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

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

Workplace stress at record high in 2022 | Why the workforce is burnt out?

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

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

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"There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the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

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

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

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

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

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

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

Why is health insurance for senior citizens important?

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

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

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

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

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

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

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

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

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

Tesla shareholder sues car maker: Workplace discrimination, harassment reported

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

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

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

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

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

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

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

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