The US debt burden has further increased in the July-September quarter this year. As per a new report, US household debt rose by 78 billion dollars between July and September. The study by Wallethub finds the average amount of total debt owed by US households at over 145 thousand dollars.

Household debt rises by $78 bn in July-September quarter | World Business News

India's tech industry is bidding farewell to remote work, as companies unveil new mandates calling their employees back to the office. From Infosys to Tata Consultancy Services, we'll explore how the work-from-home era is giving way to a new normal. We'll also discuss the impact on employees, the rise of hybrid work models, and the ongoing debate over a 70-hour workweek.

Work from home to work from office | World Business Watch

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

IndiGo's expansion plans face hurdles amid Pratt &amp; Whitney engine troubles

India's largest airline, IndiGo, remains committed to its capacity growth projections for the year, even as it anticipates grounding of over 30 planes in the fourth quarter due to ongoing concerns with its Pratt &amp; Whitney (P&amp;W) engines.&nbsp;

<a href="https://www.wionews.com/business-economy/indigos-expansion-plans-face-hurdles-amid-pratt-whitney-engine-troubles-656404">Read more here</a>

Singapore Airlines achieves record half-year profit amid surging air travel demand&nbsp;

Singapore Airlines reported record-breaking half-year profits on Tuesday, indicating the resurgence of travel demand, particularly to Northern Asia, as countries have fully reopened post the Covid-19 pandemic. &nbsp;

<a href="https://www.wionews.com/business-economy/singapore-airlines-achieves-record-half-year-profit-amid-surging-air-travel-demand-656408">Read more here</a>

Global banking chiefs warn of geopolitical uncertainty and regulatory concerns

Top leaders from global banking institutions on Tuesday expressed their apprehension that the next financial crisis could originate from escalating geopolitical tensions and the persistent spectre of regulatory tightening. &nbsp;

<a href="https://www.wionews.com/business-economy/global-banking-chiefs-warn-of-geopolitical-uncertainty-and-regulatory-concerns-at-summit-656411">Read more here</a>

Nintendo raises profit outlook as Nintendo Switch remains a gaming force&nbsp;

Japanese gaming giant Nintendo has raised its operating profit forecast for the financial year ending in March 2024 by 11 per cent, projecting a figure of 500 billion yen (approximately $3.32 billion). This increase is attributed to the appeal of its ageing Switch console.&nbsp;

<a href="https://www.wionews.com/business-economy/nintendo-raises-profit-outlook-as-nintendo-switch-remains-a-gaming-force-656413">Read more here</a>

IMF raises China's 2023 and 2024 growth forecasts amid post-Covid recovery&nbsp;

The International Monetary Fund (IMF) on Tuesday upgraded its growth forecasts for China, indicating that the country's economy is set to expand by 5.4 per cent this year, reflecting a robust post-Covid recovery. &nbsp;

<a href="https://www.wionews.com/business-economy/imf-raises-chinas-2023-and-2024-growth-forecasts-amid-post-covid-recovery-656416">Read more here</a>

Oil prices tumble over 4pc to its lowest level since July. Here's why

Oil prices experienced a substantial drop of more than 4 per cent on Tuesday, hitting their lowest point since late July. Brent crude futures closed below the $84 per barrel mark for the first time since the October 7 attack by Hamas Islamists on Israel.

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-over-4pc-to-its-lowest-level-since-july-heres-why-656434">Read more here</a>

Sipping with sorrow: Wine output drops to 1961 levels

The International Organisation of Vine and Wine (OIV) has predicted a 7% drop in global wine production in 2023, taking it to a level not seen since 1961.

<a href="https://www.wionews.com/business-economy/sipping-with-sorrow-wine-output-drops-to-1961-levels-656458">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. IndiGo's expansion plans face hurdles amid Pratt & Whitney engine troubles India's largest airline, IndiGo, remains committed to its capacity growth projections for the year, even as it anticipates grounding of over 30 planes in the fourth quarter due to ongoing concerns with its Pratt & Whitney (P&W) engines.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. IndiGo's expansion plans face hurdles amid Pratt & Whitney engine troubles India's largest airline, IndiGo, remains committed to its capacity growth projections for the year, even as it anticipates grounding of over 30 planes in the fourth quarter due to ongoing concerns with its Pratt & Whitney (P&W) engines. Read more here Singapore Airlines achieves record half-year profit amid surging air travel demand Singapore Airlines reported record-breaking half-year profits on Tuesday, indicating the resurgence of travel demand, particularly to Northern Asia, as countries have fully reopened post the Covid-19 pandemic. Read more here Global banking chiefs warn of geopolitical uncertainty and regulatory concerns Top leaders from global banking institutions on Tuesday expressed their apprehension that the next financial crisis could originate from escalating geopolitical tensions and the persistent spectre of regulatory tightening. Read more here Nintendo raises profit outlook as Nintendo Switch remains a gaming force Japanese gaming giant Nintendo has raised its operating profit forecast for the financial year ending in March 2024 by 11 per cent, projecting a figure of 500 billion yen (approximately $3.32 billion). This increase is attributed to the appeal of its ageing Switch console. Read more here IMF raises China's 2023 and 2024 growth forecasts amid post-Covid recovery The International Monetary Fund (IMF) on Tuesday upgraded its growth forecasts for China, indicating that the country's economy is set to expand by 5.4 per cent this year, reflecting a robust post-Covid recovery. Read more here Oil prices tumble over 4pc to its lowest level since July. Here's why Oil prices experienced a substantial drop of more than 4 per cent on Tuesday, hitting their lowest point since late July. Brent crude futures closed below the $84 per barrel mark for the first time since the October 7 attack by Hamas Islamists on Israel. Read more here Sipping with sorrow: Wine output drops to 1961 levels The International Organisation of Vine and Wine (OIV) has predicted a 7% drop in global wine production in 2023, taking it to a level not seen since 1961. Read more here

Wion Business Wrap | Indigo's positive outlook, massive fall in wine output & more

In a strategic move to ease financial pressures, Indian ed-tech giant Byju's is in advanced talks to sell its US-based kids' digital reading platform, epic! creations, for approximately $400 million. this comes as part of Byju's plan to streamline its business operations and address financial challenges.

India’s Byju's in talks to sell epic! creations | World Business Watch

Elon Musk's SpaceX is on track to book revenues of about 9 billion dollars & register earnings of over 3 billion dollars this year, across its rocket launch and Starlink businesses. Moreover, the company's sales are projected to rise to around 15 billion in 2024.

Report: SpaceX to book revenues of about $9 billion in 2023 | World Business Watch

A new report from investment management firm Blackrock states that parity between men and women has helped companies earn 29% higher profits in the last decade. Companies, where women are appropriately represented in the middle management, have generated 0.36% higher monthly returns, compared to companies where women representation is poor.

Women-led hedge funds outperform in last 16 years | World Business News

Shipping giant Maersk is all set to cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. The decision comes after the company reported a steep drop in profit and revenue in the July-September quarter.

Shipping giant likely to cut at least 10000 jobs

In the ever-evolving world of electric vehicles, there's a quiet revolution taking place that's set to change the way we drive. used electric vehicles are becoming a pivotal part of this shift, and one tesla manager - Michael Oates - believes they are absolutely crucial in making sustainable transportation accessible to everyone.

Used EVs: A silent revolution? | World Business Watch

Airbnb's latest earnings report serves as a guiding compass offering insights into the current state of the travel industry.

Airbnb: Quarterly revenue to fall short of expectations

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

FTX founder Sam Bankman-Fried found guilty of defrauding customers

FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after the long trial.&nbsp;

<a href="https://www.wionews.com/business-economy/ftx-founder-sam-bankman-fried-found-guilty-for-defrauding-customers-654521">Read more here</a>

Bank of England holds firm on 15-year high interest rates amid economic uncertainties

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has retained borrowing costs at a robust 5.25 per cent.&nbsp;

<a href="https://www.wionews.com/business-economy/bank-of-england-holds-firm-on-15-year-high-interest-rates-amid-economic-uncertainties-654630">Read more here</a>

Amazon accused of illegally boosting profits through secret algorithm

Amazon is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC).

<a href="https://www.wionews.com/business-economy/amazon-accused-of-illegally-boosting-profits-through-secret-algorithm-654591">Read more here&nbsp;</a>

Elon Musk opposes SEC's bid for his testimony in Twitter probe

Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform 'X'.&nbsp;

<a href="https://www.wionews.com/business-economy/elon-musk-opposes-secs-bid-for-his-testimony-in-twitter-probe-654544">Read more here</a> 
&nbsp;

Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond

Deutsche Lufthansa AG, a leading European airline group, remains upbeat on its financial outlook for the current year and beyond. Strong travel demand, which initially surged during the summer season, is persisting into the later months, with more travellers opting for premium seats. The company expects its adjusted operating profit to surpass €2.6 billion ($2.8 billion) this year, exceeding analyst predictions, and is on track to achieve its 2024 earnings margin goal of at least 8%.

<a href="https://www.wionews.com/business-economy/lufthansas-soaring-prospects-strong-travel-demand-fuels-optimism-for-2023-and-beyond-654584">Read more here</a>

Toronto Stock Exchange grapples with unprecedented IPO drought

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993.&nbsp;

<a href="https://www.wionews.com/business-economy/toronto-stock-exchange-grapples-with-unprecedented-ipo-drought-heres-why-654588">Read more here</a>

Starbucks unveils ambitious growth plans and cost-saving initiatives

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.

<a href="https://www.wionews.com/business-economy/starbucks-unveils-ambitious-growth-plans-and-cost-saving-initiatives-here-are-the-details-654624">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. FTX founder Sam Bankman-Fried found guilty of defrauding customers FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. FTX founder Sam Bankman-Fried found guilty of defrauding customers FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after the long trial. Read more here Bank of England holds firm on 15-year high interest rates amid economic uncertainties The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has retained borrowing costs at a robust 5.25 per cent. Read more here Amazon accused of illegally boosting profits through secret algorithm Amazon is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC). Read more here Elon Musk opposes SEC's bid for his testimony in Twitter probe Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform 'X'. Read more here Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond Deutsche Lufthansa AG, a leading European airline group, remains upbeat on its financial outlook for the current year and beyond. Strong travel demand, which initially surged during the summer season, is persisting into the later months, with more travellers opting for premium seats. The company expects its adjusted operating profit to surpass €2.6 billion ($2.8 billion) this year, exceeding analyst predictions, and is on track to achieve its 2024 earnings margin goal of at least 8%. Read more here Toronto Stock Exchange grapples with unprecedented IPO drought Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Read more here Starbucks unveils ambitious growth plans and cost-saving initiatives Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030. Read more here

WION Business Wrap | Sam Bankman-Fried convicted, Amazon's algorithm trouble & more

Embattled Chinese realty giant Evergrande has proposed a new debt restructuring plan for offshore bondholders. sources say the company offers to turn their debts into about a 30% equity stake in each of the developer's two Hong Kong-listed subsidiaries.

Evergrande proposes new debt restructure for offshore bondholders

A weak Yen has helped Toyota earns huge profits in the July-September quarter this year. A turbocharged Toyota has also raised its outlook for 2023 after its car sales rose across the world. The world's top-selling automaker reported a record operating profit of 9.5 billion dollars in the quarter ending September. That was a 155.6% increase from a year earlier.

Toyota's operating profit at $9.5 bn in July-September quarter | World Business Watch

A report by IMF economists finds that over 70% of Singaporean workers exhibit a robust preference for remote work, outshining their global peers. 73% Singaporean workers are interested in hybrid work, substantially higher than the global average of 63%.

Majority in Singapore favor remote work

There's a new member in the one billion-user club. We are talking about Linkedin, the job-focused social network platform. The Microsoft-owned platform now has over 1 billion members, putting it in the league of Facebook & Instagram.

Linkedin crosses 1 billion users | World Business Watch

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

US Federal Reserve keeps interest rates unchanged at 22-year high, says economy is ‘strong’

The United States Federal Reserve voted to keep the interest rate, which currently stands at a 22-year high, unchanged for a second straight meeting. The American central bank also acknowledged the US economy’s surprising strength but has indicated that it may increase borrowing costs.&nbsp;

<a href="https://www.wionews.com/business-economy/us-fed-keeps-interest-rates-unchanged-at-22-year-high-says-economy-is-strong-654062">Read more here</a>

Japan announces $113-bln package to counter inflation woes&nbsp;

Japanese Prime Minister Fumio Kishida unveiled a comprehensive $113 billion economic package, aimed at controlling the effects of surging inflation. The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills.&nbsp;

<a href="https://www.wionews.com/business-economy/japan-announces-113-bln-package-to-counter-inflation-woes-654131">Read more here</a>

UK removes guarantees on £1 bn Covid loans. Here's why it matters

The United Kingdom has taken a significant step by removing the guarantees on £979 million ($1.2 billion) worth of loans extended to businesses during the Covid-19 pandemic. Though the government's decision only impacts a small percentage of all loans, it could result in losses for lenders in the event that the loans are not repaid.

<a href="https://www.wionews.com/business-economy/uk-removes-guarantees-on-ps1-bn-covid-loans-heres-why-it-matters-654188">Read more here</a>

China’s Evergrande presents new debt restructuring plan with equity swap for bondholders

China Evergrande has unveiled a fresh debt restructuring proposal for its offshore bondholders, suggesting a debt-to-equity swap that would grant bondholders an approximate 30 per cent equity stake in each of its two Hong Kong-listed subsidiaries. &nbsp;

<a href="https://www.wionews.com/business-economy/chinas-evergrande-presents-new-debt-restructuring-plan-with-equity-swap-for-bondholders-654203">Read more here</a>

LinkedIn surpasses 1 billion members, expands AI capabilities for job seekers

LinkedIn, the business-oriented social network under the ownership of Microsoft, announced that it has exceeded 1 billion members on Wednesday. In conjunction with this achievement, the platform is introducing additional artificial intelligence (AI) features designed to enhance the experience of paying subscribers.&nbsp;

<a href="https://www.wionews.com/business-economy/linkedin-surpasses-1-billion-members-expands-ai-capabilities-for-job-seekers-654205">Read more here</a>

Toyota achieves impressive Q2 profit amid weak yen and growing hybrid demand&nbsp;

Toyota Motor has reported a remarkable surge in its second-quarter profit, more than doubling its earnings while significantly revising its full-year outlook. The substantial boost in profits is attributed to a weaker yen currency, which has amplified the impact of robust global sales. &nbsp;

<a href="https://www.wionews.com/business-economy/toyota-achieves-impressive-q2-profit-amid-weak-yen-and-growing-hybrid-demand-654214">Read more here</a>

India aims to digitise 20 per cent of GDP by 2025-26: Rajeev Chandrasekhar&nbsp;

India's Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, has announced the country's ambitious plans for digital transformation. Speaking at the recently-concluded global AI summit in London, Chandrasekhar highlighted India's significant progress in digitising its economy over the past eight years, from 4.5 per cent to about 20 per cent of total GDP by 2025-26.&nbsp;

<a href="https://www.wionews.com/business-economy/india-aims-to-digitise-20-per-cent-of-gdp-by-2025-26-rajeev-chandrasekhar-654261">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. US Federal Reserve keeps interest rates unchanged at 22-year high, says economy is ‘strong’ The United States Federal Reserve voted to keep the interest rate, which currently stands at a 22-year high, unchanged for a second straight meeting.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. US Federal Reserve keeps interest rates unchanged at 22-year high, says economy is ‘strong’ The United States Federal Reserve voted to keep the interest rate, which currently stands at a 22-year high, unchanged for a second straight meeting. The American central bank also acknowledged the US economy’s surprising strength but has indicated that it may increase borrowing costs. Read more here Japan announces $113-bln package to counter inflation woes Japanese Prime Minister Fumio Kishida unveiled a comprehensive $113 billion economic package, aimed at controlling the effects of surging inflation. The proposed package encompasses various strategies, including temporary cuts to income and residential taxes, along with subsidies intended to alleviate the burdens of escalating gasoline and utility bills. Read more here UK removes guarantees on £1 bn Covid loans. Here's why it matters The United Kingdom has taken a significant step by removing the guarantees on £979 million ($1.2 billion) worth of loans extended to businesses during the Covid-19 pandemic. Though the government's decision only impacts a small percentage of all loans, it could result in losses for lenders in the event that the loans are not repaid. Read more here China’s Evergrande presents new debt restructuring plan with equity swap for bondholders China Evergrande has unveiled a fresh debt restructuring proposal for its offshore bondholders, suggesting a debt-to-equity swap that would grant bondholders an approximate 30 per cent equity stake in each of its two Hong Kong-listed subsidiaries. Read more here LinkedIn surpasses 1 billion members, expands AI capabilities for job seekers LinkedIn, the business-oriented social network under the ownership of Microsoft, announced that it has exceeded 1 billion members on Wednesday. In conjunction with this achievement, the platform is introducing additional artificial intelligence (AI) features designed to enhance the experience of paying subscribers. Read more here Toyota achieves impressive Q2 profit amid weak yen and growing hybrid demand Toyota Motor has reported a remarkable surge in its second-quarter profit, more than doubling its earnings while significantly revising its full-year outlook. The substantial boost in profits is attributed to a weaker yen currency, which has amplified the impact of robust global sales. Read more here India aims to digitise 20 per cent of GDP by 2025-26: Rajeev Chandrasekhar India's Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, has announced the country's ambitious plans for digital transformation. Speaking at the recently-concluded global AI summit in London, Chandrasekhar highlighted India's significant progress in digitising its economy over the past eight years, from 4.5 per cent to about 20 per cent of total GDP by 2025-26. Read more here

WION Business Wrap | Japan's package, India's digitisation ambitions & much more

Consumer confidence in the US hit a five-month low in October as gloomier economic forecasts & rising prices dampened optimism. Data released on Tuesday showed that the conference board's index dropped to 102.6 last month from 104.3 in September.

US consumer confidence drops to a five-month low

India's import of Russian oil eased in October after an increase in prices. However, oil supply from Saudi Arabia rose. Indian refiners have slowed Russian oil imports in recent months from the nearly 2 million barrels per peak seen earlier this year as discounts have narrowed.

India's Russian oil imports fall in October as prices rise

A great tech war may be brewing between two giants of the corporate world. Smartphone maker Nokia has sued e-commerce giant amazon across three continents for using its technologies in streaming services and devices without permission.

Nokia sues Amazon, licencing woes for latter | World News | WION

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

WeWork nears bankruptcy amidst crushing debt and plummeting value

The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading. In the last one year, its shares have slide by almost 96 per cent.

<a href="https://www.wionews.com/business-economy/wework-nears-bankruptcy-amidst-crushing-debt-and-plummeting-value-653710">Read more here</a>

Nokia sues Amazon and HP for patent infringement in video streaming&nbsp;

Finnish telecom giant&nbsp;Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology.&nbsp;

<a href="https://www.wionews.com/business-economy/nokia-sues-amazon-and-hp-for-patent-infringement-in-video-streaming-653725">Read more here</a>

Nvidia's shares plunge to five-month low amid cancelled China orders

Shares of Nvidia Corp, a prominent player in the artificial intelligence (AI) industry, tumbled by nearly 5 per cent, reaching a five-month low in the wake of a report that the company may be compelled to cancel advanced chip orders valued at up to $5 billion destined for China.&nbsp;

<a href="https://www.wionews.com/business-economy/nvidias-shares-plunge-to-five-month-low-amid-cancelled-china-orders-653757">Read more here</a>

Gold demand in India dims amid soaring prices: Report&nbsp;

The World Gold Council (WGC) on Tuesday expressed concerns that gold prices reaching near record highs may diminish the demand for gold in India during the country's peak festival season.&nbsp;

<a href="https://www.wionews.com/business-economy/gold-demand-in-india-dims-amid-soaring-prices-report-653761">Read more here</a>

'Deeply regret': FTX founder Sam Bankman-Fried faces intense scrutiny in fraud trial

FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November. Bankman-Fried also reiterated his belief that using money deposited by FTX customers into an Alameda-controlled bank account was "permissible."

<a href="https://www.wionews.com/business-economy/deeply-regret-ftx-founder-sam-bankman-fried-faces-intense-scrutiny-in-fraud-trial-653768">Read more here</a>

US consumer confidence hits a five-month low

Consumer confidence in the United States fell for a third straight month in October as gloomier economic forecasts and rising prices dampened optimism. Data released on Tuesday showed that The Conference Board's index dropped from 104.3 in September to 102.6 last month, which is a five-month low.&nbsp;

<a href="https://www.wionews.com/business-economy/us-consumer-confidence-hits-a-five-month-low-653811">Read more here</a>

Ukraine War: EU mulling fresh sanctions on Russia

The European Union is considering fresh sanctions on Russia that would impact Moscow's trade worth about $5 billion. The new sanctions may include export bans on welding machines, chemicals, and other technology used for military reasons.

<a href="https://www.wionews.com/business-economy/ukraine-war-eu-mulling-fresh-sanctions-on-russia-653818">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. WeWork nears bankruptcy amidst crushing debt and plummeting value The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. WeWork nears bankruptcy amidst crushing debt and plummeting value The embattled flexible workspace provider, WeWork, is reportedly on the verge of filing for bankruptcy in the coming week. This revelation triggered a sharp decline in the company's stock, with shares plummeting 32 per cent in after-hours trading. In the last one year, its shares have slide by almost 96 per cent. Read more here Nokia sues Amazon and HP for patent infringement in video streaming Finnish telecom giant Nokia has taken legal action against Amazon and HP, filing a lawsuit in Delaware federal court that alleges patent infringement related to video streaming technology. Read more here Nvidia's shares plunge to five-month low amid cancelled China orders Shares of Nvidia Corp, a prominent player in the artificial intelligence (AI) industry, tumbled by nearly 5 per cent, reaching a five-month low in the wake of a report that the company may be compelled to cancel advanced chip orders valued at up to $5 billion destined for China. Read more here Gold demand in India dims amid soaring prices: Report The World Gold Council (WGC) on Tuesday expressed concerns that gold prices reaching near record highs may diminish the demand for gold in India during the country's peak festival season. Read more here 'Deeply regret': FTX founder Sam Bankman-Fried faces intense scrutiny in fraud trial FTX founder Sam Bankman-Fried, in his latest testimony, has expressed "regret" for failing to investigate the $8 billion debt his hedge fund borrowed from the cryptocurrency exchange before its collapse last November. Bankman-Fried also reiterated his belief that using money deposited by FTX customers into an Alameda-controlled bank account was "permissible." Read more here US consumer confidence hits a five-month low Consumer confidence in the United States fell for a third straight month in October as gloomier economic forecasts and rising prices dampened optimism. Data released on Tuesday showed that The Conference Board's index dropped from 104.3 in September to 102.6 last month, which is a five-month low. Read more here Ukraine War: EU mulling fresh sanctions on Russia The European Union is considering fresh sanctions on Russia that would impact Moscow's trade worth about $5 billion. The new sanctions may include export bans on welding machines, chemicals, and other technology used for military reasons. Read more here

WION Business Wrap | WeWork's woes, fall in US consumer confidence

After the government of Kazakhstan declared its intention to take over Arcelormittal SA's activities in the nation in the wake of the country's worst mining tragedy in recent memory, the company's stock dropped by as much as 5.5%.

Arcelormittal stock plummets as Kazakhstan government intervenes | World Business Watch

US workers are becoming increasingly concerned about layoffs, even as they have less fears about an impending recession. According to Glassdoor, this month had the greatest level of layoff talk since July 2020.

Layoff fears loom over US workers despite strong economy

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

UAW reaches agreements with Detroit automakers, ending strikes&nbsp;

After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers. This labour victory follows similar deals made between the UAW and Ford Motor and Chrysler-owner Stellantis, signifying a turning point for auto workers who have endured stagnant wages and concessions since the 2008 financial crisis.

<a href="https://www.wionews.com/business-economy/uaw-reaches-agreements-with-detroit-automakers-ending-strikes-653292">Read more here</a>

U.S. antitrust trial: Google CEO Sundar Pichai defends default search status

Google CEO Sundar Pichai appeared before the U.S. antitrust trial on Monday and conceded the significance of making Google the default search engine on various devices to retain user loyalty. This admission is central to the ongoing antitrust case, which questions Google's multi-billion-dollar payments to secure its default status on laptops and smartphones.&nbsp;

<a href="https://www.wionews.com/business-economy/us-antitrust-trial-google-ceo-sundar-pichai-defends-default-search-status-653300">Read more here</a>

India's stock market may decline by 25 pc if BJP loses 2024 elections: Jefferies

India's equity markets could face a significant downturn if the ruling Bharatiya Janata Party (BJP) does not secure victory in the upcoming national elections in 2024, warns Chris Wood, the global head of equity strategy at Jefferies LLC, Bloomberg reported on Monday. Comparing the potential impact to the BJP's unexpected loss in 2004, Wood stated that he anticipates a correction of 25 per cent or possibly more in the stock market if the BJP doesn't retain power.&nbsp;

<a href="https://www.wionews.com/business-economy/jefferies-predicts-25pc-stock-market-decline-in-india-if-bjp-loses-2024-elections-653337">Read more here</a>

X's valuation takes a dive, falls from $44 billion to $19 billion&nbsp;

X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation. The company's value has plummeted to approximately $19 billion. This figure marks a stark 55 per cent decline from the staggering $44 billion that tech mogul Elon Musk paid to acquire the company merely a year ago.&nbsp;

<a href="https://www.wionews.com/business-economy/xs-valuation-takes-a-dive-falls-from-44-billion-to-19-billion-653342">Read more here</a>

New York Times tech workers stage half-day strike over return-to-office rules&nbsp;

Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters.&nbsp;

<a href="https://www.wionews.com/business-economy/new-york-times-tech-workers-stage-half-day-strike-over-return-to-office-rules-653372">Read more here</a>

Check Point software thrives amid rising cyberattacks in Israel: Report&nbsp;

Check Point Software Technologies, based in Israel, has reported a surge in cyberattacks in the wake of the October 7th raids by Hamas. Despite the increase in cyber threats, the company continues to operate as planned and anticipates higher annual profits than previously projected. Check Point revised its 2023 adjusted EPS estimate, raising it to a range of $8.20 to $8.40, up from the previous estimate of $7.70 to $8.30.&nbsp;

<a href="https://www.wionews.com/business-economy/check-point-software-thrives-amid-rising-cyberattacks-in-israel-report-653396">Read more here</a>

Japan's factory output growth slows, adding uncertainty to economic outlook

Japan's factory output saw a weaker-than-expected increase in September, underscoring concerns about the nation's export-dependent economy. According to Reuters, government data revealed that industrial production in Japan rose by a mere 0.2 per cent in September compared to the previous month, as demand significantly decelerated. This figure fell short of the market's median forecast, which predicted a 2.5 per cent gain in September, after a 0.7 per cent decline in August.&nbsp;

<a href="https://www.wionews.com/business-economy/japans-factory-output-growth-slows-adding-uncertainty-to-economic-outlook-653424">Read more here</a>

Auto industry executives acknowledge Electric Vehicle market challenges&nbsp;

Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. These executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition. Many are sceptical about the future of EVs, including General Motors, Mercedes Benz and market leader Tesla.&nbsp;

<a href="https://www.wionews.com/business-economy/auto-industry-executives-acknowledge-electric-vehicle-market-challenges-653432">Read more here</a>

Siemens Energy considers sale of stake in Indian affiliate to Siemens AG&nbsp;

Siemens Energy AG is deliberating to sell a significant portion of its 24 per cent stake in a publicly-traded Indian affiliate to its former parent, Siemens AG. This potential move is part of Siemens Energy's efforts to fortify its balance sheet. The current value of these shares is approximately €3.3 billion ($3.5 billion). It is worth noting that Siemens AG already owns a majority stake of 51 per cent in the Indian business.&nbsp;

<a href="https://www.wionews.com/business-economy/siemens-energy-considers-sale-of-stake-in-indian-affiliate-to-siemens-ag-653433">Read more here</a>

Decoding China's economy: Business activity contracts in October

China's economic challenges are mounting as its manufacturing activity unexpectedly contracted in October. The official purchasing managers' index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion. This decline underscores the formidable task facing Chinese policymakers as they grapple with a slew of domestic and global challenges.

<a href="https://www.wionews.com/business-economy/decoding-state-of-chinas-economy-business-activity-contracts-in-october-653392">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. UAW reaches agreements with Detroit automakers, ending strikes After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. UAW reaches agreements with Detroit automakers, ending strikes After a six-week-long campaign of coordinated strikes, the United Auto Workers (UAW) and General Motors (GM) reached a tentative agreement on Monday, marking the end of the unprecedented strike against Detroit's "Big Three" automakers. This labour victory follows similar deals made between the UAW and Ford Motor and Chrysler-owner Stellantis, signifying a turning point for auto workers who have endured stagnant wages and concessions since the 2008 financial crisis. Read more here U.S. antitrust trial: Google CEO Sundar Pichai defends default search status Google CEO Sundar Pichai appeared before the U.S. antitrust trial on Monday and conceded the significance of making Google the default search engine on various devices to retain user loyalty. This admission is central to the ongoing antitrust case, which questions Google's multi-billion-dollar payments to secure its default status on laptops and smartphones. Read more here India's stock market may decline by 25 pc if BJP loses 2024 elections: Jefferies India's equity markets could face a significant downturn if the ruling Bharatiya Janata Party (BJP) does not secure victory in the upcoming national elections in 2024, warns Chris Wood, the global head of equity strategy at Jefferies LLC, Bloomberg reported on Monday. Comparing the potential impact to the BJP's unexpected loss in 2004, Wood stated that he anticipates a correction of 25 per cent or possibly more in the stock market if the BJP doesn't retain power. Read more here X's valuation takes a dive, falls from $44 billion to $19 billion X, formerly known as Twitter, which distributed stock grants to its employees recently, has revealed a big drop in its valuation. The company's value has plummeted to approximately $19 billion. This figure marks a stark 55 per cent decline from the staggering $44 billion that tech mogul Elon Musk paid to acquire the company merely a year ago. Read more here New York Times tech workers stage half-day strike over return-to-office rules Tech employees at The New York Times have organised a half-day strike, protesting the publisher's unilateral push to bring them back to the office. The work stoppage commenced at 1 p.m. ET and saw nearly 700 workers participate in demonstrations conducted on Zoom and outside the newspaper's Manhattan headquarters. Read more here Check Point software thrives amid rising cyberattacks in Israel: Report Check Point Software Technologies, based in Israel, has reported a surge in cyberattacks in the wake of the October 7th raids by Hamas. Despite the increase in cyber threats, the company continues to operate as planned and anticipates higher annual profits than previously projected. Check Point revised its 2023 adjusted EPS estimate, raising it to a range of $8.20 to $8.40, up from the previous estimate of $7.70 to $8.30. Read more here Japan's factory output growth slows, adding uncertainty to economic outlook Japan's factory output saw a weaker-than-expected increase in September, underscoring concerns about the nation's export-dependent economy. According to Reuters, government data revealed that industrial production in Japan rose by a mere 0.2 per cent in September compared to the previous month, as demand significantly decelerated. This figure fell short of the market's median forecast, which predicted a 2.5 per cent gain in September, after a 0.7 per cent decline in August. Read more here Auto industry executives acknowledge Electric Vehicle market challenges Industry leaders in the automotive sector have recently voiced apprehension regarding the feasibility of their proposed electric vehicle (EV) plans. These executives have acknowledged the challenges that lie ahead and the obstacles that must be overcome to bring their ambitious projects to fruition. Many are sceptical about the future of EVs, including General Motors, Mercedes Benz and market leader Tesla. Read more here Siemens Energy considers sale of stake in Indian affiliate to Siemens AG Siemens Energy AG is deliberating to sell a significant portion of its 24 per cent stake in a publicly-traded Indian affiliate to its former parent, Siemens AG. This potential move is part of Siemens Energy's efforts to fortify its balance sheet. The current value of these shares is approximately €3.3 billion ($3.5 billion). It is worth noting that Siemens AG already owns a majority stake of 51 per cent in the Indian business. Read more here Decoding China's economy: Business activity contracts in October China's economic challenges are mounting as its manufacturing activity unexpectedly contracted in October. The official purchasing managers' index fell to 49.5 in October from 50.2, dipping back below the 50-point level demarcating contraction from expansion. This decline underscores the formidable task facing Chinese policymakers as they grapple with a slew of domestic and global challenges. Read more here

WION Business Wrap | The big global business stories summarised

The heads of trade for the most developed economies voiced concern that certain countries were taking advantage of the commercial weaknesses of others to further their own policy goals.

G7 unites against economic weaponisation

The united Auto workers' strike against general motors has now expanded to include the Spring Hill, Tennessee, engine plant, raising concerns about the production of gm's large pickups and mounting financial pressures.

Stellantis-workers’ deal sealed; GM alone without contract | World Business Watch

WION's&nbsp;Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

Australia halts trade negotiations with EU

Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. However, he expressed hope for future success and added that negotiations will continue. The negotiations between Australia and the EU have hit a roadblock over agricultural issues.

<a href="https://www.wionews.com/business-economy/australia-halts-trade-negotiations-with-eu-heres-why-652846">Read more here</a>

Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan&nbsp;

The ongoing war is bad news for the Israeli economy. JPMorgan Chase &amp; Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. &nbsp;JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted negatively to the war and the latest prediction does not bode well for Israel.&nbsp;

<a href="https://www.wionews.com/business-economy/israels-economy-may-contract-by-11-pc-amid-escalating-conflict-jpmorgan-652893">Read more here</a>

G-7 trade chiefs condemn weaponisation of economic dependencies: Report &nbsp;

In a statement that apparently targets China, trade ministers from the Group of Seven (G-7) came together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. &nbsp;

<a href="https://www.wionews.com/business-economy/g-7-trade-chiefs-condemn-weaponisation-of-economic-dependencies-report-652899">Read more here</a>

Egypt's natural gas imports suspended amid Gaza conflict&nbsp;

Egypt has announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war, leading to an increase in power cuts across the country. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincides with a surge in electricity demand due to warmer-than-usual temperatures. This decision appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip.&nbsp;

<a href="https://www.wionews.com/business-economy/egypt-suspends-natural-gas-imports-amid-gaza-conflict-652912">Read more here</a>

G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion'&nbsp;

The Group of Seven (G7) have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. &nbsp;

<a href="https://www.wionews.com/business-economy/g7-urges-repeal-of-bans-on-japanese-food-products-china-denounces-economic-coercion-652964">Read more here</a>

UAW-Ford tentative deal marks significant gains for union members: Report&nbsp;

The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. &nbsp;

<a href="ttps://www.wionews.com/business-economy/uaw-ford-tentative-deal-marks-significant-gains-for-union-members-report-652990">Read more here</a>

Evergrande gets a reprieve from court hearing as it seeks revised debt plan&nbsp;

In a significant development in China Evergrande Group debt saga, the real estate developer has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. The real estate company is working on a revised debt restructuring plan. The next hearing is likely on December 4 and if the company fails to chalk out a viable plan, it faces the threat of liquidation.&nbsp;

<a href="https://www.wionews.com/business-economy/evergrande-gets-a-reprieve-from-court-hearing-as-it-seeks-revised-debt-plan-653034">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Australia halts trade negotiations with EU Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. Australia halts trade negotiations with EU Australia has withdrawn from trade talks with the European Union on a free trade agreement for the second time in three months. Australia's Trade Minister Don Farrell, who met with European representatives during a Group of Seven meeting in Osaka, expressed his frustration on the matter. However, he expressed hope for future success and added that negotiations will continue. The negotiations between Australia and the EU have hit a roadblock over agricultural issues. Read more here Israel's economy may contract by 11 pc amid escalating conflict: JPMorgan The ongoing war is bad news for the Israeli economy. JPMorgan Chase & Co. has predicted that Israel’s economy may contract by 11 per cent during the last three months of the year. The conflict, which erupted on October 7, when Hamas militants launched attacks in southern Israel, has taken a heavier toll than initially predicted. JPMorgan's outlook is among the most pessimistic predictions from Wall Street analysts. Investors have already reacted negatively to the war and the latest prediction does not bode well for Israel. Read more here G-7 trade chiefs condemn weaponisation of economic dependencies: Report In a statement that apparently targets China, trade ministers from the Group of Seven (G-7) came together to criticise the exploitation of commercial vulnerabilities by certain nations to further their policy objectives. In a joint statement issued after their two-day gathering in Osaka, Japan, the G-7 pledged to collaborate with developing nations to ensure the resilience of supply chains for crucial items like critical minerals, semiconductors, and batteries. Read more here Egypt's natural gas imports suspended amid Gaza conflict Egypt has announced the suspension of its natural gas imports amid the ongoing Israel-Hamas war, leading to an increase in power cuts across the country. The abrupt halt in gas imports, from 800 million cubic feet per day (mcf/d) to zero, coincides with a surge in electricity demand due to warmer-than-usual temperatures. This decision appears to be linked to Israel's recent move to shut down the offshore Tamar gas field amid concerns of potential disruptions caused by the conflict with Hamas in the Gaza Strip. Read more here G7 urges repeal of bans on Japanese food products; China denounces 'economic coercion' The Group of Seven (G7) have called for an "immediate repeal" of restrictions on Japanese food product imports. The move comes as a clear reference to China's measures following Japan's decision to release treated wastewater from the Fukushima nuclear power plant. Read more here UAW-Ford tentative deal marks significant gains for union members: Report The United Auto Workers (UAW) leaders have given their approval to a tentative agreement with Ford. The agreement, which comes after extensive negotiations, includes a pay increase of at least 30 per cent for full-time workers, potentially more than doubling the earnings of other employees. Read more here Evergrande gets a reprieve from court hearing as it seeks revised debt plan In a significant development in China Evergrande Group debt saga, the real estate developer has asked a Hong Kong court five-week more weeks to develop a viable solution with its creditors. The real estate company is working on a revised debt restructuring plan. The next hearing is likely on December 4 and if the company fails to chalk out a viable plan, it faces the threat of liquidation. Read more here

FTX founder and ex-crypto billionaire Sam Bankman-fried has begun testifying in his own defence at his fraud trial. He said that "Lot of people got hurt" when the cryptocurrency exchange collapsed last year. But insisted he did not defraud anyone or steal billions of dollars from customers.

Sam Bankman-Fried testifies at crypto tria

India's retail inflation has taken a welcome dip, falling from 6.83% in August to 5.02% in September. The drop can be attributed to a substantial easing in food prices, which had surged to nearly 10% in the previous month.

India inflation dips tp 5.02% | India's retail inflation sees significant September dip | WION

Samsung electronics is defying expectations as their quarter three profits stage a comeback. the global tech giant announced a preliminary profit drop of 78%, surpassing forecasts as the troubled memory chip market shows early signs of revival.

Samsung beats market expectations

In a major development from the European Union, plans are underway to reshape the future of membership expansion. The core of the proposal revolves around two key components: First, providing substantial financial aid to these aspiring members to accelerate their reform efforts. Secondly, the EU aims to grant these candidate nations early access to the lucrative single market.

EU's growth plan for countries

Russia is making waves in the global oil market as it sells oil to India at nearly 80 dollars per barrel, a significant premium over western prices. This surge in prices is primarily driven by tight global oil markets and production cuts by key OPEC+ producers, including Russia and Saudi Arabia. As of mid-July, Urals crude has consistently traded above the western price cap of 60 dollars per barrel.

Russian oil sales surge in India

China's economy is showing signs of weakness, and Xi Jinping is now backing the decades-old mantra of reform and opening up. The storm clouds persist, as data shows missed growth expectations, and consumers remain cautious. Analysts say China’s economic miracle was not that miraculous. The country’s high-octane ascent over the past 40 years is, in reality, a triumph of basic economic principles.

Storm clouds: Xi Jinping backs economic reforms after redirecting Chinese business inward | Details

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Household debt rises by $78 bn in July-September quarter | World Business News

Work from home to work from office | World Business Watch

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India’s Byju's in talks to sell epic! creations | World Business Watch

Report: SpaceX to book revenues of about $9 billion in 2023 | World Business Watch

Women-led hedge funds outperform in last 16 years | World Business News

Shipping giant likely to cut at least 10000 jobs

Used EVs: A silent revolution? | World Business Watch

Airbnb: Quarterly revenue to fall short of expectations

WION Business Wrap | Sam Bankman-Fried convicted, Amazon's algorithm trouble & more

Evergrande proposes new debt restructure for offshore bondholders

Toyota's operating profit at $9.5 bn in July-September quarter | World Business Watch

Majority in Singapore favor remote work

Linkedin crosses 1 billion users | World Business Watch

WION Business Wrap | Japan's package, India's digitisation ambitions & much more

US consumer confidence drops to a five-month low

India's Russian oil imports fall in October as prices rise

Nokia sues Amazon, licencing woes for latter | World News | WION

WION Business Wrap | WeWork's woes, fall in US consumer confidence

Arcelormittal stock plummets as Kazakhstan government intervenes | World Business Watch

Layoff fears loom over US workers despite strong economy

WION Business Wrap | The big global business stories summarised

G7 unites against economic weaponisation

Stellantis-workers’ deal sealed; GM alone without contract | World Business Watch

WION Business Wrap | The big global business stories summarised

Sam Bankman-Fried testifies at crypto tria