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Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher. Amid a cost-of-living crisis, borrowing is becoming more expensive.&nbsp;

Notably, this is the sixth consecutive hike by BoE's Monetary Policy Committee (MPC) since December. Today, MPC voted 8-1 to lift its key rate by 0.50 percentage points from 1.25 per cent to 1.75 per cent.&nbsp;

The hike means there will be an immediate increase in mortgage bills for millions of homeowners on the tracker. Or even the variable mortgages that are in line with the BoE rate.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/time-running-out-for-archie-battersbee-as-his-parents-make-legal-bid-to-move-him-to-hospice-503588">Time running out for Archie Battersbee as his parents make legal bid to move him to hospice</a>&nbsp;

The BoE said that the "inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly" since May.&nbsp;

The bank added, "That largely reflects a near-doubling in wholesale gas prices since May, owing to Russia's restriction of gas supplies to Europe and the risk of further curbs. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term."&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/nancy-pelosi-lands-in-japan-china-fires-missile-on-japan-and-cancels-bilateral-meeting-on-the-same-day-503653">Nancy Pelosi lands in Japan: China fires missile on Japan and cancels bilateral meeting on the same day</a>&nbsp;

Now, the BoE has anticipated that the UK economy would enter a period of recession at a time when the nation is facing a cost-of-living crisis. The bank said that the recession will last until late 2023. It was predicted that UK inflation will peak this year at just over 13 per cent. In June, UK inflation had already jumped to a four-decade high of 9.4 per cent.&nbsp;

The BoE added: "The latest rise in gas prices has led to another significant deterioration in the outlook for (economic) activity in the United Kingdom and the rest of Europe. The United Kingdom is now projected to enter recession from the fourth quarter of this year."&nbsp;

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Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher.

Bank of England (BoE) on Thursday (August 4) unveiled the biggest interest rate rise in 27 years and also warned that Britain will sink into a lengthy recession later this year as inflation rockets even higher. Amid a cost-of-living crisis, borrowing is becoming more expensive. Notably, this is the sixth consecutive hike by BoE's Monetary Policy Committee (MPC) since December. Today, MPC voted 8-1 to lift its key rate by 0.50 percentage points from 1.25 per cent to 1.75 per cent. The hike means there will be an immediate increase in mortgage bills for millions of homeowners on the tracker. Or even the variable mortgages that are in line with the BoE rate. ALSO READ | Time running out for Archie Battersbee as his parents make legal bid to move him to hospice The BoE said that the "inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly" since May. The bank added, "That largely reflects a near-doubling in wholesale gas prices since May, owing to Russia's restriction of gas supplies to Europe and the risk of further curbs. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term." ALSO READ | Nancy Pelosi lands in Japan: China fires missile on Japan and cancels bilateral meeting on the same day Now, the BoE has anticipated that the UK economy would enter a period of recession at a time when the nation is facing a cost-of-living crisis. The bank said that the recession will last until late 2023. It was predicted that UK inflation will peak this year at just over 13 per cent. In June, UK inflation had already jumped to a four-decade high of 9.4 per cent. The BoE added: "The latest rise in gas prices has led to another significant deterioration in the outlook for (economic) activity in the United Kingdom and the rest of Europe. The United Kingdom is now projected to enter recession from the fourth quarter of this year." 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.

Bank of England unveils biggest interest rate hike in 27 years, warns of lengthy recession

On Thursday, several U.S. Federal Reserve officials pushed back against rumours that they might limit the pace of interest rate increases, which helped the dollar gain ground. In contrast, the pound was unchanged ahead of a meeting of the Bank of England. The dollar index, which compares the value of the dollar to those of six other currencies, had somewhat increased overnight but was unchanged in early trade at 106.39. This week, it is up about 0.5%, reversing the pattern from the previous two weeks.

Mary Daly of the San Francisco Fed and Neel Kashkari of the Minneapolis Fed both expressed their desire to control excessive inflation overnight, echoing similar sentiments expressed by other officials the day before. Even after the dollar index reached a two-decade high in July, according to a Reuters survey of economists earlier this week, 70% said the dollar had yet to top in this cycle.

The market is pricing in a 58 per cent chance of a 50 basis point rate hike at the Fed's September meeting and a 42 per cent possibility of an additional significant 75 basis point increase, according to CME's FedWatch tool. Sim, however, said that the dollar's recent performance was mixed since riskier currencies have been supported by the increased risk sentiment, which has also aided U.S. market prices.

Also Read:<a href="https://www.wionews.com/business-economy/india-relying-heavily-on-oil-palm-to-reduce-19-billion-vegetable-oil-imports-503080">&nbsp;India relying heavily on oil palm to reduce $19 billion vegetable oil imports</a>

The Australian dollar, which had gained 0.46 per cent the previous day, was at $0.695 on Thursday morning as it attempted to climb back over the significant $0.7 level it had fallen from earlier in the week as a result of what appeared to be dovish comments from the central bank. Prior to a BOE meeting later on in the day, when most investors anticipate the central bank to hike the rate by 50 basis points to 1.75 per cent, the highest level since late 2008, the pound was little moved at $1.2158. This is related to central bank news.

(with inputs from agencies)

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On Thursday, several U.S. Federal Reserve officials pushed back against rumours that they might limit the pace of interest rate increases, which helped the dollar gain ground.

On Thursday, several U.S. Federal Reserve officials pushed back against rumours that they might limit the pace of interest rate increases, which helped the dollar gain ground. In contrast, the pound was unchanged ahead of a meeting of the Bank of England. The dollar index, which compares the value of the dollar to those of six other currencies, had somewhat increased overnight but was unchanged in early trade at 106.39. This week, it is up about 0.5%, reversing the pattern from the previous two weeks. Mary Daly of the San Francisco Fed and Neel Kashkari of the Minneapolis Fed both expressed their desire to control excessive inflation overnight, echoing similar sentiments expressed by other officials the day before. Even after the dollar index reached a two-decade high in July, according to a Reuters survey of economists earlier this week, 70% said the dollar had yet to top in this cycle. The market is pricing in a 58 per cent chance of a 50 basis point rate hike at the Fed's September meeting and a 42 per cent possibility of an additional significant 75 basis point increase, according to CME's FedWatch tool. Sim, however, said that the dollar's recent performance was mixed since riskier currencies have been supported by the increased risk sentiment, which has also aided U.S. market prices. Also Read: India relying heavily on oil palm to reduce $19 billion vegetable oil imports The Australian dollar, which had gained 0.46 per cent the previous day, was at $0.695 on Thursday morning as it attempted to climb back over the significant $0.7 level it had fallen from earlier in the week as a result of what appeared to be dovish comments from the central bank. Prior to a BOE meeting later on in the day, when most investors anticipate the central bank to hike the rate by 50 basis points to 1.75 per cent, the highest level since late 2008, the pound was little moved at $1.2158. This is related to central bank news. (with inputs from agencies)

Dollar surges reversing previous two-week trend as Fed officials anticipate further rate hikes

Airbus has revoked its entire outstanding order from Qatar Airways for A350 jets, severing all new jetliner business with the Gulf carrier in a dramatic new twist to a dispute clouding World Cup preparations, two industry sources said.

Reports: Airbus axes remaining A350 jet deal with Qatar Airways

US job openings fell by the most in just over two years in June as demand for workers eased in the retail and wholesale trade industries, but overall the labor market remains tight, allowing the Federal Reserve to continue raising interest rates.

US job openings at nine-month low

Robinhood Markets Inc said on Tuesday it was slashing 23% of its staff as it posted a 44% decline in revenue on slumping trading activity.

Robinhood cutting workforce by 23%

With the US considering crackdown on memory chip makers in China, semiconductor wars have taken a new turn, US is now planning to put a limit on exports of American chip making equipment.

US-China battle over semiconductors

Electric vehicle sales and registrations have skyrocketed in numbers in the last few years. There were more electric vehicle registrations in 2021 alone than in the previous five-year purchases combined.

All the leading automobile companies are coming up with their own models of electric cars. However, motor dealers are acutely struggling to complete their orders.

Challenges in the supply chain and the ongoing pandemic are causing trouble for carmakers globally. A global computer chip shortage has become the biggest worry for carmakers.

Elon Musk Tesla vehicles dominate the entire EV market, with over 79% of all EV purchases in the last year. Despite Tesla's popularity, it had to delay Cybertruck production and other upcoming electric cars.

Several industries face massive challenges as semiconductor chips are in short supply. Low investment in chip manufacturing globally adds to the crisis as the deficit is only growing with the increasing demand.

What’s with the global shortage?

The entire world is facing the consequences of various ongoing challenges affecting the supply chain. COVID hit every industry and caused a lot of unrest following the global shutdown.

Computer chip businesses' growth is on a steady rise even during the pandemic. Economic instability, the Ukraine-Russia conflict, and rising demand are major explanations for the global shortage.

Many leading automotive companies cancelled their previous chip orders because of the shutdown in the last two years. Chipmakers had to stall their production as the demand went down.

The semiconductor computer chip industry could not gauge the automobile demand recovery, and the supply eventually plummeted.

What is the take of carmakers on shortage?

A traditional Ford Focus needs roughly 300 chips, but electric cars can use up to 3000 semiconductor chips. But the scarcity of computer chips leaves EV carmakers struggling to make ends meet.

GM Motors had to shut down production at its Indiana plant amid the recent shortage. Ford also paused F-150 pickup production for a week, facing challenges in procuring enough semiconductors.

Tesla, being proactive, is sourcing in-house, so there is no dependency on other sectors for supplies. However, most carmakers anticipate shutting down the production line if the shortage persists.

Semiconductor demand around the world

Semiconductor industries face challenges in sourcing raw materials and low production infrastructure capacity. However, TSMC, a Taiwanese semiconductor maker, has recently posted a significant rise in its revenue, defying the challenges.

In 2020, the enormous demand for semiconductor chips was worth more than $439 billion.The automobile industry is not the only buyer of computer chips. Therefore, chip demand is only going to go up in the future.

All-electric automotive leaders like Ford, Tesla, Volkswagen, and GM Motors are delaying their electric vehicle production.

What will happen if the EV companies do not get enough chips?

Modern cars are equipped with autonomous driving programs, mobile apps, digital windshield displays, side-view cameras, etc. The use of advanced semiconductors made these things possible and still look seamlessly unnoticeable.

Tesla came up with a brilliant idea to reprogram their EVs to use fewer semiconductor chips and leave a few features out. However, it is still unsure how this will work out for the companies in the long run.

The current shortage is accounting for automakers' leaving several functions out of OEMs. Moreover, buyers are also not giving much thought to the lack of a few features to get their hands on EVs. It is also stated that an EV with fewer features is preferable to no car.

Companies are struggling to keep the production line operations going. China too houses a big chunk of semiconductor production companies, but the recent COVID outbreak has led to lockdowns again. The Shanghai Gigafactory of Tesla is also not operating due to the pandemic.

The worldwide shortage has led to a steep decline in EV production lines. Sourcing raw materials for semiconductor chips has become extremely difficult for the semiconductor industry. As a result, both the sectors' suppliers and automotive makers are struggling with the consequences.

Automobile companies' response to the shortage

Carmakers are struggling with their production being affected by the shortage of essential semiconductor chips. Numerous assembly lines are being affected, and companies are shipping cars without adding features based on additional chips.

Tesla sources its semiconductor chips directly from chip manufacturers. Therefore, the company does not necessarily rely on any third party or mediator for sourcing the raw materials.

Direct business is helping Tesla to enjoy better relationships with its suppliers and customers. Chip manufacturers also try to accommodate Tesla's requirements, as they see the market potential of the leading electric car maker.

Elon Musk is known for his witty responses to troubling issues, even for his company, Tesla. His engineering teams can gauge the supply chain issues like global chip shortages and promptly work on the problems. Tesla decided to draw back some features from their cars to make timely deliveries despite the shortage of semiconductor chips.

Tesla's clear mindset and robust technology make the company safe from any changes in EV future demands. It would be interesting to see how the company deals with the further global shortage of chips and other future challenges.

What to expect in the future?

Automobile makers are preparing for the challenges of raw materials and supplies. It would be worth waiting for the response, as some might even start building chips and other supplies in-house, as Tesla is doing.

The current shortage can lead to more delays and alternative automobile purchases. Buyers will have to wait longer for their Cybertruck delivery or get their hands on other EVs.

Used vehicle sales can go up as buyers will have no choice but to wait for production to resume to meet demand. However, buyers might turn to used EV cars while in the waiting period.

The Russia-Ukraine conflict, pandemic, supply challenges, tremendous demand, etcetera will put more pressure on chip suppliers. No matter how challenging the supply conditions are in the future, the demand for semiconductor chips seems to be growing.

New technology-driven innovative automobile designs would need additional fabrication of semiconductor chips. The global shortage indicates a massive expansion and investment in the semiconductor production industry. 
 
&nbsp;

Electric vehicle sales and registrations have skyrocketed in numbers in the last few years. There were more electric vehicle registrations in 2021 alone than in the previous five-year purchases combined.

Electric vehicle sales and registrations have skyrocketed in numbers in the last few years. There were more electric vehicle registrations in 2021 alone than in the previous five-year purchases combined. All the leading automobile companies are coming up with their own models of electric cars. However, motor dealers are acutely struggling to complete their orders. Challenges in the supply chain and the ongoing pandemic are causing trouble for carmakers globally. A global computer chip shortage has become the biggest worry for carmakers. Elon Musk Tesla vehicles dominate the entire EV market, with over 79% of all EV purchases in the last year. Despite Tesla's popularity, it had to delay Cybertruck production and other upcoming electric cars. Several industries face massive challenges as semiconductor chips are in short supply. Low investment in chip manufacturing globally adds to the crisis as the deficit is only growing with the increasing demand. What’s with the global shortage? The entire world is facing the consequences of various ongoing challenges affecting the supply chain. COVID hit every industry and caused a lot of unrest following the global shutdown. Computer chip businesses' growth is on a steady rise even during the pandemic. Economic instability, the Ukraine-Russia conflict, and rising demand are major explanations for the global shortage. Many leading automotive companies cancelled their previous chip orders because of the shutdown in the last two years. Chipmakers had to stall their production as the demand went down. The semiconductor computer chip industry could not gauge the automobile demand recovery, and the supply eventually plummeted. What is the take of carmakers on shortage? A traditional Ford Focus needs roughly 300 chips, but electric cars can use up to 3000 semiconductor chips. But the scarcity of computer chips leaves EV carmakers struggling to make ends meet. GM Motors had to shut down production at its Indiana plant amid the recent shortage. Ford also paused F-150 pickup production for a week, facing challenges in procuring enough semiconductors. Tesla, being proactive, is sourcing in-house, so there is no dependency on other sectors for supplies. However, most carmakers anticipate shutting down the production line if the shortage persists. Semiconductor demand around the world Semiconductor industries face challenges in sourcing raw materials and low production infrastructure capacity. However, TSMC, a Taiwanese semiconductor maker, has recently posted a significant rise in its revenue, defying the challenges. In 2020, the enormous demand for semiconductor chips was worth more than $439 billion.The automobile industry is not the only buyer of computer chips. Therefore, chip demand is only going to go up in the future. All-electric automotive leaders like Ford, Tesla, Volkswagen, and GM Motors are delaying their electric vehicle production. What will happen if the EV companies do not get enough chips? Modern cars are equipped with autonomous driving programs, mobile apps, digital windshield displays, side-view cameras, etc. The use of advanced semiconductors made these things possible and still look seamlessly unnoticeable. Tesla came up with a brilliant idea to reprogram their EVs to use fewer semiconductor chips and leave a few features out. However, it is still unsure how this will work out for the companies in the long run. The current shortage is accounting for automakers' leaving several functions out of OEMs. Moreover, buyers are also not giving much thought to the lack of a few features to get their hands on EVs. It is also stated that an EV with fewer features is preferable to no car. Companies are struggling to keep the production line operations going. China too houses a big chunk of semiconductor production companies, but the recent COVID outbreak has led to lockdowns again. The Shanghai Gigafactory of Tesla is also not operating due to the pandemic. The worldwide shortage has led to a steep decline in EV production lines. Sourcing raw materials for semiconductor chips has become extremely difficult for the semiconductor industry. As a result, both the sectors' suppliers and automotive makers are struggling with the consequences. Automobile companies' response to the shortage Carmakers are struggling with their production being affected by the shortage of essential semiconductor chips. Numerous assembly lines are being affected, and companies are shipping cars without adding features based on additional chips. Tesla sources its semiconductor chips directly from chip manufacturers. Therefore, the company does not necessarily rely on any third party or mediator for sourcing the raw materials. Direct business is helping Tesla to enjoy better relationships with its suppliers and customers. Chip manufacturers also try to accommodate Tesla's requirements, as they see the market potential of the leading electric car maker. Elon Musk is known for his witty responses to troubling issues, even for his company, Tesla. His engineering teams can gauge the supply chain issues like global chip shortages and promptly work on the problems. Tesla decided to draw back some features from their cars to make timely deliveries despite the shortage of semiconductor chips. Tesla's clear mindset and robust technology make the company safe from any changes in EV future demands. It would be interesting to see how the company deals with the further global shortage of chips and other future challenges. What to expect in the future? Automobile makers are preparing for the challenges of raw materials and supplies. It would be worth waiting for the response, as some might even start building chips and other supplies in-house, as Tesla is doing. The current shortage can lead to more delays and alternative automobile purchases. Buyers will have to wait longer for their Cybertruck delivery or get their hands on other EVs. Used vehicle sales can go up as buyers will have no choice but to wait for production to resume to meet demand. However, buyers might turn to used EV cars while in the waiting period. The Russia-Ukraine conflict, pandemic, supply challenges, tremendous demand, etcetera will put more pressure on chip suppliers. No matter how challenging the supply conditions are in the future, the demand for semiconductor chips seems to be growing. New technology-driven innovative automobile designs would need additional fabrication of semiconductor chips. The global shortage indicates a massive expansion and investment in the semiconductor production industry.

How global chip shortage is affecting the electric vehicle industry

Oil prices dropped about 4% on Monday as weak manufacturing data in several countries weighed on the demand outlook while investors braced for this week's meeting of OPEC and its producer allies on supply.

Oil sinks about 4% after weak factory data sparks demand concerns

Apple Inc was sued on Monday by French app developers that accused the iPhone maker of violating US antitrust law by overcharging them to use its app store.

Apple in legal battle over store fees

The first ship carrying Ukrainian grain through the Black Sea since Russia invaded Ukraine left Odesa on Monday under a safe passage agreement that has raised hopes that hundreds of other vessels will follow.

Russia-Ukraine Crisis: First grain ship departs from Odessa

India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio. Short-term market cycles shouldn’t change that. Crypto is not a get-rich-quick scheme, said Ashish Singhal, Co-Founder and CEO, of Coinswitch Kuber.&nbsp;

Singhal believes that crypto is bringing a once-in-a-generation technological shift and it would reshape the internet and internet-based businesses and services.

Millennials have a larger risk appetite which draws them towards investing in cryptocurrency. According to a report, about 39% of millennials own cryptocurrencies, higher than the percentage of those owning mutual funds and about equal to the number of millennials who own individual stocks.

I think all investments carry some risks, with crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant, said Shreyashi Haldar, Program Analyst at Wells Fargo.

Even though the cryptocurrency market is at its record low now, Rajagopal Menon, Vice President, WazirX said that there is no indication that millennials are moving out of crypto, infact he highlighted that the number of users within the age bracket is intact.&nbsp;

If we look at the transactions between December 2021 to March 2022 vs. April to June 2022, it is evident that the share of millennials investing in stablecoins has increased by 13%, which is significant, while their holding in meme coins has decreased. This can be attributed to investors becoming more informed and research-oriented while choosing to invest, said Menon.

Debrishi Pramanik, a software engineer at a leading MNC said that he would not want to withdraw his crypto investments even though the market is crashing every other day.&nbsp;

Every market goes through a bull and bear phase, and right now the cryptocurrency market is going through its bear phase. I feel those who are opting out of crypto due to the volatility that the market is showing are going to regret their decision in a few year's time. I feel this is the right time to invest if you want to grow your portfolio and make some fast money, as soon the cryptocurrency market will rise and touch record highs, those who were patient with the turbulence of the market will be the biggest gainers, said Pramanik.

A report suggests that the digital investment market is set to be worth $14.3 billion by 2025, growing from $6.4 billion in 2021 at a 5-year CAGR of 22.4 per cent backed by India’s fintech boom.

Minal Thukral, Executive Vice-President, Growth and Strategy, CoinDCX believes that millennials are certainly more inclined towards investing in crypto than the previous generations.

Millennials are more focused on understanding the fundamentals of the tokens they are investing in. They’re also more open to taking risks and adopting new technologies. We have also observed that most millennials make informed decisions. They invest after understanding the fundamentals of the industry, he said.

Chintan Avasthi, a final year MBA student said that he lost almost half of his invested amount due to the current market crash and he wouldn't take the risk to lose further.

I had invested in crypto in 2021 and had seen positive growth, but the current crypto crash washed away all the profits and the amount I invested got reduced to almost half. The bear market phase is ongoing from quite some time now, and additionally, crypto tax has also been introduced. I wouldn't take the risk any longer so I have withdrawn my crypto investments, said Avasthi.&nbsp;

Thukral also highlighted that there had been a slight impact in the number of millennial investors, due to the current bear phase of the crypto market.&nbsp;

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India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio.

India’s millennials and GenZ are digital-savvy; they identify and adopt technology early and are focussed on long-term potential. An average Crypto investor is 28 years of age—they understand the potential of Crypto, would have long-term financial goals and are aiming for a well-rounded portfolio. Short-term market cycles shouldn’t change that. Crypto is not a get-rich-quick scheme, said Ashish Singhal, Co-Founder and CEO, of Coinswitch Kuber. Singhal believes that crypto is bringing a once-in-a-generation technological shift and it would reshape the internet and internet-based businesses and services. Millennials have a larger risk appetite which draws them towards investing in cryptocurrency. According to a report, about 39% of millennials own cryptocurrencies, higher than the percentage of those owning mutual funds and about equal to the number of millennials who own individual stocks. I think all investments carry some risks, with crypto leading the list, but we have a larger risk appetite. I have also invested in cryptocurrency, but I would prefer it if the government regulates it, so that the privacy concerns are addressed. With talks of a central bank digital currency, I feel crypto can become very significant, said Shreyashi Haldar, Program Analyst at Wells Fargo. Even though the cryptocurrency market is at its record low now, Rajagopal Menon, Vice President, WazirX said that there is no indication that millennials are moving out of crypto, infact he highlighted that the number of users within the age bracket is intact. If we look at the transactions between December 2021 to March 2022 vs. April to June 2022, it is evident that the share of millennials investing in stablecoins has increased by 13%, which is significant, while their holding in meme coins has decreased. This can be attributed to investors becoming more informed and research-oriented while choosing to invest, said Menon. Debrishi Pramanik, a software engineer at a leading MNC said that he would not want to withdraw his crypto investments even though the market is crashing every other day. Every market goes through a bull and bear phase, and right now the cryptocurrency market is going through its bear phase. I feel those who are opting out of crypto due to the volatility that the market is showing are going to regret their decision in a few year's time. I feel this is the right time to invest if you want to grow your portfolio and make some fast money, as soon the cryptocurrency market will rise and touch record highs, those who were patient with the turbulence of the market will be the biggest gainers, said Pramanik. A report suggests that the digital investment market is set to be worth $14.3 billion by 2025, growing from $6.4 billion in 2021 at a 5-year CAGR of 22.4 per cent backed by India’s fintech boom. Minal Thukral, Executive Vice-President, Growth and Strategy, CoinDCX believes that millennials are certainly more inclined towards investing in crypto than the previous generations. Millennials are more focused on understanding the fundamentals of the tokens they are investing in. They’re also more open to taking risks and adopting new technologies. We have also observed that most millennials make informed decisions. They invest after understanding the fundamentals of the industry, he said. Chintan Avasthi, a final year MBA student said that he lost almost half of his invested amount due to the current market crash and he wouldn't take the risk to lose further. I had invested in crypto in 2021 and had seen positive growth, but the current crypto crash washed away all the profits and the amount I invested got reduced to almost half. The bear market phase is ongoing from quite some time now, and additionally, crypto tax has also been introduced. I wouldn't take the risk any longer so I have withdrawn my crypto investments, said Avasthi. Thukral also highlighted that there had been a slight impact in the number of millennial investors, due to the current bear phase of the crypto market. 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.

Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts

Pakistan imports fell by more than a third in July after a ban on non-essentials, the finance minister said on Sunday, adding the improved trade situation will reduce pressure on the struggling rupee.

Pakistan imports fall sharply in July

New Zealand's borders will fully reopen to visitors from around the world, this for the first time since covid-19 pandemic closed borders in March of 2020.

New Zealand's borders fully open after long Covid-induced closure

Germany's pilot union Vereinigung Cockpit (VC) on Sunday overwhelmingly voted in favor of industrial action, paving the way for a strike at Lufthansa.

Lufthansa pilot votes in favour of industrial action

South Korea’s exports grew at a faster annual pace in July than a month earlier, trade ministry data showed on Monday, while the trade deficit widened to the biggest in six months.

South Korea’s July exports grow at faster pace, trade deficit widens

Struggling developer China Evergrande Group said that one of its subsidiaries, Evergrande Group (Nanchang) Co, Ltd, had been ordered to pay a guarantor 7.3 billion yuan ($1.08 billion) for failing to honour its debt obligations.

Chinese developer Evergrande's unit ordered to pay out $1.1 billion

Amid tensions of rising energy crisis in Europe, Latvia has become latest EU member state to stop getting gas supply from Russia.

Gas ban imposed as Latvian firm was paying in Euros to Russia

As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.6 per cent in June. The euro zone's manufacturing activity shrank last month, with factories being forced to stockpile unsold items as a result of weak demand, according to data released on Monday. This has raised concerns that the region could enter a recession.&nbsp;Despite weaker overall sentiment due to concerns about an economic slowdown, European stocks had their highest monthly gain on Friday (July 29) since November 2020 thanks to solid earnings from corporate Europe.

Also read |&nbsp;WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July

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As inflation, the crisis in Ukraine, and the pandemic took their toll, retailers in Germany, the powerhouse of the European economy, saw the sharpest decline in their year-over-year sales in nearly three decades at the end of the first half of 2022, according to data.

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-halts-gas-supply-to-latvia-following-deadly-prison-attack-502043" hreflang="en">Russia halts gas supply to Latvia following deadly prison attack</a>

In China too home sales of the top 100 developers fell in July, a sign that the growing mortgage boycott issue plaguing the nation has further undermined consumer confidence.

Despite government efforts to promote purchases, the demand remained flat amid an economic slowdown. According to preliminary data provided by China Real Estate Information Corp., combined contract sales decreased 39.7 per cent from a year earlier to 523.1 billion yuan ($78 billion).

Also read |&nbsp;<a href="https://www.wionews.com/world/despite-gas-crisis-and-inflation-surge-eurozone-economy-grows-faster-than-expected-501880" hreflang="en">Despite gas crisis, inflation surge, Eurozone economy grows faster than expected</a>

Hong Kong too is battling the effects of inflation. According to fresh official data released on Monday, Hong Kong has once again entered a technical recession as a result of the city's prolonged commitment to stringent coronavirus regulations, rising interest rates, and weakening international trade.

The city's GDP again declined in the second quarter of 2022, although by a smaller margin of 1.4 per cent, according to preliminary estimates issued by the Census and Statistics Department. This follows a year-over-year fall of 3.9 per cent in the first quarter of 2022.

(With inputs from agencies)

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As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.

As per a flash estimate from Eurostat, the European Union's statistical agency, annual inflation in the euro area is predicted to reach 8.9 per cent in July 2022, up from 8.6 per cent in June. The euro zone's manufacturing activity shrank last month, with factories being forced to stockpile unsold items as a result of weak demand, according to data released on Monday. This has raised concerns that the region could enter a recession. Despite weaker overall sentiment due to concerns about an economic slowdown, European stocks had their highest monthly gain on Friday (July 29) since November 2020 thanks to solid earnings from corporate Europe. Also read | WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July As inflation, the crisis in Ukraine, and the pandemic took their toll, retailers in Germany, the powerhouse of the European economy, saw the sharpest decline in their year-over-year sales in nearly three decades at the end of the first half of 2022, according to data. Also read | Russia halts gas supply to Latvia following deadly prison attack In China too home sales of the top 100 developers fell in July, a sign that the growing mortgage boycott issue plaguing the nation has further undermined consumer confidence. Despite government efforts to promote purchases, the demand remained flat amid an economic slowdown. According to preliminary data provided by China Real Estate Information Corp., combined contract sales decreased 39.7 per cent from a year earlier to 523.1 billion yuan ($78 billion). Also read | Despite gas crisis, inflation surge, Eurozone economy grows faster than expected Hong Kong too is battling the effects of inflation. According to fresh official data released on Monday, Hong Kong has once again entered a technical recession as a result of the city's prolonged commitment to stringent coronavirus regulations, rising interest rates, and weakening international trade. The city's GDP again declined in the second quarter of 2022, although by a smaller margin of 1.4 per cent, according to preliminary estimates issued by the Census and Statistics Department. This follows a year-over-year fall of 3.9 per cent in the first quarter of 2022. (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.

Recession fears haunt Eurozone; China witnesses slump in house sales; Hong Kong enters technical recession

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08.

Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June.&nbsp;The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory.

Also Read:<a href="https://www.wionews.com/trending/watch-tiny-turtle-rescued-from-sydney-beach-pooped-pure-plastic-for-six-days-502056">&nbsp;Watch | Tiny turtle&nbsp;rescued from Sydney beach pooped 'pure plastic'&nbsp;for six days</a>

Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. 
 
The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. 
 
When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar.

(with inputs from agencies)

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On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.

On Saturday, bitcoin climbed by $798.93 or 3.36 per cent to $24,584.24, surpassing its previous close. The biggest and most well-known cryptocurrency in the world, Bitcoin, has increased by 39.7% from its June 18-year low of $17,592.7. Ether, the cryptocurrency connected to the Ethereum blockchain, increased by $10.46 or 0.61 per cent on Saturday to reach $1,734.08. Tesla, a maker of electric vehicles, revealed in its Q2 filing with the U.S. on Monday that it had $222 million in digital assets as of the end of June. The business bought $1.5 billion worth of Bitcoin back in February 2021. The corporation liquidated 75% of its Bitcoin holdings, worth about $936 million, last week, according to news reports. CEO Elon Musk claimed that the sale was brought on by uncertainties around the timing of China’s Covid prohibition relaxation. In Shanghai, Tesla currently has one factory. Also Read: Watch | Tiny turtle rescued from Sydney beach pooped 'pure plastic' for six days Just seven months after the virtual currency soared to a record high, Bitcoin plunged in June to an 18-month low of around $23,000 in a widespread cryptocurrency crash as investors abandoned riskier assets in the face of a severe global market selloff. The announcement that cryptocurrency lending platform Celsius Network has halted withdrawals due to unsteady market conditions also had a significant negative impact on the most widely utilised crypto asset in the world. When data revealed that US inflation had reached a new four-decade high, global stock markets crashed. This fueled fears of a worldwide recession and caused investors to avoid risky cryptocurrencies like bitcoin and ether in favour of more established, secure assets like the dollar. (with inputs from agencies)

Cryptocurrencies see continued growth: Bitcoin up 39.7% from year low in June

Eurozone inflation rose to another record high in July and its peak could still be months away, keeping pressure on the European Central Bank to opt for another big interest rate increase in September.

WION Dispatch: Eurozone inflation at record high; consumer prices jump 8.9% in July

Chip shortage is a big global concern nowadays and Japan and US are now expected to agree on joint research for next gen semiconductors.

US, Japan joint research for semiconductors