Goldman Sachs Senior Chairman and former CEO Lloyd Blankfein has warned that companies and consumers should prepare for a recession in the US.

US Recession possibility 'very high risk factor', Goldman Sachs warns of growth forecast

The US dollar was down slightly on Monday after hitting a 20-year peak last week, with the global economy in focus after the Chinese yuan came under pressure following weak data.

Creating a risk-off mood on Monday, China`s retail and factory activity fell sharply in April as extensive COVID-19 lockdowns confined workers and consumers to their homes. The offshore Chinese yuan was down against the dollar, holding near a September 2020 low of 6.8380 yuan hit last week.

Following the release of China`s data, Bipan Rai, North America head of FX Strategy at CIBC Capital Markets, said trading was focused on macro economic data.

"It`s important to highlight that the risks are towards a stronger dollar and primarily, that`s because if you look at the macro economic climate, the fundamentals don`t look good. From a risk-off perspective that should still support the dollar against most currencies," Rai said.

But he said the greenback was consolidating after its recent strength and that more range-bound trading sessions were possible: "It makes sense for some period of consolidation before the next leg higher."

The euro was pulled from its earlier lows after European Central Bank policymaker Francois Villeroy de Galhau said the common currency`s weakness could threaten the ECB`s efforts to steer inflation towards its target.

The Australian dollar, which is highly exposed to the Chinese economy, reversed course as the day wore on and was last up against the dollar after falling as much as 0.9%.

The dollar index was last down 0.11%, after having briefly crossed the 105 level on Friday - its highest level since December 2002, after six successive weeks of gains.&nbsp;

Weekly positioning data showed investors built their long dollar bets.

The euro was marginally higher at $1.0414, but not far from last week`s low of $1.0354, its lowest level since early 2017. Analysts see $1.0340 as a crucial level of euro support.

HSBC strategists expect the euro to fall to parity against the dollar in the coming year. "Much weaker growth and much higher inflation leave the ECB facing one of the toughest policy challenges in G10 (central banks)," they said.

Crypto markets, which trade around the clock, had a quiet weekend after turmoil last week driven by TerraUSD, a so-called stablecoin, which broke its dollar peg. An affiliate of the company behind TerraUSD said it had spent the bulk of its reserves trying to defend its dollar peg and would use the remainder to try to compensate some users who had lost out.

Bitcoin was last trading at around $29,647, down more than 5%, after having dropped to $25,400 on Thursday, its lowest mark since December 2020.

The US dollar was down slightly on Monday after hitting a 20-year peak last week, with the global economy in focus after the Chinese yuan came under pressure following weak data.

The US dollar was down slightly on Monday after hitting a 20-year peak last week, with the global economy in focus after the Chinese yuan came under pressure following weak data. Creating a risk-off mood on Monday, China`s retail and factory activity fell sharply in April as extensive COVID-19 lockdowns confined workers and consumers to their homes. The offshore Chinese yuan was down against the dollar, holding near a September 2020 low of 6.8380 yuan hit last week. Following the release of China`s data, Bipan Rai, North America head of FX Strategy at CIBC Capital Markets, said trading was focused on macro economic data. "It`s important to highlight that the risks are towards a stronger dollar and primarily, that`s because if you look at the macro economic climate, the fundamentals don`t look good. From a risk-off perspective that should still support the dollar against most currencies," Rai said. But he said the greenback was consolidating after its recent strength and that more range-bound trading sessions were possible: "It makes sense for some period of consolidation before the next leg higher." The euro was pulled from its earlier lows after European Central Bank policymaker Francois Villeroy de Galhau said the common currency`s weakness could threaten the ECB`s efforts to steer inflation towards its target. The Australian dollar, which is highly exposed to the Chinese economy, reversed course as the day wore on and was last up against the dollar after falling as much as 0.9%. The dollar index was last down 0.11%, after having briefly crossed the 105 level on Friday - its highest level since December 2002, after six successive weeks of gains. Weekly positioning data showed investors built their long dollar bets. The euro was marginally higher at $1.0414, but not far from last week`s low of $1.0354, its lowest level since early 2017. Analysts see $1.0340 as a crucial level of euro support. HSBC strategists expect the euro to fall to parity against the dollar in the coming year. "Much weaker growth and much higher inflation leave the ECB facing one of the toughest policy challenges in G10 (central banks)," they said. Crypto markets, which trade around the clock, had a quiet weekend after turmoil last week driven by TerraUSD, a so-called stablecoin, which broke its dollar peg. An affiliate of the company behind TerraUSD said it had spent the bulk of its reserves trying to defend its dollar peg and would use the remainder to try to compensate some users who had lost out. Bitcoin was last trading at around $29,647, down more than 5%, after having dropped to $25,400 on Thursday, its lowest mark since December 2020.

Dollar slips from 2-decade highs; yuan falls on weak China data

Emirates airline on Friday announced a 'significantly reduced' annual loss of USD 1.1 billion. The airline said that the loss was five times lower than a year before.

Losses in 2021-22 financial year upto March were 3.9 billion dirhams ($1.1 billion). Revenues by up by 91 per cent.

Emirates is the Middle East's largest carrier. It said that it received a capital injection of USD 954 million from Dubai government who owns the carrier.&nbsp;

"This year, we focussed on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets," said its chairman and chief executive, Sheikh Ahmed bin Saeed Al-Maktoum.

"Business recovery picked up pace, particularly in the second half of the year. Robust customer demand drove a huge improvement in our financial performance compared to our unprecedented losses of last year and we built up our strong cash balance."

In statement released on Friday, Emirates said the whole group -- &nbsp;which includes ground-handling firm Dnata -- recorded an annual loss of 3.8 billion dirhams ($1.0 billion), but with revenues up by 86 percent and "strong customer demand".

Over the fiscal year, Emirates carried 19.6 million passengers, up from 6.6 million in the same period of the previous year.

"2021-22 was also a significant year as the UAE marked its 50th anniversary and hosted the world at Expo 2020 Dubai which generated increased global engagement and visitation to the UAE," Sheikh Ahmed said.

(With inputs from agencies)

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Emirates airline on Friday announced a 'significantly reduced' annual loss of USD 1.1 billion. The airline said that the loss was five times lower than a year before.

Emirates airline on Friday announced a 'significantly reduced' annual loss of USD 1.1 billion. The airline said that the loss was five times lower than a year before. Losses in 2021-22 financial year upto March were 3.9 billion dirhams ($1.1 billion). Revenues by up by 91 per cent. Emirates is the Middle East's largest carrier. It said that it received a capital injection of USD 954 million from Dubai government who owns the carrier. "This year, we focussed on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets," said its chairman and chief executive, Sheikh Ahmed bin Saeed Al-Maktoum. "Business recovery picked up pace, particularly in the second half of the year. Robust customer demand drove a huge improvement in our financial performance compared to our unprecedented losses of last year and we built up our strong cash balance." In statement released on Friday, Emirates said the whole group -- which includes ground-handling firm Dnata -- recorded an annual loss of 3.8 billion dirhams ($1.0 billion), but with revenues up by 86 percent and "strong customer demand". Over the fiscal year, Emirates carried 19.6 million passengers, up from 6.6 million in the same period of the previous year. "2021-22 was also a significant year as the UAE marked its 50th anniversary and hosted the world at Expo 2020 Dubai which generated increased global engagement and visitation to the UAE," Sheikh Ahmed said. (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Emirates reports 'significantly reduced' loss of USD 1.1 billion

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows.

Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.

The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap.

Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents.

Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system.

"I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing.

On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020.

In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021.

Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month.

Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700.

(With inputs from agencies)

Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

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Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar.

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap. Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents. Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system. "I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing. On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020. In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021. Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month. Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700. (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Cryptocurrencies collapse, stablecoin Tether slumps against dollar

Marking a week end to first quarter of a year, when risk of recession is looming, Britain's economy unexpectedly shrank in March, it is also coming at a time when there is an increasing pressure on government to offer more support to inflation-hit households.

Recession risk mounts for UK economy

US automaker Ford has dropped plans to make Electric Vehicles in India for exports. While it explodes options for its two factories in the country that stopped manufacturing last year so Ford is in the dilemma as to what to do with these factories but it has right now taken a U-Turn on its plans to make electric vehicles in the country.

US automaker Ford makes U-Turn on India EV plans

As the rebound in global travel gained space, Dubai's main airport has reported its busiest quarter in two years with its CEO predicting that Dubai global airport could see pre-Covid figures by the end of 2024.

Dubai Airport: Busiest quarter in two years

Ford Motor Co on Thursday said that plans to make electric vehicles for export from India were dropped. It is exploring options for its two factories in the country that have stopped production. The production was stopped last year.

The US&nbsp;carmaker said in February it would manufacture EVs in India and also got approval for the Indian government's $3.5-billion production-linked incentive scheme for making clean-fuel vehicles.

"After careful review, we have decided to no longer pursue EV manufacturing for exports from any of the Indian plants," a spokesperson for Ford India said in an email to Reuters.

There were no further details from the company on its U-turn. Reuters said that the company is going ahead with its business restructuring plans.

"We continue to work closely with unions and other stakeholders to deliver an equitable and balanced plan to mitigate the impacts of restructuring," the spokesperson added.

Talks for the sale of the Sanand plant in Gujarat with Tata Motors were progressing well, while Ford was pursuing multiple suitors for its Chennai factory, India's Economic Times newspaper said in a report, citing people familiar with the matter.

Ford had said earlier that it was considering production of electric vehicles for export from India.

The company had less than 2% of the Indian passenger vehicle market when it stopped production in the country last year, having struggled for more than two decades to generate profits.

Several car makers are planning to make EVs in India, with the government offering billions of dollars in incentives to build EVs and their parts locally as it seeks to cut oil imports and pollution.

(With inputs from agencies)

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Ford Motor Co on Thursday said that plans to make electric vehicles for export from India were dropped. It is exploring options for its two factories in the country that have stopped production.

Ford Motor Co on Thursday said that plans to make electric vehicles for export from India were dropped. It is exploring options for its two factories in the country that have stopped production. The production was stopped last year. The US carmaker said in February it would manufacture EVs in India and also got approval for the Indian government's $3.5-billion production-linked incentive scheme for making clean-fuel vehicles. "After careful review, we have decided to no longer pursue EV manufacturing for exports from any of the Indian plants," a spokesperson for Ford India said in an email to Reuters. There were no further details from the company on its U-turn. Reuters said that the company is going ahead with its business restructuring plans. "We continue to work closely with unions and other stakeholders to deliver an equitable and balanced plan to mitigate the impacts of restructuring," the spokesperson added. Talks for the sale of the Sanand plant in Gujarat with Tata Motors were progressing well, while Ford was pursuing multiple suitors for its Chennai factory, India's Economic Times newspaper said in a report, citing people familiar with the matter. Ford had said earlier that it was considering production of electric vehicles for export from India. The company had less than 2% of the Indian passenger vehicle market when it stopped production in the country last year, having struggled for more than two decades to generate profits. Several car makers are planning to make EVs in India, with the government offering billions of dollars in incentives to build EVs and their parts locally as it seeks to cut oil imports and pollution. (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

U-turn from Ford, will not make electric vehicles in India for exports 

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&amp;P 500. Since the end of December last year, the index has dropped approximately 18 per cent.&nbsp; Following a 0.1 per cent fall on Thursday (May 12), the S&amp;P 500 is now just beyond bear market levels, that is 20 per cent drop from a recent closing high.&nbsp;

The Dow, which fell about 104 points, or 0.3 per cent, on Thursday (May 12), is down more than 13 per cent this year.

Also read |<a href="https://www.wionews.com/world/now-sec-probes-delayed-disclosure-of-elon-musks-initial-stake-in-twitter-says-report-478308">&nbsp;Now, SEC probes delayed disclosure of Elon Musk's initial stake in Twitter, says report</a>

Technology stocks have been hit very bad. The Nasdaq managed a small rise on Thursday, but it is still down 27 per cent this year, placing it in market territory, according to US media reports. The tech sector is responsible for about $3 trillion of the S&amp;P 500’s market cap decline.&nbsp;

As per the analysis from Bespoke Investment Group, a research firm, The Nasdaq has dropped more than 20 per cent in the last 30 trading days. According to the firm, a dip of that magnitude has only happened 11 times earlier, and nine of those declines were “related with recession.”

Watch |&nbsp;Gravitas: Worst day for global markets since June 2020

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Shares of many tech leaders such as Apple (AAPL), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Tesla (TSLA) are all deeply in red. However, Netflix (NFLX) is the poorest performer in the S&amp;P 500 in 2022, down more than 70 per cent, CNN Business reported.&nbsp;

The sharp drop is alarming Main Street, which is concerned that the US economy is losing its speed after a remarkable rebound from the pandemic-induced recession.

Also read |&nbsp;<a href="https://www.wionews.com/world/biden-sets-inflation-agenda-discusses-end-to-china-tariffs-477964">Biden sets inflation agenda; discusses end to China tariffs</a>

Investors are now waiting for capitulation, the point at which it appears that everyone has completely given up. When sentiment appears to be at its lowest, it may be time to begin buying them again.&nbsp;

WATCH WION LIVE HERE:&nbsp;

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(With inputs from agencies) 
&nbsp;

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&P 500. Since the end of December last year, the index has dropped approximately 18 per cent.

The strong headwinds in the global economy have wiped off a whopping $7 trillion in market value from blue chip stocks in the S&P 500. Since the end of December last year, the index has dropped approximately 18 per cent. Following a 0.1 per cent fall on Thursday (May 12), the S&P 500 is now just beyond bear market levels, that is 20 per cent drop from a recent closing high. The Dow, which fell about 104 points, or 0.3 per cent, on Thursday (May 12), is down more than 13 per cent this year. Also read | Now, SEC probes delayed disclosure of Elon Musk's initial stake in Twitter, says report Technology stocks have been hit very bad. The Nasdaq managed a small rise on Thursday, but it is still down 27 per cent this year, placing it in market territory, according to US media reports. The tech sector is responsible for about $3 trillion of the S&P 500’s market cap decline. As per the analysis from Bespoke Investment Group, a research firm, The Nasdaq has dropped more than 20 per cent in the last 30 trading days. According to the firm, a dip of that magnitude has only happened 11 times earlier, and nine of those declines were “related with recession.” Watch | Gravitas: Worst day for global markets since June 2020 Shares of many tech leaders such as Apple (AAPL), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Tesla (TSLA) are all deeply in red. However, Netflix (NFLX) is the poorest performer in the S&P 500 in 2022, down more than 70 per cent, CNN Business reported. The sharp drop is alarming Main Street, which is concerned that the US economy is losing its speed after a remarkable rebound from the pandemic-induced recession. Also read | Biden sets inflation agenda; discusses end to China tariffs Investors are now waiting for capitulation, the point at which it appears that everyone has completely given up. When sentiment appears to be at its lowest, it may be time to begin buying them again. WATCH WION LIVE HERE: (With inputs from agencies)

Big slump: US stock markets lost more than $7 trillion this year

Another recovery post COVID-19 pandemic is slow for some sectors while it is quick for other ones. At the same time one such sector is cinematography, document management. It's a tech world thing now the leading player here is Canon and today to give us a sense of how quick the recovery has been and what are the future plans of the company, we are joined by Manabu Yamazaki, President and CEO of Canon India.

Canon overcame covid situation fast, looking at double digit growth in 2022, says Canon CEO

Meanwhile, another celebrity James Cromwell is protesting against the recent Starbucks price hike on plant-based milk. the 82-year-old Oscar nominee James was seen gluing his hand to the counter of Manhattan Starbucks.

US: Actor James Cromwell glues hand to Starbucks counter in protest

Indian actress Deepika Padukone has been signed as the ambassador for luxury fashion brand Louis Vuitton. This was unveiled as part of a new handbag campaign that sees her joining Oscar-winning actress Emma Stone and Chinese actor Zhou Dongyu in a series of promotional shots.

Indian actress Deepika Padukone becomes Louis Vuitton's first Indian ambassador

US stocks ended sharply lower yesterday, with the Nasdaq dropping more than three percent and the Dow falling for a fifth straight day after U.S. inflation data did little to ease investor worries over the outlook for interest rates and the economy of the largest country in the world.

Nasdaq falls more than 3% as US inflation gives small relief to investors

China is an important market for automakers including Tesla, as it was the top seller of EVs in the country in March delivering 65,000 cars from its Shanghai factory. Its manufacturing and sales took a huge hit last month when the government shut down Shanghai.

Lockdowns take a toll on auto sales, Tesla's China sales dive 98%

US regulators are investigating Elon musk's delayed disclosure of his sizeable stake in Twitter last month. He has disclosed a 9.2 percent stake in Twitter. It's a delay of at least 10 days since surpassing the 5% limit.

US markets regulator to probe Tesla CEO Elon Musk

Well, Saudi Aramco has overtaken Apple as the world's most valuable company. On Wednesday, the Saudi Arabian oil company's market capitalization was $2.426 trillion, slightly higher than Apple's $2.415 trillion.

Oil giant Saudi Aramco dethrones Apple as World's most valuable company

UK is on course to enter a technical recession in second half of this year, it also faces a big hit to living standards from surging prices, states an economic think tank.

UK to enter recession this year: Think Tank forecast

Flying is one of the safest and most convenient modes of commuting however aviation industry leaves a huge carbon footprint. Now, in order to keep a check, aviation industry has set his own climate goals but a new research says global aviation industry has missed 50 but achieved 1.

Aviation industry sets its own climate goals, only 1 out of 50 goals met

As the end of easy monetary policy diminishes, appetite for risk assets crypto assets have bled nearly 800 billion dollars in market value over the last one month.

Crypto assets shed $800 billion in market value in a month

To make commuting cheaper and more efficient, several startups are working on making pilotless planes. Watch this report to know all the details.

The future of air mobility: Startups working on pilotless planes

Tesla has halted most of its production at its Shanghai plant due to problems securing parts for its electric vehicles, according to an internal memo.

Tesla halts production at Shanghai plant amid Covid-19 surge

China's export growth slowed to single digits, the weakest in almost two years, while imports barely changed in April as tighter and wider COVID-19 curbs halted factory production and crimped domestic demand, adding to wider economic woes.

China: Export growth down to single digits as virus curbs hit factories

Asian shares tumbled to their lowest in nearly two years on Tuesday as investors shed riskier assets on worries about higher interest rates and their impact on economic growth, while the dollar held near 20-year highs.

Asian stocks hit 2-year low, rate hike worries investors

Bitcoin is no exception and following the plunge on Wall Street yesterday, World's largest cryptocurrency Bitcoin has also fallen to its lowest level since July of 2021.

Bitcoin: World's largest cryptocurrency drops as Wall Street shares tumble

Zimbabwe's government on Saturday ordered banks to stop lending with immediate effect in a move Harare said was designed to stop speculation against the Zimbabwean dollar and was part of a raft of measures to arrest its rapid devaluation on the black market.

Zimbabwe suspends bank lending in bid to arrest currency decline

The Federation of Indian Chambers of Commerce and Industry's (FICCI) latest Business Confidence Survey reported improvement in confidence levels of Indian companies. The Overall Business Confidence Index was recorded at 67.6 in the current round, compared to the previous 63.9.

FICCI survey shows rise in India INC's confidence