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Vodafone on Monday confirmed it was in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison.

Vodafone said a combination would allow "the necessary scale to be able to accelerate the rollout of full 5G in the UK", which has been partly hampered by Britain banning Chinese giant Huawei from involvement in the technology offering faster downloads than 4G.

Vodafone said it would have a majority 51-percent stake and CK Hutchison the remainder in a non-cash deal.

A merger would "expand broadband connectivity to rural communities and small businesses" in the UK, the statement said.

"The UK government rightly sees 5G as transformational for the economy and society and critical to the UK becoming more competitive in an increasingly digital world," it added.

Vodafone's share price was up about three percent in late trading on London's FTSE 100 index, which was rising only slightly.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted the possibility of "significant regulatory hurdles ahead for the deal, as the authorities weigh up the potential ceding ownership of more core UK infrastructure to an overseas owner".

"Clearly much still needs to be agreed and it's far from certain that this is a done deal, but if it is signed the joint venture with Three UK would create the biggest player in the UK mobile industry," she added.

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Vodafone on Monday confirmed it was in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison. Vodafone said a combination would allow "the necessary scale to be able to accelerate the rollout of full 5G in the UK", which has been partly hampered by Britain banning Chinese giant Huawei from involvement in the technology offering faster downloads than 4G.

Vodafone on Monday confirmed it was in talks over merging its UK operations with rival Three UK, owned by Hong Kong-based CK Hutchison. Vodafone said a combination would allow "the necessary scale to be able to accelerate the rollout of full 5G in the UK", which has been partly hampered by Britain banning Chinese giant Huawei from involvement in the technology offering faster downloads than 4G. Vodafone said it would have a majority 51-percent stake and CK Hutchison the remainder in a non-cash deal. A merger would "expand broadband connectivity to rural communities and small businesses" in the UK, the statement said. "The UK government rightly sees 5G as transformational for the economy and society and critical to the UK becoming more competitive in an increasingly digital world," it added. Vodafone's share price was up about three percent in late trading on London's FTSE 100 index, which was rising only slightly. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, noted the possibility of "significant regulatory hurdles ahead for the deal, as the authorities weigh up the potential ceding ownership of more core UK infrastructure to an overseas owner". "Clearly much still needs to be agreed and it's far from certain that this is a done deal, but if it is signed the joint venture with Three UK would create the biggest player in the UK mobile industry," she added. 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 ×

Vodafone, Hutchison in talks to merge UK ops

Investor Prosus NV said on Monday a $4.7 billion deal to buy BillDesk, which would have been one of the largest in India's financial technology sector, was "terminated", saying conditions of the deal had not been met.

Indian antitrust regulator had approved the acquisition on Sept. 5, more than a year after it was announced, despite concerns BillDesk's combination with Prosus-owned PayU would lead to concentration on India's payments market.

But in a short statement, Prosus said "certain conditions were not fulfilled" by a Sept. 30 deadline and "the agreement has terminated automatically in accordance with its terms."

BillDesk could not immediately be reached for comment.

A spokesperson for Prosus said there was no break fee associated with the deal, but declined to comment on reasons for the cancellation.

"The consistent pushback from investors had been around the valuation and price being paid for BillDesk," said Citi analysts in a note.

"With no further details ... what we don’t know is whether Prosus’ PayU could make another offer for BillDesk at a lower price."

Fintech valuations have fallen sharply since Prosus announced plans to buy BillDesk.

Prosus CEO Bob van Dijk said in the company's annual report in June that the merger of PayU with BillDesk would create a "top-10 online payments company globally", substantially increasing the company's scale in India and strengthening its digital banking arm -- "pending regulatory approval."

BillDesk processed $92 billion of payments in the year ended March 31, 2021 and had a net profit of 2.71 billion Indian rupees ($37.05 million) for that period.

Prosus shares were down 0.9% at 53.51 euros at 0955 GMT in Amsterdam.

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Investor Prosus NV said on Monday a $4.7 billion deal to buy BillDesk, which would have been one of the largest in India's financial technology sector, was "terminated", saying conditions of the deal had not been met.

Investor Prosus NV said on Monday a $4.7 billion deal to buy BillDesk, which would have been one of the largest in India's financial technology sector, was "terminated", saying conditions of the deal had not been met. Indian antitrust regulator had approved the acquisition on Sept. 5, more than a year after it was announced, despite concerns BillDesk's combination with Prosus-owned PayU would lead to concentration on India's payments market. But in a short statement, Prosus said "certain conditions were not fulfilled" by a Sept. 30 deadline and "the agreement has terminated automatically in accordance with its terms." BillDesk could not immediately be reached for comment. A spokesperson for Prosus said there was no break fee associated with the deal, but declined to comment on reasons for the cancellation. "The consistent pushback from investors had been around the valuation and price being paid for BillDesk," said Citi analysts in a note. "With no further details ... what we don’t know is whether Prosus’ PayU could make another offer for BillDesk at a lower price." Fintech valuations have fallen sharply since Prosus announced plans to buy BillDesk. Prosus CEO Bob van Dijk said in the company's annual report in June that the merger of PayU with BillDesk would create a "top-10 online payments company globally", substantially increasing the company's scale in India and strengthening its digital banking arm -- "pending regulatory approval." BillDesk processed $92 billion of payments in the year ended March 31, 2021 and had a net profit of 2.71 billion Indian rupees ($37.05 million) for that period. Prosus shares were down 0.9% at 53.51 euros at 0955 GMT in Amsterdam. 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 ×

Prosus scraps $4.7 billion BillDesk deal, one of India's biggest

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.&nbsp; 
 
There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front.

According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year.

On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period."

<a href="https://www.wionews.com/world/credit-suisse-says-worlds-average-adult-will-be-worth-100000-by-2024-518721">Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024</a>

Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent&nbsp;chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products.&nbsp;

Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs.

<a href="https://www.wionews.com/world/number-of-global-ultra-high-net-worth-individuals-hits-record-high-in-2022-518310">Also read |&nbsp;Number of global ultra high net worth individuals hits record high in 2022</a>

Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs.&nbsp;

The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago.&nbsp;

The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil.

(With inputs from agencies)

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Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low. There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front. According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year. On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period." Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024 Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products. Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs. Also read | Number of global ultra high net worth individuals hits record high in 2022 Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs. The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago. The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil. (With inputs from agencies) WATCH WION LIVE HERE

Another Lehman Brothers? Credit Suisse shares down by record 12%, CEO puts up brave front

Tesla&nbsp;Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries.

The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.

"The economy around the edges is still having a negative impact for&nbsp;Tesla&nbsp;that's mostly logistical. But that I think there is some demand (issues) sprinkled in there," Wedbush Securities analyst Dan Ives told Reuters after the delivery results.

"There is a dark cloud over the auto sector. And&nbsp;Tesla&nbsp;is not immune."

Ford Motor said last month inflation-related costs would be $1 billion more than expected in the third quarter and that parts shortages had delayed deliveries.

Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg reported last month, citing people familiar with the matter.

"I think that EVs are in for probably a little bit of a rough patch, just because people are probably going to be a little bit hesitant and less urgent to buy something new," OANDA senior market analyst Ed Moya said.

'CRAZY WAVE OF DELIVERIES'

Tesla&nbsp;delivered 343,830 electric vehicles, a record for the world's most valuable automaker, but less than the 359,162 analysts on average had expected, according to Refinitiv. A year earlier&nbsp;Tesla&nbsp;delivered 241,300 units.

The latest deliveries fell short of&nbsp;Tesla's production of 365,923 vehicles, which is rare for the automaker which has seen its deliveries higher or similar to production in many of recent quarters.

"As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks,"&nbsp;Tesla&nbsp;said in a statement on Sunday.

Tesla&nbsp;CEO Elon Musk said on Sunday "Smoothing out crazy end of quarter delivery wave to reduce expedite costs &amp; relieve stress on&nbsp;Tesla&nbsp;team."

Last year, he said&nbsp;Tesla&nbsp;is having a "crazy wave" of deliveries at the end of each quarter, because its Shanghai factory makes cars for exports to Europe and other countries in the first half of a quarter and then cars to be sold in China.

Tesla&nbsp;again asked employees to help deliver "a very high volume of vehicles to eagerly waiting customers during the final days of Q3" in California, according to an email seen by Reuters.

Tesla&nbsp;on Sunday said it has "began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter."

Q4 DELIVERY PUSH

Tesla&nbsp;set an ambitious target to produce almost 495,000 Model Y and Model 3s in the fourth quarter of this year, internal plans reviewed by Reuters show.

The company's production ambitions come against the backdrop of increasingly gloomy outlook for global growth, with Musk himself telling top managers in June he had a "super bad feeling" about the economy and planned to cut staff.

During a conference call in July, Musk said at first that macroeconomic uncertainty might have some impact on demand for its electric vehicles, but when pressed for details by an analyst, he said the company did not have a demand problem but a production problem.

The automaker expanded production capacity in Shanghai after a resurgence in COVID-19 cases forced a suspension at the plant and fueled the first dip in deliveries after a nearly two-year-long record run.

In September,&nbsp;Tesla's vehicle order backlog fell, especially in China, Troy Teslike, a&nbsp;Tesla&nbsp;data tracker tweeted.

Tesla&nbsp;said it delivered 325,158 Model 3 compact cars and Model Y sport-utility vehicle, as well as 18,672 of its Model S and Model X premium vehicles to customers during the quarter. Meanwhile, Musk on Friday showed off a prototype of its humanoid robot 'Optimus,' predicting the electric vehicle maker would be able to produce millions and sell them for under $20,000 - less than a third of the price of a Model Y.

Experts were impressed by the speed of development of&nbsp;Tesla's humanoid robots, but they agreed with Musk, who said "there's still a lot of work to be done to refine Optimus and prove it."

Tesla Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.

Tesla Inc on Sunday announced lower-than-expected electric vehicle deliveries in the third quarter, as logistical challenges overshadowed its record deliveries. The top electric car maker said "it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost," but some analysts were also concerned about demand for high-ticket items due to the weakening global economy. "The economy around the edges is still having a negative impact for Tesla that's mostly logistical. But that I think there is some demand (issues) sprinkled in there," Wedbush Securities analyst Dan Ives told Reuters after the delivery results. "There is a dark cloud over the auto sector. And Tesla is not immune." Ford Motor said last month inflation-related costs would be $1 billion more than expected in the third quarter and that parts shortages had delayed deliveries. Apple Inc. is backing off plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg reported last month, citing people familiar with the matter. "I think that EVs are in for probably a little bit of a rough patch, just because people are probably going to be a little bit hesitant and less urgent to buy something new," OANDA senior market analyst Ed Moya said. 'CRAZY WAVE OF DELIVERIES' Tesla delivered 343,830 electric vehicles, a record for the world's most valuable automaker, but less than the 359,162 analysts on average had expected, according to Refinitiv. A year earlier Tesla delivered 241,300 units. The latest deliveries fell short of Tesla's production of 365,923 vehicles, which is rare for the automaker which has seen its deliveries higher or similar to production in many of recent quarters. "As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks," Tesla said in a statement on Sunday. Tesla CEO Elon Musk said on Sunday "Smoothing out crazy end of quarter delivery wave to reduce expedite costs & relieve stress on Tesla team." Last year, he said Tesla is having a "crazy wave" of deliveries at the end of each quarter, because its Shanghai factory makes cars for exports to Europe and other countries in the first half of a quarter and then cars to be sold in China. Tesla again asked employees to help deliver "a very high volume of vehicles to eagerly waiting customers during the final days of Q3" in California, according to an email seen by Reuters. Tesla on Sunday said it has "began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter." Q4 DELIVERY PUSH Tesla set an ambitious target to produce almost 495,000 Model Y and Model 3s in the fourth quarter of this year, internal plans reviewed by Reuters show. The company's production ambitions come against the backdrop of increasingly gloomy outlook for global growth, with Musk himself telling top managers in June he had a "super bad feeling" about the economy and planned to cut staff. During a conference call in July, Musk said at first that macroeconomic uncertainty might have some impact on demand for its electric vehicles, but when pressed for details by an analyst, he said the company did not have a demand problem but a production problem. The automaker expanded production capacity in Shanghai after a resurgence in COVID-19 cases forced a suspension at the plant and fueled the first dip in deliveries after a nearly two-year-long record run. In September, Tesla's vehicle order backlog fell, especially in China, Troy Teslike, a Tesla data tracker tweeted. Tesla said it delivered 325,158 Model 3 compact cars and Model Y sport-utility vehicle, as well as 18,672 of its Model S and Model X premium vehicles to customers during the quarter. Meanwhile, Musk on Friday showed off a prototype of its humanoid robot 'Optimus,' predicting the electric vehicle maker would be able to produce millions and sell them for under $20,000 - less than a third of the price of a Model Y. Experts were impressed by the speed of development of Tesla's humanoid robots, but they agreed with Musk, who said "there's still a lot of work to be done to refine Optimus and prove it."

Tesla's logistical challenges overshadow record deliveries

Tesla has announced that its third-quarter electric vehicle deliveries were lower than expected, citing logistics challenges. Tesla delivered 343,830 electric vehicles, while analysts on average had expected 359,162 for the period ending September 30, 2022.

World Business Watch: Tesla faces fall in vehicle deliveries in Q3

James Bond's favourite car is now partially owned by a Chinese firm Xiang Geely holding group. China's largest private car maker has now become a minority shareholder in the British luxury car maker, Aston Martin. The latter has scored investment from Geely that already owns around 80% in Volvo cars and other automakers.

World Business Watch: Chinese carmaker buys stake in Aston Martin

A clear escalation between the Malaysian government and the heirs of late Southeast Asian Sultan of Sulu. The latter party has now asked the Dutch court for permission to seize Malaysian assets in the Netherlands. The heirs are seeking a enforcement of $15 bn arbitration award.

WION Business News: Heirs of Sulu Sultan demand $15 bn from Malaysia; country to take legal actions

According to lead researcher Juliet Schor, a sociologist and economist at Boston College who is monitoring over 180 organisations globally as they switch to truncated schedules through six-month pilot programmes, workers who shifted to 32-hour workweeks logged 7.58 hours per night of sleep, nearly a full hour more than when they were maintaining in the 40-hour workweeks.&nbsp;

In other words, they slept for almost seven of the eight hours they had gained back each week rather than running errands or interacting with friends.

"I wasn't surprised that people are getting a little more sleep, but I was surprised at how robust the changes were," Schor said.&nbsp;On four-day work schedules, the proportion of participants who reported being sleep deprived—defined as receiving less than 7 hours of sleep each night—declined from 42.6 per cent&nbsp;to 14.5 per cent.&nbsp;

Schor's surveys of 304 employees at 16 companies (three with headquarters in the US, one in Australia, and 12 in Ireland) follow a series of international, six-month trials being conducted by a nonprofit group called 4 Day Week Global and come at a time when the pandemic has forced employers across industries to rethink how, where, and when work is completed.

Since the epidemic upended schedules and gave many workers a glimpse of how flexibility may enhance their lives, the idea of shorter workweeks is gaining popularity.&nbsp;

While demanding managers like Jamie Dimon of JPMorgan Chase &amp; Co. and Elon Musk of Tesla Inc. are urging staff members to resume their pre-pandemic schedules, other well-known figures are supporting shorter workweeks.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/explained-early-signs-of-a-recession-who-decides-if-its-officially-begun-521205">Explained: Early signs of a recession; who decides if it's officially begun?</a>

These four-day week trials are not always completed by the groups who start them. About one in five companies leave the programme, most often during the pre-planning phase. Executives who participated in the pilots claim that they confront the difficult task of eliminating needless labour in order to get the same results in four days in addition to the difficulty of overcoming employee and industry five-day standards.

The enormous improvement in sleep may appear contradictory to those who do. Why do workers who take Fridays off end up sleeping an extra hour every night of the week instead of engaging in hobbies, family time, and socialising?&nbsp;

According to Schor's early data, research participants who worked four-day schedules experienced improvements in a range of wellbeing and productivity metrics, including life satisfaction and work-family balance, and she suggested that such outcomes may be tied to more sleep time.

(with inputs from agencies) 
&nbsp;

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According to lead researcher Juliet Schor, a sociologist and economist at Boston College who is monitoring over 180 organisations globally as they switch to truncated schedules through six-month pilot programmes, workers who shifted to 32-hour workweeks logged 7.

According to lead researcher Juliet Schor, a sociologist and economist at Boston College who is monitoring over 180 organisations globally as they switch to truncated schedules through six-month pilot programmes, workers who shifted to 32-hour workweeks logged 7.58 hours per night of sleep, nearly a full hour more than when they were maintaining in the 40-hour workweeks. In other words, they slept for almost seven of the eight hours they had gained back each week rather than running errands or interacting with friends. "I wasn't surprised that people are getting a little more sleep, but I was surprised at how robust the changes were," Schor said. On four-day work schedules, the proportion of participants who reported being sleep deprived—defined as receiving less than 7 hours of sleep each night—declined from 42.6 per cent to 14.5 per cent. Schor's surveys of 304 employees at 16 companies (three with headquarters in the US, one in Australia, and 12 in Ireland) follow a series of international, six-month trials being conducted by a nonprofit group called 4 Day Week Global and come at a time when the pandemic has forced employers across industries to rethink how, where, and when work is completed. Since the epidemic upended schedules and gave many workers a glimpse of how flexibility may enhance their lives, the idea of shorter workweeks is gaining popularity. While demanding managers like Jamie Dimon of JPMorgan Chase & Co. and Elon Musk of Tesla Inc. are urging staff members to resume their pre-pandemic schedules, other well-known figures are supporting shorter workweeks. Also Read: Explained: Early signs of a recession; who decides if it's officially begun? These four-day week trials are not always completed by the groups who start them. About one in five companies leave the programme, most often during the pre-planning phase. Executives who participated in the pilots claim that they confront the difficult task of eliminating needless labour in order to get the same results in four days in addition to the difficulty of overcoming employee and industry five-day standards. The enormous improvement in sleep may appear contradictory to those who do. Why do workers who take Fridays off end up sleeping an extra hour every night of the week instead of engaging in hobbies, family time, and socialising? According to Schor's early data, research participants who worked four-day schedules experienced improvements in a range of wellbeing and productivity metrics, including life satisfaction and work-family balance, and she suggested that such outcomes may be tied to more sleep time. (with inputs from agencies)

Employees who work 4 days a week dedicate additional free time to sleep: Study

The United States&nbsp;economy shrank in the first half of this year, confirming concerns about a general downturn that might trigger a recession. At the same time, a measure that frequently indicates the rate of layoffs—the number of persons applying for unemployment benefits—fell to a five-month low. The decrease shows that businesses are keeping their employees despite the downturn in growth and that those who are let go swiftly find other employment.&nbsp;

The unemployment rate is close to a 50-year low, and hiring is still quite robust. Few experts believe that we are now in a recession because of the strength of the labour market. Economists anticipate the economy will grow as long as people continue to spend money, albeit slowly.

Recession is often defined as a six-month period of decline. But in a post-pandemic economy when growth is low but the employment market is robust, nothing is straightforward. Since growth abruptly came to an end in March 2020 when Covid-19 hit and 22 million Americans were suddenly out of work, the path of the economy has baffled officials at the Federal Reserve as well as many private economists.&nbsp;

Despite recent drops in gas prices and other expenses, inflation is still close to its highest point in four decades. Despite many workers receiving salary hikes, inflation is still so high that Americans' purchasing power is declining. Households with lower incomes, those who are Black and Hispanic, and those who are struggling to pay their bills are disproportionately feeling the burden.

Who decides?

The National Bureau of Economic Research, whose Business Cycle Dating Committee defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months," is the organisation that formally declares recessions.&nbsp;

The committee uses job trends as a significant indicator for assessing recessions. Numerous other data points are also evaluated, such as measures of income, employment, inflation-adjusted expenditure, retail sales, and manufacturing production. It gives a lot of weight to employment and is an indicator of inflation-adjusted income that doesn't include government benefits like Social Security.&nbsp;

However, the NBER frequently waits until after a recession has started, sometimes for as long as a year.

Can a common man sense it?

Yes, as a large number of individuals currently feel more financially pressured. Higher costs have reduced Americans' purchasing power since most people's pay increases have lagged behind inflation.&nbsp;

According to Walmart, rising gas and food prices have made it necessary for its customers to cut down on discretionary purchases like new apparel. This is a glaring indication that consumer spending, the main engine of the economy, is waning. Walmart, the biggest retailer in the country, has lowered its profit forecast and said that it would have to discount more goods, including furniture and electronics.

Unemployment -- clear signal&nbsp;

According to analysts, a sustained increase in job losses and a spike in unemployment would be the most obvious signs that a recession is beginning. A recession has always occurred since World War II when the unemployment rate increased by a half percentage point over a period of many months, according to economist and former Fed employee Claudia Sahm.&nbsp;

Numerous analysts keep track of the number of people who apply for unemployment benefits each week because it shows if layoffs are becoming worse or not. The number of weekly applications for unemployment benefits has decreased to a five-month low, indicating that few firms are using layoffs as a last alternative in the face of a labour shortage.

Inverted yield curve&nbsp;

Many economists also keep an eye on fluctuations in the interest rates, or yields, on various bonds in search of the "inverted yield curve," a recession indicator. When the yield on a short-term Treasury, such as the 3-month T-bill, is lower than the yield on a 10-year Treasury, this occurs. That is strange. In return for locking up their money for a longer length of time, longer-term bonds often provide investors with a larger yield.&nbsp;

In general, inverted yield curves indicate that investors anticipate a downturn that will force the Fed to lower interest rates. Recessions frequently precede inverted curves. After the yield curve inverts, a slump may not occur for 18 to 24 months.

Interest rate&nbsp;

The economy's warning signs—slowing growth and high hiring—have presented a challenge for the Fed. Jerome Powell, the chair, wants a "soft landing, "In which inflation returns to the Fed's 2 per cent&nbsp;objective and the economy slows just enough to restrict wage growth and hiring without triggering a recession.&nbsp;

Powell has recognised, however, that it is getting harder to come to such a conclusion. He made it plain last week that the Fed will continue raising rates if necessary to control inflation, despite a deteriorating economy that may enter a recession.&nbsp;

(with inputs from agencies) 
&nbsp;

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The United States economy shrank in the first half of this year, confirming concerns about a general downturn that might trigger a recession. At the same time, a measure that frequently indicates the rate of layoffs—the number of persons applying for unemployment benefits—fell to a five-month low.

The United States economy shrank in the first half of this year, confirming concerns about a general downturn that might trigger a recession. At the same time, a measure that frequently indicates the rate of layoffs—the number of persons applying for unemployment benefits—fell to a five-month low. The decrease shows that businesses are keeping their employees despite the downturn in growth and that those who are let go swiftly find other employment. The unemployment rate is close to a 50-year low, and hiring is still quite robust. Few experts believe that we are now in a recession because of the strength of the labour market. Economists anticipate the economy will grow as long as people continue to spend money, albeit slowly. Recession is often defined as a six-month period of decline. But in a post-pandemic economy when growth is low but the employment market is robust, nothing is straightforward. Since growth abruptly came to an end in March 2020 when Covid-19 hit and 22 million Americans were suddenly out of work, the path of the economy has baffled officials at the Federal Reserve as well as many private economists. Despite recent drops in gas prices and other expenses, inflation is still close to its highest point in four decades. Despite many workers receiving salary hikes, inflation is still so high that Americans' purchasing power is declining. Households with lower incomes, those who are Black and Hispanic, and those who are struggling to pay their bills are disproportionately feeling the burden. Who decides? The National Bureau of Economic Research, whose Business Cycle Dating Committee defines a recession as "a significant decline in economic activity that is spread across the economy and lasts more than a few months," is the organisation that formally declares recessions. The committee uses job trends as a significant indicator for assessing recessions. Numerous other data points are also evaluated, such as measures of income, employment, inflation-adjusted expenditure, retail sales, and manufacturing production. It gives a lot of weight to employment and is an indicator of inflation-adjusted income that doesn't include government benefits like Social Security. However, the NBER frequently waits until after a recession has started, sometimes for as long as a year. Can a common man sense it? Yes, as a large number of individuals currently feel more financially pressured. Higher costs have reduced Americans' purchasing power since most people's pay increases have lagged behind inflation. According to Walmart, rising gas and food prices have made it necessary for its customers to cut down on discretionary purchases like new apparel. This is a glaring indication that consumer spending, the main engine of the economy, is waning. Walmart, the biggest retailer in the country, has lowered its profit forecast and said that it would have to discount more goods, including furniture and electronics. Unemployment -- clear signal According to analysts, a sustained increase in job losses and a spike in unemployment would be the most obvious signs that a recession is beginning. A recession has always occurred since World War II when the unemployment rate increased by a half percentage point over a period of many months, according to economist and former Fed employee Claudia Sahm. Numerous analysts keep track of the number of people who apply for unemployment benefits each week because it shows if layoffs are becoming worse or not. The number of weekly applications for unemployment benefits has decreased to a five-month low, indicating that few firms are using layoffs as a last alternative in the face of a labour shortage. Inverted yield curve Many economists also keep an eye on fluctuations in the interest rates, or yields, on various bonds in search of the "inverted yield curve," a recession indicator. When the yield on a short-term Treasury, such as the 3-month T-bill, is lower than the yield on a 10-year Treasury, this occurs. That is strange. In return for locking up their money for a longer length of time, longer-term bonds often provide investors with a larger yield. In general, inverted yield curves indicate that investors anticipate a downturn that will force the Fed to lower interest rates. Recessions frequently precede inverted curves. After the yield curve inverts, a slump may not occur for 18 to 24 months. Interest rate The economy's warning signs—slowing growth and high hiring—have presented a challenge for the Fed. Jerome Powell, the chair, wants a "soft landing, "In which inflation returns to the Fed's 2 per cent objective and the economy slows just enough to restrict wage growth and hiring without triggering a recession. Powell has recognised, however, that it is getting harder to come to such a conclusion. He made it plain last week that the Fed will continue raising rates if necessary to control inflation, despite a deteriorating economy that may enter a recession. (with inputs from agencies)

Explained: Early signs of a recession; who decides if it's officially begun?

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Singapore Grand Prix: Night race on F1's calender

If you can't buy luxury car maker Porsche, you can at least go and buy its shares because luxury car maker Porsche's shares will list on stock markets today.

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Billionaire philanthropist MacKenzie Scott has filed for divorce from her second husband, Dan Jewett. According to the Court clerk’s office, she filed the papers in the King County Superior Court in Washington State on Monday.

WION Business News | Jeff Bezo's ex-wife files for divorce from her second husband Dan Jewett

After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high.

The BoE said it received 2.587 billion pounds' ($2.78 billion) worth of offers in its first bond buyback operation aimed at stabilizing the market, and had accepted only 1.025 billion pounds' worth. The central bank had committed to buying as many long-dated government bonds, know as gilts, as needed between Wednesday and Oct. 14.

As markets tried to digest what the move meant for the pound, the currency whipsawed during Wednesday's session, jumping as high as $1.09165 and falling as low as $1.05390. It was last up 1.51% at $1.08921. [GBP/]

The BoE intervention was driving currency trading broadly, according to Erik Nelson, macro strategist at Wells Fargo.

"You had financial stress everywhere. The yields were rising and the dollar was rising. It was sort of feeding on itself. We needed something or someone to stop the financial stress and financial panic that was happening. The BoE stepped in there," said Nelson. "The easing of the financial stress has helped sterling and other currencies rally against the dollar."

But the relief for sterling may be temporary as the UK still has to deal with macro trends such as high inflation.

"It's a currency-negative policy. You're offering to limit the increase of yields at a time of high inflation," said Nelson. "The dollar will continue to go up over the next few months. ... The U.S. is growing at a much more solid pace, at least for now, versus the UK and Europe, and the U.S. doesn't have the same kind of energy crisis as the UK and Europe."

Currency investors have also been monitoring Russia's war against Ukraine and energy uncertainty in Europe after leaks on Nord Stream pipelines between Russia and Europe spewed gas into the Baltic Sea, said Brad Bechtel, global head of FX at Jefferies in New York. NATO Secretary-General Jens Stoltenberg and others have attributed the leaks to acts of sabotage.

The dollar index, which measures the greenback against a group of major currencies, was last at 112.660 after hitting a fresh 20-year high of 114.78.

While the dollar initially had broad-based gains, the greenback eased sharply as the U.S. trading session progressed, with the euro last up 1.52% at $0.9739 after falling as low as $0.95355.

The dollar was last down 0.61% against Japan's yen at 143.955 after touching a high of 144.860.

The Australian dollar, which is particularly sensitive to swings in investor sentiment, was last up 1.410%.

Elsewhere in Asia, the offshore yuan hit a record low, pressured by expectations of further U.S. rate hikes.

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After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high.

After tumbling earlier, sterling rallied against the dollar on Wednesday following the Bank of England's (BOE) purchase of UK government bonds, letting some air out of the greenback's progress broadly after it had touched a fresh 20-year high. The BoE said it received 2.587 billion pounds' ($2.78 billion) worth of offers in its first bond buyback operation aimed at stabilizing the market, and had accepted only 1.025 billion pounds' worth. The central bank had committed to buying as many long-dated government bonds, know as gilts, as needed between Wednesday and Oct. 14. As markets tried to digest what the move meant for the pound, the currency whipsawed during Wednesday's session, jumping as high as $1.09165 and falling as low as $1.05390. It was last up 1.51% at $1.08921. [GBP/] The BoE intervention was driving currency trading broadly, according to Erik Nelson, macro strategist at Wells Fargo. "You had financial stress everywhere. The yields were rising and the dollar was rising. It was sort of feeding on itself. We needed something or someone to stop the financial stress and financial panic that was happening. The BoE stepped in there," said Nelson. "The easing of the financial stress has helped sterling and other currencies rally against the dollar." But the relief for sterling may be temporary as the UK still has to deal with macro trends such as high inflation. "It's a currency-negative policy. You're offering to limit the increase of yields at a time of high inflation," said Nelson. "The dollar will continue to go up over the next few months. ... The U.S. is growing at a much more solid pace, at least for now, versus the UK and Europe, and the U.S. doesn't have the same kind of energy crisis as the UK and Europe." Currency investors have also been monitoring Russia's war against Ukraine and energy uncertainty in Europe after leaks on Nord Stream pipelines between Russia and Europe spewed gas into the Baltic Sea, said Brad Bechtel, global head of FX at Jefferies in New York. NATO Secretary-General Jens Stoltenberg and others have attributed the leaks to acts of sabotage. The dollar index, which measures the greenback against a group of major currencies, was last at 112.660 after hitting a fresh 20-year high of 114.78. While the dollar initially had broad-based gains, the greenback eased sharply as the U.S. trading session progressed, with the euro last up 1.52% at $0.9739 after falling as low as $0.95355. The dollar was last down 0.61% against Japan's yen at 143.955 after touching a high of 144.860. The Australian dollar, which is particularly sensitive to swings in investor sentiment, was last up 1.410%. Elsewhere in Asia, the offshore yuan hit a record low, pressured by expectations of further U.S. rate hikes. 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 ×

Sterling, euro rally against dollar after BoE buys UK bonds

Harley-Davidson Inc on Tuesday spun off its electric motorcycle division LiveWire in a SPAC deal creating the first publicly traded electric motorcycle company in the United States.

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China's covid-19 driven economic slowdown is proving to be a boon for companies dealing in second-hand luxury goods. Some of the companies are even scouting for shop space to expand their businesses.

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As the pound hits record low against dollar for some tourists it's a good opportunity to seek more value for their money.

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China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow.

The Chinese currency fell to 7.2 to the dollar in the international market for the time since a separate currency trading system was established outside mainland China over a decade ago.

In the onshore markets as well, the yuan depreciated to 7.2 to the dollar, its lowest level since January 2008.

The People’s Bank of China issued a statement on Wednesday evening in a bid the calm the nerves of the investors, stating that it is strictly monitoring the market movements.

“The foreign exchange market is of great importance, and maintaining its stability is the top priority,” it stated.

The bank urged investors not to bet on the unilateral appreciation or depreciation of the yuan, and called on regional banks to curb such activity.

It also said some companies have been engaging in currency speculation or flouting regulations, without giving details.

Also read |&nbsp;<a href="https://www.wionews.com/world/as-pound-slips-bank-of-england-steps-into-buy-bonds-and-restore-parity-520510">As pound slips, Bank of England steps in to buy bonds and restore parity</a>

The yuan “has withstood the test of many rounds of external shocks…You will lose if you keep betting”, it said.

The slide of the Chinese currency follows the US interest rate hikes which prompted traders to convert money into dollars in search of higher returns.

Also read |&nbsp;<a href="https://www.wionews.com/world/pound-hits-all-time-low-against-dollar-as-liz-truss-tax-cuts-come-under-pressure-519650" target="_blank">Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure</a>

A weaker currency generally augurs well for the Chinese exporters as it makes goods cheaper abroad, but it can also lead to investors pulling their money out of the country.

Apart from China, there have been many Asian markets which saw their currency fall against the dollar, after US Fed hiked interest rates.

Last week, the Bank of Japan intervened to support the yen for the first time since 1998, after the currency weakened against the dollar.

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China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow.

China’s currency yuan slipped to a 14-year low against the US dollar and also hit a record low in the international trading market on Wednesday, despite the country’s central bank’s best efforts to stem the flow. The Chinese currency fell to 7.2 to the dollar in the international market for the time since a separate currency trading system was established outside mainland China over a decade ago. In the onshore markets as well, the yuan depreciated to 7.2 to the dollar, its lowest level since January 2008. The People’s Bank of China issued a statement on Wednesday evening in a bid the calm the nerves of the investors, stating that it is strictly monitoring the market movements. “The foreign exchange market is of great importance, and maintaining its stability is the top priority,” it stated. The bank urged investors not to bet on the unilateral appreciation or depreciation of the yuan, and called on regional banks to curb such activity. It also said some companies have been engaging in currency speculation or flouting regulations, without giving details. Also read | As pound slips, Bank of England steps in to buy bonds and restore parity The yuan “has withstood the test of many rounds of external shocks…You will lose if you keep betting”, it said. The slide of the Chinese currency follows the US interest rate hikes which prompted traders to convert money into dollars in search of higher returns. Also read | Pound hits all-time low against dollar as Liz Truss' tax cuts come under pressure A weaker currency generally augurs well for the Chinese exporters as it makes goods cheaper abroad, but it can also lead to investors pulling their money out of the country. Apart from China, there have been many Asian markets which saw their currency fall against the dollar, after US Fed hiked interest rates. Last week, the Bank of Japan intervened to support the yen for the first time since 1998, after the currency weakened against the dollar. WATCH WION LIVE HERE:

China’s yuan slides to record 14-year low against US dollar

UK's Pound is on a free fall, its value against the dollar has decreased and the foreign reserves are also depleting fast. Economic challenges faced by UK are immense and even Asian nations including India and Bangladesh are far better positioned than UK.

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General Motors on Tuesday said it will not mandate workers return to offices before 2023 after it had told them on Friday that they would be expected to work three days on-campus each week later this year.

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The S&P 500 fell Tuesday, after struggling to hold onto gains as investors remained wary of making big bets on stocks.

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