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Twitter stocks took a tumble on Monday (July 12) after Tesla chief Elon Musk withdrew his bid to buy the social media giant for USD 44 billion. On Wall Street, stocks of the platform dropped by 5.46 per cent to USD 34.80 by around 7:05 am (11:05 GMT). It had lost 5.10 percent before the weekend.

Musk pulled the plug on the deal of Friday. He has accused the company of 'misleading' statements about number of fake accounts, as per letter from his lawyers. A copy of the letter was file with the Securities and Exchange Commission (SEC)

The billionaire's latest move to pull out of the deal that was inked in April has paved way for epic court battle over billion-dollar breakup fee.

Twiitter says that the number of fake accounts is less than five per cent. The billionaire says that the number is much higher.

According to several US media, Twitter has hired prominent New York law firm Wachtell, Lipton, Rosen &amp; Katz. Twitter declined to comment to AFP.

After the news broke, Musk tweeted: "They said I couldn't buy Twitter. Then they wouldn't disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court," accompanied by pictures of him laughing.

For analyst Dan Ives at Wedbush Securities, "this is a 'code red' situation for Twitter and its Board as now the company will go head to head against Musk in a Game of Thrones court battle."

"We see no other bidders emerging at this time while legal proceedings play out in the courts."

(With inputs from agencies)

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Twitter stocks took a tumble on Monday (July 12) after Tesla chief Elon Musk withdrew his bid to buy the social media giant for USD 44 billion. On Wall Street, stocks of the platform dropped by 5.

Twitter stocks took a tumble on Monday (July 12) after Tesla chief Elon Musk withdrew his bid to buy the social media giant for USD 44 billion. On Wall Street, stocks of the platform dropped by 5.46 per cent to USD 34.80 by around 7:05 am (11:05 GMT). It had lost 5.10 percent before the weekend. Musk pulled the plug on the deal of Friday. He has accused the company of 'misleading' statements about number of fake accounts, as per letter from his lawyers. A copy of the letter was file with the Securities and Exchange Commission (SEC) The billionaire's latest move to pull out of the deal that was inked in April has paved way for epic court battle over billion-dollar breakup fee. Twiitter says that the number of fake accounts is less than five per cent. The billionaire says that the number is much higher. According to several US media, Twitter has hired prominent New York law firm Wachtell, Lipton, Rosen & Katz. Twitter declined to comment to AFP. After the news broke, Musk tweeted: "They said I couldn't buy Twitter. Then they wouldn't disclose bot info. Now they want to force me to buy Twitter in court. Now they have to disclose bot info in court," accompanied by pictures of him laughing. For analyst Dan Ives at Wedbush Securities, "this is a 'code red' situation for Twitter and its Board as now the company will go head to head against Musk in a Game of Thrones court battle." "We see no other bidders emerging at this time while legal proceedings play out in the courts." (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 ×

Twitter stocks tumble after Musk pulls out of takeover deal

The euro slid to a 20-year low and came closer to parity against the dollar on Monday on concerns that an energy crisis will tip the region into a recession.

Euro slid to a 20-year low, approaches parity with dollar

Australia is witnessing surging cost of living and rising interest rates has darkened national mood. Pessimists have far outnumbered optimists in a survey.

Australia: Cost of living, interest rates surge | Global Inflation

United States has said that 14 companies they had been awarded contracts for the latest sale of oil from its petroleum reserve, this is part of the administration's efforts to ease disruption caused by war in Ukraine.

14 firms to get oil from US strategic reserve in latest sale

The Indian government&nbsp;on Monday ordered telecom businesses to only purchase devices from "trusted sources" for network expansion or upgrades, dealing a severe blow to Chinese telecom equipment manufacturers. A statement tightening the rules for telecom licences was released on Monday by the Department of Telecommunications (DoT). The action is intended to stop Chinese suppliers like Huawei and ZTE from giving Indian telecom carriers equipment for the impending 5G services.

"With effect from 15th June 2021, the licensee shall only connect trusted products in its network and also seek permission from designated authority for upgradation or expansion of existing Network utilizing the telecommunication equipment not designated as trusted products," reads the DoT notification.&nbsp;

However, "These directions will not affect ongoing annual maintenance contracts or updates to existing equipment already inducted into the network as on the date of effect," it added.

"Designated authority may also notify a list of designated sources from whom no procurement can be done. Procedure for inclusion of telecommunication equipment in the list of trusted sources will be issued," the notice added. 
 
<a href="https://www.wionews.com/technology/china-claims-to-have-70-of-global-5g-stations-amid-international-security-concerns-397786">Also read | China claims to have 70% of global 5G stations amid international security concerns</a>

The National Cyber Security Coordinator is the "designated authority," and it is responsible for notifying trustworthy products as well as the equipment categories for which the security standards relating to trusted sources apply. 
 
Watch |&nbsp;Gravitas: Huawei dumped from India's 5G trials

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The government made it clear that these guidelines won't have an impact on continuing annual maintenance agreements or software upgrades for already-owned equipment. The DoT modified the telecom licencing requirements in 2021 and added "defence" and "national security" as requirements for the acquisition of reliable telecom equipment. The designated authorities may then request telecom businesses to stop using products that are deemed dangerous. The word "expansion" was added to the licence conditions in the most recent notification by the DoT.

Chinese tech giants Huawei and ZTE have not yet finished the documentation necessary to request clearance from "trusted sources." Due to security concerns, a number of nations, notably the US, the UK, and Sweden, have prohibited operators from using Huawei-made equipment. Huawei has been accused of spying for the Chinese government by nations like Canada.

(With inputs from agencies) 
&nbsp;

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The Indian government on Monday ordered telecom businesses to only purchase devices from "trusted sources" for network expansion or upgrades, dealing a severe blow to Chinese telecom equipment manufacturers.

The Indian government on Monday ordered telecom businesses to only purchase devices from "trusted sources" for network expansion or upgrades, dealing a severe blow to Chinese telecom equipment manufacturers. A statement tightening the rules for telecom licences was released on Monday by the Department of Telecommunications (DoT). The action is intended to stop Chinese suppliers like Huawei and ZTE from giving Indian telecom carriers equipment for the impending 5G services. "With effect from 15th June 2021, the licensee shall only connect trusted products in its network and also seek permission from designated authority for upgradation or expansion of existing Network utilizing the telecommunication equipment not designated as trusted products," reads the DoT notification. However, "These directions will not affect ongoing annual maintenance contracts or updates to existing equipment already inducted into the network as on the date of effect," it added. "Designated authority may also notify a list of designated sources from whom no procurement can be done. Procedure for inclusion of telecommunication equipment in the list of trusted sources will be issued," the notice added. Also read | China claims to have 70% of global 5G stations amid international security concerns The National Cyber Security Coordinator is the "designated authority," and it is responsible for notifying trustworthy products as well as the equipment categories for which the security standards relating to trusted sources apply. Watch | Gravitas: Huawei dumped from India's 5G trials The government made it clear that these guidelines won't have an impact on continuing annual maintenance agreements or software upgrades for already-owned equipment. The DoT modified the telecom licencing requirements in 2021 and added "defence" and "national security" as requirements for the acquisition of reliable telecom equipment. The designated authorities may then request telecom businesses to stop using products that are deemed dangerous. The word "expansion" was added to the licence conditions in the most recent notification by the DoT. Chinese tech giants Huawei and ZTE have not yet finished the documentation necessary to request clearance from "trusted sources." Due to security concerns, a number of nations, notably the US, the UK, and Sweden, have prohibited operators from using Huawei-made equipment. Huawei has been accused of spying for the Chinese government by nations like Canada. (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.

5G: India keeps Chinese firms away from telecom equipment market

The&nbsp;Indian central bank's decision to let importers pay with&nbsp;rupees&nbsp;and&nbsp;exporters be paid in&nbsp;rupees is likely to make&nbsp;trade&nbsp;easier with&nbsp;Russia&nbsp;and&nbsp;South Asian&nbsp;neighbours,&nbsp;and&nbsp;will&nbsp;help&nbsp;a long term goal to internationalise the currency,&nbsp;experts&nbsp;said.

On Monday, the Reserve Bank of&nbsp;India&nbsp;said it had put in place a mechanism for international&nbsp;trade&nbsp;settlements in&nbsp;Indian&nbsp;rupees (INR) with immediate effect.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/rupee-hits-all-time-low-of-789-against-dollar-80-level-at-sight-492813">Rupee hits all-time low of 78.9 against dollar; 80-level at sight</a>

The RBI said that "in order to promote growth of global&nbsp;trade&nbsp;with emphasis on exports from&nbsp;India&nbsp;and&nbsp;to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment,&nbsp;and&nbsp;settlement&nbsp;of exports/imports in INR."

"This step can be particularly useful for neighbouring countries,&nbsp;and&nbsp;also those countries willing to use the&nbsp;rupee&nbsp;as a base currency for&nbsp;trade&nbsp;diversification in their&nbsp;settlement&nbsp;rules," said Rahul Bajoria, chief&nbsp;India&nbsp;economist at Barclays.

Watch |&nbsp;RBI allows payment for International trade in Rupee

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Engineering Export Promotion Council chairman Mahesh Desai noted the new mechanism "would facilitate&nbsp;trade&nbsp;with countries under sanctions, like&nbsp;Iran&nbsp;and&nbsp;Russia."

Trade&nbsp;between&nbsp;India&nbsp;and&nbsp;Russia&nbsp;has come to a virtual standstill due to sanctions imposed on&nbsp;Russia&nbsp;over the war in Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-rupee-slides-to-record-low-of-7782-against-us-dollar-486849">Indian rupee slides to record low of 77.82 against US dollar</a>

The new steps allow&nbsp;Indian exporters&nbsp;and&nbsp;importers to use special&nbsp;Rupee&nbsp;Vostro Accounts to settle&nbsp;trade&nbsp;denominated in&nbsp;rupees,&nbsp;and&nbsp;banks will need the RBI's approval to use the&nbsp;settlement&nbsp;system.

"We see this as a first step towards 100 per cent&nbsp;convertibility of&nbsp;rupee," Desai said, noting it would also reduce currency fluctuation risks for importers&nbsp;and&nbsp;exporters.

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The Indian central bank's decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours, and will help a long term goal to internationalise the currency, experts said.

The Indian central bank's decision to let importers pay with rupees and exporters be paid in rupees is likely to make trade easier with Russia and South Asian neighbours, and will help a long term goal to internationalise the currency, experts said. On Monday, the Reserve Bank of India said it had put in place a mechanism for international trade settlements in Indian rupees (INR) with immediate effect. Also read | Rupee hits all-time low of 78.9 against dollar; 80-level at sight The RBI said that "in order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR." "This step can be particularly useful for neighbouring countries, and also those countries willing to use the rupee as a base currency for trade diversification in their settlement rules," said Rahul Bajoria, chief India economist at Barclays. Watch | RBI allows payment for International trade in Rupee Engineering Export Promotion Council chairman Mahesh Desai noted the new mechanism "would facilitate trade with countries under sanctions, like Iran and Russia." Trade between India and Russia has come to a virtual standstill due to sanctions imposed on Russia over the war in Ukraine. Also read | Indian rupee slides to record low of 77.82 against US dollar The new steps allow Indian exporters and importers to use special Rupee Vostro Accounts to settle trade denominated in rupees, and banks will need the RBI's approval to use the settlement system. "We see this as a first step towards 100 per cent convertibility of rupee," Desai said, noting it would also reduce currency fluctuation risks for importers and exporters. 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.

Rupee settlement will help India trade with Russia, Iran and S Asian neighbours - experts

Asian shares fell on Tuesday, weighed down by the prospect of further monetary policy tightening by central banks, China's renewed COVID outbreak and Europe’s energy shortage.

Asian stocks fall to two-year low

Government has completed 10 airline investigations into delayed or withheld passenger refunds during covid-19 pandemic, it will also take enforcement action in coming weeks.

Global travel crisis: Govt investigates 10 airlines regarding delayed, withheld passenger refunds

Sri Lanka's economic crisis has engulfed South Asian nation. IMF MD Kristalina Georgieva is pushing China and other group of 20 economies to speed up debt relief for growing number of heavily indebted countries.

IMF's Georgieva warns against 'complacency' on global debt problems

German union Verdi has called on staff at seven Amazon distribution centres to strike over Sunday evening’s night shift in a bid to force the retailer to accept the union’s sectoral collective bargaining agreement.

German union Verdi calls for 'Prime Day' strike by Amazon workers

China's recreation hub Macau has shut all its casinos for the first time in more than two years, this as authorities struggle to contain worst Covid-19 outbreak.

China gaming shares plunge as Macau shuts all its Casinos to curb Covid spread

Farmers are staging nationwide protests after government's decision to cut down on its emission of Nitrogen Oxide and Ammonia by 2030, the decision has resulted to cause discomfort in the country.

Netherlands: Govt to cut 50% of Nitrogen Oxide, Ammonia emission; farmers stage protests

Mexico’s annual inflation accelerated in June to a level not seen since early 2001, leaving the central bank little choice but to continue its monetary tightening to tame spiralling consumer prices.

Mexico's annual inflation hits 21-year high in June

China unveiled tighter rules late on Thursday to better regulate its $1.3 trillion credit card industry, urging lenders to adopt a prudent growth strategy, and monitor risks more closely.

China tightens rules on $1.3 trillion credit card business

China has announced a raft of new steps to spur consumer demand for cars, saying it would consider extending a tax break for electric vehicles and plans to remove some restrictions on second-hand car sales.

China unveils plans to spur car demand, may extend EV tax break

Tesla chief executive Elon Musk and Shivon Zilis, a top executive at his brain-chip startup Neuralink, had twins in November of 2021. In April, Musk and Zilis filed a petition to change the name of the twins which was approved by a Texas judge a month later.

Petition filed by Elon Musk to change name of his twins approved

The Bank of England (BoE) has hinted at further interest rate rises as it vows to bring inflation back down to 2%. BoE's chief economist Huw Pill said that the central bank's focus was getting prices down and making life more affordable again.

Bank of England warns of rate hike, vows to bring down inflation

Many major economies will hit recessions over the next 12 months amid a rise in the cost of living and tightening government policies, Nomura Holdings Inc has said in a report, according to Bloomberg.

The brokerage firm expects the EU, the UK, Japan, South Korea, Australia, Canada and the US to enter into a recession, thereby pushing the global economy into a synchronized growth slowdown, Rob Subbaraman and Si Ying Toh at Nomura said in a research note.

They said that the central banks are likely to err by tightening the monetary policy in a bid to rein in inflation at the risk of sacrificing growth before cutting rates in 2023.

“Increasing signs that the world economy is entering a synchronized growth slowdown, meaning countries can no longer rely on a rebound in exports for growth, have also prompted us to forecast multiple recessions,” they wrote.

Nomura forecasts that the depth of recession will vary among nations. In the US, a shallow but long recession of five quarters starting from the final quarter of this year. In Europe, the slump could be much deeper if Russia&nbsp;entirely cuts off gas to Europe, the economists said.&nbsp;

Watch |&nbsp;Gravitas: Several major economies stare at a recession

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The Japanese financial services firm Nomura sees both the US and the euro area economies contracting 1 per cent in 2023.&nbsp;

For mid-sized economies, including Australia, Canada and&nbsp;South Korea, there’s a risk of deeper-than-forecast recessions if interest rate hikes&nbsp;trigger housing busts, they said.

Japan is forecast to have the mildest recession of the group owing to ongoing policy support and its delayed economic reopening, they added.

China is an outlier as its economy recovering with the help of accommodative policies, though it remains at risk of renewed lockdowns as long as Beijing sticks to its zero-Covid strategy, they said.

(With inputs from agencies)

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Many major economies will hit recessions over the next 12 months amid a rise in the cost of living and tightening government policies, Nomura Holdings Inc has said in a report, according to Bloomberg.

Many major economies will hit recessions over the next 12 months amid a rise in the cost of living and tightening government policies, Nomura Holdings Inc has said in a report, according to Bloomberg. The brokerage firm expects the EU, the UK, Japan, South Korea, Australia, Canada and the US to enter into a recession, thereby pushing the global economy into a synchronized growth slowdown, Rob Subbaraman and Si Ying Toh at Nomura said in a research note. They said that the central banks are likely to err by tightening the monetary policy in a bid to rein in inflation at the risk of sacrificing growth before cutting rates in 2023. “Increasing signs that the world economy is entering a synchronized growth slowdown, meaning countries can no longer rely on a rebound in exports for growth, have also prompted us to forecast multiple recessions,” they wrote. Nomura forecasts that the depth of recession will vary among nations. In the US, a shallow but long recession of five quarters starting from the final quarter of this year. In Europe, the slump could be much deeper if Russia entirely cuts off gas to Europe, the economists said. Watch | Gravitas: Several major economies stare at a recession The Japanese financial services firm Nomura sees both the US and the euro area economies contracting 1 per cent in 2023. For mid-sized economies, including Australia, Canada and South Korea, there’s a risk of deeper-than-forecast recessions if interest rate hikes trigger housing busts, they said. Japan is forecast to have the mildest recession of the group owing to ongoing policy support and its delayed economic reopening, they added. China is an outlier as its economy recovering with the help of accommodative policies, though it remains at risk of renewed lockdowns as long as Beijing sticks to its zero-Covid strategy, they said. (With inputs from agencies) WATCH WION LIVE HERE

Major economies to enter recession in the next 12 months: Report

Whoever does take over as the next conservative party leader and UK's next Prime Minister is going to have to deal with a cost of living crisis and rising inflation. The Bank of England has warned of a further interest rate rise, this alongside vowing to try and bring inflation down.

United Kingdom: Bank of England vows to bring down inflation

Recession fears are clouding the global demand outlook amid the ongoing Russia-Ukraine war. Now, Brent crude slipped below $100 a barrel.

Oil from US reserves sent overseas; Brent crude slips below $100 a barrel

US job openings fell less than expected in May, pointing to a still tight labor market that could keep the Federal Reserve on an aggressive monetary policy path as it battles high inflation.

US job openings stay high in May | Keeping labor market tight