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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.

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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

CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick &amp; Struggles found.

The findings illustrate how CEOs are not immune to the exhaustion that has swept hundreds of millions of workers worldwide since the onset of the pandemic and has pushed many to consider a new job or lifestyle in a wave dubbed "The Great Resignation."

"Our belief is that it will only accelerate going into next year as people have delayed their retirements," said Jeff Sanders, co-managing partner of Heidrick's global CEO and board practice.

There were 103 CEO appointments in the first half of 2021 out of 1,095 companies in 24 regions that Heidrick studied, including the United States, China and some European countries.

Six months prior, in the second half of 2020, 49 companies changed CEOs, according to the study.

Most companies kept their leaders in place last year as they closed ranks to deal with the challenges of the pandemic. But as it receded with the help of vaccines, companies felt they were stable enough to find a new leader, Sanders said.

"Many CEOs didn't have to travel as much," which helped them preserve their energy, Sanders said. But communicating "virtually" in a new medium was "exhausting," he said.

The reluctance of many boards to meet CEO candidates physically or place risky bets on outsiders while the pandemic lingers favored internal applicants, the study found. Nearly two-thirds of new CEOs were internal candidates, up from just a little over half during the same period in 2020.

Women made up 13% of the new CEOs in the first half of this year, up from 6% in the prior period in the regions the report studied.

Yet the churn did not lead to big strides in diversity, according to the study. It found that 3% of Fortune 100 CEOs are Black, 4% are Hispanic or Latino, 4% are Asian and 1% are Middle Eastern or North African, less than their share of the U.S. population.

"I don't think (CEO diversity) is where it needs to be," Sanders said.

CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick & Struggles found.

CEO turnover spiked in the first half of 2021, as companies tapped new talent to navigate the aftermath of the COVID-19 pandemic and stressed-out chief executives sought a career change, a study from recruiting firm Heidrick & Struggles found. The findings illustrate how CEOs are not immune to the exhaustion that has swept hundreds of millions of workers worldwide since the onset of the pandemic and has pushed many to consider a new job or lifestyle in a wave dubbed "The Great Resignation." "Our belief is that it will only accelerate going into next year as people have delayed their retirements," said Jeff Sanders, co-managing partner of Heidrick's global CEO and board practice. There were 103 CEO appointments in the first half of 2021 out of 1,095 companies in 24 regions that Heidrick studied, including the United States, China and some European countries. Six months prior, in the second half of 2020, 49 companies changed CEOs, according to the study. Most companies kept their leaders in place last year as they closed ranks to deal with the challenges of the pandemic. But as it receded with the help of vaccines, companies felt they were stable enough to find a new leader, Sanders said. "Many CEOs didn't have to travel as much," which helped them preserve their energy, Sanders said. But communicating "virtually" in a new medium was "exhausting," he said. The reluctance of many boards to meet CEO candidates physically or place risky bets on outsiders while the pandemic lingers favored internal applicants, the study found. Nearly two-thirds of new CEOs were internal candidates, up from just a little over half during the same period in 2020. Women made up 13% of the new CEOs in the first half of this year, up from 6% in the prior period in the regions the report studied. Yet the churn did not lead to big strides in diversity, according to the study. It found that 3% of Fortune 100 CEOs are Black, 4% are Hispanic or Latino, 4% are Asian and 1% are Middle Eastern or North African, less than their share of the U.S. population. "I don't think (CEO diversity) is where it needs to be," Sanders said.

More chief executives join the 'Great Resignation'

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks. The network is known to be Chinese equivalent of Netflix.

Hong Kong-based Allied Resources Investment Holdings snapped up HengTen for HK$1.28 a share, a 24 percent discount on its Wednesday close, according to a filing with Hong Kong's stock exchange.&nbsp;

Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities.&nbsp;

Alarm bells began to ring about privately owned property giant Evergrande earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that collapse of Evergrande would result in a domino effect in Chinese economy which will spill-over into global markets. &nbsp;

Evergrande has since scrambled to sell assets to raise cash.

Last week it met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended.

Meanwhile, Hong Kong media have reported that the firm's chairman Hui Ka Yan is offloading some of his personal fortune to raise cash, including a luxury property in the finance hub's ritzy Peak district.&nbsp;

(With inputs from agencies)

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks.

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks. The network is known to be Chinese equivalent of Netflix. Hong Kong-based Allied Resources Investment Holdings snapped up HengTen for HK$1.28 a share, a 24 percent discount on its Wednesday close, according to a filing with Hong Kong's stock exchange. Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. Alarm bells began to ring about privately owned property giant Evergrande earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that collapse of Evergrande would result in a domino effect in Chinese economy which will spill-over into global markets. Evergrande has since scrambled to sell assets to raise cash. Last week it met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended. Meanwhile, Hong Kong media have reported that the firm's chairman Hui Ka Yan is offloading some of his personal fortune to raise cash, including a luxury property in the finance hub's ritzy Peak district. (With inputs from agencies)

Evergrande sells stake in HengTen, the Netflix of China

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India,&nbsp;had everyone's eyed glued to the stock market.

But the IPO hit headlines, not as much for the money it raised,&nbsp;but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November&nbsp;18.

The offer price was Rs 2,150&nbsp;but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher.

What happened?

Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market.

Then what went wrong with Paytm IPO?

"Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters.

Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe.

The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year.

It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.

Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.

"Most of the domestic institutional investors appear to have skipped the IPO,"&nbsp;&nbsp;Aequitas Research director Sumeet Singh was quoted by Reuters as saying.

He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd.

He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%.

Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters.

Paytm's reaction to the IPO debacle

Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day.

"One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants."

Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future.

(With inputs from agencies)

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation.

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India, had everyone's eyed glued to the stock market. But the IPO hit headlines, not as much for the money it raised, but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November 18. The offer price was Rs 2,150 but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher. What happened? Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market. Then what went wrong with Paytm IPO? "Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters. Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe. The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times. Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations. "Most of the domestic institutional investors appear to have skipped the IPO," Aequitas Research director Sumeet Singh was quoted by Reuters as saying. He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd. He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%. Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters. Paytm's reaction to the IPO debacle Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day. "One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants." Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future. (With inputs from agencies)

Paytm: India's largest IPO tanks on debut - what really happened?

For 15 generations, members of the Abrauw clan have lived much like their ancestors. They farm with wooden plows in patches of the rainforest, gather medicinal plants and set traps to catch snakes and wild boar.

The land they occupy on Biak island is everything to them: their identity, the source of their livelihood and the link to their forebears. But now the tiny clan fears it will lose its place in the world as Indonesia pursues its longstanding quest to join the space age.

The Indonesian government claims to have acquired 250 acres of the clan’s ancestral land decades ago and has planned since 2017 to build a small-scale spaceport there to launch rockets. Clan leaders say the project would force them from their homes.

Also see |&nbsp;<a href="https://www.wionews.com/photos/what-a-blast-the-rush-of-amateur-astronauts-420637" hreflang="en">What a blast: The rush of amateur astronauts</a>

Indonesia’s president, Joko Widodo, personally pitched SpaceX’s founder, Elon Musk, last year on the idea of launching rockets from Indonesia, without mentioning a site. Musk has yet to commit to a deal or comment on it publicly. But the possibility of his involvement has spurred a flurry of activity by Biak officials to promote the location, as well as renewed opposition from the island’s Indigenous people.

Building a spaceport is part of Joko’s push to modernize the Southeast Asian island nation with new airports, power plants and highways, often with little regard for environmental consequences. It is also part of the country’s checkered history of using questionable methods to acquire land from Indigenous people, leaving some groups destitute while benefiting influential Indonesians and international companies.

Leaders of the Biak tribe say building a spaceport on the site would mean cutting trees in a protected forest, disturbing the habitat of endangered birds and evicting the Abrauw.

Also see |&nbsp;<a href="https://www.wionews.com/photos/want-to-become-a-space-tourist-here-is-all-you-need-to-do-399437" hreflang="en">Want to become a space tourist? Here is all you need to do</a>

“The position of the Indigenous people is clear: We reject the plan,” said Apolos Sroyer, chief of the Biak Customary Council, an assembly of clan chiefs. “We don’t want to lose our farms because of this spaceport. We don’t eat satellites. We eat taro, and fish from the sea. That is our way of life for generations. Tell Elon Musk that’s our stance.”

Biak, nearly the size of Maui, sits just north of the island of New Guinea and is part of Indonesia’s Papua province. During World War II, U.S. forces defeated the Japanese there in a key battle as Gen. Douglas MacArthur fought to retake the Pacific. Biak became part of Indonesia in the 1960s after the United Nations handed over the former Dutch territory of West Papua on the condition that Indonesia hold a popular vote.

Instead, in a 1969 vote regarded by many Papuans as rigged, Indonesia rounded up a thousand tribal leaders — including chiefs from Biak — and held them until they voted to join Indonesia in what paradoxically became known as “The Act of Free Choice.”

The dwindling Abrauw clan, one of 360 clans on Biak, now has about 90 members. Most live in the village of Warbon, on the island’s northeastern side, about a mile and a half from the proposed spaceport site.

The center of clan life is a flowering heliotrope tree by the ocean.

Waves lap gently on the white sand nearby, and black, brown and white butterflies flit among its branches. Clan members consider the tree sacred and say it marks the origin of the Abrauw. They often visit the tree to make offerings and pray to their ancestors. On occasion, they gather there and camp for days. If the spaceport was built, the tree would be off limits, as would the beach where the Abrauw often fish, and the forest where they farm.

Also see |&nbsp;<a href="https://www.wionews.com/photos/who-is-winning-space-tourism-race-between-bezos-branson-and-musk-396420" hreflang="en">Who is winning space tourism race between Bezos, Branson and Musk?</a>

“For Papuans, land is identity,” said Marthen Abrauw, the clan chief, as he sat in the shade of the sacred tree on a recent afternoon. “We will lose our identity, and no other clan will accept us on their land. Where will our children and grandchildren go?”

Some clan members have found work in other parts of Indonesia, but those who remain in Warbon largely subsist on the fish they catch and the taro, cassava and sweet potatoes they grow. The clan practices nomadic farming, clearing trees in the forest for crops in a new location every two years.

Some walk or ride motorbikes to the nearby village of Korem to worship at the Pniel Evangelical Christian Church. Warbon, home to more than 1,000 people, includes members of numerous other clans who have married into the Abrauw but retain the clan identity of their male ancestors. The church also opposes the spaceport.

The Indonesian officials who support the project say Biak, just 70 miles south of the equator and facing the Pacific, would be ideal for launching rockets. SpaceX has plans to put tens of thousands of communications satellites into orbit in the coming years.

“This is our wealth,” said Biak’s regent, Herry Ario Naap, who is pushing for the spaceport. “Other regions may have oil or gold. We are given a strategic geographical location.”

In wooing Musk, Joko suggested that his car company, Tesla, could also collaborate with Indonesia to make electric vehicle batteries, as Indonesia is the world’s largest producer of nickel, a key component. A team from SpaceX visited Indonesia early this year to discuss possible cooperation, officials said.

Tesla submitted a battery production proposal to Indonesia in February, but the government declined to disclose details. Musk and his companies did not respond to requests for comment. In September, Joko bolstered the space program by increasing its budget twentyfold and placing it under the new National Research and Innovation Agency, which reports directly to him.

Laksana Tri Handoko, the agency chairman, who personally inspected the Biak site last month, said that the island remained a viable choice but that building the large spaceport he envisioned would require 10 times as much land. Controversy over the Biak site could prompt him to select an alternate location, such as Morotai island, about 550 miles northwest of Biak.

A key factor, he said, will be making sure the government has “clear and clean” title to the land. “Biak is not the one and only place,” he said. “We have many options.”

Government maps show that nearly all the Abrauw clan’s ancestral lands, including some homes, are within a proposed buffer zone that would be cleared of people should the small spaceport be built. The maps also show that the original project site is almost entirely within a protected forest.

The space agency has long said it bought the 250-acre site from the Abrauw clan in 1980. But the clan says it never sold the land. Four men who signed a document giving the agency title were not clan members and had no right to sell, according to clan leaders.

The older generation was too intimidated to object, they said, because the Indonesian army was conducting military operations on Biak and anyone who criticized the government could be jailed as a separatist.

“Silence was the only choice,” said Gerson Abrauw, a Protestant pastor and cousin of the clan chief. He dismissed government assurances that a spaceport would provide employment.

“They say the spaceport project will create jobs, but there is no space expert in our clan and in our villages,” he said. “What they mean is three years of cutting down trees, removing roots and digging foundations. After that, there will be a feast to say goodbye to us and then only those with an access card can enter the area.” 
&nbsp;

For 15 generations, members of the Abrauw clan have lived much like their ancestors. They farm with wooden plows in patches of the rainforest, gather medicinal plants and set traps to catch snakes and wild boar.

For 15 generations, members of the Abrauw clan have lived much like their ancestors. They farm with wooden plows in patches of the rainforest, gather medicinal plants and set traps to catch snakes and wild boar. The land they occupy on Biak island is everything to them: their identity, the source of their livelihood and the link to their forebears. But now the tiny clan fears it will lose its place in the world as Indonesia pursues its longstanding quest to join the space age. The Indonesian government claims to have acquired 250 acres of the clan’s ancestral land decades ago and has planned since 2017 to build a small-scale spaceport there to launch rockets. Clan leaders say the project would force them from their homes. Also see | What a blast: The rush of amateur astronauts Indonesia’s president, Joko Widodo, personally pitched SpaceX’s founder, Elon Musk, last year on the idea of launching rockets from Indonesia, without mentioning a site. Musk has yet to commit to a deal or comment on it publicly. But the possibility of his involvement has spurred a flurry of activity by Biak officials to promote the location, as well as renewed opposition from the island’s Indigenous people. Building a spaceport is part of Joko’s push to modernize the Southeast Asian island nation with new airports, power plants and highways, often with little regard for environmental consequences. It is also part of the country’s checkered history of using questionable methods to acquire land from Indigenous people, leaving some groups destitute while benefiting influential Indonesians and international companies. Leaders of the Biak tribe say building a spaceport on the site would mean cutting trees in a protected forest, disturbing the habitat of endangered birds and evicting the Abrauw. Also see | Want to become a space tourist? Here is all you need to do “The position of the Indigenous people is clear: We reject the plan,” said Apolos Sroyer, chief of the Biak Customary Council, an assembly of clan chiefs. “We don’t want to lose our farms because of this spaceport. We don’t eat satellites. We eat taro, and fish from the sea. That is our way of life for generations. Tell Elon Musk that’s our stance.” Biak, nearly the size of Maui, sits just north of the island of New Guinea and is part of Indonesia’s Papua province. During World War II, U.S. forces defeated the Japanese there in a key battle as Gen. Douglas MacArthur fought to retake the Pacific. Biak became part of Indonesia in the 1960s after the United Nations handed over the former Dutch territory of West Papua on the condition that Indonesia hold a popular vote. Instead, in a 1969 vote regarded by many Papuans as rigged, Indonesia rounded up a thousand tribal leaders — including chiefs from Biak — and held them until they voted to join Indonesia in what paradoxically became known as “The Act of Free Choice.” The dwindling Abrauw clan, one of 360 clans on Biak, now has about 90 members. Most live in the village of Warbon, on the island’s northeastern side, about a mile and a half from the proposed spaceport site. The center of clan life is a flowering heliotrope tree by the ocean. Waves lap gently on the white sand nearby, and black, brown and white butterflies flit among its branches. Clan members consider the tree sacred and say it marks the origin of the Abrauw. They often visit the tree to make offerings and pray to their ancestors. On occasion, they gather there and camp for days. If the spaceport was built, the tree would be off limits, as would the beach where the Abrauw often fish, and the forest where they farm. Also see | Who is winning space tourism race between Bezos, Branson and Musk? “For Papuans, land is identity,” said Marthen Abrauw, the clan chief, as he sat in the shade of the sacred tree on a recent afternoon. “We will lose our identity, and no other clan will accept us on their land. Where will our children and grandchildren go?” Some clan members have found work in other parts of Indonesia, but those who remain in Warbon largely subsist on the fish they catch and the taro, cassava and sweet potatoes they grow. The clan practices nomadic farming, clearing trees in the forest for crops in a new location every two years. Some walk or ride motorbikes to the nearby village of Korem to worship at the Pniel Evangelical Christian Church. Warbon, home to more than 1,000 people, includes members of numerous other clans who have married into the Abrauw but retain the clan identity of their male ancestors. The church also opposes the spaceport. The Indonesian officials who support the project say Biak, just 70 miles south of the equator and facing the Pacific, would be ideal for launching rockets. SpaceX has plans to put tens of thousands of communications satellites into orbit in the coming years. “This is our wealth,” said Biak’s regent, Herry Ario Naap, who is pushing for the spaceport. “Other regions may have oil or gold. We are given a strategic geographical location.” In wooing Musk, Joko suggested that his car company, Tesla, could also collaborate with Indonesia to make electric vehicle batteries, as Indonesia is the world’s largest producer of nickel, a key component. A team from SpaceX visited Indonesia early this year to discuss possible cooperation, officials said. Tesla submitted a battery production proposal to Indonesia in February, but the government declined to disclose details. Musk and his companies did not respond to requests for comment. In September, Joko bolstered the space program by increasing its budget twentyfold and placing it under the new National Research and Innovation Agency, which reports directly to him. Laksana Tri Handoko, the agency chairman, who personally inspected the Biak site last month, said that the island remained a viable choice but that building the large spaceport he envisioned would require 10 times as much land. Controversy over the Biak site could prompt him to select an alternate location, such as Morotai island, about 550 miles northwest of Biak. A key factor, he said, will be making sure the government has “clear and clean” title to the land. “Biak is not the one and only place,” he said. “We have many options.” Government maps show that nearly all the Abrauw clan’s ancestral lands, including some homes, are within a proposed buffer zone that would be cleared of people should the small spaceport be built. The maps also show that the original project site is almost entirely within a protected forest. The space agency has long said it bought the 250-acre site from the Abrauw clan in 1980. But the clan says it never sold the land. Four men who signed a document giving the agency title were not clan members and had no right to sell, according to clan leaders. The older generation was too intimidated to object, they said, because the Indonesian army was conducting military operations on Biak and anyone who criticized the government could be jailed as a separatist. “Silence was the only choice,” said Gerson Abrauw, a Protestant pastor and cousin of the clan chief. He dismissed government assurances that a spaceport would provide employment. “They say the spaceport project will create jobs, but there is no space expert in our clan and in our villages,” he said. “What they mean is three years of cutting down trees, removing roots and digging foundations. After that, there will be a feast to say goodbye to us and then only those with an access card can enter the area.”

Will an island in Indonesia become a new frontier in the space race?

Tesla shares are under pressure, the electric car maker has been poorly performing on the stock market since the day its CEO Musk announced the selling of his shares after concluding a poll on Twitter.

Tesla Shares continue to dip after Elon Musk's tweet

Despite fresh curbs to control the Covid-19 outbreak, China's industrial output grew at a surprisingly fast pace in October, from the same period a year ago retail sales growth also picked up.

World Business Watch: China: Retail sales in October rose 4.9%

Swedish carmaker Volvo is planning to make a car plant in Europe by the year 2025 to boost its production capacity beyond 1.2 million vehicles per year.

World Business Watch: Construction of a new plant to start in 2025

As the global supply crisis and covid-19 hit business consumer spending the Japans's economy contracts much faster in the 3rd quarter, raising challenges for the new govt's growth plans.

World Business Watch: Japan's economy shrinks more than expected

US pharmaceutical giant Johnson &amp; Johnson on Friday announced plans to break up into two listed companies, separating its consumer health arm that sells Band-Aids and Tylenol from its pharmaceutical division.

Johnson &amp; Johnson said in a statement it will create "two global leaders that are better positioned to deliver improved health outcomes for patients and consumers through innovation."

It is the third major company to announce plans to break up its business this week after General Electric and Toshiba.

<a href="https://www.wionews.com/business-economy/toshiba-says-it-plans-to-split-into-three-firms-rejects-calls-to-go-private-428700">Also read | Toshiba says it plans to split into three firms, rejects calls to go private</a>

Shares in the 135-year-old company climbed more than 3.5 percent on Wall Street in pre-market trading Friday following the announcement.

Johnson &amp; Johnson plans to complete the separation in 18-24 months, creating two publicly traded companies.

CEO Alex Gorsky said the decision was made following a "comprehensive review."

The board and management believe the split is "the best way to accelerate our efforts to serve patients, consumers, and healthcare professionals, create opportunities for our talented global team, drive profitable growth, and, most importantly,&nbsp;improve healthcare outcomes for people around the world," he said.

<a href="https://www.wionews.com/business-economy/general-electric-to-split-into-three-companies-shares-jump-15-428093">Also read |&nbsp;General Electric to split into three companies; shares jump 15%</a>

He added that the separation "underscores our focus on delivering industry-leading bio-pharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders."

The consumer health branch, which produces Neutrogena skin care products and baby powder, generated $3.7 billion in the third quarter of 2021, nearly 16 percent of the group's total revenue.

The company's single-dose Covid-19 vaccine generated nearly $20 billion in revenue in the period.

The company said its more than 136,000 employees around the world "will remain the backbone of these businesses."

Earlier this week, General Electric announced plans to split into three publicly traded companies.

Japan's Toshiba said Friday it was splitting into three companies following a campaign by investors to boost the group's shares after a period of upheaval.

US pharmaceutical giant Johnson & Johnson on Friday announced plans to break up into two listed companies, separating its consumer health arm that sells Band-Aids and Tylenol from its pharmaceutical division.

US pharmaceutical giant Johnson & Johnson on Friday announced plans to break up into two listed companies, separating its consumer health arm that sells Band-Aids and Tylenol from its pharmaceutical division. Johnson & Johnson said in a statement it will create "two global leaders that are better positioned to deliver improved health outcomes for patients and consumers through innovation." It is the third major company to announce plans to break up its business this week after General Electric and Toshiba. Also read | Toshiba says it plans to split into three firms, rejects calls to go private Shares in the 135-year-old company climbed more than 3.5 percent on Wall Street in pre-market trading Friday following the announcement. Johnson & Johnson plans to complete the separation in 18-24 months, creating two publicly traded companies. CEO Alex Gorsky said the decision was made following a "comprehensive review." The board and management believe the split is "the best way to accelerate our efforts to serve patients, consumers, and healthcare professionals, create opportunities for our talented global team, drive profitable growth, and, most importantly, improve healthcare outcomes for people around the world," he said. Also read | General Electric to split into three companies; shares jump 15% He added that the separation "underscores our focus on delivering industry-leading bio-pharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders." The consumer health branch, which produces Neutrogena skin care products and baby powder, generated $3.7 billion in the third quarter of 2021, nearly 16 percent of the group's total revenue. The company's single-dose Covid-19 vaccine generated nearly $20 billion in revenue in the period. The company said its more than 136,000 employees around the world "will remain the backbone of these businesses." Earlier this week, General Electric announced plans to split into three publicly traded companies. Japan's Toshiba said Friday it was splitting into three companies following a campaign by investors to boost the group's shares after a period of upheaval.

Johnson & Johnson plans to split into two companies

Japanese industrial conglomerate Toshiba Corp (6502.T) outlined plans on Friday to break up into three independent companies by spinning off two core businesses - its energy and infrastructure business as well as its device and storage business.

After spinning off the two companies, Toshiba will continue to own its 40.6 per cent&nbsp;stake in memory chipmaker Kioxia as well as other assets.

The plan - borne of a five-month strategic review undertaken after a highly damaging corporate governance scandal - is partly aimed at encouraging activist shareholders to exit, sources with knowledge of the matter have said.

A break-up would run counter to calls by some shareholders for scandal-ridden Toshiba to be taken private but its strategic review committee said that option had raised concerns internally about its impact on business and the retention of staff.

Private equity firms had also conveyed concerns about completing a deal due to possible conflict with Japan's national security law and potential opposition from anti-trust regulators, it added.

Chief Executive Satoshi Tsunakawa said Toshiba would have chosen the option to split regardless of the presence of activist shareholders and that Japan's powerful trade ministry had not voiced any objections to the plan.

"The decision allows each business to significantly increase its focus and facilitate more agile decision-making and leaner cost structures," the company said in a statement.

Toshiba's announcement come just days after General Electric Co unveiled plans to split three ways - also marking the end of another pioneering conglomerate with more than 100 years of history.

Returns for shareholders

Toshiba hopes to complete the reorganisation by the second half of the 2023 financial year and said it aimed to return around 100 billion yen ($875 million) to shareholders over the next two financial years.

It also said it intended to "monetize" its shares in Kioxia, returning the net proceeds in full to shareholders as soon as practicable. But it did not elaborate on whether that meant it was still keen on an IPO or would be considering other options.

Other assets that will be continued to be held by Toshiba include its stake in Toshiba Tec Corp, a maker of printing and retail information systems.

Some Toshiba investors are not convinced that a break-up would create value, shareholder sources said ahead of a formal announcement of the plan.

"It makes sense to split if the valuation of a highly competitive business is hindered by other businesses," said Fumio Matsumoto, chief strategist at Okasan Securities.

"But if there isn't such a business, the break-up just creates three lacklustre midsize companies."

The once-storied 146-year old conglomerate has lurched from crisis to crisis since an accounting scandal in 2015. Two years later, it secured a $5.4 billion cash injection from 30-plus overseas investors that helped avoid a delisting but brought in activist shareholders including Elliott Management, Third Point and Farallon.

Tension between Toshiba management and overseas shareholders has dominated headlines since then and in June, an explosive shareholder-commissioned investigation concluded that Toshiba colluded with Japan's trade ministry to block investors from gaining influence at last year's shareholders meeting.

Earlier on Friday, Toshiba released a separately commissioned report that found executives including its former CEO had behaved unethically but not illegally.

It concluded that Toshiba was overly dependent on the trade ministry, adding that problems were also caused by its "excessive cautiousness towards foreign investment funds" and "its lack of willingness to develop a sound relationship with them."

Shares of Toshiba are down 1.3&nbsp;per cent since November 8, when it first flagged it might be considering a split. Its Frankfurt-listed shares fell 4&nbsp;per cent at the open on Friday and are down 5.8&nbsp;per cent since November 8.

Recovering from a slump due to the COVID-19 pandemic, Toshiba reported second-quarter operating profit roughly doubled to 30.4 billion yen.

Japanese industrial conglomerate Toshiba Corp (6502.T) outlined plans on Friday to break up into three independent companies by spinning off two core businesses - its energy and infrastructure business as well as its device and storage business.

Japanese industrial conglomerate Toshiba Corp (6502.T) outlined plans on Friday to break up into three independent companies by spinning off two core businesses - its energy and infrastructure business as well as its device and storage business. After spinning off the two companies, Toshiba will continue to own its 40.6 per cent stake in memory chipmaker Kioxia as well as other assets. The plan - borne of a five-month strategic review undertaken after a highly damaging corporate governance scandal - is partly aimed at encouraging activist shareholders to exit, sources with knowledge of the matter have said. A break-up would run counter to calls by some shareholders for scandal-ridden Toshiba to be taken private but its strategic review committee said that option had raised concerns internally about its impact on business and the retention of staff. Private equity firms had also conveyed concerns about completing a deal due to possible conflict with Japan's national security law and potential opposition from anti-trust regulators, it added. Chief Executive Satoshi Tsunakawa said Toshiba would have chosen the option to split regardless of the presence of activist shareholders and that Japan's powerful trade ministry had not voiced any objections to the plan. "The decision allows each business to significantly increase its focus and facilitate more agile decision-making and leaner cost structures," the company said in a statement. Toshiba's announcement come just days after General Electric Co unveiled plans to split three ways - also marking the end of another pioneering conglomerate with more than 100 years of history. Returns for shareholders Toshiba hopes to complete the reorganisation by the second half of the 2023 financial year and said it aimed to return around 100 billion yen ($875 million) to shareholders over the next two financial years. It also said it intended to "monetize" its shares in Kioxia, returning the net proceeds in full to shareholders as soon as practicable. But it did not elaborate on whether that meant it was still keen on an IPO or would be considering other options. Other assets that will be continued to be held by Toshiba include its stake in Toshiba Tec Corp, a maker of printing and retail information systems. Some Toshiba investors are not convinced that a break-up would create value, shareholder sources said ahead of a formal announcement of the plan. "It makes sense to split if the valuation of a highly competitive business is hindered by other businesses," said Fumio Matsumoto, chief strategist at Okasan Securities. "But if there isn't such a business, the break-up just creates three lacklustre midsize companies." The once-storied 146-year old conglomerate has lurched from crisis to crisis since an accounting scandal in 2015. Two years later, it secured a $5.4 billion cash injection from 30-plus overseas investors that helped avoid a delisting but brought in activist shareholders including Elliott Management, Third Point and Farallon. Tension between Toshiba management and overseas shareholders has dominated headlines since then and in June, an explosive shareholder-commissioned investigation concluded that Toshiba colluded with Japan's trade ministry to block investors from gaining influence at last year's shareholders meeting. Earlier on Friday, Toshiba released a separately commissioned report that found executives including its former CEO had behaved unethically but not illegally. It concluded that Toshiba was overly dependent on the trade ministry, adding that problems were also caused by its "excessive cautiousness towards foreign investment funds" and "its lack of willingness to develop a sound relationship with them." Shares of Toshiba are down 1.3 per cent since November 8, when it first flagged it might be considering a split. Its Frankfurt-listed shares fell 4 per cent at the open on Friday and are down 5.8 per cent since November 8. Recovering from a slump due to the COVID-19 pandemic, Toshiba reported second-quarter operating profit roughly doubled to 30.4 billion yen.

Toshiba says it plans to split into three firms, rejects calls to go private