basis points during that time. However, after Kwarteng’s speech about 45 billion pounds of unfunded tax cuts, the Bank’s market intelligence was able to identify concerns by the pension fund managers. Ministers had tried to argue that the turmoil in the market was reflective of global factors, the bank undermined the suggestion and published a chart which highlights a sharp rise in 30-year borrowing costs after the mini-budget. To show that this rise was not replicated in the US or the EU. Amid this market turmoil, the value of UK government bonds fell sharply as investors began to lose faith in the UK Prime Minister Liz Truss’ administration to run a sustainable tax and spending policy. According to the report, this resulted in pension funds invested in liability-driven investment (LDI) schemes facing rolling “margin calls” as the value of the bonds pledged as collateral collapsed. ALSO READ: Proposed UK tax cuts caused ‘a little turbulence’, says finance minister Kwasi Kwarteng During the ongoing “self-reinforcing downward spiral” the funds moved to sell other long-dated bonds to meet cash demands which increased pressure in the bond market. The bank indicated that they heard intelligence that funds were preparing to sell at least 50 billion pounds of long-dated government bonds in a short time, which was at least four times the usual 12 billion pound average market trading volumes in recent weeks, said the report. Prior to the bank intervention, the yields on 30-year UK government bonds reportedly rose by 35 basis points on two separate days. The biggest daily rise seen since the data that has been dating back to the beginning of this century was 29 basis points. However, on Thursday, a Treasury spokesperson did not budge from their previous stance and blamed the market turmoil on global issues, “While the UK has seen disruption, global financial markets have also seen significant volatility in recent weeks.” They added, the economy is in a “competitive position” and attributed it to the lowest level of unemployment in the country for almost 50 years and the second lowest net debt to GDP ratio among the G7 countries. “Our growth plan will unleash growth and make the UK more competitive. The government is committed to strong fiscal discipline and to debt falling as a percentage of GDP over the medium term,” said the spokesperson. Indicating that further details will be shared during the upcoming medium-term fiscal plan shortly. 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: UK central bank says pension funds nearly collapsed amid market meltdown

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday.

The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement.

Direct tax collection came at Rs 8.98 trillion between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.

Tax on corporate and individual income makes up for direct taxes.

After adjusting refunds, direct tax collection stood at Rs 7.45 trillion, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said.

"This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added.

Tax collection is an indicator of economic activity in any country. But in India, the robust tax collection was despite a slowdown in industrial production and exports.

Some analysts believe that the economic growth has lost momentum but corporate profits are keeping the engine running.

The Reserve Bank of India (RBI) last month cut its production of India's GDP growth in the current fiscal to 7 per cent from 7.2 per cent previously estimated.

Other rating agencies too have lowered the economic growth projection for India citing impact of the geopolitical tensions, tightening global financial conditions and slowing external demand.

"So far as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent," the Central Board of Direct Taxes (CBDT) said.

After adjustment of refunds, the net growth in CIT collection was 16.29 per cent and that in PIT collection was 17.35 per cent (PIT only)/16.25 per cent (PIT including STT).

Refunds amounting to Rs 1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, 81 per cent higher than the refunds issued during the same period in the preceding year, it added.

Merchandise exports have lost on the momentum of last year's surge and shrunk by 3.5 per cent in September. Trade deficit has nearly doubled in the first six months. IIP growth was subdued at 2.4 per cent in July while 'core sector' hit a nine-month low of 3.3 per cent in August.

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday.

Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 trillion between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago. Tax on corporate and individual income makes up for direct taxes. After adjusting refunds, direct tax collection stood at Rs 7.45 trillion, 16.3 per cent higher than the net collection for the corresponding period a year ago, the statement said. "This collection is 52.46 per cent of the total Budget Estimates of Direct Taxes for FY 2022-23," it added. Tax collection is an indicator of economic activity in any country. But in India, the robust tax collection was despite a slowdown in industrial production and exports. Some analysts believe that the economic growth has lost momentum but corporate profits are keeping the engine running. The Reserve Bank of India (RBI) last month cut its production of India's GDP growth in the current fiscal to 7 per cent from 7.2 per cent previously estimated. Other rating agencies too have lowered the economic growth projection for India citing impact of the geopolitical tensions, tightening global financial conditions and slowing external demand. "So far as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collection is concerned, the growth rate for CIT is 16.73 per cent, while that for PIT (including STT) is 32.30 per cent," the Central Board of Direct Taxes (CBDT) said. After adjustment of refunds, the net growth in CIT collection was 16.29 per cent and that in PIT collection was 17.35 per cent (PIT only)/16.25 per cent (PIT including STT). Refunds amounting to Rs 1.53 lakh crore have been issued during the period April 1, 2022 to October 8, 2022, 81 per cent higher than the refunds issued during the same period in the preceding year, it added. Merchandise exports have lost on the momentum of last year's surge and shrunk by 3.5 per cent in September. Trade deficit has nearly doubled in the first six months. IIP growth was subdued at 2.4 per cent in July while 'core sector' hit a nine-month low of 3.3 per cent in August.

Direct tax collection jumps 24% in first half of FY22, earnings reach Rs 7.45 trillion

Taiwan's government said on Saturday that Taiwanese semiconductor firms place "great importance" on following the law and that they would abide by new U.S. export restrictions designed to stifle China's chip sector.&nbsp;

The administration of President Joe Biden's guidelines, which were unveiled on Friday, contains a provision to cut off China from specific chips produced anywhere in the globe using American machinery, greatly extending its reach in an effort to halt Beijing's scientific and military advancements.&nbsp;

Taiwan Semiconductor Manufacturing Co. (TSMC), the largest contract chipmaker in the world and a significant supplier to businesses like Apple Inc., is based in Taiwan, a country that produces a lot of chips.

Taiwan's economy ministry stated in a statement in reaction to the U.S. declaration that Taiwanese businesses adhered to the law.&nbsp;

"Taiwan's semiconductor industry has long served global customers and attaches great importance to compliance with laws," it said.

According to the ministry, the government remains in regular communication with manufacturers and encourages them to invest in the expansion of their factories and deliver goods to markets across the world for technical advancement.

TSMC refused to comment on the American regulations, claiming that it was a quiet time before its quarterly reports the next week. Prior to the announcement of its earnings later this month, the smaller competitor United Microelectronics Corp. similarly declined to comment.

Also Read:&nbsp;<a href="https://www.wionews.com/world/five-teenagers-sent-to-correction-facility-for-armed-revolution-in-hong-kong-523563">Five teenagers sent to 'correction facility' for 'armed revolution' in Hong Kong</a>

Taiwan has its own concerns about China, particularly the attempts made by Chinese businesses to snatch up technical know-how and semiconductor expertise. China, Taiwan's main commercial partner, has stiff restrictions on Taiwanese investment.&nbsp;

Taiwan's concerns have grown as China conducts frequent military exercises close to the island in an effort to pressure Taiwan into recognising Beijing's sovereignty.

(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>

Taiwan's government said on Saturday that Taiwanese semiconductor firms place "great importance" on following the law and that they would abide by new U.S. export restrictions designed to stifle China's chip sector.

Taiwan's government said on Saturday that Taiwanese semiconductor firms place "great importance" on following the law and that they would abide by new U.S. export restrictions designed to stifle China's chip sector. The administration of President Joe Biden's guidelines, which were unveiled on Friday, contains a provision to cut off China from specific chips produced anywhere in the globe using American machinery, greatly extending its reach in an effort to halt Beijing's scientific and military advancements. Taiwan Semiconductor Manufacturing Co. (TSMC), the largest contract chipmaker in the world and a significant supplier to businesses like Apple Inc., is based in Taiwan, a country that produces a lot of chips. Taiwan's economy ministry stated in a statement in reaction to the U.S. declaration that Taiwanese businesses adhered to the law. "Taiwan's semiconductor industry has long served global customers and attaches great importance to compliance with laws," it said. According to the ministry, the government remains in regular communication with manufacturers and encourages them to invest in the expansion of their factories and deliver goods to markets across the world for technical advancement. TSMC refused to comment on the American regulations, claiming that it was a quiet time before its quarterly reports the next week. Prior to the announcement of its earnings later this month, the smaller competitor United Microelectronics Corp. similarly declined to comment. Also Read: Five teenagers sent to 'correction facility' for 'armed revolution' in Hong Kong Taiwan has its own concerns about China, particularly the attempts made by Chinese businesses to snatch up technical know-how and semiconductor expertise. China, Taiwan's main commercial partner, has stiff restrictions on Taiwanese investment. Taiwan's concerns have grown as China conducts frequent military exercises close to the island in an effort to pressure Taiwan into recognising Beijing's sovereignty. (with inputs from agencies)

Taiwan signals compliance with new US export controls to hobble China's chip industry

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Global Economy LIVE | US stocks fall as jobs market slows slightly

The OPEC+ group agreed to cut production, by 2 million barrels per day, the biggest slash in production since the beginning of the COVID-19 pandemic in 2020.

World Business Watch: OPEC+ will cut production by 2 million barrels a day

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives."&nbsp;

When asked if the United States would contemplate turning to the oil-rich country Venezuela, he told reporters, "There's a lot of alternatives.&nbsp;We are still debating our options."&nbsp;

A day after OPEC+ said it will reduce oil output by 2 million barrels per day, the president made the&nbsp;remarks.

Oil-producing countries like Saudi Arabia, Russia, and the UAE would benefit economically from the OPEC+ decision.&nbsp;

However, it also implies that when storage levels drop, petrol prices will probably increase.&nbsp;

According to reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there.

Also Read:&nbsp;<a href="https://www.wionews.com/world/asia-pacific-may-lose-title-as-worlds-largest-travel-region-post-pandemic-523081">Asia Pacific may lose title as world's largest travel region to Europe post-pandemic</a>

However, the White House refuted these assertions on Thursday, stating that "there are no plans to change our sanctions policy without constructive steps from the Maduro regime."&nbsp;

Prior to the Wednesday decision, the Biden administration allegedly made attempts to convince the Saudi authorities to maintain oil output.

(with inputs from agencies)

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The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives.

The decision by the Organization of the Petroleum Exporting Countries (OPEC+) to reduce oil output, according to President Biden, has left the government searching for "alternatives." When asked if the United States would contemplate turning to the oil-rich country Venezuela, he told reporters, "There's a lot of alternatives. We are still debating our options." A day after OPEC+ said it will reduce oil output by 2 million barrels per day, the president made the remarks. Oil-producing countries like Saudi Arabia, Russia, and the UAE would benefit economically from the OPEC+ decision. However, it also implies that when storage levels drop, petrol prices will probably increase. According to reports published Wednesday night, the Biden administration was considering easing Venezuelan sanctions so that American oil corporations might restart production there. Also Read: Asia Pacific may lose title as world's largest travel region to Europe post-pandemic However, the White House refuted these assertions on Thursday, stating that "there are no plans to change our sanctions policy without constructive steps from the Maduro regime." Prior to the Wednesday decision, the Biden administration allegedly made attempts to convince the Saudi authorities to maintain oil output. (with inputs from agencies)

US looking for 'alternatives' after OPEC 'disappointment', may ease Venezuela sanctions

Home prices in Hong Kong, long the world’s most expensive housing market, could fall by 30% by the end of 2023, compared to 2021’s prices, analysts at Goldman Sachs predicted.

World Business Watch | Goldman Sachs: Hong Kong home prices could fall 30%

The United States Defense Department added more Chinese companies, including drone maker DJI Technology to a blacklist which subjects them to an investment ban for Americans

World Business Watch: US puts Chinese drone giant DJI on military ties blacklist

Samsung Electronics flagged a worse-than-expected 32% drop in quarterly operating earnings, as demand for electronic devices and the memory chips shrank due to an economic downturn.

World Business Watch: Samsung Electronics posts first quarterly earnings drop in nearly 3 years

Cathay Pacific does not have enough pilots to sustain a rapid increase in business expected in the wake of Hong Kong’s easing of Covid-19 travel restrictions, the aircrew’s union has warned.

World Business Watch: Cathay Pacific not ready for soaring Hong Kong demand for flights

Just days after dropping its longstanding mandatory hotel quarantine requirement, Hong Kong has confirmed plans to give away half a million airline tickets in a bid to boost tourism.

World Business Watch: Hong Kong offers 500,000 free air tickets to tempt tourists back

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence.

The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures.&nbsp;

Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032.&nbsp;

In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point.

The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade.

“Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint.

Also Read:<a href="https://www.wionews.com/world/famous-moai-statues-irreparably-damaged-due-to-easter-island-fire-523300">&nbsp;Famous moai statues 'irreparably' damaged due to Easter Island fire</a>

Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains.&nbsp;

Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two&nbsp;million barrels per day.&nbsp;

However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister.&nbsp;

If oil prices rise higher, analysts predict greater currency depreciation.

(with inputs from agencies)

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The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.

The Indian rupee hit a record low of 82.22 against the dollar on Friday as rising oil costs and a strong dollar index dampened investor confidence. The rupee had previously reached a session low of 81.88. Traders will now be intently examining US payrolls report to gain a new understanding of the country's inflationary pressures. Following recovery from a two-week low, the dollar index, which measures the value of the dollar against a basket of six significant rival currencies, was barely changed at 112.032. In light of rising commodity costs, the World Bank on Thursday reduced India's GDP projection for this fiscal year by a whole percentage point. The weakness of the Asian equities markets today followed the overnight lower finish on Wall Street. The benchmark Sensex index for the Indian stock market fell more than 250 points in early trade. “Traders will be concerned as the World Bank projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing the deteriorating international environment," said Mohit Nigam, head, PMS, Hem Securities, reported Live Mint. Also Read: Famous moai statues 'irreparably' damaged due to Easter Island fire Brent crude futures were trading at or above $94.31 a barrel and were expected to post significant weekly gains. Beginning in November, the Organization of Petroleum Exporting Countries and its partners want to cut production by two million barrels per day. However, because some countries are pumping far less than their mandates, the real-world drop will probably be between 1 million and 1.1 million, according to Saudi Arabia's oil minister. If oil prices rise higher, analysts predict greater currency depreciation. (with inputs from agencies)

Rupee hits record low of 82 against US dollar after OPEC+ production cut plan

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot.&nbsp;

According to a person acquainted with the issue, work on Scout, an autonomous machine begun roughly three years ago, has already been stopped.&nbsp;

Alisa Carroll, a representative for Amazon, said that the Scout team will be dissolved and given new opportunities inside the company.

According to the source, who asked to remain anonymous to discuss a private topic, about 400 employees were working on the project internationally.&nbsp;

The notion of an autonomous robot will still be considered by a skeleton staff, but the existing design is ineffective.

Carroll&nbsp;said the business is now "reorienting" or scaling back the initiative and would work with the affected workers to match them to other vacant jobs inside the company.&nbsp;

However, she said that the project was not completely abandoned.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/famous-moai-statues-irreparably-damaged-due-to-easter-island-fire-523300">Famous Moai statues 'irreparably' damaged due to Easter Island fire</a>

Before moving on to Southern California, Georgia, and Tennessee, Amazon began testing the fully-electric Scout in Washington state in 2019.&nbsp;

The Scout is about the size of a small cooler and rolls down sidewalks at a walking pace.

(with inputs from agencies)

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The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot.

The latest indication that the e-commerce behemoth is starting to pare down experimental initiatives amid sluggish sales growth is Amazon's decision to halt tests of its home delivery robot. According to a person acquainted with the issue, work on Scout, an autonomous machine begun roughly three years ago, has already been stopped. Alisa Carroll, a representative for Amazon, said that the Scout team will be dissolved and given new opportunities inside the company. According to the source, who asked to remain anonymous to discuss a private topic, about 400 employees were working on the project internationally. The notion of an autonomous robot will still be considered by a skeleton staff, but the existing design is ineffective. Carroll said the business is now "reorienting" or scaling back the initiative and would work with the affected workers to match them to other vacant jobs inside the company. However, she said that the project was not completely abandoned. Also Read: Famous Moai statues 'irreparably' damaged due to Easter Island fire Before moving on to Southern California, Georgia, and Tennessee, Amazon began testing the fully-electric Scout in Washington state in 2019. The Scout is about the size of a small cooler and rolls down sidewalks at a walking pace. (with inputs from agencies)

Amazon shutting down tests of home delivery robot 'Scout' amid slowing growth

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.&nbsp;

According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday.&nbsp;

A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down.

This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains.&nbsp;

Theft of tokens valued at roughly $100 million weighs on the currency.&nbsp;

The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with."

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/data-lab-indias-supreme-court-legalises-abortion-regardless-of-marital-status-522735">Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status</a>

The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent&nbsp;on Friday.&nbsp;

Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business.&nbsp;

The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000.

(with inputs from agencies)

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In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies.

In what looks to be the latest theft to affect digital assets, almost $100 million worth of Binance Coin was taken, further destabilising an already disastrous year for cryptocurrencies. According to billionaire co-founder of Binance, the largest cryptocurrency exchange in the world, Changpeng "CZ" Zhao, an exploit took place on a bridge connecting blockchains, but the problem is "contained now," he wrote on Twitter on Friday. A representative for the blockchain BNB Chain, which is supported by Binance, estimated that the event involved $100 million to $110 million in digital tokens. The official also said that at least $7 million in stolen money had already been blocked. BSC Token Hub, the bridge, has been shut down. This year, crypto attacks cost almost $2 billion, and many of them were carried out by organisations with ties to North Korea. A common target has been cross-chain bridges used to move tokens between blockchains. Theft of tokens valued at roughly $100 million weighs on the currency. The Binance ecosystem is one of the most well-known to be impacted. On Twitter, Zhao stated that "in all likelihood, Binance will cover any fund that the hackers get away with." Also Read: Data Lab | India’s Supreme Court gives nod to abortion, regardless of marital status The BNB chain said that it is collaborating with security agencies to halt the transmission of stolen money. As of 10:08 am in Tokyo, Binance Coin, commonly known as BNB, was trading at around $285 after falling as high as 3.3 per cent on Friday. Hacks and a severe market downturn that reduced the value of digital assets by almost $2 trillion have both devastated the crypto business. The broader cryptocurrency markets welcomed the most recent events. Bitcoin's price remained stable at roughly $20,000. (with inputs from agencies)

Binance-backed blockchain loses $100 million in latest crypto theft, says stolen money blocked