Samsung Electronics reported a 69% slump in its profit in the December quarter which is the firm's lowest quarterly profit in nearly a decade. The company's outlook also showed lower profits likely for the first half of the year driven by a broad global economic slowdown and a fall in demand.

World Business Watch: Samsung reports lowest quarterly profit since 2014

Champagne sales in 2022 reached a record high of more than 6.5 billion USD,&nbsp;primarily due to the fading Covid pandemic, as per industry experts.&nbsp;As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.9 billion USD in 2021 was partly a result of its shift upmarket and introduction of more expensive vintage champagnes.

In 2022 "it naturally accompanied consumers throughout the world as they rejoiced at the end of lockdowns and found the taste again for celebrating, going out, travelling," said David Chatillon, co-president of the Comite Champagne who spoke to AFP.&nbsp;

At the height of the pandemic lockdowns in 2020, sales had fallen to 244 million bottles.

Also read |&nbsp;<a href="https://www.wionews.com/trending/two-drinks-per-week-dry-january-canadas-new-recommendation-for-alcohol-consumption-553862/amp">Two drinks per week, dry January: Canada's new recommendation for alcohol consumption</a>

While domestic sales fell 1.7 per cent, exports increased by 4.3 per cent in volume to 187.5 million bottles.

Exports now make up 57 per cent&nbsp;of sales, compared to 45 per cent&nbsp;a decade earlier, as reported by AFP.&nbsp;

Due to the market's annual volume of fewer than two million bottles, the suspension of shipments to Russia had little effect.

(With inputs from agencies)

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Champagne sales in 2022 reached a record high of more than 6.5 billion USD, primarily due to the fading Covid pandemic, as per industry experts. As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.

Champagne sales in 2022 reached a record high of more than 6.5 billion USD, primarily due to the fading Covid pandemic, as per industry experts. As projected by the trade association, Comite Champagne, the industry's double-digit sales growth from 5.9 billion USD in 2021 was partly a result of its shift upmarket and introduction of more expensive vintage champagnes. In 2022 "it naturally accompanied consumers throughout the world as they rejoiced at the end of lockdowns and found the taste again for celebrating, going out, travelling," said David Chatillon, co-president of the Comite Champagne who spoke to AFP. At the height of the pandemic lockdowns in 2020, sales had fallen to 244 million bottles. Also read | Two drinks per week, dry January: Canada's new recommendation for alcohol consumption While domestic sales fell 1.7 per cent, exports increased by 4.3 per cent in volume to 187.5 million bottles. Exports now make up 57 per cent of sales, compared to 45 per cent a decade earlier, as reported by AFP. Due to the market's annual volume of fewer than two million bottles, the suspension of shipments to Russia had little effect. (With inputs from agencies) WATCH WION LIVE HERE:

Champagne sales hit record high in 2022; growth attributed to waning Covid

Smartphones in India might become expensive; tech giant Google has warned. Google also warned about the potential threat to users' security.

World Business Watch: Smartphone prices might rise in India, says Google

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday.

As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly.

However, the ministry did not immediately react to a request for comment, reported Bloomberg.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/elon-musk-breaks-world-record-for-largest-ever-loss-of-personal-fortune-551123">Elon Musk breaks world record for largest-ever loss of personal fortune</a>

According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit.

In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing.

Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged.

To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations.

Also read |&nbsp;<a href="https://www.wionews.com/opinions-blogs/global-central-banks-credibility-at-risk-over-rising-inflation-raghuram-rajan-551094">Global central banks' credibility at risk over rising inflation: Raghuram Rajan</a>

Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures.

According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But,&nbsp;the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December.

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Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report.

Russia's federal budget deficit worsened to a record level in December, driven by limits on oil exports at a time when spending on the invasion of Ukraine increased, according to a Bloomberg report. Last month's fiscal imbalance was a record-high of 3.9 trillion roubles ($56 billion), according to calculations by Bloomberg based on unofficial government statistics provided on Tuesday. As a result, the annual shortfall increased to roughly 3.3 trillion roubles, turning around an excess in the first 11 months of the year. The Finance Ministry is anticipated to reveal more comprehensive data shortly. However, the ministry did not immediately react to a request for comment, reported Bloomberg. Also read | Elon Musk breaks world record for largest-ever loss of personal fortune According to preliminary figures, spending for the year increased by more than a third from pre-war projections. Government spending in Russia is mostly seasonal, with significant increases frequently occurring at the end of the year, resulting in a larger deficit. In the first half, exports of high-priced goods like oil, gas, and other commodities helped offset spending increases, but the pattern is gradually changing. Following the Group of Seven (G7) nations' imposition of a cap intended to curb the Kremlin's profits, the price of Russian oil plunged. To make up the difference, the government has already begun to cut back on or postpone non-war spending and is considering raising taxes on some large corporations. Also read | Global central banks' credibility at risk over rising inflation: Raghuram Rajan Due to years of stringent measures implemented before the invasion, Russia's financial condition is robust despite the pressures. According to projections, the deficit for this year will be 2 per cent of GDP, which is the same as the deficit for 2022. But, the current forecast is based on an oil price of $70 per barrel, about $20 above levels seen in December. WATCH WION LIVE HERE:

Russia's budget gap surges to record high as Ukraine war weighs on finances

The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study.

A separate KPMG study showed, "climate change poses an imminent threat to both the short-term and long-term stability and sustainability of insurance operations".

Similarly, according to data gathered by Munich Re, insured losses from natural disasters reached over $120 billion in 2022, the majority of which was weather-related.

Approximately half of that was caused by Hurricane Ian, which wreaked havoc in Florida in September. Last year, storms, droughts, earthquakes, and fires cost a total of $270 billion, including uninsured damages.

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/indias-upi-singapores-paynow-to-integrate-soon-says-an-official-at-a-g20-meeting-550946">India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting</a>

“There is no denying that climate change is driving losses from natural catastrophes,” Ernst Rauch, chief climate scientist at Munich Re, told Bloomberg in an interview. “Insured losses of more than $100 billion a year are the new normal.”

That represents a significant divergence from the industry standards of less than two decades ago.

According to records maintained by Munich Re, insured losses have never surpassed $50 billion annually before Hurricane Katrina devastated New Orleans in 2005.

This decade has seen a steep rise in inflation as well as increased market volatility, which has contributed to the substantially larger loss level.

Last year, flooding and storms were very damaging. The most expensive natural disaster of 2022 will likely be the Australian floods in February and March, which surpass Hurricane Ian in cost.

According to Munich Re, insured losses would likely total over $4 billion.

The deep freeze known as Elliott, which covered the US last month, is still too early to produce a reliable estimate of the losses it will have caused, according to the German insurer.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/world-business-watch-2023-to-be-a-tough-year-says-imf-head-548620">World Business Watch: 2023 to be a tough year, says IMF head</a> 
 
The Munich Re research also demonstrates that, in comparison to insured losses, uninsured losses are noticeably bigger than insured losses, which often concentrate on the developed world.

Meanwhile, the consequences of climate change are frequently felt most keenly in Asia and Africa.

Over 800 people died from flooding in Nigeria, Niger, and Chad last summer, according to World Weather Attribution, a scientific organisation that examines extreme weather for signs of climate change.

The worst floods of 2022 occurred in Pakistan when at least 1,700 people died and countless others were exposed to cholera, malaria, and other water-borne illnesses.

According to Munich Re, the event's direct damages are expected to be at least $15 billion, and nearly nothing is insured.

Governments and international organisations are looking into new mechanisms to route money to those most impacted by climate change because such damage is beyond the capacity of insurers to pay.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/goldman-sachs-set-to-cut-3200-jobs-amid-bleak-economic-outlook-reports-suggest-550592">Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest</a>

Negotiators decided to establish a fund that will aid developing nations by gaining promises from wealthy countries at the COP27 climate meeting in Egypt last year.

The establishment of such a fund “isn’t about dispensing charity,” Sherry Rehman, Pakistan’s climate minister, said after the deal was struck in late November, according to Bloomberg. “It is clearly a down payment on the longer investment in our joint futures.”

Regulatory and industry-wide organisations have also jumped into action, according to KPMG. Regulators are now setting expectations of what regulated organisations need to consider when evaluating climate change risks, in line with a worldwide ESG-oriented approach, said a KPMG report. 
&nbsp; 
&nbsp;

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The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study.

The insurance sector is having trouble adjusting to the new normal, as losses brought on by climate change now routinely approach $100 billion annually, reported Bloomberg citing a Munich Re study. A separate KPMG study showed, "climate change poses an imminent threat to both the short-term and long-term stability and sustainability of insurance operations". Similarly, according to data gathered by Munich Re, insured losses from natural disasters reached over $120 billion in 2022, the majority of which was weather-related. Approximately half of that was caused by Hurricane Ian, which wreaked havoc in Florida in September. Last year, storms, droughts, earthquakes, and fires cost a total of $270 billion, including uninsured damages. ALSO READ | India's UPI, Singapore's Paynow to integrate soon, says an official at a G20 meeting “There is no denying that climate change is driving losses from natural catastrophes,” Ernst Rauch, chief climate scientist at Munich Re, told Bloomberg in an interview. “Insured losses of more than $100 billion a year are the new normal.” That represents a significant divergence from the industry standards of less than two decades ago. According to records maintained by Munich Re, insured losses have never surpassed $50 billion annually before Hurricane Katrina devastated New Orleans in 2005. This decade has seen a steep rise in inflation as well as increased market volatility, which has contributed to the substantially larger loss level. Last year, flooding and storms were very damaging. The most expensive natural disaster of 2022 will likely be the Australian floods in February and March, which surpass Hurricane Ian in cost. According to Munich Re, insured losses would likely total over $4 billion. The deep freeze known as Elliott, which covered the US last month, is still too early to produce a reliable estimate of the losses it will have caused, according to the German insurer. ALSO WATCH | World Business Watch: 2023 to be a tough year, says IMF head The Munich Re research also demonstrates that, in comparison to insured losses, uninsured losses are noticeably bigger than insured losses, which often concentrate on the developed world. Meanwhile, the consequences of climate change are frequently felt most keenly in Asia and Africa. Over 800 people died from flooding in Nigeria, Niger, and Chad last summer, according to World Weather Attribution, a scientific organisation that examines extreme weather for signs of climate change. The worst floods of 2022 occurred in Pakistan when at least 1,700 people died and countless others were exposed to cholera, malaria, and other water-borne illnesses. According to Munich Re, the event's direct damages are expected to be at least $15 billion, and nearly nothing is insured. Governments and international organisations are looking into new mechanisms to route money to those most impacted by climate change because such damage is beyond the capacity of insurers to pay. ALSO READ | Goldman Sachs set to cut 3,200 jobs amid bleak economic outlook, reports suggest Negotiators decided to establish a fund that will aid developing nations by gaining promises from wealthy countries at the COP27 climate meeting in Egypt last year. The establishment of such a fund “isn’t about dispensing charity,” Sherry Rehman, Pakistan’s climate minister, said after the deal was struck in late November, according to Bloomberg. “It is clearly a down payment on the longer investment in our joint futures.” Regulatory and industry-wide organisations have also jumped into action, according to KPMG. Regulators are now setting expectations of what regulated organisations need to consider when evaluating climate change risks, in line with a worldwide ESG-oriented approach, said a KPMG report. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explainer: Why the insurance industry is taking over $100 billion hit from climate change losses?

The Japanese government is taking a drastic leap in an attempt to reverse population decline in certain regions of the country. The government has now offered a package of $7500 (1 million yen) per child to families to move out of Tokyo

World Business Watch: Japan offering 1 million yen per child to head off from Tokyo

The government of UAE has a special new year's gift for its employees. Government employees wanting to start their own businesses will get a one-year-long paid leave. Molly Gambhir tells you more.

Gravitas: UAE govt employees get one-year leave to set up business

Wall Street's major averages closed low ways today with tech heavy NASDAQ two percent drop leading losses. Investors are worried the data showing resilient economy would lead us that deserve to keep high kicking interest rates for longer.

World Business Watch: Wall Street tumbles on rate, recession worries

India's central bank chief has warned that the next financial crisis will possibly come from private cryptocurrencies. Adding that he also holds the view that cryptocurrencies should be banned or prohibited.

World Business Watch: Next financial crisis may come from private cryptocurrencies, says CBI chief

General Motors is recalling 140,000 Chevrolet Bolt EV vehicles. It will happen in North America because carpet here could catch fire after a crash.

World Business Watch: General Motors recalls 140,000 Chevrolet Bolt EVs over risk of catching fire

The clock is ticking on the Chinese app as U.S passes a senate bill barring the use of TikTok on government-owned devices. Trump administration tried banning the app in 2020.

World Business Watch: US Senate passes bill barring use of TikTok on government owned devices

China's business confidence fell to its lowest since January 2013, a survey by World Economics showed on Monday, reflecting the impact of surging COVID-19 cases on economic activity.

World Business Watch: Chinese business confidence falls to lowest in almost a decade

British inflation declined much more rapidly than anticipated in November to 10.7 per cent&nbsp;from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households. Consumer price inflation was expected to fall to 10.9 per cent as per economists surveyed by Reuters. Last month, both the US&nbsp;and Euro zone inflation rates dropped far more sharply than expected, fuelling hopes that the current inflation wave may have reached its apex.&nbsp;

"Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels," the Office for National Statistics' chief economist, Grant Fitzner told Reuters.&nbsp;

The Bank of England ( BoE) has&nbsp;sharply increased interest rates over the past 12 months in an effort to tackle&nbsp;inflation that is significantly higher than its two per cent&nbsp;target. Most economists anticipate that it will increase rates once again on Thursday, to 3.5 per cent&nbsp;from three&nbsp;per cent.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/boat-carrying-migrants-sinks-off-english-coast-at-least-three-dead-reports-543003">UK: Boat carrying migrants sinks off English Coast, four dead</a>

The government's budget watchdog anticipated the worst pressure on living standards since records began in the 1950s, while the BoE forecasted that Britain will enter a protracted recession with inflation not returning to target until early 2024.

Also watch |&nbsp;UK PM Rishi Sunak announces crackdown on Albanian illegal migrants

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British inflation started to take shape&nbsp;last year, mostly driven by post-pandemic congestion&nbsp;in the domestic and global economy, and accelerated&nbsp;particularly when European energy prices surged after Russia's February invasion of Ukraine. The BoE has also shed light&nbsp;labour shortages and trade and migration frictions due to Brexit as playing a role in pushing up prices.

(With inputs from agencies)

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British inflation declined much more rapidly than anticipated in November to 10.7 per cent from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households.

British inflation declined much more rapidly than anticipated in November to 10.7 per cent from the 41-year high of 11.1 per cent according to official consumer pricing data, which may provide some comfort to the Bank of England and hard-pressed households. Consumer price inflation was expected to fall to 10.9 per cent as per economists surveyed by Reuters. Last month, both the US and Euro zone inflation rates dropped far more sharply than expected, fuelling hopes that the current inflation wave may have reached its apex. "Prices are still rising, but by less than this time last year with the most notable example of this being motor fuels," the Office for National Statistics' chief economist, Grant Fitzner told Reuters. The Bank of England ( BoE) has sharply increased interest rates over the past 12 months in an effort to tackle inflation that is significantly higher than its two per cent target. Most economists anticipate that it will increase rates once again on Thursday, to 3.5 per cent from three per cent. Also read | UK: Boat carrying migrants sinks off English Coast, four dead The government's budget watchdog anticipated the worst pressure on living standards since records began in the 1950s, while the BoE forecasted that Britain will enter a protracted recession with inflation not returning to target until early 2024. Also watch | UK PM Rishi Sunak announces crackdown on Albanian illegal migrants British inflation started to take shape last year, mostly driven by post-pandemic congestion in the domestic and global economy, and accelerated particularly when European energy prices surged after Russia's February invasion of Ukraine. The BoE has also shed light labour shortages and trade and migration frictions due to Brexit as playing a role in pushing up prices. (With inputs from agencies) WATCH WION LIVE HERE:

UK inflation declines from 41-year high but food prices continue the upswing

As part of a 10-year business contract to move the London Stock Exchange Group's data infrastructure into the cloud, Microsoft will purchase a four per cent equity stake in the exchange operator as announced on Monday. As a requirement of the agreement, LSEG has committed to spending a minimum of $2.8 billion with Microsoft on cloud-related services throughout the partnership's duration.

The digital migration of LSEG's technological infrastructure and Refinitiv platforms onto the Microsoft Cloud, according to Microsoft, will constitute the cornerstone of the relationship.

“The initial focus will be on delivering interoperability between LSEG Workspace and Microsoft Teams, Excel and PowerPoint with other Microsoft applications and a new version of LSEG’s Workspace,” the U.S. company said. LSEG shares were up four&nbsp;per cent&nbsp;in early trade.

Also read |&nbsp;<a href="https://www.wionews.com/technology/google-chrome-introduces-password-less-authentication-heres-how-it-works-542134">Google Chrome introduces passwordless authentication. Here's how it works</a>

Refinitiv was acquired by LSEG for $27 billion from a Blackstone and Thomson Reuters consortium, making the exchange the second-largest provider of financial data behind Bloomberg LP.

Since the conclusion of its acquisition of Refinitiv in January 2021, LSEG has made "excellent progress" on its programme for the delivery of its cloud-based data platform, according to a statement.

The exchange operator announced that Microsoft will purchase LSEG shares from the Blackstone/Thomson Reuters Consortium.

Following the Refinitiv transaction, Thomson Reuters, which owns Reuters News, has a tiny ownership interest in LSEG.

The closing of Microsoft's acquisition is anticipated for the first quarter of 2023.

(With inputs from agencies)

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As part of a 10-year business contract to move the London Stock Exchange Group's data infrastructure into the cloud, Microsoft will purchase a four per cent equity stake in the exchange operator as announced on Monday.

As part of a 10-year business contract to move the London Stock Exchange Group's data infrastructure into the cloud, Microsoft will purchase a four per cent equity stake in the exchange operator as announced on Monday. As a requirement of the agreement, LSEG has committed to spending a minimum of $2.8 billion with Microsoft on cloud-related services throughout the partnership's duration. The digital migration of LSEG's technological infrastructure and Refinitiv platforms onto the Microsoft Cloud, according to Microsoft, will constitute the cornerstone of the relationship. “The initial focus will be on delivering interoperability between LSEG Workspace and Microsoft Teams, Excel and PowerPoint with other Microsoft applications and a new version of LSEG’s Workspace,” the U.S. company said. LSEG shares were up four per cent in early trade. Also read | Google Chrome introduces passwordless authentication. Here's how it works Refinitiv was acquired by LSEG for $27 billion from a Blackstone and Thomson Reuters consortium, making the exchange the second-largest provider of financial data behind Bloomberg LP. Since the conclusion of its acquisition of Refinitiv in January 2021, LSEG has made "excellent progress" on its programme for the delivery of its cloud-based data platform, according to a statement. The exchange operator announced that Microsoft will purchase LSEG shares from the Blackstone/Thomson Reuters Consortium. Following the Refinitiv transaction, Thomson Reuters, which owns Reuters News, has a tiny ownership interest in LSEG. The closing of Microsoft's acquisition is anticipated for the first quarter of 2023. (With inputs from agencies) WATCH WION LIVE HERE:

Microsoft plans to buy four per cent stake in London Stock Exchange

The year 2022 is now closing strongly in India. With technically high collection by agri food sector of 4.6 billion dollars in the country. With that, now India has overtaken China as best funded agri-food ecosystem in Asia Pacific region.

World Business Watch: Agri tech start-up investment add $4.6 billion in FY 22

More than 20,000 employees - most of them new hire - are not yet working on manufacturing line and have left Apple supplier Foxconn from Zhengzhou plant in China. According to reports, departures would complicate company's previous target of resuming full manufacturing by the end of November.

World Business Watch: China's Foxconn in trouble; 20,000 new hires left Zhengzhou plant

In the latest from Twitter, its decision to shut down its Brussels office in the EU and laying off thousands of workers is drawing concern to whether company can comply with tough European Union rules.

World Business Watch | Twitter job cuts a concern, says EU justice head

Ford is recalling over 600,000 SUV's worldwide over fire risks from possible cracked fuel injectors and urged owners to have their cars inspected. Watch full video to know more.

World Business Watch | Ford recalls over 600,000 SUVs over fire risks

The cost of living crisis caused by high rate of inflation and low wage growth has pushed millions of people towards poverty. Sharp jump in the price of fossil fuels is said to be one of the main reasons behind inflation.

World Business Watch | Are fossil fuels causing cost-of-living crisis?

Germany's metal working union, IG Metal, has struck a waged deal with Volkswagen group for German factory workers which is increasing and it has raised the wages of about 125,000 workers but by 8.5%. The deal is a two-year plan wherein the workers will see 5.2% wage hike from June 23.

World Business Watch: VW Union agrees to pay 8.5% hike less than inflation

European business confidence has hit rock bottom, with a third of the region’s biggest industrial companies expecting to stop or scale back operations in the bloc because of record energy prices and slowing demand.

World Business Watch | European business confidence lowest since start of pandemic

Italy government has approved its 2023 budget. Taxes on energy firms' extra profits set at 35%. Watch this report for all the details.

World Business Watch: Italy government approves 2023 budget

Slow online business has hit Zoom revenue. High inflation is also dampening customers' spending. Watch this report for details.

World Business Watch: Slow online business hits Zoom revenue

FTX collapsed last week and the crypto-trading platform has filed for bankruptcy. But, the problems for FTX are far from over and there are concerns over a possible domino effect over the sector.

World Business Watch: US authorities probe FTX collapse; concerns over possible domino effect

In Hong Kong, the slowing property market, rising interest rates and pandemic effects, have hit luxury housing market. The number of luxury home sales transactions is expected to hit a nine-year low in 2022.

World Business Watch: Hong Kong luxury home sales to hit a 9-yr low

Japan's economy has unexpectedly shrank in the third quarter. The impact of high inflation, weak yen, and the soaring price of commodities have weighed on the country.

World Business Watch: High inflation, weakening Yen slows down Japan's economy

Market research firm International Data Corporation said, just before the start of the annual festive season, smartphone market in India declined by 10% to hit a three-year low of 43mn shipment in the July-September 2022 period.

World Business Watch: Indian smartphone market at three-year low

In a sign that world's second-largest economy is losing momentum, China's factory output grew more slowly than expected and retail sales unexpectedly dropped in October as it struggles with protracted covid-19 curbs and a property downturn.

World Business Watch: China's factory output, retail miss forecasts

There seems to be a race between Amazon boss Jeff Bezos and his former wife MacKenzie Scott, it is to give wealth to charity. Scott said she donated $2bn to charity over the past seven months and Bezos to give away a majority of his fortunes.

World Business Watch: MacKenzie Scott donates $2 bn to charity

Reportedly, Amazon is planning to layoff 10,000 of its employees in corporate and technology divisions. The layoffs may start as early as this week.

Report: Amazon plans to lay off 10,000 people

Italy has banned facial recognition and 'smart glasses' as its Data Protection Agency issued a rebuke to two municipalities experimenting with the technologies.

World Business Watch: Italy outlaws facial recognition tech using biometric data

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