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Spiralling living costs are hurting Europeans amid historic inflation. The European central bank had to hike interest rates to control the economic mess.

Europe's historic inflation: Spiralling living costs hurt Europeans

The European Central Bank has raised interest rates for the first time in 11 years by a larger-than-expected amount in an attempt to cool rampant inflation in the euro zone.

European Central Bank hikes interest rates for first time in 11 years by larger-than-expected amount

With an aim to reduce costs and putting more investments in EV space, America's Ford is planning to cut up to 8,000 jobs in the coming weeks.

Ford to cut thousands of jobs to help fund EV investments

The Bank of Japan projected inflation would exceed its target this year in fresh forecasts issued on Thursday, but maintained ultra-low interest rates and signalled its resolve to remain an outlier in a wave of global central banks' policy tightening.

Japan's inflation stays above Bank Of Japan's target

State Bank of India (SBI), India's largest bank, has become the most valuable listed public sector undertaking (PSU) after surpassing Life Insurance Corporation of India's (LIC) market capitalisation (market cap)

SBI shares jumped almost 7 per cent. This took market capitalisation of the bank to Rs 4,53,727.26 crore at 2:10 pm on Wednesday (July 13). At the same time, LIC's market cap was at Rs 4,35,570.97 crore

The state-owned PSU bank has become the seventh largest company in the overall market-cap ranking of listed companies on the BSE. LIC slipped to number eight in the list with a market cap of Rs 4.38 trillion, the BSE data showed.

In past one month, SBI stock has rallied by more than 17 per cent. During the same time period, LIC's stock has gained 4 per cent. BSE Sensex has been up by 7.6 per cent during the same period.

In fact, in last one week SBI has gained almost 5 per cent. There was a decline of 4 per cent in LIC's share price.

Since its listing on May 17, 2022, LIC has lost around 1.15 lakh crore market cap. But during the same period SBI's market cap got a filip of Rs 36,367 crore, as per BSE data.

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State Bank of India (SBI), India's largest bank, has become the most valuable listed public sector undertaking (PSU) after surpassing Life Insurance Corporation of India's (LIC) market capitalisation (market cap) SBI shares jumped almost 7 per cent.

State Bank of India (SBI), India's largest bank, has become the most valuable listed public sector undertaking (PSU) after surpassing Life Insurance Corporation of India's (LIC) market capitalisation (market cap) SBI shares jumped almost 7 per cent. This took market capitalisation of the bank to Rs 4,53,727.26 crore at 2:10 pm on Wednesday (July 13). At the same time, LIC's market cap was at Rs 4,35,570.97 crore The state-owned PSU bank has become the seventh largest company in the overall market-cap ranking of listed companies on the BSE. LIC slipped to number eight in the list with a market cap of Rs 4.38 trillion, the BSE data showed. In past one month, SBI stock has rallied by more than 17 per cent. During the same time period, LIC's stock has gained 4 per cent. BSE Sensex has been up by 7.6 per cent during the same period. In fact, in last one week SBI has gained almost 5 per cent. There was a decline of 4 per cent in LIC's share price. Since its listing on May 17, 2022, LIC has lost around 1.15 lakh crore market cap. But during the same period SBI's market cap got a filip of Rs 36,367 crore, as per BSE data. 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 ×

SBI becomes India's most valuable listed PSU

As it finalizes its new structure, convenience store chain 7-eleven has slashed around 1,000 corporate jobs in the US. Job cuts at support centres, and field support operations were also there.

7-eleven lays off US employees: Job cuts at support centres, field support operations

Farnborough Airshow is one of the biggest air shows in the world that started earlier this week in the UK. Meanwhile, Global air traffic is on course to recover 2019 level in 2024.

Farnborough Airshow: One of the world's biggest civil and defence airshows

Inflation was continued to hit major economies, this time price rise in UK has hit 40-year higher levels; last month, it was backed by surging petrol and food prices.

UK inflation strikes news 40-year high

Tesla on Wednesday released its Quarter 2 earnings for the year 2022 and the electric vehicle maker reported a $2.3 billion profit. For us, this seems like a huge amount, for Tesla and Elon Musk this was a loss. As per Gizmodo, this actually represents the business's first sequential profit decline in almost a year. The report also states that Tesla converted 75 per cent of its Bitcoin stock into fiat money. By this, the company added $936 million in cash to the company balance sheets. According to a report from Coin Desk, the business apparently lost a tonne of money in the cryptocurrency crisis and might suffer a loss of up to $460 million from its bitcoin assets.

Watch |&nbsp;US auto maker General Motors confident of taking on Tesla in EVs

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Tesla purchased the Bitcoin stock in February 2021, when the cryptocurrency was worth 35 per cent more than its current market value.&nbsp;

Additionally, the EV company has reported quarterly revenues of $16.9 billion, a decrease of more than 10 per cent from $18.8 billion in the first quarter as margins contracted as a result of inflation and growing competition in the EV market.

Also read |&nbsp;<a href="https://www.wionews.com/world/twitter-says-elon-musk-is-slow-walking-trial-over-44-billion-deal-498673">Twitter says Elon Musk is 'slow-walking' trial over $44 billion deal</a>

In its Quarterly update, Tesla said: "We continued to make significant progress across the business 
during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%,&nbsp;positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history."

Tesla has recently seen a number of setbacks, including the 22-day shutdown of its Shanghai factory, halts in production due to supply chain problems, and even several recalls due to the rising number of incidents involving its much-lauded "autopilot" feature.

(With inputs from agencies)

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Tesla on Wednesday released its Quarter 2 earnings for the year 2022 and the electric vehicle maker reported a $2.3 billion profit. For us, this seems like a huge amount, for Tesla and Elon Musk this was a loss.

Tesla on Wednesday released its Quarter 2 earnings for the year 2022 and the electric vehicle maker reported a $2.3 billion profit. For us, this seems like a huge amount, for Tesla and Elon Musk this was a loss. As per Gizmodo, this actually represents the business's first sequential profit decline in almost a year. The report also states that Tesla converted 75 per cent of its Bitcoin stock into fiat money. By this, the company added $936 million in cash to the company balance sheets. According to a report from Coin Desk, the business apparently lost a tonne of money in the cryptocurrency crisis and might suffer a loss of up to $460 million from its bitcoin assets. Watch | US auto maker General Motors confident of taking on Tesla in EVs Tesla purchased the Bitcoin stock in February 2021, when the cryptocurrency was worth 35 per cent more than its current market value. Additionally, the EV company has reported quarterly revenues of $16.9 billion, a decrease of more than 10 per cent from $18.8 billion in the first quarter as margins contracted as a result of inflation and growing competition in the EV market. Also read | Twitter says Elon Musk is 'slow-walking' trial over $44 billion deal In its Quarterly update, Tesla said: "We continued to make significant progress across the business during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history." Tesla has recently seen a number of setbacks, including the 22-day shutdown of its Shanghai factory, halts in production due to supply chain problems, and even several recalls due to the rising number of incidents involving its much-lauded "autopilot" feature. (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.

Tesla sells off 75% of its Bitcoin stock at an estimated loss of $460 million

Hundreds of people took to streets of Panama to protest against government's failed efforts to control rising cost of living. Protesters across the country blocked roads and stopped trucks from delivering food.

Protests and street blockades against soaring prices in Panama

The European Central Bank (ECB) on Thursday (July 21) went for an aggressive benchmark deposit rate hike. This is a first since 2011 and has brought an end to the era of negative interest rates in the eurozone. The half point hike is bigger than expected. It has come amid soaring inflation and looming energy crisis in the wake of conflict in Ukraine.

The ECB said its new "assessment of inflation risks" justified taking "a larger first step on its policy rate normalisation path than signalled at its previous meeting" in June when policymakers shared their intent to raise rates by a more modest 25 basis points or a quarter of a percentage point.

In June, inflation in the eurozone hit 8.6 per cent. This was the highest ever level and it was well above ECB's target of two per cent.

The ECB also unveiled the first details of a new crisis tool to fight bond market stress in parts of the eurozone.

The instrument is a response to recent increases in the borrowing costs for governments in more highly indebted, usually southern eurozone members, such as Italy.

Dubbed the "Transmission Protection Instrument (TPI)", the targeted bond-buying scheme "can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area," the ECB said in a statement.

The rate hike has lifted ECB's deposit facility from negative to zero.

The rate on its main refinancing operations climbs to 0.50 percent and on its marginal lending facility to 0.75 percent.

With prices taking off, the euro weak against the dollar and other central banks racing ahead with bigger hikes, the ECB was under pressure to think about making a bigger move at the meeting on Thursday.

Future rate hikes "will be appropriate", the ECB said, as it looks to catch up with the US Federal Reserve and the Bank of England which both&nbsp; 
started raising rates earlier and more aggressively.

(With inputs from agencies)

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The European Central Bank (ECB) on Thursday (July 21) went for an aggressive benchmark deposit rate hike. This is a first since 2011 and has brought an end to the era of negative interest rates in the eurozone.

The European Central Bank (ECB) on Thursday (July 21) went for an aggressive benchmark deposit rate hike. This is a first since 2011 and has brought an end to the era of negative interest rates in the eurozone. The half point hike is bigger than expected. It has come amid soaring inflation and looming energy crisis in the wake of conflict in Ukraine. The ECB said its new "assessment of inflation risks" justified taking "a larger first step on its policy rate normalisation path than signalled at its previous meeting" in June when policymakers shared their intent to raise rates by a more modest 25 basis points or a quarter of a percentage point. In June, inflation in the eurozone hit 8.6 per cent. This was the highest ever level and it was well above ECB's target of two per cent. The ECB also unveiled the first details of a new crisis tool to fight bond market stress in parts of the eurozone. The instrument is a response to recent increases in the borrowing costs for governments in more highly indebted, usually southern eurozone members, such as Italy. Dubbed the "Transmission Protection Instrument (TPI)", the targeted bond-buying scheme "can be activated to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across the euro area," the ECB said in a statement. The rate hike has lifted ECB's deposit facility from negative to zero. The rate on its main refinancing operations climbs to 0.50 percent and on its marginal lending facility to 0.75 percent. With prices taking off, the euro weak against the dollar and other central banks racing ahead with bigger hikes, the ECB was under pressure to think about making a bigger move at the meeting on Thursday. Future rate hikes "will be appropriate", the ECB said, as it looks to catch up with the US Federal Reserve and the Bank of England which both started raising rates earlier and more aggressively. (With inputs from agencies) 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 ×

ECB goes for aggressive rate hike for first time since 2011

Bitcoin rebounded after a brief sell-off late on Wednesday sparked by news that electric carmaker Tesla had sold about 75% of its holdings of the virtual token.

Bitcoin Recovers: Tesla says it sold 75% of Bitcoin Holdings

Microsoft is down for users globally, as they are unable to access the platform or leverage any features on the app. The company hasn’t revealed the reason behind the outage yet.

Microsoft Teams down for thousands of users worldwide

In India despite chip shortage, automakers are on a launching spree; many global and renowned automakers are now unveiling their new cars and SUVs.

Global auto players unveil new models in India despite chip shortage

Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in US crude inventories as product demand weakens.

Oil falls on inflation concerns, anticipated stock builds

Google faces a London trial over an estimated $1.1 billion damages claim after a court authorised a lawsuit that alleges that the tech giant overcharged 19.5 million customers for app store purchases.

Google faces $1 billion UK trial over app store pricing

US Treasury Secretary Janet Yellen aims for deeper trade ties among allies to fortify their supply chains, combat inflation and thwart China's "unfair trade practices" and efforts to dominate key raw materials and technologies markets.

Yellen: China uses market position to an unfair advantage

Netflix has averted its own worst case scenario of subscriber losses. After losing nearly 1 billion paid subscribers and firing over 300 employees, Netflix has been trying hard to grow.

Netflix shares rise after 67% fall, plans to launch cheaper plans for growth

The global chip shortage over the past two years is caused by the pandemic supply chaos combined with the booming demand. It has transformed from what had been a high volume low margin trade into one with the potential for wealth spinning deals now.

China: Ground zero for Auto chip shortage | Shortage caused by Pandemic supply chaos

The International Monetary Fund said its executive board approved a $235.6 million disbursement to Kenya on Monday as it approved a third review of the country’s Extended Credit Facility and Extended Fund Facility arrangements.

IMF approves $235.6 million disbursement to Kenya

Airlines in India are reporting multiple technical malfunction incidents over the last few weeks. Indian aviation regulator DGCA has conducted spot checks and found insufficient engineering staff certifying planes.

Technical snags: DGCA finds insufficient engineering staff certifying planes

Indian Finance Minister Nirmala Sitharaman told Parliament yesterday that Central Bank RBI is in favor of banning cryptocurrencies completely, the bank had registered concerns over adverse impact of cryptocurrency on the Indian economy.

Crypto poses risk to economy: Indian FM Nirmala Sitharaman

Oil prices ran out of steam after gaining more than $5 a barrel in the previous session with concerns that surging crude will feed into a demand-killing recession.

After gaining more than $5 a barrel, oil prices ease

The rupee on Tuesday dropped to the mark of 80 against the US dollar, taking its year-to-date fall to about 7 per cent. Our Business Editor Sumit Chaturvedi brings you more on this.

Rupee hits 80 mark vs Dollar for first time ever

Apple, the giant iPhone maker plans to slow hiring and spending next year in some divisions citing potential economic downturn as the reason.

Apple plans to slow down hiring: Reports

US auto giant General Motors CEO Mary Barra made an audacious prediction stating that by the middle of this decade her company would sell more EVs in US than Tesla.

US auto maker General Motors confident of taking on Tesla in EVs