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TikTok could face a 27 million-pound ($29 million) fine in the Britain over a possible breach of data protection law by failing to protect children's privacy when they are using the video-sharing platform.

WION Business News | TikTok fails to protect children's policy, UK to fine video-sharing platform

There is a surge in US house prices and one major factor for this price rise is the shift to Work From Home culture. This culture has driven more than half of increase in house and rent prices during pandemic, it will likely drive a cost and inflation going forward as well.

WION Business News | 'Work From Home' culture drives over 60% of house-price surge

The cost of charging an electric car has surged due to soaring energy prices, prompting fears it will put off drivers from buying them, the RAC stated. UK plans to ban the sale of new fossil fuel cars after 2035.

WION Business News | Rising cost of EV charging add to the woes of the Brits

Electric flying taxis can now become a reality in India too. Urban air mobility player FlyBlade India has inked an MOU with Embrear’s Eve Air Mobility to bring at least 200 electric vertical take-off and landing to India by 2026.

WION Business News | Electric air taxis ready for takeoff in India

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per&nbsp;World Bank predictions.&nbsp;

The US-based organisation stated in a biannual study released on Tuesday that the region of East Asia and the Pacific's yearly growth outlook had been revised downward from 5 per cent&nbsp;to 3.2 per cent. However, since China accounts for 86 per cent&nbsp;of the region's economic production, a large portion of that decline was caused by China's economic problems.

The second-largest economy in the world, China, was predicted by the World Bank to grow its GDP by just 2.8 per cent&nbsp;in 2022, while the other 23 countries in the region were predicted to see average growth of 5.3 per cent, which would be higher than the 2.6 per cent&nbsp;growth seen in 2021. For the first time since 1990, China's GDP growth lagged behind that of its neighbours due to its distinct path.&nbsp;

According to the World Bank, the increase in the Asia-Pacific was being driven by high commodity prices and a post-pandemic recovery in domestic consumption. However, the World Bank reported that China's tight adherence to its zero-Covid policy had affected the industry as well as domestic sales and exports.

Conditions have gotten worse due to a crisis in China's housing and real estate development industries. According to government statistics, new home prices in 70 Chinese cities decreased by a worse-than-anticipated 1.3 per cent&nbsp;in August compared to the previous year, and almost a third of all property loans are now categorised as bad debts.&nbsp;

According to Chinese government statistics, the country's annual GDP growth in 2021 was 8.1 per cent, the strongest rate in a decade, and 5.5 per cent&nbsp;was forecast for 2022. Prior to Tuesday's announcement, the World Bank had predicted a decline this year, with a growth of only 5 per cent. The second-largest economy in the world was projected to increase by 4.5 per cent&nbsp;in 2023.

(with inputs from agencies)

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per World Bank predictions.

Covid-zero policies and the property market crisis have caused China's economic development to lag behind that of the rest of Asia-Pacific for the first time in more than 30 years, as per World Bank predictions. The US-based organisation stated in a biannual study released on Tuesday that the region of East Asia and the Pacific's yearly growth outlook had been revised downward from 5 per cent to 3.2 per cent. However, since China accounts for 86 per cent of the region's economic production, a large portion of that decline was caused by China's economic problems. The second-largest economy in the world, China, was predicted by the World Bank to grow its GDP by just 2.8 per cent in 2022, while the other 23 countries in the region were predicted to see average growth of 5.3 per cent, which would be higher than the 2.6 per cent growth seen in 2021. For the first time since 1990, China's GDP growth lagged behind that of its neighbours due to its distinct path. According to the World Bank, the increase in the Asia-Pacific was being driven by high commodity prices and a post-pandemic recovery in domestic consumption. However, the World Bank reported that China's tight adherence to its zero-Covid policy had affected the industry as well as domestic sales and exports. Conditions have gotten worse due to a crisis in China's housing and real estate development industries. According to government statistics, new home prices in 70 Chinese cities decreased by a worse-than-anticipated 1.3 per cent in August compared to the previous year, and almost a third of all property loans are now categorised as bad debts. According to Chinese government statistics, the country's annual GDP growth in 2021 was 8.1 per cent, the strongest rate in a decade, and 5.5 per cent was forecast for 2022. Prior to Tuesday's announcement, the World Bank had predicted a decline this year, with a growth of only 5 per cent. The second-largest economy in the world was projected to increase by 4.5 per cent in 2023. (with inputs from agencies)

China’s economic growth lags Asia-Pacific region for first time in 30 years: Report

Indian firms would likely increase employee compensation by 10.4 per cent&nbsp;in 2023, which would be virtually in line with the 10.6 per cent&nbsp;increase seen so far in 2022, as reported by Reuters.&nbsp;

The likelihood of a double-digit pay hike comes as the south Asian nation struggles with skyrocketing inflation amid concerns of a recession in the global economy. In August, India's inflation increased to 7 per cent, continuing an eight-month streak in which it exceeded the central bank's tolerance target.&nbsp;

In a statement based on a poll, Roopank Chaudhary, partner, of human capital solutions at Aon in India, said that the compensation boost reflects "the confidence that corporate India has in its strong business performance."

Data from 1,300 businesses in more than 40 categories were analysed for the survey.&nbsp;

The impact of increased costs and salary pressures must be balanced, Chaudhary added, with the relatively high rate of turnover and the continuous need for vital talent.&nbsp;

The study revealed that staff departures were still high in the first half of this year (20.3 per cent), but slightly lower than the 21 per cent&nbsp;in 2021.&nbsp;

With a forecasted pay growth of 12.8 per cent, e-commerce tops all other sectors, followed by start-ups, hi-tech/information technology and IT-enabled services, 11.3 per cent, and financial institutions, 10.7 per cent.

(with inputs from agencies)

Indian firms would likely increase employee compensation by 10.4 per cent in 2023, which would be virtually in line with the 10.6 per cent increase seen so far in 2022, as reported by Reuters.

Indian firms would likely increase employee compensation by 10.4 per cent in 2023, which would be virtually in line with the 10.6 per cent increase seen so far in 2022, as reported by Reuters. The likelihood of a double-digit pay hike comes as the south Asian nation struggles with skyrocketing inflation amid concerns of a recession in the global economy. In August, India's inflation increased to 7 per cent, continuing an eight-month streak in which it exceeded the central bank's tolerance target. In a statement based on a poll, Roopank Chaudhary, partner, of human capital solutions at Aon in India, said that the compensation boost reflects "the confidence that corporate India has in its strong business performance." Data from 1,300 businesses in more than 40 categories were analysed for the survey. The impact of increased costs and salary pressures must be balanced, Chaudhary added, with the relatively high rate of turnover and the continuous need for vital talent. The study revealed that staff departures were still high in the first half of this year (20.3 per cent), but slightly lower than the 21 per cent in 2021. With a forecasted pay growth of 12.8 per cent, e-commerce tops all other sectors, followed by start-ups, hi-tech/information technology and IT-enabled services, 11.3 per cent, and financial institutions, 10.7 per cent. (with inputs from agencies)

India might see double-digit salary increase in 2023 amid fears of global recession: Study

Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China's slowdown, but the pace of expansion will pick up next year, the World Bank stated on Tuesday.

WION Business News | World Bank: Economic growth to pick up in 2023

Sterling tumbled to a record trough as traders scampered for the exits on speculation that UK's new government's economic plan will stretch Britain's finances to the limit.

Sterling crumbles to record low; UK's fiscal plan spurs investor exodus

Japan's factory activity growth hit a 20-month low in September, as firms struggled with a global slowdown and pressure from high energy and raw material prices that was exacerbated by a weak yen.

Japan's factory activity expansion slows down

Australia plans to change privacy rules, allowing banks to be alerted faster to cyber attacks on companies, Prime Minister Anthony Albanese said on Monday, after hackers targeted the country's second-largest telecoms firm.

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Tesla has recalled over a million of vehicles in the US due to an issue with the window automatic reversal system. The National Highway Traffic Safety Administration said that the vehicles failed to comply with the requirements of the federal motor safety system on power windows.

WION Business News: Tesla to orders to recall over million US cars; to fix issues with software

Switzerland exited the era of negative interest rates when its central bank joined others around the world in tightening monetary policy more aggressively to combat resurgent inflation.

World Business Watch: Swiss National Bank exits negative rates era with 0.75% hike

Boeing will pay $200 million to settle civil charges by the US Securities and Exchange Commission that it misled investors about its 737 MAX, which was grounded for 20 months after two fatal crashes killed 346 people.

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US tech-giant Meta has more than doubled its cost-cutting targets. Reportedly, the company is looking to trim its costs by at least 10% within the next few months. The reported figure represents a big jump from the earlier forecast of about 2% to 4% cost cuts that Meta announced in July.

World Business Watch | Report: Meta aims to cut costs by 10% within next few months

Citi group is planning to wind down its retail bank in the United Kingdom, aiming to further streamline operations as part of its chief executive's strategy.

World Business Watch: Citi bank plans to scrap UK retail banking as part of strategic refresh

While Russia-Ukraine war clouds are becoming darker, the partial military mobilisation announcement is giving a boost to defence stocks. The shares jumped on expectations of higher spending.

World Business Watch: Defence stocks beat global stock markets as Putin order troop mobilisation

In a tougher stance against employees doing a second job after hours, an Indian multinational corporation Wipro Ltd. has fired almost 300 employees for "moonlighting."&nbsp;

Rishad Premji, the company's chairman and a prominent opponent of moonlighting, declared that any employee who chooses to work directly with competitors while still being paid by Wipro has no place in the organisation.&nbsp;

Speaking at an All India Management Association event, he declared that moonlighting is "a complete violation of integrity in its deepest form."&nbsp;

The truth is that there are currently 300 people working for one of Wipro's competitors while also directly working for another company, according to Premji.

Later, when questioned about the actions taken against the 300 employees, he responded that in those particular cases of violation, services have been terminated.&nbsp;

IT companies are concerned that when staff members take on additional jobs outside of regular working hours, it will reduce productivity, create conflicts of interest, and maybe result in data breaches.&nbsp;

Premji has been an outspoken opponent of it and has compared it to "cheating." He stated on Twitter last month, "there is a lot of chatter about people moonlighting in the tech industry. This is cheating - plain and simple."

His tweet received a lot of attention from the sector, and many IT organisations increased their vigilance against similar tactics.&nbsp;

In a memo sent to its employees last week, Infosys emphasised that dual employment is not permitted and cautioned that any breach of contract provisions would result in disciplinary action "which could even lead to termination of employment".&nbsp;

"No two-timing - no moonlighting!," the second-largest IT services provider in India, Infosys, told its staff last week in a stern warning.

Due to the present attention being placed on the difficult issue, some industry observers have encouraged businesses to consider implementing additional security measures to protect sensitive data and operating models, especially in situations when employees work remotely. Analysts have predicted that employers may enforce exclusivity clauses in employment contracts more strictly.

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In a tougher stance against employees doing a second job after hours, an Indian multinational corporation Wipro Ltd. has fired almost 300 employees for "moonlighting.

In a tougher stance against employees doing a second job after hours, an Indian multinational corporation Wipro Ltd. has fired almost 300 employees for "moonlighting." Rishad Premji, the company's chairman and a prominent opponent of moonlighting, declared that any employee who chooses to work directly with competitors while still being paid by Wipro has no place in the organisation. Speaking at an All India Management Association event, he declared that moonlighting is "a complete violation of integrity in its deepest form." The truth is that there are currently 300 people working for one of Wipro's competitors while also directly working for another company, according to Premji. Later, when questioned about the actions taken against the 300 employees, he responded that in those particular cases of violation, services have been terminated. IT companies are concerned that when staff members take on additional jobs outside of regular working hours, it will reduce productivity, create conflicts of interest, and maybe result in data breaches. Premji has been an outspoken opponent of it and has compared it to "cheating." He stated on Twitter last month, "there is a lot of chatter about people moonlighting in the tech industry. This is cheating - plain and simple." His tweet received a lot of attention from the sector, and many IT organisations increased their vigilance against similar tactics. In a memo sent to its employees last week, Infosys emphasised that dual employment is not permitted and cautioned that any breach of contract provisions would result in disciplinary action "which could even lead to termination of employment". "No two-timing - no moonlighting!," the second-largest IT services provider in India, Infosys, told its staff last week in a stern warning. Due to the present attention being placed on the difficult issue, some industry observers have encouraged businesses to consider implementing additional security measures to protect sensitive data and operating models, especially in situations when employees work remotely. Analysts have predicted that employers may enforce exclusivity clauses in employment contracts more strictly. 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.

Wipro sacks 300 employees for 'moonlighting'

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure.

The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed.

“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement.

&nbsp;“No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London.

The bank further said that an “overwhelming majority of clients would not be affected until 2023.”

Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf.

Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking.

The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank.

Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business.&nbsp;

The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain.

Goldman is also offering savings accounts under its consumer arm Marcus in Britain.

(With inputs from agencies)

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Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank.

Citigroup has said that it plans to shut down its retail bank in the United Kingdom, as it overhauls its business structure. The firm said that it would be focusing on its wealthiest customers in the UK, and will be inviting certain clients to transition to its private bank. Customers who don’t meet the criteria for this new service will see their accounts closed. “Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement. “No final decision can be taken until that process concludes,” said Citi, which has only one branch in the UK, based at Canary Wharf in London. The bank further said that an “overwhelming majority of clients would not be affected until 2023.” Last year, the US lender announced to wind down its consumer banking operations in 13 markets across Asia, Europe and the Gulf. Earlier this year in January, Citi made changes to its business structure as a piece of a broader strategy to move away from global retail banking. The firm first closed its Mexican retail banking arm, Citibanamex, and sold consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank. Citi’s exit from the UK market coincides with its rival Wall Street peers, JP Morgan and Goldman Sachs, entering the markets with the launch of their digital bank operations in the region, with an aim to expand its international consumer business. The JP Morgan executives in May said that its consumer bank Chase had added over half a million customers in Britain. Goldman is also offering savings accounts under its consumer arm Marcus in Britain. (With inputs from agencies) WATCH WION LIVE HERE:

Citigroup plans to shut down its lone retail bank in UK

According to a report, insulating homes in the UK and installing heat pumps could benefit the economy by $7.9 billion a year and create 140,000 new jobs by 2030.

World Business Watch | Study: Energy-saving measures could boost UK economy

The Asian Development Bank cut its economic growth forecast for developing Asia amid rising interest rates, a prolonged war in Ukraine and China's Covid Zero policy.

World Business Watch: Asian development bank cuts growth forecast for year 2022-23

Plant-based food maker Beyond Meat has suspended its chief operating officer Douglas Ramsey for allegedly biting a man's nose during the altercation.

World Business Watch: Beyond Meat's COO Douglas Ramsey suspended for allegedly biting man's nose

Boeing plans to cut about 150 finance jobs in the United States this year to simplify its corporate structure and focus more resources into manufacturing and product development.

World Business Watch: Boeing to slash nearly 150 finance jobs in US

The competition between YouTube and TikTok has grown quite intense in the past few months. With several viewers and creators turning towards TikTok, YouTube has come up with a new strategy.

The Google-owned streaming service said on Tuesday that it will be giving video creators of the platform 45 per cent of the total revenue generated from its video feature – Shorts.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-and-canadian-warships-sail-through-taiwan-strait-second-time-in-three-weeks-518244">US &amp; Canadian warships sail through Taiwan Strait, second time in three weeks</a>

It is standard practice for the company to share 55 percent of the revenue for content created on the main website and with this development, there will be parity on all of its platforms. This move is expected to counter the $1 billion fund that TikTok has for paying creators, according to Reuters.

Earlier this year, YouTube introduced a $100 million fund for creators who will be making videos on the Shorts feature. The 45 per cent share is a further addition to the already established plan.

According to New York Times, the advertisement revenue has gone up by around 9 per cent in the last year for YouTube and the official figure was somewhere around $14.2 billion.

Also read |&nbsp;<a href="https://www.wionews.com/world/pm-modis-no-war-comment-to-putin-lauded-by-france-and-united-states-518236">PM Modi's 'no war' comment to Putin lauded by France and United States</a>

“YouTube is sharing a smaller proportion of sales with Shorts creators to offset its significant investment in developing the feature”, Vice President Tara Walpert Levy told NYT.

However, when it comes to users, TikTok has become a major competition in the space. The application, known for extremely short videos and viral dance content, already has 1 billion users.

The Shorts feature was launched as a direct competition and these new moves are being considered to be the push that the new venture needs to excel in the market.

The competition between YouTube and TikTok has grown quite intense in the past few months. With several viewers and creators turning towards TikTok, YouTube has come up with a new strategy.

The competition between YouTube and TikTok has grown quite intense in the past few months. With several viewers and creators turning towards TikTok, YouTube has come up with a new strategy. The Google-owned streaming service said on Tuesday that it will be giving video creators of the platform 45 per cent of the total revenue generated from its video feature – Shorts. Also read | US & Canadian warships sail through Taiwan Strait, second time in three weeks It is standard practice for the company to share 55 percent of the revenue for content created on the main website and with this development, there will be parity on all of its platforms. This move is expected to counter the $1 billion fund that TikTok has for paying creators, according to Reuters. Earlier this year, YouTube introduced a $100 million fund for creators who will be making videos on the Shorts feature. The 45 per cent share is a further addition to the already established plan. According to New York Times, the advertisement revenue has gone up by around 9 per cent in the last year for YouTube and the official figure was somewhere around $14.2 billion. Also read | PM Modi's 'no war' comment to Putin lauded by France and United States “YouTube is sharing a smaller proportion of sales with Shorts creators to offset its significant investment in developing the feature”, Vice President Tara Walpert Levy told NYT. However, when it comes to users, TikTok has become a major competition in the space. The application, known for extremely short videos and viral dance content, already has 1 billion users. The Shorts feature was launched as a direct competition and these new moves are being considered to be the push that the new venture needs to excel in the market.

YouTube to give Shorts creators 45 per cent revenue share to compete with TikTok

Share markets across the world showed movement as Russian President Vladimir Putin announced partial mobilisation in the country. The escalation has raised concerns about energy supplies as well as increased demand for weapons.&nbsp;

UK's commodity-heavy FTSE 100 reversed early losses on Wednesday, buoyed by oil stocks as crude prices surged&nbsp;

The benchmark FTSE 100 (.FTSE) rose 0.5%, while the domestically focussed mid-cap index (.FTMC) added 0.3% by 0817 GMT.

Oil majors BP (BP.L) and Shell (SHEL.L) climbed nearly 2.5% each as crude prices jumped on concerns of tighter oil and gas supply.&nbsp;

In addition to oil companies, shares of defence companies rose too. Shares of BAE Systems, Britain's biggest defence company jumped by 5.3 per cent

"Investors will be looking at defence stocks and thinking about the potential that governments will look to increase their spend on weapons and on military hardware," said Danni Hewson, financial analyst at AJ Bell. Hewson was quoted by Reuters.

UK Prime Minister Liz Truss was another world leader who caused a stir in the markets.

Housing stocks (.FTNMX402020) rose 3.3% after a report said that Truss will announce plans to cut the stamp duty on property tax in the government's mini-budget this week.

Also Read | <a href="https://www.wionews.com/world/ukraine-crisis-russias-vladimir-putin-announces-partial-military-mobilisation-518283">'Will use all available means, this is not a bluff': Russia's Putin announces partial military mobilisation</a>

Markets are expecting the Bank of England to follow suit on Thursday,&nbsp;pricing in a 77% chance of a 75-basis-point increase in rates to 2.5%, and a 23% chance of a smaller 50-basis-point increase.&nbsp;

"After what we saw in Sweden yesterday and what we're expecting to see from the Federal Reserve, it does put a great deal of pressure on the Bank of England," said Hewson.

"Markets are not quite sure what to expect from the BoE because you've got the UK Government about to borrow a huge chunk of additional cash, the expectation that the economy is already in recession and a situation where the BoE cannot cut rates in order to stimulate economic growth because that will only lead to further inflationary pressures."

(With inputs from agencies)

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Share markets across the world showed movement as Russian President Vladimir Putin announced partial mobilisation in the country. The escalation has raised concerns about energy supplies as well as increased demand for weapons.

Share markets across the world showed movement as Russian President Vladimir Putin announced partial mobilisation in the country. The escalation has raised concerns about energy supplies as well as increased demand for weapons. UK's commodity-heavy FTSE 100 reversed early losses on Wednesday, buoyed by oil stocks as crude prices surged The benchmark FTSE 100 (.FTSE) rose 0.5%, while the domestically focussed mid-cap index (.FTMC) added 0.3% by 0817 GMT. Oil majors BP (BP.L) and Shell (SHEL.L) climbed nearly 2.5% each as crude prices jumped on concerns of tighter oil and gas supply. In addition to oil companies, shares of defence companies rose too. Shares of BAE Systems, Britain's biggest defence company jumped by 5.3 per cent "Investors will be looking at defence stocks and thinking about the potential that governments will look to increase their spend on weapons and on military hardware," said Danni Hewson, financial analyst at AJ Bell. Hewson was quoted by Reuters. UK Prime Minister Liz Truss was another world leader who caused a stir in the markets. Housing stocks (.FTNMX402020) rose 3.3% after a report said that Truss will announce plans to cut the stamp duty on property tax in the government's mini-budget this week. Also Read | 'Will use all available means, this is not a bluff': Russia's Putin announces partial military mobilisation Markets are expecting the Bank of England to follow suit on Thursday, pricing in a 77% chance of a 75-basis-point increase in rates to 2.5%, and a 23% chance of a smaller 50-basis-point increase. "After what we saw in Sweden yesterday and what we're expecting to see from the Federal Reserve, it does put a great deal of pressure on the Bank of England," said Hewson. "Markets are not quite sure what to expect from the BoE because you've got the UK Government about to borrow a huge chunk of additional cash, the expectation that the economy is already in recession and a situation where the BoE cannot cut rates in order to stimulate economic growth because that will only lead to further inflationary pressures." (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 ×

Partial military mobilisation in Russia announcement makes oil, defence stocks surge

The US Federal Reserve is expected to raise the interest rates significantly for the third consecutive time as it finds it difficult to tame inflation.&nbsp;

Experts believe that the central bank will raise its benchmark interest rate by 0.75 basis points in the range of 3 to 3.25 per cent, following&nbsp;similarly large&nbsp;rate hikes in June and July.&nbsp;

The policy decision, which will be announced at 2 p.m. EDT (1800 GMT), falls in line with the policy shift of the global central banks who are testing the resilience of the world's economy and the ability of countries to manage exchange rate shocks as the value of the dollar soars, reports Reuters.&nbsp;

Speaking at an economic conference in Wyoming last month, Federal Reserve Chair Jerome Powell issued a warning, saying that the central bank’s aim to curb inflation by aggressively raising interest rates would "bring some pain” for Americans.&nbsp;

"If we don't get inflation down, we're in trouble. So that's the number one job," he said.&nbsp;

It comes at a time when the US is struggling to control its inflation, which hovered around 8.3 per cent in August— down only slightly from the month before. &nbsp;

Though the gas price has dropped sharply&nbsp;from its record high in June, and airline tickets have gotten a bit cheaper, other costs continue to soar, including essentials such as rent, groceries and electricity.&nbsp;

The Fed has already increased its benchmark rate four times this year — from near zero to about 2.375 per cent, making it expensive to buy a car, use a credit card or get a mortgage. &nbsp;

(With inputs from agencies)&nbsp;

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The US Federal Reserve is expected to raise the interest rates significantly for the third consecutive time as it finds it difficult to tame inflation. Experts believe that the central bank will raise its benchmark interest rate by 0.

The US Federal Reserve is expected to raise the interest rates significantly for the third consecutive time as it finds it difficult to tame inflation. Experts believe that the central bank will raise its benchmark interest rate by 0.75 basis points in the range of 3 to 3.25 per cent, following similarly large rate hikes in June and July. The policy decision, which will be announced at 2 p.m. EDT (1800 GMT), falls in line with the policy shift of the global central banks who are testing the resilience of the world's economy and the ability of countries to manage exchange rate shocks as the value of the dollar soars, reports Reuters. Speaking at an economic conference in Wyoming last month, Federal Reserve Chair Jerome Powell issued a warning, saying that the central bank’s aim to curb inflation by aggressively raising interest rates would "bring some pain” for Americans. "If we don't get inflation down, we're in trouble. So that's the number one job," he said. It comes at a time when the US is struggling to control its inflation, which hovered around 8.3 per cent in August— down only slightly from the month before. Though the gas price has dropped sharply from its record high in June, and airline tickets have gotten a bit cheaper, other costs continue to soar, including essentials such as rent, groceries and electricity. The Fed has already increased its benchmark rate four times this year — from near zero to about 2.375 per cent, making it expensive to buy a car, use a credit card or get a mortgage. (With inputs from agencies) WATCH WION LIVE HERE:

US Fed set to raise interest rate ‘significantly’ as inflation continues to soar  

Japanese car manufacturer Honda asked hundreds of employees to pay back part of the bonuses after claiming it overpaid them. The employees at the Honda motor Factory in Ohio will have to return part of their bonuses by tomorrow, 22nd September.

World Business Watch | Honda to employees: Return extra bonus