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Russia may legalise crypto 'sooner or later' as the industry and trade minister talks about the possibility. At present, Russia holds an annual transaction of $5 billion worth.

Russia to legalise crypto 'sooner or later' as industry and trade minister talks about the possibility

Google's Russia unit is expected to file for bankruptcy as the bank account of Google's Russian subsidiary has been seized amid the Ukraine crisis.

Google's Russia unit to file for bankruptcy as bank account of Google's Russian subsidiary seized

<p>Tesla CEO Elon Musk’s problems are far from over. After his deal to takeover Twitter seems to have gone ‘on hold’, S&amp;P Dow Jones Indices has omitted the electric carmaker, Tesla Inc, from its S&amp;P 500 ESG Index, media reports said. The action seems to have been taken over several issues, such as crashes linked to autopilot vehicles, racial discrimination claims, etc.&nbsp;As the S&amp;P 500 ESG Index is widely-followed, the move has&nbsp;prompted harsh replies in the form of tweets from billionaire Elon Musk on Wednesday. &nbsp;</p>

<p><strong>Also Read:&nbsp;<a href="https://www.wionews.com/world/elon-musk-did-not-ask-anything-about-business-while-signing-says-twitter-over-on-hold-deal-479956" hreflang="en">Elon Musk did not ask anything about business while signing, says Twitter over ‘on hold’ deal</a></strong></p>

<p>In a tweet, Tesla CEO Elon Musk said, "Exxon is rated top ten best in world for environment, social &amp; governance (ESG) by S&amp;P 500, while Tesla didn’t make the list! ESG is a scam. It has been weaponised by phony social justice warriors." &nbsp;</p>

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<p dir="ltr" lang="en">Exxon is rated top ten best in world for environment, social &amp; governance (ESG) by S&amp;P 500, while Tesla didn’t make the list!<br />
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ESG is a scam. It has been weaponized by phony social justice warriors.</p>
— Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1526958110023245829?ref_src=twsrc%5Etfw">May 18, 2022</a></blockquote>
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<p>While hailing the move, Margaret Dorn, who is head of Environmental, Social, and Governance (ESG) Indices for North America at S&amp;P Dow Jones Indices (S&amp;P DJI), said in an interview with a media outlet that the changes were made as Tesla has also not published details relating to its low carbon strategy or business conduct codes.</p>

<p>"You can't just take a company's mission statement at face value, you have to look at their practices across all the key dimensions," Dorn said. &nbsp;</p>

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Tesla CEO Elon Musk’s problems are far from over. After his deal to takeover Twitter seems to have gone ‘on hold’, S&P Dow Jones Indices has omitted the electric carmaker, Tesla Inc, from its S&P 500 ESG Index, media reports said.

Tesla CEO Elon Musk’s problems are far from over. After his deal to takeover Twitter seems to have gone ‘on hold’, S&P Dow Jones Indices has omitted the electric carmaker, Tesla Inc, from its S&P 500 ESG Index, media reports said. The action seems to have been taken over several issues, such as crashes linked to autopilot vehicles, racial discrimination claims, etc. As the S&P 500 ESG Index is widely-followed, the move has prompted harsh replies in the form of tweets from billionaire Elon Musk on Wednesday. Also Read: Elon Musk did not ask anything about business while signing, says Twitter over ‘on hold’ deal In a tweet, Tesla CEO Elon Musk said, "Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list! ESG is a scam. It has been weaponised by phony social justice warriors." Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn’t make the list! ESG is a scam. It has been weaponized by phony social justice warriors. — Elon Musk (@elonmusk) May 18, 2022 × Watch: Will Elon Musk walk away from the Twitter deal? × While hailing the move, Margaret Dorn, who is head of Environmental, Social, and Governance (ESG) Indices for North America at S&P Dow Jones Indices (S&P DJI), said in an interview with a media outlet that the changes were made as Tesla has also not published details relating to its low carbon strategy or business conduct codes. "You can't just take a company's mission statement at face value, you have to look at their practices across all the key dimensions," Dorn said. WATCH WION LIVE HERE (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. ×

Troubles beginning to grow? S&P 500 ESG Index ditches Tesla, invokes CEO Elon Musk’s harsh reaction

There is a new twist in the Twitter takeover saga, Elon Musk is casting more uncertainty over the deal, he is now demanding proof from Twitter. Musk wants the company to prove that less than five percent of Twitter's users are bots otherwise he could pull the plug on the deal.

Will Elon Musk walk away from the Twitter deal?

The United Kingdom's unemployment rate has fallen to 3.7 in the first three months of this year which is the lowest level since 1974. An estimated 1.2 million people were out of work between January and March and the soaring inflation has led to the biggest annual fall in real earnings for most workers.

UK unemployment hits 48-year low, inflation squeezes real earnings

In India when it comes to price rise, the wholesale price index (WPI) in India has inched up to new heights in April. According to new data, WPI inflation has risen to 15.8 percent, an increase of 0.53 from March.

WPI inflation rise continues in India, marks double-digit for 13th straight month

Oil prices rose more than one dollar a barrel in early trade today on expectations that easing COVID-19 restrictions in China will boost demand

Oil prices climb on expectations of China demand recovery

COVID-19 curbs in Japan hit the service sector, and the Ukraine war and surging commodity prices have created new headaches for consumers. Japan's economy has fallen for the first time in two quarters in first three months of the year

Japan's Q1 GDP shrinks as Ukraine, cost of living cloud outlook

As world's largest economy, US tries to ease a nationwide shortage that has left parents scrambling to feed their babies. The US will now allow baby formula imports from foreign mine makers that do not usually sell their products here.

US to allow baby formula imports, foreign makers to meet a list of safety standards

Japan's wholesale prices rose 10% in April compared to the same month a year ago. According to data released, Japan witnessed new high as Ukraine crisis and a weak Yen drove up the cost of energy and raw commodities.

Japan wholesale price hit records 10% as energy cost soar

After witnessing slow down led by COVID-19 lockdowns, luxury car players are now seeing a strong revival in demand, a luxury even if expensive it has many takers. Lexus which is a Japanese automaker Toyota's luxury car brand has been upping its ante in the Indian market.

Luxury car market: Lexus upping its ante in Indian market

New Zealand government has announced its emission reduction plan in the parliament yesterday it has increased electric vehicle sales, it is one of the key priorities there now and as the country is planning to reduce its carbon emission and reliance on fuel fossils they are going to do that now.

New Zealand: Increasing sales of electric vehicles tops agenda

Goldman Sachs Group is its employees flexible vacation time, allowing them to take time off when needed, rather than adhere to a fixed number of days a year.

Goldman Sachs Group: Unlimited vacations for top talent

<p>Indian conglomerate&nbsp;Adani&nbsp;Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer.</p>

<p>Adani&nbsp;Group, owned by billionaire Gautam&nbsp;Adani, currently has no cement-making operations but said the firms were a good fit given its ports and logistics, energy and real estate businesses.</p>

<p>Under the deal,&nbsp;Adani&nbsp;Group will pay $6.4 billion in cash to acquire Switzerland-based Holcim's 63.1 per cent&nbsp;stake in Ambuja Cements Ltd and 54.5 per cent&nbsp;holding in ACC Ltd, Holcim said in a statement announcing the deal late on Sunday. The rest of the companies' shares will be bought via an open offer,&nbsp;Adani&nbsp;said in a separate statement.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/talks-of-all-cash-deal-between-adani-and-zee-media-utterly-false-and-baseless-452387">Talks of all-cash deal between Adani and Zee Media utterly false and baseless</a></strong></p>

<p>"(We) will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion,"&nbsp;Adani&nbsp;said.</p>

<p>The deal, which was clinched after a fierce bidding war with the JSW Group and industry leader Ultratech Cement Ltd, is the second largest deal in India this year.</p>

<p>Shares in Ambuja jumped as much as 5.2 per cent&nbsp;to 377.70 rupees while ACC rose 8.3 per cent&nbsp;to a high of 2,287.70 rupees on Monday, but traded below the prices offered by&nbsp;Adani.</p>

<p>Ambuja's shares closed 2.5 per cent&nbsp;&nbsp;higher at 368 rupees compared with the offer price of 385 rupees. ACC's shares ended Monday 3.9 per cent&nbsp;&nbsp;higher at 2,196.20 rupees versus the offer price of 2,300 rupees.</p>

<p><strong>Watch |&nbsp;Dollar holds gains as investors seek safety, crypto markets find stability</strong></p>

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<p>Gautam&nbsp;Adani, Asia's richest man, plans to fund the deal using an offshore special purpose vehicle owned by the&nbsp;Adani&nbsp;family, he told the Economic Times.</p>

<p>"The acquisition is fully funded by way of approved commitments from our relationship banks - Barclays, Deutsche Bank and Standard Chartered Bank - and equity infusion from the&nbsp;Adani&nbsp;family," he was quoted as saying.</p>

<p>The divestment by Holcim marks the Swiss company's latest effort to reduce exposure to carbon-intensive cement production and boost its environmental, social and corporate governance (ESG) credentials.</p>

<p>Holcim has also been selling units outside North America and Europe in a bid to sharpen its focus on key markets and diversify into building product areas like roofing. The company sold its Brazilian operation for $1 billion last year.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/business-economy/fake-news-tweet-on-zee-media-adani-group-deal-is-false-and-baseless-444054">Fake news: Tweet on Zee Media-Adani Group deal is false and baseless</a></strong></p>

<p>Ambuja and ACC combined have the capacity to produce at least 70 million tonnes of cement annually, while UltraTech Cement boasts capacity of 120 million tonnes. Together, Ambuja and ACC own 31 cement making facilities and employ over 10,700 people.</p>

<p>The transaction is expected to close in the second half of 2022, Holcim said.</p>

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Indian conglomerate Adani Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer.

Indian conglomerate Adani Group plans to buy Holcim AG's cement businesses in India for $10.5 billion, its largest-ever acquisition, to become the country's No. 2 cement manufacturer. Adani Group, owned by billionaire Gautam Adani, currently has no cement-making operations but said the firms were a good fit given its ports and logistics, energy and real estate businesses. Under the deal, Adani Group will pay $6.4 billion in cash to acquire Switzerland-based Holcim's 63.1 per cent stake in Ambuja Cements Ltd and 54.5 per cent holding in ACC Ltd, Holcim said in a statement announcing the deal late on Sunday. The rest of the companies' shares will be bought via an open offer, Adani said in a separate statement. Also read | Talks of all-cash deal between Adani and Zee Media utterly false and baseless "(We) will be able to build a uniquely integrated and differentiated business model and set ourselves up for significant capacity expansion," Adani said. The deal, which was clinched after a fierce bidding war with the JSW Group and industry leader Ultratech Cement Ltd, is the second largest deal in India this year. Shares in Ambuja jumped as much as 5.2 per cent to 377.70 rupees while ACC rose 8.3 per cent to a high of 2,287.70 rupees on Monday, but traded below the prices offered by Adani. Ambuja's shares closed 2.5 per cent higher at 368 rupees compared with the offer price of 385 rupees. ACC's shares ended Monday 3.9 per cent higher at 2,196.20 rupees versus the offer price of 2,300 rupees. Watch | Dollar holds gains as investors seek safety, crypto markets find stability Gautam Adani, Asia's richest man, plans to fund the deal using an offshore special purpose vehicle owned by the Adani family, he told the Economic Times. "The acquisition is fully funded by way of approved commitments from our relationship banks - Barclays, Deutsche Bank and Standard Chartered Bank - and equity infusion from the Adani family," he was quoted as saying. The divestment by Holcim marks the Swiss company's latest effort to reduce exposure to carbon-intensive cement production and boost its environmental, social and corporate governance (ESG) credentials. Holcim has also been selling units outside North America and Europe in a bid to sharpen its focus on key markets and diversify into building product areas like roofing. The company sold its Brazilian operation for $1 billion last year. Also read | Fake news: Tweet on Zee Media-Adani Group deal is false and baseless Ambuja and ACC combined have the capacity to produce at least 70 million tonnes of cement annually, while UltraTech Cement boasts capacity of 120 million tonnes. Together, Ambuja and ACC own 31 cement making facilities and employ over 10,700 people. The transaction is expected to close in the second half of 2022, Holcim said. WATCH WION LIVE HERE:

Adani to become India's No. 2 cement maker with $10.5 billion Holcim deal

In the signs of increasing volatility in stock markets, Asian markets have recovered temporarily today after a day of intense losses. India's BSE Sensex opened with gains of 600 points and it is trading with gains.

Asian stocks in green after a day of intense losses

The Russian Rouble firmed past 64 per dollar briefly jumping to 62.71 to the greenback, and climbed towards its highest in nearly five years against the euro, supported by continuing restrictions on currency trading.

Russian Rouble inches closer to 5-year highs

Currency markets where as investors sought safety due to fears about global growth, Dollars started the week just off a 20-year high against peers while crypto markets appeared to find some stability after last week's turmoil.

Dollar holds gains as investors seek safety, crypto markets find stability

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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>"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.</p>

<p>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."</p>

<p>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.</p>

<p>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%.</p>

<p>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;</p>

<p>Weekly positioning data showed investors built their long dollar bets.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>


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

<p>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.</p>

<p>Losses in 2021-22 financial year upto March were 3.9 billion dirhams ($1.1 billion). Revenues by up by 91 per cent.</p>

<p>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;</p>

<p>"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.</p>

<p>"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."</p>

<p>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".</p>

<p>Over the fiscal year, Emirates carried 19.6 million passengers, up from 6.6 million in the same period of the previous year.</p>

<p>"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.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong><em>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.</em></strong></p>

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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

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>"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.</p>

<p>On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020.</p>

<p>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.</p>

<p>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.</p>

<p>Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700.</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong><em>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.</em></strong></p>

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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

<p>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.</p>

<p>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.</p>

<p>"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.</p>

<p>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.</p>

<p>"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.</p>

<p>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.</p>

<p>Ford had said earlier that it was considering production of electric vehicles for export from India.</p>

<p>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.</p>

<p>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.</p>

<p><em>(With inputs from agencies)</em></p>

<p>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.</p>

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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 

<p>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;</p>

<p>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.</p>

<p><strong>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></strong></p>

<p>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;</p>

<p>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.”</p>

<p><strong>Watch |&nbsp;Gravitas: Worst day for global markets since June 2020</strong></p>

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<p>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;</p>

<p>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.</p>

<p><strong>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></strong></p>

<p>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;</p>

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<p><em>(With inputs from agencies)</em><br />
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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