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The world has witnessed its steepest weekly slide in world stocks since March 2020. Tighter monetary rules are worrying investors. Swiss Bank had to announce the first hike in 15 years.

Steepest weekly slide in World stocks: Markets heading to recession after record inflation?

Expecting a global recession, investors are worried around the world. Now, the cryptocurrency market is tumbling, with major cryptocurrencies such as Bitcoin slumping below $20,000. For more perspective, we're joined by Rémi Bourgeot, Economist and Technology expert at the French Institute for International and Strategic Affairs.

Cryptocurrency continues to crumble, Bitcoin slumps below $20,000

Expecting a global recession, investors are worried around the world. Now, the cryptocurrency market is tumbling, with major cryptocurrencies such as Bitcoin slumping below $20,000.

Cryptocurrency market tumbles as fear of global recession grips investors

Steepest weekly slide in world stocks since March 2020 as tighter monetary rules worry investors

Today is the last trading day of the week and clearly, it's not going to be as good as it was last year. Yesterday, US stock markets closed sharply lower in a broad sell-off.

Wall Street plunges as recession fear grows

Toyota is looking to close additional production plant in Japan as the semiconductor shortage haunts Toyota. Toyota adjusted its production for the third time in June.

Toyota to close another production plant as semiconductor shortage haunt Toyota

Carmaker Ferrari is looking to snub 'engines' to woo 'Electrics'. It will invest billions with an aim to shift to zero-emission models. It is currently working with the battery makers.

Expensive shift to zero-emission models: Ferrari snubs 'engines' to woo 'Electrics'

The Bank of England has hiked rates amid slowdown worries for the UK economy. Inflation is soaring while the economy is contracting in England at present.

Slowdown blues for the UK economy: Bank of England hikes rates

Billionaire Elon Musk has been sued for $258 billion by a crypto investor for allegedly running a 'Dogecoin Pyramid scheme'. A formal complaint was filed in Federal court in Manhattan.

Elon Musk sued for $258 billion over 'Dogecoin Pyramid scheme'

Are world stocks heading for their worst week? Asian markets have opened in the red. Amid the global market meltdown, Central banks announced a series of hikes to help stabilize their respective economies.

Global market meltdown: Series of hikes by central banks

UK's cost of living crisis is set to worsen as experts believe food inflation may accelerate over the summer. Food prices could rise as much as 15%.

UK's cost of living crisis: Food inflation to accelerate over summer

Indian multinational company Reliance Industries is considering buying out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy.

The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted vendors to demand upfront payments.

In a court filing late Wednesday, the company initiated Chapter 11 proceedings to manage its debt, which it said stood between $1 billion and $10 billion.

Revlon, known for its signature nail polish and lipstick, reported long-term liabilities of $3.3 billion in the first quarter.

"Today's filing will allow Revlon to offer our consumers the iconic products we have delivered for decades while providing a clearer path for our future growth," CEO Debra Perelman said in a statement on Wednesday.

In the United States, Chapter 11, known as reorganization bankruptcy, allows firms to restructure themselves while being protected from creditors and continuing to operate.

The company said it expects to receive $575 million in financing from its lenders if its bankruptcy is approved in court.

Owned by billionaire investor Ronald Perelman and run by his daughter, Debra Perelman, Revlon reported a net loss of $67 million from January to March.

Also Read:&nbsp;<a href="https://www.wionews.com/science/isolated-subpopulation-of-polar-bears-found-in-southeast-greenland-489104">Can polar bears survive without Arctic ice? Scientists think so. Here's why</a>

The company, which lists Elizabeth Arden, Almay, and Britney Spears Fragrances among its brands and has operations in more than 150 countries, has suffered from the global supply chain crisis and high inflation.

Revlon also has also faced increasingly tough competition, which has hurt revenue in recent years.

Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business. It has already established a foothold in the telecom and retail sectors.

(with inputs from agencies)

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Indian multinational company Reliance Industries is considering buying out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy. The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted vendors to demand upfront payments.

Indian multinational company Reliance Industries is considering buying out Revlon Inc in the United States, days after the cosmetics giant filed for bankruptcy. The report comes as Revlon filed for bankruptcy earlier this week after global supply chain disruptions drove up raw material costs and prompted vendors to demand upfront payments. In a court filing late Wednesday, the company initiated Chapter 11 proceedings to manage its debt, which it said stood between $1 billion and $10 billion. Revlon, known for its signature nail polish and lipstick, reported long-term liabilities of $3.3 billion in the first quarter. "Today's filing will allow Revlon to offer our consumers the iconic products we have delivered for decades while providing a clearer path for our future growth," CEO Debra Perelman said in a statement on Wednesday. In the United States, Chapter 11, known as reorganization bankruptcy, allows firms to restructure themselves while being protected from creditors and continuing to operate. The company said it expects to receive $575 million in financing from its lenders if its bankruptcy is approved in court. Owned by billionaire investor Ronald Perelman and run by his daughter, Debra Perelman, Revlon reported a net loss of $67 million from January to March. Also Read: Can polar bears survive without Arctic ice? Scientists think so. Here's why The company, which lists Elizabeth Arden, Almay, and Britney Spears Fragrances among its brands and has operations in more than 150 countries, has suffered from the global supply chain crisis and high inflation. Revlon also has also faced increasingly tough competition, which has hurt revenue in recent years. Reliance has pushed its way into the fashion and personal care space in recent months as it diversifies away from its mainstay oil business. It has already established a foothold in the telecom and retail sectors. (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.

Reliance Industries plans to buy American bankrupt company Revlon

A day after the Federal Reserve hiked interest rates to a historic high, US stocks plunged as more central banks around the world hiked interest rates to curb inflation.

The Dow Jones Industrial Average sank over 741 points to end 2.4 points down at 29,927.07 closing below the 30k mark for the first time since January 2021.

<a href="https://www.wionews.com/business-economy/us-federal-reserve-announces-historic-interest-rate-hike-wall-street-stocks-surge-488585">Also Read:&nbsp;US Federal Reserve announces historic interest rate hike; Wall Street stocks surge</a>

The S&amp;P 500 also dived falling 3.3 per cent to close at 3,666.78 and Nasdaq fell &nbsp;4.1 per cent to 10,646.10. The US Federal Reserve on Thursday had announced 75 basis point rate hike which was the highest since 1994.

Watch:&nbsp;US Fed announces highest interest hike since 1994

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However, central banks in UK and Switzerland also hiked rates to curb rising inflation reigniting recession fears. The Swiss National Bank raised interest rates by 50 basis points for the first time in 15 years and the Bank of England raised rates for the&nbsp;fifth time since December by 25 basis points.

UK is currently battling the highest inflation in the last 40 years at nine per cent as the markets in the UK continued to be nervous with London's benchmark FTSE 100 index closing 3.1 per cent down.

The Bank of England indicated that the UK economy will contract &nbsp;0.3 per cent in the second quarter after showing growth in the first quarter.

(With inputs from Agencies)

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A day after the Federal Reserve hiked interest rates to a historic high, US stocks plunged as more central banks around the world hiked interest rates to curb inflation.

A day after the Federal Reserve hiked interest rates to a historic high, US stocks plunged as more central banks around the world hiked interest rates to curb inflation. The Dow Jones Industrial Average sank over 741 points to end 2.4 points down at 29,927.07 closing below the 30k mark for the first time since January 2021. Also Read: US Federal Reserve announces historic interest rate hike; Wall Street stocks surge The S&P 500 also dived falling 3.3 per cent to close at 3,666.78 and Nasdaq fell 4.1 per cent to 10,646.10. The US Federal Reserve on Thursday had announced 75 basis point rate hike which was the highest since 1994. Watch: US Fed announces highest interest hike since 1994 However, central banks in UK and Switzerland also hiked rates to curb rising inflation reigniting recession fears. The Swiss National Bank raised interest rates by 50 basis points for the first time in 15 years and the Bank of England raised rates for the fifth time since December by 25 basis points. UK is currently battling the highest inflation in the last 40 years at nine per cent as the markets in the UK continued to be nervous with London's benchmark FTSE 100 index closing 3.1 per cent down. The Bank of England indicated that the UK economy will contract 0.3 per cent in the second quarter after showing growth in the first quarter. (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.

Day after Fed rate hike, US stocks plunge amid recession fears

Tesla driving on the car's Autopilot function were involved in 273 crashes over roughly the last year, according to new US data. Molly Gambhir tells you how automated vehicles are making drivers less vigilant behind the wheel.

Tesla made up nearly 70% of assisted-driving crashes in last year

Cryptocurrency is having a terrible week with Bitcoin dropping to an 18-month-low on Wednesday. All major cryptocurrencies have been trading in the red lately, with the fall testing long-term investors. Molly Gambhir explains what triggered this latest crash

Why is the crypto market crashing?

Ford Motor Co is recalling nearly million vehicles due to a gear shifting problems. The National Highway Traffic Safety Administration (NHTSA) lists 5 car models to be recalled as defects do not allow gear system to work appropriately.

Ford recalls nearly 3 million vehicles in US again

In UK, Britons are subscribing less to music as they seek more savings. Britons cancelled over 1 million music subscriptions in the first quarter due to worsening cost of living crisis.

UK music subscriptions in decline as households seek more savings

The US Federal Reserve raised its benchmark interest rate by 75 basis point. This is the biggest and most aggressive interest rate increase since 1994. The Federal Open Market Committee said that it decided to raise the target range for the benchmark borrowing rate to 1.5%-1.75%.

Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994

Ryanair has dropped its controversial Afrikaans quiz after it mandated that the South African passport holders must answer before they could board their flights to or from London in the United Kingdom.

Ryanair drops Afrikaans quiz after backlash

Virtus is the latest product from VW camp in India that is looking at reviving mid-size Sedan segment. On this, WION speaks to Ashish Gupta, Brand Director, VW Cars India Watch this report for more details.

WION speaks to Ashish Gupta, Brand Director, VW Cars India

India has given final approval to a proposal for directly allocating airwaves to enterprises paving the way for them to operate private 5G networks. The government also said it would hold the 5G spectrum auction by the end of July.

Indian government to auction 5G airwaves, allows private captive networks

For the third time this year, the Federal reserve has raised interest rates and this time by three-quarters of a percent. With this the stakes for the US economy and American consumers are high, Federal Reserve chairman Jerome Powell made the announcement on Wednesday where he reiterated that they are committed to bringing inflation down.

United States: Federal Reserve raises benchmark rates, most aggressive hike since 1994

Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis.&nbsp;

Wednesday’s rate hike by the Fed was its biggest in a single action since 1994. The US central bank raised the benchmark borrowing rate on Wednesday by 0.75 percentage points, bigger than the telegraphed half-point increase after economic data in recent days showed inflation strengthening and consumer confidence weakening.

Mortgage buyer Freddie Mac reported on Thursday that the brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.

Also Read:&nbsp;<a href="https://www.wionews.com/world/unhappy-bill-mcdonalds-to-pay-more-than-usd-1-billion-to-avoid-tax-evasion-case-488748">Unhappy bill: McDonald's to pay more than USD 1 billion to avoid tax evasion case</a>

Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty.

Higher borrowing rates appear to be slowing the housing market. Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates increased, driving up borrowing costs for buyers as home prices soared.

Homeownership has become invariably difficult nowadays, especially for first-time buyers. Besides high inflation, rising mortgage rates and increasing home prices, the supply of homes for sale continues to be limited.&nbsp; 
&nbsp;

(with inputs from agencies) 
&nbsp;

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Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.

Due to the United States Federal Reserve raising its key rate by three-quarters of a point this week in a bid to tame high inflation the average long-term U.S. mortgage rates had their biggest one-week jump in 35 years, climbing from 5.23% last week to 5.78% this week, the highest its been since November of 2008 during the housing crisis. Wednesday’s rate hike by the Fed was its biggest in a single action since 1994. The US central bank raised the benchmark borrowing rate on Wednesday by 0.75 percentage points, bigger than the telegraphed half-point increase after economic data in recent days showed inflation strengthening and consumer confidence weakening. Mortgage buyer Freddie Mac reported on Thursday that the brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market. Also Read: Unhappy bill: McDonald's to pay more than USD 1 billion to avoid tax evasion case Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty. Higher borrowing rates appear to be slowing the housing market. Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates increased, driving up borrowing costs for buyers as home prices soared. Homeownership has become invariably difficult nowadays, especially for first-time buyers. Besides high inflation, rising mortgage rates and increasing home prices, the supply of homes for sale continues to be limited. (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.

Long-term US mortgage rates show biggest one-week jump in 35 years after Fed’s rate hike

Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot. At a TechCrunch conference, Gates said, “These digital asset trends are 100% based on greater fool theory." He seems to have referred to the notion that investors can earn money on worthless or overvalued assets till others are looking to bid them higher. The billionaire is "not long or short" crypto. Gates also looked to mock Bored Apes NFTs, by saying jokingly that "expensive digital images of monkeys" will "improve the world immensely." &nbsp;

The Microsoft co-founder still chooses to side with old-fashioned investment options. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," Gates said. &nbsp;

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This comes as several cryptocurrencies have nosedived in recent times. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. &nbsp;

In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. &nbsp;

(With inputs from agencies)&nbsp;

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Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot.

Although cryptocurrencies and NFTs have witnessed immense growth in recent years, several people are still not fans of these new technology-based properties. Microsoft co-founder Bill Gates is among this lot. At a TechCrunch conference, Gates said, “These digital asset trends are 100% based on greater fool theory." He seems to have referred to the notion that investors can earn money on worthless or overvalued assets till others are looking to bid them higher. The billionaire is "not long or short" crypto. Gates also looked to mock Bored Apes NFTs, by saying jokingly that "expensive digital images of monkeys" will "improve the world immensely." The Microsoft co-founder still chooses to side with old-fashioned investment options. "I'm used to asset classes, like a farm where they have output, or like a company where they make products," Gates said. WATCH WION LIVE HERE This comes as several cryptocurrencies have nosedived in recent times. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. (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. ×

Microsoft co-founder Bill Gates not a fan of cryptocurrencies and NFTs, prefers old investment options

Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling to compete with online-focused upstart brands in recent years.

The nail polish and lipstick maker, controlled by billionaire Ron Perelman's MacAndrews &amp; Forbes, listed assets and liabilities between $1 billion and $10 billion, according to a filing with the US&nbsp;Bankruptcy Court for the Southern District of New York.

The bankruptcy filing comes days after the Wall Street Journal reported Revlon had begun talks with lenders ahead of looming maturities of debt to avoid bankruptcy.

Also read |<a href="https://www.wionews.com/business-economy/wall-street-stocks-crash-sp-500-enters-bear-market-amid-recession-fears-487905">&nbsp;Wall Street stocks crash; S&amp;P 500 enters 'bear market' amid recession fears</a>

Revlon's sales have struggled amid supply bottlenecks and a failure to swiftly switch to in-demand skincare, losing shelf space in US&nbsp;stores to startups backed by celebrities such as Kylie Jenner's Kylie Cosmetics and Fenty Beauty by Rihanna.

In contrast, rival Coty Inc has gained market share by investing heavily to improve supplies and cater to a post-pandemic rebound in demand for mascara and lipsticks.

Watch |&nbsp;Gravitas: Is a global recession coming?

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Revlon, which has been helmed by Perelman's daughter Debra Perelman since mid-2018, had long-term debt of $3.31 billion as of March 31.

Formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman, Revlon was sold to MacAndrews &amp; Forbes in 1985 and went public 11 years later. The company bought Elizabeth Arden in an $870 million deal in 2016 to strengthen its skincare business.

Also read |&nbsp;<a href="https://www.wionews.com/world/wall-street-stocks-sank-after-inflation-hit-a-40-year-high-487149">Wall Street stocks sank after inflation hit a 40-year high</a>

But Revlon's net sales in 2021 declined 22 per cent&nbsp;from its 2017 levels amid rising competition. The company also made headlines two years ago when Citigroup Inc accidentally sent nearly $900 million of its own money to Revlon's lenders, rather than a small interest payment. A U.S. federal judge, however, ruled it was not entitled to recoup the money.

Revlon, which started off selling nail enamel nearly 90 years ago, also houses several brands including Britney Spears Fragrances and Christina Aguilera Fragrances.

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Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling to compete with online-focused upstart brands in recent years. The nail polish and lipstick maker, controlled by billionaire Ron Perelman's MacAndrews & Forbes, listed assets and liabilities between $1 billion and $10 billion, according to a filing with the US Bankruptcy Court for the Southern District of New York.

Revlon Inc filed for Chapter 11 bankruptcy protection on Wednesday after struggling to compete with online-focused upstart brands in recent years. The nail polish and lipstick maker, controlled by billionaire Ron Perelman's MacAndrews & Forbes, listed assets and liabilities between $1 billion and $10 billion, according to a filing with the US Bankruptcy Court for the Southern District of New York. The bankruptcy filing comes days after the Wall Street Journal reported Revlon had begun talks with lenders ahead of looming maturities of debt to avoid bankruptcy. Also read | Wall Street stocks crash; S&P 500 enters 'bear market' amid recession fears Revlon's sales have struggled amid supply bottlenecks and a failure to swiftly switch to in-demand skincare, losing shelf space in US stores to startups backed by celebrities such as Kylie Jenner's Kylie Cosmetics and Fenty Beauty by Rihanna. In contrast, rival Coty Inc has gained market share by investing heavily to improve supplies and cater to a post-pandemic rebound in demand for mascara and lipsticks. Watch | Gravitas: Is a global recession coming? Revlon, which has been helmed by Perelman's daughter Debra Perelman since mid-2018, had long-term debt of $3.31 billion as of March 31. Formed in 1932 by brothers Charles and Joseph Revson and Charles Lachman, Revlon was sold to MacAndrews & Forbes in 1985 and went public 11 years later. The company bought Elizabeth Arden in an $870 million deal in 2016 to strengthen its skincare business. Also read | Wall Street stocks sank after inflation hit a 40-year high But Revlon's net sales in 2021 declined 22 per cent from its 2017 levels amid rising competition. The company also made headlines two years ago when Citigroup Inc accidentally sent nearly $900 million of its own money to Revlon's lenders, rather than a small interest payment. A U.S. federal judge, however, ruled it was not entitled to recoup the money. Revlon, which started off selling nail enamel nearly 90 years ago, also houses several brands including Britney Spears Fragrances and Christina Aguilera Fragrances. 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.

Cosmetics company Revlon files for bankruptcy protection

US stocks shot up after the Federal Reserve on Wednesday raised the benchmark borrowing rate by 0.75 percentage points amid rising inflation in the country.

It was the biggest interest rate hike in the US since 1994 with food and gas prices soaring in the country.&nbsp;

"It is essential that we bring inflation down if we are to have a sustained period of strong labour market conditions that benefit all," Federal Reserve Chair Jerome Powell said, adding, "We are not trying to induce a recession now, let's be clear about that."

<a href="https://www.wionews.com/business-economy/wall-street-stocks-crash-sp-500-enters-bear-market-amid-recession-fears-487905">Also Read:&nbsp;S&amp;P 500 enters 'bear market' amid recession fears</a>

The historic interest rate hike boosted the Dow Jones Industrial Average which ended the day 1.0 per cent up to close at 30,668.53 while the Nasdaq surged 2.5 points to 11,099.15.

Meanwhile, US President Biden hit out at major oil corporations asserting that "profit margins well above normal being passed directly onto American families are not acceptable".

Watch:&nbsp;US inflation hits new 40-year high

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In a letter to the oil companies, the US president said his administration was "prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity" even as White House Press Secretary Karine Jean-Pierre said it was the &nbsp;"patriotic duty" of oil companies to increase output.

Biden said families "deserve immediate action" while asking oil companies to come up with concrete, near-term solutions to address the crisis.

(With inputs from Agencies)

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US stocks shot up after the Federal Reserve on Wednesday raised the benchmark borrowing rate by 0.75 percentage points amid rising inflation in the country. It was the biggest interest rate hike in the US since 1994 with food and gas prices soaring in the country.

US stocks shot up after the Federal Reserve on Wednesday raised the benchmark borrowing rate by 0.75 percentage points amid rising inflation in the country. It was the biggest interest rate hike in the US since 1994 with food and gas prices soaring in the country. "It is essential that we bring inflation down if we are to have a sustained period of strong labour market conditions that benefit all," Federal Reserve Chair Jerome Powell said, adding, "We are not trying to induce a recession now, let's be clear about that." Also Read: S&P 500 enters 'bear market' amid recession fears The historic interest rate hike boosted the Dow Jones Industrial Average which ended the day 1.0 per cent up to close at 30,668.53 while the Nasdaq surged 2.5 points to 11,099.15. Meanwhile, US President Biden hit out at major oil corporations asserting that "profit margins well above normal being passed directly onto American families are not acceptable". Watch: US inflation hits new 40-year high In a letter to the oil companies, the US president said his administration was "prepared to use all reasonable and appropriate federal government tools and emergency authorities to increase refinery capacity" even as White House Press Secretary Karine Jean-Pierre said it was the "patriotic duty" of oil companies to increase output. Biden said families "deserve immediate action" while asking oil companies to come up with concrete, near-term solutions to address the crisis. (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 Federal Reserve announces historic interest rate hike; Wall Street stocks surge