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Britons are facing economic crises nowadays. They are not just battling the high cost of living but also facing the problem of ballooning short loans and depositing the paper notes before more durable plastic notes come into use.

UK 'Buy now, pay later' debt trap

As the name signifies, the meaning of the "buy now, pay later" transaction is simple. It means an offer of an instalment loan at the point of purchase. The process leads to the spreading of the cost of the product(s) across several payments. But is it becoming a debt trap? Yes, UK-based research suggests it might be.&nbsp;

In a report by The Guardian, research has been published which states that almost a third of shoppers who use BNPL credit are struggling with the repayments. They said that paying back the loans has become "unmanageable" with the constant rise in the cost of living in the country.&nbsp;

As per the research, consumers are spending more through BNPL as shoppers who use this form of credit now pay off an average of 4.8 purchases. It is almost double the 2.6 purchases in February. The report mentions that the average BNPL user’s outstanding balance currently stands at £254.&nbsp;

As per the report, Barclays Bank and the debt charity StepChange have said this was "concerning". They said 30 per cent of Britons have used BNPL to buy goods. Out of the total, 31 per cent, which is almost a third, are saying that the lending had got them into problem debt.&nbsp;

The research also highlighted the retailers' side as the BNPL offer, which is a form of lending for them, is expected to account for almost a quarter of their sales by the end of this year.&nbsp;

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As the name signifies, the meaning of the "buy now, pay later" transaction is simple. It means an offer of an instalment loan at the point of purchase. The process leads to the spreading of the cost of the product(s) across several payments.

As the name signifies, the meaning of the "buy now, pay later" transaction is simple. It means an offer of an instalment loan at the point of purchase. The process leads to the spreading of the cost of the product(s) across several payments. But is it becoming a debt trap? Yes, UK-based research suggests it might be. In a report by The Guardian, research has been published which states that almost a third of shoppers who use BNPL credit are struggling with the repayments. They said that paying back the loans has become "unmanageable" with the constant rise in the cost of living in the country. As per the research, consumers are spending more through BNPL as shoppers who use this form of credit now pay off an average of 4.8 purchases. It is almost double the 2.6 purchases in February. The report mentions that the average BNPL user’s outstanding balance currently stands at £254. As per the report, Barclays Bank and the debt charity StepChange have said this was "concerning". They said 30 per cent of Britons have used BNPL to buy goods. Out of the total, 31 per cent, which is almost a third, are saying that the lending had got them into problem debt. The research also highlighted the retailers' side as the BNPL offer, which is a form of lending for them, is expected to account for almost a quarter of their sales by the end of this year. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Is 'buy now, pay later' becoming debt trap? A third of UK users say repayments are 'unmanageable'

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike.

On Wednesday, peso dropped to 54.60 per dollar. This was a drop by 0.6 per cent. This was the peso's weakest level since November 2005. It is predicted to fall for the fifth straight mont. This is the longest streak of losses since 2015.&nbsp;

Felipe Medalla, the Philippine economist and incoming governor of the Philippines' central bank on Monday said that his aim was to continue raising rates at gradual pace beyond August. Monetary authorities from Indian to the US have embarked on larger hikes in interest rates to curb inflation.

Bloomberg said that eight of the 25 economists surveyed by it were already calling for an increase of 50 basis point at Thursday's meeting. The rest, as quoted by Bloomberg preferred 25 basis points hike.&nbsp;

Felipe Medalla, the economist who sits on the board of Bangko Sentral ng Pilipinas is due to take over as governor on July 1. He had signalled 25 basis-point increases for the meeting that took place this week and the one in August.

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike.

The philippine currency Peso fell to the lowest level in more than 16 years on Wednesday (June 22). This is being seen as the Philippine central bank's preference for gradual reduction of interest-rate hike. On Wednesday, peso dropped to 54.60 per dollar. This was a drop by 0.6 per cent. This was the peso's weakest level since November 2005. It is predicted to fall for the fifth straight mont. This is the longest streak of losses since 2015. Felipe Medalla, the Philippine economist and incoming governor of the Philippines' central bank on Monday said that his aim was to continue raising rates at gradual pace beyond August. Monetary authorities from Indian to the US have embarked on larger hikes in interest rates to curb inflation. Bloomberg said that eight of the 25 economists surveyed by it were already calling for an increase of 50 basis point at Thursday's meeting. The rest, as quoted by Bloomberg preferred 25 basis points hike. Felipe Medalla, the economist who sits on the board of Bangko Sentral ng Pilipinas is due to take over as governor on July 1. He had signalled 25 basis-point increases for the meeting that took place this week and the one in August.

Philippine currency peso drops to lowest level in more than 16 years

In United States, inflation is rocking American consumers at levels not experienced in over 40 years. From the weekly groceries to filling up the gas tank, rising prices have hit up Americans.

US inflation hits 40-year-high, Americans worry about price hikes

South Korean won fell below the psychological threshold of 1,300 per US dollar for the first time in 13 years amid global economic recession worries.

South Korean won falls the most for first time in 13 years

Electric vehicle sales could reach 33% globally by 2028 and 54% by 2035, as demand accelerates in most major markets. As per reports, EVs accounted for 8% of global sales last year.

Electric Vehicles could take 33% of global sales by 2028

Brazil's antitrust watchdog will fine Citibank, Societe Generale for exchange rate manipulation. Citibank has committed to pay $13.78 million and Societe will pay $1.07 million in fines.

Brazil's antitrust watchdog fines Citibank, Societe Generale

Volkswagen is set to cut working hours and wages in Brazil's Sao Bernardo do Campo factory as it grapples with a lack of auto parts and electronic components to assemble its vehicles.

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Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy. That it will happen just when global growth is slow.

The won fell by 0.3 per cent to 1297.6 per dollar. This was the lowest since July 2009. The currency has been the worst performer in Asia with a loss of more than 8 per cent.

“It’s possible that purchases of the dollar may increase once the won crosses the 1,300 mark but FX authorities would also strengthen their response,” said Min Gyeong-won, an economist at Woori Bank in Seoul. Min was quoted by Bloomberg.

Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the US central bank should raise rates as fast as it can without causing undue harm to financial markets and thee economy.&nbsp;

In adddition to rate hike concerns, surging oil prices are also taking toll on the won. The surging prices are pushing up import costs. In April, South Korea posted its first current-account deficit in two years. The investor sentiment is also hurt by rising geopolitical risks. This is especially true given a series of missile launches this year by North Korea. As per Bloomberg tally, overseas investors have sold a net USD 4.2 billion of local shares this month.

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy.

Won, the South Korean currency dropped to its lowest level in 13 years on Wednesday amid concerns about aggressive rate hikes in the US will cause damage the world's largest economy. That it will happen just when global growth is slow. The won fell by 0.3 per cent to 1297.6 per dollar. This was the lowest since July 2009. The currency has been the worst performer in Asia with a loss of more than 8 per cent. “It’s possible that purchases of the dollar may increase once the won crosses the 1,300 mark but FX authorities would also strengthen their response,” said Min Gyeong-won, an economist at Woori Bank in Seoul. Min was quoted by Bloomberg. Federal Reserve Bank of Richmond President Thomas Barkin said on Tuesday that the US central bank should raise rates as fast as it can without causing undue harm to financial markets and thee economy. In adddition to rate hike concerns, surging oil prices are also taking toll on the won. The surging prices are pushing up import costs. In April, South Korea posted its first current-account deficit in two years. The investor sentiment is also hurt by rising geopolitical risks. This is especially true given a series of missile launches this year by North Korea. As per Bloomberg tally, overseas investors have sold a net USD 4.2 billion of local shares this month.

South Korean currency Won drops to 13-year low

In what could be the biggest order in the history of aviation, India's Air India owned by Tata Group is planning to give a massive order of 300 planes as per recent reports.

Report: Air India considers buying 300 planes

Germany faces certain recession if faltering Russian gas supplies stop completely, an industry body warned. Italy said, it would consider offering financial backing to help companies refill gas storage to avoid a deeper crisis in winter.

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Two years ago, dozens of Airbus A380s set course for storage sites in rural France from the Gulf. Now, the iconic European double-decker is gaining a new lease on life.

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The US administration is searching for ways to save Americans from high-fuel prices. President Joe Biden has said that he is considering announcing a federal holiday which would save 5 cents per liter in fuel cost.

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Germany's government will not agree to European Union plans to effectively ban the sale of new cars with combustion engines from 2035, Finance Minister Christian Lindner said.

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What is 'stagflation,' and why is it considered a long-term risk by experts?

According to a new Gallup report, 66% of employees are emotionally detached and 19% of workers are miserable at work. 52% of respondents are burnt out, as per Indeed survey.

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Indian auto market has continuously attracted MNC's. Stellantis is preparing for a fresh onslaught on Indian market. In a conversation with WION, Stellantis CEO Roland Bouchara said, Indian market could grow to 5 mn by 2030.

Indian auto market to be one of top 5: Stellantis India

The&nbsp;cryptocurrency&nbsp;industry&nbsp;was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major&nbsp;crypto&nbsp;players could unleash a wider market shakeout.

Bitcoin, the world's biggest&nbsp;cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours - roughly the peak of its charge to its previous record in 2017.

Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020. It has lost almost 60% of its value this year and 37% this month alone in the&nbsp;cryptocurrency sector's latest meltdown.

Its fall follows problems at several major&nbsp;industry&nbsp;players. Further declines, market players said, could have a knock-on effect as other&nbsp;crypto&nbsp;investors are forced to sell their holdings to meet margin calls and cover losses.

Crypto&nbsp;hedge fund Three Arrows Capital is exploring options including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focused&nbsp;crypto&nbsp;lender Babel Finance said it would suspend withdrawals.&nbsp;

US-based lender Celsius Network this month said it would suspend customer withdrawals. In a blog on Monday, Celsius said it would continue working with regulators and officials, but that it would pause its customer Q&amp;A sessions.&nbsp;

"There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the&nbsp;crypto&nbsp;ecosystem is much reduced," said Adam Farthing, chief risk office for Japan at&nbsp;crypto&nbsp;liquidity provider B2C2.

"It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations," Farthing said.

Smaller tokens, which usually move in tandem with bitcoin, were also hurt. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend.

The fall in&nbsp;crypto&nbsp;markets has coincided with a slide for equities, as US&nbsp;stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession.&nbsp;

Bitcoin's moves have tended to follow a similar pattern to other risk assets such as tech stocks.

The overall&nbsp;crypto&nbsp;market capitalisation is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021.

A fall in stablecoins - a type of&nbsp;crypto&nbsp;designed to hold a steady value - is also suggesting investors are pulling money from the sector as a whole.

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout.

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world's biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours - roughly the peak of its charge to its previous record in 2017. Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020. It has lost almost 60% of its value this year and 37% this month alone in the cryptocurrency sector's latest meltdown. Its fall follows problems at several major industry players. Further declines, market players said, could have a knock-on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses. Crypto hedge fund Three Arrows Capital is exploring options including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focused crypto lender Babel Finance said it would suspend withdrawals. US-based lender Celsius Network this month said it would suspend customer withdrawals. In a blog on Monday, Celsius said it would continue working with regulators and officials, but that it would pause its customer Q&A sessions. "There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the crypto ecosystem is much reduced," said Adam Farthing, chief risk office for Japan at crypto liquidity provider B2C2. "It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations," Farthing said. Smaller tokens, which usually move in tandem with bitcoin, were also hurt. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend. The fall in crypto markets has coincided with a slide for equities, as US stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession. Bitcoin's moves have tended to follow a similar pattern to other risk assets such as tech stocks. The overall crypto market capitalisation is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021. A fall in stablecoins - a type of crypto designed to hold a steady value - is also suggesting investors are pulling money from the sector as a whole.

Crypto industry fears contagion as bitcoin slips under $20,000

Senior citizen health insurance provides medical coverage to individuals over the age of 60. Senior citizen health insurance offers benefits such as cashless hospitalization, coverage for pre-existing conditions, day-care expenses, no medical test required and a higher coverage amount.

Ageing increases the chances of contracting illnesses and falling ill. Having a health insurance policy to cover medical emergencies is a smart idea, since the latter years of our lives are physically and financially more challenging. While we live longer, there are more chances of needing medical attention in later years. Many of us don’t factor in how much such medical expenses can eat away from our retirement corpus. Senior citizens' health insurance policies come with diverse features such as critical illness coverage, cashless hospitalization, and specific coverage for diseases like stroke, cancer, etc. Take a look at why senior citizen health insurance is so important.

The importance of health insurance for senior citizens

1.&nbsp;Stress-Free Planning

Falling sick as you age is inevitable, but you can still plan to be financially secure when such a medical emergency arises. Purchasing a <a href="https://www.cholainsurance.com/health-insurance?utm_source=seo&amp;utm_medium=Wionews&amp;utm_campaign=featured-article&amp;utm_term=health+insurance">health insurance </a>plan is a hassle-free process in itself and does not take much of your time. So, you can buy health insurance and plan for your future medical emergencies without any stress.

2.Saves from Debt Crisis

In retirement, when you don't have a regular income source, you may experience medical emergencies that can become financial emergencies. And financial emergencies can lead to debt crises. Having health insurance protects you from such situations.&nbsp;

3.Rising Medical Costs 
 
With the increase in technology, medical costs have increased too. With such skyrocketing costs in the medical field, it is good to have a health insurance policy that will help you at the time of medical emergencies.&nbsp;

4.&nbsp;Limited or Unstable Income After Retirement

As there is no fixed source of income after retirement, the income becomes limited or unstable. After the age of 60, it is important for Senior citizens or retired citizens to have a good health insurance plan so that they wouldn't need to face any financial crisis.&nbsp;

5.Financial Dependency on Children

People usually rely on their children for financial support after retirement. At the time of medical emergencies, the bread earner of the family would need to pay all the expenses from their pocket if there is no health insurance. That's why it is important to have a separate health insurance plan for senior citizens.&nbsp;

6.Termination of employer-sponsored health insurance after retirement

Companies provide health insurance to their employees nowadays. Most people don't buy their own health insurance for the same reason. But after retirement, these policies are not renewed by your employer, so it is always best to keep at hand your own health insurance.

With the rapid rise in medical costs, it is difficult for Senior citizens to pay for their medical bills. Senior citizens who don't have a fixed regular source of income may not be able to afford medical treatment, that is why Senior citizen health insurance is required to get timely medical treatment for emergency hospitalisation.&nbsp;

Start now, and choose the best Health Insurance plan from <a href="https://www.cholainsurance.com/?utm_source=seo&amp;utm_medium=Wionews&amp;utm_campaign=featured-article&amp;utm_term=Chola+MS+General+Insurance">Chola MS General Insurance</a> which also offers many other health insurance policies! 
 
(Above mentioned article is Sponsored Feature, This article is a sponsored publication and does not have journalistic/editorial involvement of IDPL.)

Senior citizen health insurance provides medical coverage to individuals over the age of 60. Senior citizen health insurance offers benefits such as cashless hospitalization, coverage for pre-existing conditions, day-care expenses, no medical test required and a higher coverage amount.

Senior citizen health insurance provides medical coverage to individuals over the age of 60. Senior citizen health insurance offers benefits such as cashless hospitalization, coverage for pre-existing conditions, day-care expenses, no medical test required and a higher coverage amount. Ageing increases the chances of contracting illnesses and falling ill. Having a health insurance policy to cover medical emergencies is a smart idea, since the latter years of our lives are physically and financially more challenging. While we live longer, there are more chances of needing medical attention in later years. Many of us don’t factor in how much such medical expenses can eat away from our retirement corpus. Senior citizens' health insurance policies come with diverse features such as critical illness coverage, cashless hospitalization, and specific coverage for diseases like stroke, cancer, etc. Take a look at why senior citizen health insurance is so important. The importance of health insurance for senior citizens 1. Stress-Free Planning Falling sick as you age is inevitable, but you can still plan to be financially secure when such a medical emergency arises. Purchasing a health insurance plan is a hassle-free process in itself and does not take much of your time. So, you can buy health insurance and plan for your future medical emergencies without any stress. 2.Saves from Debt Crisis In retirement, when you don't have a regular income source, you may experience medical emergencies that can become financial emergencies. And financial emergencies can lead to debt crises. Having health insurance protects you from such situations. 3.Rising Medical Costs With the increase in technology, medical costs have increased too. With such skyrocketing costs in the medical field, it is good to have a health insurance policy that will help you at the time of medical emergencies. 4. Limited or Unstable Income After Retirement As there is no fixed source of income after retirement, the income becomes limited or unstable. After the age of 60, it is important for Senior citizens or retired citizens to have a good health insurance plan so that they wouldn't need to face any financial crisis. 5.Financial Dependency on Children People usually rely on their children for financial support after retirement. At the time of medical emergencies, the bread earner of the family would need to pay all the expenses from their pocket if there is no health insurance. That's why it is important to have a separate health insurance plan for senior citizens. 6.Termination of employer-sponsored health insurance after retirement Companies provide health insurance to their employees nowadays. Most people don't buy their own health insurance for the same reason. But after retirement, these policies are not renewed by your employer, so it is always best to keep at hand your own health insurance. With the rapid rise in medical costs, it is difficult for Senior citizens to pay for their medical bills. Senior citizens who don't have a fixed regular source of income may not be able to afford medical treatment, that is why Senior citizen health insurance is required to get timely medical treatment for emergency hospitalisation. Start now, and choose the best Health Insurance plan from Chola MS General Insurance which also offers many other health insurance policies! (Above mentioned article is Sponsored Feature, This article is a sponsored publication and does not have journalistic/editorial involvement of IDPL.)

Why is health insurance for senior citizens important?

Former employees of electric carmaker Tesla have filed a lawsuit against the company. The employees are saying that the 'mass layoff' violated federal law since company didn't provide notice of job cuts.

The lawsuit was filed late on Sunday in Texas. The two workers who have filed the lawsuit have said that they were terminated from Tesla plant in Nevada in June. The lawsuit says that more than 500 employees were terminated at the factory.&nbsp;

The workers allege the company failed to adhere to federal laws on mass layoffs that require a 60-day notification period under the Worker Adjustment and Retraining Notification Act, according to the lawsuit.

The ex-employees are seeking class action status for all former employees throughout US who were laid off in May/June without notice

"Tesla has simply notified the employees that their terminations would be effective immediately," the complaint said.

Tesla, which has not commented on numbers of layoffs, did not immediately respond to requests for comment about the lawsuit.

Musk, the world's richest person, said earlier this month he had a "super bad feeling" about the economy and that Tesla needed to cut staff by about 10%, according to an email seen by Reuters.

More than 20 people identifying themselves as Tesla employees said they were laid off, let go or had positions terminated this month, according to online postings and interviews with Reuters.

The action filed by John Lynch and Daxton Hartsfield, who were fired on June 10 and June 15 respectively, seeks pay and benefits for the 60-day notification period.

(With inputs from agencies)

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Former employees of electric carmaker Tesla have filed a lawsuit against the company. The employees are saying that the 'mass layoff' violated federal law since company didn't provide notice of job cuts.

Former employees of electric carmaker Tesla have filed a lawsuit against the company. The employees are saying that the 'mass layoff' violated federal law since company didn't provide notice of job cuts. The lawsuit was filed late on Sunday in Texas. The two workers who have filed the lawsuit have said that they were terminated from Tesla plant in Nevada in June. The lawsuit says that more than 500 employees were terminated at the factory. The workers allege the company failed to adhere to federal laws on mass layoffs that require a 60-day notification period under the Worker Adjustment and Retraining Notification Act, according to the lawsuit. The ex-employees are seeking class action status for all former employees throughout US who were laid off in May/June without notice "Tesla has simply notified the employees that their terminations would be effective immediately," the complaint said. Tesla, which has not commented on numbers of layoffs, did not immediately respond to requests for comment about the lawsuit. Musk, the world's richest person, said earlier this month he had a "super bad feeling" about the economy and that Tesla needed to cut staff by about 10%, according to an email seen by Reuters. More than 20 people identifying themselves as Tesla employees said they were laid off, let go or had positions terminated this month, according to online postings and interviews with Reuters. The action filed by John Lynch and Daxton Hartsfield, who were fired on June 10 and June 15 respectively, seeks pay and benefits for the 60-day notification period. (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 ×

Tesla ex-employees sue company over 'mass lay-off'

Goldman Sachs, an American multinational investment bank and financial services said it now thinks there is a 30% chance of the U.S. economy tipping into a recession over the next year, up from its previous forecast of 15%,&nbsp;as reported by Reuters.

Wall Street was set to open higher on Tuesday and European shares were set for the second day of gains, recovering slightly from last week's 17-month lows, but major central banks' rate hike plans and global recession risks kept investors cautious.

World stocks have edged higher so far this week, recovering from last week's sharp sell-off which saw global equities tumble to their lowest since November 2020 as expectations for central bank policy tightening to combat high inflation prompted investors to ditch risky assets.

But, analysts expect the bounceback to be short-lived. Timothy Graf, head of macro strategy for EMEA at State Street Global Markets, said the move higher was likely a result of markets being oversold in recent weeks and relief that event risks, such as the Bank of Japan and Swiss National Bank meetings, have passed.

Also Read:&nbsp;<a href="https://www.wionews.com/world/russian-television-broadcasted-in-ukraines-kherson-490290">Russian television broadcasted in Ukraine’s Kherson</a>

Oil prices rose as investors focused on tight supplies of crude and fuel products. Brent crude futures were up 1.1% at $115.38 while U.S. West Texas Intermediate (WTI) crude futures were up 1.4% at $111.13. Gold was little changed at around $1,832.6 an ounce.&nbsp;

Bitcoin was up around 3% on the day at $21,173, having stabilised slightly since it plunged to as low as $17,592.78 at the weekend. Cryptocurrencies have increasingly become a metric of risk appetite, State Street's Graf said.

(with inputs from agencies) 
&nbsp;

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Goldman Sachs, an American multinational investment bank and financial services said it now thinks there is a 30% chance of the U.S. economy tipping into a recession over the next year, up from its previous forecast of 15%, as reported by Reuters.

Goldman Sachs, an American multinational investment bank and financial services said it now thinks there is a 30% chance of the U.S. economy tipping into a recession over the next year, up from its previous forecast of 15%, as reported by Reuters. Wall Street was set to open higher on Tuesday and European shares were set for the second day of gains, recovering slightly from last week's 17-month lows, but major central banks' rate hike plans and global recession risks kept investors cautious. World stocks have edged higher so far this week, recovering from last week's sharp sell-off which saw global equities tumble to their lowest since November 2020 as expectations for central bank policy tightening to combat high inflation prompted investors to ditch risky assets. But, analysts expect the bounceback to be short-lived. Timothy Graf, head of macro strategy for EMEA at State Street Global Markets, said the move higher was likely a result of markets being oversold in recent weeks and relief that event risks, such as the Bank of Japan and Swiss National Bank meetings, have passed. Also Read: Russian television broadcasted in Ukraine’s Kherson Oil prices rose as investors focused on tight supplies of crude and fuel products. Brent crude futures were up 1.1% at $115.38 while U.S. West Texas Intermediate (WTI) crude futures were up 1.4% at $111.13. Gold was little changed at around $1,832.6 an ounce. Bitcoin was up around 3% on the day at $21,173, having stabilised slightly since it plunged to as low as $17,592.78 at the weekend. Cryptocurrencies have increasingly become a metric of risk appetite, State Street's Graf said. (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.

Goldman Sachs forecasts 30 per cent chance of US economy tipping into recession: Report

Britain's main manufacturing lobby in the UK told the government to stop short-term gimmicks and cut taxes for the sector as its members reported a significant slowdown in orders and a nosedive in investment.

UK manufacturers demand tax cuts amid reports of a significant slowdown in orders

A Tesla shareholder has sued the electric car maker chief executive Elon Musk and its board accusing them of neglecting to tackle complaints about workplace discrimination and harassment.

Tesla shareholder sues car maker: Workplace discrimination, harassment reported

President Joe Biden's administration is reviewing the removal of some tariffs on China and a pause on the federal gas tax as well. This is after the United States struggles to tackle soaring gasoline prices and inflation.

The US looks at reducing China tariffs amid soaring inflation in the country

Unionization efforts are gaining some momentum at large US corporations. After Amazon and Starbucks, now Apple workers in Atlanta are seeking to unionize employees.

Apple workers vote to form union as unions gaining ground in some US MNCs

Bitcoin dropped 7.46 per cent&nbsp;to $18,915.29 at 15:59 GMT on Saturday, losing $1,525.41 from its previous close. The world's biggest and best-known cryptocurrency is down 60.8 per cent&nbsp;from the year's high of $48,234 on March 28.

The value of the global crypto market fell below the symbolic $1 trillion mark on Monday after reaching $3 trillion in November of last year.

After sinking to $18,740 on Saturday, Bitcoin rose to $18,941 at 1550 GMT, down eight per cent from Friday. 
Ether, the coin linked to the Ethereum blockchain network, dropped 8.84 per cent&nbsp;to $988.52 on Saturday, losing $95.9 from its previous close.

World stock markets plunged this week amid fears that inflation-fighting interest rate hikes by the US Federal Reserve and other central banks could trigger a recession. Cryptocurrencies have paid the biggest price.

Bitcoin's fall has been accelerated by the suspension of withdrawals by two cryptocurrency platforms. The Celsius Network said it was pausing "all withdrawals, swap, and transfers between accounts" due to "extreme market conditions." Babel Finance said it was facing "unusual liquidity pressures."

Also Read:&nbsp;<a href="https://www.wionews.com/trending/three-word-resignation-frustrated-with-your-job-heres-how-you-can-draft-your-resignation-letter-489511">Three-word resignation: Frustrated with your job? Here’s how you can draft your resignation letter</a>

Major exchange Binance temporarily suspended bitcoin withdrawals and advised customers to use other networks. Coinbase said Monday that it was trimming 18 per cent of its workforce, about 1,100 jobs, citing tight economic conditions and overly rapid expansion.

"We appear to be entering a recession after a 10+ year economic boom," Coinbase founder and CEO Brian Armstrong said.

In recent years, the crypto sector benefited from a vast infusion of cash due to easy-money policies from the world's biggest central banks. However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing.

(with inputs from agencies) 
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Bitcoin dropped 7.46 per cent to $18,915.29 at 15:59 GMT on Saturday, losing $1,525.41 from its previous close. The world's biggest and best-known cryptocurrency is down 60.

Bitcoin dropped 7.46 per cent to $18,915.29 at 15:59 GMT on Saturday, losing $1,525.41 from its previous close. The world's biggest and best-known cryptocurrency is down 60.8 per cent from the year's high of $48,234 on March 28. The value of the global crypto market fell below the symbolic $1 trillion mark on Monday after reaching $3 trillion in November of last year. After sinking to $18,740 on Saturday, Bitcoin rose to $18,941 at 1550 GMT, down eight per cent from Friday. Ether, the coin linked to the Ethereum blockchain network, dropped 8.84 per cent to $988.52 on Saturday, losing $95.9 from its previous close. World stock markets plunged this week amid fears that inflation-fighting interest rate hikes by the US Federal Reserve and other central banks could trigger a recession. Cryptocurrencies have paid the biggest price. Bitcoin's fall has been accelerated by the suspension of withdrawals by two cryptocurrency platforms. The Celsius Network said it was pausing "all withdrawals, swap, and transfers between accounts" due to "extreme market conditions." Babel Finance said it was facing "unusual liquidity pressures." Also Read: Three-word resignation: Frustrated with your job? Here’s how you can draft your resignation letter Major exchange Binance temporarily suspended bitcoin withdrawals and advised customers to use other networks. Coinbase said Monday that it was trimming 18 per cent of its workforce, about 1,100 jobs, citing tight economic conditions and overly rapid expansion. "We appear to be entering a recession after a 10+ year economic boom," Coinbase founder and CEO Brian Armstrong said. In recent years, the crypto sector benefited from a vast infusion of cash due to easy-money policies from the world's biggest central banks. However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing. (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.

Crypto crash: Bitcoin last down 7.4 per cent at $18,915