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Taking a cue from European countries adopting single charging pin for devices, Indian government is also planning to do the same, it is mulling over the possibility of having a single charger for most devices.

India mulls possibility of a single charger for all devices

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage.

Prior to South Korea's annual Liberation Day celebration on August 15, when amnesties are customarily granted, President Yoon Suk-yeol might make the change. According to Yonhap News Agency, the Justice Ministry started a meeting on pardons on Tuesday. Following the discussions, the justice minister will produce a list of candidates for Yoon to accept and have his cabinet confirm.

After being found guilty of bribery and embezzlement in January of last year, Lee, the heir to the second-largest contract chip manufacturer in the world, was granted release in August after completing 18 months of a 30-month sentence.

Prime Minister Han Duck-soo responded in the affirmative when asked in parliament if he would suggest that President Yoon Suk-yeol reconsider pardons for significant corporate figures, including Lee.

(With inputs from agencies)

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage.

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage. Prior to South Korea's annual Liberation Day celebration on August 15, when amnesties are customarily granted, President Yoon Suk-yeol might make the change. According to Yonhap News Agency, the Justice Ministry started a meeting on pardons on Tuesday. Following the discussions, the justice minister will produce a list of candidates for Yoon to accept and have his cabinet confirm. After being found guilty of bribery and embezzlement in January of last year, Lee, the heir to the second-largest contract chip manufacturer in the world, was granted release in August after completing 18 months of a 30-month sentence. Prime Minister Han Duck-soo responded in the affirmative when asked in parliament if he would suggest that President Yoon Suk-yeol reconsider pardons for significant corporate figures, including Lee. (With inputs from agencies)

Samsung chief may get presidential pardon so that he can address chip shortage

Amid a global shortage of microchips, US President Joe Biden on Tuesday signed into law, a multi-million dollar bill to boost domestic production of semi-conductors in fear of losing technological edge to China.

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Iran is the latest country to use cryptos which is currently reeling under impact of economic sanctions by the U.S. The Iranian government has placed its first import order using cryptocurrency. It's a move that can actually enable Islamic Republic to circumvent the use of U.S dollars for global trade.

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Soaring energy bills in Britain are giving rise to civil disobedience movement which is aimed at putting pressure on energy firms. Thousands of activists are joining the 'Don't Pay' campaign which was started by a group demanding reduction in bills to an affordable level.

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SoftBank Group Corp is planning to cut headcount at its flagship Vision Fund investing arm, CEO Masayoshi Son said on Monday, after a crash in the value of its portfolio pushed his conglomerate to a record quarterly net loss.

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The US government on Monday approved the first Boeing 787 Dreamliner for delivery since 2021, clearing the way for American Airlines to take possession.

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The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy. This programme is a partnership between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). In order to understand the technological, legal, and regulatory issues surrounding the issuing of a CBDC, the project will aim to find novel use cases and business models that can be supported by it, Reuters reported.

This will entail the creation of a pilot CBDC on a small scale that will operate in a ring-fenced setting and feature a digital currency claim on the reserve bank.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/softbank-posts-record-23-billion-loss-on-vision-fund-pain-504852">SoftBank posts record $23 billion loss on Vision Fund pain</a>

According to Mark Humphery-Jenner, an associate professor of finance, a CBDC typically proposes a number of advantages, like faster transactions, ease of government stimulus and money control, and smoother international transactions.

Development of particular use cases that illustrate how a CBDC can be utilised to offer cutting-edge and value-added payment and settlement services to consumers and enterprises will be requested from interested industry partners.

According to DFCRC CEO Andreas Furche, the technology for a digital currency already exists; the project is instead focused on figuring out how a CBDC may benefit the country.

Also read |&nbsp;<a href="https://www.wionews.com/crypto-isnt-a-get-rich-quick-scheme-millennials-need-to-opt-for-long-term-for-balanced-portfolio-crypto-experts-502702">Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts</a>

He said, "The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits," IANS reported.

The central bank digital current (CBDC), in contrast to conventional digital currencies like Bitcoin and Ethereum, would be stabilised and governed by the state.

(With inputs from agencies)

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The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy.

The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy. This programme is a partnership between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). In order to understand the technological, legal, and regulatory issues surrounding the issuing of a CBDC, the project will aim to find novel use cases and business models that can be supported by it, Reuters reported. This will entail the creation of a pilot CBDC on a small scale that will operate in a ring-fenced setting and feature a digital currency claim on the reserve bank. Also read | SoftBank posts record $23 billion loss on Vision Fund pain According to Mark Humphery-Jenner, an associate professor of finance, a CBDC typically proposes a number of advantages, like faster transactions, ease of government stimulus and money control, and smoother international transactions. Development of particular use cases that illustrate how a CBDC can be utilised to offer cutting-edge and value-added payment and settlement services to consumers and enterprises will be requested from interested industry partners. According to DFCRC CEO Andreas Furche, the technology for a digital currency already exists; the project is instead focused on figuring out how a CBDC may benefit the country. Also read | Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts He said, "The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits," IANS reported. The central bank digital current (CBDC), in contrast to conventional digital currencies like Bitcoin and Ethereum, would be stabilised and governed by the state. (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.

Australian central bank proposes the concept of digital currency

India: Tata Motors Ltd signed an agreement on Sunday to buy Ford Motor’s manufacturing plant in the western state of Gujarat for 7.26 billion rupees.

Tata motors to buy Ford's India plant

A group representing General Motors, Toyota Moto, Volkswagen and other major automakers said that a $430 billion bill approved Sunday by the US Senate will put achieving US electric-vehicle adoption targets for 2030 in jeopardy.

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Budget airline Ryanair said it would appeal to the courts after Hungary fined it for passing on the cost of a special business tax, worth 800 billion forints ($2.1 billion) in total, following a consumer protection investigation.

Nationalist Prime Minister Viktor Orban's government in May announced the special tax measure targeting "extra profits" earned by major banks, energy companies and other firms, aiming to plug budget holes created by a spending spree that helped him gain re-election in April.

"The consumer protection authority has found a breach of the law today, because the airline (Ryanair) has misled customers with its unfair business practice," Justice Minister Judit Varga said in a Facebook post on Monday.

Also Read |&nbsp;<a href="https://www.wionews.com/world/outrage-after-ryanair-forces-south-africans-to-prove-nationality-with-controversial-afrikaans-test-486577">Outrage after Ryanair forces South Africans to prove nationality with controversial Afrikaans test</a>

Ryanair said in an emailed response it would appeal against the 300 million forints ($780,000) fine which it had been levied.

"Ryanair...will immediately appeal any baseless fine raised by the Hungarian Consumer Protection Agency," the email said. "No notice of any such fine has yet been received by Ryanair. If necessary, Ryanair will appeal this matter to the EU courts."

The new levy involves a tax worth 10 to 25 euros on passengers departing Hungary from July.

Ryanair had previously called on Orban's government to scrap what it called a "misguided" tax, saying the measure would damage Hungarian tourism and the economy.

Ryanair, which has also taken issue with the tax being levied on a loss-making industry, said it would be forced to move growth capacity to countries that were working to restore traffic in the aftermath of the coronavirus pandemic.

Orban's taxes on "extra" profits at banks, insurers, large retail chains, the energy industry, telecoms companies and airlines is reminiscent of the tax regime he used to fix the budget after he swept to power in 2010.

Companies have so far proved reluctant to challenge the tax measure, but Ryanair's rival carrier Wizz Air (WIZZ.L) has said it will take a long time for the airline industry to return to revenue and profitability levels seen before the COVID-19 pandemic. It said the tax would hamper the recovery of the tourism sector.

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Budget airline Ryanair said it would appeal to the courts after Hungary fined it for passing on the cost of a special business tax, worth 800 billion forints ($2.

Budget airline Ryanair said it would appeal to the courts after Hungary fined it for passing on the cost of a special business tax, worth 800 billion forints ($2.1 billion) in total, following a consumer protection investigation. Nationalist Prime Minister Viktor Orban's government in May announced the special tax measure targeting "extra profits" earned by major banks, energy companies and other firms, aiming to plug budget holes created by a spending spree that helped him gain re-election in April. "The consumer protection authority has found a breach of the law today, because the airline (Ryanair) has misled customers with its unfair business practice," Justice Minister Judit Varga said in a Facebook post on Monday. Also Read | Outrage after Ryanair forces South Africans to prove nationality with controversial Afrikaans test Ryanair said in an emailed response it would appeal against the 300 million forints ($780,000) fine which it had been levied. "Ryanair...will immediately appeal any baseless fine raised by the Hungarian Consumer Protection Agency," the email said. "No notice of any such fine has yet been received by Ryanair. If necessary, Ryanair will appeal this matter to the EU courts." The new levy involves a tax worth 10 to 25 euros on passengers departing Hungary from July. Ryanair had previously called on Orban's government to scrap what it called a "misguided" tax, saying the measure would damage Hungarian tourism and the economy. Ryanair, which has also taken issue with the tax being levied on a loss-making industry, said it would be forced to move growth capacity to countries that were working to restore traffic in the aftermath of the coronavirus pandemic. Orban's taxes on "extra" profits at banks, insurers, large retail chains, the energy industry, telecoms companies and airlines is reminiscent of the tax regime he used to fix the budget after he swept to power in 2010. Companies have so far proved reluctant to challenge the tax measure, but Ryanair's rival carrier Wizz Air (WIZZ.L) has said it will take a long time for the airline industry to return to revenue and profitability levels seen before the COVID-19 pandemic. It said the tax would hamper the recovery of the tourism sector. 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.

Ryanair to appeal against Hungary's 'baseless' consumer protection fine

China is now offering a boost to economy bruised by covid-led lockdowns. China's export growth unexpectedly picked up speed last month, this come as a relief for the world's second largest economy that is trying to gain some momentum.

China: Export growth picks up

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China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months.

Exports rose 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, August 7, compared with a 17.9% increase in June and beating analysts’ expectations for a 15% gain.

Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis.

“China’s export growth surprised again on the upside. [It] continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.

However, many analysts have expected exports to fade as the global economy looks increasingly likely to be heading into a serious slowdown, weighed down by soaring prices and rising interest rates.

A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the COVID-19 pandemic in early 2020.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-has-wired-nuclear-power-plant-with-explosives-ukraine-504910" hreflang="en">Russia has wired nuclear power plant with explosives: Ukraine</a>

China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from lockdowns in spring will be slower and bumpier than expected.

But there were signs that transport and supply chain disruptions caused by COVID-19 restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand.

Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association.

Container throughput at the COVID-19-hit Shanghai port hit a record high last month.

July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle, said in a research note.

Moreover, amid negative real interest rate and surging inflation, some European and US customers may have front-loaded orders to ensure they had goods on hand with lower costs, he added.

Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute.

“Looking ahead in the second half of the year, exports are expected to be resilient in the short run, but weakening external demand may pressure them in the fourth quarter,” Chang said.

Chinese exporters are facing mounting headwinds, one company executive told Reuters.

“I am very worried about the impacts of soaring US inflation and rising China-US tensions on our export orders,” Jin Chaofeng, general manager at Nicesoul, one of Amazon’s top rattan outdoor furniture sellers, told Reuters.

“If retaliatory tariffs like those in the Trump era happened again, it would deal a blow to our businesses,” Jin said, adding the exports value of his company jumped 70% to 80% in July year-on-year.

Imports still tepid

After a shaky second quarter, most analysts had expected China’s import momentum to pick up modestly in the latter half of the year, supported by construction-related equipment and commodities as the government ramps up infrastructure spending.

But imports last month were again weaker than expected, suggesting domestic demand remains soft.

Imports rose 2.3% from a year earlier, compared with June’s 1% gain and missing a forecast for a 3.7% rise.

“Despite an uptick in domestic demand amid loosening COVID control measures, the weak performance of the production side dragged on imports,” said Xu Shuzheng, a researcher at CITIC Securities, adding that COVID-19 flare-ups may hinder the economy’s recovery.

Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to fresh virus outbreaks.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-block-sale-of-chinese-phones-priced-below-150-report-504811">India to block sale of Chinese phones priced below $150: Report</a>

The volume of imported integrated circuits – a major Chinese import – dropped 19.6% in July from a year earlier, according to Reuters’ calculations.

 
That may be an additional red flag for exports, as a significant amount of the country’s imports are components for goods that are then re-exported.

China posted a record $101.26-billion trade surplus last month, well above the $90-billion surplus analysts had expected.

The country’s top economic planner said last week that the economy is in the “critical window” of stabilization and recovery, and the third quarter is “vital.”

Top leaders recently signaled they were prepared to miss the government growth target of around 5.5% for 2022, which analysts said had been looking increasingly unattainable after the economy narrowly avoided contracting in the second quarter.

The International Monetary Fund in late July sharply cut its 2022 growth forecast for China to 3.3% from 4.4% in April, citing COVID-19 lockdowns and the worsening crisis in the country’s property sector.

China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months.

China’s export growth unexpectedly picked up speed in July, offering an encouraging boost to the economy as its struggles to recover from a COVID-19-induced slump, but weakening global demand could start to drag on shipments in coming months. Exports rose 18% in July from a year earlier, the fastest pace this year, official customs data showed on Sunday, August 7, compared with a 17.9% increase in June and beating analysts’ expectations for a 15% gain. Outbound shipments have been one of the few bright spots for the Chinese economy in 2022, as widespread lockdowns hit businesses and consumers hard and the once mighty property market lurches from crisis to crisis. “China’s export growth surprised again on the upside. [It] continues to help China’s economy in a difficult year as domestic demand remains sluggish,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management. However, many analysts have expected exports to fade as the global economy looks increasingly likely to be heading into a serious slowdown, weighed down by soaring prices and rising interest rates. A global factory survey released last week showed demand weakened in July, with orders and output indexes falling to their weakest levels since the onset of the COVID-19 pandemic in early 2020. Also read | Russia has wired nuclear power plant with explosives: Ukraine China’s official manufacturing survey indicated activity contracted last month, raising fears that the economy’s recovery from lockdowns in spring will be slower and bumpier than expected. But there were signs that transport and supply chain disruptions caused by COVID-19 restrictions were continuing to ease, just in time for shippers preparing for peak year-end shopping demand. Foreign trade container throughput at eight major Chinese ports rose 14.5% in July, speeding up from the 8.4% gain in June, according to data released by the domestic port association. Container throughput at the COVID-19-hit Shanghai port hit a record high last month. July exports may also have been buoyed by pent-up demand from Southeast Asia as supply snarls eased and factories there ramped up production, Bruce Pang, chief economist and head of research at Jones Lang Lasalle, said in a research note. Moreover, amid negative real interest rate and surging inflation, some European and US customers may have front-loaded orders to ensure they had goods on hand with lower costs, he added. Still, while export growth remained high, mainly backed by price factors, the volume of exported goods dropped in July, said Chang Ran, a senior analyst at Zhixin Investment Research Institute. “Looking ahead in the second half of the year, exports are expected to be resilient in the short run, but weakening external demand may pressure them in the fourth quarter,” Chang said. Chinese exporters are facing mounting headwinds, one company executive told Reuters. “I am very worried about the impacts of soaring US inflation and rising China-US tensions on our export orders,” Jin Chaofeng, general manager at Nicesoul, one of Amazon’s top rattan outdoor furniture sellers, told Reuters. “If retaliatory tariffs like those in the Trump era happened again, it would deal a blow to our businesses,” Jin said, adding the exports value of his company jumped 70% to 80% in July year-on-year. Imports still tepid After a shaky second quarter, most analysts had expected China’s import momentum to pick up modestly in the latter half of the year, supported by construction-related equipment and commodities as the government ramps up infrastructure spending. But imports last month were again weaker than expected, suggesting domestic demand remains soft. Imports rose 2.3% from a year earlier, compared with June’s 1% gain and missing a forecast for a 3.7% rise. “Despite an uptick in domestic demand amid loosening COVID control measures, the weak performance of the production side dragged on imports,” said Xu Shuzheng, a researcher at CITIC Securities, adding that COVID-19 flare-ups may hinder the economy’s recovery. Crude oil imports in July fell 9.5% from a year earlier as fuel demand recovered more slowly than expected due to fresh virus outbreaks. Also read | India to block sale of Chinese phones priced below $150: Report The volume of imported integrated circuits – a major Chinese import – dropped 19.6% in July from a year earlier, according to Reuters’ calculations. That may be an additional red flag for exports, as a significant amount of the country’s imports are components for goods that are then re-exported. China posted a record $101.26-billion trade surplus last month, well above the $90-billion surplus analysts had expected. The country’s top economic planner said last week that the economy is in the “critical window” of stabilization and recovery, and the third quarter is “vital.” Top leaders recently signaled they were prepared to miss the government growth target of around 5.5% for 2022, which analysts said had been looking increasingly unattainable after the economy narrowly avoided contracting in the second quarter. The International Monetary Fund in late July sharply cut its 2022 growth forecast for China to 3.3% from 4.4% in April, citing COVID-19 lockdowns and the worsening crisis in the country’s property sector.

China posts record $101 billion trade surplus but export boom could fade

Apple is asking its suppliers in Taiwan to label its products that are bound for Mainland China as Chinese, Taipei or Taiwan China. The labeling suggests that the island is part of the people's Republic of China.

Apple asks Taiwanese suppliers to label products as 'Made in China'

Global Investment Funds have lost their valuations, putting the investors in massive losses. Japanese investor Softbank is the latest in the list as it has suffered a net loss of 3.16 trillion yen or 23.34 billion dollars for the quarter end.

Softbank: Global startups feeling the heat of a slowing economy

American drugmaker&nbsp;Pfizer&nbsp;announced a deal on Monday to acquire Global Blood Therapeutics, makers of a recently approved treatment for sickle cell disease, for $5.4 billion.

With the agreement,&nbsp;Pfizer, one of the top makers of Covid-19 vaccines, acquires GBT's Oxbryta to treat the potentially fatal blood disorder that primarily affects people of African, Middle Eastern or South Asian descent.

The drug was authorized for those over 12 years old in 2019 but gained federal approval in December for children aged four to 11.&nbsp;

"We are excited to welcome GBT colleagues into&nbsp;Pfizer&nbsp;and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community,"&nbsp;Pfizer&nbsp;Chairman and CEO Albert Bourla said in a statement.&nbsp;

Net sales for Oxbryta were approximately $195 million in 2021, and&nbsp;Pfizer&nbsp;said GBT's suite of SCD treatments have the potential to generate more than $3 billion in worldwide sales.&nbsp;

Bourla said the merger will help "accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible."

Sales of Oxbryta helped GBT generate first-quarter turnover of $55 million (up 41 percent), while the company registered a net loss of $81.4 million.

The San Francisco-based firm is due to publish its second-quarter numbers on Monday, but will not hold a previously scheduled call to discuss the earnings report.

Pfizer's second-quarter turnover jumped 47 percent -- to a record $27.74 billion -- boosted by sales of its Covid vaccine and pills.

Its net profit soared by 78 percent, to $9.9 billion.

Following the merger announcement, GBT shares rose 4.4 percent in early trading Monday, while&nbsp;Pfizer&nbsp;shares slipped 0.7 percent.

American drugmaker Pfizer announced a deal on Monday to acquire Global Blood Therapeutics, makers of a recently approved treatment for sickle cell disease, for $5.

American drugmaker Pfizer announced a deal on Monday to acquire Global Blood Therapeutics, makers of a recently approved treatment for sickle cell disease, for $5.4 billion. With the agreement, Pfizer, one of the top makers of Covid-19 vaccines, acquires GBT's Oxbryta to treat the potentially fatal blood disorder that primarily affects people of African, Middle Eastern or South Asian descent. The drug was authorized for those over 12 years old in 2019 but gained federal approval in December for children aged four to 11. "We are excited to welcome GBT colleagues into Pfizer and to work together to transform the lives of patients, as we have long sought to address the needs of this underserved community," Pfizer Chairman and CEO Albert Bourla said in a statement. Net sales for Oxbryta were approximately $195 million in 2021, and Pfizer said GBT's suite of SCD treatments have the potential to generate more than $3 billion in worldwide sales. Bourla said the merger will help "accelerate innovation for the sickle cell disease community and bring these treatments to patients as quickly as possible." Sales of Oxbryta helped GBT generate first-quarter turnover of $55 million (up 41 percent), while the company registered a net loss of $81.4 million. The San Francisco-based firm is due to publish its second-quarter numbers on Monday, but will not hold a previously scheduled call to discuss the earnings report. Pfizer's second-quarter turnover jumped 47 percent -- to a record $27.74 billion -- boosted by sales of its Covid vaccine and pills. Its net profit soared by 78 percent, to $9.9 billion. Following the merger announcement, GBT shares rose 4.4 percent in early trading Monday, while Pfizer shares slipped 0.7 percent.

Pfizer to acquire sickle cell drugmaker GBT for $5 bn

Since the pandemic forced many people to reevaluate their priorities, the four-day workweek has gained attention as a potential means of enhancing employees' work-life balance and welfare. While many see it as a revolutionary break from the monotony of a Monday through Friday workweek, it has proven to be a major inconvenience for many others.

The four-day workweek has been extensively tested around the world (though not everyone has had the opportunity to try it), and it has even been adopted permanently by numerous companies in several countries after trials revealed that the shorter workweek improved employees' wellbeing and happiness while maintaining the same level of productivity.

However, the four-day workweek proved challenging and even divisive in many organisations. In some businesses, it is simply not possible to work on Fridays, and in those where employees are given a three-day weekend, the time off sometimes follows a long, shortened workweek in which workers have to put in even more effort to make up for the "lost" day.

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<h5>The six-hour day is a schedule that requires contributors from an institution to put in six hours a day. This contrasts with the typical eight-hour day or any other type of time structure. It has also been suggested as a superior substitute for the four-day workweek, another suggested method of cutting back on working hours.</h5>
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Certain organisational psychologists suggest shortening the workday. In addition to being more viable for more types of enterprises, wrapping up in less time—say, six instead of eight hours—could also significantly improve the lives of employees.

However, there are compelling arguments in favour of a shorter workday that are connected to improved employee wellbeing and perhaps higher productivity. Contrary to ingrained conventions, it's possible that workers could be more productive and focused if they left the office earlier.

The fact that nations cannot afford such trials at a time when the economy is in such bad shape is one of the key worries regarding cutting working hours.

The OECD has advised these nations to enhance their productivity in order to hasten the recovery from the COVID-19 pandemic as they deal with growing inflation and a cost-of-living issue, despite the favourable economic outlook in countries like the Netherlands, Denmark, and Norway, for instance.

Trials to enact novel regulations, such as the six-hour workday, are frequently pricey; in some cases, the expenses are found to outweigh the advantages.

(With inputs from agencies) 
&nbsp;

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Since the pandemic forced many people to reevaluate their priorities, the four-day workweek has gained attention as a potential means of enhancing employees' work-life balance and welfare.

Since the pandemic forced many people to reevaluate their priorities, the four-day workweek has gained attention as a potential means of enhancing employees' work-life balance and welfare. While many see it as a revolutionary break from the monotony of a Monday through Friday workweek, it has proven to be a major inconvenience for many others. The four-day workweek has been extensively tested around the world (though not everyone has had the opportunity to try it), and it has even been adopted permanently by numerous companies in several countries after trials revealed that the shorter workweek improved employees' wellbeing and happiness while maintaining the same level of productivity. However, the four-day workweek proved challenging and even divisive in many organisations. In some businesses, it is simply not possible to work on Fridays, and in those where employees are given a three-day weekend, the time off sometimes follows a long, shortened workweek in which workers have to put in even more effort to make up for the "lost" day. The six-hour day is a schedule that requires contributors from an institution to put in six hours a day. This contrasts with the typical eight-hour day or any other type of time structure. It has also been suggested as a superior substitute for the four-day workweek, another suggested method of cutting back on working hours. × Certain organisational psychologists suggest shortening the workday. In addition to being more viable for more types of enterprises, wrapping up in less time—say, six instead of eight hours—could also significantly improve the lives of employees. However, there are compelling arguments in favour of a shorter workday that are connected to improved employee wellbeing and perhaps higher productivity. Contrary to ingrained conventions, it's possible that workers could be more productive and focused if they left the office earlier. The fact that nations cannot afford such trials at a time when the economy is in such bad shape is one of the key worries regarding cutting working hours. The OECD has advised these nations to enhance their productivity in order to hasten the recovery from the COVID-19 pandemic as they deal with growing inflation and a cost-of-living issue, despite the favourable economic outlook in countries like the Netherlands, Denmark, and Norway, for instance. Trials to enact novel regulations, such as the six-hour workday, are frequently pricey; in some cases, the expenses are found to outweigh the advantages. (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.

Is a 6-hour workday the solution to a more favourable work-life balance?

SoftBank (SFTBF) unveiled a $23 billion quarterly net loss on Monday, its biggest ever, as a market sell-off upended tech stocks and shredded valuations at its sprawling Vision Fund unit.

The pain in the April-June quarter comes fresh after the closely watched Vision Fund posted a record $26 billion loss in May, when rising interest rates and political instability disrupted global markets and could test investor willingness to stomach further big losses.

SoftBank founder and CEO Masayoshi Son has already pledged to tighten investing criteria and preserve cash to ride out the downturn and on Monday he signaled cuts to headcount at the Vision Fund, saying there were no "sacred areas."

"The world is in great confusion," Son told a briefing after the release of the results, remarking on the tech sell-off. But he acknowledged the company had invested in more startups than it should have and that valuations had been "in a bubble."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-block-sale-of-chinese-phones-priced-below-150-report-504811" hreflang="en">India to block sale of Chinese phones priced below $150: Report</a>

SoftBank also said it had authorized a share repurchase program worth up to 400 billion yen, something that could assuage investors.

Overall, the sliding portfolio pushed SoftBank to a 3.16 trillion yen ($23.4 billion) net loss in the latest quarter — its largest loss ever. That compared with profit of 761.5 billion yen in the same period a year earlier.

The Vision Fund unit saw a $23.1 billion hit in value.

Listed investments that suffered a fall in value included robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc.

SoftBank said it wrote down the value of unlisted assets across its two Vision Funds by 1.14 trillion yen. Analysts have said writedowns of these private assets were unlikely to reflect the extent of current market weakness.

To raise cash, SoftBank has exited companies including ridehailer Uber Technologies (UBER) and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion.

SoftBank sold Uber at an average share price of $41.47, compared to the Friday closing price of $32.01. 
The second Vision Fund's stakes in 269 firms were worth $37.2 billion at end-June, compared with an acquisition cost of $48.2 billion.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/bangladesh-people-queue-up-at-fuel-stations-after-52-surge-in-fuel-prices-504780">Bangladesh: People queue up at fuel stations after 52% surge in fuel prices</a>

Plunging initial public offering volumes and market skepticism towards money-losing startups have squeezed an important source of capital for SoftBank, which hopes to list chip designer Arm following the collapse of a sale to Nvidia (NVDA).

SoftBank hasn't been the only casualty of the tech sell-off.

Hedge fund Tiger Global, which competes with "unicorn hunter" Son on deals, saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets.

Berkshire Hathaway booked a $44 billion quarterly loss on its investments and derivatives, with Chief Executive Warren Buffett urging investors to ignore the fluctuations.

SoftBank (SFTBF) unveiled a $23 billion quarterly net loss on Monday, its biggest ever, as a market sell-off upended tech stocks and shredded valuations at its sprawling Vision Fund unit.

SoftBank (SFTBF) unveiled a $23 billion quarterly net loss on Monday, its biggest ever, as a market sell-off upended tech stocks and shredded valuations at its sprawling Vision Fund unit. The pain in the April-June quarter comes fresh after the closely watched Vision Fund posted a record $26 billion loss in May, when rising interest rates and political instability disrupted global markets and could test investor willingness to stomach further big losses. SoftBank founder and CEO Masayoshi Son has already pledged to tighten investing criteria and preserve cash to ride out the downturn and on Monday he signaled cuts to headcount at the Vision Fund, saying there were no "sacred areas." "The world is in great confusion," Son told a briefing after the release of the results, remarking on the tech sell-off. But he acknowledged the company had invested in more startups than it should have and that valuations had been "in a bubble." Also read | India to block sale of Chinese phones priced below $150: Report SoftBank also said it had authorized a share repurchase program worth up to 400 billion yen, something that could assuage investors. Overall, the sliding portfolio pushed SoftBank to a 3.16 trillion yen ($23.4 billion) net loss in the latest quarter — its largest loss ever. That compared with profit of 761.5 billion yen in the same period a year earlier. The Vision Fund unit saw a $23.1 billion hit in value. Listed investments that suffered a fall in value included robotics firm AutoStore Holdings Ltd and artificial intelligence firm SenseTime Group Inc. SoftBank said it wrote down the value of unlisted assets across its two Vision Funds by 1.14 trillion yen. Analysts have said writedowns of these private assets were unlikely to reflect the extent of current market weakness. To raise cash, SoftBank has exited companies including ridehailer Uber Technologies (UBER) and home-selling platform Opendoor Technologies, for a total gain of $5.6 billion. SoftBank sold Uber at an average share price of $41.47, compared to the Friday closing price of $32.01. The second Vision Fund's stakes in 269 firms were worth $37.2 billion at end-June, compared with an acquisition cost of $48.2 billion. Also read | Bangladesh: People queue up at fuel stations after 52% surge in fuel prices Plunging initial public offering volumes and market skepticism towards money-losing startups have squeezed an important source of capital for SoftBank, which hopes to list chip designer Arm following the collapse of a sale to Nvidia (NVDA). SoftBank hasn't been the only casualty of the tech sell-off. Hedge fund Tiger Global, which competes with "unicorn hunter" Son on deals, saw its flagship fund fall 50% in the first half of the year after it underestimated the impact of surging inflation on markets. Berkshire Hathaway booked a $44 billion quarterly loss on its investments and derivatives, with Chief Executive Warren Buffett urging investors to ignore the fluctuations.

SoftBank posts record $23 billion loss on Vision Fund pain

Tata Motors has signed an agreement to buy Ford Motor’s manufacturing unit in India’s western Gujarat state for Rs 7.26 billion rupees ($91.5 million).

The agreement signed between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd and Ford India Pvt Ltd (FIPL) includes land and buildings, vehicle manufacturing plant along with machinery and equipment, and also covers all the employees, pegged at 1,400, in Sanand.

On Sunday, the two companies signed a unit transfer agreement (UTA), Tata Motors said in a statement.

“With our manufacturing capacity nearing saturation, this acquisition is timely and a win-win for all stakeholders,” it said.

Ford’s manufacturing unit is near the existing manufacturing plant of Tata Motors Passenger Vehicles Limited. The Indian automaker said that the acquisition of the Sanand plant will unlock a manufacturing capacity of 300,000 units per year that could increase to 420,000.

Watch |&nbsp;Tata motors to buy Ford's India plant

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It added that Ford India will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from Tata Passenger Electric Mobility on mutually agreed terms.

Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, in a statement said, "The agreement with FIPL signed today is beneficial to all stakeholders and reflects Tata Motors' strong aspiration to further strengthen its market position in the Passenger Vehicles segment and to continue to build on its leadership position in the Electric Vehicle segment. It will accelerate the growth and development of the Indian auto industry by taking a progressive step forward towards building a future-ready Atmanirbhar (self-reliant) Bharat".&nbsp;

Last year, Ford stopped production in the country after failing to make a dent in the Indian passenger vehicle market despite having a presence for over two decades. It had captured less than 2 per cent of the vehicle market.

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Tata Motors has signed an agreement to buy Ford Motor’s manufacturing unit in India’s western Gujarat state for Rs 7.26 billion rupees ($91.5 million). The agreement signed between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd and Ford India Pvt Ltd (FIPL) includes land and buildings, vehicle manufacturing plant along with machinery and equipment, and also covers all the employees, pegged at 1,400, in Sanand.

Tata Motors has signed an agreement to buy Ford Motor’s manufacturing unit in India’s western Gujarat state for Rs 7.26 billion rupees ($91.5 million). The agreement signed between the Indian automaker's subsidiary Tata Passenger Electric Mobility Ltd and Ford India Pvt Ltd (FIPL) includes land and buildings, vehicle manufacturing plant along with machinery and equipment, and also covers all the employees, pegged at 1,400, in Sanand. On Sunday, the two companies signed a unit transfer agreement (UTA), Tata Motors said in a statement. “With our manufacturing capacity nearing saturation, this acquisition is timely and a win-win for all stakeholders,” it said. Ford’s manufacturing unit is near the existing manufacturing plant of Tata Motors Passenger Vehicles Limited. The Indian automaker said that the acquisition of the Sanand plant will unlock a manufacturing capacity of 300,000 units per year that could increase to 420,000. Watch | Tata motors to buy Ford's India plant It added that Ford India will continue to operate its powertrain manufacturing facility by leasing back the land and buildings of the powertrain manufacturing plant from Tata Passenger Electric Mobility on mutually agreed terms. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Limited and Tata Passenger Electric Mobility Limited, in a statement said, "The agreement with FIPL signed today is beneficial to all stakeholders and reflects Tata Motors' strong aspiration to further strengthen its market position in the Passenger Vehicles segment and to continue to build on its leadership position in the Electric Vehicle segment. It will accelerate the growth and development of the Indian auto industry by taking a progressive step forward towards building a future-ready Atmanirbhar (self-reliant) Bharat". Last year, Ford stopped production in the country after failing to make a dent in the Indian passenger vehicle market despite having a presence for over two decades. It had captured less than 2 per cent of the vehicle market. WATCH WION LIVE HERE

Tata Motors to acquire Ford’s Indian manufacturing plant for over $91 million

Staff at some of Amazon's distribution centers in the UK have refused to return to work following anger over 35p-an-hour pay rise. They vowed to block lorries to disrupt the company's supply network, The Sun reported. Notably, the workers are protesting against the negligible rise in view of the rising cost of living, even as Jeff Bezos enjoys a lavish holiday&nbsp;with his girlfriend in London.

Hundreds of Amazon employees at the online retailer’s Tilbury warehouse in Essex stopped work on Wednesday night and gathered in the canteen to stage a protest against the measly hike. Bosses at the facility tried to get the workers to return, but to no avail.

Also Read |&nbsp;<a href="https://www.wionews.com/world/just-when-bezos-yacht-demands-unexpected-costs-amazon-prime-raises-price-450426">Just when Bezos’ yacht demands unexpected costs, Amazon Prime raises price</a>

Slowly the news spread to other facilities and employees at the company's Rugeley Distribution Centre near Lichfield and at its Coventry site also joined in the protests.

"Amazon has always rejected working with trade unions to deliver better working conditions and fair pay. Their repeated use of short-term contracts is designed to undermine worker’s rights," Steve Garelick, GMB regional organiser, was quoted as saying the Metro.

Workers are seeking a £2 per hour rise to "better match the demands of the role and cope with the cost of living crisis," GMB union says.

Also Read |&nbsp;<a href="https://www.wionews.com/world/earth-ambassadors-jeff-bezos-predicts-planet-will-soon-become-natural-resort-429176">Earth ambassadors? Jeff Bezos predicts planet will soon become 'natural resort'</a>

Garelick further said that Amazon is taking disciplinary action against many staff members, including holding their salaries. However, Amazon has denied all such reports.

The company posted its second consecutive quarterly loss last week, but since its revenue surpassed Wall Street expectations, its stock prices rose.

(With inputs from agencies)

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Staff at some of Amazon's distribution centers in the UK have refused to return to work following anger over 35p-an-hour pay rise. They vowed to block lorries to disrupt the company's supply network, The Sun reported.

Staff at some of Amazon's distribution centers in the UK have refused to return to work following anger over 35p-an-hour pay rise. They vowed to block lorries to disrupt the company's supply network, The Sun reported. Notably, the workers are protesting against the negligible rise in view of the rising cost of living, even as Jeff Bezos enjoys a lavish holiday with his girlfriend in London. Hundreds of Amazon employees at the online retailer’s Tilbury warehouse in Essex stopped work on Wednesday night and gathered in the canteen to stage a protest against the measly hike. Bosses at the facility tried to get the workers to return, but to no avail. Also Read | Just when Bezos’ yacht demands unexpected costs, Amazon Prime raises price Slowly the news spread to other facilities and employees at the company's Rugeley Distribution Centre near Lichfield and at its Coventry site also joined in the protests. "Amazon has always rejected working with trade unions to deliver better working conditions and fair pay. Their repeated use of short-term contracts is designed to undermine worker’s rights," Steve Garelick, GMB regional organiser, was quoted as saying the Metro. Workers are seeking a £2 per hour rise to "better match the demands of the role and cope with the cost of living crisis," GMB union says. Also Read | Earth ambassadors? Jeff Bezos predicts planet will soon become 'natural resort' Garelick further said that Amazon is taking disciplinary action against many staff members, including holding their salaries. However, Amazon has denied all such reports. The company posted its second consecutive quarterly loss last week, but since its revenue surpassed Wall Street expectations, its stock prices rose. (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.

Amazon staff in Essex walk out over measly hike, refuse to return to work

The Bank of England (BoE) raised interest rates by the most in 25 years on August 4, despite warning that a long recession is on its way. It has raised the interest rates by 0.5 points also known as 50 basis points, highest interest rate rise since 1997 amid looming recession.

Bank of England raises rates by most in 25 years even as long recession looms

Strict Covid-19 measures have started to bite China's tech firms now. E-commerce major Alibaba group has reported flat quarterly revenue growth for the first time in its history.

China: Alibaba revenue growth flatlines for first time

Beyond Meat Inc on Thursday lowered its revenue forecast for the year and announced job cuts as rising inflation hurt the company's efforts to make its pricier plant-based meat more affordable for consumers.

Beyond Meat cuts sales forecast as consumers shun pricier faux meat

Japan’s households increased spending for the first time in four months in June, as demand for travel services rose in a positive sign for broader economic recovery prospects.

Japan’s households raise spending for first time in 4 months