What is the real meaning behind Pete Hegseth's tattoos?

Zohran Mamdani's Garba dance goes viral as he joins Indian community's Navratri celebrations | WATCH

Rafale Marine fighter begins flight trials in Goa ahead of Indian Navy induction

Explosions heard in Iran’s Hormozgan province near Strait of Hormuz: State media

Shock, anger and despair in Bangladesh over the executions 

Meta slapped with $25 billion fine in New Mexico over Facebook data practices, company plans appeal

Man marries off wife of 17 years to her lover in Uttar Pradesh

Russia to send first tanker carrying 40,000 tonnes diesel to US after Trump-Putin deal – What we know

WATCH | Mysterious haze grips Ohio city as toxic chemical leak forces mass evacuation – What is happening?

Kim Jong Un death rumors explode | China accused of secretly sending troops to Pyongyang

James Bond auction: Own Daniel Craig's Skyfall suit, Ana de Armas' dress and 300+ rare 007 collectibles

Trump says end to Ukraine war is 'closer than ever'; Witkoff's Putin remarks spark criticism

Trump waves at 'empty space' in viral video,' critics claim 'mental decline getting worse' | WATCH

US Midterms 2026: Sugar Land, Plano, Irving: How Texas’s Indian-American belt could shape poll outcomes

US midterms: Democrats sue Trump administration over alleged 'threats and intimidation' ahead of election, Musk issues warning to Dems

‘Her heart and mind in good shape’: What Helen Haines’ husband said after MP loses both legs in ‘targeted’ attack

Why websites around the world are suddenly going offline? What you need to know about PHP

Israel election 2026: Three possible scenarios after October 27 polls

US midterms 2026: What polls and prediction markets indicate about Congress

'You are a dummy, you are a stupid person': Trump loses temper with CNN, ABC reporters after questions about Russia sanctions

US Midterms 2026 and money: From Bloomberg to Musk, corporate donors, super PACs and lobbies, it's all about the cash

Are the US and Israel preparing for another major attack on Iran? Here's what report claims

US orders embassy staff, families to leave Saudi Arabia amid Houthi attacks: Report

Ramayana promotion takes a funny turn after Ranbir Kapoor's verbal blunder, leaves fans in splits | Watch

Priyanka Chopra celebrates Dussehra 2026 with Nick Jonas and daughter Malti Marie | See pics

New OTT releases this week (October 19-25, 2026): Gajab Raat to Chaar Yaar-8 titles to watch during Dussehra week on Netflix, Prime Video and more

 US business activity grows in June, but tariffs and inflation cloud outlook 

'I’m not saying it’s extraterrestrial' - 'Mutant' creature forces Mexicans to flee their homes

‘I caution the president...’: Trump’s ex-press secretary warns after Zacharia’s exit

Hunger makes alcohol more appealing, study finds

Finance influencer dies by suicide in Chennai; father accuses tech CEO, who denies charge

Kolkata airport: CISF detects ₹1.13 crore in US dollars hidden in bags of 2 Bangkok-bound passengers

Feds obtain DNA evidence that could prove Ilhan Omar married her brother: Report

US midterms 2026: Trump's approval rating hits record low as Democrats gain ground

Khawaja Asif flags ‘bureaucratic exodus’ from Pak amid Munir’s growing clout, loss of faith in govt

Japan's factories extended expansion and output to a second month in July as motor vehicle production improved, marking a positive start to the third quarter for manufacturers in broader economic activity.

Japan's factories expand output for a second month in July

Troubles for Tesla CEO Elon Musk aren't over, a California owner of a Tesla model 3 sued the electric vehicle maker. In a proposed class action over cars suddenly stopping for non-existent obstacles, calling it a frightening and dangerous nightmare.

Tesla hit with proposed class action over phantom braking issue

Philips said on Monday that it has expanded an earlier recall of some respiratory machines to a total of 1,700 devices globally due to possible contamination of a plastic component with a non-compatible material.

Philips expands respiratory devices recall

South Korea stated that it would cut annual government spending for the first time in more than a decade next year, as it strives to cut back on pandemic-era stimulus and help the central bank temper inflationary pressures.

South Korean government announces first cut in 13 years

Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities.

Singapore is planning to restrict retail access to cryptocurrencies by planning to make it difficult for the public to buy cryptocurrencies. But the country is not talking straightaway imposing a ban on such trading activities. Ravi Menon, who is the managing director of the Monetary Authority of Singapore (MAS), said at an event on Monday (August 29) that surveys show that consumers across the world are trading in cryptocurrencies. He said it is increasing with each day despite the warnings and measures shared by the government authorities and experts. ALSO READ | Charging EV in 10 minutes may be possible, but electric vehicle adoption depends on more such options He said, "They seem to be irrationally oblivious about the risks of cryptocurrency trading. Adding frictions” on retail access to cryptocurrencies was an area the MAS was contemplating." "These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading," Menon said at a seminar titled "Yes to digital asset innovation, No to cryptocurrency speculation." Menon also said that MAS is mulling over customer suitability tests and also restricting the use of leverage and credit facilities for the trading of cryptocurrencies. He added that the monetary authority regards cryptocurrencies as unsuitable for use as money and as "highly hazardous" for retail investors. But he further noted that since crypto trading is not bound by borders, putting bans on retail access to crypto might not work. ALSO READ | The HMS Prince of Wales breaks down a day after leaving Portsmouth Speculating on price movements via a trading account, or buying and selling the underlying coins via an exchange are the activities involved in Cryptocurrency trading. He said, "With just a mobile phone, Singaporeans have access to any number of crypto exchanges in the world and can buy or sell any number of cryptocurrencies." In several instances, the Singaporean monetary authority has been criticised for unclear rules and positions. The trading experts have also said that there is a tedious licensing regime. 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.

Singapore planning to restrict retail access to cryptocurrencies amid a rise in trading

Japan's Suzuki motors dominates India's car market and will set up a new global research and development company in Asia's third largest economy. The company will also continue to invest in the country aggressively at a time when the US-based automakers such as ford and general motors have decided to quit India.

Suzuki to set up new R&D company in India

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signaled interest rates would be kept higher for longer to bring down soaring inflation.

US Dollar hits 20-year high as Fed flags higher rates for longer

Democratic US Senator Elizabeth Warren said on Sunday that she was very worried that the Federal Reserve was going to tip the nation's economy into recession and that interest rate hikes would put people out of work.

US Senator: Fed will tip US into recession

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

The dollar index scaled to a fresh two-decade peak of 109.4 in early Asia trade, with greenback strength pushing other major currencies to new lows and putting pressure on its emerging markets counterparts.

The dollar hit 138.59 against the Japanese yen in the early Asia trade, the highest since July 21. It was last up 0.59% to 138.485. The offshore yuan similarly fell to a fresh two-year low of 6.9321 per dollar.

Sterling fell to a 2-1/2-year low of $1.1656 and was last down 0.5% to $1.16715, while the euro fell 0.36% to $0.9929.

The moves extended dollar gains made on Friday when Powell warned there'd be "some pain" for households and businesses as it will take time for the Fed to control inflation.

"Powell made it clear that there is no dovish pivot as some market participants had expected," Carol Kong, senior associate for currency strategy and international economics at Commonwealth Bank of Australia.

"I think for this week, the (US&nbsp;dollar index) is going to track even higher towards 110 points, just as market participants continue to price in more aggressive tightening cycles by the major central banks."

Markets are now pricing in about a 64.5% chance of a 75 basis point rate hike at the next Fed meeting in September.

Despite the potential for a hike that big at the European Central Bank's September policy meeting, the euro has struggled with investors more focused on an energy crisis in the bloc.

Russian state energy giant Gazprom is expected to halt natural gas supplies to Europe via its main pipeline from Aug. 31 to September&nbsp;2 for maintenance.

"Fears over a complete shutdown of Russian gas are going to keep euro/dollar heavy and below parity," said CBA's Kong.

The risk-sensitive Australian and New Zealand dollars were likewise weighed down by fear that aggressive rate hikes around the world will put the brakes on economic growth.

The Aussie was down 0.55% to $0.6853, while the kiwi hit a new one-month low of $0.6105 and last traded 0.33% lower at $0.6113.

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation.

The US dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The dollar index scaled to a fresh two-decade peak of 109.4 in early Asia trade, with greenback strength pushing other major currencies to new lows and putting pressure on its emerging markets counterparts. The dollar hit 138.59 against the Japanese yen in the early Asia trade, the highest since July 21. It was last up 0.59% to 138.485. The offshore yuan similarly fell to a fresh two-year low of 6.9321 per dollar. Sterling fell to a 2-1/2-year low of $1.1656 and was last down 0.5% to $1.16715, while the euro fell 0.36% to $0.9929. The moves extended dollar gains made on Friday when Powell warned there'd be "some pain" for households and businesses as it will take time for the Fed to control inflation. "Powell made it clear that there is no dovish pivot as some market participants had expected," Carol Kong, senior associate for currency strategy and international economics at Commonwealth Bank of Australia. "I think for this week, the (US dollar index) is going to track even higher towards 110 points, just as market participants continue to price in more aggressive tightening cycles by the major central banks." Markets are now pricing in about a 64.5% chance of a 75 basis point rate hike at the next Fed meeting in September. Despite the potential for a hike that big at the European Central Bank's September policy meeting, the euro has struggled with investors more focused on an energy crisis in the bloc. Russian state energy giant Gazprom is expected to halt natural gas supplies to Europe via its main pipeline from Aug. 31 to September 2 for maintenance. "Fears over a complete shutdown of Russian gas are going to keep euro/dollar heavy and below parity," said CBA's Kong. The risk-sensitive Australian and New Zealand dollars were likewise weighed down by fear that aggressive rate hikes around the world will put the brakes on economic growth. The Aussie was down 0.55% to $0.6853, while the kiwi hit a new one-month low of $0.6105 and last traded 0.33% lower at $0.6113.

Dollar hits 20-year high as Fed flags higher rates for longer

Telecom companies Ericsson and Nokia have given deadlines for exiting the Russian market. While the Swedish giant will be winding down its operations in the coming months, its Finnish rival Nokia will bring down shutters by the year-end.

Telecom companies Ericsson and Nokia have given deadlines for exiting the Russian market. While the Swedish giant will be winding down its operations in the coming months, its Finnish rival Nokia will bring down shutters by the year-end. "By the end of the year, the vast majority of our employees in Russia will have moved on from Nokia, and we have vacated all of our offices. We will retain a formal presence in the country until the legal closure is completed." stated a Nokia spokesperson. It is pertinent to note that Ericsson had sent its 400-odd Russian employees on paid leave earlier this year while earmarking a sum of $95 million related to the moving expenses in its accounts book. WATCH | Gravitas: Russia becomes the world's most sanctioned country × Meanwhile, Nokia, which housed over 2,000 employees in the country had closed most operations, barring the maintenance of critical networks to fulfil the obligations. Ericsson and Nokia join the long list of more than 300 global companies to have exited the Russian market, ever since it invaded Ukraine. As reported by WION, on Sunday, US-based multinational technology giant Dell Technologies announced that it had completely ceased its operations in Russia. Read more: Few weeks after closing offices, Dell winds up its operations in Russia for good The company had halted the sales of its products and services in February, before closing the offices in mid-August. "Back in February, we made the decision to not sell, service, or support products in Russia, Belarus, and the Donetsk and Luhansk regions of Ukraine, in addition to the already embargoed Crimea," Dell spokesman Mike Siemienas was quoted as saying by Reuters. As reported extensively by WION, brands like McDonald's, Starbucks, Coca-Cola, Zara, H&M, and Netflix have all suspended operations in Russia. Spotify and Amazon have also hit a pause on their services in the country. Read More: McDonald's to leave Russia after more than three decades over Ukraine conflict Meanwhile, Citi bank, Goldman Sachs, IBM, Intel, Snapchat and Twitter are few of the other banking and technological giants to turn their backs on Russia. (With inputs from agencies) WATCH WION LIVE HERE:

A day after Dell, Ericsson and Nokia announce plans to wind operations in Russia

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday.

The plant’s site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025. It’s likely to be near Marysville, Ohio, or Greensburg, Indiana, where Honda has huge factories that make its most popular models such as the Accord, CR-V and Civic.

The joint venture is to be set up this year, with the closing of the deal subject to regulatory approval.

“Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said LG Energy Solution Chief Executive Youngsoo Kwon.

The plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand, according to a joint statement.

<a href="https://www.wionews.com/videos/suzuki-to-set-up-new-rd-company-in-india-511051">WATCH |&nbsp;Suzuki to set up new R&amp;D company in India</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/suzuki-to-set-up-new-rd-company-in-india-511051/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Honda’s joint venture plant is part of a larger trend of automakers announcing US battery factories as they try to establish a domestic supply chain for the next generation of vehicle propulsion. Ford, General Motors, Toyota, Hyundai-Kia, Stellantis and VinFast have announced plans for 10 US battery plants.

A new US law gives them even more incentive to build batteries in North America. It includes a tax credit of up to $7,500 that could be used to defray the cost of purchasing an electric vehicle. But to qualify for the full credit, the electric vehicle must contain a battery built in North America with 40 per cent of the metals mined or recycled on the continent.

“Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” said Honda Chief Executive Toshihiro Mibe.

LG, a leading manufacturer of lithium-ion batteries for electric vehicles and power systems, already makes them in joint ventures with US automakers General Motors and Ford Motor Co., as well as South Korea’s Hyundai Motor Group. The company is headquartered in Seoul, South Korea, but has operations across the world, including the US, China and Australia.

Demand for electric vehicles is expected to grow in the US and many other nations because of concerns about climate change and pollution, as well as rising gas prices. All of the world’s top automakers are strengthening their EV lineups.

LMC Automotive, a Detroit-area consulting firm, expects EVs to be 5.6 per cent of US new vehicle sales this year, rising to more than 36 per cent by 2030. Globally, LMC says 8.6 per cent of new vehicle sales will be electric this year, and that will jump to 33 per cent by 2030.

Honda is working with GM to co-develop electric vehicles including a Honda and Acura SUVs. The Honda is expected to go on sale in early 2024, followed soon by the Acura luxury brand. Honda also has said it plans to make its own electric vehicles later this decade.

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

&nbsp;

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday.

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday. The plant’s site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025. It’s likely to be near Marysville, Ohio, or Greensburg, Indiana, where Honda has huge factories that make its most popular models such as the Accord, CR-V and Civic. The joint venture is to be set up this year, with the closing of the deal subject to regulatory approval. “Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said LG Energy Solution Chief Executive Youngsoo Kwon. The plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand, according to a joint statement. WATCH | Suzuki to set up new R&D company in India × Honda’s joint venture plant is part of a larger trend of automakers announcing US battery factories as they try to establish a domestic supply chain for the next generation of vehicle propulsion. Ford, General Motors, Toyota, Hyundai-Kia, Stellantis and VinFast have announced plans for 10 US battery plants. A new US law gives them even more incentive to build batteries in North America. It includes a tax credit of up to $7,500 that could be used to defray the cost of purchasing an electric vehicle. But to qualify for the full credit, the electric vehicle must contain a battery built in North America with 40 per cent of the metals mined or recycled on the continent. “Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” said Honda Chief Executive Toshihiro Mibe. LG, a leading manufacturer of lithium-ion batteries for electric vehicles and power systems, already makes them in joint ventures with US automakers General Motors and Ford Motor Co., as well as South Korea’s Hyundai Motor Group. The company is headquartered in Seoul, South Korea, but has operations across the world, including the US, China and Australia. Demand for electric vehicles is expected to grow in the US and many other nations because of concerns about climate change and pollution, as well as rising gas prices. All of the world’s top automakers are strengthening their EV lineups. LMC Automotive, a Detroit-area consulting firm, expects EVs to be 5.6 per cent of US new vehicle sales this year, rising to more than 36 per cent by 2030. Globally, LMC says 8.6 per cent of new vehicle sales will be electric this year, and that will jump to 33 per cent by 2030. Honda is working with GM to co-develop electric vehicles including a Honda and Acura SUVs. The Honda is expected to go on sale in early 2024, followed soon by the Acura luxury brand. Honda also has said it plans to make its own electric vehicles later this decade. WATCH WION LIVE HERE:

LG and Honda join hands to develop EV batteries for the US market

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high.

Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close.

It is down 58.7% from the year's high of $48,234 hit on March 28.

Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close.

Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.

The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities.

"Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday.

"European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added.

Bitcoin was last below $20,000 in mid-July.

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from the year's high of $48,234 hit on March 28. Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close. Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower. The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities. "Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday. "European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added. Bitcoin was last below $20,000 in mid-July. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Bitcoin dips below $20,000, down nearly 60% from its year-high

According to Federal Reserve head Jerome Powell, taming United States (US) inflation will cause "pain" to American families and businesses, but failing to force prices down from their current 40-year high would be even more harmful. Powell made the remarks in a highly-anticipated speech to international policymakers on Friday.&nbsp;

Powell did not hold back or leave any space for doubt when he spoke to the annual meeting of central bankers at Jackson Hole, Wyoming, promising to act "forcefully."&nbsp;

The strong US employment market will suffer as a result of the world's greatest economy possibly slowing for an extended period, he warned. He referred to these repercussions as the "unfortunate costs of reducing inflation."

This year, the Fed aggressively campaigned to raise interest rates, and Powell made it clear in his unusually brief and very forthright speech that the struggle against inflation is far from done.&nbsp;

In front of the breathtaking Grand Teton mountains, he said, "Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance."&nbsp;

Inflation will be reduced by higher interest rates, slower growth, and softer labour market conditions, but Powell warned that this will hurt both households and companies.&nbsp;

Also Read:<a href="https://www.wionews.com/world/jihadist-ambush-on-gold-mine-vehicle-convoy-kills-seven-in-burkina-faso-510503">&nbsp;Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso</a>

But failing to bring back price stability will cause even more suffering.

The US economy is showing modest indications of slowing down, and price pressures are lessening, which has given financial markets hope that the central bank may scale down its aggressive rate hikes and possibly start to reverse course next year.&nbsp;

Powell, however, put an end to expectations of a change in policy by emphasising that the Fed's monetary policy and the benchmark borrowing rate would need to stay "sufficiently restrictive" in order to bring inflation back down to the goal rate of 2 per cent.&nbsp;

The announcement caused a downturn in the US stock market, with all three major stock indices falling three per cent or more, with the Dow shedding 1,000 points.

(with inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

According to Federal Reserve head Jerome Powell, taming United States (US) inflation will cause "pain" to American families and businesses, but failing to force prices down from their current 40-year high would be even more harmful.

According to Federal Reserve head Jerome Powell, taming United States (US) inflation will cause "pain" to American families and businesses, but failing to force prices down from their current 40-year high would be even more harmful. Powell made the remarks in a highly-anticipated speech to international policymakers on Friday. Powell did not hold back or leave any space for doubt when he spoke to the annual meeting of central bankers at Jackson Hole, Wyoming, promising to act "forcefully." The strong US employment market will suffer as a result of the world's greatest economy possibly slowing for an extended period, he warned. He referred to these repercussions as the "unfortunate costs of reducing inflation." This year, the Fed aggressively campaigned to raise interest rates, and Powell made it clear in his unusually brief and very forthright speech that the struggle against inflation is far from done. In front of the breathtaking Grand Teton mountains, he said, "Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance." Inflation will be reduced by higher interest rates, slower growth, and softer labour market conditions, but Powell warned that this will hurt both households and companies. Also Read: Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso But failing to bring back price stability will cause even more suffering. The US economy is showing modest indications of slowing down, and price pressures are lessening, which has given financial markets hope that the central bank may scale down its aggressive rate hikes and possibly start to reverse course next year. Powell, however, put an end to expectations of a change in policy by emphasising that the Fed's monetary policy and the benchmark borrowing rate would need to stay "sufficiently restrictive" in order to bring inflation back down to the goal rate of 2 per cent. The announcement caused a downturn in the US stock market, with all three major stock indices falling three per cent or more, with the Dow shedding 1,000 points. (with inputs from agencies)

Fed's Powell says higher interest rates will bring down inflation, but also inflict 'pain' on Americans

Beijing and Washington signed a deal on Friday that will let US authorities inspect accounting firms in China and Hong Kong, marking a significant step toward resolving a dispute that threatened to bar Chinese corporations from the US stock exchanges, including Alibaba.&nbsp;

For more than a decade, US regulators have wanted access to the audit records of Chinese companies that are listed on US exchanges, but Beijing has been reluctant to allow foreign regulators to check out its accounting firms due to national security concerns.&nbsp;

The agreement, which comes as a relief to hundreds of Chinese businesses, investors, and US exchanges, signals a partial thawing in US-China relations amid tensions over Taiwan. If it goes through as planned, China will have the opportunity to continue accessing the deepest capital markets in the world.

Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), warned that 200 Chinese companies would face a ban from US markets in the absence of this. Alibaba Group, JD.Com Inc., and NIO INC. were among entities previously named by the government as being in danger.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/jihadist-ambush-on-gold-mine-vehicle-convoy-kills-seven-in-burkina-faso-510503">Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso</a>

When announcing the agreement, US officials were circumspect, stressing that it was only the beginning and that their assessment of China's compliance would depend on whether they could carry out their inspections without interference, as the agreement provides.&nbsp;

The deal, according to the China Securities Regulatory Commission (CSRC), was beneficial to investors, businesses, and both countries in resolving the auditing issue.

In theory, the agreement appears to grant the PCAOB what it has long requested, including complete access to Chinese audit working papers with no redactions, the opportunity to interview employees of audit organisations in China, and complete control over which businesses it inspects.&nbsp;

The selected companies were informed on Friday morning, according to US authorities, and they anticipate arriving in Hong Kong, where the inspections will take place, by mid-September.

(with inputs from agencies)

&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1  width=&quot;100%&quot;"></iframe>

Beijing and Washington signed a deal on Friday that will let US authorities inspect accounting firms in China and Hong Kong, marking a significant step toward resolving a dispute that threatened to bar Chinese corporations from the US stock exchanges, including Alibaba.

Beijing and Washington signed a deal on Friday that will let US authorities inspect accounting firms in China and Hong Kong, marking a significant step toward resolving a dispute that threatened to bar Chinese corporations from the US stock exchanges, including Alibaba. For more than a decade, US regulators have wanted access to the audit records of Chinese companies that are listed on US exchanges, but Beijing has been reluctant to allow foreign regulators to check out its accounting firms due to national security concerns. The agreement, which comes as a relief to hundreds of Chinese businesses, investors, and US exchanges, signals a partial thawing in US-China relations amid tensions over Taiwan. If it goes through as planned, China will have the opportunity to continue accessing the deepest capital markets in the world. Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), warned that 200 Chinese companies would face a ban from US markets in the absence of this. Alibaba Group, JD.Com Inc., and NIO INC. were among entities previously named by the government as being in danger. Also Read: Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso When announcing the agreement, US officials were circumspect, stressing that it was only the beginning and that their assessment of China's compliance would depend on whether they could carry out their inspections without interference, as the agreement provides. The deal, according to the China Securities Regulatory Commission (CSRC), was beneficial to investors, businesses, and both countries in resolving the auditing issue. In theory, the agreement appears to grant the PCAOB what it has long requested, including complete access to Chinese audit working papers with no redactions, the opportunity to interview employees of audit organisations in China, and complete control over which businesses it inspects. The selected companies were informed on Friday morning, according to US authorities, and they anticipate arriving in Hong Kong, where the inspections will take place, by mid-September. (with inputs from agencies)

Beijing and Washington sign pact allowing regulators to vet US-listed Chinese companies

As per the workers' group Starbucks Workers United, more than 85 workers at Starbucks have been fired over the past several months, The Guardian reported. What's alarming is that the report mentioned that these workers were heavily involved in union organising efforts at the giant coffee chain.&nbsp;

Multiple unfair labour practice charges have been filed, the report mentioned. It also says that seven workers in Memphis and Tennessee were reinstated after a federal judge recently ordered. Reportedly, those workers were fired in February.&nbsp;

US media reported that those seven workers were fired following an in-store media interview about the store's organising. Starbucks Workers United claimed that this was all in retaliation for the union drive.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/shinzo-abes-assassination-japan-police-chief-itaru-nakamura-to-resign-cites-fresh-start-510195">Shinzo Abe's assassination: Japan police chief Itaru Nakamura to resign, cites 'fresh start'</a>&nbsp;

On the contrary, Starbucks said the incident violated company policy.&nbsp;

NPR report published on August 18 stated US District Judge Sheryl Lipman said that Starbucks failed to prove that it enforced similar company policies elsewhere and in similar situations.&nbsp;

The Guardian quoted a worker who worked at Starbucks in Augusta, Georgia. Jaysin Saxton, who was fired on August 16, described the treatment.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/south-korea-may-face-age-quake-as-fertility-rate-hits-record-low-in-2021-510176">South Korea may face 'age quake' as fertility rate hits record low in 2021</a>&nbsp;

As quoted by the report, Saxton said that workers received intense scrutiny and disciplinary measures after a new manager was brought into the store a couple of months ago.&nbsp;

"That's when everything went downhill. They started writing people up a lot, ranging from documented coachings and final written warnings so workers couldn’t transfer or be promoted," said Saxton as quoted by the report.&nbsp;

“They surveil us. It's insane. They just created this intense culture of fear in the store and are trying to push us all out. I expressed to my district manager that I was being treated as the stereotypical angry black man,” said Saxton over how he was treated by managers for trying to address issues and grievances workers were experiencing in the store," he added.&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

As per the workers' group Starbucks Workers United, more than 85 workers at Starbucks have been fired over the past several months, The Guardian reported. What's alarming is that the report mentioned that these workers were heavily involved in union organising efforts at the giant coffee chain.

As per the workers' group Starbucks Workers United, more than 85 workers at Starbucks have been fired over the past several months, The Guardian reported. What's alarming is that the report mentioned that these workers were heavily involved in union organising efforts at the giant coffee chain. Multiple unfair labour practice charges have been filed, the report mentioned. It also says that seven workers in Memphis and Tennessee were reinstated after a federal judge recently ordered. Reportedly, those workers were fired in February. US media reported that those seven workers were fired following an in-store media interview about the store's organising. Starbucks Workers United claimed that this was all in retaliation for the union drive. ALSO READ | Shinzo Abe's assassination: Japan police chief Itaru Nakamura to resign, cites 'fresh start' On the contrary, Starbucks said the incident violated company policy. NPR report published on August 18 stated US District Judge Sheryl Lipman said that Starbucks failed to prove that it enforced similar company policies elsewhere and in similar situations. The Guardian quoted a worker who worked at Starbucks in Augusta, Georgia. Jaysin Saxton, who was fired on August 16, described the treatment. ALSO READ | South Korea may face 'age quake' as fertility rate hits record low in 2021 As quoted by the report, Saxton said that workers received intense scrutiny and disciplinary measures after a new manager was brought into the store a couple of months ago. "That's when everything went downhill. They started writing people up a lot, ranging from documented coachings and final written warnings so workers couldn’t transfer or be promoted," said Saxton as quoted by the report. “They surveil us. It's insane. They just created this intense culture of fear in the store and are trying to push us all out. I expressed to my district manager that I was being treated as the stereotypical angry black man,” said Saxton over how he was treated by managers for trying to address issues and grievances workers were experiencing in the store," he added. 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.

'Intense culture of fear': Starbucks reportedly fires workers involved in union efforts

Novartis plans to spin off its underperforming generics unit Sandoz to sharpen its focus on its patented prescription medicines, the Swiss group said on Thursday.

Novartis plans to separate Sandoz business

Citigroup will close its consumer and commercial banking businesses in Russia starting this quarter and expects to incur about $170 million in charges over the next 18 months.

Citigroup Inc to pull out from Russia

India's top IT services firms are now freezing and cutting staff bonuses. These companies are worried that tightening budgets at US and European clients who are bracing for recession will sharply hit their own profits.

Indian IT firms cut staff bonuses as US, European clients tighten budgets

Tesla has been criticized on various occasions for the lack of safeguards in its autopilot system. The effectiveness of Tesla's self-driving feature has been questioned for failing to detect child sized objects.

Report: Tesla's self-driving tech fails to detect kids on road

Air travel is fast recovering from the hit that it took during the covid-19 pandemic and nearly about four thousand flights took off every single hour. India alone has seen a tremendous growth in its aviation sector.

India's sustainable aviation mission: What does carbon neutral airport mean?

We are entering a new era, an era of 5G, which started with a spectrum auction. Recently India's biggest spectrum auction summed up on August 1, in which Mukesh Ambani's Reliance Jio made the highest bid.

We are entering a new era, an era of 5G, which started with a spectrum auction. Recently India's biggest spectrum auction summed up on August 1, in which Mukesh Ambani's Reliance Jio made the highest bid. A record sale of 5G telecom spectrum worth more than US$ 20 billion (Rs 1.5 lakh crore) took place in this seven-day auction. But as excited as we are, have we ever thought about its advantages and disadvantages? Let's take a look What is 5G? 5G is the fifth generation technology that will work on fast mobile broadband networks. These networks will deliver speeds of 20 Gb per second. This fifth generation of cellular networks brings new capabilities that will create opportunities for people, businesses and society. Blessing - 1. 5G users will be able to download a 3-hour HD movie in less than 1 second, whereas in 4G it takes about 7-10 minutes for this task. These networks will deliver data in less than 1 millisecond, whereas 4G networks currently take about 70 milliseconds. 2. Experts believe that 5G technology will open the way to becoming a fully connected society. This will expand services ranging from Machine-to-Machine Communications (M2M), Internet of Things (IoT), Connected Smart Cities, Automated Cars, and Remote Control Surgery to Virtual Reality. 3. With 5G, people can connect their homes to wireless networks by equipping their homes with electronics, software or sensor technology. 4. Today, when education has also moved towards online, it will prove to be a boon for education as well. 5. The speed of 5G is 1000 times more than that of 4G, so the work done from the Internet will speed up. Curse 1. Researchers say that walls of houses can block 5G frequencies, which will also reduce their density over long distances, which will weaken the network. 2. 5G infrastructure development will incur high costs. 3. If you want to enjoy 5g then you have to change your 4g phone because they will be of no use to you. 4. Cyber security can also be a big curse, because now when the speed in the network is fast, the risk of hacking will also increase. The expansion in bandwidth enables criminals to steal databases with ease. 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.

5G in India: Is 5G a blessing or a curse?

Qantas Australian airline is buying back over 276 million dollar worth of shares after lifting of Covid-19 curbs. It has spurred a strong rebound in travel demand across the globe specifically in Asia pacific region.

Qantas shares soar on surprise buyback after lifting of Covid-19 curbs

Japan's government described its economy as "moderately picking up" in its monthly economic report, keeping the overall assessment unchanged from the previous month, while noting an upward revision to factory output.

Japan sees economy picking up modestly, flags looming risks

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity.

The assessment highlights a series of failings, including a lack of control of those who handle large sums of money, such as estate agents, adding that while Germany understood the risks, it had not done enough to tackle them.

The FATF criticised, for instance, the disjointed nature of supervision, with more than 300 regional authorities responsible for monitoring such players, as well as a shortage of personnel.

Germany's score lags far behind France, which the FATF also recently assessed. The poor ranking means Germany will now have to report annually to the body in the coming years about its progress in tackling shortcomings.

Germany's finance minister, Christian Lindner, has acknowledged the problem and pledged to centralise control, install additional staff and modernise the authorities' technology.

"We deal with the small fish, while the big fish get away," he told journalists earlier this week before the report's publication, adding that he would step up efforts to "follow the money".

The FATF said Germany prosecuted about 1,000 people for money laundering in 2020, despite opening more than 37,000 inquiries, a level of convictions it considered "very small".

Germany has more banks than other countries in the European Union while many Germans prefer using cash, which the FATF said made up three-quarters of transactions. There is no upper limit on the size of cash transactions.

The FATF also flagged money laundering risks from hawala payments, which means 'transfer' in Arabic. The system is widely used in the Middle East, moving payments through a trusted network of agents who operate outside banks.

Germany has 11 million international migrants, the third-largest globally, according to the report.

The FATF urged Germany to take "additional measures ... to more effectively mitigate the risks in relation to cash and hawala services".

Konrad Duffy of Finanzwende, a group that lobbies for financial transparency, said German authorities needed more powers to tackle money laundering and that rules should be tightened to prevent buying properties in cash.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres.

Germany has been criticised by a global watchdog for failing to do enough to tackle money laundering, such as by prosecuting very few for the crime despite being one of the globe's biggest cash centres. The report by the Financial Action Task Force (FATF), a global body that groups countries from the United States to China to tackle financial crime, deals a blow to the standing of Germany, which prides itself on a reputation for probity. The assessment highlights a series of failings, including a lack of control of those who handle large sums of money, such as estate agents, adding that while Germany understood the risks, it had not done enough to tackle them. The FATF criticised, for instance, the disjointed nature of supervision, with more than 300 regional authorities responsible for monitoring such players, as well as a shortage of personnel. Germany's score lags far behind France, which the FATF also recently assessed. The poor ranking means Germany will now have to report annually to the body in the coming years about its progress in tackling shortcomings. Germany's finance minister, Christian Lindner, has acknowledged the problem and pledged to centralise control, install additional staff and modernise the authorities' technology. "We deal with the small fish, while the big fish get away," he told journalists earlier this week before the report's publication, adding that he would step up efforts to "follow the money". The FATF said Germany prosecuted about 1,000 people for money laundering in 2020, despite opening more than 37,000 inquiries, a level of convictions it considered "very small". Germany has more banks than other countries in the European Union while many Germans prefer using cash, which the FATF said made up three-quarters of transactions. There is no upper limit on the size of cash transactions. The FATF also flagged money laundering risks from hawala payments, which means 'transfer' in Arabic. The system is widely used in the Middle East, moving payments through a trusted network of agents who operate outside banks. Germany has 11 million international migrants, the third-largest globally, according to the report. The FATF urged Germany to take "additional measures ... to more effectively mitigate the risks in relation to cash and hawala services". Konrad Duffy of Finanzwende, a group that lobbies for financial transparency, said German authorities needed more powers to tackle money laundering and that rules should be tightened to prevent buying properties in cash. 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.

Cash-rich Germany criticised by watchdog over money laundering

Despite posting annual losses for a third year in a row, the national carriers of Australia and New Zealand say that the worst of the coronavirus crisis is now behind them. Australian airline Qantas said that "the existential crisis posed by the pandemic is now over" and they are seeing a rise in demand, BBC reported. On the other hand, Air New Zealand also said that the airline has seen a "strong recovery in bookings and revenues" since March.

In a statement released on Thursday, Qantas said that the "underlying loss before tax had widened to A$1.86bn in the year to the end of June, from the previous year". It had also lowered its net debt to a better than expected A$3.94bn. The airline has also launched a $400 million share buyback amid recovery.

Qantas chief executive Alan Joyce said, "The recovery has been exceptional. Our teams have done an amazing job through the restart and our customers have been extremely patient as the whole industry has dealt with sick leave and labour shortages in the past few months."

The Covid pandemic had led to many countries imposing strict travel restrictions for almost two years, leading to losses&nbsp;for airlines and the travel industry.&nbsp;

Talking about the losses during the pandemic, Joyce said the Covid cost them more money in the past three years than what they made in the five years before that.

(With inputs from agencies)

&nbsp;

&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Despite posting annual losses for a third year in a row, the national carriers of Australia and New Zealand say that the worst of the coronavirus crisis is now behind them.

Despite posting annual losses for a third year in a row, the national carriers of Australia and New Zealand say that the worst of the coronavirus crisis is now behind them. Australian airline Qantas said that "the existential crisis posed by the pandemic is now over" and they are seeing a rise in demand, BBC reported. On the other hand, Air New Zealand also said that the airline has seen a "strong recovery in bookings and revenues" since March. In a statement released on Thursday, Qantas said that the "underlying loss before tax had widened to A$1.86bn in the year to the end of June, from the previous year". It had also lowered its net debt to a better than expected A$3.94bn. The airline has also launched a $400 million share buyback amid recovery. Qantas chief executive Alan Joyce said, "The recovery has been exceptional. Our teams have done an amazing job through the restart and our customers have been extremely patient as the whole industry has dealt with sick leave and labour shortages in the past few months." The Covid pandemic had led to many countries imposing strict travel restrictions for almost two years, leading to losses for airlines and the travel industry. Talking about the losses during the pandemic, Joyce said the Covid cost them more money in the past three years than what they made in the five years before that. (With inputs from agencies)

Qantas says pandemic 'existential crisis' is over, Air New Zealand also reports 'strong recovery'

HSBC took pride in being the world's local bank at one point of time but in reality it may get more localized if the proposal for bank to restructure itself and breaking up its business goes through.

HSBC's Breakup: Cites costs, risks in opposing calls to break up