South Asia's local currencies have had a roller coaster ride for the last couple of years. This story gives a report about the Indian rupee, Pakistani rupee, Sri Lankan rupee and Bangladeshi taka.

South Asia's currency rollercoaster: Pakistan's rupee in freefall

For the very first time since the 2008 financial crisis, global household wealth plunged as the interest rates ascended and inflation remained tenaciously elevated.

However, the numbers project a slightly hopeful narrative.&nbsp;

According to the annual Credit Suisse and UBS global wealth report, the grand total of all the personal wealth all over the globe dropped 2.4% to $454.4 trillion.

Considerably that was because of losses in stock and bond markets, which disproportionately impact more affluent people.

However, global median wealth, which is a more significant indicator that depicts how a typical person is progressing, actually ascended 3 per&nbsp;cent in the year 2022.&nbsp;

The exhaustion of wealth faced by the wealthier made the world lose about 3.5 million millionaires.

As per the UBS annual wealth report, that came out on Tuesday (August 15), the number of adults, who were in possession of assets worth more than $1 million descended from 62.9 million at the end of 2021 to 59.4 million at the end of 2022.

According to the Swiss bank, global wealth was affected by high inflation and the descent of numerous currencies against the dollar.

In the United States, the number of millionaires fell by 1.8 million to 22.7 million. However, there still are more millionaires in the United States than in any other country.

China is second on the list with 6.2 million millionaires.

In spite of the drop, the report revealed that there were four times as many dollar millionaires as there were at the turn of the century.

In the United Kingdom, the number of millionaires dropped by 440,000 to 2.6 million, which is the third largest fall after Japan.

In Japan, it dropped from 3.2 million to 2.6 million. Australia witnessed the fourth largest decline, with 360,000 people losing the status of millionaires, bringing down the total to 1.8 million.

Paul Donovan, the chief economist at UBS, said: “The global economy is experiencing a period of astonishing economic alteration. The sweeping changes of the fourth industrial revolution represent the most dramatic structural upheaval in 250 years. Revolutions, it turns out, are revolutionary, social as well as economic relationships will be challenged by this process.”

As per another research for the Bloomberg billionaires index, the most affluent 500 people in the world lost a combined wealth of $1.4 trillion in 2022.

(With inputs from the agencies) 
 
&nbsp;

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For the very first time since the 2008 financial crisis, global household wealth plunged as the interest rates ascended and inflation remained tenaciously elevated.

For the very first time since the 2008 financial crisis, global household wealth plunged as the interest rates ascended and inflation remained tenaciously elevated. However, the numbers project a slightly hopeful narrative. According to the annual Credit Suisse and UBS global wealth report, the grand total of all the personal wealth all over the globe dropped 2.4% to $454.4 trillion. Considerably that was because of losses in stock and bond markets, which disproportionately impact more affluent people. However, global median wealth, which is a more significant indicator that depicts how a typical person is progressing, actually ascended 3 per cent in the year 2022. The exhaustion of wealth faced by the wealthier made the world lose about 3.5 million millionaires. As per the UBS annual wealth report, that came out on Tuesday (August 15), the number of adults, who were in possession of assets worth more than $1 million descended from 62.9 million at the end of 2021 to 59.4 million at the end of 2022. According to the Swiss bank, global wealth was affected by high inflation and the descent of numerous currencies against the dollar. In the United States, the number of millionaires fell by 1.8 million to 22.7 million. However, there still are more millionaires in the United States than in any other country. China is second on the list with 6.2 million millionaires. In spite of the drop, the report revealed that there were four times as many dollar millionaires as there were at the turn of the century. In the United Kingdom, the number of millionaires dropped by 440,000 to 2.6 million, which is the third largest fall after Japan. In Japan, it dropped from 3.2 million to 2.6 million. Australia witnessed the fourth largest decline, with 360,000 people losing the status of millionaires, bringing down the total to 1.8 million. Paul Donovan, the chief economist at UBS, said: “The global economy is experiencing a period of astonishing economic alteration. The sweeping changes of the fourth industrial revolution represent the most dramatic structural upheaval in 250 years. Revolutions, it turns out, are revolutionary, social as well as economic relationships will be challenged by this process.” As per another research for the Bloomberg billionaires index, the most affluent 500 people in the world lost a combined wealth of $1.4 trillion in 2022. (With inputs from the 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.

Over 3.5 million people lost 'dollar millionaire' status last year: Report

In a bid to halt the rapid depreciation of its ruble currency against the dollar, Russia’s central bank jacked up the interest rates by 350 basis points to 12 per cent at an emergency meeting on Tuesday (Aug 15).

It came as the ruble breached the 100 threshold against the dollar on Monday as Western sanctions and rising military spending due to the invasion of Ukraine took&nbsp;a toll on the economy.

The bank’s response came after President Vladimir Putin's economic adviser Maxim Oreshkin in an op-ed in Russian state-owned Tass agency rebuked the central bank’s “loose monetary policy” for plunging currency and the acceleration of inflation.

Hours after Oreshkin's remarks, the bank announced the emergency meeting, throwing the currency a lifeline.

"Inflationary pressure is building up," the bank said in a statement on Tuesday.

"The pass-through of the rouble's depreciation to prices is gaining momentum and inflation expectations are on the rise."

The central bank said that the decision was aimed at “limiting price stability risks” as “inflationary pressure is building up.”

<h2>Inflation at 4.4%</h2>

The annual inflation stood at an annual 4.4 per cent for the first seven days of August, but the Bank of Russia said that the inflation may edge up further as the current price growth over the last three months is averaging at an annualised 7.6 per cent on a seasonally adjusted basis. Core inflation over the same period rose to 7.1%.

“Steady growth in domestic demand surpassing the capacity to expand output amplifies the underlying inflationary pressure and has an impact on the ruble’s exchange rate dynamics through elevated demand for imports,” the central bank’s board said.

Also read |&nbsp;<a href="https://www.wionews.com/world/three-russian-spies-arrested-after-major-uk-national-security-investigation-reports-625706">Three ‘Russian spies’ arrested after major UK national security investigation</a>

The central bank said that its decision was aimed at “shaping monetary conditions and overall domestic demand dynamics necessary to bring inflation back to 4 per cent in 2024 and stabilise it close to 4 per cent further on.”

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-ukraine-war-two-western-ukrainian-cities-hit-by-air-strikes-625582">Russia-Ukraine war: At least three killed in air strikes on west Ukraine</a>

The last time the bank raised the interest rate was in late February 2022 when Russia invaded Ukraine. That time, it raised the interest rate to 20 per cent. Later on, the bank steadily lowered the cost of borrowing to 7. Per cent % as strong inflation pressure eased in the second half of 2022.

Since its last cut in September 2022, the bank had held rates but steadily increased its hawkish rhetoric, eventually hiking by 100 basis points to 8 per cent at its last scheduled meeting in July. The next rate decision is due on September&nbsp;15.

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In a bid to halt the rapid depreciation of its ruble currency against the dollar, Russia’s central bank jacked up the interest rates by 350 basis points to 12 per cent at an emergency meeting on Tuesday (Aug 15).

In a bid to halt the rapid depreciation of its ruble currency against the dollar, Russia’s central bank jacked up the interest rates by 350 basis points to 12 per cent at an emergency meeting on Tuesday (Aug 15). It came as the ruble breached the 100 threshold against the dollar on Monday as Western sanctions and rising military spending due to the invasion of Ukraine took a toll on the economy. The bank’s response came after President Vladimir Putin's economic adviser Maxim Oreshkin in an op-ed in Russian state-owned Tass agency rebuked the central bank’s “loose monetary policy” for plunging currency and the acceleration of inflation. Hours after Oreshkin's remarks, the bank announced the emergency meeting, throwing the currency a lifeline. "Inflationary pressure is building up," the bank said in a statement on Tuesday. "The pass-through of the rouble's depreciation to prices is gaining momentum and inflation expectations are on the rise." The central bank said that the decision was aimed at “limiting price stability risks” as “inflationary pressure is building up.” Inflation at 4.4% The annual inflation stood at an annual 4.4 per cent for the first seven days of August, but the Bank of Russia said that the inflation may edge up further as the current price growth over the last three months is averaging at an annualised 7.6 per cent on a seasonally adjusted basis. Core inflation over the same period rose to 7.1%. “Steady growth in domestic demand surpassing the capacity to expand output amplifies the underlying inflationary pressure and has an impact on the ruble’s exchange rate dynamics through elevated demand for imports,” the central bank’s board said. Also read | Three ‘Russian spies’ arrested after major UK national security investigation The central bank said that its decision was aimed at “shaping monetary conditions and overall domestic demand dynamics necessary to bring inflation back to 4 per cent in 2024 and stabilise it close to 4 per cent further on.” Also read | Russia-Ukraine war: At least three killed in air strikes on west Ukraine The last time the bank raised the interest rate was in late February 2022 when Russia invaded Ukraine. That time, it raised the interest rate to 20 per cent. Later on, the bank steadily lowered the cost of borrowing to 7. Per cent % as strong inflation pressure eased in the second half of 2022. Since its last cut in September 2022, the bank had held rates but steadily increased its hawkish rhetoric, eventually hiking by 100 basis points to 8 per cent at its last scheduled meeting in July. The next rate decision is due on September 15. WATCH WION LIVE HERE

Russia raises interest rate to 12% as sliding ruble bites hard

In an effort to support the ruble as it fell toward 100 per dollar, its weakest level in 16 months, the Bank of Russia stated it will stop buying foreign currency on the domestic market for the remainder of 2023. The central bank stated in a statement released late on Wednesday that "the decision was made in order to reduce the volatility of financial markets."

Trade decline hit Ruble's value; Ruble near the 100 per dollar mark

Asia-pacific markets are surging ahead of anticipated business activity data and inflation reports from various countries in the region.

Bolivia joins de-dollarisation bandwagon

In addition to this, Sri Lankan President Vikram Singh made a statement hinting at settling Sri Lanka's trade in the Indian rupee as well. The million-dollar question that now arises is whether the Indian rupee is growing stronger and is it a direct challenge to the US Dollar's hegemony. India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars.

The growing footprint of Indian rupee | In-Depth Analysis

In June, hiring in the United States slowed down. As per a US Labour Department statement released on Friday, this signals a cooling of the American economy before an upcoming interest rate decision.

As per an AFP report, the figures fell below analysts' expectations, providing some relief for the US Federal Reserve as it considers a return to interest rate hikes later this month that will help address persistent inflation above its long-term target of two per cent.

<h2>What the US Labour Department said</h2>

According to the Labour Department, the world's largest economy added 209,000 jobs last month, a decline from the revised figure of 306,000 in May. However, the unemployment rate slightly decreased to 3.6 per cent, remaining close to historically low levels.

The number of new jobs created fell short of the median expectation of 240,000 in a survey conducted by MarketWatch, while the unemployment rate aligned with predictions.

Also read | <a href="https://www.wionews.com/business-economy/two-bangladeshi-banks-introduce-indian-rupee-trade-transactions-to-bolster-foreign-reserves-613220">Two Bangladeshi banks introduce Indian rupee trade transactions to bolster foreign reserves</a>

However, despite the slowdown in job creation, experts believe that the Fed is unlikely to postpone another interest rate hike at its upcoming meeting.

Talking to AFP, Oxford Economics' lead US economist, Oren Klachkin, said that "It's a step in the right direction but we're not near the level that we would need to see to be convinced that the labour market is significantly cooling down".

Although job growth has eased, average hourly earnings increased by 0.4 per cent on a monthly basis and rose by 4.4 per cent annually.

<h2>'Bidenomics in action'</h2>

President Joe Biden referred to Friday's jobs report as evidence of his economic policies, stating that the economy added over 200,000 jobs in June, totalling 13.2 million jobs since he took office.

"That's more jobs added in two and a half years than any president has ever created in a four-year term," bragged Biden.

Also read | <a href="https://www.wionews.com/world/in-his-latest-bidenomics-speech-biden-touts-achievements-613035">In his latest 'Bidenomics' speech, Biden touts achievements</a>

The employment growth primarily came from sectors such as government, healthcare, social assistance, and construction.

<h2>A hike in June is certain</h2>

Minutes from the Fed's last rate decision revealed that several members of its rate-setting committee supported an interest rate hike in June to address high inflation.

AFP reports that while ultimately, the Federal Open Market Committee (FOMC) voted to pause the consecutive rate increases, it indicated the likelihood of two additional increases by the end of the year to bring inflation back down.

KPMG's chief economist, Diane Swonk, said that the Fed is expected to raise rates by at least another half per cent before pausing, with a hike in July being highly probable. However, futures traders are reportedly assigning a nearly 95 per cent probability that the Fed will raise its base rate by a quarter percentage point at the upcoming meeting on July 25-26, as per data from CME Group.

(With inputs from agencies)

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In June, hiring in the United States slowed down. As per a US Labour Department statement released on Friday, this signals a cooling of the American economy before an upcoming interest rate decision.

In June, hiring in the United States slowed down. As per a US Labour Department statement released on Friday, this signals a cooling of the American economy before an upcoming interest rate decision. As per an AFP report, the figures fell below analysts' expectations, providing some relief for the US Federal Reserve as it considers a return to interest rate hikes later this month that will help address persistent inflation above its long-term target of two per cent. What the US Labour Department said According to the Labour Department, the world's largest economy added 209,000 jobs last month, a decline from the revised figure of 306,000 in May. However, the unemployment rate slightly decreased to 3.6 per cent, remaining close to historically low levels. The number of new jobs created fell short of the median expectation of 240,000 in a survey conducted by MarketWatch, while the unemployment rate aligned with predictions. Also read | Two Bangladeshi banks introduce Indian rupee trade transactions to bolster foreign reserves However, despite the slowdown in job creation, experts believe that the Fed is unlikely to postpone another interest rate hike at its upcoming meeting. Talking to AFP, Oxford Economics' lead US economist, Oren Klachkin, said that "It's a step in the right direction but we're not near the level that we would need to see to be convinced that the labour market is significantly cooling down". Although job growth has eased, average hourly earnings increased by 0.4 per cent on a monthly basis and rose by 4.4 per cent annually. 'Bidenomics in action' President Joe Biden referred to Friday's jobs report as evidence of his economic policies, stating that the economy added over 200,000 jobs in June, totalling 13.2 million jobs since he took office. "That's more jobs added in two and a half years than any president has ever created in a four-year term," bragged Biden. Also read | In his latest 'Bidenomics' speech, Biden touts achievements The employment growth primarily came from sectors such as government, healthcare, social assistance, and construction. A hike in June is certain Minutes from the Fed's last rate decision revealed that several members of its rate-setting committee supported an interest rate hike in June to address high inflation. AFP reports that while ultimately, the Federal Open Market Committee (FOMC) voted to pause the consecutive rate increases, it indicated the likelihood of two additional increases by the end of the year to bring inflation back down. KPMG's chief economist, Diane Swonk, said that the Fed is expected to raise rates by at least another half per cent before pausing, with a hike in July being highly probable. However, futures traders are reportedly assigning a nearly 95 per cent probability that the Fed will raise its base rate by a quarter percentage point at the upcoming meeting on July 25-26, as per data from CME Group. (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.

US hiring falls short of expectations in June, signalling cooling economy ahead of Fed decision

Kenyan firms are facing a dollar shortage, hindering their expansion capacity and impacting revenues.

Kenyan firms struggle with dollar shortage

LIBOR, the more than 50-year-old reference rate that came to epitomize Wall Street malfeasance, will soon be no more. SOFR, or secured overnight financing rate, a benchmark interest rate for Dollar-dominated derivatives & loans, is slowly taking its place.

LIBOR fades into history after 50 years of benchmark dominance

The dragon seems to have lost its roar at the Chinese Yuan sleep to a seven-month low. This comes against the backdrop of China cutting key lending benchmarks disappointment over the lack of stimulus measures to boost economic growth and the overall strength of the dollar was weighed heavily on the Chinese currency. The offshore Yuan dropped below 7.2 percent per dollar hitting a level not seen since late last year now while China's Central Bank implemented modest interest rate cuts to support the economy.

China's Yuan vs Dollar: China's Yuan on a slippery slope as it hits 7-month low

The World's undisputed king of currency is facing a fresh set of challenges. The US dollar has always dominated global trade while being the world's reserve currency. Nations around the world are, however, sceptical about US Dollar. They want to reduce this dependency on single foreign currency. Taking an initiative, BRICS nations are trying to attract hangers-on by whipping up talk of a rival currency.

Is BRICS raging against the US Dollar an exercise in futility?

De-dollarisation is trending across the globe. World over, countries are dumping the U.S. Dollar as a currency to engage in trade related transactions. What does this mean? Why is this happening? Listen in to Vikram Chandra.

Is the dollar era nearing an end?

Why are countries pushing for de-dollarization?

The global superpower- the United States is facing another setback. Countries around the world are pushing back America’s dominance over global trade. Amid debt-ceiling crisis, the issue of de-dollarisation by ASEAN countries looms over the United States. 10 ASEAN nations are on the verge of de-dollarisation. The members of the ASEAN have agreed to promote their native currencies.

De-dollarisation: 10 ASEAN countries agree to ditch the US Dollar

Zimbabwe's currency faces a turbulent ride with a devaluation of nearly 14% in the weekly central bank auction. This is in line with the government's push for reforms in the foreign exchange market.

Zimbabwe dollar takes a plunge

Bangladesh will trade in Indian Rupees with India and has decided to avoid the US Dollar. De-Dollarisation is now on the climb globally. Is this the end to the Dollar empire? Molly Gambhir reports.

Gravitas : Bangladesh to trade in rupees with India

US Treasury Secretary Janet Yellen has said the economic sanctions imposed by the US on countries across the board have put the dollar's dominance at stake. As the US continues to plaster sanctions willy-nilly, targeted nations are seeking alternatives which puts the USD in jeopardy.

US Treasury Secretary Janet Yellen has said the economic sanctions imposed by the US on countries across the board have put the dollar's dominance at stake. As the US continues to plaster sanctions willy-nilly, targeted nations are seeking alternatives which puts the USD in jeopardy. "There is a risk when we use financial sanctions that are linked to the role of the dollar that over time it could undermine the hegemony of the dollar," Yellen was quoted as saying by CNN. "Of course, it does create a desire on the part of China, of Russia, of Iran to find an alternative," she said before adding, "But the dollar is used as a global currency for reasons that are not easy for other countries to find an alternative with the same properties." After casting aspersions over the health of the USD, Yellen added that sanctions were an 'extremely important tool' if used by the US and its allies as "a coalition of partners acting together". WATCH | US releases new Russia sanctions list, top energy, telecom firm prime target in list × US imposes fresh sanctions Yellen's response comes days after the US Treasury and State Departments sanctioned nearly 120 targets, including Chinese, UAE and Turkish firms to squeeze Russia for its ongoing war with Ukraine. Experts at the time suggested that sanctioning Turkish and UAE firms, which are US ally countries could have a negative effect. Meanwhile, a miffed China released a statement calling USA's action an 'illegal' move. “It is a typical unilateral sanction and a form of ‘long-arm jurisdiction’ which seriously damages the legitimate rights and interests of enterprises and affects the security and stability of the global supply chain. China firmly opposes this,” read a statement released by the Chinese Commerce Ministry. ALSO READ | Beijing lodges protest after US sanctions Chinese firms dealing with Russia Has de-dollarisation started? The USD has been the king of currencies since 1944 when it officially became the reserve currency of the world, Since then, the dollar has enjoyed a sort of domination that very few other currencies have experienced. Additionally, it has granted the US an insurmountable influence over other economies. However, the de-dollarisation started especially since the start of the Russia-Ukraine war. Nations across the board have started asking if they can drop the USD and use other currencies to break the hegemony. Last month, India inked an agreement with as many as 18 countries to trade in Indian rupees. More recently, New Delhi announced it had signed an agreement with Malaysia to start trading in INR. Iran has also fully abandoned USD in its trade with China and Russia. Saudi Arabia, the centre of Islamic power and an OPEC member said it will abandon PetroDollar and accept PetroYuan. Beijing is aggressively moving to present Yuan as an alternative to USD. It has been using global platforms such as the BRICS, SCO and OPEC to do its bidding. Russia is also increasingly using Yuan in international trade. It is also mulling launching a joint BRICS currency. According to an IMF report, USD's global foreign-exchange reserves fell below 59 per cent in the final quarter of last year. The trend is expected to continue this year and Yellen's warning may suggest that the situation may have turned pear-shaped. (With inputs from agencies) WATCH WION LIVE HERE:

US dollar may lose its dominance if nations are sanctioned, warns Treasury Secretary Janet Yellen

The Indian rupee declined past the key psychological mark of 82 per dollar on Tuesday on likely corporate outflows and importer demand for the greenback, traders said.

Rupee falls past 82/$ despite dollar weakness; outflows likely

India will offer its currency as an alternative for trade to countries that are facing a shortage of dollars in the wake of the sharpest tightening in monetary policy by the US Federal Reserve in decades.

India offers Rupee Trade option to Nations facing Dollar crunch

Amid the ongoing global geopolitical tensions, countries are moving away from Dollar. Several nations have banded together to de-dollarise the global trade. Watch this video for all details.

Is the Indian Rupee challenging the Dollar's dominance in global trade?

One of the agendas of India's G20 Presidency is mutual cooperation in cross-border payments and innovation in payment technology. The RBI has now signed the MoU, with UAE's exploration of cross-linking of two countries' CBDC's.

Rupee inches to replace Dollar in global trade; 18 countries agree on rupee-trade mechanism

Egypt, sapped dry of dollars despite a $3 billion International Monetary Fund bailout loan, is seeking to boost its coffers by selling state assets to wealthy Gulf nations.

Egypt to sell state assets on Dollar crunch

The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.&nbsp;As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November.

Watch |&nbsp;Nurses and ambulance workers strike in UK over pay hike

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Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector.

Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall.

Also read |&nbsp;<a href="https://www.wionews.com/economy/uk-inflation-dips-from-41-year-high-but-food-prices-continue-to-rise-542994">UK inflation declines from 41-year high but food prices continue the upswing</a>

Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce.

However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-23000-schools-across-uk-to-be-affected-as-teacher-announce-a-strike-heres-all-you-need-to-know-553439">Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know</a>

However, there was a drop in the number of people out of a job for more than a year.

As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised”

“The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added.

(With inputs from agencies)

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The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind.

The sheer weight of inflation that Britons are facing has been made clear by the latest figures. Data from the Office for National Statistics (ONS) shows that even as inflation reached double digits, wages are lagging far behind. As per a Daily Mail report, even though earnings have risen at near-record rates, in real terms wages have plummeted in the three months to November. Watch | Nurses and ambulance workers strike in UK over pay hike Over the three months, pay overall rose by 6.4 per cent in cash terms; 7.2 per cent for the private sector and 3.3 per cent for the public sector. Compared to the CPI or Consumer Price Index, the above-mentioned time period reportedly saw pay tumble by 3.9 per cent; which is the biggest fall since 2009. Regular pay also saw a 3.8 per cent fall. Also read | UK inflation declines from 41-year high but food prices continue the upswing Apart from this, unemployment in the country rose by 0.2 points. From 3.5 per cent in the previous quarter to 3.7 per cent. As per ONS, this was largely due to older people returning to work and younger ones joining the workforce. However, the latest figures show that the number of people out of work for up to six months and those unemployed for a period between six to 12 months saw an increase. For the former, the numbers were driven by people aged 16 to 24 years. Also read | Explained: 23,000 schools across UK to be affected as teachers announce strike. Here's all you need to know However, there was a drop in the number of people out of a job for more than a year. As per ONS director of economic statistics Darren Morgan, “Vacancies fell again, though remaining at very high levels, with the number of people looking for work broadly in line with the number of jobs being advertised” “The real value of people’s pay continues to fall, with prices still rising faster than earnings. This remains amongst the fastest drops in regular earnings since records began,” he added. (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.

As inflation soars in UK, Britons see real-time value of their wages plummet; biggest fall since 2009

Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in&nbsp;Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country. The minister also said that the relationship between the two nations was “great” and one which Saudi “will continue to grow”.

In conversation with WION’s Business Editor Sumit Chaturvedi, the Saudi minister said that his nation was “open for business like never before”. Opening up about Riyadh’s presence at the WEF summit, he said that Saudi’s government is investor centric, and the meeting is a key venue to talk to investors and discuss the different initiatives his country offers.

Watch |&nbsp;Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef

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Responding to a question about Riyadh’s push to non-oil business, like manufacturing, travel and tourism, Alkhorayef said that the nation's Vision 2030’ framework is “all about diversifying our economy,” to which “both industry and mining are great contributors”.

“In Saudi Arabia, we bet on technology to leapfrog the industrial sector much faster than anybody else, but also to create the jobs of the future for our people. We are working also to make Saudi Arabia an important hub for logistics, to be a serious player in securing the supply chain for the global community,” he added.

Saudi Arabia is one of the biggest players in the oil market globally. Recent days have seen the global economies face a battering at the hands of inflation; rising costs of oil and crude have further&nbsp;been exacerbated due to the ongoing conflict in Ukraine.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/survival-of-the-richest-for-a-more-equal-world-cut-down-number-of-billionaires-by-half-suggests-oxfam-552962">‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam</a>&nbsp;

Responding to a question about the kind of oil prices his country favours, the Saudi Industry Minister said that in his opinion the Ministry of Energy in "a very practical way", was looking at "fair pricing between supply and demand to ensure that the markets also get the quantities."

He further added that Saudi’s focus is on ensuring "the future of the commodity rather than the spot price."&nbsp;

In October of last year, Riyadh along with other OPEC+ nationsdecidedn to cut oil production. The decision was vehemently protested by the United States, with the nation’s President Joe Biden as per reports going as far as delaying military aid to Saudi.

Also read | <a href="https://www.wionews.com/business-economy/big-oil-firms-will-push-their-agenda-at-davos-say-protesting-climate-activists-553056">Big oil firms will push their agenda at Davos, say protesting climate activists</a>

The World Economic Forum’s annual meeting, which kicked off on January 16, will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit.

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Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country.

Talking to WION in an exclusive interview at the sidelines of the ongoing annual summit of the World Economic Forum in Davos, Switzerland, Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef, called India “a key partner” for his country. The minister also said that the relationship between the two nations was “great” and one which Saudi “will continue to grow”. In conversation with WION’s Business Editor Sumit Chaturvedi, the Saudi minister said that his nation was “open for business like never before”. Opening up about Riyadh’s presence at the WEF summit, he said that Saudi’s government is investor centric, and the meeting is a key venue to talk to investors and discuss the different initiatives his country offers. Watch | Davos 2023: WION speaks to Saudi Arabia Industry Minister Bandar bin Ibrahim Alkhorayef Responding to a question about Riyadh’s push to non-oil business, like manufacturing, travel and tourism, Alkhorayef said that the nation's Vision 2030’ framework is “all about diversifying our economy,” to which “both industry and mining are great contributors”. “In Saudi Arabia, we bet on technology to leapfrog the industrial sector much faster than anybody else, but also to create the jobs of the future for our people. We are working also to make Saudi Arabia an important hub for logistics, to be a serious player in securing the supply chain for the global community,” he added. Saudi Arabia is one of the biggest players in the oil market globally. Recent days have seen the global economies face a battering at the hands of inflation; rising costs of oil and crude have further been exacerbated due to the ongoing conflict in Ukraine. Also read | ‘Survival of the Richest’: For a more equal world, cut down number of billionaires by half, suggests Oxfam Responding to a question about the kind of oil prices his country favours, the Saudi Industry Minister said that in his opinion the Ministry of Energy in "a very practical way", was looking at "fair pricing between supply and demand to ensure that the markets also get the quantities." He further added that Saudi’s focus is on ensuring "the future of the commodity rather than the spot price." In October of last year, Riyadh along with other OPEC+ nationsdecidedn to cut oil production. The decision was vehemently protested by the United States, with the nation’s President Joe Biden as per reports going as far as delaying military aid to Saudi. Also read | Big oil firms will push their agenda at Davos, say protesting climate activists The World Economic Forum’s annual meeting, which kicked off on January 16, will continue till January 20. 2,700 delegates from 130 countries are expected to convene at Davos during the mega summit. 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.

Exclusive | Riyadh focusing on future of oil rather than 'spot price', says Saudi Industry Minister Alkhorayef

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board.

Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages.

In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis".

Watch |&nbsp;<a href="https://www.wionews.com/videos/wion-fineprint-disney-asks-employees-to-come-back-to-the-office-551197">WION Fineprint | Disney asks employees to come back to the office</a>

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Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline.

While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties.

A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media.

Also read |&nbsp;<a href="https://www.wionews.com/world/disney-to-roll-back-theme-park-prices-as-iger-attempts-to-woo-visitors-back-551720">Disney to roll back theme park prices as Iger attempts to woo visitors back</a>

But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025.

Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor &amp; Gamble co., including through proxy battles.

Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms.

On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor.

The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board.

(With inputs from agencies)

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Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership.

Walt Disney Co. and investor activist Nelson Peltz will face a boardroom battle after the home of Mickey Mouse denied the billionaire a seat on the board. Peltz, who co-founded Trian Fund Management, petitioned to join the board after criticising Disney's management in what could become a public debate over CEO Bob Iger's leadership. He criticised Disney for failing to plan properly for its succession, overspending on 21st Century Fox and "over-the-top" compensation packages. In a blistering statement, Peltz-owned Trian, which holds a $900 million stake in Disney, said, "Disney's recent performance reflects the hard truth that it is a company in crisis". Watch | WION Fineprint | Disney asks employees to come back to the office Trian also noted that Disney's stock is near an 8-year low because the company lacks cost discipline. While Peltz listed several problems, which he says are "self-inflicted and need to be addressed," he did not give any detailed plan to overcome those difficulties. A boardroom stand-off will pit one of corporate America's most respected activist investors for his work at consumer companies against Iger, one of the most revered and hugely popular CEOs in media. Also read | Disney to roll back theme park prices as Iger attempts to woo visitors back But Peltz says he does not want to replace Iger or break the company up, and instead, he was in favour of restoring the company's dividend by 2025. Peltz is known for forcing his way into boards of large corporations such as Mondelez International and Proctor & Gamble co., including through proxy battles. Even when the activist investor has been unsuccessful in his bid for a seat, such as in the case of Dupont, his campaigns have helped cost savings and managerial reforms. On the other hand, the boardroom battle is a rebuke of Iger, who rose to prominence as one of the media industry's top CEOs during his first tenure as head of Disney between 2005 and 2020, but has failed to appoint a successor. The latest also marks the second request for change in six months from an activist shareholder. Daniel Loeb of Third Point had previously pushed Disney to sell ESPN, repurchase shares, and replace its board. (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.

Walt Disney and investor activist Nelson Peltz to face off on boardroom seat

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.&nbsp;

That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures.

Watch |&nbsp;World Business Watch: Goldman sees $110 oil by third quarter on full China reopening

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China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world.

Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/walt-disney-and-investor-activist-nelson-peltz-to-face-off-on-boardroom-seat-551766">Walt Disney and investor activist Nelson Peltz to face off on boardroom seat</a>

"What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand."

Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel.

Also read |&nbsp;<a href="https://www.wionews.com/technology/is-apple-going-back-on-its-word-touchscreen-for-macs-as-early-as-2025-551842">Is Apple going back on its word? Touchscreen for Macs as early as 2025</a>

With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide.

Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today.

(With inputs from agencies)

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Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg.

Easing inflation expectations this year may be at risk of a reversal as Goldman Sachs said that with China and other Asian economies fully reopening from their pandemic restrictions, a barrel of Brent oil could reach $110 by the third quarter of 2023, reported Bloomberg. That suggests expectations for inflation to ease this year take another hit as oil above $100 per barrel points to elevated price pressures. Watch | World Business Watch: Goldman sees $110 oil by third quarter on full China reopening China's full reopening may be good news for its economy and global supply chains in the doldrums. Still, with the war on the edge of Europe showing no signs of easing, oil demand from the world's largest consumer of crude worsens the inflation outlook for the rest of the world. Goldman Sachs predicts the price of other commodities could also rise significantly, with copper already above $9,000 a tonne this week. The Bank expects copper to top $11,500 a tonne by the end of 2023 and can touch $15,000 in the long run. Also read | Walt Disney and investor activist Nelson Peltz to face off on boardroom seat "What is the best reopening play? It is oil," Jeff Currie, Goldman Sach's global head of commodities research, said in a Bloomberg Television interview Wednesday. "What is idled? Planes, trains and automobiles. You turn them all back on; that's going to be a big pop in oil demand." Oil prices were trading higher on Thursday, with Brent futures rising $2.57, or 3.2 per cent, to around $82.67 a barrel. Also read | Is Apple going back on its word? Touchscreen for Macs as early as 2025 With the Russia-Ukraine war showing no signs of waning, Goldman Sach's prediction for higher oil points to more inflation pain ahead worldwide. Those expectations for higher commodity prices come ahead of key inflation reports in India and the US later today. (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.

Higher inflation this year? Goldman Sachs predicts oil prices could rise up to $110 a barrel

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US&nbsp;inflation data due later in the week.&nbsp;The US&nbsp;dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday.

US&nbsp;Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5&nbsp;per cent versus 7.1&nbsp;per cent in November.

"Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones.

"We're sensing a bit of sideways movement in the market today and probably we'll continue to get that."

The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&amp;P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-to-soon-gets-its-home-grown-iphone-as-tata-group-nears-takeover-says-source-551539">India to get its first homegrown iPhone maker as Tata Group nears takeover, says source</a>

While the S&amp;P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading.

The pan-European STOXX 600 index lost 0.59&nbsp;per cent and MSCI's gauge of stocks across the globe gained 0.30&nbsp;per cent while emerging market stocks rose 0.05 per cent.

Signs of slowing wage inflation from the December US&nbsp;jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes.

But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden.

"What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management.

However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/embattled-bharatpe-co-founder-ashneer-grover-aanounces-mercedes-as-bonus-for-his-new-startups-employees-551505">Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees</a>

San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next.

"Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret.

The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734.

"Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone.

The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly.

Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent.

Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows.

U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56&nbsp;per cent on the day.

In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce.

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Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week.

Wall Street's major stock averages closed higher on Tuesday, steadying in the afternoon after early volatility while Treasury yields rose as investors waited anxiously for US inflation data due later in the week. The US dollar was little changed versus the euro and other major currencies, hovering close to its weakest level in seven months as investors positioned themselves ahead of the December consumer price data due on Thursday. US Treasury yields rose as investors prepared themselves for how inflation numbers might influence the Federal Reserve's interest rate hiking path as it has been prioritising its fight against decades-high inflation. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 The U.S. consumer price index (CPI) is expected to show December's headline inflation at 6.5 per cent versus 7.1 per cent in November. "Generally, the markets are waiting for this Thursday's CPI print coming out for December. It will probably be the biggest data point for the week and certainly give us some clarity around the direction of inflation," said Mona Mahajan, senior investment strategist at Edward Jones. "We're sensing a bit of sideways movement in the market today and probably we'll continue to get that." The Dow Jones Industrial Average rose 186.45 points, or 0.56 per cent, to 33,704.1, the S&P 500 gained 27.16 points, or 0.70 per cent, to 3,919.25 and the Nasdaq Composite added 106.98 points, or 1.01 per cent, to 10,742.63. Also read | India to get its first homegrown iPhone maker as Tata Group nears takeover, says source While the S&P finished up near its session high, it was still well below Monday's intraday high, which had been its highest level since mid-December. The benchmark had flitted between red and green territory in morning trading. The pan-European STOXX 600 index lost 0.59 per cent and MSCI's gauge of stocks across the globe gained 0.30 per cent while emerging market stocks rose 0.05 per cent. Signs of slowing wage inflation from the December US jobs report released on Friday had provided some reassurance that inflation has peaked, potentially giving the Fed leeway to slow its interest rate hikes. But investors had been anxious ahead of an appearance by Fed Chair Jerome Powell on Tuesday where the policy maker avoided speaking about rate hikes in a speech in Sweden. "What you might have had coming into today was a market that was a bit on edge as to what Powell might say and then a minor sigh of relief when he said nothing," said Eric Theoret, Global Macro Strategist at Manulife Investment Management. However, with consumer price increases still well above the central bank's target of 2 per cent, two Fed officials on Monday issued a stark reminder that interest rates will have to keep rising, no matter what investors have priced in. Also read | Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees San Francisco Fed President Mary Daly told the Wall Street Journal she would pay close attention to the CPI data and that both 25- and 50-basis point hikes were options for her. Atlanta Fed President Raphael Bostic said his "base case" was for no rate cuts this year or next. "Inflation and what the Fed's response to it still remains the number one focus and anxiety for the market," said Manulife's Theoret. The dollar index, which measures the greenback against a basket of major currencies, rose 0.107 per cent, with the euro up 0.06 per cent to $1.0734. "Until a more hawkish Fed narrative emerges, the dollar is likely to remain under pressure," said Win Thin, global head of currency strategy at Brown Brothers Harriman, who added that current dollar weakness may be overdone. The Japanese yen weakened 0.26 per cent versus the greenback at 132.21 per dollar even after data showed a faster pick-up in Tokyo inflation that could prompt the Bank of Japan to tighten monetary policy more quickly. Benchmark 10-year notes were up 9.2 basis points to 3.610 per cent, from 3.517 per cent late on Monday. The 30-year bond was last up 8.9 basis points to yield 3.7387 per cent, from 3.65 per cent. The 2-year note was last was up 4.4 basis points to yield 4.2431 per cent, from 4.199 per cent. Oil prices were higher as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. U.S. crude settled up 0.66 per cent at $75.12 per barrel and Brent finished at $80.10, up 0.56 per cent on the day. In precious metals, spot gold added 0.3 per cent to $1,877.01 an ounce. U.S. gold futures gained 0.29 per cent to $1,878.10 an ounce. 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.

US stocks rise, bond yields go up with December's upcoming price data in focus

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult".

"Let's get some work done in 2023!" he wrote.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/private-equity-firm-carlyle-buys-a-majority-stake-in-indias-vlcc-551062">Private equity firm Carlyle buys a majority stake in India's VLCC</a>

"We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people.

"5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates.

Here's the post:

<div class="ui-state-default" contenteditable="false">
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<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

He further shared an email address at which interested people can send in their job applications.&nbsp;Grover originally announced the startup on his 40th birthday in June 2022.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bharatpe-sacks-ashneer-grovers-wife-over-misappropriation-of-funds-455770">BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds'</a>

Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages.

(With inputs from agencies)

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Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm.

Businessman Ashneer Grover, who gained popularity for his stint as a judge in Shark Tank India's maiden season, has launched a new venture and has promised prospective employees that they will receive a Mercedes car upon completing five years at the firm. In a post on LinkedIn, the "shark" shared that his new startup will be called 'Third Unicorn' but revealed little else about the project. Offering a suspenseful sneak peek the BharatPe co-founder wrote "HOW we are building! WHAT we are building remains the billion dollar question!". He further remarked, "Gratuity to bezzati liye hoti hai," which could be translated to "Gratuity is for humiliation/insult". "Let's get some work done in 2023!" he wrote. Also read | Private equity firm Carlyle buys a majority stake in India's VLCC "We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently," said Ashneer, revealing that the team would be constituted of a maximum of 50 people. "5 saal poore hone pe Mercedes-Shercedes," he wrote in the post that has since it was posted, received more than 14,000 likes and 700 comments, mainly from interested candidates. Here's the post: × He further shared an email address at which interested people can send in their job applications. Grover originally announced the startup on his 40th birthday in June 2022. Also read | BharatPe sacks Ashneer Grover's wife over 'misappropriation of funds' Grover's announcement comes as he faces a lawsuit at the hands of BharatPe, a company he co-founded. He and his family have been accused of embezzling company funds to pay for personal expenses like rent, plane tickets, and skincare products. They've also been accused of funnelling money to non-existent vendors and recruitment services. BharatPe is seeking $10.87 million (₹88.67 crores) in damages. (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.

Embattled BharatPe co-founder Ashneer Grover anounces Mercedes as bonus for his new startup's employees

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg.

This is the largest repayment batch due in the next five years.

Watch |&nbsp;China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022

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Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt.

According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level.

Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/perilously-close-to-falling-into-recession-world-bank-cuts-global-growth-to-17-551183">‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7%</a>

China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market.

Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause.

And while there are some indications that the worst for bond markets may be over, uncertainty still persists.

Also read | <a href="https://www.wionews.com/business-economy/russias-budget-gap-surges-to-record-high-as-ukraine-war-weighs-on-finances-551139">Russia's budget gap surges to record high as Ukraine war weighs on finances</a>

"Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg.

China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added.

(With inputs from agencies)

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Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg.

Asian companies with large debt levels will face an uncomfortable truth this year when $314 billion of bonds come due for repayment at a time when refinancing prices for lower-rated corporations are approaching historic highs, reported Bloomberg. Companies ranging from India's Vedanta Resources Ltd. to financially troubled real estate developers like China's Evergrande Group have US-currency debt due in 2023, according to data compiled by Bloomberg. This is the largest repayment batch due in the next five years. Watch | China: Smartphone industry to remain under pressure in 2023, total shipments shrunk by 10% in 2022 Rising borrowing costs could make it difficult for businesses with weaker credit ratings to raise money to pay off debt. According to data by Bloomberg, financing costs for dollar bonds with junk ratings reached their pinnacle in Asia in 2022, though they have since fallen below that level. Moody's Investors Service has warned that speculative-grade corporate defaults could quadruple globally this year in a worst-case scenario. Also read | ‘Perilously close to falling into recession’: World Bank cuts 2023 global growth to 1.7% China's real estate developers had a record number of defaults in 2022. South Korea's credit crisis demonstrated how rapidly local debt problems that arise outside of a country's financial core might spread to the wider market. Globally, corporate note spreads, or the difference between the yield on a corporate bond and a government bond, has shrunk significantly in recent weeks on predictions that rate rises will pause. And while there are some indications that the worst for bond markets may be over, uncertainty still persists. Also read | Russia's budget gap surges to record high as Ukraine war weighs on finances "Market liquidity and appetite for refinancing will be the key challenges in 2023," Jim Veneau, head of Asian fixed income at AXA Investment Managers Asia Ltd. in Hong Kong, told Bloomberg. China's various efforts to support economic growth aren't a "cure-all", but primary bond market activity should pick up due to numerous and targeted property policies and the end of Covid Zero, he added. (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.

Asian borrowers face a daunting $314 billion debt repayment as rates rise

Pakistan needs to answer many questions. The country's economy is in the doldrums and its impact has left no one untouched. Its resources are bleeding with no funds coming Islamabad's way.

IMF to Pakistan: Time to take ‘required actions’; rupee devalued at Rs 220 against a dollar

The dollar gained against the yen, the euro and the pound on Monday after data showed that US&nbsp;services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.

The Institute for Supply Management (ISM) said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of US economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1.

The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. Consumer spending also accelerated in October.

The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise.

"The ISM services PMI data highlighted a US economy that's still showing some strength, despite tighter financial conditions," said Priscilla Thiagamoorthy, an economist at BMO Capital Markets. "While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation."

Fed Chair Jerome Powell said last week the US central bank could scale back the pace of its rate increases "as soon as December."

The dollar climbed 1.68% against the yen to 136.615 yen, bouncing from Friday's three-and-a-half month low of 133.62, while sterling, which had risen to a more than five-month high of $1.2345 in Asian trade Monday, was down 0.94% at $1.2178 at 2:15 p.m. EST (1915 GMT).

The euro slid 0.42% to $1.0494, having earlier climbed to $1.0585, its highest level since June 28.

The dollar index, which tracks the greenback against six peers, fell 1.4% last week, and 5% in November, its worst month since 2010.

But now speculation is growing that the Fed 'pivot' narrative has run its course.

"I think this issue about 'peak inflation, peak rates, peak dollar' - I think - is slowly turning into a 'persistence of inflation, a persistence of higher-for-longer interest rates," said Jane Foley, senior FX strategist at Rabobank.

The dollar's aggregate positioning against G10 currencies is now neutral, and at the lowest levels since August 2021, according to ING calculations based on CFTC data.

ING also believes that dollar softening may have run its course for now, given the possibility of the Fed maintaining its hawkish narrative for longer, that relaxing China's COVID restrictions could prove complicated, and that oil and gas prices could rise again.

The other major factor for markets on Monday was China, where several cities have been easing their COVID restrictions. Official messaging about how dangerous the virus is also has changed following recent, unprecedented protests against the government's uncompromising "dynamic zero-COVID" strategy.

This boosted China's yuan, and the dollar fell below 7.0 yuan in offshore trade for the first time since mid September, and was last at 6.9767.

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The dollar gained against the yen, the euro and the pound on Monday after data showed that US services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected.

The dollar gained against the yen, the euro and the pound on Monday after data showed that US services industry activity unexpectedly picked up in November, prompting speculation the Federal Reserve may lift interest rates more than recently projected. The Institute for Supply Management (ISM) said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October, indicating that the services sector, which accounts for more than two-thirds of US economic activity, remained resilient in the face of rising interest rates. Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.1. The survey followed on the heels of stronger-than-expected job and wage growth data for November released last Friday. Consumer spending also accelerated in October. The upbeat reports have raised optimism the economy could avoid recession next year, with growth just slowing sharply, while also spurring speculation about how high rates will rise. "The ISM services PMI data highlighted a US economy that's still showing some strength, despite tighter financial conditions," said Priscilla Thiagamoorthy, an economist at BMO Capital Markets. "While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation." Fed Chair Jerome Powell said last week the US central bank could scale back the pace of its rate increases "as soon as December." The dollar climbed 1.68% against the yen to 136.615 yen, bouncing from Friday's three-and-a-half month low of 133.62, while sterling, which had risen to a more than five-month high of $1.2345 in Asian trade Monday, was down 0.94% at $1.2178 at 2:15 p.m. EST (1915 GMT). The euro slid 0.42% to $1.0494, having earlier climbed to $1.0585, its highest level since June 28. The dollar index, which tracks the greenback against six peers, fell 1.4% last week, and 5% in November, its worst month since 2010. But now speculation is growing that the Fed 'pivot' narrative has run its course. "I think this issue about 'peak inflation, peak rates, peak dollar' - I think - is slowly turning into a 'persistence of inflation, a persistence of higher-for-longer interest rates," said Jane Foley, senior FX strategist at Rabobank. The dollar's aggregate positioning against G10 currencies is now neutral, and at the lowest levels since August 2021, according to ING calculations based on CFTC data. ING also believes that dollar softening may have run its course for now, given the possibility of the Fed maintaining its hawkish narrative for longer, that relaxing China's COVID restrictions could prove complicated, and that oil and gas prices could rise again. The other major factor for markets on Monday was China, where several cities have been easing their COVID restrictions. Official messaging about how dangerous the virus is also has changed following recent, unprecedented protests against the government's uncompromising "dynamic zero-COVID" strategy. This boosted China's yuan, and the dollar fell below 7.0 yuan in offshore trade for the first time since mid September, and was last at 6.9767. 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 ×

Dollar gains broadly as upbeat US data muddles Fed rate hike views

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