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Tesla CEO Elon Musk is expected to serve as a temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media company.

Elon Musk to lead Twitter temporarily after $44 billion takeover, says report

Bentley, the luxury British carmaker, seems to be on cloud nine at the moment. The company said on Thursday that its first-quarter operating profit jumped 162% in comparison to the same period last year, as per media reports. &nbsp;

The company has registered a profit of $179 million (€170 million) in the period. &nbsp;

This comes as the 102-year-old carmaker has faced the loss of some cars at sea and has been encountering pandemic-led delivery issues in China. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/inching-closer-to-buy-twitter-for-44-billion-elon-musk-raises-714-billion-from-investors-476557" hreflang="en">Inching closer: To buy Twitter for $44 bn, Elon Musk raises $7.14 bn from Binance, Oracle's Larry Ellison</a>

The high customer interest in new models has led to the jump, the Volkswagen unit said. &nbsp;&nbsp;

The firm has witnessed a record order book of around 10,000 vehicles for the period. &nbsp;

The total car sales have actually dropped 5 per cent quarter over quarter due to various factors in Covid pandemic, another report said.

Watch:&nbsp;Elon Musk to lead Twitter temporarily after $44 billion takeover, says report

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The car sales have reached 3,203 from 3,358 but the revenue per car has hiked from $193,000 (€184,000) to $223,000 (€212,000), as per media reports. It has triggered a boost of around 41 per cent in quarterly revenues and taken it to $855 million (€813 million). &nbsp;

In a statement, Adrian Hallmark, Chairman and CEO of Bentley Motors, said, “These results demonstrate the intrinsic strength of our brand and confirm the ongoing success of our industry-leading Beyond100 strategy. They also suggest even more promise for the transformational years ahead.” &nbsp;

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(With inputs from agencies)&nbsp;

Bentley, the luxury British carmaker, seems to be on cloud nine at the moment. The company said on Thursday that its first-quarter operating profit jumped 162% in comparison to the same period last year, as per media reports.

Bentley, the luxury British carmaker, seems to be on cloud nine at the moment. The company said on Thursday that its first-quarter operating profit jumped 162% in comparison to the same period last year, as per media reports. The company has registered a profit of $179 million (€170 million) in the period. This comes as the 102-year-old carmaker has faced the loss of some cars at sea and has been encountering pandemic-led delivery issues in China. Also Read | Inching closer: To buy Twitter for $44 bn, Elon Musk raises $7.14 bn from Binance, Oracle's Larry Ellison The high customer interest in new models has led to the jump, the Volkswagen unit said. The firm has witnessed a record order book of around 10,000 vehicles for the period. The total car sales have actually dropped 5 per cent quarter over quarter due to various factors in Covid pandemic, another report said. Watch: Elon Musk to lead Twitter temporarily after $44 billion takeover, says report × The car sales have reached 3,203 from 3,358 but the revenue per car has hiked from $193,000 (€184,000) to $223,000 (€212,000), as per media reports. It has triggered a boost of around 41 per cent in quarterly revenues and taken it to $855 million (€813 million). In a statement, Adrian Hallmark, Chairman and CEO of Bentley Motors, said, “These results demonstrate the intrinsic strength of our brand and confirm the ongoing success of our industry-leading Beyond100 strategy. They also suggest even more promise for the transformational years ahead.” WATCH WION LIVE HERE (With inputs from agencies)

On cloud nine: Bentley witnesses strongest Q1, registers 162% jump in operating profit to $179 million

Life Insurance Corporation is a household name. Buying an LIC insurance policy is considered as gold standard of savings or ensuring oneself against the or oddities of life. The Insurance giant LIC's share sale has begun yesterday.

LIC's mega IPO gets an extra day for subscription

The bank of England looks poised now to raise interest rates today for the fourth time since December, it's the fastest increase in borrowing costs in a quarter of a century as it tries to quell the danger from the leap inflation.

Bank of England set to raise bank rate from 1% to 0.75%

Russia-Ukraine war and high inflation has hit now e-commerce giant EBay where its has become latest e-commerce retailer to give a gloomy revenue forecast as growth is slowing in the sector after two years of rapid expansion during covid pandemic.

EBay deepens e-commerce gloom with disappointing forecast

At a time when electric cars are being launched by automakers, Japanese auto major Honda has launched 2022 Honda City Hybrid Electric Vehicle at 19.5 lakh rupees at showroom price, it's first mainstream segment car in India to be with strong hybrid tech.

Honda to launch first hybrid electric car in India

The Federal Reserve’s decision to hike interest rates rattled Wall Street on Thursday as major US stocks tanked at the stock market.

The S&amp;P 500, Dow and Nasdaq plunged sharply, with losses accelerating during intraday trading.

The S&amp;P 500 fell by 3.7 per cent, the Dow Jones Industrial Average tumbled 1,100 points, or 3.3 per cent, to 32,945 and the Nasdaq lost 5 per cent.

Major tech stocks tanked at Nasdaq, with Google-parent Alphabet Inc, Apple Inc,&nbsp;Microsoft Corp, Meta Platforms, Tesla Inc and Amazon.com falling between 4. 5 per cent and 6.5 per cent

A day earlier, the blue-chip index posted its best single-session gain since May 2020, rising 2.99 per cent.

The bloodbath in the US was also reflected in European stocks as fears of a recession, suggested by the Bank of England after it hiked rates, dampened enthusiasm from Federal Reserve Chair Jerome Powell’s remarks on Wednesday.

He had said that policymakers were not considering 75 basis-point moves in the future.

The yield on 10-year Treasury notes rose 16.9 basis points to 3.084 pre cent, while inflation-hedge gold bounced higher after Powell also emphasized risks to the economy from soaring inflation.

Watch |&nbsp;Fed raises interest rates by 50-bps

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"It's a very messy environment for investors right now," Anthony Saglimbene, global market strategist at Ameriprise Financial, told Reuters.

"There`s an overall negative sentiment in the market."

He expects the markets to remain volatile until there is a clear picture on Fed rate policy and its trajectory later this year.

The dollar index rose 1.131 per cent, rebounding after falling sharply on Wednesday following the Fed`s rate hike. It is up more than 7 per cent so far this year.

There was some respite in China where shares recovered some ground, gaining 0.7 per cent as mainland markets resumed trade after a three-day holiday.

Investors also cheered a pledge by China’s central bank for more monetary policy support to help businesses badly hit by the latest COVID-19 outbreak.

Oil prices rose as a stronger dollar offset supply concerns after the European Union`s plans for new sanctions against Russia, including an embargo on crude in six months.

(With inputs from agencies)

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The Federal Reserve’s decision to hike interest rates rattled Wall Street on Thursday as major US stocks tanked at the stock market. The S&P 500, Dow and Nasdaq plunged sharply, with losses accelerating during intraday trading.

The Federal Reserve’s decision to hike interest rates rattled Wall Street on Thursday as major US stocks tanked at the stock market. The S&P 500, Dow and Nasdaq plunged sharply, with losses accelerating during intraday trading. The S&P 500 fell by 3.7 per cent, the Dow Jones Industrial Average tumbled 1,100 points, or 3.3 per cent, to 32,945 and the Nasdaq lost 5 per cent. Major tech stocks tanked at Nasdaq, with Google-parent Alphabet Inc, Apple Inc, Microsoft Corp, Meta Platforms, Tesla Inc and Amazon.com falling between 4. 5 per cent and 6.5 per cent A day earlier, the blue-chip index posted its best single-session gain since May 2020, rising 2.99 per cent. The bloodbath in the US was also reflected in European stocks as fears of a recession, suggested by the Bank of England after it hiked rates, dampened enthusiasm from Federal Reserve Chair Jerome Powell’s remarks on Wednesday. He had said that policymakers were not considering 75 basis-point moves in the future. The yield on 10-year Treasury notes rose 16.9 basis points to 3.084 pre cent, while inflation-hedge gold bounced higher after Powell also emphasized risks to the economy from soaring inflation. Watch | Fed raises interest rates by 50-bps "It's a very messy environment for investors right now," Anthony Saglimbene, global market strategist at Ameriprise Financial, told Reuters. "There`s an overall negative sentiment in the market." He expects the markets to remain volatile until there is a clear picture on Fed rate policy and its trajectory later this year. The dollar index rose 1.131 per cent, rebounding after falling sharply on Wednesday following the Fed`s rate hike. It is up more than 7 per cent so far this year. There was some respite in China where shares recovered some ground, gaining 0.7 per cent as mainland markets resumed trade after a three-day holiday. Investors also cheered a pledge by China’s central bank for more monetary policy support to help businesses badly hit by the latest COVID-19 outbreak. Oil prices rose as a stronger dollar offset supply concerns after the European Union`s plans for new sanctions against Russia, including an embargo on crude in six months. (With inputs from agencies) WATCH WION LIVE

Dow, Nasdaq plunge sharply on account of US Fed hike, markets expected to remain volatile

US Federal reserve has hiked interest rates by 50 basis points, in a bid to reign in the raging inflation in the country, the hike is the biggest rate hike since 2000 and the Fed chair has promised to use all available tools to check the four decade high inflation rate.

Fed raises interest rates by 50-bps, markets welcome interest rate

The Federal Reserve on Wednesday announced its&nbsp;biggest&nbsp;rate&nbsp;hike&nbsp;since&nbsp;2000, with a half percentage point&nbsp;increase&nbsp;as it works to crush soaring US&nbsp;inflation.

With&nbsp;inflation&nbsp;at the highest&nbsp;rate&nbsp;in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down.

But he told reporters he remains confident the economy is strong enough to withstand&nbsp;rate&nbsp;increases without tipping into a recession.

Also read |&nbsp;<a href="https://www.wionews.com/photos/from-recession-to-inflation-how-the-us-fed-has-dealt-with-crises-475472">From recession to inflation, how the US Fed has dealt with crisis</a>

After a quarter-point hike in March, the US&nbsp;central bank's policy-setting Federal Open Market Committee (FOMC) pushed the benchmark interest&nbsp;rate&nbsp;above 0.75 per cent as it works to cool the economy, and confirmed more increases "will be appropriate."

The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity.

Inflation&nbsp;has become an overriding concern after the world's largest economy saw annual consumer prices surge 8.5 per cent over the 12 months to March,&nbsp;the&nbsp;biggest&nbsp;jump&nbsp;since&nbsp;December 1981.

Policymakers continue to believe&nbsp;inflation&nbsp;will gradually return to the&nbsp;Fed's two-percent target as it raises borrowing costs, but in a statement following the conclusion of its two-day meeting, the FOMC said it will be "highly attentive to&nbsp;inflation&nbsp;risks."

In an unusual move, Powell opened his news conference speaking to the American people.

"Inflation&nbsp;is much too high. And we understand the hardship that is causing," he said, promising to use all tools available to bring it down "expeditiously."

Watch |&nbsp;US Fed lifts policy rate by 0.25%

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He acknowledged that higher interest rates also bring their share of pain, but "everyone would be better off if we can get this job done. The sooner, the better."

To achieve that aim, he said "additional 50-basis point increases should be on the table at the next couple of meetings," however, a more aggressive three-quarter point hike is not under consideration.

The&nbsp;Fed's goal is to engineer a "soft landing," reining in&nbsp;inflation&nbsp;while avoiding a contraction in economic activity, and Powell said that outcome is likely.

"It's a strong economy, and nothing about it suggested... that it's close to or vulnerable to a recession," he said.

Ukraine war impact

But with China's pandemic lockdowns worsening global supply snarls and the war in Ukraine pushing commodity prices higher, analysts fear factors beyond the&nbsp;central bank's control could undermine that goal, and perhaps plunge the US economy into a recession.

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The FOMC acknowledged the "highly uncertain" impact of Russia's invasion of Ukraine and Western sanctions on Moscow, which are "creating additional upward pressure on&nbsp;inflation&nbsp;and are likely to weigh on economic activity."&nbsp;

In addition, Covid lockdowns in China "are likely to exacerbate supply chain disruptions," the statement said.&nbsp;

Offloading bonds

Though it contracted in the first quarter, Powell said the economy was healthy enough to withstand higher rates, and pointed to robust job gains and strong household and business spending.

However, central bankers cannot engineer a solution for the worker shortages that have challenged businesses and raised fears of a wage-price spiral, when employees demand higher salaries and fuel price increases.&nbsp;

Powell downplayed those concerns, saying some of the&nbsp;inflation&nbsp;is due to price shocks, while&nbsp;Fed&nbsp;policy can help address the "imbalance" in the labor market.

On Wednesday, payroll services firm ADP reported private employers added a weaker-than-expected 247,000 workers in April, a sign that companies are struggling to find available labor, while government data released Tuesday showed there are nearly two openings for every job seeker.

Also read |&nbsp;<a href="https://www.wionews.com/economy/us-fed-officials-firm-up-plans-for-a-swift-pullback-of-economic-help-455510">US Fed officials firm up plans for a swift pullback of economic help</a>

The FOMC also said it would begin reducing its massive bond holdings starting June 1, beginning at the pace of $47.5 billion a month, and then doubling after three months, also aimed at removing stimulus from the economy.

The decision was widely expected, and many economists believe the FOMC will again hike rates by a half-point in June, though Ian Shepherdson of Pantheon Economics said, "After that we think all bets are off, given the likelihood of a steep, sustained drop in&nbsp;inflation, a clear softening in manufacturing, and a meltdown in housing market activity."

Stock markets cheered the&nbsp;Fed&nbsp;move, closing sharply higher, with big gains in interest-sensitive tech shares.

The Federal Reserve on Wednesday announced its biggest rate hike since 2000, with a half percentage point increase as it works to crush soaring US inflation. With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down.

The Federal Reserve on Wednesday announced its biggest rate hike since 2000, with a half percentage point increase as it works to crush soaring US inflation. With inflation at the highest rate in four decades, Federal Reserve Chair Jerome Powell sent a message directly to the American people, expressing concern for the pain caused by rising prices, and pledging to use all available tools to bring them down. But he told reporters he remains confident the economy is strong enough to withstand rate increases without tipping into a recession. Also read | From recession to inflation, how the US Fed has dealt with crisis After a quarter-point hike in March, the US central bank's policy-setting Federal Open Market Committee (FOMC) pushed the benchmark interest rate above 0.75 per cent as it works to cool the economy, and confirmed more increases "will be appropriate." The hike will raise the costs of all types of borrowing, from mortgages to credit cards to car loans, cooling demand and business activity. Inflation has become an overriding concern after the world's largest economy saw annual consumer prices surge 8.5 per cent over the 12 months to March, the biggest jump since December 1981. Policymakers continue to believe inflation will gradually return to the Fed's two-percent target as it raises borrowing costs, but in a statement following the conclusion of its two-day meeting, the FOMC said it will be "highly attentive to inflation risks." In an unusual move, Powell opened his news conference speaking to the American people. "Inflation is much too high. And we understand the hardship that is causing," he said, promising to use all tools available to bring it down "expeditiously." Watch | US Fed lifts policy rate by 0.25% He acknowledged that higher interest rates also bring their share of pain, but "everyone would be better off if we can get this job done. The sooner, the better." To achieve that aim, he said "additional 50-basis point increases should be on the table at the next couple of meetings," however, a more aggressive three-quarter point hike is not under consideration. The Fed's goal is to engineer a "soft landing," reining in inflation while avoiding a contraction in economic activity, and Powell said that outcome is likely. "It's a strong economy, and nothing about it suggested... that it's close to or vulnerable to a recession," he said. Ukraine war impact But with China's pandemic lockdowns worsening global supply snarls and the war in Ukraine pushing commodity prices higher, analysts fear factors beyond the central bank's control could undermine that goal, and perhaps plunge the US economy into a recession. WATCH WION LIVE HERE: The FOMC acknowledged the "highly uncertain" impact of Russia's invasion of Ukraine and Western sanctions on Moscow, which are "creating additional upward pressure on inflation and are likely to weigh on economic activity." In addition, Covid lockdowns in China "are likely to exacerbate supply chain disruptions," the statement said. Offloading bonds Though it contracted in the first quarter, Powell said the economy was healthy enough to withstand higher rates, and pointed to robust job gains and strong household and business spending. However, central bankers cannot engineer a solution for the worker shortages that have challenged businesses and raised fears of a wage-price spiral, when employees demand higher salaries and fuel price increases. Powell downplayed those concerns, saying some of the inflation is due to price shocks, while Fed policy can help address the "imbalance" in the labor market. On Wednesday, payroll services firm ADP reported private employers added a weaker-than-expected 247,000 workers in April, a sign that companies are struggling to find available labor, while government data released Tuesday showed there are nearly two openings for every job seeker. Also read | US Fed officials firm up plans for a swift pullback of economic help The FOMC also said it would begin reducing its massive bond holdings starting June 1, beginning at the pace of $47.5 billion a month, and then doubling after three months, also aimed at removing stimulus from the economy. The decision was widely expected, and many economists believe the FOMC will again hike rates by a half-point in June, though Ian Shepherdson of Pantheon Economics said, "After that we think all bets are off, given the likelihood of a steep, sustained drop in inflation, a clear softening in manufacturing, and a meltdown in housing market activity." Stock markets cheered the Fed move, closing sharply higher, with big gains in interest-sensitive tech shares.

US Fed makes biggest rate increase since 2000 to fight inflation

A number of global equity markets edged higher on Tuesday while 10-year US Treasury yields slid from the 3% level as investors remained cautious, expecting the Federal Reserve to hike rates to curb inflation.

US treasury yields slip from 3% level for first time since 2018

As sales growth missed Wall Street targets due to China's tough Covid-19 curbs, Starbucks has suspended its guidance for rest of fiscal years.

Starbucks misses sales estimates due to China's covid-19 curbs

Australia's central bank on Tuesday raised its cash rate by a surprisingly large 25 basis points to 0.35%, the first hike in over a decade, and flagged more to come as it pulls down the curtain on massive pandemic stimulus.

Australia's central bank hikes interest rates

Business jets are often associated with entertainers and top executives, they now account for a quarter of US flights it's roughly twice pre-pandemic share now according to research and consultancy agency wing six the continue if the boom continues there now private flying is a way of life for many executives and those who convert it from commercial flights are not going back for example

Covid-driven boom in private jets flying high

In an unexpected move, RBI Governor Shaktikanta Das announced on Wednesday that the Monetary Policy Committee (MPC) unanimously voted to raise the policy repo rate by 40 basis points (bps) to 4.40 percent with immediate effect, citing persistent inflationary pressures in the economy.&nbsp;

The RBI has raised borrowing rates for the first time since August 2018.

The MPC has also opted to remain accommodative while focusing on withdrawal, implying a reversal of the rate action in 2020, which saw 75 basis points slashed after the world economy was thrown into disarray following the COVID-19 epidemic.

Explaining the decision, he said, "MPC decided to hold an off-cycle meeting to reassess the inflation-growth dynamics.&nbsp;There is a collateral risk of inflated inflation for a long time. "

Persistent inflation pressures are becoming more acute, Governor Shaktikanta Das said in an online briefing, adding that there is a risk that prices stay at this level for "too long" and expectations become unanchored.&nbsp;

The bank’s next scheduled rate decision isn’t until June 8.

As inflation rose, the RBI became more hawkish in its April policy, shifting its focus from growth to inflation.&nbsp;

In March, headline inflation was 6.95 per cent, exceeding the Reserve Bank of India's 6 per cent comfort level for the third month in a row.&nbsp;

Price pressures are expected to rise even more in the coming months, according to economists.

The highlights of the Governor of the Reserve Bank of India's speech are listed below:&nbsp;

<ol>
	<li>From May 21, the Cash Reserve Ratio will be increased by 50 basis points to 4.5 per cent. 
	&nbsp;</li>
	<li>Inflation must be controlled in order for the Indian economy to remain stable, according to RBI Governor Shaktikanta Das. He went on to say that measures to keep prices stable will aid financial and macroeconomic stability. 
	&nbsp;</li>
	<li>The threat of input cost pressure is fueling a new round of pricing hikes. He emphasised that price increases will have an impact on inflation. 
	&nbsp;</li>
	<li>Nine out of the 12 food subgroups registered an increase in inflation in the month of March. High-frequency price indicators for April indicate the persistence of food price pressures. 
	 
	&nbsp;</li>
</ol>

&nbsp;

In an unexpected move, RBI Governor Shaktikanta Das announced on Wednesday that the Monetary Policy Committee (MPC) unanimously voted to raise the policy repo rate by 40 basis points (bps) to 4.

In an unexpected move, RBI Governor Shaktikanta Das announced on Wednesday that the Monetary Policy Committee (MPC) unanimously voted to raise the policy repo rate by 40 basis points (bps) to 4.40 percent with immediate effect, citing persistent inflationary pressures in the economy. The RBI has raised borrowing rates for the first time since August 2018. The MPC has also opted to remain accommodative while focusing on withdrawal, implying a reversal of the rate action in 2020, which saw 75 basis points slashed after the world economy was thrown into disarray following the COVID-19 epidemic. Explaining the decision, he said, "MPC decided to hold an off-cycle meeting to reassess the inflation-growth dynamics. There is a collateral risk of inflated inflation for a long time. " Persistent inflation pressures are becoming more acute, Governor Shaktikanta Das said in an online briefing, adding that there is a risk that prices stay at this level for "too long" and expectations become unanchored. The bank’s next scheduled rate decision isn’t until June 8. As inflation rose, the RBI became more hawkish in its April policy, shifting its focus from growth to inflation. In March, headline inflation was 6.95 per cent, exceeding the Reserve Bank of India's 6 per cent comfort level for the third month in a row. Price pressures are expected to rise even more in the coming months, according to economists. The highlights of the Governor of the Reserve Bank of India's speech are listed below: From May 21, the Cash Reserve Ratio will be increased by 50 basis points to 4.5 per cent. Inflation must be controlled in order for the Indian economy to remain stable, according to RBI Governor Shaktikanta Das. He went on to say that measures to keep prices stable will aid financial and macroeconomic stability. The threat of input cost pressure is fueling a new round of pricing hikes. He emphasised that price increases will have an impact on inflation. Nine out of the 12 food subgroups registered an increase in inflation in the month of March. High-frequency price indicators for April indicate the persistence of food price pressures.

RBI hikes rates by 40 basis points with immediate effect: Governor Shaktikanta Das

North Korea's isolated economy will not be insulated from global economic headwinds caused by the Ukraine war and the COVID-19 lockdowns in China, analysts said, with recently resumed border trade taking a hit and inflation exacerbating food shortages.

Shortages in North Korea's isolated economy, global problems may exacerbate

Tesla CEO Elon Musk is in talks with large investment firms and high net worth individuals, it's about taking on more financing for his 44 billion dollar acquisition of Twitter and tying up less of his wealth in the deal.

Tesla CEO Musk seeks to put in less money in Twitter deal financing

The rise in workers quitting their jobs and manufacturers becoming more anxious about supply over summer because of China's zero tolerance policy of COVID, US factory activity grew at its lowest space in more than one and a half years last month.

US manufacturing activity slowest in more than a year as workers quit

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.

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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;

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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;

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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