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Adding to the easing measures announced last week, China has cut its benchmark lending rates today. Beijing is stepping up its efforts to spur credit demand in an economy that's been hobbled by a property crisis and also a resurgence of covid-19 infections.

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In the aftermath of Russia's move to shut a major pipeline, prices of European gas surged 20 per cent, Bloomberg reported. It caused fears that the move will lead to a prolonged supply halt.&nbsp;

The report mentioned that benchmark futures rose toward 300 euros a megawatt hour. The electricity and coal prices also surge to fresh records.&nbsp;

The recent developments show that the Europeans are preparing for a difficult winter without gas supplies from Russia. It is part of the fallout from the war in Ukraine, which started after Russia announced the invasion of its neighbouring country on February 24.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/darya-duginas-father-describes-her-death-as-terrorist-act-by-ukrainian-nazi-regime-509218">Darya Dugina's father describes her death as 'terrorist act by Ukrainian nazi regime'</a>&nbsp;

In the report, it is mentioned that the key Nord Stream pipeline will stop for three days of maintenance on August 31. This has raised concerns that the link won't return to service as planned after the works.&nbsp;

This comes after Bulgaria announced that it will seek talks with Russian energy giant Gazprom to resume deliveries of natural gas ahead of the winter season.&nbsp;

The deliveries were cut by Gazprom to Bulgaria in late April after the EU member's previous centrist government refused to pay in rubles.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/ukraine-bans-independence-day-celebrations-as-russia-launches-rockets-at-locations-near-nuclear-plant-509110">Ukraine bans&nbsp;Independence day celebrations as Russia launches rockets at locations near nuclear plant</a>&nbsp;

Ever since the supplies were cut, the nation, which is almost totally dependent on Russia for its annual consumption of 3.0 billion cubic metres of natural gas, had been looking for alternative deliveries.&nbsp;

Meanwhile, German Chancellor Olaf Scholz met Canadian Prime Minister Justin Trudeau on Monday (August 22) at the start of a two-day trip. During this crucial trip, the two leaders are expected to discuss energy cooperation.&nbsp;

Notable, Ukraine is at odds with Germany over its gas imports policy.&nbsp;

Especially regarding the deal with Moscow to build the Nord Stream 2 pipeline and also the deal with Canada to get a repaired turbine for the Nord Stream 1 delivered back to Germany.&nbsp;

(With inputs from agencies)&nbsp;

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In the aftermath of Russia's move to shut a major pipeline, prices of European gas surged 20 per cent, Bloomberg reported. It caused fears that the move will lead to a prolonged supply halt.

In the aftermath of Russia's move to shut a major pipeline, prices of European gas surged 20 per cent, Bloomberg reported. It caused fears that the move will lead to a prolonged supply halt. The report mentioned that benchmark futures rose toward 300 euros a megawatt hour. The electricity and coal prices also surge to fresh records. The recent developments show that the Europeans are preparing for a difficult winter without gas supplies from Russia. It is part of the fallout from the war in Ukraine, which started after Russia announced the invasion of its neighbouring country on February 24. ALSO READ | Darya Dugina's father describes her death as 'terrorist act by Ukrainian nazi regime' In the report, it is mentioned that the key Nord Stream pipeline will stop for three days of maintenance on August 31. This has raised concerns that the link won't return to service as planned after the works. This comes after Bulgaria announced that it will seek talks with Russian energy giant Gazprom to resume deliveries of natural gas ahead of the winter season. The deliveries were cut by Gazprom to Bulgaria in late April after the EU member's previous centrist government refused to pay in rubles. ALSO READ | Ukraine bans Independence day celebrations as Russia launches rockets at locations near nuclear plant Ever since the supplies were cut, the nation, which is almost totally dependent on Russia for its annual consumption of 3.0 billion cubic metres of natural gas, had been looking for alternative deliveries. Meanwhile, German Chancellor Olaf Scholz met Canadian Prime Minister Justin Trudeau on Monday (August 22) at the start of a two-day trip. During this crucial trip, the two leaders are expected to discuss energy cooperation. Notable, Ukraine is at odds with Germany over its gas imports policy. Especially regarding the deal with Moscow to build the Nord Stream 2 pipeline and also the deal with Canada to get a repaired turbine for the Nord Stream 1 delivered back to Germany. (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.

European gas prices surge 20% as Russia's latest move causes supply fears: Report

Australia looks to give a new push to the electric cars. An Australian bank plans to stop giving loans for new diesel and gasoline cars as a way to encourage sales of cars that run on alternate fuel.

Australia pushes for EVs; no loans from Bank Australia for new diesel, petrol cars

Volkswagen's sportscar brand Porsche expects to produce as many units of its Macan model in the electric version as the original with combustion engine.

Porsche expects to make as many electric Macans as combustion versions

Apple supplier Foxconn is eyeing to diversify its production, it has signed a $300 million memorandum of understanding (MoU) with Vietnamese developer Kinh Bac City to expand its facility in the north of the country.

Apple supplier Foxconn to invest $300 million in northern Vietnam

Ford Motors has confirmed that it is going ahead with layoffs, a move that was being speculated for a long time. The decision will affect about 3,000 jobs in the US, Canada and India, including salaried and contractual employees. It has also started notifying workers about the same through internal e-mail, The Wall Street Journal reported Monday. Ford had&nbsp;reportedly been planning to layoff employees as it is moving ahead with its plans to focus on electric vehicles.&nbsp;

During the company’s second-quarter earnings call, Chief Executive Jim Farley had hinted at the job cuts. Bloomberg had also reported in July that Ford could cut up to 8,000 jobs.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/in-electric-vehicle-push-fords-closed-factories-in-india-may-be-reopened-report-470522">In electric vehicle push, Ford's closed factories in India may be reopened: Report</a>

Earlier in March, the automaker had announced the decision to split itself into two businesses and “go all in” on electric vehicles. One of its auto businesses will focus on electric vehicles, dubbed Ford Model e, while the other will work on internal combustion engines, called Ford Blue.&nbsp;

Chief Executive Farley had said, "Ford is going all in, creating separate but complementary businesses that give us startup speed and unbridled innovation in Ford Model e together with Ford Blue’s industrial know-how, volume and iconic brands like Bronco, that startups can only dream about." 
&nbsp;

(With inputs from agencies)

&nbsp;

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Ford Motors has confirmed that it is going ahead with layoffs, a move that was being speculated for a long time. The decision will affect about 3,000 jobs in the US, Canada and India, including salaried and contractual employees.

Ford Motors has confirmed that it is going ahead with layoffs, a move that was being speculated for a long time. The decision will affect about 3,000 jobs in the US, Canada and India, including salaried and contractual employees. It has also started notifying workers about the same through internal e-mail, The Wall Street Journal reported Monday. Ford had reportedly been planning to layoff employees as it is moving ahead with its plans to focus on electric vehicles. During the company’s second-quarter earnings call, Chief Executive Jim Farley had hinted at the job cuts. Bloomberg had also reported in July that Ford could cut up to 8,000 jobs. Also Read | In electric vehicle push, Ford's closed factories in India may be reopened: Report Earlier in March, the automaker had announced the decision to split itself into two businesses and “go all in” on electric vehicles. One of its auto businesses will focus on electric vehicles, dubbed Ford Model e, while the other will work on internal combustion engines, called Ford Blue. Chief Executive Farley had said, "Ford is going all in, creating separate but complementary businesses that give us startup speed and unbridled innovation in Ford Model e together with Ford Blue’s industrial know-how, volume and iconic brands like Bronco, that startups can only dream about." (With inputs from agencies)

Ford confirms it will layoff about 3,000 employees globally amid restructuring

The stock exchange in Iranian capital Tehran has suspended country's largest steel-maker from trading. The move followed a parliamentary report that made allegations to the tune of USD 3 billion, as per the local media.&nbsp;

Trading of the Mobarakeh Steel Company's stocks has been suspended "due to uncertainties about the transparency of information", said the Tehran bourse's chief executive Mahmoud Goudarzi, quoted by the Fars news agency.

According to the news report, the trading in the company will not resume "until the necessary information is clearly obtained".

Mobarakeh Steel Company is located in central Isfahan province of Iran. The company plays a major role in Iran's economy. It even owns a local football team Sepahan. The company, along with several of its subsidiaries are subject to sanctions imposed by the US.

The decision to suspend stock trading of the company came after a 295-page parliamentary report was released, the report has alleged widespread corruption among senior management of the company.

The report accuses the company of 90 counts of wrongdoings including fraud and influence-peddling, amounting to a total of around $3 billion, Fars said.

According to the parliamentary report, which was published by several local media outlets, the firm paid huge sums of money to officials at government institutions and other influential bodies.

They included figures at the intelligence and industry ministries and provincial governors' offices, as well as the judiciary, the police, state broadcaster IRIB, members of parliament and clerics.

(With inputs from agencies)

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The stock exchange in Iranian capital Tehran has suspended country's largest steel-maker from trading. The move followed a parliamentary report that made allegations to the tune of USD 3 billion, as per the local media.

The stock exchange in Iranian capital Tehran has suspended country's largest steel-maker from trading. The move followed a parliamentary report that made allegations to the tune of USD 3 billion, as per the local media. Trading of the Mobarakeh Steel Company's stocks has been suspended "due to uncertainties about the transparency of information", said the Tehran bourse's chief executive Mahmoud Goudarzi, quoted by the Fars news agency. According to the news report, the trading in the company will not resume "until the necessary information is clearly obtained". Mobarakeh Steel Company is located in central Isfahan province of Iran. The company plays a major role in Iran's economy. It even owns a local football team Sepahan. The company, along with several of its subsidiaries are subject to sanctions imposed by the US. The decision to suspend stock trading of the company came after a 295-page parliamentary report was released, the report has alleged widespread corruption among senior management of the company. The report accuses the company of 90 counts of wrongdoings including fraud and influence-peddling, amounting to a total of around $3 billion, Fars said. According to the parliamentary report, which was published by several local media outlets, the firm paid huge sums of money to officials at government institutions and other influential bodies. They included figures at the intelligence and industry ministries and provincial governors' offices, as well as the judiciary, the police, state broadcaster IRIB, members of parliament and clerics. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Stock trade in Iran's largest steel-maker suspended from Tehran exchange

Amid rising fuel prices and widening trade deficit, Japan's core consumer price index (CPI) has risen to over seven-year high in July.

Japan inflation hits over 7-year high

The operator of Dubai International Airport has said the middle east hub could see monthly passenger traffic return to pre-pandemic levels in the other part of the next year.

Dubai airport: Pre-pandemic traffic in 2023

When it comes to technology adaption, Indian airports have ambitious plans. In the latest, the country has rolled out facial recognition systems for passenger verification at airports including Bengaluru and Delhi airports.

Facial recognition technology to be used at Indian airports

Chinese car manufacturer Chery is in talks with Russian manufacturers about producing cars in Russian plants, citing Vladimir Shmakov, director of Chery's Russian branch.

China's Chery in talks to produce cars in Russian plants

Central bank FED has hiked interest rates in succession but now the minutes of last month's policy meetings show that there is little evidence that US inflation pressures were easing and settled.

Fed minutes show more rate hikes in the pipeline, but pace could slow

Global banks and rating agencies Goldman Sachs and Nomura have cut down forecasts for economy of China, they have further downgraded their forecast for world's second largest economy with a power shortage making outlook in China even more uncertain.

Goldman Sachs, Nomura cut China GDP forecasts

Stricter regulations around gaming and resurgence of Covid-19 are resulting into slow growth for Chinese tech giants. Now, after Alibaba another Chinese firm Tencent has posted its first ever quarterly year-on-year revenue decline.

Chinese firm Tencent posts first ever revenue decline

Luxury car sales have been on an uphill drive since beginning of the yea. Tthe sales have jumped for many car makers and they expect to do better in coming year. Today, we are joined by Mr Balbir Singh Dhillon, Head Audi India.

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The world’s richest man Elon Musk proclaimed he is buying Manchester United in a random tweet Tuesday. However, after the much-anticipated Twitter bid, it’s unclear if the billionaire is serious.

Will the world's richest man Elon Musk now aim for Manchester United?

Apple supplier BOE Technology Group Co Ltd will make adjustments at its operations in Sichuan due to power rationing in the region, it said in a stock market filing on Tuesday.

Apple supplier BOE, others say production hit by Sichuan power rationing

American Airlines Group Inc agreed to buy up to 20 jets from aircraft maker Boom Supersonic, becoming the second major US airline to bet on ultra-fast passenger travel in the last two years.

American airlines bets on Supersonic travel

Chinese tech giant&nbsp;Tencent&nbsp;on Wednesday posted its first drop in quarterly revenue since going public, as the company grapples with China's economic downturn, pandemic disruptions and ongoing scrutiny from regulators.

Revenue in the second quarter fell three percent to 134 billion yuan ($19.8 billion) compared to the year before, while profits plunged by 56 percent to 18.6 billion yuan, an earnings statement said.

Tencent&nbsp;also cut around 5,500 jobs down to 110,715 employees by the end of June, the first quarterly decline in workforce since 2014.

"We actively exited non-core businesses, tightened our marketing spending, and trimmed operating expenses, enabling us to sequentially increase our non-IFRS earnings, despite difficult revenue conditions," the company said in the statement.&nbsp;

Around half of&nbsp;Tencent's revenues came from fintech and business services as well as online advertising, which would position the company for growth when China's economy expands, the company added.

China has spent months cracking down on the video game industry to fight addiction among children, cutting into profits of giants like&nbsp;Tencent&nbsp;and its rival NetEase.&nbsp;Beijing started approving new video games again in April after a hiatus, but no&nbsp;Tencent&nbsp;games were on the list, meaning it must rely on older titles like "Honor of Kings" for revenue.

Tencent&nbsp;said China's domestic gaming market was facing "transitional challenges", while the international market was in a "post-pandemic digestion period" as people resumed spending on other entertainment avenues.

Online advertising revenue fell a record 18 percent in the second quarter year-on-year, which reflected "notable weakness in the Internet services, education and finance sectors", the firm added.

"Tencent&nbsp;has tightened its belt as the Chinese tech industry embraces a downturn," Analyst Willer Chen at Forsyth Barr Asia told Bloomberg News.&nbsp;

"The company's performance now largely depends on its progress on cost control and operation optimisation."

Tech sector reeling&nbsp;

Tencent&nbsp;is among the biggest names in China's tech industry that is still reeling from Beijing's regulatory crackdown, which began in late 2020 to target anti-competitive practices and put an end to a decade of freewheeling growth.

The regulatory actions have wiped more than $1 trillion off the combined market value of the country's tech giants in 2021, according to Bloomberg News estimates — though&nbsp;Tencent&nbsp;has retained the crown as China's most valuable company.

The latest economic slump has further damaged bottom lines for the sector's biggest firms, with Alibaba Group earlier this month reporting flat quarterly revenue growth for the first time.

Shares in&nbsp;Tencent&nbsp;rose less than 0.1 percent in Hong Kong before the Wednesday results announcement that came a day after news broke that&nbsp;Tencent&nbsp;plans to sell all or much of its $24 billion stake in Chinese food delivery giant Meituan.

The Hong Kong-listed shares of Meituan fell more than 10 percent on Tuesday following the news, while&nbsp;Tencent&nbsp;dipped slightly before recovering.

Tencent&nbsp;went public in Hong Kong in 2004 and enjoyed double-digit growth for much of China's decades-long internet boom, dominating the market with instant messaging app WeChat and its roster of games.

Earnings data on the company's performance before its listing on the stock exchange is not publicly available.

Chinese tech giant Tencent on Wednesday posted its first drop in quarterly revenue since going public, as the company grapples with China's economic downturn, pandemic disruptions and ongoing scrutiny from regulators.

Chinese tech giant Tencent on Wednesday posted its first drop in quarterly revenue since going public, as the company grapples with China's economic downturn, pandemic disruptions and ongoing scrutiny from regulators. Revenue in the second quarter fell three percent to 134 billion yuan ($19.8 billion) compared to the year before, while profits plunged by 56 percent to 18.6 billion yuan, an earnings statement said. Tencent also cut around 5,500 jobs down to 110,715 employees by the end of June, the first quarterly decline in workforce since 2014. "We actively exited non-core businesses, tightened our marketing spending, and trimmed operating expenses, enabling us to sequentially increase our non-IFRS earnings, despite difficult revenue conditions," the company said in the statement. Around half of Tencent's revenues came from fintech and business services as well as online advertising, which would position the company for growth when China's economy expands, the company added. China has spent months cracking down on the video game industry to fight addiction among children, cutting into profits of giants like Tencent and its rival NetEase. Beijing started approving new video games again in April after a hiatus, but no Tencent games were on the list, meaning it must rely on older titles like "Honor of Kings" for revenue. Tencent said China's domestic gaming market was facing "transitional challenges", while the international market was in a "post-pandemic digestion period" as people resumed spending on other entertainment avenues. Online advertising revenue fell a record 18 percent in the second quarter year-on-year, which reflected "notable weakness in the Internet services, education and finance sectors", the firm added. "Tencent has tightened its belt as the Chinese tech industry embraces a downturn," Analyst Willer Chen at Forsyth Barr Asia told Bloomberg News. "The company's performance now largely depends on its progress on cost control and operation optimisation." Tech sector reeling Tencent is among the biggest names in China's tech industry that is still reeling from Beijing's regulatory crackdown, which began in late 2020 to target anti-competitive practices and put an end to a decade of freewheeling growth. The regulatory actions have wiped more than $1 trillion off the combined market value of the country's tech giants in 2021, according to Bloomberg News estimates — though Tencent has retained the crown as China's most valuable company. The latest economic slump has further damaged bottom lines for the sector's biggest firms, with Alibaba Group earlier this month reporting flat quarterly revenue growth for the first time. Shares in Tencent rose less than 0.1 percent in Hong Kong before the Wednesday results announcement that came a day after news broke that Tencent plans to sell all or much of its $24 billion stake in Chinese food delivery giant Meituan. The Hong Kong-listed shares of Meituan fell more than 10 percent on Tuesday following the news, while Tencent dipped slightly before recovering. Tencent went public in Hong Kong in 2004 and enjoyed double-digit growth for much of China's decades-long internet boom, dominating the market with instant messaging app WeChat and its roster of games. Earnings data on the company's performance before its listing on the stock exchange is not publicly available.

Chinese tech giant Tencent's revenue falls for the first time since going public

Cuba plans to allow some foreign investment in local wholesale and retail trade for the first time since Fidel Castro's 1959 revolution, the government said late on Monday, in a bid to dig out of the island nation's worst economic crisis in decades.

Deputy Trade Minister Ana Teresita Gonzalez said on an evening TV talk show that foreign investors would be allowed to fully own local wholesalers for the first time or enter the market through joint ventures. Retail would be more restricted but she opened the door to some public/private ventures in that sector as well.

The reforms would allow foreign-owned entities to invest in warehouse and back-end logistics operations supplying state-run and private businesses, for example, supporting the country's effort to improve efficiency in its notoriously unproductive retail sector.

Gonzalez also said Cuba would "selectively" allow some foreign investors into the retail market, provided the investment contributed to the country's socialist goals and lowered prices.

Domestic Trade Minister Betsy Diaz Velazquez&nbsp;said on the same talk show that the state would maintain its dominance in retail, but allow for some public/private joint ventures.

"We will prioritize these types of initiatives with foreign investors already in Cuba and allied countries," she said.

The incremental measures come as Cuba struggles to redefine its largely closed, state-run economy after two years of pandemic woes and blanket U.S. sanctions that have stymied recovery.

Rising discontent over long lines for basic goods, fuel shortages and rolling blackouts have prompted Communist party officials to fast-track long-delayed plans to reform the Soviet-style state-run economy.

Both officials said Monday evening the goal was to get more raw materials and goods into the hands of producers and consumers on the island - but economists and business people consulted by Reuters said the measures would likely fall short.

"It is a step in the right direction, but far too little and too late," said Cuban economist Omar Everleny.

He said the measures were riddled with caveats and red tape.

"Both announcements were full of words such as 'exceptions, control, conditions,' as if they did not understand how serious the crisis is."

A foreign businesswoman involved in Cuban trade told Reuters on the condition of anonymity that investors would continue to be leery of any deal that involved trade in local currency or debt.

She said the measures signaled the government was "refusing to break-out of a failed model."

Cuba plans to allow some foreign investment in local wholesale and retail trade for the first time since Fidel Castro's 1959 revolution, the government said late on Monday, in a bid to dig out of the island nation's worst economic crisis in decades.

Cuba plans to allow some foreign investment in local wholesale and retail trade for the first time since Fidel Castro's 1959 revolution, the government said late on Monday, in a bid to dig out of the island nation's worst economic crisis in decades. Deputy Trade Minister Ana Teresita Gonzalez said on an evening TV talk show that foreign investors would be allowed to fully own local wholesalers for the first time or enter the market through joint ventures. Retail would be more restricted but she opened the door to some public/private ventures in that sector as well. The reforms would allow foreign-owned entities to invest in warehouse and back-end logistics operations supplying state-run and private businesses, for example, supporting the country's effort to improve efficiency in its notoriously unproductive retail sector. Gonzalez also said Cuba would "selectively" allow some foreign investors into the retail market, provided the investment contributed to the country's socialist goals and lowered prices. Domestic Trade Minister Betsy Diaz Velazquez said on the same talk show that the state would maintain its dominance in retail, but allow for some public/private joint ventures. "We will prioritize these types of initiatives with foreign investors already in Cuba and allied countries," she said. The incremental measures come as Cuba struggles to redefine its largely closed, state-run economy after two years of pandemic woes and blanket U.S. sanctions that have stymied recovery. Rising discontent over long lines for basic goods, fuel shortages and rolling blackouts have prompted Communist party officials to fast-track long-delayed plans to reform the Soviet-style state-run economy. Both officials said Monday evening the goal was to get more raw materials and goods into the hands of producers and consumers on the island - but economists and business people consulted by Reuters said the measures would likely fall short. "It is a step in the right direction, but far too little and too late," said Cuban economist Omar Everleny. He said the measures were riddled with caveats and red tape. "Both announcements were full of words such as 'exceptions, control, conditions,' as if they did not understand how serious the crisis is." A foreign businesswoman involved in Cuban trade told Reuters on the condition of anonymity that investors would continue to be leery of any deal that involved trade in local currency or debt. She said the measures signaled the government was "refusing to break-out of a failed model."

Cuba cracks open door to foreign investment in domestic trade

From a speculative asset class to a rapidly growing daily enterprise, cryptocurrencies have suddenly changed. The oldest cryptocurrency in the world, Bitcoin, is at the forefront of this expansion. We could reach a crossroads where Bitcoin becomes the world's standard value system as widespread acceptance of these digital assets increases. Hyperbitcoinisation is a common term for this inflexion point. Hyperbitcoinisation can be caused by a number of things, some of which are positive and some of which are negative. There are also various forecasts about the potential existence of such a monetary system.

What is hyperbitcoinisation?

Different terms have been used to describe this occurrence. The phrase was first used in 2014 to describe a shift away from subpar currencies and toward better ones like Bitcoin. It could be used to indicate a tipping point at which people stop using fiat money and switch to bitcoin instead.&nbsp;

Some see it as a process leading to the adoption of Bitcoin as the main reserve currency for the planet. The result is that goods and services will be priced in Bitcoin. Hyperbitcoinisation, in its simplest form, describes a situation in which digital assets are regularly utilised as a form of payment and are kept by people and organisations in the same ways that fiat money is.

Is this for real?

Hyperbitcoinisation may result from both positive and negative aspects. To start, one of the biggest drivers of hyperbitcoinisation may be widespread use. The time of hyperbitcoinisation doesn't seem all that far off as more people, businesses, and even entire nations start to invest in cryptocurrency.&nbsp;

Approximately 100 million people use Bitcoin, 250,000 BTC are held by countries, and nearly 400,000 BTC are held by both public and private companies, according to rough estimates. Hyperbitcoinisation will almost certainly occur if these figures stay on their current course.

Another element that could accelerate or lead to hyperbitcoinisation is the growing quantity of Bitcoin derivatives. Derivatives for bitcoin, such as ETFs, futures, options, and perpetual contracts, are becoming more popular today. They give conventional stock market traders and conservative investors access to the cryptocurrency marketplaces.&nbsp;

Furthermore, until a few years ago, the idea of using Bitcoin as a form of payment looked far-fetched. But since then, a lot has changed. Today, many well-known enterprises, including airlines, restaurants, and auto manufacturers, accept cryptocurrency as a form of payment. The number of businesses that take Bitcoin is expected to grow dramatically over time, pushing us closer to hyperbitcoinisation.

But, when?

Finder polled 42 cryptocurrency specialists in 2021. The results showed that 54% of the panel thought hyperbitcoinisation might occur by 2050. Some analysts (29 per cent) said it would occur as soon as 2035.&nbsp;

However, this would necessitate the onboarding of billions of new users over the following few years. 44 per cent of the panellists on Finder's survey said that hyperbitcoinisation would never take place because it would also need significant backing from governing bodies and regulatory agencies.

(with inputs from agencies) 
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From a speculative asset class to a rapidly growing daily enterprise, cryptocurrencies have suddenly changed. The oldest cryptocurrency in the world, Bitcoin, is at the forefront of this expansion.

From a speculative asset class to a rapidly growing daily enterprise, cryptocurrencies have suddenly changed. The oldest cryptocurrency in the world, Bitcoin, is at the forefront of this expansion. We could reach a crossroads where Bitcoin becomes the world's standard value system as widespread acceptance of these digital assets increases. Hyperbitcoinisation is a common term for this inflexion point. Hyperbitcoinisation can be caused by a number of things, some of which are positive and some of which are negative. There are also various forecasts about the potential existence of such a monetary system. What is hyperbitcoinisation? Different terms have been used to describe this occurrence. The phrase was first used in 2014 to describe a shift away from subpar currencies and toward better ones like Bitcoin. It could be used to indicate a tipping point at which people stop using fiat money and switch to bitcoin instead. Some see it as a process leading to the adoption of Bitcoin as the main reserve currency for the planet. The result is that goods and services will be priced in Bitcoin. Hyperbitcoinisation, in its simplest form, describes a situation in which digital assets are regularly utilised as a form of payment and are kept by people and organisations in the same ways that fiat money is. Is this for real? Hyperbitcoinisation may result from both positive and negative aspects. To start, one of the biggest drivers of hyperbitcoinisation may be widespread use. The time of hyperbitcoinisation doesn't seem all that far off as more people, businesses, and even entire nations start to invest in cryptocurrency. Approximately 100 million people use Bitcoin, 250,000 BTC are held by countries, and nearly 400,000 BTC are held by both public and private companies, according to rough estimates. Hyperbitcoinisation will almost certainly occur if these figures stay on their current course. Another element that could accelerate or lead to hyperbitcoinisation is the growing quantity of Bitcoin derivatives. Derivatives for bitcoin, such as ETFs, futures, options, and perpetual contracts, are becoming more popular today. They give conventional stock market traders and conservative investors access to the cryptocurrency marketplaces. Furthermore, until a few years ago, the idea of using Bitcoin as a form of payment looked far-fetched. But since then, a lot has changed. Today, many well-known enterprises, including airlines, restaurants, and auto manufacturers, accept cryptocurrency as a form of payment. The number of businesses that take Bitcoin is expected to grow dramatically over time, pushing us closer to hyperbitcoinisation. But, when? Finder polled 42 cryptocurrency specialists in 2021. The results showed that 54% of the panel thought hyperbitcoinisation might occur by 2050. Some analysts (29 per cent) said it would occur as soon as 2035. However, this would necessitate the onboarding of billions of new users over the following few years. 44 per cent of the panellists on Finder's survey said that hyperbitcoinisation would never take place because it would also need significant backing from governing bodies and regulatory agencies. (with inputs from agencies)

Explained: Phenomenon of hyperbitconisation could become a reality by 2050

WeWork co-founder and former CEO Adam Neumann has secured a massive funding worth $350 million for his newly-floated residential real estate startup “Flow”. Neumann, who left his previous venture in 2019, secured the finances from venture capital powerhouse Andreessen Horowitz, The New York Times reported.

Neumann was the Chief Executive Officer at&nbsp;WeWork&nbsp;after starting it with Miguel McKelvey in 2010. However, he was asked to leave after the company failed to go public. The funding already puts his new company’s valuation at $1 billion.

Also Read |&nbsp;<a href="https://www.wionews.com/world/wework-founder-adam-neumann-removed-from-forbes-billionaire-list-255082">WeWork founder Adam Neumann removed from Forbes' billionaire list</a>

Andreessen Horowitz was founded in Silicon Valley by Marc Andreessen and Ben Horowitz in 2009. Earlier on Monday, Marc Andreessen praised Adam Neumann in a blog post on the Andreessen Horowitz website adding that they are “excited to partner with Adam Neumann and his colleagues on Flow”.

“Adam is a visionary leader who revolutionized the second largest asset class in the world — commercial real estate — by bringing community and brand to an industry in which neither existed before,” Andreessen wrote.&nbsp;

Andreessen’s post also claims that “United States has a housing crisis”. However, earlier reports say that Andreessen was opposed to a housing development plan in his city.

Neumann’s company will begin operations in 2023.

Also Read |&nbsp;<a href="https://www.wionews.com/entertainment/anne-hathaway-jared-leto-to-play-the-leads-in-wework-inspired-series-360235">Anne Hathaway, Jared Leto to play the leads in WeWork inspired series</a>

What will “Flow” do?

A New York Times&nbsp;report says that Flow is “effectively a service that landlords can team up with for their properties, somewhat similar to the way an owner of a hotel might contract with a branded hotel chain to operate the property.”

The report also says that Neumann has purchased more than 3,000 apartment units in Atlanta, Fort Lauderdale, Miami, and Nashville.

Andreessen’s post adds that the venture is on the path of “connecting people through transforming their physical spaces and building communities where people spend the most time: their homes.”

(With inputs from agencies)

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WeWork co-founder and former CEO Adam Neumann has secured a massive funding worth $350 million for his newly-floated residential real estate startup “Flow”. Neumann, who left his previous venture in 2019, secured the finances from venture capital powerhouse Andreessen Horowitz, The New York Times reported.

WeWork co-founder and former CEO Adam Neumann has secured a massive funding worth $350 million for his newly-floated residential real estate startup “Flow”. Neumann, who left his previous venture in 2019, secured the finances from venture capital powerhouse Andreessen Horowitz, The New York Times reported. Neumann was the Chief Executive Officer at WeWork after starting it with Miguel McKelvey in 2010. However, he was asked to leave after the company failed to go public. The funding already puts his new company’s valuation at $1 billion. Also Read | WeWork founder Adam Neumann removed from Forbes' billionaire list Andreessen Horowitz was founded in Silicon Valley by Marc Andreessen and Ben Horowitz in 2009. Earlier on Monday, Marc Andreessen praised Adam Neumann in a blog post on the Andreessen Horowitz website adding that they are “excited to partner with Adam Neumann and his colleagues on Flow”. “Adam is a visionary leader who revolutionized the second largest asset class in the world — commercial real estate — by bringing community and brand to an industry in which neither existed before,” Andreessen wrote. Andreessen’s post also claims that “United States has a housing crisis”. However, earlier reports say that Andreessen was opposed to a housing development plan in his city. Neumann’s company will begin operations in 2023. Also Read | Anne Hathaway, Jared Leto to play the leads in WeWork inspired series What will “Flow” do? A New York Times report says that Flow is “effectively a service that landlords can team up with for their properties, somewhat similar to the way an owner of a hotel might contract with a branded hotel chain to operate the property.” The report also says that Neumann has purchased more than 3,000 apartment units in Atlanta, Fort Lauderdale, Miami, and Nashville. Andreessen’s post adds that the venture is on the path of “connecting people through transforming their physical spaces and building communities where people spend the most time: their homes.” (With inputs from agencies)

WeWork co-founder Adam Neumann secures a massive funding of $350 million for his real estate startup

Tencent, China’s largest video gaming and social media company, reported its first revenue decline since its 2004 listing and missed earnings expectations.

WION Dispatch: Tencent posts first revenue decline since going public

According to Moody's, oil prices are likely to fall to almost $70 a barrel by the end of 2024.

The agency pointed out that oil prices had shot up to $120 barrels in June this year amid Russia's invasion of Ukraine but fell below $100 this month.

In its report on the Asia Pacific (APAC), Moody's said APAC is a big oil importing region with Singapore and Hong Kong being the primary oil importing countries. It said for net energy importers, namely South Korea, Japan, Thailand and Singapore, the effect on household energy bills has been considerable. The report said countries dependent on the import of liquified natural gas, namely Taiwan, China, Japan and South Korea, were vulnerable to price&nbsp;increases.

<a href="https://www.wionews.com/world/biden-signs-the-inflation-reduction-act-a-toned-down-version-of-his-build-back-better-plan-507583">Also Read:&nbsp;Bureau of Land Management halts oil and gas leasing</a>

Moody's Analytics said with the increase in oil prices, India, Pakistan and Vietnam are paying more and higher commodity prices are hurting households and adding to global inflation.

However, Australia has been experiencing an export boom due to increased coal and LNG prices which have helped its mining industry and boosted government revenue, the reports said.

Watch:&nbsp;Russian oil transit halted via Druzhba pipeline to central Europe

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russian-oil-transit-halted-via-druzhba-pipeline-to-central-europe-505412/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Similarly, oil exporting countries in the Asia Pacific region, namely Indonesia and Malaysia, have seen an uptick in revenue due to increase in oil prices.

Oil prices tumbled five per cent on Monday due to China's weak economic recovery as the country's central bank slashed key interest rates. China's industrial production and retail sales plunged last month although industrial production was&nbsp;up.

China's National Bureau of Statistics warned that the risk of stagflation in the world economy is rising. The report made Wall Street jittery as stocks fell initially on Monday but recovered later amid fears of global recession.

Oil prices were also affected by prospects of return of Iranian oil into the international market. Iran said it would be delivering its final proposal to revive the stalled 2015 nuclear deal amid possibility of crude oil entering the market which could relieve supply constraints.

(With inputs from Agencies)

WATCH WION LIVE HERE

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According to Moody's, oil prices are likely to fall to almost $70 a barrel by the end of 2024. The agency pointed out that oil prices had shot up to $120 barrels in June this year amid Russia's invasion of Ukraine but fell below $100 this month.

According to Moody's, oil prices are likely to fall to almost $70 a barrel by the end of 2024. The agency pointed out that oil prices had shot up to $120 barrels in June this year amid Russia's invasion of Ukraine but fell below $100 this month. In its report on the Asia Pacific (APAC), Moody's said APAC is a big oil importing region with Singapore and Hong Kong being the primary oil importing countries. It said for net energy importers, namely South Korea, Japan, Thailand and Singapore, the effect on household energy bills has been considerable. The report said countries dependent on the import of liquified natural gas, namely Taiwan, China, Japan and South Korea, were vulnerable to price increases. Also Read: Bureau of Land Management halts oil and gas leasing Moody's Analytics said with the increase in oil prices, India, Pakistan and Vietnam are paying more and higher commodity prices are hurting households and adding to global inflation. However, Australia has been experiencing an export boom due to increased coal and LNG prices which have helped its mining industry and boosted government revenue, the reports said. Watch: Russian oil transit halted via Druzhba pipeline to central Europe Similarly, oil exporting countries in the Asia Pacific region, namely Indonesia and Malaysia, have seen an uptick in revenue due to increase in oil prices. Oil prices tumbled five per cent on Monday due to China's weak economic recovery as the country's central bank slashed key interest rates. China's industrial production and retail sales plunged last month although industrial production was up. China's National Bureau of Statistics warned that the risk of stagflation in the world economy is rising. The report made Wall Street jittery as stocks fell initially on Monday but recovered later amid fears of global recession. Oil prices were also affected by prospects of return of Iranian oil into the international market. Iran said it would be delivering its final proposal to revive the stalled 2015 nuclear deal amid possibility of crude oil entering the market which could relieve supply constraints. (With inputs from Agencies) WATCH WION LIVE HERE

Global oil prices expected to fall in 2024: Moody's

WeWork co-founder and former CEO Adam Neumann have received around $350 million in funding from top investment fund Andreessen Horowitz (a16z) for his upcoming new rental real estate business, called Flow.

Unicorn status to WeWork co-founder's startup 'Flow' gets pre-launch