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The situation between Russia and India on oil trade has changed within months of Russia-Ukraine war. Now Russia has emerged as India's second biggest supplier of crude oil pushing Saudi Arabia to third position.

Russia, now India's 2nd largest oil supplier

The Competition Commission of India (CCI) has approved Tata Group-owned Air India's proposal to acquire the entire shareholding of low-cost subsidiary AirAsia India.

CCI okays Tata-Air Asia acquisition proposal

Europe's top aviation safety regulator has said that he had seen no evidence that paint or surface erosion on A350 jets which are at center of legal dispute between Airbus and Qatar airways represented a safety issue at all.

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All eyes are on US central bank Fed's decision on interest rates. There are predictions that the Fed could increase rates by 0.75% in the United states. This will be the biggest interest rate hike.

Wall Street slips into a bear market, all eyes on US fed interest rate hike

A measure of Australian consumer sentiment slid for a seventh straight month to match pandemic lows in June amid an outsized rise in interest rates and surging inflation.

Inflation, Interest rates bite Australian consumers

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Asian shares slid sharply and the safe-haven dollar held a two-decade peak on Tuesday after Wall Street hit a confirmed bear market milestone on fears aggressive US interest rate hikes would push the world's largest economy into recession.

Asian stocks slide, Indian markets trade with losses

The UK economy slowed down in the month of April, adding to the fears of recession. It's the second month that economic output has declined, GDP fell by 0.3% in April.

UK GDP falls for second month running

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession.

"We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post.

Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers.&nbsp;

Armstrong said employees would receive an email informing them if they had been affected, without giving further details.

Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions.&nbsp;

The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year.&nbsp;

The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring.

Also Read:&nbsp;<a href="https://www.wionews.com/world/macron-asks-for-solid-majority-in-sundays-parliamentary-polls-amid-troubled-times-488211">Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’</a>

Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters.&nbsp;

"This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday.

Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits.

(with inputs from agencies)

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Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday. The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post. Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers. Armstrong said employees would receive an email informing them if they had been affected, without giving further details. Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions. The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year. The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring. Also Read: Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’ Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters. "This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday. Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits. (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.

Coinbase to lay off 18 per cent of its workforce as crypto winter sets in

A bear market is growling on Wall Street. S&P 500 has confirmed the presence of a bear market. Inflation fears are dragging S&P 500 into a bear market.

Bear market growls on Wall Street | Recession next?

UK's economy has slowed down in month of April, this has economic output declined for second month in a row. Data for months showed UK economy has stalled as decade high inflation accelerated and supply deceptions hit manufacturing hard.

UK: Economic output declined for the second month

US stocks sunk to a new low on Monday as the S&amp;P 500 fell 3.9 per cent to 3,749.82 entering the "bear market" phase.

Wall Street stocks fell for the fourth consecutive day on Monday amid fears of a recession. The S&amp;P touched its lowest since March last year down 20 per cent from its high.

The Down Jones fell 876 points to settle at 30,516.74 which was 17 per cent below its recorded high even as the Nasdaq fell 4.68 per cent to close at 10,809.23.

<a href="https://www.wionews.com/world/wall-street-stocks-sank-after-inflation-hit-a-40-year-high-487149">Also Read:&nbsp;&nbsp;Wall Street stocks sank after inflation hit a 40-year high</a>

Stocks fell amid reports the US Federal Reserve may raise rates by 0.75 per cent. Experts fear rising inflation may trigger a recession as investors sold stocks on Monday.

It is the first time S&amp;P 500 entered the bear market since the 2020 Wall Street plunge due to the coronavirus pandemic in 2020.

Watch:&nbsp;Is a global recession coming?

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The Dow was dragged down by American Express, Boeing and Salesforce as tech stocks Netflix, Tesla and Nvidia also dived. The Nasdaq touched a new one-year low for the first time since&nbsp;November 2020.

Other stocks including Carnival Corporation and Norwegian Cruise Line also plummeted with Delta Airlines crashing&nbsp;eight per cent.

The bloodbath continued in the communication, and information technology stocks as well. Last weekend premium gasoline prices had surpassed $5 a gallon for the first time in the United States triggering fresh concerns over spiralling oil prices.

(With inputs from Agencies)

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US stocks sunk to a new low on Monday as the S&P 500 fell 3.9 per cent to 3,749.82 entering the "bear market" phase. Wall Street stocks fell for the fourth consecutive day on Monday amid fears of a recession.

US stocks sunk to a new low on Monday as the S&P 500 fell 3.9 per cent to 3,749.82 entering the "bear market" phase. Wall Street stocks fell for the fourth consecutive day on Monday amid fears of a recession. The S&P touched its lowest since March last year down 20 per cent from its high. The Down Jones fell 876 points to settle at 30,516.74 which was 17 per cent below its recorded high even as the Nasdaq fell 4.68 per cent to close at 10,809.23. Also Read: Wall Street stocks sank after inflation hit a 40-year high Stocks fell amid reports the US Federal Reserve may raise rates by 0.75 per cent. Experts fear rising inflation may trigger a recession as investors sold stocks on Monday. It is the first time S&P 500 entered the bear market since the 2020 Wall Street plunge due to the coronavirus pandemic in 2020. Watch: Is a global recession coming? The Dow was dragged down by American Express, Boeing and Salesforce as tech stocks Netflix, Tesla and Nvidia also dived. The Nasdaq touched a new one-year low for the first time since November 2020. Other stocks including Carnival Corporation and Norwegian Cruise Line also plummeted with Delta Airlines crashing eight per cent. The bloodbath continued in the communication, and information technology stocks as well. Last weekend premium gasoline prices had surpassed $5 a gallon for the first time in the United States triggering fresh concerns over spiralling oil prices. (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.

Wall Street stocks crash; S&P 500 enters 'bear market' amid recession fears

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors.

But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth.

The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen.

Also read |&nbsp;<a href="https://www.wionews.com/world/why-japan-prefers-higher-inflation-481910">Why Japan prefers higher inflation</a>

It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar.

"The&nbsp;ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary.

And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further."

US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March.

Benefits for tourism, exporters

In Japan however, inflation has only just hit the central bank's long-term target of two percent.

And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth.

As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75).

But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News.

Watch |&nbsp;Asia stocks hit 3-week top, dollar near 5 weeks low

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He also pointed to the benefits of a weaker yen for&nbsp;Japanese&nbsp;exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months.

The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours.

"The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore.

"These will help drive the economic recovery further," he told AFP.

Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

"It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years."

The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes.

But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports.

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The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy.

The yen plunged to its lowest level against the dollar since 1998 on Monday as sky-high US inflation fuels a widening monetary policy gap between Japan and the world's largest economy. Japan's currency has been weakening for months, accelerated by the US Federal Reserve's aggressive monetary tightening to tackle soaring inflation caused by the war in Ukraine and other factors. But unlike the Fed, the Bank of Japan has said it will stick with its long-standing monetary easing programme which it hopes will lead to stable growth. The increasingly polar policies have strengthened the greenback, and on Monday one dollar bought 135.19 yen. Also read | Why Japan prefers higher inflation It's a level not seen since October 1998 during the Asian currency crisis, and marks a dramatic drop from January rates of around 115 yen per dollar. "The ongoing backdrop to the yen's fall is the growing gap between long-term interest rates in Japan and the United States," Takahide Kinouchi, executive economist at Nomura Research Institute, said in a recent commentary. And as higher oil prices fuel US inflation, "expectations are growing stronger that aggressive US monetary tightening will continue for the time being, causing US yields to rise further." US consumer prices for May hit a new four-decade high, rising 8.6 per cent and topping what economists thought was the peak in March. Benefits for tourism, exporters In Japan however, inflation has only just hit the central bank's long-term target of two percent. And while the figure represents a seven-year high, the BoJ sees current inflationary pressures as temporary, and believes its monetary policy is necessary to produce more long-lasting growth. As the war in Ukraine pressures global fuel and food prices, household brands from Uniqlo to 7-Eleven have anounced price hikes, with budget sushi chain Sushiro causing shock when it said it would no longer offer plates for 100 yen ($0.75). But BoJ governor Haruhiko Kuroda said last week that "monetary tightening is not at all a suitable measure" for Japan, whose economy is still recovering from the pandemic, according to Kyodo News. Watch | Asia stocks hit 3-week top, dollar near 5 weeks low He also pointed to the benefits of a weaker yen for Japanese exporters, whose overseas profits are inflated when they are repatriated and have seen their stock prices rise in recent months. The weaker yen could also be a boon for the tourism sector, with Japan cautiously reopening to foreign visitors now allowed in on group tours. "The weak yen helps to support Japan's export sector directly, and a weaker exchange rate also contributes to looser monetary conditions domestically," said Alvin Tan, head of Asia forex strategy at RBC Capital Markets in Singapore. "These will help drive the economic recovery further," he told AFP. Although "higher import prices will negatively affect consumers" and the weaker yen will contribute to inflation, particularly given Japan's reliance on energy imports, this could also be "seen as a positive", he said. Also read | Dollar gains as US stocks fall, ECB decision on tap "It could help to deepen more persistent inflation expectations in a country that has suffered under deflation for so many years." The yen's trajectory may depend on how the US Fed acts in its September meeting, with worse-than-expected inflation figures for May raising expectations of further rate hikes. But "there is still a lot of time left until then," said Kinouchi, and other factors may also be at play including energy prices rising further after a European Union ban on most Russian oil imports. 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.

Yen slides to 24-year low against dollar

Days after US inflation touched a 40-year high, Asian stocks sank today morning. Bond yields have ticked higher. Red hot US inflation reignited worries about even more aggressive federal policy.

Asian stock sink as high US inflation trigger worries

Indian IT industry is witnessing the highest growth rate in over a decade according to NASSCOM. The hiring trend is also likely to grow further.

Indian IT Industry outlook: Highest growth rate witnessed in over a decade according to NASSCOM

The fuel pump prices are surging in the UK. To check the hike in price and looming inflation, the competition watchdog has ordered a review of fuel markets.

UK orders review of fuel markets as fuel pump prices surge

Hyundai motors have been forced to cut production lines amid a truck strike in South Korea. Steel maker Posco also had to halt some plants as striking truckers demand higher pay.

South Korea truck strike: Steel maker Posco to halt some plants

Parts shortage has hit the auto industry in Russia. Russia's car sales are expected to halve in 2022. May car sales slid 83.5% year on year.

Russia's car sales to halve in 2022 as the auto industry grapples with supply issues

UK's economy has been dealt with a big blow as it contracts in the month of April. Economic output declined for the second month and supply disruptions have hit manufacturing hard.

UK economy contracts in April: Economic output declined for the second month

Bank of England will raise interest rates again as UK inflation heads for double digits. While UK forecast to be the weakest economy in 2023 among the rich nations, investors predict a quarter-point rate hike by the Bank.

Bank of England to raise interest rates as UK inflation heads for 10%

US treasury secretary Janet Yellen has said she did not expect the US economy to tip into a recession but growth would slow down and gasoline prices were unlikely to fall anytime soon.

Americans pessimistic about the economy: Combating inflation US President Joe Biden's first priority

Pakistan is devising ways to tackle the energy crisis in the country in a bid to reduce the energy and fuel consumption. The economically beleaguered country has reduced its official work week to five days from six and now a proposal to shut down markets early is also under consideration.

Soaring energy prices in Pakistan: Proposal to shut down markets early to tackle energy crisis

Japan is in problem because borders have not opened. Japan's business community has now further sought relaxation of border controls.

Japan business community seeks relaxation of Japan's border controls

Europe's summer travels have been disrupted due to the ongoing labour strife at the airport. Many flights have been delayed or cancelled.

Europe summer travels disrupted? Labour strife causes chaos at the airport

US household wealth has dropped for the first time in two years. A drop in the stock market has overwhelmed the gains.

US household wealth drops for the first time in two years

The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades.

At the interbank foreign exchange, the rupee opened on a weak note at 77.81 against the American dollar, before ending the session at 77.82.

On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar. The previous low of 77.79 was touched on May 17.

It is being said that a spurt in the global price of Brent crude to over $124 per barrel might have caused the Indian currency to depreciate as even a slight rise in crude prices could severely impact India’s current account deficit.

According to Reuters, which has quoted traders, the rupee could weaken towards 79/dollar levels by end of fiscal year 2022/23 but the fall could be accelerated by firm crude oil prices.

India imports nearly 85 per cent of its oil requirements and high crude tends to push up domestic inflation while also widening the country’s trade and current account deficits.

Indian shares continued to incur losses to a fifth session as investors worried that aggressive policy tightening by central banks could stifle global economic growth.

RBI raised its key repo rate by 50 basis points on Wednesday.

Foreign funds have sold stocks worth more than $23 billion so far in 2022 while they are net sellers of $2.1 billion in debt.

Global oil benchmark Brent crude futures fell 0.66 per cent to USD 122.26 per barrel.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 103.17.

On the domestic equity market front, the 30-share Sensex was trading 620.68 points or 1.12 per cent lower at 54,699.60, while the broader NSE Nifty declined 165.30 points or 1 per cent to 16,312.80.

(With inputs from agencies)

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The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades. At the interbank foreign exchange, the rupee opened on a weak note at 77.

The Indian rupee tumbled to a record low of 77.82 against the US dollar in opening trade on Friday during the intra-day trades. At the interbank foreign exchange, the rupee opened on a weak note at 77.81 against the American dollar, before ending the session at 77.82. On Thursday, the rupee fell by 6 paise to close at 77.74 against the US dollar. The previous low of 77.79 was touched on May 17. It is being said that a spurt in the global price of Brent crude to over $124 per barrel might have caused the Indian currency to depreciate as even a slight rise in crude prices could severely impact India’s current account deficit. According to Reuters, which has quoted traders, the rupee could weaken towards 79/dollar levels by end of fiscal year 2022/23 but the fall could be accelerated by firm crude oil prices. India imports nearly 85 per cent of its oil requirements and high crude tends to push up domestic inflation while also widening the country’s trade and current account deficits. Indian shares continued to incur losses to a fifth session as investors worried that aggressive policy tightening by central banks could stifle global economic growth. RBI raised its key repo rate by 50 basis points on Wednesday. Foreign funds have sold stocks worth more than $23 billion so far in 2022 while they are net sellers of $2.1 billion in debt. Global oil benchmark Brent crude futures fell 0.66 per cent to USD 122.26 per barrel. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent lower at 103.17. On the domestic equity market front, the 30-share Sensex was trading 620.68 points or 1.12 per cent lower at 54,699.60, while the broader NSE Nifty declined 165.30 points or 1 per cent to 16,312.80. (With inputs from agencies) WATCH WION LIVE HERE

Indian rupee slides to record low of 77.82 against US dollar