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Europe's third largest economy is no different as the war in Ukraine casts a shadow over growth prospects. Italy has unveiled a hefty package of measures yesterday and these were aimed at shielding firms and families from surging energy costs of Eurozone's third largest economy.

Italy: Economic outlook darkens, unveils new stimulus plan

First month of new financial year has been a mixed bag for automakers. In India- Hyundai, Maruti Suzuki their sales were down, their cumulative sales dropped by around five percent year on year during April.

Chip shortage continues to dent auto sales; Hyundai, Maruti witness decline

Citigroup, the US banking giant has said that one of its traders committed an error in the stock market "flash crash" in Europe, said local media reports.

An extremely fast fall in the price of one or more assets is called a flash crash. This is often caused by a trading mistake. After the flash crash, trading was halted in several share markets on Monday.

Nordic stocks were hit the hardest, while other European indexes also plummeted for a short time.

"This morning one of our traders made an error when inputting a transaction. Within minutes, we identified the error and corrected it," the New York-based bank said in a statement late on Monday.

The BBC said that the flash crash caused European shares to undergo a sudden fall on a day trading was particularly thin due to public holidays around the world.

Among the indexes, Stockholm OMX 30 share index in Sweden was one of the hardest hit. At one point, it fell 8 per cent. It later recovered most of these losses to end up 1.87 per cent lower at the end of the day.

Flash crashes can be caused by human error, or so-called "fat finger" trades - a reference to someone incorrectly typing the details of a trade.

In August 2012, a computer-trading glitch at US financial services firm Knight Capital caused a major stock market disruption, costing the company around $440 million.

A flash crash on the Singapore Exchange in October 2013 saw some stocks lose up to 87 per cent of their value and resulted in new regulations being put in place to avoid a repeat of the incident.

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Citigroup, the US banking giant has said that one of its traders committed an error in the stock market "flash crash" in Europe, said local media reports. An extremely fast fall in the price of one or more assets is called a flash crash.

Citigroup, the US banking giant has said that one of its traders committed an error in the stock market "flash crash" in Europe, said local media reports. An extremely fast fall in the price of one or more assets is called a flash crash. This is often caused by a trading mistake. After the flash crash, trading was halted in several share markets on Monday. Nordic stocks were hit the hardest, while other European indexes also plummeted for a short time. "This morning one of our traders made an error when inputting a transaction. Within minutes, we identified the error and corrected it," the New York-based bank said in a statement late on Monday. The BBC said that the flash crash caused European shares to undergo a sudden fall on a day trading was particularly thin due to public holidays around the world. Among the indexes, Stockholm OMX 30 share index in Sweden was one of the hardest hit. At one point, it fell 8 per cent. It later recovered most of these losses to end up 1.87 per cent lower at the end of the day. Flash crashes can be caused by human error, or so-called "fat finger" trades - a reference to someone incorrectly typing the details of a trade. In August 2012, a computer-trading glitch at US financial services firm Knight Capital caused a major stock market disruption, costing the company around $440 million. A flash crash on the Singapore Exchange in October 2013 saw some stocks lose up to 87 per cent of their value and resulted in new regulations being put in place to avoid a repeat of the incident. WATCH WION LIVE HERE ×

Citigroup trader's error caused 'flash crash' in European markets

India is preparing for its largest IPO or Initial Public Offering it's starting on May 4th. The company will be opening for subscriptions, the price band is set between 902 and 949 rupees per share, what does this IPO mean for the Indian economy?

LIC: Image makeover for India's legacy firm?

Australia's central bank raised&nbsp;interest&nbsp;rates&nbsp;for the&nbsp;first&nbsp;time&nbsp;in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices.

The Reserve Bank of&nbsp;Australia&nbsp;raised the main lending rate by 25 basis points to 0.35 percent, the&nbsp;first&nbsp;increase&nbsp;since&nbsp;November&nbsp;2010.&nbsp;

Ending record-low&nbsp;rates, the bank said inflation had "picked up significantly and by more than expected" while signalling that "further increases in&nbsp;interest&nbsp;rates" would come.

Also read |&nbsp;<a href="https://www.wionews.com/world/experts-predict-tough-times-for-twitter-under-musk-475328">Experts predict tough times for Twitter under Musk</a>

The move plunged the bank into the centre of a fierce political debate about the health of&nbsp;Australia's economy, just weeks before a May 21 election.&nbsp;

Prime Minister Scott Morrison, who is trailing in the polls, said he sympathised with mortgage borrowers who would now face rising costs.

But he insisted&nbsp;Australia&nbsp;is faring better than its peers and that rising inflation is a result of worldwide trends.

Like consumers around the world, Australians have been hit by soaring prices for food and fuel.&nbsp;Australia's annual inflation rate is currently at 5.1 per cent.&nbsp;

Watch |&nbsp;Tesla CEO Musk seeks to put in less money in Twitter deal financing

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But house prices have been rising for years even as wages have stagnated. Sydney and Melbourne are among the most expensive cities in the world to live.&nbsp;

Morrison pointed to the impact of supply chain constraints caused by the pandemic and a war in Ukraine that has caused "the single largest energy shock we've seen around the world&nbsp;since&nbsp;the 1970s."

The opposition Labor party painted the rate rise as evidence of a weakening economy and the conservative government's economic maladministration.

"If only you could pay your mortgage with Scott Morrison's excuses," said opposition economic spokesman Jim Chalmers.

The rate rise is expected to be the&nbsp;first&nbsp;of several, which could have serious implications for&nbsp;Australia's once-perennially growing economy.

Higher&nbsp;interest&nbsp;rates&nbsp;will spell higher borrowing costs for millions of already heavily indebted Australians, in a country where real estate market speculation is something like a national pastime.

Interest&nbsp;rates&nbsp;of two percent would cost the average homeowner about US$362 a month, according to financial services website RateCity.com.au.

"That's going to be a lot for many borrowers to swallow, particularly anyone already struggling to make the monthly budget add up," said RateCity's Sally Tindall.

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Australia's vast resource wealth has for decades provided insulation from global financial headwinds and underpinned high standards of living.

The country is among the world's largest producers and exporters of iron ore, gas and coal.

But there are growing concerns that the "lucky country's" run of good fortune may be coming to an end.&nbsp;

In early 2020 the economy fell into recession for the&nbsp;first&nbsp;time&nbsp;in almost three decades, largely because of devastating bushfires and the start of the Covid-19 pandemic.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/jeff-bezos-loses-billions-as-amazon-shares-slump-wall-street-tumbles-475071">Jeff Bezos loses billions as Amazon shares slump; Wall Street tumbles</a>

Climate-fuelled floods, bushfires and droughts are proving increasingly costly.

This year's east coast floods cost an estimated Aus$3.35 billion (US$2.4 billion) in insured losses, making it the costliest flood in&nbsp;Australia's history, according to the Insurance Council of&nbsp;Australia.

Australia's central bank raised interest rates for the first time in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices.

Australia's central bank raised interest rates for the first time in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices. The Reserve Bank of Australia raised the main lending rate by 25 basis points to 0.35 percent, the first increase since November 2010. Ending record-low rates, the bank said inflation had "picked up significantly and by more than expected" while signalling that "further increases in interest rates" would come. Also read | Experts predict tough times for Twitter under Musk The move plunged the bank into the centre of a fierce political debate about the health of Australia's economy, just weeks before a May 21 election. Prime Minister Scott Morrison, who is trailing in the polls, said he sympathised with mortgage borrowers who would now face rising costs. But he insisted Australia is faring better than its peers and that rising inflation is a result of worldwide trends. Like consumers around the world, Australians have been hit by soaring prices for food and fuel. Australia's annual inflation rate is currently at 5.1 per cent. Watch | Tesla CEO Musk seeks to put in less money in Twitter deal financing But house prices have been rising for years even as wages have stagnated. Sydney and Melbourne are among the most expensive cities in the world to live. Morrison pointed to the impact of supply chain constraints caused by the pandemic and a war in Ukraine that has caused "the single largest energy shock we've seen around the world since the 1970s." The opposition Labor party painted the rate rise as evidence of a weakening economy and the conservative government's economic maladministration. "If only you could pay your mortgage with Scott Morrison's excuses," said opposition economic spokesman Jim Chalmers. The rate rise is expected to be the first of several, which could have serious implications for Australia's once-perennially growing economy. Higher interest rates will spell higher borrowing costs for millions of already heavily indebted Australians, in a country where real estate market speculation is something like a national pastime. Interest rates of two percent would cost the average homeowner about US$362 a month, according to financial services website RateCity.com.au. "That's going to be a lot for many borrowers to swallow, particularly anyone already struggling to make the monthly budget add up," said RateCity's Sally Tindall. WATCH WION LIVE HERE: Australia's vast resource wealth has for decades provided insulation from global financial headwinds and underpinned high standards of living. The country is among the world's largest producers and exporters of iron ore, gas and coal. But there are growing concerns that the "lucky country's" run of good fortune may be coming to an end. In early 2020 the economy fell into recession for the first time in almost three decades, largely because of devastating bushfires and the start of the Covid-19 pandemic. Also read | Jeff Bezos loses billions as Amazon shares slump; Wall Street tumbles Climate-fuelled floods, bushfires and droughts are proving increasingly costly. This year's east coast floods cost an estimated Aus$3.35 billion (US$2.4 billion) in insured losses, making it the costliest flood in Australia's history, according to the Insurance Council of Australia.

Australia hikes interest rates for first time since 2010

Oil prices fell on Monday in holiday-sapped trade in Asia as concerns about weak economic growth in China, the world's top oil importer, outweighed fears of potential supply stress from a looming European Union ban on Russian crude.

Oil down $1 on China growth worries, EU weighs Russian crude ban

Since vaccinations have taken place, the world around us is opening faster than expected but how real is this recovery and what is the road ahead especially in US where mass mandates have been dropped now in certain states.

Return of International travel: India is third highest spenders globally

This week, the Life Insurance Corporation of India (LIC) will launch its initial public offering (IPO).

According to information on the BSE website, the LIC IPO subscription will commence on May 4th, 2022, and will stay up for bidding until May 9th, 2022.

The Rs 210 billion public offering is entirely OFS (Offer for Sale), with the Government of India (GoI) setting the price band at Rs 902 to Rs 949 per equity share.

According to market experts, LIC shares are currently trading at a premium of Rs92 in the grey market.

According to persons familiar with the situation, significant investors have bid for twice the size of the anchor book in the Life Insurance Corporation of India's initial public offering.

On Monday, the anchor book for the country's largest public offering of 210 billion rupees will be announced, with a value of 56 billion rupees ($733 million).

The following are key LIC IPO details:

GMP of LIC IPO: According to market experts, the GMP of the LIC IPO today is Rs 92, which is 20 higher than the GMP of Rs 72 per equity share on Friday evening.

Date: The public issue will begin on May 4th, 2022, and will be up for bidding until May 9th, 2022.

Price: The Government of India has set the price range for the LIC IPO at Rs 902 to Rs 949 per equity share.

IPO Size: The Government of India expects to raise Rs 210 billion from this public offering.

IPO lot size: Bidders will be able to apply in lots, with each LIC IPO lot containing 15 shares.

IPO application limit: One bidder can apply for a minimum of one lot, with a maximum of fourteen lots authorised for a single bidder.

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This week, the Life Insurance Corporation of India (LIC) will launch its initial public offering (IPO). According to information on the BSE website, the LIC IPO subscription will commence on May 4th, 2022, and will stay up for bidding until May 9th, 2022.

This week, the Life Insurance Corporation of India (LIC) will launch its initial public offering (IPO). According to information on the BSE website, the LIC IPO subscription will commence on May 4th, 2022, and will stay up for bidding until May 9th, 2022. The Rs 210 billion public offering is entirely OFS (Offer for Sale), with the Government of India (GoI) setting the price band at Rs 902 to Rs 949 per equity share. According to market experts, LIC shares are currently trading at a premium of Rs92 in the grey market. According to persons familiar with the situation, significant investors have bid for twice the size of the anchor book in the Life Insurance Corporation of India's initial public offering. On Monday, the anchor book for the country's largest public offering of 210 billion rupees will be announced, with a value of 56 billion rupees ($733 million). The following are key LIC IPO details: GMP of LIC IPO: According to market experts, the GMP of the LIC IPO today is Rs 92, which is 20 higher than the GMP of Rs 72 per equity share on Friday evening. Date: The public issue will begin on May 4th, 2022, and will be up for bidding until May 9th, 2022. Price: The Government of India has set the price range for the LIC IPO at Rs 902 to Rs 949 per equity share. IPO Size: The Government of India expects to raise Rs 210 billion from this public offering. IPO lot size: Bidders will be able to apply in lots, with each LIC IPO lot containing 15 shares. IPO application limit: One bidder can apply for a minimum of one lot, with a maximum of fourteen lots authorised for a single bidder. WATCH WION LIVE HERE

LIC IPO opens on May 4: Perks, Price and other details

As supply chain disruptions and strict Chinese covid-19 lockdown measures hurt overseas demand, Japan's manufacturing activity grew at a slower pace from previous month in April.

Covid lockdown hit China sales, Japan's factory activity expands

The world's longest commercial flight from Sydney to London- Australia's Qantas airways had ordered 12 airbus to A350-1000 planes. The deal comes as market conditions improve and demand for domestic and global travel recover from pandemic faster than expected.

Australia's Qantas airways: World's longest non-stop flight

After a $44 billion acquisition by billionaire Elon Musk, Twitter reported a stronger-than-expected user growth. In early trade, Twitter stock was also up by 1%.

Post Elon Musk's buyout, Twitter reports a stronger-than-expected user growth

Amazon, Apple, Meta, and Alphabet - Google's parent company, revealed numbers for the first quarter of this year and their numbers indicate that the big tech is not immune to market instability.

While the US tech behemoths raked in billions of dollars and posted results in line with lower expectations, their stocks fell as investors speculated that the problems would not be resolved anytime soon, reports AFP.

According to eMarketer analyst Paul Verna, the companies may be suffering from a "post-pandemic hangover."

Also read |&nbsp;<a href="https://www.wionews.com/world/digital-services-act-what-it-means-and-how-eu-will-regulate-tech-giants-473157">Digital Services Act: What it means &amp; and how EU will regulate tech giants</a>

"While the epidemic wasn't a party for these enterprises, it did significantly enhance their sales," Verna was quoted as saying by AFP.

Amazon reported its first quarterly loss since 2015, weighed down by its investment in electric truck startup Rivian, and warned of further troubles in the coming months. The e-commerce company reported a $3.8 billion loss in the first three months of the year.

Watch |&nbsp;Meta reports quarterly profit of $7.5 bn, shares surge after increase in Facebook users

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"This was a tough quarter for Amazon with trends across every key area of the business heading in the wrong direction and a weak outlook" for the second quarter, said Insider Intelligence principal analyst Andrew Lipsman.

iPhone maker Apple announced higher-than-expected profits amid strong customer demand but warned that the China Covid-19 blockade and other supply chain issues will cost the company $4 to $8 billion in the June quarter.

Also read |&nbsp;<a href="https://www.wionews.com/world/tesla-ceo-elon-musks-purchase-of-initial-9-stake-in-twitter-under-scrutiny-says-report-474755" hreflang="en">Tesla CEO Elon Musk’s purchase of initial 9% stake in Twitter under scrutiny, says report</a>

Acknowledging supply chain disruptions driven by Covid and silicon shortages, the war in Ukraine, Apple chief executive Tim Cook said "we are not immune to these challenges."

Digital marketing is very important for Alphabet and Facebook parent Meta, and their financial reports reveal that marketers are being more cautious with their spending.

Paul Verna noted that the pandemic's rapid expansion was not sustainable and that the tech giants should have foreseen this.

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(With inputs from agencies)

Amazon, Apple, Meta, and Alphabet - Google's parent company, revealed numbers for the first quarter of this year and their numbers indicate that the big tech is not immune to market instability.

Amazon, Apple, Meta, and Alphabet - Google's parent company, revealed numbers for the first quarter of this year and their numbers indicate that the big tech is not immune to market instability. While the US tech behemoths raked in billions of dollars and posted results in line with lower expectations, their stocks fell as investors speculated that the problems would not be resolved anytime soon, reports AFP. According to eMarketer analyst Paul Verna, the companies may be suffering from a "post-pandemic hangover." Also read | Digital Services Act: What it means & and how EU will regulate tech giants "While the epidemic wasn't a party for these enterprises, it did significantly enhance their sales," Verna was quoted as saying by AFP. Amazon reported its first quarterly loss since 2015, weighed down by its investment in electric truck startup Rivian, and warned of further troubles in the coming months. The e-commerce company reported a $3.8 billion loss in the first three months of the year. Watch | Meta reports quarterly profit of $7.5 bn, shares surge after increase in Facebook users "This was a tough quarter for Amazon with trends across every key area of the business heading in the wrong direction and a weak outlook" for the second quarter, said Insider Intelligence principal analyst Andrew Lipsman. iPhone maker Apple announced higher-than-expected profits amid strong customer demand but warned that the China Covid-19 blockade and other supply chain issues will cost the company $4 to $8 billion in the June quarter. Also read | Tesla CEO Elon Musk’s purchase of initial 9% stake in Twitter under scrutiny, says report Acknowledging supply chain disruptions driven by Covid and silicon shortages, the war in Ukraine, Apple chief executive Tim Cook said "we are not immune to these challenges." Digital marketing is very important for Alphabet and Facebook parent Meta, and their financial reports reveal that marketers are being more cautious with their spending. Paul Verna noted that the pandemic's rapid expansion was not sustainable and that the tech giants should have foreseen this. Watch WION LIVE HERE: (With inputs from agencies)

Tech giants that got drunk on profits earlier now suffer a 'post-pandemic hangover'

Tesla CEO Elon Musk sold 4.4 million shares of the electric carmaker, showed US securities filings on Thursday. The shares are worth USD 8.5 billion. This mover from the billionaire is likely to help him to generate funds for his proposed acquisition of Twitter.

In a tweet, Musk said that there were no plans to share more Tesla shares.

Musk has offered to but social media giant Twitter for USD 44 billion. Market watchers and speculators are watching Musk's moves very closely for a sign that he might backtrack on his offer to buy Twitter.

In past, Elon Musk has backtracked after making mega-announcements. He declined to take up a seat on Twitter's board at the last minute earlier this month. In 2018, Musk had declared that he would take Tesla private. He even said that he had "funding secured" for USD 72 billion deal. But he didn't move ahead with the offer.

Also Read | <a href="https://www.wionews.com/world/tesla-ceo-elon-musks-purchase-of-initial-9-stake-in-twitter-under-scrutiny-says-report-474755">Tesla CEO Elon Musk’s purchase of initial 9% stake in Twitter under scrutiny, says report &nbsp;</a> 
&nbsp;

If Musk wants to walk away from Twitter acquisition, he would have to pay UD 1 billion acquisition fee. Although the amount appears huge, it is a but a sliver of Musk's estimated total wealth of USD 240 billion.

On Thursday (April 28), Twitter shares climbed after having reported mixed earnings.

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Near 1850 GMT, shares in the microblogging company stood at $49.18, up 1.1 percent from Wednesday, but well below the $54.20 price in the agreement between Twitter and Musk.

(With inputs from agencies)

Tesla CEO Elon Musk sold 4.4 million shares of the electric carmaker, showed US securities filings on Thursday. The shares are worth USD 8.5 billion. This mover from the billionaire is likely to help him to generate funds for his proposed acquisition of Twitter.

Tesla CEO Elon Musk sold 4.4 million shares of the electric carmaker, showed US securities filings on Thursday. The shares are worth USD 8.5 billion. This mover from the billionaire is likely to help him to generate funds for his proposed acquisition of Twitter. In a tweet, Musk said that there were no plans to share more Tesla shares. Musk has offered to but social media giant Twitter for USD 44 billion. Market watchers and speculators are watching Musk's moves very closely for a sign that he might backtrack on his offer to buy Twitter. In past, Elon Musk has backtracked after making mega-announcements. He declined to take up a seat on Twitter's board at the last minute earlier this month. In 2018, Musk had declared that he would take Tesla private. He even said that he had "funding secured" for USD 72 billion deal. But he didn't move ahead with the offer. Also Read | Tesla CEO Elon Musk’s purchase of initial 9% stake in Twitter under scrutiny, says report If Musk wants to walk away from Twitter acquisition, he would have to pay UD 1 billion acquisition fee. Although the amount appears huge, it is a but a sliver of Musk's estimated total wealth of USD 240 billion. On Thursday (April 28), Twitter shares climbed after having reported mixed earnings. WATCH WION LIVE HERE × Near 1850 GMT, shares in the microblogging company stood at $49.18, up 1.1 percent from Wednesday, but well below the $54.20 price in the agreement between Twitter and Musk. (With inputs from agencies)

Elon Musk sells USD 8.5 billion worth of Tesla shares to bolster Twitter acquisition

Amazon has reported its first quarterly loss since 2015, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup.

The Seattle-based e-commerce giant's stock fell 9 per cent&nbsp;on Thursday in after-hours trading.

Amazon reported a loss of $3.84 billion, or $7.56 a share, for the first three months of the year. A year ago, it reported a profit of $8.1 billion, or $15.79 a share, for the first quarter. Wall Street analysts expected a profit of $8.35 a share in the latest quarter, according to FactSet.

Also read |&nbsp;<a href="https://www.wionews.com/world/amazon-workers-in-small-new-jersey-facility-file-for-union-election-472118">Amazon workers in small New Jersey facility file for union election</a>

The ocean of red ink in Amazon's report came mostly from the company's accounting for a $7.6 billion loss in value of its stock investment in Rivian Automotive. Rivian went public in late 2021 and its stock traded at close $180 at one point. It closed Thursday at $32.18. Ford Motor Co reported a similar write-down of the value of its Rivian investment Wednesday.

Amazon's e-commerce business also reported an operating loss of $1.57 billion in North America and $1.28 billion internationally.

Meanwhile, sales at Amazon's cloud-computing business, which helps power the online operations of Netflix, McDonald's and other companies, grew 37 per cent in the quarter. And sales in its advertising business, where brands pay to get their products to show up first when shoppers search on Amazon's site, rose 25 per cent.

Still, the slowdown in online spending is real and broad-based. While in-store sales rose, March is the first month to show decline in online sales since the pandemic began, according to Mastercard SpendingPulse, which tracks spending made over the Mastercard payments network and survey estimates for other payments made with cash and checks.

Amazon prospered during the COVID-19 pandemic as homebound people eager to limit human contact turned online to purchase what they need. But growth has slowed as vaccinated Americans feel more comfortable going out. According to the e-commerce research firm MarketPlace Pulse, the value of goods sold on Amazon last year grew by half the rate compared to 2020.

Watch |&nbsp;Amazon's new union demands company start bargaining in early May

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Like many others, Amazon is dealing with pressure from inflation and supply-chain issues. In the past two years, Amazon's Chief Financial Officer Brian Olsavsky said the company has doubled the size of its operations and nearly doubled its workforce.

He said labour shortages and a lack of physical space are no longer major issues, but the company continues to face a variety of pressures such as increased shipping costs.

Inflation-related expenses added roughly $2 billion of incremental costs when compared to last year, Olsavsky said, adding that the company also incurred another $4 billion in costs related to productivity loss and other inefficiencies.

The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,&nbsp;said Amazon CEO Andy Jassy in a statement. Our teams are squarely focused on improving productivity and cost efficiencies throughout our fulfillment network. We know how to do this and have done it before.

To offset rising fuel costs and inflation, the retail giant has added a 5 per cent&nbsp;surcharge to fees it charges third-party sellers who use its fulfillment services. Last quarter, Amazon also hiked its annual Prime membership fee by $20, a first since 2018. Despite the fee hike, Olsavsky said millions of new Prime members have enrolled during the quarter.

Revenue rose 7 per cent&nbsp;to $116.44 billion, compared with $108.52 billion in first quarter 2021, representing the company's sixth consecutive quarter of revenue topping $100 billion. Amazon had projected sales between $112 billion and $117 billion. Analysts surveyed by FactSet were expecting $116.5 billion.

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Given the pace at which the business grew over the past few years this shift is hardly surprising," said Neil Saunders, managing director of GlobalData Retail.

"It represents more of a post pandemic reset than catastrophic failure. Nevertheless, the slowdown raises important questions over how Amazon can restore momentum and regain its leadership position as one of the primary drivers of online growth.

Amazon said it forecasts sales for the current quarter to range between $116 billion and $121 billion, below the $125.33 billion that analysts are forecasting.

The results come as Amazon is closing all of its brick-and-mortar bookstores, as well as its 4-star shops and pop up locations, as the online retail behemoth reworks its physical footprint. The company also faces a growing unionisation push from inside its workforce.

Also read |&nbsp;<a href="https://www.wionews.com/world/amazon-calls-for-election-re-run-after-workers-voted-for-first-us-union-469893">Amazon calls for election re-run after workers voted for first US union</a>

A second union election is currently underway at a company warehouse on Staten Island, New York, the same borough where workers at a nearby facility voted to unionise earlier this month. Amazon has filed objections over the election with the National

Labour Relations Board and is seeking to re-do the vote.

The final outcome of a separate union election in Bessemer, Alabama, is still up in the air with 416 outstanding challenged ballots hanging in the balance. Hearings to review the ballots are expected to begin in the coming weeks.

Amazon has reported its first quarterly loss since 2015, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup.

Amazon has reported its first quarterly loss since 2015, its money-making juggernaut stalled by a slowdown in pandemic-induced online shopping and a huge write-down of its investment in an electric-vehicle startup. The Seattle-based e-commerce giant's stock fell 9 per cent on Thursday in after-hours trading. Amazon reported a loss of $3.84 billion, or $7.56 a share, for the first three months of the year. A year ago, it reported a profit of $8.1 billion, or $15.79 a share, for the first quarter. Wall Street analysts expected a profit of $8.35 a share in the latest quarter, according to FactSet. Also read | Amazon workers in small New Jersey facility file for union election The ocean of red ink in Amazon's report came mostly from the company's accounting for a $7.6 billion loss in value of its stock investment in Rivian Automotive. Rivian went public in late 2021 and its stock traded at close $180 at one point. It closed Thursday at $32.18. Ford Motor Co reported a similar write-down of the value of its Rivian investment Wednesday. Amazon's e-commerce business also reported an operating loss of $1.57 billion in North America and $1.28 billion internationally. Meanwhile, sales at Amazon's cloud-computing business, which helps power the online operations of Netflix, McDonald's and other companies, grew 37 per cent in the quarter. And sales in its advertising business, where brands pay to get their products to show up first when shoppers search on Amazon's site, rose 25 per cent. Still, the slowdown in online spending is real and broad-based. While in-store sales rose, March is the first month to show decline in online sales since the pandemic began, according to Mastercard SpendingPulse, which tracks spending made over the Mastercard payments network and survey estimates for other payments made with cash and checks. Amazon prospered during the COVID-19 pandemic as homebound people eager to limit human contact turned online to purchase what they need. But growth has slowed as vaccinated Americans feel more comfortable going out. According to the e-commerce research firm MarketPlace Pulse, the value of goods sold on Amazon last year grew by half the rate compared to 2020. Watch | Amazon's new union demands company start bargaining in early May Like many others, Amazon is dealing with pressure from inflation and supply-chain issues. In the past two years, Amazon's Chief Financial Officer Brian Olsavsky said the company has doubled the size of its operations and nearly doubled its workforce. He said labour shortages and a lack of physical space are no longer major issues, but the company continues to face a variety of pressures such as increased shipping costs. Inflation-related expenses added roughly $2 billion of incremental costs when compared to last year, Olsavsky said, adding that the company also incurred another $4 billion in costs related to productivity loss and other inefficiencies. The pandemic and subsequent war in Ukraine have brought unusual growth and challenges, said Amazon CEO Andy Jassy in a statement. Our teams are squarely focused on improving productivity and cost efficiencies throughout our fulfillment network. We know how to do this and have done it before. To offset rising fuel costs and inflation, the retail giant has added a 5 per cent surcharge to fees it charges third-party sellers who use its fulfillment services. Last quarter, Amazon also hiked its annual Prime membership fee by $20, a first since 2018. Despite the fee hike, Olsavsky said millions of new Prime members have enrolled during the quarter. Revenue rose 7 per cent to $116.44 billion, compared with $108.52 billion in first quarter 2021, representing the company's sixth consecutive quarter of revenue topping $100 billion. Amazon had projected sales between $112 billion and $117 billion. Analysts surveyed by FactSet were expecting $116.5 billion. WATCH WION LIVE HERE: Given the pace at which the business grew over the past few years this shift is hardly surprising," said Neil Saunders, managing director of GlobalData Retail. "It represents more of a post pandemic reset than catastrophic failure. Nevertheless, the slowdown raises important questions over how Amazon can restore momentum and regain its leadership position as one of the primary drivers of online growth. Amazon said it forecasts sales for the current quarter to range between $116 billion and $121 billion, below the $125.33 billion that analysts are forecasting. The results come as Amazon is closing all of its brick-and-mortar bookstores, as well as its 4-star shops and pop up locations, as the online retail behemoth reworks its physical footprint. The company also faces a growing unionisation push from inside its workforce. Also read | Amazon calls for election re-run after workers voted for first US union A second union election is currently underway at a company warehouse on Staten Island, New York, the same borough where workers at a nearby facility voted to unionise earlier this month. Amazon has filed objections over the election with the National Labour Relations Board and is seeking to re-do the vote. The final outcome of a separate union election in Bessemer, Alabama, is still up in the air with 416 outstanding challenged ballots hanging in the balance. Hearings to review the ballots are expected to begin in the coming weeks.

Amazon reports rare quarterly loss as online shopping slows

Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialization of crypto assets in the Central American country renowned as a hub of offshore financial services.

Panama: Lawmakers approve bill to regulate cryptos

Will Twitter be better under its new owner Elon Musk? Will it allow more free speech or will it be more profitable? WION discusses all this with Mr Manish Maheshwari, Founder and CEO of Invact Metaversity.

Will Twitter be better under Elon Musk?

The US economy unexpectedly contracted in the first quarter amid a resurgence in COVID-19 cases and drop in pandemic relief money from the government, but the decline in output is misleading as domestic demand remained strong.

US economy shrinks in first quarter of 2022

Apple has forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Apple sees bigger supply problems after strong start to the year

Russia energy giant Gazprom said in a statement that its net profit hit 2.09 trillion roubles ($29 billion) in 2021, up from 135 billion roubles in the pandemic-stricken 2020 financial year.

Russia energy giant Gazprom lands record high profit of $29 billion in 2021

Apple&nbsp;Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Shares were down 2.2 per cent&nbsp;in late trade after executives laid out their glum outlook on a conference call. The news outweighed record profit and sales for&nbsp;Apple's fiscal second quarter, which ended in March.

Chief Financial Officer Luca Maestri warned in an interview that the war in Ukraine, which led&nbsp;Apple&nbsp;to stop sales in Russia, would cut sales more deeply in the fiscal third quarter.

Also read |&nbsp;<a href="https://www.wionews.com/technology/apple-just-released-ios154-update-with-37-new-emojis-and-netizens-are-not-pleased-471948">Apple just released iOS15.4 update with 37 new emojis, and netizens are not pleased</a>

He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, "substantially larger" than the hit in the second quarter.

Supply problems were focused on a corridor in Shanghai, China and reflected covid&nbsp;disruptions and chip shortages, he added. The pandemic was also affecting demand in China, he said.

Chief Executive Officer Tim Cook said that almost all of the Chinese factories doing final assembly of&nbsp;Apple&nbsp;products had restarted after recent covid&nbsp;shutdowns, but the company is not forecasting when the chips shortage, mostly affecting older products, would end.

Cook said he hoped covid&nbsp;issues would be "transitory" and "get better over time."

At least one analyst said the outlook lacked clarity.

"We were all looking for just better guidance on what is really going on over there (China) ... and that didn't come out," said Louis Navellier, chief investment officer for Navellier &amp; Associates.

Kim Caughey Forrest, Chief Investment Officer at Bokeh Capital Partners, said that ongoing demand remained a big question, despite&nbsp;Apple's management of supply chain in the March quarter.

Watch |&nbsp;How netizens are reacting to Apple's 'pregnant man' emoji | Tech It Out

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Indeed, other high-profile tech companies also raised concerns. Amazon on Thursday posted a disappointing outlook as it was swamped by higher costs, sending its shares down 9 per cent&nbsp;after the close, and Intel Corp forecast a bleak quarter based on supply chain issues, and its stock fell 4 per cent.

Both companies, along with&nbsp;Apple, are part of the broader Nasdaq index, which has fallen nearly 19% this year as rising inflation drives investors elsewhere.

March quarter strength&nbsp;

Apple's overall fiscal second-quarter revenue was $97.3 billion, up 8.6 per cent&nbsp;from last year and higher than analysts' average estimate of $93.89 billion, according to Refinitiv data.

Worldwide phone sales revenue was $50.6 billion, a 5.5 per cent&nbsp;increase from a year ago, and services sales rose 17 per cent&nbsp;to $19.8 billion, both ahead of analyst average forecasts.

However, Maestri said that services growth would decelerate from the March quarter, while remaining in double-digits. He cited several factors, including more unfavorable currency exchange rates.

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Total profit was $25 billion, or $1.52 per share and easily topped analysts' expectations of $23.2 billion and $1.43.

Apple&nbsp;also raised its dividend 5 per cent&nbsp;to $0.23 per share and the board approved a buyback for an added $90 billion in shares.

Investors have been bracing for drops in consumer spending on tech gadgets and services as the war in Ukraine and other factors drive up the cost of oil, food and other staples.

Cook shrugged off an analyst question on inflation and consumers.

"We're monitoring that closely. But right now, our main focus, frankly speaking, is on the supply side," he said.

Asked about rising inflation, Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter. But he noted inflation was affecting expenses.

The pandemic, including the shift to hybrid work, has benefited other businesses.

Also read |&nbsp;<a href="https://www.wionews.com/technology/apple-is-internally-testing-new-models-of-macbook-series-report-471251">Apple is internally testing new models of MacBook series: Report</a>

Apple&nbsp;said iPad sales fell 2 per cent&nbsp;to $7.65 billion due to supply-chain constraints, while revenue from Mac computers, also facing supply-chain issues, rose 14.7 per cent&nbsp;to $10.4 billion.

Sales of wearables, home speakers and accessories rose 12 per cent&nbsp;to $8.8 billion, and was the only unit to miss Wall Street targets. Maestri said Watch and AirPods sold well, and attributed the miss to seasonal variability in demand for other accessories.

Apple&nbsp;said it now has 825 million paying subscribers across its at least seven subscription offerings, up by 40 million from 785 million last quarter. Its growth comes as rivals such as Netflix Inc report subscriber losses.

Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion.

Apple Inc on Thursday forecast bigger problems as COVID-19 lockdowns snarl production and demand in China, the war in Ukraine dents sales and growth slows in services, which the iPhone maker sees as its engine for expansion. Shares were down 2.2 per cent in late trade after executives laid out their glum outlook on a conference call. The news outweighed record profit and sales for Apple's fiscal second quarter, which ended in March. Chief Financial Officer Luca Maestri warned in an interview that the war in Ukraine, which led Apple to stop sales in Russia, would cut sales more deeply in the fiscal third quarter. Also read | Apple just released iOS15.4 update with 37 new emojis, and netizens are not pleased He told analysts on the call that supply-chain issues would hurt sales in the quarter by $4 billion to $8 billion, "substantially larger" than the hit in the second quarter. Supply problems were focused on a corridor in Shanghai, China and reflected covid disruptions and chip shortages, he added. The pandemic was also affecting demand in China, he said. Chief Executive Officer Tim Cook said that almost all of the Chinese factories doing final assembly of Apple products had restarted after recent covid shutdowns, but the company is not forecasting when the chips shortage, mostly affecting older products, would end. Cook said he hoped covid issues would be "transitory" and "get better over time." At least one analyst said the outlook lacked clarity. "We were all looking for just better guidance on what is really going on over there (China) ... and that didn't come out," said Louis Navellier, chief investment officer for Navellier & Associates. Kim Caughey Forrest, Chief Investment Officer at Bokeh Capital Partners, said that ongoing demand remained a big question, despite Apple's management of supply chain in the March quarter. Watch | How netizens are reacting to Apple's 'pregnant man' emoji | Tech It Out Indeed, other high-profile tech companies also raised concerns. Amazon on Thursday posted a disappointing outlook as it was swamped by higher costs, sending its shares down 9 per cent after the close, and Intel Corp forecast a bleak quarter based on supply chain issues, and its stock fell 4 per cent. Both companies, along with Apple, are part of the broader Nasdaq index, which has fallen nearly 19% this year as rising inflation drives investors elsewhere. March quarter strength Apple's overall fiscal second-quarter revenue was $97.3 billion, up 8.6 per cent from last year and higher than analysts' average estimate of $93.89 billion, according to Refinitiv data. Worldwide phone sales revenue was $50.6 billion, a 5.5 per cent increase from a year ago, and services sales rose 17 per cent to $19.8 billion, both ahead of analyst average forecasts. However, Maestri said that services growth would decelerate from the March quarter, while remaining in double-digits. He cited several factors, including more unfavorable currency exchange rates. WATCH WION LIVE HERE Total profit was $25 billion, or $1.52 per share and easily topped analysts' expectations of $23.2 billion and $1.43. Apple also raised its dividend 5 per cent to $0.23 per share and the board approved a buyback for an added $90 billion in shares. Investors have been bracing for drops in consumer spending on tech gadgets and services as the war in Ukraine and other factors drive up the cost of oil, food and other staples. Cook shrugged off an analyst question on inflation and consumers. "We're monitoring that closely. But right now, our main focus, frankly speaking, is on the supply side," he said. Asked about rising inflation, Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter. But he noted inflation was affecting expenses. The pandemic, including the shift to hybrid work, has benefited other businesses. Also read | Apple is internally testing new models of MacBook series: Report Apple said iPad sales fell 2 per cent to $7.65 billion due to supply-chain constraints, while revenue from Mac computers, also facing supply-chain issues, rose 14.7 per cent to $10.4 billion. Sales of wearables, home speakers and accessories rose 12 per cent to $8.8 billion, and was the only unit to miss Wall Street targets. Maestri said Watch and AirPods sold well, and attributed the miss to seasonal variability in demand for other accessories. Apple said it now has 825 million paying subscribers across its at least seven subscription offerings, up by 40 million from 785 million last quarter. Its growth comes as rivals such as Netflix Inc report subscriber losses.

Apple sees bigger supply problems after strong start to year

Facebook's parent company Meta has made a cautious recovery on Wednesday as its shares rose nearly 13% IN after hours trading. Meta has also reported a quarterly profit of 7.5 billion dollars in the first quarter this came after Facebook reported a rise in active users surpassing the initial Wall Street estimates.

Meta reports quarterly profit of $7.5 bn, shares surge after increase in Facebook users

The Cuban central bank has issued regulations for virtual asset service providers after giving a nod last year to personal use of cryptocurrencies. It's a move some experts said could help Communist-run Caribbean island skirt stiff US sanctions.

Cuba approves cryptocurrency services

Plane maker Boeing has unveiled 2.7 billion dollar in charges and added costs across its aircraft portfolio, it has expressed doubts over hitting jet delivery targets as technical problems, inflation and supply risks cloud its path towards recovery.

Boeing 737 Max target in doubt, citing inflation and technical problems

Investors are carefully weighing the possibility of billionaire Elon Musk backtracking from his declared plans of buying social media giant Twitter. The speculation sent Twitter's shares tumbling on Wednsday (April 27).

Traders are reportedly wary of possibility that Elon Musk may not have enough money sitting around to put together funds for his USD 21 billion cash contribution in the USD 44 billion offer to take over Twitter. There is speculation that Musk may decide against selling some of his Tesla shares to come up with the amount.

Elon Musk has backtracked after making mega announcements in the past. He declined to take up a seat on Twitter's board at the last minute earlier this month. In 2018, Musk had declared that he would take Tesla private. He even said that he had "funding secured" for USD 72 billion deal. But he didn't move ahead with the offer.

If Musk decides to walk away from Twitter acquisition, he will have to pay USD 1 billion breakup fee. But this amount is a very very tiny sliver of Musk's wealth (USD 240 billion as estimated by Forbes).

"There's a lot of headline risk over the next six months that it takes to complete the deal," said Chris Pultz, portfolio manager for merger arbitrage at Kellner Capital. Pultz was quoted by Reuters.

Also Read | <a href="https://www.wionews.com/world/after-twitter-takeover-elon-musk-wants-to-add-cocaine-to-coca-cola-474530">After Twitter takeover, Elon Musk wants to add cocaine to Coca-Cola</a>

Musk could calm some of the market jitters by providing more details on the source of his equity financing or bring in partners to help split the check. This, however, could introduce new risks to the deal based on the identity of these partners, some fund managers said.

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Roy Behren, managing member of Westchester Capital Management, which has $5.4 billion of assets under management, said the $1 billion deal termination fee was not high enough to make Musk think twice about walking away from the deal.

(With inputs from agencies)

Investors are carefully weighing the possibility of billionaire Elon Musk backtracking from his declared plans of buying social media giant Twitter. The speculation sent Twitter's shares tumbling on Wednsday (April 27).

Investors are carefully weighing the possibility of billionaire Elon Musk backtracking from his declared plans of buying social media giant Twitter. The speculation sent Twitter's shares tumbling on Wednsday (April 27). Traders are reportedly wary of possibility that Elon Musk may not have enough money sitting around to put together funds for his USD 21 billion cash contribution in the USD 44 billion offer to take over Twitter. There is speculation that Musk may decide against selling some of his Tesla shares to come up with the amount. Elon Musk has backtracked after making mega announcements in the past. He declined to take up a seat on Twitter's board at the last minute earlier this month. In 2018, Musk had declared that he would take Tesla private. He even said that he had "funding secured" for USD 72 billion deal. But he didn't move ahead with the offer. If Musk decides to walk away from Twitter acquisition, he will have to pay USD 1 billion breakup fee. But this amount is a very very tiny sliver of Musk's wealth (USD 240 billion as estimated by Forbes). "There's a lot of headline risk over the next six months that it takes to complete the deal," said Chris Pultz, portfolio manager for merger arbitrage at Kellner Capital. Pultz was quoted by Reuters. Also Read | After Twitter takeover, Elon Musk wants to add cocaine to Coca-Cola Musk could calm some of the market jitters by providing more details on the source of his equity financing or bring in partners to help split the check. This, however, could introduce new risks to the deal based on the identity of these partners, some fund managers said. WATCH WION LIVE HERE × Roy Behren, managing member of Westchester Capital Management, which has $5.4 billion of assets under management, said the $1 billion deal termination fee was not high enough to make Musk think twice about walking away from the deal. (With inputs from agencies)

Will Elon Musk take U-turn from offer to buy Twitter?

Because of a rebound in Chinese domestic demand despite extended lockdowns in Asia's biggest eastern market, the global airline capacity has surged to its highest level in 2022.

Global airline capacity peaks in 2022

Electric vehicles are quite common on Indian roads now, fully or mild hybrids are also being sold here. In this category of hybrid cars, Japanese major Honda now has recently launched hybrid variant of its popular City Sedan, watch this report for more.

Hybrid electric vehicles on offer in India