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In signs of recovery in aviation sector European low-cost airline Ryanair said its bookings looked very strong for the summer and the load factor should gradually rise to 94-95% in June-August.

Ryanair sees over 15 million passengers in May, summer bookings strong

The US surpassed China to become India's top trading partner in 2021-22, reflecting strengthening economic ties between the two countries. While India's two-way commerce with China aggregated at $115.42 billion in 2021-22.

US replaces China as India's biggest trading partner in FY22 at $119.42 bn

Australia's market regulator has commenced civil penalty proceedings against Australia and New Zealand Banking Group for allegedly misleading its customers over their credit card accounts.

Australian regulator sues ANZ over alleged overstatement of Credit Card balances

SoftBank Group’s top executives Masayoshi Son saw steep cuts in their paychecks as the Japanese conglomerate marked a historic loss for its vision fund unit.

Japan: SoftBank's top executives pay slashed after historic vision fund loss

A new survey conducted by MLIV Pulse has shown that China is in danger of exporting fresh inflation turmoil due to its zero-Covid policy.

Intensifying the world’s supply-chain woes and challenging efforts, the Covid-zero strategy in China has forced central bankers to rein in inflation that’s running at multi-decade highs.

A majority of 540 participants of the survey have projected that China will stand firm on the severe lockdown policies that have disrupted the supply of everything from Adidas sneakers and Rolls-Royce cars to Nvidia computer chips.&nbsp;

Trailing behind developed-world peers this year, Chinese stocks have suffered due to long-running Covid curbs in Shanghai.

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Warning of more economic difficulties ahead, Chinese Premier Li Keqiang told a State Council meeting the challenges now are "greater than when the pandemic hit hard in 2020."&nbsp;

According to a readout by the official Xinhua news agency, Li said "We are currently at a critical juncture in determining the economic trend of the whole year."&nbsp;

China is the last major economy welded to a policy of mass testing and hard lockdowns to eliminate virus clusters, but the strict curbs have battered businesses.

Li's remarks are the latest in a growing chorus of calls from officials and business leaders for more balance between stopping the virus and helping the ailing economy.

As regulators step up efforts to channel fresh capital into the struggling real estate sector and aid a virus-hit economy, China's first public real estate investment trusts (REITs) based on residential properties will be launched soon.

REITs are a collective investment scheme that sells shares in a trust that owns a collection of properties or infrastructure assets.

While publishing rules for the issuance of rental apartment REITs, regulators said "It will also help prevent and reduce major risks, and maintain the stable and healthy development of the real estate market."&nbsp; 
&nbsp;

(With inputs from agencies)

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A new survey conducted by MLIV Pulse has shown that China is in danger of exporting fresh inflation turmoil due to its zero-Covid policy. Intensifying the world’s supply-chain woes and challenging efforts, the Covid-zero strategy in China has forced central bankers to rein in inflation that’s running at multi-decade highs.

A new survey conducted by MLIV Pulse has shown that China is in danger of exporting fresh inflation turmoil due to its zero-Covid policy. Intensifying the world’s supply-chain woes and challenging efforts, the Covid-zero strategy in China has forced central bankers to rein in inflation that’s running at multi-decade highs. A majority of 540 participants of the survey have projected that China will stand firm on the severe lockdown policies that have disrupted the supply of everything from Adidas sneakers and Rolls-Royce cars to Nvidia computer chips. Trailing behind developed-world peers this year, Chinese stocks have suffered due to long-running Covid curbs in Shanghai. Warning of more economic difficulties ahead, Chinese Premier Li Keqiang told a State Council meeting the challenges now are "greater than when the pandemic hit hard in 2020." According to a readout by the official Xinhua news agency, Li said "We are currently at a critical juncture in determining the economic trend of the whole year." China is the last major economy welded to a policy of mass testing and hard lockdowns to eliminate virus clusters, but the strict curbs have battered businesses. Li's remarks are the latest in a growing chorus of calls from officials and business leaders for more balance between stopping the virus and helping the ailing economy. As regulators step up efforts to channel fresh capital into the struggling real estate sector and aid a virus-hit economy, China's first public real estate investment trusts (REITs) based on residential properties will be launched soon. REITs are a collective investment scheme that sells shares in a trust that owns a collection of properties or infrastructure assets. While publishing rules for the issuance of rental apartment REITs, regulators said "It will also help prevent and reduce major risks, and maintain the stable and healthy development of the real estate market." (With inputs from agencies) Watch WION's live TV here:

New survey shows China in danger of exporting fresh inflation turmoil

At the World Economic Forum Annual Summit 2022, India was represented by large number of Indian companies. WION's Business Editor Sumit Chaturvedi exclusively spoke to CP Gurnani, MD and CEO, Tech Mahindra Ltd. on the sidelines of the Davos meet.

India growth story becoming more prominent, powerful: CP Gurnani, MD and CEO, Tech Mahindra

Pakistani Finance Minister Miftah Ismail announced that the government has decided to increase petrol and diesel prices by 30 Pakistani Rupees per litre. He said that the decision was taken to ensure the revival of the IMF program.

Pakistan govt raises fuel price by 30 PKR per litre in a bid to revive IMF program

The Russian Central Bank cut interest rates from 14% to 11%, after inflation slowed to 17.5% in May compared to 17.8% in April, which is now forecasting that annual inflation will decrease to 5–7% in 2023 and return to 4% in 2024.

Russian Central Bank cuts interest rates from 14% to 11%

At the World Economic Forum Annual Summit 2022, India was represented by large number of Indian companies. WION's Business Editor Sumit Chaturvedi exclusively spoke to Neeraj Kanwar, Vice Chairman and MD, Apollo Tyres Ltd. on the sidelines of the Davos meet.

Chip shortage impacting India vehicle manufacturing: Neeraj Kanwar, VC and MD, Apollo Tyres

WION's Business Editor Sumit Chaturvedi exclusively spoke to Saadia Zahid, MD, World Economic Forum on the sidelines of the World Economic Forum Annual Meeting 2022 in Davos.

World looking at India growth story: Saadia Zahid, MD, World Economic Forum

According to reports, the US business of Fiat Chrysler Automobiles has agreed to plead guilty to criminal conduct and pay roughly $300 million in penalties to resolve a multi-year emissions fraud probe surrounding vehicles with diesel engines.

Reports: FCA reaches plea deal in US emissions probe

WION's Business Editor Sumit Chaturvedi exclusively spoke to Alexander Klimburg, Head of Centre for Cybersecurity, WEF on the sidelines of the World Economic Forum Annual Meeting 2022 in Davos.

Looking at $10 trn cybercrime damage every year: Alexander Klimburg, WEF Cybersecurity Head

There is a major acquisition happening in the business of technology as computer chip and software maker Broadcom is all set to buy cloud technology firm VMWare. The deal is estimated to be around $61 billion - making it one of the biggest deals in the current market situation. This will be an even bigger deal than Elon Musk’s proposed move to buy Twitter for around $44 billion. Broadcom is already well known for making computer chips, but this deal will strengthen their position in the cloud computing market as it will allow them to blend public cloud access with internal networks, according to Associated Press.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-finance-minister-rishi-sunak-unveils-18-billion-cost-of-living-bailout-package-482383" hreflang="en">UK Finance Minister Rishi Sunak unveils $18 billion cost-of-living bailout</a>

The VMware shareholders will be given a choice between $142.50 in cash for each of their shares or 0.2520 shares of Broadcom common stock in exchange of the existing ones. There is also some rebranding expected after the proposed takeover and the company will take over $8 billion of debt.

Broadcom have already started preparation for funding the massive acquisition by speaking to a consortium of banks. The banks will be providing a fully committed debt financing of $32 billion.

Also read |&nbsp;<a href="https://www.wionews.com/world/was-monkeypox-already-circulating-in-uk-scientists-have-interesting-answers-482333">Was monkeypox already circulating in UK? Scientists have interesting answers</a>

According to a report on Associated Press, 12 per cent of the company will still stay with VMWare shareholders while the deal will include 88 per cent for Broadcom. The deal has already been approved and it is expected to be completed by 2023. This will be a new venture for Broadcom as cloud technology has emerged as a massive market and it will be very good for their diversification.

(With inputs from agencies)

There is a major acquisition happening in the business of technology as computer chip and software maker Broadcom is all set to buy cloud technology firm VMWare.

There is a major acquisition happening in the business of technology as computer chip and software maker Broadcom is all set to buy cloud technology firm VMWare. The deal is estimated to be around $61 billion - making it one of the biggest deals in the current market situation. This will be an even bigger deal than Elon Musk’s proposed move to buy Twitter for around $44 billion. Broadcom is already well known for making computer chips, but this deal will strengthen their position in the cloud computing market as it will allow them to blend public cloud access with internal networks, according to Associated Press. Also read | UK Finance Minister Rishi Sunak unveils $18 billion cost-of-living bailout The VMware shareholders will be given a choice between $142.50 in cash for each of their shares or 0.2520 shares of Broadcom common stock in exchange of the existing ones. There is also some rebranding expected after the proposed takeover and the company will take over $8 billion of debt. Broadcom have already started preparation for funding the massive acquisition by speaking to a consortium of banks. The banks will be providing a fully committed debt financing of $32 billion. Also read | Was monkeypox already circulating in UK? Scientists have interesting answers According to a report on Associated Press, 12 per cent of the company will still stay with VMWare shareholders while the deal will include 88 per cent for Broadcom. The deal has already been approved and it is expected to be completed by 2023. This will be a new venture for Broadcom as cloud technology has emerged as a massive market and it will be very good for their diversification. (With inputs from agencies)

Broadcom to buy cloud services firm VMware in massive $61 billion deal

Twitter has been making headlines again. In some of the latest developments, an additional $6.25 billion in equity financing was pledged by Elon Musk on Wednesday, media reports said. The billionaire has taken this move to fund the $44-billion takeover offer for social media company. Musk has also reduced margin loan against Tesla Inc shares to zero. In a regulatory filing on Wednesday, the disclosure showed Musk is looking to complete the deal. &nbsp;&nbsp;

Musk is also in talks with shareholders, like Jack Dorsey, to get additional financing commitments to fund the deal, he said on Wednesday. In extended trading, the shares of Twitter jumped by around 6% to $39.15. &nbsp;

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Meanwhile, Twitter Inc has finally settled with authorities in US over allegations of misrepresentation of the "security and privacy" of user data from May 2013 to September 2019, as per the court documents filed on Wednesday. As part of the settlement, Twitter will now pay $150 million, the documents said. &nbsp;

The Justice Department and the Federal Trade Commission have announced the settlement. &nbsp;

"Specifically, while Twitter represented to users that it collected their telephone numbers and email addresses to secure their accounts, Twitter failed to disclose that it also used user contact information to aid advertisers in reaching their preferred audiences," the complaint said. &nbsp;

(With inputs from agencies)&nbsp;

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Twitter has been making headlines again. In some of the latest developments, an additional $6.25 billion in equity financing was pledged by Elon Musk on Wednesday, media reports said.

Twitter has been making headlines again. In some of the latest developments, an additional $6.25 billion in equity financing was pledged by Elon Musk on Wednesday, media reports said. The billionaire has taken this move to fund the $44-billion takeover offer for social media company. Musk has also reduced margin loan against Tesla Inc shares to zero. In a regulatory filing on Wednesday, the disclosure showed Musk is looking to complete the deal. Musk is also in talks with shareholders, like Jack Dorsey, to get additional financing commitments to fund the deal, he said on Wednesday. In extended trading, the shares of Twitter jumped by around 6% to $39.15. WATCH WION LIVE HERE Meanwhile, Twitter Inc has finally settled with authorities in US over allegations of misrepresentation of the "security and privacy" of user data from May 2013 to September 2019, as per the court documents filed on Wednesday. As part of the settlement, Twitter will now pay $150 million, the documents said. The Justice Department and the Federal Trade Commission have announced the settlement. "Specifically, while Twitter represented to users that it collected their telephone numbers and email addresses to secure their accounts, Twitter failed to disclose that it also used user contact information to aid advertisers in reaching their preferred audiences," the complaint said. (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. ×

As Twitter readies to pay $150 mn in settlement, Musk pledges $6.25 bn more to fund takeover deal

WION's Business Editor Sumit Chaturvedi exclusively spoke to Praveer Sinha, TATA Power CEO and MD on the sidelines of the World Economic Forum Annual Meeting 2022 in Davos.

We feel excited on opportunity on clean energy: Praveer Sinha, TATA Power CEO and MD

Hyundai Motor will recall 281,000 vehicles in North America over seat-belt pretensioners that could explode and project metal fragments, causing injuries.

Hyundai to recall 281,000 North American vehicles over exploding part

Airbnb will shut down all listings and experiences in mainland China from July 30, joining a long list of Western internet platforms that have opted out of the China market.

Airbnb to shut domestic business in China from July 30

Indian companies are also present at the World Economic Forum annual summit in Davos, India has registered economic recovery post covid-19 pandemic better than many nations. WION's Business Editor Sumit Chaturvedi exclusively spoke to Anish Shah, Mahindra and Mahindra CEO.

Less concerns from inflation in India: Anish Shah, Mahindra and Mahindra CEO

Starbucks will cease operations in Russia, shuttering its 130 cafes in the country. Starbucks said it will continue to pay its nearly 2,000 Russian employees for six months and help them transition to new jobs.

Starbucks leaving Russian market after 15 years, will close 130 stores

Apple is never afraid to drop features from its devices. It has ditched ports on the MacBook even removed chargers from iPhone boxes and even dropped the headphone jack on the iPhone and this time it looks like they may be removing buttons from the MacBook.

Apple patent tech reveals new plans, no buttons for Apple devices?

The Hyundai Motor Group said on Sunday it would invest another $5 billion in the United States by 2025 to strengthen cooperation with US companies in advanced technology.

Hyundai Motor Group to invest more than $10 billion in US by 2025

The annual summit of the World Economic Forum in Davos in Switzerland has kicked off today after a gap of nearly about two and a half years. 2,500 leaders from politics, business, media will attend the summit.

Davos World Economic Forum: Russian invasion of Ukraine to dominate agenda

Sharp falls in the US and Asian stock markets had reverberations across UK and Europe amid concerns over inflation and slowing economies.

The FTSE 100 index of leading companies sank 1.8 per cent on Thursday while the main stock markets in France and Germany also saw massive drops, BBC reported.

This came a day after US shares recorded their biggest one-day drop on Wednesday since the early days of the Covid pandemic in 2020.

On Wall Street, the Dow Jones Industrial Average fell 3.56 per cent, the S&amp;P 500 lost 4.03 per cent and the Nasdaq Composite dropped 4.73 per cent, reports Reuters.

The declines for the S&amp;P 500 and Dow marked their biggest one-day percentage declines since June 11, 2020.

Apart from that, UK recording a massive 9 per cent inflation in April—a 40-year high— spooked the European markets, raising concerns that some economies are heading for a slowdown as interest rates are increased in an attempt to counter price rises.

British inflation is now the highest among major economies in Europe, but prices are rapidly rising worldwide, forcing central banks around the globe to hike interest rates and tamp down growth as suggested by a modest decline in US homebuilding in April

The UK's biggest retailer, Tesco, fell 1.8 per cent while shares in consumer goods giant Unilever dropped nearly 1 per cent.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/pakistan-bans-import-of-luxurious-items-as-weak-rupee-low-reserves-batter-economy-480474">Pak bans import of luxurious items as weak rupee, low reserves batter economy</a>

The biggest fall on the UK market was Royal Mail, which sank more than 12 per cent after reporting disappointing results and warning it was facing "significant headwinds" from rising costs.

Also read |&nbsp;<a href="https://www.wionews.com/world/for-the-first-time-sri-lanka-defaults-on-its-payments-480520" hreflang="en">For the first time, Sri Lanka defaults on its payments</a>

The FTSE 100 closed 135 points lower at 7,302.7, while France's Cac-40 index and Germany's Dax dropped by 1.3% and 0.9% respectively.

In Asia, Japan's benchmark Nikkei index closed down 1.9 per cent while Hong Kong's Hang Seng dropped 2.5 cent

(With inputs from agencies)

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Sharp falls in the US and Asian stock markets had reverberations across UK and Europe amid concerns over inflation and slowing economies. The FTSE 100 index of leading companies sank 1.

Sharp falls in the US and Asian stock markets had reverberations across UK and Europe amid concerns over inflation and slowing economies. The FTSE 100 index of leading companies sank 1.8 per cent on Thursday while the main stock markets in France and Germany also saw massive drops, BBC reported. This came a day after US shares recorded their biggest one-day drop on Wednesday since the early days of the Covid pandemic in 2020. On Wall Street, the Dow Jones Industrial Average fell 3.56 per cent, the S&P 500 lost 4.03 per cent and the Nasdaq Composite dropped 4.73 per cent, reports Reuters. The declines for the S&P 500 and Dow marked their biggest one-day percentage declines since June 11, 2020. Apart from that, UK recording a massive 9 per cent inflation in April—a 40-year high— spooked the European markets, raising concerns that some economies are heading for a slowdown as interest rates are increased in an attempt to counter price rises. British inflation is now the highest among major economies in Europe, but prices are rapidly rising worldwide, forcing central banks around the globe to hike interest rates and tamp down growth as suggested by a modest decline in US homebuilding in April The UK's biggest retailer, Tesco, fell 1.8 per cent while shares in consumer goods giant Unilever dropped nearly 1 per cent. Also read | Pak bans import of luxurious items as weak rupee, low reserves batter economy The biggest fall on the UK market was Royal Mail, which sank more than 12 per cent after reporting disappointing results and warning it was facing "significant headwinds" from rising costs. Also read | For the first time, Sri Lanka defaults on its payments The FTSE 100 closed 135 points lower at 7,302.7, while France's Cac-40 index and Germany's Dax dropped by 1.3% and 0.9% respectively. In Asia, Japan's benchmark Nikkei index closed down 1.9 per cent while Hong Kong's Hang Seng dropped 2.5 cent (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.

Europe, UK stock markets see steep decline amid concerns over inflation, slow growth

Tesla investors are worried that Tesla CEO Elon Musk is distracted due to the ongoing deal between him and Twitter. However, Musk said 'Tesla is on my mind 24/7'.

Musk says 'Tesla is on my mind 24/7' as Tesla CEO trying to soothe investor worries

Japan has recorded its biggest jump in consumer prices in over 7 years. Inflationary pressure is possible from fuel costs.

Japan's April consumer prices: Biggest jump in consumer prices in over 7 years

The Indian luxury car market is witnessing a strong revival in demand after sluggish sales. Electric, Hybrid cars are gaining popularity.

Indian luxury car market: Strong revival in demand