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

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

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

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

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

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

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

Cuba cracks open door to foreign investment in domestic trade

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

From a speculative asset class to a rapidly growing daily enterprise, cryptocurrencies have suddenly changed. The oldest cryptocurrency in the world, Bitcoin, is at the forefront of this expansion.

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

Explained: Phenomenon of hyperbitconisation could become a reality by 2050

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

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

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

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

WION Dispatch: Tencent posts first revenue decline since going public

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

According to Moody's, oil prices are likely to fall to almost $70 a barrel by the end of 2024. The agency pointed out that oil prices had shot up to $120 barrels in June this year amid Russia's invasion of Ukraine but fell below $100 this month.

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

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

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

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

Apple has its next big money-making idea. It is not the next generation, glass-ceiling breaker iPhone, MacBook or even an Apple smartwatch. It's advertising. Reportedly, Apple is looking to add more advertisements to its first-party apps that come pre-installed on iPhone.

Apple has its next big money-making idea. It is not the next generation, glass-ceiling breaker iPhone, MacBook or even an Apple smartwatch. It's advertising. Reportedly, Apple is looking to add more advertisements to its first-party apps that come pre-installed on iPhone. According to tech reports, Apple has already internally tested the ads on its Maps, Books and Podcasts. Currently, Apple allows app developers to advertise their apps on the App Store. Moreover, ads are displayed in Apple News and Stocks. It is pertinent to note that last year, Apple rolled out its new privacy policy called 'App Tracking Transparency' that required the apps on its platform to ask for users' permission to track their activity and share it with third parties. Read More: Apple sets deadline for employees to be in the office at least three days a week Succinctly put, Apple disrupted the entire 'personalised advertising' market as business houses had to reconsider their strategies. However, Apple remained unscathed and on the contrary, its advertising business grew 238 per cent to $3.7 billion in 2021. Thus it appears a tad ironic that by adding more ads in the iPhone apps, Apple wants to take this number into the double digits. It's not all that. Apple is also looking to maximise the earning potential of its streaming platform Apple TV Plus. Reportedly, taking a cue out of Dinsey+ and Netflix's book, Apple is willing to experiment with a lower-priced ad-supported subscription plan. Both Disney+ and Netflix are expected to roll out the said tiers by the end of the year. Analysts believe that Apple is in the early stages of developing its own new mobile advertising platform. The uptick in recruitment drive suggests that efforts were ongoing to create a profitable ad platform. Apple and its bumper quarter As reported by WION, last month Apple announced that its June quarter revenue stood at a record $83 billion, up two per cent YoY. Apple also announced that it expected to pay a dividend of $0.3 per share to its shareholders. “This quarter’s record results speak of Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers." Tim Cook was quoted as saying. Read More: Apple and Amazon post impressive numbers amid an economic slowdown (With inputs from agencies) WATCH WION LIVE HERE:

Apple's next big money-making idea: More ads in iPhones

The UK's leader of opposition Keir Starmer has released labour's plans to deal with rising inflation and soaring energy prices. The labour leader said that the families will not have to pay a penny more under his party's plan to tackle the ongoing economic crisis.

'Can control inflation by freezing energy bills,' Keir Starmer details energy price cap plan

South Korea, the Asian economy is competing with Japan in the list of nations that are facing a massive labour crunch and putting older workers back into factories is the only option now.

South Korea's foreign labour crunch, older workers back in factories

A recovery in global business travel spending to pre-pandemic levels is likely to be delayed by 18 months to 2026 because of factors like inflation, high energy prices, labour shortages and lockdowns in China.

Inflation, labour shortages to delay recovery in business travel spending

Venezuela's inflation slowed to 7.5% month-over-month in July, from 11.4% recorded in June, according to data released on Monday by the country's central bank.

Venezuela inflation slows to 7.5% in July

India is steering itself towards a battery-operated automobile revolution. Ola has also announced a new electric scooter it's called the S1, it's a cheaper alternative to the S1 Pro.

Ola driving green mobility in India, launches new electric vehicles

From Tencent Holdings Ltd. to ByteDance Ltd., China's internet behemoths have revealed details of their treasured algorithms to Beijing for the first time, an extraordinary move aimed at curtailing data misuse that may jeopardise highly guarded company secrets.

The internet watchdog issued a report on Friday listing 30 algorithms used by companies such as Alibaba Group Holding Ltd. and Meituan to collect data on users, make personal recommendations, and offer up content. While the public list did not expose the actual code, it remained unclear how much information internet companies may have supplied to authorities in private.

Many online businesses believe the algorithms that determine which TikTok videos, WeChat posts, and Instagram photographs users see to be the secret sauce, important in catching user attention and driving development.&nbsp;

China implemented legislation in March requiring internet businesses to disclose such tools, in an effort to address complaints about data exploitation while also assisting regulators in keeping internet corporations on a leash.

Algorithms in the IT sector are carefully guarded and have been at the centre of political issues all around the world.&nbsp;

That disclosure requirement distinguishes China from countries such as the United States, where companies such as Meta Platforms Inc. and Alphabet Inc. have successfully argued that algorithms are trade secrets, even as lawmakers and activists seek to better understand how they curate content and manage data.

The Chinese Cyberspace Administration now demands just basic information from corporations, but it may seek additional specifics to investigate complaints of data abuses, according to Zhai. According to Ding Mengdan, a lawyer at Beijing Yingke law firm's Hangzhou branch, the publication of the list indicates that the implementation process is proceeding successfully.

China has tightened laws to limit the once-unchecked growth of the country's digital behemoths. Last year, the government passed the Personal Information Protection Law and the Data Security Law, which established stricter guidelines for how businesses manage user data.

The list of algorithms available for public review is limited to brief descriptions of how they work as well as the products and use cases to which they apply. ByteDance, for example, claims that their algorithm uses a user's likes and dislikes to promote content on applications such as Douyin, TikTok's Chinese cousin. According to Meituan, its algorithms assist in dispatching food orders to riders in the most effective manner depending on their downtime and delivery route.

According to the laws, companies must also give non-public information to the CAC, including a self-assessment of the algorithms' security, the data they gather, if any sensitive biometric or identity information is included, and what data sources are utilised to train algorithms.

(With inputs from agencies)&nbsp; 
&nbsp;

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From Tencent Holdings Ltd. to ByteDance Ltd., China's internet behemoths have revealed details of their treasured algorithms to Beijing for the first time, an extraordinary move aimed at curtailing data misuse that may jeopardise highly guarded company secrets.

From Tencent Holdings Ltd. to ByteDance Ltd., China's internet behemoths have revealed details of their treasured algorithms to Beijing for the first time, an extraordinary move aimed at curtailing data misuse that may jeopardise highly guarded company secrets. The internet watchdog issued a report on Friday listing 30 algorithms used by companies such as Alibaba Group Holding Ltd. and Meituan to collect data on users, make personal recommendations, and offer up content. While the public list did not expose the actual code, it remained unclear how much information internet companies may have supplied to authorities in private. Many online businesses believe the algorithms that determine which TikTok videos, WeChat posts, and Instagram photographs users see to be the secret sauce, important in catching user attention and driving development. China implemented legislation in March requiring internet businesses to disclose such tools, in an effort to address complaints about data exploitation while also assisting regulators in keeping internet corporations on a leash. Algorithms in the IT sector are carefully guarded and have been at the centre of political issues all around the world. That disclosure requirement distinguishes China from countries such as the United States, where companies such as Meta Platforms Inc. and Alphabet Inc. have successfully argued that algorithms are trade secrets, even as lawmakers and activists seek to better understand how they curate content and manage data. The Chinese Cyberspace Administration now demands just basic information from corporations, but it may seek additional specifics to investigate complaints of data abuses, according to Zhai. According to Ding Mengdan, a lawyer at Beijing Yingke law firm's Hangzhou branch, the publication of the list indicates that the implementation process is proceeding successfully. China has tightened laws to limit the once-unchecked growth of the country's digital behemoths. Last year, the government passed the Personal Information Protection Law and the Data Security Law, which established stricter guidelines for how businesses manage user data. The list of algorithms available for public review is limited to brief descriptions of how they work as well as the products and use cases to which they apply. ByteDance, for example, claims that their algorithm uses a user's likes and dislikes to promote content on applications such as Douyin, TikTok's Chinese cousin. According to Meituan, its algorithms assist in dispatching food orders to riders in the most effective manner depending on their downtime and delivery route. According to the laws, companies must also give non-public information to the CAC, including a self-assessment of the algorithms' security, the data they gather, if any sensitive biometric or identity information is included, and what data sources are utilised to train algorithms. (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.

Alibaba, ByteDance share top secret algorithms to Chinese government for first time

Apple on Monday informed that its employees will be expected to return to the office three days per week from next month, September 5, to be precise. Reportedly, Apple CEO Tim Cook sent out the mail, informing about the changes that the upper hierarchy was implementing in the coming days.

Apple on Monday informed that its employees will be expected to return to the office three days per week from next month, September 5, to be precise. Reportedly, Apple CEO Tim Cook sent out the mail, informing about the changes that the upper hierarchy was implementing in the coming days. Currently, Apple employees have been working from their offices, twice a week. However, with the new rules coming in, all employees in Bay Area will have to report to the office on Tuesday and Thursday compulsorily. The third day will be picked or decided based on individual teams. Meanwhile, the option of working from home will be applicable for two days only. "Teams participating in the pilot will come to the office three days each week with Tuesday and Thursday as set days across the company, but now the third day you come in will be decided by your teams." said Cook in a memo sent to his employees. "In terms of timing, many locations around the world are in different phases and you will hear more details shortly. For Santa Clara Valley, we plan to begin our new adjusted pilot with all employees in the office three days beginning the week of September 5th." added the Apple boss. It is pertinent to note that Apple attempted to implement its pilot programme a year ago. The employees were expected to return to the offices in May. However, the rise in Covid cases delayed the process. Read More: Apple and Amazon post impressive numbers amid an economic slowdown Apple's culture heavily depends on employees working together and creating new products. The company has relied on in-person meetings, demos and the physical touch to shape its products; something which was missing in the last couple of years. By recalling its employees to the office, Apple appears to be reaffirming its faith in the office culture, albeit with a hybrid twist. Apple’s head of software, Craig Federighi built on Cook's mail and added that Septemeb will mark the true start of Apple's next hybrid chapter. "Needless to say, this next phase is a pilot, so the one thing of which we can be assured is that we’ll learn a great deal in the months to come. I’m excited for this next chapter and all that lies ahead." he signed off by saying. (With inputs from agencies) WATCH WION LIVE HERE:

Apple sets deadline for employees to be in the office at least three days a week

The Indian government plans to examine the exemption-free new tax regime shortly in order to make it more appealing to individual income taxpayers, according to Indian news agency PTI.

According to insiders, the administration eventually intends to implement a system with no exemptions, and the complicated old tax regime with exemptions and deductions would be phased out.

Tax exemptions in India are categorised based on the type of income. Agricultural income, pensions, allowances, and other forms of income are not included. Deduction of Tax at Source is another possibility.

A tax exemption is a financial exclusion that reduces taxable income. You may be excluded from paying taxes totally, at reduced rates, or solely on a portion of your earnings. Rather than the absence of taxation in specific cases, tax exemption is a statutory exception to a general rule. Tax credits are given to encourage certain economic activities.

A new tax structure was implemented in the Union Budget 2020-21. Taxpayers were given the choice of choosing between the previous system, which had different deductions and exemptions, and the new regime, which included reduced tax rates but no exemptions or deductions.

The goal of the change was to give considerable assistance to individual taxpayers while also simplifying income-tax legislation.

When asked about the new tax regime's experience, sources indicated there are obvious evidence that those who have completed their house and education loans are eager to switch to the new tax system because they have no exemptions to claim.

According to sources, cutting taxes in the new regime would make the new tax regime more appealing.

In September 2019, a comparable tax structure for business taxpayers was implemented, with much lower rates and fewer exemptions.

The government announced a reduction in the base corporation tax rate for current companies to 22% from 30%, and for new manufacturing enterprises formed after October 1, 2019, and beginning operations before March 31, 2024, to 15% from 25%. Companies that choose these higher tax rates must sacrifice all exemptions and incentives.

Under the new tax regime for individual taxpayers announced on February 1, 2020, people with an annual income of up to Rs 2,50,000 do not pay any tax.

The tax rate is 5 per cent for income between Rs 2,50,000 and Rs 5,00,000.

Furthermore, those earning between Rs 5,00000 and Rs 7,50000 pay a 10% tax rate; those earning between Rs 7,50000 and Rs 10,00000 pay a 15% tax rate; those earning between Rs 10,00000 and Rs 12,50000 pay a 20% tax rate; those earning between Rs 12,50000 and Rs 1500000 pay a 25% tax rate; and those earning above Rs 1500000 pay a 30% tax rate. 
&nbsp;

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The Indian government plans to examine the exemption-free new tax regime shortly in order to make it more appealing to individual income taxpayers, according to Indian news agency PTI.

The Indian government plans to examine the exemption-free new tax regime shortly in order to make it more appealing to individual income taxpayers, according to Indian news agency PTI. According to insiders, the administration eventually intends to implement a system with no exemptions, and the complicated old tax regime with exemptions and deductions would be phased out. Tax exemptions in India are categorised based on the type of income. Agricultural income, pensions, allowances, and other forms of income are not included. Deduction of Tax at Source is another possibility. A tax exemption is a financial exclusion that reduces taxable income. You may be excluded from paying taxes totally, at reduced rates, or solely on a portion of your earnings. Rather than the absence of taxation in specific cases, tax exemption is a statutory exception to a general rule. Tax credits are given to encourage certain economic activities. A new tax structure was implemented in the Union Budget 2020-21. Taxpayers were given the choice of choosing between the previous system, which had different deductions and exemptions, and the new regime, which included reduced tax rates but no exemptions or deductions. The goal of the change was to give considerable assistance to individual taxpayers while also simplifying income-tax legislation. When asked about the new tax regime's experience, sources indicated there are obvious evidence that those who have completed their house and education loans are eager to switch to the new tax system because they have no exemptions to claim. According to sources, cutting taxes in the new regime would make the new tax regime more appealing. In September 2019, a comparable tax structure for business taxpayers was implemented, with much lower rates and fewer exemptions. The government announced a reduction in the base corporation tax rate for current companies to 22% from 30%, and for new manufacturing enterprises formed after October 1, 2019, and beginning operations before March 31, 2024, to 15% from 25%. Companies that choose these higher tax rates must sacrifice all exemptions and incentives. Under the new tax regime for individual taxpayers announced on February 1, 2020, people with an annual income of up to Rs 2,50,000 do not pay any tax. The tax rate is 5 per cent for income between Rs 2,50,000 and Rs 5,00,000. Furthermore, those earning between Rs 5,00000 and Rs 7,50000 pay a 10% tax rate; those earning between Rs 7,50000 and Rs 10,00000 pay a 15% tax rate; those earning between Rs 10,00000 and Rs 12,50000 pay a 20% tax rate; those earning between Rs 12,50000 and Rs 1500000 pay a 25% tax rate; and those earning above Rs 1500000 pay a 30% tax rate. 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.

Income Tax alert: India plans to review exemption-free tax regime

As pandemic curbs are slowly eased and more and more countries resume travel, the tourism dependent economies are seeing a sharp recovery in economic growth. Thailand's economy likely grew at its fastest space in a year last quarter.

Thailand's tourism boosts, receives 1.07 million foreign tourists in July

South Korea's President Yoon Suk-yeol pardoned Samsung Electronics Vice Chairman Jay Y. Lee on Friday, with South Korea's Justice Ministry saying the business leader was needed to help overcome a "national economic crisis".

South Korean President pardons Samsung leader Lee

China's auto sales surged 29.7% in July from a year earlier to 2.42 million units, extending a recovery that began in June with the help of eased COVID curbs and government incentives.

China's auto sales extend recovery, surged 29.7% in July

On Friday, the Japanese yen experienced the biggest decline against a strengthening U.S. dollar as a two-day rise in stocks acknowledged market expectations that the Fed will need to take additional action to keep inflation under control. That realization came after a number of Federal Reserve officials cautioned investors not to be overconfident following this week's minor easing in inflation numbers in speeches and statements.

The most recent example was San Francisco Fed President Mary Daly, who stated on Thursday that a rate increase of 50 basis points in September "makes sense" in light of recent economic data, especially data on inflation, but she is willing to raise the rate if necessary.

Thursday saw a decline in the Nasdaq and S&amp;P 500 amid further indications of slowing inflation. The euro fell to $1.0311 while the dollar index increased by 0.1% to 105.210. The Japanese yen lost 0.12% to 133.19 per dollar, and the last known price of sterling was $1.2184, down 0.23% from the previous day. The euro increased 0.05% to 137.340 yen. Even the New Zealand dollar, which is expected to have a significant rate increase next week, decreased 0.16% to $0.643 against the US dollar.

According to data released on Thursday, U.S. producer prices (PPI) unexpectedly declined in July due to a decrease in the price of energy items. That came after the shocking report on Wednesday that the consumer price index (CPI) was unchanged in July as a result of a decline in gasoline costs.

Also Read:<a href="https://www.wionews.com/photos/in-pics-trump-supporters-gather-outside-his-mar-a-lago-estate-say-fbi-raid-witch-hunt-505424">&nbsp;IN PICS | Trump supporters gather outside his Mar-a-Lago estate, say FBI raid a 'witch hunt'</a>

While such information sparked a brief relief bounce in markets concerned about the Fed's accelerated tightening course, it was fleeting. The tech-heavy Nasdaq has just recovered from mid-June lows, but it is still down nearly 18% for the year. Along with the 225 basis points of Fed rate increases since March, the dollar index has continued to strengthen, up 10% so far this year. From Wednesday's top of 135.30 against the yen, it had dropped as low as 131.74 overnight, a one-week low. On Friday, it was back at 133.245.

(with inputs from agencies) 
&nbsp;

On Friday, the Japanese yen experienced the biggest decline against a strengthening U.S. dollar as a two-day rise in stocks acknowledged market expectations that the Fed will need to take additional action to keep inflation under control.

On Friday, the Japanese yen experienced the biggest decline against a strengthening U.S. dollar as a two-day rise in stocks acknowledged market expectations that the Fed will need to take additional action to keep inflation under control. That realization came after a number of Federal Reserve officials cautioned investors not to be overconfident following this week's minor easing in inflation numbers in speeches and statements. The most recent example was San Francisco Fed President Mary Daly, who stated on Thursday that a rate increase of 50 basis points in September "makes sense" in light of recent economic data, especially data on inflation, but she is willing to raise the rate if necessary. Thursday saw a decline in the Nasdaq and S&P 500 amid further indications of slowing inflation. The euro fell to $1.0311 while the dollar index increased by 0.1% to 105.210. The Japanese yen lost 0.12% to 133.19 per dollar, and the last known price of sterling was $1.2184, down 0.23% from the previous day. The euro increased 0.05% to 137.340 yen. Even the New Zealand dollar, which is expected to have a significant rate increase next week, decreased 0.16% to $0.643 against the US dollar. According to data released on Thursday, U.S. producer prices (PPI) unexpectedly declined in July due to a decrease in the price of energy items. That came after the shocking report on Wednesday that the consumer price index (CPI) was unchanged in July as a result of a decline in gasoline costs. Also Read: IN PICS | Trump supporters gather outside his Mar-a-Lago estate, say FBI raid a 'witch hunt' While such information sparked a brief relief bounce in markets concerned about the Fed's accelerated tightening course, it was fleeting. The tech-heavy Nasdaq has just recovered from mid-June lows, but it is still down nearly 18% for the year. Along with the 225 basis points of Fed rate increases since March, the dollar index has continued to strengthen, up 10% so far this year. From Wednesday's top of 135.30 against the yen, it had dropped as low as 131.74 overnight, a one-week low. On Friday, it was back at 133.245. (with inputs from agencies)

Japanese yen weakens against dollar fearing Fed's super-charged tightening policy

Johnson & Johnson will stop selling talc-based baby powder globally in 2023, the drug maker said on Thursday, more than two years after it ended US sales of a product that drew thousands of consumer safety lawsuits.

Johnson & Johnson to end global sales of controversial talc-based baby powder