The US Powerball jackpot has grown to a staggering $1.9 billion, which is the highest prize in world history. Lottery fever across the nation is at an all-time high as yet another week passed without a winner claiming the lucrative prize.

WION Business News | US Powerball jackpot soars to $1.9 billion, largest in history

On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high.&nbsp;

In a statement, the central bank said, “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” while reiterating its commitment to returning inflation to its 2% objective. This comes after the two-day meeting of the Federal Open Market Committee (FOMC).&nbsp;

The interest rate affects the cost of borrowing and investment in the economy which the Federal Reserve has been increasing since March in a bid to slow the economy down and bring down the soaring inflation in the country. This rate hike marks the central bank’s sixth consecutive increase just this year.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/world/us-federal-reserve-hikes-interest-rates-to-highest-level-since-2008-518597">US Federal Reserve hikes interest rates to highest level since 2008</a>

The policy decision set the target federal funds rate in a range between 3.75%-4% which is the highest since 2008. The Fed’s policy tightening has sparked a debate about its impact on the US and world economies, additionally, many fear that any further hikes could stress the financial system or even trigger a recession.&nbsp;

“Ongoing increases in the target range will be appropriate,” said the FOMC, indicating that they are “highly attentive” to the risks inflation poses which means that there could be further hikes in the future. This comes as the rate of inflation is at least triple the central bank’s target which has led them to increase rates marking the fastest rounds of increase since the 1980s.&nbsp;

Fed Chairman Powell: chances of&nbsp;‘soft landing’ for economy have&nbsp;‘narrowed’

Federal Reserve Board Chairman Jerome Powell addressed a news conference after the closing of the two-day meeting and said that the “ultimate level” of the central bank’s benchmark policy rate is higher than previously anticipated. Furthermore, chances for the so-called “soft landing” for the economy have “narrowed” but are “still possible”, said Powell.&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/videos/federal-reserve-raises-rates-by-75-basis-point-most-aggressive-rate-hike-since-1994-488624">Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994</a>

While investors have supposedly been speculating about the 75-basis point rate hike, they had been anticipating a decrease in the rate hikes after its meeting in December. After the speech, US stocks reportedly went volatile with Dow falling more than 500 points, S&amp;P 500 sinking by 2.5% and the Nasdaq Composite fell 3.4%, as of Wednesday, reported CNN.&nbsp;

(With inputs from agencies)&nbsp;

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On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high.

On Wednesday, the United States Federal Reserve raised interest rates again making it the fourth straight increase of 0.75% in a bid to combat inflation in the country which remains at a four-decade-high. In a statement, the central bank said, “Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” while reiterating its commitment to returning inflation to its 2% objective. This comes after the two-day meeting of the Federal Open Market Committee (FOMC). The interest rate affects the cost of borrowing and investment in the economy which the Federal Reserve has been increasing since March in a bid to slow the economy down and bring down the soaring inflation in the country. This rate hike marks the central bank’s sixth consecutive increase just this year. ALSO READ: US Federal Reserve hikes interest rates to highest level since 2008 The policy decision set the target federal funds rate in a range between 3.75%-4% which is the highest since 2008. The Fed’s policy tightening has sparked a debate about its impact on the US and world economies, additionally, many fear that any further hikes could stress the financial system or even trigger a recession. “Ongoing increases in the target range will be appropriate,” said the FOMC, indicating that they are “highly attentive” to the risks inflation poses which means that there could be further hikes in the future. This comes as the rate of inflation is at least triple the central bank’s target which has led them to increase rates marking the fastest rounds of increase since the 1980s. Fed Chairman Powell: chances of ‘soft landing’ for economy have ‘narrowed’ Federal Reserve Board Chairman Jerome Powell addressed a news conference after the closing of the two-day meeting and said that the “ultimate level” of the central bank’s benchmark policy rate is higher than previously anticipated. Furthermore, chances for the so-called “soft landing” for the economy have “narrowed” but are “still possible”, said Powell. ALSO READ: Federal reserve raises rates by 75 basis-point, most aggressive rate hike since 1994 While investors have supposedly been speculating about the 75-basis point rate hike, they had been anticipating a decrease in the rate hikes after its meeting in December. After the speech, US stocks reportedly went volatile with Dow falling more than 500 points, S&P 500 sinking by 2.5% and the Nasdaq Composite fell 3.4%, as of Wednesday, reported CNN. (With inputs from agencies) 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.

In a historic move, US Federal Reserve raises interest rate by 0.75% again

South Africa's financial watchdog has classified cryptocurrency assets as financial products. In a brief notice, it stated that at the crypto asset which it referred to as a digital representation of value must be regulated in South Africa from the date of publication.

WION Business News

The Singapore government has set up an inter-agency counter-ransomware task force to pool representatives from different sectors and tackle the growing scourge of ransomware among businesses.

Singapore sets up ransomware task force to tackle rising threat to businesses from cyber attacks

In the middle of a debate on Moonlighting which is working for a company and taking another job at the same time, now Indian IT giant emphasis has reportedly fired several employees for this.

World Business Watch: Indian IT firm Infosys fires several employees for 'moonlighting'

There are many places in the world to get a job and live a good life but there are very few good places to get retired and receive pensions. In a recent survey, Iceland has been rated for the second year running as the best place all because of the private and public sector pension benefits available to all.

World Business Watch: Singapore beats Hong Kong in Asian pension systems

Japanese manufacturer' business mood worsened in the three months to September and corporate inflation expectations hit a record high, as stubbornly high material costs clouded the outlook for the fragile economy.

World Business Watch: Japan's business mood worsens in Q3 as costs cloud outlook

Companies that have left Hong Kong may not return soon even if all coronavirus travel curbs are scrapped, one of the city’s biggest business chambers has warned after a survey it conducted revealed 10 per cent of responding firms have permanently relocated.

World Business Watch: Some departed firms from Hong Kong not looking back

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.&nbsp; 
 
There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front.

According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year.

On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period."

<a href="https://www.wionews.com/world/credit-suisse-says-worlds-average-adult-will-be-worth-100000-by-2024-518721">Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024</a>

Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent&nbsp;chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products.&nbsp;

Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs.

<a href="https://www.wionews.com/world/number-of-global-ultra-high-net-worth-individuals-hits-record-high-in-2022-518310">Also read |&nbsp;Number of global ultra high net worth individuals hits record high in 2022</a>

Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs.&nbsp;

The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago.&nbsp;

The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil.

(With inputs from agencies)

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Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low. There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front. According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year. On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period." Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024 Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products. Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs. Also read | Number of global ultra high net worth individuals hits record high in 2022 Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs. The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago. The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil. (With inputs from agencies) WATCH WION LIVE HERE

Another Lehman Brothers? Credit Suisse shares down by record 12%, CEO puts up brave front

The Covid-19 pandemic left many businesses reeling. Firms across the world faced the brunt equally but for Chinese businesses, the storm just doesn't seem to be passing.

China's erratic policy shifts put under lens, bloodbath in business capital of Shanghai

General Motors on Tuesday said it will not mandate workers return to offices before 2023 after it had told them on Friday that they would be expected to work three days on-campus each week later this year.

WION Business News| General Motors is conducting damage control, delays return-to-work plans to 2023

United Kingdom's new business secretary Kwasi Kwarteng is set to announce $30 billion in tax cuts in his emergency budget on Friday. The new chancellor is said to believe the changes will ease the cost of living and boost economic growth.

UK's new business secretary expected to announce $30 billion in tax cuts this week

Air India on Thursday (September 15) launched a transformation strategy centred on customer service, technology, and hospitality to reestablish itself over the coming five years, growing significantly internationally and improving its domestic market share by at least 30 per cent.&nbsp;

The airline's plan aims to put it on a course for consistent growth, financial success, and market dominance.

<a href="https://www.wionews.com/india-news/watch-air-india-express-flights-engine-catches-fire-at-muscat-airport-just-before-take-off-516266">Also read |&nbsp;Watch: Air India Express flight's engine catches fire at Muscat airport just before take-off</a>

Campbell Wilson, the MD, and CEO of Air India, referred to the proposal as a new start of a new era and an opportunity to make a historic shift.&nbsp;

An airline spokesperson said, "As part of [the plan] Vihaan.AI, Air India has put into place a detailed roadmap with clear milestones focusing on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance, taking a leadership position in technology, sustainability, and innovation, while aggressively investing in the best industry talent," Hindustan Times reported.

<a href="https://www.wionews.com//india-news/india-tatas-air-india-holds-walk-in-interviews-rival-indigos-crew-goes-into-mass-leave-494424">Also read |&nbsp;India: Tata's Air India holds walk-in interviews, rival IndiGo's crew goes into 'mass leave'</a>

As per an airline official, the transition plan has been developed in response to feedback from its airline on their goals and expectations for the airline's expansion and its centre for providing an outstanding customer experience, hiring the best talent for the industry, and maximising profit.

Another official stated that the medium-term focus for the long term is to create excellence and aim to become a global leader.

The airline this week announced that it would lease 30 new aircraft over the next 15 years and would introduce premium economy for the first time after the Tata Group takeover.&nbsp;

(With inputs from agencies)

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Air India on Thursday (September 15) launched a transformation strategy centred on customer service, technology, and hospitality to reestablish itself over the coming five years, growing significantly internationally and improving its domestic market share by at least 30 per cent.

Air India on Thursday (September 15) launched a transformation strategy centred on customer service, technology, and hospitality to reestablish itself over the coming five years, growing significantly internationally and improving its domestic market share by at least 30 per cent. The airline's plan aims to put it on a course for consistent growth, financial success, and market dominance. Also read | Watch: Air India Express flight's engine catches fire at Muscat airport just before take-off Campbell Wilson, the MD, and CEO of Air India, referred to the proposal as a new start of a new era and an opportunity to make a historic shift. An airline spokesperson said, "As part of [the plan] Vihaan.AI, Air India has put into place a detailed roadmap with clear milestones focusing on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance, taking a leadership position in technology, sustainability, and innovation, while aggressively investing in the best industry talent," Hindustan Times reported. Also read | India: Tata's Air India holds walk-in interviews, rival IndiGo's crew goes into 'mass leave' As per an airline official, the transition plan has been developed in response to feedback from its airline on their goals and expectations for the airline's expansion and its centre for providing an outstanding customer experience, hiring the best talent for the industry, and maximising profit. Another official stated that the medium-term focus for the long term is to create excellence and aim to become a global leader. The airline this week announced that it would lease 30 new aircraft over the next 15 years and would introduce premium economy for the first time after the Tata Group takeover. (With inputs from agencies) WATCH WION LIVE HERE

Tata-owned Air India launches new plan to re-establish itself and aims to become a global leader

In pics | Evolution of iPhone over the years 

The Hong Kong-Shanghai Bank Corporation, commonly known as HSBC gets a big relief in the United States where the federal reserves have finally closed enforcement actions against the bank.

HSBC gets relief from a decade long case, accused of having a preferred system for drug cartels

India's economy grew at its fastest pace of 13.5 percent year-on-year in the April to June quarter. A rebound in private consumption that's one of the key drivers of growth.

India's Q1 GDP grows at 13.5%, fastest pace in a year

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday.

The plant’s site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025. It’s likely to be near Marysville, Ohio, or Greensburg, Indiana, where Honda has huge factories that make its most popular models such as the Accord, CR-V and Civic.

The joint venture is to be set up this year, with the closing of the deal subject to regulatory approval.

“Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said LG Energy Solution Chief Executive Youngsoo Kwon.

The plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand, according to a joint statement.

<a href="https://www.wionews.com/videos/suzuki-to-set-up-new-rd-company-in-india-511051">WATCH |&nbsp;Suzuki to set up new R&amp;D company in India</a>

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Honda’s joint venture plant is part of a larger trend of automakers announcing US battery factories as they try to establish a domestic supply chain for the next generation of vehicle propulsion. Ford, General Motors, Toyota, Hyundai-Kia, Stellantis and VinFast have announced plans for 10 US battery plants.

A new US law gives them even more incentive to build batteries in North America. It includes a tax credit of up to $7,500 that could be used to defray the cost of purchasing an electric vehicle. But to qualify for the full credit, the electric vehicle must contain a battery built in North America with 40 per cent of the metals mined or recycled on the continent.

“Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” said Honda Chief Executive Toshihiro Mibe.

LG, a leading manufacturer of lithium-ion batteries for electric vehicles and power systems, already makes them in joint ventures with US automakers General Motors and Ford Motor Co., as well as South Korea’s Hyundai Motor Group. The company is headquartered in Seoul, South Korea, but has operations across the world, including the US, China and Australia.

Demand for electric vehicles is expected to grow in the US and many other nations because of concerns about climate change and pollution, as well as rising gas prices. All of the world’s top automakers are strengthening their EV lineups.

LMC Automotive, a Detroit-area consulting firm, expects EVs to be 5.6 per cent of US new vehicle sales this year, rising to more than 36 per cent by 2030. Globally, LMC says 8.6 per cent of new vehicle sales will be electric this year, and that will jump to 33 per cent by 2030.

Honda is working with GM to co-develop electric vehicles including a Honda and Acura SUVs. The Honda is expected to go on sale in early 2024, followed soon by the Acura luxury brand. Honda also has said it plans to make its own electric vehicles later this decade.

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&nbsp;

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday.

Major South Korean battery maker LG and Japanese automaker Honda are investing $4.4 billion in a joint venture in the United States to produce batteries for Honda electric vehicles in the North American market, the two companies said Monday. The plant’s site is still undecided, but construction will begin in early 2023, with mass production of advanced lithium-ion battery cells to start by the end of 2025. It’s likely to be near Marysville, Ohio, or Greensburg, Indiana, where Honda has huge factories that make its most popular models such as the Accord, CR-V and Civic. The joint venture is to be set up this year, with the closing of the deal subject to regulatory approval. “Our joint venture with Honda, which has significant brand reputation, is yet another milestone in our mid- to long-term strategy of promoting electrification in the fast-growing North American market,” said LG Energy Solution Chief Executive Youngsoo Kwon. The plant will produce batteries exclusively for Honda vehicles assembled in North America, including the company’s Acura luxury brand, according to a joint statement. WATCH | Suzuki to set up new R&D company in India × Honda’s joint venture plant is part of a larger trend of automakers announcing US battery factories as they try to establish a domestic supply chain for the next generation of vehicle propulsion. Ford, General Motors, Toyota, Hyundai-Kia, Stellantis and VinFast have announced plans for 10 US battery plants. A new US law gives them even more incentive to build batteries in North America. It includes a tax credit of up to $7,500 that could be used to defray the cost of purchasing an electric vehicle. But to qualify for the full credit, the electric vehicle must contain a battery built in North America with 40 per cent of the metals mined or recycled on the continent. “Honda is working toward our target to realize carbon neutrality for all products and corporate activities the company is involved in by 2050,” said Honda Chief Executive Toshihiro Mibe. LG, a leading manufacturer of lithium-ion batteries for electric vehicles and power systems, already makes them in joint ventures with US automakers General Motors and Ford Motor Co., as well as South Korea’s Hyundai Motor Group. The company is headquartered in Seoul, South Korea, but has operations across the world, including the US, China and Australia. Demand for electric vehicles is expected to grow in the US and many other nations because of concerns about climate change and pollution, as well as rising gas prices. All of the world’s top automakers are strengthening their EV lineups. LMC Automotive, a Detroit-area consulting firm, expects EVs to be 5.6 per cent of US new vehicle sales this year, rising to more than 36 per cent by 2030. Globally, LMC says 8.6 per cent of new vehicle sales will be electric this year, and that will jump to 33 per cent by 2030. Honda is working with GM to co-develop electric vehicles including a Honda and Acura SUVs. The Honda is expected to go on sale in early 2024, followed soon by the Acura luxury brand. Honda also has said it plans to make its own electric vehicles later this decade. WATCH WION LIVE HERE:

LG and Honda join hands to develop EV batteries for the US market

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high.

Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close.

It is down 58.7% from the year's high of $48,234 hit on March 28.

Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close.

Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower.

The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities.

"Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday.

"European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added.

Bitcoin was last below $20,000 in mid-July.

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Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.

Bitcoin dipped below $20,000 on Saturday, continuing a drop that has taken it down nearly 60% from its year high. Bitcoin, the world's biggest and best-known cryptocurrency, was last down 1.5% at $19,946 on Saturday, down $298 from its previous close. It is down 58.7% from the year's high of $48,234 hit on March 28. Ether, the coin linked to the ethereum blockchain network, also dipped 2.76 % to $1,467.2, losing $41.60 from its previous close. Bitcoin's fall comes after a weak day on Friday for the currency, which fell as Wall Street slumped with all three benchmarks ending more than 3% lower. The weakness in risk assets came after Federal Reserve Chief Jerome Powell cautioned against expecting a swift end to its rate tightening. The Fed's actions on interest rates has caused some investors to forecast more pain for equities. "Bitcoin broke below 20,000 as investors expect a weekend full of pessimism from Jackson Hole to drag down sentiment," Edward Moya, senior market analyst at OANDA, said on Saturday. "European and Asian central bankers will likely be much more pessimistic than Fed Chair Powell and that has many traders bracing for a weak open on Sunday night," he added. Bitcoin was last below $20,000 in mid-July. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Bitcoin dips below $20,000, down nearly 60% from its year-high

A report from commerce department has showed that economy was growing steadily last quarter when measured from income side. It fits in with recent solid readings on labor market retail sales and industrial production.

US: No signs of recession, gross domestic income rises at 1.4% rate in Q2

HSBC took pride in being the world's local bank at one point of time but in reality it may get more localized if the proposal for bank to restructure itself and breaking up its business goes through.

HSBC management opposes idea of splitting bank, support for proposed split widens

HSBC's Breakup Debate: Cites costs, risks in opposing calls to break up

Inflation in the United Kingdom has surged to a near 40-year high, it's now in double digits. Official data for the month of July shows that consumer price index accelerated to 10.1 %; Britain is facing rising food prices which is worsening cost of living.

UK inflation hits double digits for the first time in 40 years

China's factory-gate inflation eased in July to a 17-month low, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer price increases hit a two-year high as pork supplies tightened.

China's factory inflation eases to a 17-month low in July

Online retailers made a fortune during the covid-19 pandemic but the market has failed to deliver successive quarters of high growth since then. Now the online retailer Amazon has reported its second quarterly loss in a row.

Amazon posts second quarterly loss; Growth slows for Amazon.com

Global recession fears have started impacting demand in the tech market as well. Qualcomm is now bracing for a difficult economy and a slowdown in smartphone demand that could hurt its mainstay handset chip business.

Tech firms brace for a difficult economy; Samsung electronics sees demand weakening

China's zero covid policy has affected many businesses especially the casino industry. Macau has reopened its casinos after some ease in the covid restrictions but the industry is not very hopeful about making profits.

Covid restrictions affect Casino businesses; Macau's Casino to operate with 50% staff

Inflation was continued to hit major economies, this time price rise in UK has hit 40-year higher levels; last month, it was backed by surging petrol and food prices.

UK inflation strikes news 40-year high

The Indian rupee hit 80 per dollar on Tuesday (July 19), for the first time ever, yet another record low, as international investors kept offloading the Indian stocks. The rupee fell to 80.06 against the dollar. The currency has been impacted by the nation’s record high foreign equity outflows of about $30 billion so far this year, now worrying about a widening current account deficit in the face of high oil and commodities prices. The Indian policymakers have taken various steps to stop the rupee’s slide such as from intervention to hiking import taxes on gold, Bloomberg reported.&nbsp;

As per Governor Shaktikanta Das, the Indian central bank is intervening in all market segments to reduce the risk and support a currency’s orderly appreciation or depreciation. However, the Indian rupee touched a record low for the seventh straight session on Tuesday, Reuters reported.&nbsp;

Also read | <a href="https://www.wionews.com/india-news/india-is-set-it-on-course-to-becoming-the-fastest-growing-economy-in-the-world-rbi-498137">India is 'on course to becoming the fastest growing economy in the world': RBI</a>

The RBI has been using its $600 billion in foreign exchange reserves to defend the Indian rupee. Additionally, the monetary authorities enabled trade to be settled in rupees and announced initiatives to increase the foreign currency inflows into the nation.&nbsp;

However, Tuesday saw a decline in oil prices as the dollar fueled purchasing demand. As the West sanctions in Russia, the supplies have disrupted trade flows to refiners and have been a thorn on the side of the oil markets. At the same time, there have been growing concerns that the central bank's efforts to tame surging inflation may lead to recession, which would reduce future fuel demand. Despite the decline in oil prices, several banks were already charging 80 rupees for every dollar in the exchange rate, the State Bank of India said.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-rupee-set-to-depreciate-further-all-set-to-breach-80-per-us-dollar-497209">Indian rupee set to depreciate further, to breach 80 per US dollar</a>

However, it is expected that the&nbsp;rupee might fall to 82 to the dollar by September this year, according to strategists at Nomura holdings Inc. and Morgan Stanley, Bloomberg reported.&nbsp;

The rupee has been reported to reach fresh record lows practically every other day in recent months, and traders believe this trend will continue.&nbsp;

(With inputs from agencies)

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The Indian rupee hit 80 per dollar on Tuesday (July 19), for the first time ever, yet another record low, as international investors kept offloading the Indian stocks.

The Indian rupee hit 80 per dollar on Tuesday (July 19), for the first time ever, yet another record low, as international investors kept offloading the Indian stocks. The rupee fell to 80.06 against the dollar. The currency has been impacted by the nation’s record high foreign equity outflows of about $30 billion so far this year, now worrying about a widening current account deficit in the face of high oil and commodities prices. The Indian policymakers have taken various steps to stop the rupee’s slide such as from intervention to hiking import taxes on gold, Bloomberg reported. As per Governor Shaktikanta Das, the Indian central bank is intervening in all market segments to reduce the risk and support a currency’s orderly appreciation or depreciation. However, the Indian rupee touched a record low for the seventh straight session on Tuesday, Reuters reported. Also read | India is 'on course to becoming the fastest growing economy in the world': RBI The RBI has been using its $600 billion in foreign exchange reserves to defend the Indian rupee. Additionally, the monetary authorities enabled trade to be settled in rupees and announced initiatives to increase the foreign currency inflows into the nation. However, Tuesday saw a decline in oil prices as the dollar fueled purchasing demand. As the West sanctions in Russia, the supplies have disrupted trade flows to refiners and have been a thorn on the side of the oil markets. At the same time, there have been growing concerns that the central bank's efforts to tame surging inflation may lead to recession, which would reduce future fuel demand. Despite the decline in oil prices, several banks were already charging 80 rupees for every dollar in the exchange rate, the State Bank of India said. Also read | Indian rupee set to depreciate further, to breach 80 per US dollar However, it is expected that the rupee might fall to 82 to the dollar by September this year, according to strategists at Nomura holdings Inc. and Morgan Stanley, Bloomberg reported. The rupee has been reported to reach fresh record lows practically every other day in recent months, and traders believe this trend will continue. (With inputs from agencies) 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.

Indian rupee hits low of 80 per dollar for the first time ever

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