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The United Kingdom is set to see a sharp slowdown in economic growth as the mounting supply chain crisis and staff shortages threaten to derail Britain’s recovery, according to a major business group.

World Business Watch: UK supply chain crisis threatens to derail recovery

In Germany, the government's anti-money laundering agency german prosecutors have raided finance and justice ministries.

World Business Watch: In money laundering probe German Finance Ministry raided

In a landmark move by one of the biggest cities in the world New York, the governor there has signed into law. A bill that sets a goal for all new passenger cars and light-duty trucks to be zero-emission models by 2035.

World Business Watch: NYC Governor sets zero-emission passenger car goal

British employers are going through essentially the most extreme shortage of job candidates on record as a result of overall to put up lockdown search within the financial system and Brexit.

World Business Watch: UK employers face worst shortage of job candidates on record

UK-based Cairn Energy has agreed to take back all cases against India within a couple of days of getting a $1 billion refund resulting from the scrapping of a retrospective tax law.

Cairn accepts $1 bn refund offer to drop cases against India

The US Federal Aviation Administration (FAA) barred Virgin Galactic from flying its SpaceShipTwo until the agency approves its final mishap investigation report from its July flight or determines the issues do not affect public safety.

World Business Watch: Virgin galactic space flights grounded over 'mishap'

Ireland's privacy watchdog has fined WhatsApp a record $267 million after an investigation found it breached stringent European Union data protection rules on transparency about sharing people's data with other Facebook companies.

World Business Watch: Irish watchdog fines WhatsApp $267 mn after EU privacy probe

Hyundai's Genesis is the latest carmaker that it would phase out all gas-powered cars by the end of the decade. The company announced that its luxury vehicles debuting 2025 onwards will run on fuel cells and batteries.

World Business Watch: Hyundai's luxury brand Genesis to be all-electric by 2030

E-commerce giant Alibaba Group said Friday it will spend $15.5 billion to support President Xi Jinping's campaign to spread China's prosperity more evenly, adding to pledges by tech companies that are under pressure to pay for the ruling Communist Party's political initiatives.

Alibaba said it will invest in 10 projects for job creation, "care for vulnerable groups" and technology innovation. Its 100 billion yuan ($15.5 billion) pledge includes 20 billion yuan ($12.5 billion) for a fund to "cut income inequality" in the company's home province of Zhejiang, south of Shanghai.

Alibaba and other Chinese tech giants, including games and social media service Tencent Holdings Ltd, have announced plans to invest in social welfare, technology development and other ruling party priorities in response to pressure to align with Beijing's political and economic plans.

Xi's "common prosperity" campaign calls for spreading the benefits of China's economic growth more widely and narrowing one of the world's widest gaps between an elite with more billionaires than the United States and the poor majority of the 1.4 billion population.

"We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well," CEO Daniel Zhang said in a statement.

Beijing has launched anti-monopoly, data security and other crackdowns on the internet industry since late 2020 in an effort to tighten control over companies the ruling party worries might be too big and independent.

The ruling party tolerated a widening gap between China's rich and poor as the economy boomed over the past three decades. Xi, who took power in 2012, has called for renewing the party's "original mission," which includes eradicating poverty, raising incomes and directing investment toward strategic technology and other initiatives.

Tencent promised 50 billion yuan ($7.7 billion) last month for "common prosperity" initiatives in health care, education, and rural development. That doubled the company's spending on corporate social responsibility.

Another e-commerce company, Pinduoduo Inc., promised last month to spend $1.5 billion on agriculture and other rural development projects.

Alibaba reported a profit of 45.1 billion yuan ($7 billion) in the quarter ending in June.

Founder Jack Ma, who stepped down as chairman in 2019, has long been one of China's most prominent charitable donors. His foundation shipped medical supplies to Africa during the coronavirus pandemic and has given to education, health and environmental causes.&nbsp;

E-commerce giant Alibaba Group said Friday it will spend $15.5 billion to support President Xi Jinping's campaign to spread China's prosperity more evenly, adding to pledges by tech companies that are under pressure to pay for the ruling Communist Party's political initiatives.

E-commerce giant Alibaba Group said Friday it will spend $15.5 billion to support President Xi Jinping's campaign to spread China's prosperity more evenly, adding to pledges by tech companies that are under pressure to pay for the ruling Communist Party's political initiatives. Alibaba said it will invest in 10 projects for job creation, "care for vulnerable groups" and technology innovation. Its 100 billion yuan ($15.5 billion) pledge includes 20 billion yuan ($12.5 billion) for a fund to "cut income inequality" in the company's home province of Zhejiang, south of Shanghai. Alibaba and other Chinese tech giants, including games and social media service Tencent Holdings Ltd, have announced plans to invest in social welfare, technology development and other ruling party priorities in response to pressure to align with Beijing's political and economic plans. Xi's "common prosperity" campaign calls for spreading the benefits of China's economic growth more widely and narrowing one of the world's widest gaps between an elite with more billionaires than the United States and the poor majority of the 1.4 billion population. "We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well," CEO Daniel Zhang said in a statement. Beijing has launched anti-monopoly, data security and other crackdowns on the internet industry since late 2020 in an effort to tighten control over companies the ruling party worries might be too big and independent. The ruling party tolerated a widening gap between China's rich and poor as the economy boomed over the past three decades. Xi, who took power in 2012, has called for renewing the party's "original mission," which includes eradicating poverty, raising incomes and directing investment toward strategic technology and other initiatives. Tencent promised 50 billion yuan ($7.7 billion) last month for "common prosperity" initiatives in health care, education, and rural development. That doubled the company's spending on corporate social responsibility. Another e-commerce company, Pinduoduo Inc., promised last month to spend $1.5 billion on agriculture and other rural development projects. Alibaba reported a profit of 45.1 billion yuan ($7 billion) in the quarter ending in June. Founder Jack Ma, who stepped down as chairman in 2019, has long been one of China's most prominent charitable donors. His foundation shipped medical supplies to Africa during the coronavirus pandemic and has given to education, health and environmental causes.

China's Alibaba promises $15.5 billion for anti-poverty work

India added three 'unicorns' per month in 2021 to nearly double the overall number of startups valued at over $1 billion to 51 as of end-August, a report said on Thursday.

Even as, cumbersome regulations are forcing startups to leave India and settle in other countries where they enjoy better treatment, as per the Hurun India, which prepared the list.

&nbsp;It can be noted that over the last few years, dedicated efforts have been undertaken to hone the startups ecosystem by the government through flagship initiatives like 'Startup India'.

Hurun said the number of gazelles, which are valued over $500 million can turn unicorn in two years, was pegged at 32, while there are 54 cheetahs commanding a tag of over $200 million, who can achieve the coveted status in four years, as per the Hurun India Future Unicorn list.

The future unicorns are valued at $36 billion, it said, adding that the leap to being a unicorn can also happen swiftly, as seen in five 'cheetahs' which directly jumped into the unicorn club during the last eight months.

Anas Rahman Junaid, managing director and chief researcher at Hurun India, said preparing the list of such companies which get private placements was a difficult task and added that inputs have been taken from venture capital funds.

"India is home to more than 600 million internet users and is expected to have 900 million users by 2025. The adoption of the internet in rural areas will further compliment the rise of technology start-ups. Fintech companies operating in mobile payments, insurance, blockchain, stock trading and digital lending will grow further to capitalize the internet penetration," he said.

At present, India is the third in the list of countries having the most unicorns, trailing the US (396) and China (277), but ahead of UK (32) and Germany (18), it said.

Rahman, however, hinted that the number could have been higher in India because some startups have left the country after achieving a certain scale for better regulations and capital availability.

"Some of the best enterprise SaaS (software as a service) companies are born in India but 'flipped' to the USA. This is a lost opportunity for India and it is important that these start-ups are incentivised to stay back in the country," he said.

Among the future Unicorns, e-commerce player Zilingo leads the list, followed by Mobile Premier League and Rebel Foods.

At a time when debates rage over the importance of pedigree, the list said IITs and IIMs are the biggest bases to churn out successful entrepreneurs, stating that 17 founders graduated from IIT Delhi, followed by 15 from IIT Bombay and 13 from IIT Kanpur, while IIM-Ahmedabad was the favourite post-graduation school with 13 founders in the list.

Bengaluru is home to 31 startups in the list, followed by Delhi NCR at 18 and Mumbai trails with 13.

From an age perspective, 11 co-founders of companies in the list were under 30 years, while 15 were above 50 years, it said.

The top investors in the Gazelles and Cheetahs in the Hurun India Future Unicorn List 2021 are Sequoia, followed by Tiger Global with 37 and 18 investments, respectively.

India added three 'unicorns' per month in 2021 to nearly double the overall number of startups valued at over $1 billion to 51 as of end-August, a report said on Thursday.

India added three 'unicorns' per month in 2021 to nearly double the overall number of startups valued at over $1 billion to 51 as of end-August, a report said on Thursday. Even as, cumbersome regulations are forcing startups to leave India and settle in other countries where they enjoy better treatment, as per the Hurun India, which prepared the list. It can be noted that over the last few years, dedicated efforts have been undertaken to hone the startups ecosystem by the government through flagship initiatives like 'Startup India'. Hurun said the number of gazelles, which are valued over $500 million can turn unicorn in two years, was pegged at 32, while there are 54 cheetahs commanding a tag of over $200 million, who can achieve the coveted status in four years, as per the Hurun India Future Unicorn list. The future unicorns are valued at $36 billion, it said, adding that the leap to being a unicorn can also happen swiftly, as seen in five 'cheetahs' which directly jumped into the unicorn club during the last eight months. Anas Rahman Junaid, managing director and chief researcher at Hurun India, said preparing the list of such companies which get private placements was a difficult task and added that inputs have been taken from venture capital funds. "India is home to more than 600 million internet users and is expected to have 900 million users by 2025. The adoption of the internet in rural areas will further compliment the rise of technology start-ups. Fintech companies operating in mobile payments, insurance, blockchain, stock trading and digital lending will grow further to capitalize the internet penetration," he said. At present, India is the third in the list of countries having the most unicorns, trailing the US (396) and China (277), but ahead of UK (32) and Germany (18), it said. Rahman, however, hinted that the number could have been higher in India because some startups have left the country after achieving a certain scale for better regulations and capital availability. "Some of the best enterprise SaaS (software as a service) companies are born in India but 'flipped' to the USA. This is a lost opportunity for India and it is important that these start-ups are incentivised to stay back in the country," he said. Among the future Unicorns, e-commerce player Zilingo leads the list, followed by Mobile Premier League and Rebel Foods. At a time when debates rage over the importance of pedigree, the list said IITs and IIMs are the biggest bases to churn out successful entrepreneurs, stating that 17 founders graduated from IIT Delhi, followed by 15 from IIT Bombay and 13 from IIT Kanpur, while IIM-Ahmedabad was the favourite post-graduation school with 13 founders in the list. Bengaluru is home to 31 startups in the list, followed by Delhi NCR at 18 and Mumbai trails with 13. From an age perspective, 11 co-founders of companies in the list were under 30 years, while 15 were above 50 years, it said. The top investors in the Gazelles and Cheetahs in the Hurun India Future Unicorn List 2021 are Sequoia, followed by Tiger Global with 37 and 18 investments, respectively.

India added three 'unicorns' per month in 2021: Hurun report

Brazil's economy has contracted by 0.1 percent in the second quarter. The setback for the country's economy came as a serious second wave of COVID-19 infections triggered restrictions in major cities during April and May.

World Business Watch: Brazil's economy down by 0.1% in second quarter

The global ban and travel ban have dented business in China's gambling hub Macau which is one of its kind recreational centre in Asia as well.

World Business Watch: COVID-19 hits China's gambling hub, business remains muted in casinos

Amazon is planning a huge recruitment drive and looking to hire 55,000 people for corporate and tech role globally. Reuters reported about the recruitment plans citing Amazon Chief Executive Andy Jassy exclusively. This was Jassy's first press interview since taking Amazon's top post in July.

The recruitment headcount alone is more than a third of Google's as of June 30 and is close to all of Facebook's

Jassy said that Amazon needed more firepower to keep up with demand in retail, the cloud, advertising and other businesses. &nbsp;He said the company's new bet to launch satellites into orbit to widen broadband access, called Project Kuiper, would require a lot of new hires, too.

With Amazon's annual job fair scheduled to begin Sept. 15, Jassy hopes now is a good time for recruiting.&nbsp; 
“There are so many jobs during the pandemic that have been displaced or have been altered, and there are so many people who are thinking about different and new jobs,” said Jassy, who cited a U.S. survey from PwC that 65% of workers wanted a new gig.

“It’s part of what we think makes ‘Career Day’ so timely and so useful,” he said. The new hires would represent a 20% increase in Amazon's tech and corporate staff, who currently number around 275,000 globally, the company said.

Amazon’s move, only the latest hiring spree on which it has embarked, follows a period of heightened scrutiny of its labor practices and opposition by the International Brotherhood of Teamsters. read more Earlier this year, a failed effort by some staff in Alabama to organize put on display Amazon’s taxing warehouse work and its aggressive stance against unions. In that battle’s aftermath, Jeff Bezos, the CEO whom Jassy succeeded, said Amazon needed a better vision for employees.

Asked how he might change Amazon’s demanding workplace culture, Jassy said its heavy focus on customers and inventiveness set it up for improvements.

“Everybody at the company has the freedom - and really, the expectation - to critically look at how it can be better and then invent ways to make it better.”

The positions Amazon is marketing include engineering, research science and robotics roles, postings that are largely new to the company rather than jobs others quit, it said.

In a reopening U.S. economy, and tightening labor market, some companies have struggled to fill vacancies and balance remote and in-person work. It was unclear how many of the Amazon jobs - such as for competitive engineering hires - have been open for some time.

Amazon, which earlier touted an "office-centric culture," later dialed back its vision and offered workers the opportunity to spend just three days a week at its offices in person starting next year.

Amazon is planning a huge recruitment drive and looking to hire 55,000 people for corporate and tech role globally. Reuters reported about the recruitment plans citing Amazon Chief Executive Andy Jassy exclusively.

Amazon is planning a huge recruitment drive and looking to hire 55,000 people for corporate and tech role globally. Reuters reported about the recruitment plans citing Amazon Chief Executive Andy Jassy exclusively. This was Jassy's first press interview since taking Amazon's top post in July. The recruitment headcount alone is more than a third of Google's as of June 30 and is close to all of Facebook's Jassy said that Amazon needed more firepower to keep up with demand in retail, the cloud, advertising and other businesses. He said the company's new bet to launch satellites into orbit to widen broadband access, called Project Kuiper, would require a lot of new hires, too. With Amazon's annual job fair scheduled to begin Sept. 15, Jassy hopes now is a good time for recruiting. “There are so many jobs during the pandemic that have been displaced or have been altered, and there are so many people who are thinking about different and new jobs,” said Jassy, who cited a U.S. survey from PwC that 65% of workers wanted a new gig. “It’s part of what we think makes ‘Career Day’ so timely and so useful,” he said. The new hires would represent a 20% increase in Amazon's tech and corporate staff, who currently number around 275,000 globally, the company said. Amazon’s move, only the latest hiring spree on which it has embarked, follows a period of heightened scrutiny of its labor practices and opposition by the International Brotherhood of Teamsters. read more Earlier this year, a failed effort by some staff in Alabama to organize put on display Amazon’s taxing warehouse work and its aggressive stance against unions. In that battle’s aftermath, Jeff Bezos, the CEO whom Jassy succeeded, said Amazon needed a better vision for employees. Asked how he might change Amazon’s demanding workplace culture, Jassy said its heavy focus on customers and inventiveness set it up for improvements. “Everybody at the company has the freedom - and really, the expectation - to critically look at how it can be better and then invent ways to make it better.” The positions Amazon is marketing include engineering, research science and robotics roles, postings that are largely new to the company rather than jobs others quit, it said. In a reopening U.S. economy, and tightening labor market, some companies have struggled to fill vacancies and balance remote and in-person work. It was unclear how many of the Amazon jobs - such as for competitive engineering hires - have been open for some time. Amazon, which earlier touted an "office-centric culture," later dialed back its vision and offered workers the opportunity to spend just three days a week at its offices in person starting next year.

Amazon to hire 55,000 people in a big recruitment push

Western Union announced on Thursday that it would resume its money transfer service to Afghanistan as the Taliban deal with enormous economic hurdles following their takeover last month.

"Western Union is pleased to share that it is resuming its money transfer services into Afghanistan, starting September 2, so that our customers can once again send money and support their loved ones at this time," a spokesperson said.

"We understand the urgent needs of our customers and their families and are committed to supporting them," the spokesperson said, adding that Western Union would waive transfer fees from September 3 through 17.

Remittances from Afghans living abroad are crucial for the impoverished country's economy and amounted to almost $789 billion last year, according to the World Bank.

The Washington-based development bank last week announced it would suspend aid to Afghanistan, saying it was "deeply concerned about the situation in Afghanistan and the impact on the country's development prospects, especially for women."

The IMF announced shortly after the Taliban's takeover that it would suspend its assistance to the country, citing uncertainty surrounding its leadership.

Western Union announced on Thursday that it would resume its money transfer service to Afghanistan as the Taliban deal with enormous economic hurdles following their takeover last month.

Western Union announced on Thursday that it would resume its money transfer service to Afghanistan as the Taliban deal with enormous economic hurdles following their takeover last month. "Western Union is pleased to share that it is resuming its money transfer services into Afghanistan, starting September 2, so that our customers can once again send money and support their loved ones at this time," a spokesperson said. "We understand the urgent needs of our customers and their families and are committed to supporting them," the spokesperson said, adding that Western Union would waive transfer fees from September 3 through 17. Remittances from Afghans living abroad are crucial for the impoverished country's economy and amounted to almost $789 billion last year, according to the World Bank. The Washington-based development bank last week announced it would suspend aid to Afghanistan, saying it was "deeply concerned about the situation in Afghanistan and the impact on the country's development prospects, especially for women." The IMF announced shortly after the Taliban's takeover that it would suspend its assistance to the country, citing uncertainty surrounding its leadership.

Western Union is restarting money transfer services to Afghanistan

Auto sales have remained a mixed bag in the month of August in India, with some automakers suffering from chip shortages. Maruti Suzuki has registered total sales of over 130,000 units in the previous month.

World Business Watch: India's August auto sales skid on chip shortage, firms await festival season

India's carmakers are awaiting the festival season this year, they are hopeful that along with pent-up demand sales will be good for them during this period. WION's Sumit Chaturvedi talks to PB Venugopal, President of Lexus India for more perspective.

World Business Watch: Festival period, pent up demand to contribute auto sales says Lexus India

As coronavirus lockdowns weighed more on supply than demand, Australian home prices rose at the fastest annual pace since August 1989, though months of blistering gains are increasingly putting housing beyond the reach of many.

World Business Watch: Australia housing sales defies delta, boasts best year 1989

The world’s biggest companies are back to their pre-pandemic levels of confidence in the global economy’s prospects and most expect to make acquisitions to boost growth, as per a KPMG survey.

World Business Watch: KPMG survey shows CEOs back to pre-pandemic levels of confidence

The recovery of global economies worldwide is facing a host of challenges and has been uneven. How developing nations are looking at economic recovery? What's in store for the future? WION's Sumit Chaturvedi talks to Ms. Busi Mabuza, Chair, BRICS Business Council for more perspective.

World Business Watch: How developing nations are looking at global economic recovery?

South Korea has become the first country in the world to ban big tech firms' payment policies, forcing developers to only use their proprietary billing systems. The country has passed the 'Anti-Google law' bill.

World Business Watch: South Korea bans app payment monopolies by Apple, Google in world first

As production contracted for the first time in 12 months and slowed demand due to rising COVID-19 infections, South Korea's factory activity has slowed in August, also impacted by the supply chain disruptions across the region.

World Business Watch: South Korea's factory activity growth slows as output shrinks

Despite fresh all-time highs on Wall Street, Asian stock markets opened lower today, as worries about China's slowing economic growth and regulatory changes weighed on investor sentiments. WION's Sumit Chaturvedi talks to Margaret Yang Yan, DailyFX strategist for more perspective.

World Business Watch: Fresh all time highs on wall street registered

By the 1970s, nearly all petrol produced around the world contained lead. Now, the last country to use it, Algeria, has finally stopped selling it at petrol stations. With this, the use of leaded petrol has come to an end.

World Business Watch: Algeria ends leaded fuel sales at petrol stations

All eyes are on India's April to June or Q1 GDP data figures that will be out today (August 31). During this period though India was hit by the severe second COVID-19 wave.

World Business Watch: India is set to post record fiscal first-quarter GDP

On Monday, the Indian stock market indices, the Sensex and Nifty, closed at all-time highs.

The Sensex ended the day at 56,889.76, up 765.04 points or 1.36 percent, while the Nifty closed at 16,931.05, up 225.85 points or 1.35 percent.

During the day's trading, the Sensex reached a high of 56,958.27, while the Nifty reached a high of 16,951.50.

This week, India's gross domestic product (GDP) data for the June quarter is at the top of the agenda.

The purchasing managers' indices (PMI) for August are also due, and will serve as the most recent report card on the progress of Indian businesses' recovery.

In other news, the eurozone and China's PMI data will be closely scrutinised.

The top index gainers included Bharti Airtel, Axis Bank, Tata Steel, Titan Company, Maruti Suzuki, Bajaj Finance, State Bank of India (SBI), Asian Paints, and RIL, among others.

On the other hand, Sensex laggards included Nestle India, Tech Mahindra, Infosys, and Tata Consultancy Services (TCS).

(With inputs from agencies)

On Monday, the Indian stock market indices, the Sensex and Nifty, closed at all-time highs. The Sensex ended the day at 56,889.76, up 765.04 points or 1.36 percent, while the Nifty closed at 16,931.

On Monday, the Indian stock market indices, the Sensex and Nifty, closed at all-time highs. The Sensex ended the day at 56,889.76, up 765.04 points or 1.36 percent, while the Nifty closed at 16,931.05, up 225.85 points or 1.35 percent. During the day's trading, the Sensex reached a high of 56,958.27, while the Nifty reached a high of 16,951.50. This week, India's gross domestic product (GDP) data for the June quarter is at the top of the agenda. The purchasing managers' indices (PMI) for August are also due, and will serve as the most recent report card on the progress of Indian businesses' recovery. In other news, the eurozone and China's PMI data will be closely scrutinised. The top index gainers included Bharti Airtel, Axis Bank, Tata Steel, Titan Company, Maruti Suzuki, Bajaj Finance, State Bank of India (SBI), Asian Paints, and RIL, among others. On the other hand, Sensex laggards included Nestle India, Tech Mahindra, Infosys, and Tata Consultancy Services (TCS). (With inputs from agencies)

Indian Stock market closes at record high: Sensex soars 765.04 points to fresh closing peak

Snapping a three-day rally on renewed concerns over demand due to rising COVID-19 infections and as Mexico restored some output after a fire disrupted supplies, oil prices settled lower on Thursday.

World Business Watch: Oil rally falters on pandemic surge, renewed Mexico supply