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Companies cut spending, jobs as economic outlook grows less certain

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Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis.

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Google has finally unveiled its new bay view campus for its employees this week in California. It took five years to complete the construction of the campus.

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U.S. FTC sues Walmart for allegedly allowing money transfer services for fraud

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Nissan Motor is recalling more than 300,000 SUVs in the United States over an issue in which the hood suddenly opens, obstructing the driver’s view and increasing the risk of a crash.

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Pallonji Shapoorji Mistry, a multibillionaire industrialist and realtor who served as Chairman Emeritus of the illustrious Shapoorji Pallonji Group, passed away late last night at his residence. He was 93 years old and is survived by his daughters Laila and Aloo, the latter of whom is married to Noel Tata, Ratan Tata's half-brother. He is also survived by his sons, Shapoorji and Cyrus P. Mistry, the latter of whom gained notoriety for a significant business dispute with the Tata Group a few years ago.

In addition to other significant infrastructure projects, the Shapoorji Pallonji Group is well-known in the real estate and engineering industries for having built several iconic structures, including the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong &amp; Shanghai Bank, and others in south Mumbai.

The group also created the legendary Hindi film "Mughal-E-Azam" (1960), which at the time was the most expensive and continues to be one of Bollywood's most well-liked productions today.

Mistry and his family are in charge of the Shapoorji Pallonji Group, which was founded more than 150 years ago and currently employs more than 50,000 people in more than 50 countries. The Oberoi Hotel in Mumbai, and the blue-and-gold Al Alam palace for the Sultan of Oman are just a few of its iconic projects.

According to the Bloomberg Billionaires Index, Mistry amassed a net worth of about $29 billion, placing him among the wealthiest men in both India and Europe. In 2003, he gave up his Indian citizenship and adopted Irish citizenship as a result of his lengthy union with Patsy Perin Dubash, a Dubliner.

Corporate feud with Tata group

To be the largest minority shareholder in Mumbai-based Tata Sons Pvt., the primary investment holding company for India's largest conglomerate, the family earned the majority of its fortune, or 18.5 percent as of early 2022.

That stake turned out to be a double-edged sword for the media-shy Mistry when his son Cyrus' abrupt removal as chairman of Tata Sons in 2016 sparked a protracted legal and boardroom struggle between two of India's most famous corporate families.

In 2021, the Supreme Court of India affirmed Tata Sons' provisions on minority shareholder rights, making it harder to sell shares without board approval. It also decided that Cyrus's removal from office was lawful. In early 2022, the stake was approximately $30 billion, making it essentially illiquid. 
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Pallonji Shapoorji Mistry, a multibillionaire industrialist and realtor who served as Chairman Emeritus of the illustrious Shapoorji Pallonji Group, passed away late last night at his residence.

Pallonji Shapoorji Mistry, a multibillionaire industrialist and realtor who served as Chairman Emeritus of the illustrious Shapoorji Pallonji Group, passed away late last night at his residence. He was 93 years old and is survived by his daughters Laila and Aloo, the latter of whom is married to Noel Tata, Ratan Tata's half-brother. He is also survived by his sons, Shapoorji and Cyrus P. Mistry, the latter of whom gained notoriety for a significant business dispute with the Tata Group a few years ago. In addition to other significant infrastructure projects, the Shapoorji Pallonji Group is well-known in the real estate and engineering industries for having built several iconic structures, including the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong & Shanghai Bank, and others in south Mumbai. The group also created the legendary Hindi film "Mughal-E-Azam" (1960), which at the time was the most expensive and continues to be one of Bollywood's most well-liked productions today. Mistry and his family are in charge of the Shapoorji Pallonji Group, which was founded more than 150 years ago and currently employs more than 50,000 people in more than 50 countries. The Oberoi Hotel in Mumbai, and the blue-and-gold Al Alam palace for the Sultan of Oman are just a few of its iconic projects. According to the Bloomberg Billionaires Index, Mistry amassed a net worth of about $29 billion, placing him among the wealthiest men in both India and Europe. In 2003, he gave up his Indian citizenship and adopted Irish citizenship as a result of his lengthy union with Patsy Perin Dubash, a Dubliner. Corporate feud with Tata group To be the largest minority shareholder in Mumbai-based Tata Sons Pvt., the primary investment holding company for India's largest conglomerate, the family earned the majority of its fortune, or 18.5 percent as of early 2022. That stake turned out to be a double-edged sword for the media-shy Mistry when his son Cyrus' abrupt removal as chairman of Tata Sons in 2016 sparked a protracted legal and boardroom struggle between two of India's most famous corporate families. In 2021, the Supreme Court of India affirmed Tata Sons' provisions on minority shareholder rights, making it harder to sell shares without board approval. It also decided that Cyrus's removal from office was lawful. In early 2022, the stake was approximately $30 billion, making it essentially illiquid. 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.

Pallonji Mistry, chairman of Shapoorji Pallonji Group dies at 93

India is all set to join league of nations where mobile 5g services are available. Though in many areas here normal 3g and 4g services do not work properly, still users are excited about prospects and use of these new gen services.

India to roll-out 5g services by the end of year 2022

India will introduce a safety rating system for cars. The government said that it will assign a rating of one to five stars for cars, based on tests assessing adult and child occupant protection as well as safety assist technologies.

India plans safety rating system for cars

Ryanair said less than 2% of its flights were affected by cabin crew strikes. Unions want improvement in working conditions and crew in Spain set to strike again on June 30th.

Ryanair: 2% of flights affected by strike, unions want improvement in working conditions

As the inflation woes in Europe grow, Lufthansa airlines has canceled 3000 flights due to a shortage of staff. The company is planning to cancel thousands of flights this summer as workers continue to strike.

Commuters across Europe face travel disruptions as union workers demand pay hike

Some of the leaders of the G7 rich democracies are pushing for an acknowledgement of the need for new financing for fossil energies investments as European states scramble to diversify supplies.

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The world's biggest gambling hub and hot tourist destination for China, Macau has launched the third round of mandatory Covid-19 testing for its more than 600,000 residents.

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After two-wheelers and passenger cars, the electrification of buses is picking up the pace around the world. Experts believe India would be one of the leading markets.

Electric buses market expected to reach 70,000 units by 2027

The Pakistan Stock Exchange (PSX) crashed shortly after Shehbaz Sharif`s government announced a 10 per cent tax on large-scale industries, a measure he promised will help save the country from bankruptcy.

At 11:40 am (local time), the market witnessed a steep dip with the KSE-100 losing 1,598 points and sinking to 41,100, the Dawn newspaper reported. The benchmark KSE-100 index was down 2,053 points At 12 pm.

As per the PSX rules, if the index goes five per cent above or below its last close and stays there for five minutes, trading in all securities is halted for a short period.Raza Jafri, the Intermarket Securities` head of equities blamed "massive taxes" as the reason behind the drop.&nbsp;

"The market has reacted very negatively because it will severely hurt corporate profitability," he told Dawn.

The Pakistan Prime Minister today said that his government plans to impose a 10 per cent super tax on large-scale industries, and that "tough decisions" have been taken to protect the country`s economy.He announced the imposition of a super tax on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile industries.

"A 1 per cent tax has been imposed on people earning over PKR 150 million, 2 per cent on those earning over PKR 200 million, 3per cent on those earning over PKR 250 million and 4 per cent on those earning over PKR 300 million," he said.

He termed this measure as "tough decisions" in line with the federal budget for the next fiscal year 2022-23."I want to brief the people about those decisions and the actual [economic] situation of the country," Shehbaz was quoted as saying by Geo News.

"Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them," he said.&nbsp;

"Our second motive is to protect the country from going bankrupt," he added.

Explaining the motives of his government for the super tax, he laid stress on the need to stabilise the economy of Pakistan.&nbsp;

"These aren`t just words, this is the voice of my heart and InshaAllah we will be able to achieve all these targets," he emphasised.

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The Pakistan Stock Exchange (PSX) crashed shortly after Shehbaz Sharif`s government announced a 10 per cent tax on large-scale industries, a measure he promised will help save the country from bankruptcy.

The Pakistan Stock Exchange (PSX) crashed shortly after Shehbaz Sharif`s government announced a 10 per cent tax on large-scale industries, a measure he promised will help save the country from bankruptcy. At 11:40 am (local time), the market witnessed a steep dip with the KSE-100 losing 1,598 points and sinking to 41,100, the Dawn newspaper reported. The benchmark KSE-100 index was down 2,053 points At 12 pm. As per the PSX rules, if the index goes five per cent above or below its last close and stays there for five minutes, trading in all securities is halted for a short period.Raza Jafri, the Intermarket Securities` head of equities blamed "massive taxes" as the reason behind the drop. "The market has reacted very negatively because it will severely hurt corporate profitability," he told Dawn. The Pakistan Prime Minister today said that his government plans to impose a 10 per cent super tax on large-scale industries, and that "tough decisions" have been taken to protect the country`s economy.He announced the imposition of a super tax on cement, steel, sugar, oil and gas, fertiliser, banking, textile, chemical, beverage, and automobile industries. "A 1 per cent tax has been imposed on people earning over PKR 150 million, 2 per cent on those earning over PKR 200 million, 3per cent on those earning over PKR 250 million and 4 per cent on those earning over PKR 300 million," he said. He termed this measure as "tough decisions" in line with the federal budget for the next fiscal year 2022-23."I want to brief the people about those decisions and the actual [economic] situation of the country," Shehbaz was quoted as saying by Geo News. "Our first motive is to provide relief to the masses and to reduce the burden of inflation on the people and facilitate them," he said. "Our second motive is to protect the country from going bankrupt," he added. Explaining the motives of his government for the super tax, he laid stress on the need to stabilise the economy of Pakistan. "These aren`t just words, this is the voice of my heart and InshaAllah we will be able to achieve all these targets," he emphasised. 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 ×

Pakistan Stock Exchange plunges after govt announces 'super tax' on industries

Amid recession fears in the US, IMF's managing director Kristalina Georgieva said the country is facing a "narrowing path to avoid a recession".

"The economy continues to recover from the pandemic and important shocks are buffeting the economy from the Russian invasion of Ukraine and from lockdowns in China," the IMF managing director said, adding, "Further negative shocks would inevitably make the situation more difficult."

<a href="https://www.wionews.com/world/us-recession-is-certainly-a-possibility-federal-reserve-chair-powell-490854">Also Read |&nbsp;US recession is 'certainly a possibility': Federal Reserve Chair Powell&nbsp;</a>

The IMF also slashed the US growth forecast to 2.9 per cent for 2022 and 1.7 per cent in 2023. The US has been battling the highest inflation in decades even as the Fed last week announced a historic increase in its benchmark lending rate.

Watch:&nbsp;US to have a gasoline tax holiday | Will US plunge into a recession?

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Georgieva said Trump-era tariffs should be lifted which President Biden had said he was considering removing.

"Especially at a time when inflation is high and supply chains are strained... we can see clear benefits in rolling back the tariffs that were introduced over the last 5 years," Georgieva said.

Meanwhile, US stocks ended strongly on Friday with Dow Jones Industrial Average surging 2.7 per cent to end at 31,500.68 and the Nasdaq Composite Index jumped 3.3 per cent to 11,607.62. The S&amp;P rose 3.1 per cent to 3,911.74.

(With inputs from Agencies)

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Amid recession fears in the US, IMF's managing director Kristalina Georgieva said the country is facing a "narrowing path to avoid a recession". "The economy continues to recover from the pandemic and important shocks are buffeting the economy from the Russian invasion of Ukraine and from lockdowns in China," the IMF managing director said, adding, "Further negative shocks would inevitably make the situation more difficult.

Amid recession fears in the US, IMF's managing director Kristalina Georgieva said the country is facing a "narrowing path to avoid a recession". "The economy continues to recover from the pandemic and important shocks are buffeting the economy from the Russian invasion of Ukraine and from lockdowns in China," the IMF managing director said, adding, "Further negative shocks would inevitably make the situation more difficult." Also Read | US recession is 'certainly a possibility': Federal Reserve Chair Powell The IMF also slashed the US growth forecast to 2.9 per cent for 2022 and 1.7 per cent in 2023. The US has been battling the highest inflation in decades even as the Fed last week announced a historic increase in its benchmark lending rate. Watch: US to have a gasoline tax holiday | Will US plunge into a recession? Georgieva said Trump-era tariffs should be lifted which President Biden had said he was considering removing. "Especially at a time when inflation is high and supply chains are strained... we can see clear benefits in rolling back the tariffs that were introduced over the last 5 years," Georgieva said. Meanwhile, US stocks ended strongly on Friday with Dow Jones Industrial Average surging 2.7 per cent to end at 31,500.68 and the Nasdaq Composite Index jumped 3.3 per cent to 11,607.62. The S&P rose 3.1 per cent to 3,911.74. (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.

US faces 'narrowing path' to avoid recession: IMF; growth forecast slashed

Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&amp;P Global, an American publicly traded corporation, &nbsp;reflecting a fall in demand growth.&nbsp;

Manufacturing output contracted for the first time in two years and the expansion in service sector activity came down considerably, easing most notably for consumer-facing services.

The survey by S&amp;P Global revealed that companies also scaled back their business expectations for output over the coming year to the lowest since October 2020.&nbsp;

“Economic growth is showing signs of faltering as the tailwind of pent-up demand from the pandemic is already fading, having been offset by the cost-of-living shock and slumping business and consumer confidence,” S&amp;P Global economist Chris Williamson said in a statement, as reported by Bloomberg.

Both the stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains linked to the Ukraine war and ongoing pandemic disruptions.

Also Read:&nbsp;<a href="https://www.wionews.com/world/mass-graves-being-prepared-for-earthquake-victims-in-afghanistan-491083">Mass graves being prepared for earthquake victims in Afghanistan</a>

The survey of purchasing managers continued to show elevated price pressures, including a “worrying increase in costs growth in the service sector.” The cooling of demand, however, pointed to a calming of goods prices, “bringing a tentative hint of a peaking of inflation in the near future,” Williamson said.

The euro retreated against the dollar on Thursday as economic data pointed to increased prospects of a recession in Europe. Global stock markets wobbled after another battering this week, while oil prices slid further.

Government bond yields also fell in another indication that investors are more worried about the prospect of a recession, removing some of the financial stings on governments from rising interest rates.

(with inputs from agencies) 
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Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&P Global, an American publicly traded corporation, reflecting a fall in demand growth.

Eurozone economic growth deteriorated sharply to a 16-month low in June, according to preliminary PMI data by S&P Global, an American publicly traded corporation, reflecting a fall in demand growth. Manufacturing output contracted for the first time in two years and the expansion in service sector activity came down considerably, easing most notably for consumer-facing services. The survey by S&P Global revealed that companies also scaled back their business expectations for output over the coming year to the lowest since October 2020. “Economic growth is showing signs of faltering as the tailwind of pent-up demand from the pandemic is already fading, having been offset by the cost-of-living shock and slumping business and consumer confidence,” S&P Global economist Chris Williamson said in a statement, as reported by Bloomberg. Both the stagnation of demand and worsening outlook were widely blamed on the rising cost of living, tighter financial conditions and concerns over energy and supply chains linked to the Ukraine war and ongoing pandemic disruptions. Also Read: Mass graves being prepared for earthquake victims in Afghanistan The survey of purchasing managers continued to show elevated price pressures, including a “worrying increase in costs growth in the service sector.” The cooling of demand, however, pointed to a calming of goods prices, “bringing a tentative hint of a peaking of inflation in the near future,” Williamson said. The euro retreated against the dollar on Thursday as economic data pointed to increased prospects of a recession in Europe. Global stock markets wobbled after another battering this week, while oil prices slid further. Government bond yields also fell in another indication that investors are more worried about the prospect of a recession, removing some of the financial stings on governments from rising interest rates. (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.

Eurozone economy at a 16-month low in June due to Ukraine war and pandemic disruptions: Report

Netflix has decided to lay off around 4% of the workforce. It lay off 300 employees amid a cost-cutting drive. The layoff has mostly affected the employees in the US.

Netflix lays off 300 employees amid a cost-cutting drive

A Tata Nexon electric vehicle has caught fire in what the company says is the first instance of such an incident. The exact cause of the fire is unknown for now.

Tata Nexon electric vehicle catches fire, the exact cause of the fire is unknown

Amid economic woes, Lebanon's traditional pottery has witnessed a sharp drop. Traditional pottery can be traced back to the Phoenicians.

Lebanon's economic woes: Pottery sees sharp drop in demand

Worldwide recession fears are impacting all the major sectors in the world. Commodities including metals and mineral sector is also seeing developments including geopolitical ones.

Global commodities market: Growth in mineral, mining sector

Around 40,000 rail staff are demanding a 7% pay rise. Amid the ongoing rail strike, only 20% of the train services are running. RMT union said that talks are underway but further strikes are possible.

UK rail strike: Only 20% of the train services are running

Automobile giant Toyota recalled its first mass-produced EVs less than 2 months after the launch. The risk of wheels coming loose is said to be the reason behind the recall.

Toyota recalls its first mass-produced EVs less than 2 months after the launch

Driven by high fuel prices and staffing issues for the airlines, Qantas will cut domestic capacity. However, the debt cut remained below pre-pandemic levels.

Qantas to cut domestic capacity: High fuel prices, staffing issues for airlines