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Apple almost touched market value of USD 3 trillion on Monday. Apple has had a stunning run over the past decade that has turned it into world's most valuable company.

The company’s shares fell just over 2% on Monday to close at $175.74, reversing earlier gains that saw them approach the $182.86 price needed to record a $3 trillion market value.

Apple’s stock rose about 11% last week, extending its more than 30% year-to-date gain as investors remain confident that flush consumers will continue to pay top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music.

The iPhone maker's march from $2 trillion to near $3 trillion in market value took 16 months, as it led a group of megacap tech companies such as Google-parent Alphabet Inc and Amazon.com Inc that benefited from people and businesses relying heavily on technology during the pandemic.

By comparison, Apple's move from $1 trillion to $2 trillion took two years.

"It's now one of the more richly valued companies in the market, which shows the dominance of U.S. technology in the world and how confident investors are that it will remain in Apple’s hands," said Brian Frank, a portfolio manager at Frank Capital who sold his long-standing position in Apple in 2019 as the stock's valuation rose. "It seems like the stock has priced in every possible good outcome."

Among new revenue lines that investors expect are a possible Apple Car, alongside growth in service categories such as apps and TV that still remain well below the 65% of the company's revenues generated by sales of iPhones, said Daniel Morgan, senior portfolio manager at Synovus Trust Company.

Eclipsing the $3 trillion milestone would add another feather in the cap for Chief Executive Tim Cook, who took over after Steve Jobs resigned in 2011, and oversaw the company's expansion into new products and markets.

"Tim Cook has done an amazing job over the past decade, taking Apple's share price up over 1,400%," OANDA analyst Edward Moya said.

Apple shares have returned 22% per year since the 1990s, while the S&amp;P 500 has returned less than 9% annually in the same period.

(With inputs from agencies)

Apple almost touched market value of USD 3 trillion on Monday. Apple has had a stunning run over the past decade that has turned it into world's most valuable company.

Apple almost touched market value of USD 3 trillion on Monday. Apple has had a stunning run over the past decade that has turned it into world's most valuable company. The company’s shares fell just over 2% on Monday to close at $175.74, reversing earlier gains that saw them approach the $182.86 price needed to record a $3 trillion market value. Apple’s stock rose about 11% last week, extending its more than 30% year-to-date gain as investors remain confident that flush consumers will continue to pay top dollar for iPhones, MacBooks and services such as Apple TV and Apple Music. The iPhone maker's march from $2 trillion to near $3 trillion in market value took 16 months, as it led a group of megacap tech companies such as Google-parent Alphabet Inc and Amazon.com Inc that benefited from people and businesses relying heavily on technology during the pandemic. By comparison, Apple's move from $1 trillion to $2 trillion took two years. "It's now one of the more richly valued companies in the market, which shows the dominance of U.S. technology in the world and how confident investors are that it will remain in Apple’s hands," said Brian Frank, a portfolio manager at Frank Capital who sold his long-standing position in Apple in 2019 as the stock's valuation rose. "It seems like the stock has priced in every possible good outcome." Among new revenue lines that investors expect are a possible Apple Car, alongside growth in service categories such as apps and TV that still remain well below the 65% of the company's revenues generated by sales of iPhones, said Daniel Morgan, senior portfolio manager at Synovus Trust Company. Eclipsing the $3 trillion milestone would add another feather in the cap for Chief Executive Tim Cook, who took over after Steve Jobs resigned in 2011, and oversaw the company's expansion into new products and markets. "Tim Cook has done an amazing job over the past decade, taking Apple's share price up over 1,400%," OANDA analyst Edward Moya said. Apple shares have returned 22% per year since the 1990s, while the S&P 500 has returned less than 9% annually in the same period. (With inputs from agencies)

Apple approaches USD 3 trillion market value mark

Direct-to-home television service provider&nbsp;Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board.

The bank, which owns nearly 26% of Dish TV, had sent a notice for an extraordinary general meeting (EGM) of shareholders to seek approval for its proposal to revamp the board. The EGM is scheduled for December 30.

In its complaint to the Securities Exchange Board of India (SEBI), Jawahar Goel-backed Dish TV said YES Bank violated India's takeover regulations by not announcing an open offer while seeking to oust the board of directors.

Under Indian regulations, such a move should have triggered an open offer.

In an open offer, which is a secondary market operation, a company may offer its existing shareholders the right to buy new shares at a discount to the market price.

 
YES Bank, along with IDBI Trusteeship Services Ltd, owns 25.63% stake in Dish TV, which the lender acquired after invocation of pledged shares in 2020.&nbsp;

YES Bank did not make an open offer of shares as per law, allegedly taking the stance that it had acquired the shares pursuant to invocation of pledged shares.

 
Dish TV maintains that the exemption became invalid the moment the bank sent a notice in September to oust the existing board members and appoint new directors nominated by the bank as it amounts to taking control of the company.

“The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations," Dish TV said in its complaint to SEBI.&nbsp;

"If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution (s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company.”

The company said the notices would have necessitated an open offer to be made by YES Bank for acquiring shares from the public shareholders. “No such public announcement has been made by YES Bank, and thus, the aforesaid notices are in violation of the Takeover Regulations.”

Dish TV said that even if YES Bank makes an open offer, there remains a possibility that the shareholding of YES Bank in the company may cross 30%, “which shall be in complete violation of Section 19 of the Banking Regulation Act, 1949 (BR Act). Section 19 of the BR Act prescribes that no banking company shall hold shares in any company, whether as pledgee, mortgagee, or absolute owner, of an amount exceeding 30 per cent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves, whichever is less.”&nbsp;

The company has asked SEBI to investigate the actions of YES Bank in proposing the revamping of the board.

“The company further requests your good offices to issue necessary directions in the matter to YES Bank to immediately withdraw the EGM notice sent to the company and to cease and desist from taking any further actions in respect of the EGM notice and not continue the violations of the Takeover Regulations,” Dish TV said.

Direct-to-home television service provider Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board.

Direct-to-home television service provider Dish TV has moved India's securities regulator against Yes Bank for violating takeover regulations of the country while allegedly attempting to oust its board. The bank, which owns nearly 26% of Dish TV, had sent a notice for an extraordinary general meeting (EGM) of shareholders to seek approval for its proposal to revamp the board. The EGM is scheduled for December 30. In its complaint to the Securities Exchange Board of India (SEBI), Jawahar Goel-backed Dish TV said YES Bank violated India's takeover regulations by not announcing an open offer while seeking to oust the board of directors. Under Indian regulations, such a move should have triggered an open offer. In an open offer, which is a secondary market operation, a company may offer its existing shareholders the right to buy new shares at a discount to the market price. YES Bank, along with IDBI Trusteeship Services Ltd, owns 25.63% stake in Dish TV, which the lender acquired after invocation of pledged shares in 2020. YES Bank did not make an open offer of shares as per law, allegedly taking the stance that it had acquired the shares pursuant to invocation of pledged shares. Dish TV maintains that the exemption became invalid the moment the bank sent a notice in September to oust the existing board members and appoint new directors nominated by the bank as it amounts to taking control of the company. “The company believes that the actions of YES Bank in sending the September 3 notices, September 9 notices and the EGM notice are in violation of the Takeover Regulations," Dish TV said in its complaint to SEBI. "If YES Bank’s proposal to appoint certain individuals to the board of the company, together with the resolution (s) proposed for removal of the existing directors (except for Anil Kumar Dua), is given effect, it shall lead to YES Bank acquiring control over the company.” The company said the notices would have necessitated an open offer to be made by YES Bank for acquiring shares from the public shareholders. “No such public announcement has been made by YES Bank, and thus, the aforesaid notices are in violation of the Takeover Regulations.” Dish TV said that even if YES Bank makes an open offer, there remains a possibility that the shareholding of YES Bank in the company may cross 30%, “which shall be in complete violation of Section 19 of the Banking Regulation Act, 1949 (BR Act). Section 19 of the BR Act prescribes that no banking company shall hold shares in any company, whether as pledgee, mortgagee, or absolute owner, of an amount exceeding 30 per cent of the paid-up share capital of that company or 30 per cent of its own paid-up share capital and reserves, whichever is less.” The company has asked SEBI to investigate the actions of YES Bank in proposing the revamping of the board. “The company further requests your good offices to issue necessary directions in the matter to YES Bank to immediately withdraw the EGM notice sent to the company and to cease and desist from taking any further actions in respect of the EGM notice and not continue the violations of the Takeover Regulations,” Dish TV said.

Dish TV moves India's securities regulator SEBI against Yes Bank for violating takeover regulations

Italy's antitrust watchdog said that it had fined Amazon with 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance, it is considered one of the biggest penalties imposed on a US tech giant in Europe.

Italy fines Amazon record $1.3 billion for abuse of market dominance

In a move to lower emissions and promote electric cars, the US government plans to end purchases of gas-powered vehicles by 2035 in a move to lower emissions and promote electric cars under an executive order signed by President Joe Biden.

US government to go electric by 2035, move aims to lower emissions, promote EVs

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector.

The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation.

<a href="https://www.wionews.com/world/embattled-chinese-firm-evergrande-braces-for-debt-deadline-434542">Also Read:&nbsp;&nbsp;Embattled Chinese firm, Evergrande, braces for debt deadline</a>

Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to complete projects, pay contractors and meet both domestic and foreign repayments.

Real estate behemoth&nbsp;Evergrande&nbsp;has been the highest-profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt.

On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm's status to a restricted default rating.&nbsp;

Fitch also confirmed Kaisa, a smaller property company but one of China's most indebted had also defaulted on $400 million of bonds.

Evergrande's troubles first surfaced in the summer when it made clear how heavily leveraged the firm had become.&nbsp;

The eye-watering figures shook China's credit markets because the sheer size of the company and the potential fallout&nbsp;should it collapse.

Last month it missed its first foreign bond repayment but there was a 30-day grace period attached. That ran out on Tuesday with some bond owners complaining they had yet to be repaid.&nbsp;

Questions have swirled over whether&nbsp;Evergrande&nbsp;is simply too big to be allowed to fail, given its collapse could send shock waves through the wider Chinese economy.

But signs now point to Beijing being willing to close the chapter on the 25-year-old real estate empire that has typified China's breakneck growth in recent decades.

After&nbsp;Evergrande&nbsp;said Friday it may not be able to meet its financial obligations, the government summoned the company's founder and announced several moves that have given the clearest picture yet of Beijing's plans to end the crisis.

A new seven-strong "risk management committee" has been set up to manage the restructuring. Only two executives from the company are on the committee -- others include officials from state entities.

Guangdong's provincial government is also sending a working team to the company, which analysts at Jefferies said indicated a "potential takeover of&nbsp;Evergrande".

Kaisa is China's 27th-largest real estate firm, a minnow compared to&nbsp;Evergrande.&nbsp;But its default will do little to calm investor nerves.

According to Bloomberg News, before Thursday, at least 10 lower-rated real estate firms have now defaulted on onshore or offshore bonds since the summer.

Before Thursday, Chinese borrowers had defaulted on a record $10.2 billion of offshore bonds, Bloomberg had reported, with real estate firms accounting for 36 pe rcent of those non-repayments.

&nbsp;

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector.

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector. The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation. Also Read: Embattled Chinese firm, Evergrande, braces for debt deadline Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to complete projects, pay contractors and meet both domestic and foreign repayments. Real estate behemoth Evergrande has been the highest-profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt. On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm's status to a restricted default rating. Fitch also confirmed Kaisa, a smaller property company but one of China's most indebted had also defaulted on $400 million of bonds. Evergrande's troubles first surfaced in the summer when it made clear how heavily leveraged the firm had become. The eye-watering figures shook China's credit markets because the sheer size of the company and the potential fallout should it collapse. Last month it missed its first foreign bond repayment but there was a 30-day grace period attached. That ran out on Tuesday with some bond owners complaining they had yet to be repaid. Questions have swirled over whether Evergrande is simply too big to be allowed to fail, given its collapse could send shock waves through the wider Chinese economy. But signs now point to Beijing being willing to close the chapter on the 25-year-old real estate empire that has typified China's breakneck growth in recent decades. After Evergrande said Friday it may not be able to meet its financial obligations, the government summoned the company's founder and announced several moves that have given the clearest picture yet of Beijing's plans to end the crisis. A new seven-strong "risk management committee" has been set up to manage the restructuring. Only two executives from the company are on the committee -- others include officials from state entities. Guangdong's provincial government is also sending a working team to the company, which analysts at Jefferies said indicated a "potential takeover of Evergrande". Kaisa is China's 27th-largest real estate firm, a minnow compared to Evergrande. But its default will do little to calm investor nerves. According to Bloomberg News, before Thursday, at least 10 lower-rated real estate firms have now defaulted on onshore or offshore bonds since the summer. Before Thursday, Chinese borrowers had defaulted on a record $10.2 billion of offshore bonds, Bloomberg had reported, with real estate firms accounting for 36 pe rcent of those non-repayments.

Evergrande defaulted on over $1.2 billion worth bond debt: Fitch

Bad news for those workers who were protesting against a US-based multinational food manufacturing company Kellogg's as it announced that it is permanently replacing most of 1,400 workers who went on strike over a new system that cuts workers' pay and benefits.&nbsp;

A statement by Kellogg's read: "We are disappointed that the tentative agreement for a master contract over our four U.S. cereal plants was not ratified by employees."

"The prolonged work stoppage has left us no choice but to hire permanent replacement employees in positions vacated by striking workers. These are great jobs and posting for permanent positions helps us find qualified people to fill them," the statement added.&nbsp;

ALSO READ | <a href="https://www.wionews.com/world/to-avert-regulatory-actions-apples-ceo-inked-275-billion-deal-with-chinese-officials-says-report-435010">To avert regulatory actions, Apple’s CEO inked $275 billion deal with Chinese officials, says report</a>

As per reports, the workers have been on strike for over two months. They are raising their voices against unpaid overtime, extended shifts etc. Trevor Bidelman, who is the president of BCTGM Local3G told The Guardian.&nbsp;

Bidelman said, "This is after just one year ago, we were hailed as heroes, as we worked through the pandemic, seven days a week, 16 hours a day. Now apparently, we are no longer heroes."&nbsp;

Reports have also claimed that the temporary replacements were already been working at the company's cereal plants in Michigan, Nebraska, Pennsylvania and Tennessee.&nbsp;

Ken Hurley, the head of labour relations at Kellogg's, said in a video the company posted on its official website that Kellogg's has tried to address the unio's main concerns about its two-tiered pay system, wages and benefits in its offer.&nbsp;

"We don't have weekends, really. We just work seven days a week, sometimes 100 to 130 days in a row. For 28 days, the machines run, then rest three days for cleaning. They don’t even treat us as well as they do their machinery." Hurley added.&nbsp;

Bad news for those workers who were protesting against a US-based multinational food manufacturing company Kellogg's as it announced that it is permanently replacing most of 1,400 workers who went on strike over a new system that cuts workers' pay and benefits.

Bad news for those workers who were protesting against a US-based multinational food manufacturing company Kellogg's as it announced that it is permanently replacing most of 1,400 workers who went on strike over a new system that cuts workers' pay and benefits. A statement by Kellogg's read: "We are disappointed that the tentative agreement for a master contract over our four U.S. cereal plants was not ratified by employees." "The prolonged work stoppage has left us no choice but to hire permanent replacement employees in positions vacated by striking workers. These are great jobs and posting for permanent positions helps us find qualified people to fill them," the statement added. ALSO READ | To avert regulatory actions, Apple’s CEO inked $275 billion deal with Chinese officials, says report As per reports, the workers have been on strike for over two months. They are raising their voices against unpaid overtime, extended shifts etc. Trevor Bidelman, who is the president of BCTGM Local3G told The Guardian. Bidelman said, "This is after just one year ago, we were hailed as heroes, as we worked through the pandemic, seven days a week, 16 hours a day. Now apparently, we are no longer heroes." Reports have also claimed that the temporary replacements were already been working at the company's cereal plants in Michigan, Nebraska, Pennsylvania and Tennessee. Ken Hurley, the head of labour relations at Kellogg's, said in a video the company posted on its official website that Kellogg's has tried to address the unio's main concerns about its two-tiered pay system, wages and benefits in its offer. "We don't have weekends, really. We just work seven days a week, sometimes 100 to 130 days in a row. For 28 days, the machines run, then rest three days for cleaning. They don’t even treat us as well as they do their machinery." Hurley added.

Kellogg's permanently replacing most of 1,400 workers who were striking as contract is rejected

Trading in shares of embattled Chinese developer Kaisa Group Holdings was suspended on Wednesday, according to the Hong Kong stock exchange.

Trading in shares of Chinese developer Kaisa suspended: Report

China Evergrande Group has set up a risk management committee as the cash-strapped property developer inches closer to a debt restructuring that has loomed for months over global markets. The group shares were up by 7% in early trading.

China's Evergrande shares up over 7%, inching towards debt restructuring

Australia's Qantas Airways Ltd expects to reach more than 115% of its pre-COVID domestic capacity levels by April as Australian state borders open.

Qantas expects to reach 115% of pre-COVID domestic capacity levels by April

The Japanese government is considering raising its economic growth forecast for fiscal 2022 to take into account the effects of its record $490 billion stimulus package.

Japan govt considering lifting FY2022 economic growth forecast

Shares of China's Evergrande group are sliding 11% down after the world's most indebted developers said that there was no guarantee that it could have enough funds to meet debt repayments.

'No guarantee on repayments,' says Evergrande world's most indebted developer

The International Monetary Fund is likely to lower its global economic growth estimates due to the new&nbsp;Omicron&nbsp;variant of the coronavirus, the global lender's chief said at the Reuters Next conference on Friday in another sign of the turmoil unleashed by the ever-changing pandemic.

Omicron&nbsp;has spread rapidly to at least 40 countries since it was first reported in South Africa last week, officials say, and many governments have tightened travel rules to try to keep it out.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-omicron-cases-spread-to-over-30-countries-433961/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"A new variant that may spread very rapidly can dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth," IMF Managing Director Kristalina Georgieva told the conference.

Much remains unknown about&nbsp;Omicron. Researchers said it could have picked up genetic material from another virus, perhaps one that causes the common cold, which would allow it to more easily evade human immune system defences.

Also read |&nbsp;<a href="https://www.wionews.com/world/omicron-variant-highly-transmissible-could-become-dominant-says-whos-top-scientist-433999">Omicron highly transmissible, could become dominant, says WHO's top scientist</a>

Parts of Europe and the United States are grappling with a wave of infections of the more familiar Delta variant. The new strain could further destabilize economies that are still emerging from COVID-19 related lockdowns and disruptions.

A corporate Christmas party in the Norwegian capital Oslo resulted in at least 13 infections, making it the biggest outbreak outside of South Africa, officials said.

The World Health Organization's (WHO) chief scientist Soumya Swaminathan told Reuters Next that the fast-spreading variant would have to become more transmissible to out-compete Delta, which accounts for 99 per cent&nbsp;of current transmissions.

"We need to be prepared and cautious, not panic, because we're in a different situation to a year ago," she said.

Also read |&nbsp;<a href="https://www.wionews.com/world/as-fears-of-new-covid-variant-looms-europe-surpasses-75-million-covid-cases-433994">As fears of new Covid variant looms, Europe surpasses 75 million Covid cases</a>

WHO's emergencies director Mike Ryan said there was no evidence that existing vaccines needed to be modified to fight&nbsp;Omicron. He said officials should work on getting more people inoculated with vaccines currently on the market.

"We need to focus on getting people most at risk vaccinated," Ryan said at a social media event.

However, WHO spokesman Christian Lindmeier told a United Nations briefing in Geneva that vaccine makers should prepare for the likelihood of adjusting their products.

Ugur Sahin, CEO of Germany's BioNTech, which makes a COVID-19 vaccine with Pfizer, told Reuters Next the company should be able to adapt the shots relatively quickly.

Sahin also said current vaccines should continue to provide protection against severe disease, despite mutations.

"I believe in principle at a certain timepoint we will need a new vaccine against this new variant. The question is how urgent it needs to be available," Sahin said.

Worrying gaps in vaccination

Australia became the latest country to report community transmission of the new variant. Officials have found the new strain in 10 US&nbsp;states, adding another challenge to a healthcare system that is already dealing with more COVID-19 illness caused by Delta.

More than 264 million people have been reported to be infected by the coronavirus since it was first detected in central China in late 2019 and 5.49 million people have died, according to a Reuters tally.

Cases in Europe, the pandemic's current epicentre, crossed the 75 million mark on Friday.

Vaccination rates vary from country to country but there are worrying gaps in poorer nations. Indonesia, the world's fourth most populous country and once Asia's COVID-19 epicentre, has fully inoculated only about 35 per cent&nbsp;of its population.

In the United States, fewer than 60 per cent&nbsp;of the population have been fully vaccinated, one of the lowest rates among wealthy nations.

Aside from wreaking havoc in the travel industry, the clampdown has pounded financial markets and undermined major economies just as they were beginning to recover from the lockdowns triggered by Delta.

Germany said it would bar the unvaccinated from all but essential businesses, and legislation to make vaccination mandatory would be drafted for early next year.

Several countries, including Britain and the United States, were bringing forward plans to offer booster shots, but, like travel bans, they are controversial.

Many scientists say the way to stop the virus spreading is to make sure poorer countries have access to vaccines, not to give blanket booster shots to people in richer countries.

The International Monetary Fund is likely to lower its global economic growth estimates due to the new Omicron variant of the coronavirus, the global lender's chief said at the Reuters Next conference on Friday in another sign of the turmoil unleashed by the ever-changing pandemic.

The International Monetary Fund is likely to lower its global economic growth estimates due to the new Omicron variant of the coronavirus, the global lender's chief said at the Reuters Next conference on Friday in another sign of the turmoil unleashed by the ever-changing pandemic. Omicron has spread rapidly to at least 40 countries since it was first reported in South Africa last week, officials say, and many governments have tightened travel rules to try to keep it out. "A new variant that may spread very rapidly can dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth," IMF Managing Director Kristalina Georgieva told the conference. Much remains unknown about Omicron. Researchers said it could have picked up genetic material from another virus, perhaps one that causes the common cold, which would allow it to more easily evade human immune system defences. Also read | Omicron highly transmissible, could become dominant, says WHO's top scientist Parts of Europe and the United States are grappling with a wave of infections of the more familiar Delta variant. The new strain could further destabilize economies that are still emerging from COVID-19 related lockdowns and disruptions. A corporate Christmas party in the Norwegian capital Oslo resulted in at least 13 infections, making it the biggest outbreak outside of South Africa, officials said. The World Health Organization's (WHO) chief scientist Soumya Swaminathan told Reuters Next that the fast-spreading variant would have to become more transmissible to out-compete Delta, which accounts for 99 per cent of current transmissions. "We need to be prepared and cautious, not panic, because we're in a different situation to a year ago," she said. Also read | As fears of new Covid variant looms, Europe surpasses 75 million Covid cases WHO's emergencies director Mike Ryan said there was no evidence that existing vaccines needed to be modified to fight Omicron. He said officials should work on getting more people inoculated with vaccines currently on the market. "We need to focus on getting people most at risk vaccinated," Ryan said at a social media event. However, WHO spokesman Christian Lindmeier told a United Nations briefing in Geneva that vaccine makers should prepare for the likelihood of adjusting their products. Ugur Sahin, CEO of Germany's BioNTech, which makes a COVID-19 vaccine with Pfizer, told Reuters Next the company should be able to adapt the shots relatively quickly. Sahin also said current vaccines should continue to provide protection against severe disease, despite mutations. "I believe in principle at a certain timepoint we will need a new vaccine against this new variant. The question is how urgent it needs to be available," Sahin said. Worrying gaps in vaccination Australia became the latest country to report community transmission of the new variant. Officials have found the new strain in 10 US states, adding another challenge to a healthcare system that is already dealing with more COVID-19 illness caused by Delta. More than 264 million people have been reported to be infected by the coronavirus since it was first detected in central China in late 2019 and 5.49 million people have died, according to a Reuters tally. Cases in Europe, the pandemic's current epicentre, crossed the 75 million mark on Friday. Vaccination rates vary from country to country but there are worrying gaps in poorer nations. Indonesia, the world's fourth most populous country and once Asia's COVID-19 epicentre, has fully inoculated only about 35 per cent of its population. In the United States, fewer than 60 per cent of the population have been fully vaccinated, one of the lowest rates among wealthy nations. Aside from wreaking havoc in the travel industry, the clampdown has pounded financial markets and undermined major economies just as they were beginning to recover from the lockdowns triggered by Delta. Germany said it would bar the unvaccinated from all but essential businesses, and legislation to make vaccination mandatory would be drafted for early next year. Several countries, including Britain and the United States, were bringing forward plans to offer booster shots, but, like travel bans, they are controversial. Many scientists say the way to stop the virus spreading is to make sure poorer countries have access to vaccines, not to give blanket booster shots to people in richer countries.

IMF chief says Omicron could dent global economic growth

China-listed companies are increasingly divesting real estate businesses amid stricter regulatory scrutiny of the industry, according to filings and state media, in a year dominated by headlines of financial woe at China Evergrande Group.

China-listed firms rush to divest property businesses amid real-estate crackdown

Apple Inc has told its component suppliers that demand for the iPhone 13 lineup has slowed, people familiar with the matter said, signalling that some consumers have decided against trying to get the hard-to-find item.

Apple: Demand for iPhone 13 weakens

Volkswagen's premium automaker Audi's joint venture to build electric vehicles in China with state-owned FAW Group is behind schedule due to a delay in approval by the relevant authorities.

Approval for Audi-FAW electric vehicle venture in China delayed

JPMorgan Chase Chief Executive Jamie Dimon said on Wednesday he regretted his remarks that the Wall Street bank would last longer than China's Communist Party, moving quickly to avoid any longer-term fallout.

JP Morgan CEO comment on communist party didn't go well

The number of Americans filing new claims for unemployment benefits dropped to a 52-year low last week, suggesting economic activity was accelerating as a year ravaged by shortages, high inflation, and an unrelenting pandemic drawing to a close now.

United States third-quarter GDP growth revised up to 2.1%

Millions of Americans travel to visit their loved ones for the Thanksgiving holidays in the US. Airports and commercial airlines are registering busiest days since the pandemic began.

United States: Air travel to be busiest on Thanksgiving since pandemic began

Driven by strong demand and almost a decade after it stopped its services in India, American Airlines has started flying nonstop from JFK Airport to IGI Airport.

American Airlines bets on non-stop travel demand

New Zealand will keep its borders closed to most international travelers for a further five months, the government said on Wednesday, outlining a cautious easing of coronavirus border curbs that have been in place since the Covid hit in March 2020.

New Zealand to open from April next year

The US tech giants Amazon and Apple have been penalized in Italy for alleged anti-competitive cooperation and price-fixing in the sale of some of their products.

Amazon, Apple handed $225 million in Italian antitrust fines

Inflation is now at 20% in Turkey, as the Lira which is the official currency of Turkey has hit a record low of 13.44 against the US Dollar. Turkish currency crashed by 8% in a single day but recovered by a few cents later.

Turkey: Lira crashed to a new low of 13.44 against the dollar

Spicejet will induct 50 Boeing 737 max planes by 2022-23. Spicejet hopes to phase out its older 737 older Boeing 77 800 ng and replace them with fuel-efficient max planes.

India: Spicejet's global operations to be expanded

The majority of children born in the developed world now have a good chance of making it to their 100th birthday. They are also on track to live, learn, work and retire in systems and institutions that were set up when their grandparents were children.

Career and education in the United States (and in much of the developed world) evolved to meet the needs of a different era than the one we currently live in — one in which the (mostly white and male) people who received postsecondary education completed it all in their 20s; in which people retired from work by age 65 and often died just a decade or so later; and in which half the population (the female one, of course) was expected to remain available full time for family caregiving needs.

But as improvements in infant mortality and health care added decades of life expectancy at birth — and, for the most well-off, many additional years of health in older age — lives in the developed world evolved faster than the institutions designed to support them, said Laura Carstensen, a psychology professor at Stanford University and the founding director of the Stanford Center on Longevity.

As a result, we’re spending these longer lives stressed out by the pressures of conforming to systems that don’t really fit — not in the later stage of life, or the decades that come before it.

“Humans are social creatures. We are very sensitive to culture, and the culture that we’re living in today is one that evolved around lives half as long,” she said. “It just doesn’t work. We need new sets of social scripts and norms that will accommodate much longer lives.”

Carstensen and her colleagues at the Center on Longevity are proposing a potential route out of this mess. This month, the center published a report titled “The New Map of Life” — a blueprint for what education, careers, cities and life transitions could look like if they were designed for lives that span a century (or more).

One of the report’s central theses is that modern life has a pacing problem. Middle age is uncomfortably crammed with career and caregiving responsibilities, while many older people find themselves with neither enough purpose, connection or income to live comfortably.

As of 2016, nearly half of households headed by a person 55 or older in the United States had no retirement savings, according to an estimate by the U.S. Government Accountability Office.

To even out the pace, “The New Map of Life” recommends that education be a lifelong project rather than a sprint crammed into childhood and early adulthood, and that careers be spread out so that people work for more years, but with fewer workdays in the week and fewer hours in the day.

The report also suggests more investment in early childhood, which it says would ultimately improve outcomes in every stage of life, and for normalizing and supporting transitions in and out of the workforce as people have children, care for vulnerable family members or endure illness.

“We need to stretch out life,” Carstensen said. “This is an enormous opportunity to improve quality of life at all ages.”

It took three years for the Stanford researchers to create the report. Changing ossified institutions and entrenched cultural expectations would take much longer.

“I think it’s water dripping on a stone,” said Andrew Scott, a consulting scholar at Stanford’s Center on Longevity.

There’s cultural precedence for reimagining the life span, Scott pointed out: the modern concept of both the teenage years and retirement as distinct phases of life emerged only in the last century.

But polarization and political sclerosis have made policy change a lot more difficult than it was in the middle of the 20th century. The pandemic highlighted the increasing desperation many families face as they navigate work and caregiving, while deepening the political divides that prevent meaningful action.

The social spending bill proposed by the Biden administration initially contained a number of policies that directly addressed many of the issues mentioned in the report, including two years of free community college, 12 weeks of paid family leave and a permanent extension of the child credit. All have been dropped or drastically scaled back.

For now, the kind of life course outlined in “The New Map of Life” — one in which people have access to multiple education and career opportunities, and reach old age with decent health and economic stability — is by no means a universal experience. Virtually every factor that contributes to longer, healthier lives — quality health care, sufficient nutrition, access to exercise and safe living conditions — is easier to obtain the wealthier you are.

And a 2015 study from the National Academies of Sciences found that nearly all life expectancy gains from people born in 1930 and 1960 went to people in the top 60% of the income distribution.

“Longer lives exacerbate inequality,” said Ilana Horwitz, a sociologist and assistant professor of Jewish Studies at Tulane University who was one of nine postdoctoral fellows at the Center on Longevity assigned to the project.

The report outlines how we might make aging, which is really just another word for living, a healthier and more equitable experience for all. The tricky part is convincing lawmakers, employers, educational institutions and the public to consider alternatives to some of our culture’s most deeply ingrained patterns.

The center is working now on appointing new research fellows who will study how to make these suggestions reality. A map becomes a lot more useful once you actually get moving.

“Life will change,” Carstensen said. “The hard thing is knowing what the first step should be. In many ways, we’re at the hardest part.” 
&nbsp;

The majority of children born in the developed world now have a good chance of making it to their 100th birthday. They are also on track to live, learn, work and retire in systems and institutions that were set up when their grandparents were children.

The majority of children born in the developed world now have a good chance of making it to their 100th birthday. They are also on track to live, learn, work and retire in systems and institutions that were set up when their grandparents were children. Career and education in the United States (and in much of the developed world) evolved to meet the needs of a different era than the one we currently live in — one in which the (mostly white and male) people who received postsecondary education completed it all in their 20s; in which people retired from work by age 65 and often died just a decade or so later; and in which half the population (the female one, of course) was expected to remain available full time for family caregiving needs. But as improvements in infant mortality and health care added decades of life expectancy at birth — and, for the most well-off, many additional years of health in older age — lives in the developed world evolved faster than the institutions designed to support them, said Laura Carstensen, a psychology professor at Stanford University and the founding director of the Stanford Center on Longevity. As a result, we’re spending these longer lives stressed out by the pressures of conforming to systems that don’t really fit — not in the later stage of life, or the decades that come before it. “Humans are social creatures. We are very sensitive to culture, and the culture that we’re living in today is one that evolved around lives half as long,” she said. “It just doesn’t work. We need new sets of social scripts and norms that will accommodate much longer lives.” Carstensen and her colleagues at the Center on Longevity are proposing a potential route out of this mess. This month, the center published a report titled “The New Map of Life” — a blueprint for what education, careers, cities and life transitions could look like if they were designed for lives that span a century (or more). One of the report’s central theses is that modern life has a pacing problem. Middle age is uncomfortably crammed with career and caregiving responsibilities, while many older people find themselves with neither enough purpose, connection or income to live comfortably. As of 2016, nearly half of households headed by a person 55 or older in the United States had no retirement savings, according to an estimate by the U.S. Government Accountability Office. To even out the pace, “The New Map of Life” recommends that education be a lifelong project rather than a sprint crammed into childhood and early adulthood, and that careers be spread out so that people work for more years, but with fewer workdays in the week and fewer hours in the day. The report also suggests more investment in early childhood, which it says would ultimately improve outcomes in every stage of life, and for normalizing and supporting transitions in and out of the workforce as people have children, care for vulnerable family members or endure illness. “We need to stretch out life,” Carstensen said. “This is an enormous opportunity to improve quality of life at all ages.” It took three years for the Stanford researchers to create the report. Changing ossified institutions and entrenched cultural expectations would take much longer. “I think it’s water dripping on a stone,” said Andrew Scott, a consulting scholar at Stanford’s Center on Longevity. There’s cultural precedence for reimagining the life span, Scott pointed out: the modern concept of both the teenage years and retirement as distinct phases of life emerged only in the last century. But polarization and political sclerosis have made policy change a lot more difficult than it was in the middle of the 20th century. The pandemic highlighted the increasing desperation many families face as they navigate work and caregiving, while deepening the political divides that prevent meaningful action. The social spending bill proposed by the Biden administration initially contained a number of policies that directly addressed many of the issues mentioned in the report, including two years of free community college, 12 weeks of paid family leave and a permanent extension of the child credit. All have been dropped or drastically scaled back. For now, the kind of life course outlined in “The New Map of Life” — one in which people have access to multiple education and career opportunities, and reach old age with decent health and economic stability — is by no means a universal experience. Virtually every factor that contributes to longer, healthier lives — quality health care, sufficient nutrition, access to exercise and safe living conditions — is easier to obtain the wealthier you are. And a 2015 study from the National Academies of Sciences found that nearly all life expectancy gains from people born in 1930 and 1960 went to people in the top 60% of the income distribution. “Longer lives exacerbate inequality,” said Ilana Horwitz, a sociologist and assistant professor of Jewish Studies at Tulane University who was one of nine postdoctoral fellows at the Center on Longevity assigned to the project. The report outlines how we might make aging, which is really just another word for living, a healthier and more equitable experience for all. The tricky part is convincing lawmakers, employers, educational institutions and the public to consider alternatives to some of our culture’s most deeply ingrained patterns. The center is working now on appointing new research fellows who will study how to make these suggestions reality. A map becomes a lot more useful once you actually get moving. “Life will change,” Carstensen said. “The hard thing is knowing what the first step should be. In many ways, we’re at the hardest part.”

As we live longer, how should life change? There is a blueprint.

Will 2021 be the year for Bitcoin? The cryptocurrency has registered a staggering rally but Bitcoin's meteoric rise comes at huge cost. It is a major energy consumer, in fact, it consumes more energy that several nations, here's a report.

Bitcoin is a major energy consumer, explaining the cryptocurrency's meteoric rise

The merger of Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) is on track and “in the final stages of stitching up”, said Punit Goenka, Managing Director and Chief Executive Officer (MD &amp; CEO) of ZEEL.&nbsp;

Delivering a keynote address at APOS India Summit on Tuesday, Goenka said that the merger will generate great value to all the stakeholders and benefit the industry overall, the Economic Times reported.

“ZEE and Sony will form the largest media entertainment player in the country. Our revenues on a standalone basis combined will be close to $2 billion, and the capital that Sony is going to infuse in the merged entity ($1.575 billion) will give us the opportunity to invest in premium content, including sports. We will be able to generate great value for our stakeholders," he said.

Goenka further said that the merged entity will focus on sports in view of the greater monetisation opportunities.&nbsp;

“The opportunity is great. The digital landscape has opened up new opportunities for monetisation, which did not exist five years ago. Certainly, sports will become an area of interest,” he said.

“The merged entity will focus on sports. We just finished non-compete on sports with Sony and it's coming full circle,” he added.&nbsp;

Goenka said that before the pandemic, no one thought 4-5 crore people would pay for content.

"They may not be paying a great deal of money, but they are willing to pay. That number will exponentially grow. the Indian subscription video on demand (SVOD) market will grow to 20 crores in the next five years," he said.

The merger of Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) is on track and “in the final stages of stitching up”, said Punit Goenka, Managing Director and Chief Executive Officer (MD & CEO) of ZEEL.

The merger of Zee Entertainment Enterprises Limited (ZEEL) and Sony Pictures Networks India (SPNI) is on track and “in the final stages of stitching up”, said Punit Goenka, Managing Director and Chief Executive Officer (MD & CEO) of ZEEL. Delivering a keynote address at APOS India Summit on Tuesday, Goenka said that the merger will generate great value to all the stakeholders and benefit the industry overall, the Economic Times reported. “ZEE and Sony will form the largest media entertainment player in the country. Our revenues on a standalone basis combined will be close to $2 billion, and the capital that Sony is going to infuse in the merged entity ($1.575 billion) will give us the opportunity to invest in premium content, including sports. We will be able to generate great value for our stakeholders," he said. Goenka further said that the merged entity will focus on sports in view of the greater monetisation opportunities. “The opportunity is great. The digital landscape has opened up new opportunities for monetisation, which did not exist five years ago. Certainly, sports will become an area of interest,” he said. “The merged entity will focus on sports. We just finished non-compete on sports with Sony and it's coming full circle,” he added. Goenka said that before the pandemic, no one thought 4-5 crore people would pay for content. "They may not be paying a great deal of money, but they are willing to pay. That number will exponentially grow. the Indian subscription video on demand (SVOD) market will grow to 20 crores in the next five years," he said.

ZEEL-Sony merger in final stages of stitching up: ZEEL MD & CEO Punit Goenka