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British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses.

The group, operating out of 400 UK stores as well as online selling cleaning and garden products in addition to other small household items, has formally entered administration, a process that could see parts of the business saved.

"We've all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators," Wilko chief executive Mark Jackson said in an open letter on its website.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/air-india-all-set-for-brand-overhaul-but-maharaja-isnt-going-anywhere-624184">Air India undergoes brand overhaul but iconic mascot Maharaja isn’t going anywhere</a>

Wilko has appointed PricewaterhouseCoopers as administrators of the distressed company, founded in 1930 and headquartered in the town of Worksop, central England.

"It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration," said Zelf Hussain, a partner at PwC heading the administration team.

"Many high street retailers are facing a number of well-documented challenges and Wilko has been significantly impacted by the headwinds facing the industry, including inflationary pressure and rising interest rates."

<h2>Shops still open</h2>

Hussain added in a statement that the administrators would "engage with parties who may be interested in acquiring all or part of the business."&nbsp;

"Stores will continue to trade as normal for the time being and staff will continue to be paid," he said.

British customers and businesses continue to face soaring costs, with UK annual inflation at 7.9 per cent, the highest among G7 countries.

In a bid to cool price rises, the Bank of England has raised its key interest rate 14 times in a row since the end of 2021, to 5.25 per cent, a 15-year high.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indian-tribunal-confirms-zee-sony-merger-paves-way-for-big-media-giant-624165">Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant</a>

That has helped cut the inflation rate from a 41-year peak of 11.1 per cent in October last year.

The GMB union blamed poor management for the collapse of Wilko.

"The 12,000... workers now facing potential redundancy will take little solace that with better management the situation that has befallen Wilko was, sadly, entirely avoidable," GMB national officer Nadine Houghton said in a statement.&nbsp;

"GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity."

Jackson said there had been "significant work... to streamline costs and transform the way the business operates".

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British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses.

British household goods company Wilko has collapsed owing to big debts, its boss announced Thursday, impacting about 12,500 jobs as high inflation and interest rates hurt consumers and businesses. The group, operating out of 400 UK stores as well as online selling cleaning and garden products in addition to other small household items, has formally entered administration, a process that could see parts of the business saved. "We've all fought hard to keep this incredible business intact but must concede that time has run out, and now we must do what's best to preserve as many jobs as possible, for as long as is possible, by working with our appointed administrators," Wilko chief executive Mark Jackson said in an open letter on its website. Also read | Air India undergoes brand overhaul but iconic mascot Maharaja isn’t going anywhere Wilko has appointed PricewaterhouseCoopers as administrators of the distressed company, founded in 1930 and headquartered in the town of Worksop, central England. "It is incredibly sad that a well-loved, family business that has been on the high street for over 90 years has had to go into administration," said Zelf Hussain, a partner at PwC heading the administration team. "Many high street retailers are facing a number of well-documented challenges and Wilko has been significantly impacted by the headwinds facing the industry, including inflationary pressure and rising interest rates." Shops still open Hussain added in a statement that the administrators would "engage with parties who may be interested in acquiring all or part of the business." "Stores will continue to trade as normal for the time being and staff will continue to be paid," he said. British customers and businesses continue to face soaring costs, with UK annual inflation at 7.9 per cent, the highest among G7 countries. In a bid to cool price rises, the Bank of England has raised its key interest rate 14 times in a row since the end of 2021, to 5.25 per cent, a 15-year high. Also read | Indian tribunal confirms Zee Entertainment-Sony merger, paves way for big media giant That has helped cut the inflation rate from a 41-year peak of 11.1 per cent in October last year. The GMB union blamed poor management for the collapse of Wilko. "The 12,000... workers now facing potential redundancy will take little solace that with better management the situation that has befallen Wilko was, sadly, entirely avoidable," GMB national officer Nadine Houghton said in a statement. "GMB has been told time and time again how warnings were made that Wilko was in a prime position to capitalise on the growing bargain retailer market, but simply failed to grasp this opportunity." Jackson said there had been "significant work... to streamline costs and transform the way the business operates". 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.

UK retailer Wilko collapses due to 'big debts'; 12,500 jobs at risk

The world may not achieve gender equality for another 131 years, said the World Economic Forum’s annual Global Gender Gap Report 2023, on Wednesday (June 21). In other words, given the rate of incredibly slow progress, women may not attain parity with men until 2154. This comes as the report found that the gap between various aspects it takes into account for the measurement of equality has closed only by 0.3 per cent since last year.&nbsp;

<h2>What is the report about?</h2>

The WEF’s Gender Gap Index measures equality across 146 countries along&nbsp;four dimensions:&nbsp;economic participation and opportunity; educational attainment; health and survival; and political empowerment. The index was first launched by the WEF in 2006 and since then parity has advanced 4.1 percentage points.

<h2>WEF’s Global Gender Gap Report 2023: Key findings</h2>

The report shows that the world would take 131 years to close the overall gender gap between men and women at the current rate of progress.

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/gravitas-un-chief-warns-gender-equality-still-300-years-away-569769">Gravitas: UN chief warns gender equality still 300 years away</a>

Additionally, it might&nbsp;take 169 years for economic parity and 162 years for political empowerment to gender gap but no clear timeline was given for health and survival. On the bright side, educational attainment parity might&nbsp;take 16 years. 
 
While no country has achieved full gender parity, the top nine countries – Iceland, Norway, Finland, New Zealand, Sweden, Germany, Nicaragua, Namibia and Lithuania – have managed to close the gender gap by at least 80 per cent.&nbsp;

Iceland was at the top of the list for the 14th consecutive year with 91.2 per cent of its overall gender gap closed. Notably, it is also the only country with a score which is above 90 per cent. It is followed by Norway (87.9 per cent), Finland (86.3 per cent), New Zealand (85.6 per cent), and Sweden (81.5 per cent), all with scores above 80 per cent.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/patriarchy-is-fighting-backso-are-we-gender-equality-is-still-300-years-away-says-un-569489">'Patriarchy is fighting back...so are we': Gender equality is still 300 years away, says UN</a>

In addition to the top five countries, only four nations – Germany (81.5 per cent), Nicaragua (81.1 per cent), Namibia (80.2 per cent) and Lithuania (80.0 per cent) – have managed to close their gender gap by at least 80 per cent.&nbsp;

In terms of overall gender parity, the Southern Asian region ranked second-lowest of the eight regions with 63.4 per cent. However, the score has risen 1.1 percentage points since last year’s report which has partially been attributed to better rankings of countries including India, Pakistan and Bangladesh.

Meanwhile, the United States witnessed a drop from 27th on the list with 76.9 per cent parity in 2022 to 43rd this year with a parity score of 74.8 per cent. The sharp decline has been attributed to the political empowerment index.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/around-90-per-cent-of-people-have-at-least-one-bias-against-women-un-report-603527">Around 90% of people have at least one bias against women: UN report</a>

The last five countries on the list – Pakistan (57.5 per cent), Iran (57.5 per cent), Algeria (57.3 per cent), Chad (57.0 per cent), and Afghanistan (40.5 per cent) – have scored below 60 per cent. 
 
Afghanistan was the only one among the last five as well as among the 146 nations with a score below 50 per cent.&nbsp;

<h2>What has the overall gender gap been attributed to?&nbsp;</h2>

“Global gender gaps in health and education have narrowed over the past year, yet progress on political empowerment is effectively at a standstill, and women’s economic participation has regressed rather than recovered,” Saadia Zahidi, managing director at the WEF, stated in the report.

ALSO READ |&nbsp;<a href="https://www.wionews.com/science/women-work-harder-put-in-more-effort-than-men-anthropological-study-551559">Women work harder, put in more effort than men: Study</a>

Addressing the findings of the report, she also said, “Recent years have been marked by major setbacks for gender parity globally, with previous progress disrupted by the COVID-19 pandemic’s impact on women and girls in education and the workforce, followed by economic and geopolitical crises.”&nbsp;

She added, “Today, some parts of the world are seeing partial recoveries while others are experiencing deteriorations as new crises unfold.” Therefore, the “tepid progress” on “persistently large gaps documented (in the report)…creates an urgent case for renewed and concerted action.”

<h2>India ranks 127 out of 146 in gender parity</h2>

This year, India ranked 127th out of 146 countries which is an improvement of&nbsp;eight positions since last year’s report. The country has closed 64.3 per cent of the overall gender gap, said the 2023 report. According to the report, India has “attained parity in enrolment across all levels of education” but has only reached about 36.7 per cent parity on economic participation and opportunity.&nbsp;

This comes as the report noted upticks in parity in wages and income but a slight drop in “shares of women in senior positions and technical roles” since last year. India was also listed among countries like Pakistan (36.2 per cent), Iran (34.4 per cent), and Algeria (31.7 per cent), aside from Afghanistan, at the bottom of the list for economic participation and opportunity with less than 40 per cent parity.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/trending/womens-rights-have-gone-too-far-say-most-men-in-a-latest-survey-570905">Women’s rights have gone ‘too far’, now men feeling discriminated, says latest survey</a>

On the political front, India has reached 25.3 per cent parity, with women representing 15.1 per cent of parliamentarians. Notably, this is the highest for India since the first report was published nearly two decades ago.&nbsp;

Notably, out of the 117 countries for which the data is available since 2017, 18 countries&nbsp; including&nbsp;Bolivia (50.4 per cent), India (44.4 per cent) and France (42.3 per cent) &nbsp;– have achieved women’s representation of over 40 per cent in local governance.&nbsp;

This comes after Indian Women and Child Development Minister Smriti Irani, earlier this year, raised an issue with the WEF in Geneva saying that the organisation must also include women’s participation in local government bodies in its report.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/india-news/must-bring-in-gender-parity-in-15-years-indias-g20-sherpa-amitabh-kant-to-wion-604956">Must bring in gender parity in 15 years: India's G20 Sherpa Amitabh Kant to WION</a>

On the health and survival index, the WEF has noted 1.9 percentage points to 92.7 per cent improvement in the sex ratio at birth after “more than a decade of slow progress” for India. The relatively low overall rankings for countries like India, China and Vietnam for this particular index “is explained by skewed sex ratios at birth,” said the report.&nbsp;

“Compared to top scoring countries that register a 94.4 per cent gender parity at birth, the indicator stands at 92.7 per cent for India (albeit an improvement over last edition) and below 90 per cent for Vietnam, China and Azerbaijan,” the report stated.&nbsp; 
 
&nbsp;

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The world may not achieve gender equality for another 131 years, said the World Economic Forum’s annual Global Gender Gap Report 2023, on Wednesday (June 21). In other words, given the rate of incredibly slow progress, women may not attain parity with men until 2154.

The world may not achieve gender equality for another 131 years, said the World Economic Forum’s annual Global Gender Gap Report 2023, on Wednesday (June 21). In other words, given the rate of incredibly slow progress, women may not attain parity with men until 2154. This comes as the report found that the gap between various aspects it takes into account for the measurement of equality has closed only by 0.3 per cent since last year. What is the report about? The WEF’s Gender Gap Index measures equality across 146 countries along four dimensions: economic participation and opportunity; educational attainment; health and survival; and political empowerment. The index was first launched by the WEF in 2006 and since then parity has advanced 4.1 percentage points. WEF’s Global Gender Gap Report 2023: Key findings The report shows that the world would take 131 years to close the overall gender gap between men and women at the current rate of progress. ALSO WATCH | Gravitas: UN chief warns gender equality still 300 years away Additionally, it might take 169 years for economic parity and 162 years for political empowerment to gender gap but no clear timeline was given for health and survival. On the bright side, educational attainment parity might take 16 years. While no country has achieved full gender parity, the top nine countries – Iceland, Norway, Finland, New Zealand, Sweden, Germany, Nicaragua, Namibia and Lithuania – have managed to close the gender gap by at least 80 per cent. Iceland was at the top of the list for the 14th consecutive year with 91.2 per cent of its overall gender gap closed. Notably, it is also the only country with a score which is above 90 per cent. It is followed by Norway (87.9 per cent), Finland (86.3 per cent), New Zealand (85.6 per cent), and Sweden (81.5 per cent), all with scores above 80 per cent. ALSO READ | 'Patriarchy is fighting back...so are we': Gender equality is still 300 years away, says UN In addition to the top five countries, only four nations – Germany (81.5 per cent), Nicaragua (81.1 per cent), Namibia (80.2 per cent) and Lithuania (80.0 per cent) – have managed to close their gender gap by at least 80 per cent. In terms of overall gender parity, the Southern Asian region ranked second-lowest of the eight regions with 63.4 per cent. However, the score has risen 1.1 percentage points since last year’s report which has partially been attributed to better rankings of countries including India, Pakistan and Bangladesh. Meanwhile, the United States witnessed a drop from 27th on the list with 76.9 per cent parity in 2022 to 43rd this year with a parity score of 74.8 per cent. The sharp decline has been attributed to the political empowerment index. ALSO READ | Around 90% of people have at least one bias against women: UN report The last five countries on the list – Pakistan (57.5 per cent), Iran (57.5 per cent), Algeria (57.3 per cent), Chad (57.0 per cent), and Afghanistan (40.5 per cent) – have scored below 60 per cent. Afghanistan was the only one among the last five as well as among the 146 nations with a score below 50 per cent. What has the overall gender gap been attributed to? “Global gender gaps in health and education have narrowed over the past year, yet progress on political empowerment is effectively at a standstill, and women’s economic participation has regressed rather than recovered,” Saadia Zahidi, managing director at the WEF, stated in the report. ALSO READ | Women work harder, put in more effort than men: Study Addressing the findings of the report, she also said, “Recent years have been marked by major setbacks for gender parity globally, with previous progress disrupted by the COVID-19 pandemic’s impact on women and girls in education and the workforce, followed by economic and geopolitical crises.” She added, “Today, some parts of the world are seeing partial recoveries while others are experiencing deteriorations as new crises unfold.” Therefore, the “tepid progress” on “persistently large gaps documented (in the report)…creates an urgent case for renewed and concerted action.” India ranks 127 out of 146 in gender parity This year, India ranked 127th out of 146 countries which is an improvement of eight positions since last year’s report. The country has closed 64.3 per cent of the overall gender gap, said the 2023 report. According to the report, India has “attained parity in enrolment across all levels of education” but has only reached about 36.7 per cent parity on economic participation and opportunity. This comes as the report noted upticks in parity in wages and income but a slight drop in “shares of women in senior positions and technical roles” since last year. India was also listed among countries like Pakistan (36.2 per cent), Iran (34.4 per cent), and Algeria (31.7 per cent), aside from Afghanistan, at the bottom of the list for economic participation and opportunity with less than 40 per cent parity. ALSO READ | Women’s rights have gone ‘too far’, now men feeling discriminated, says latest survey On the political front, India has reached 25.3 per cent parity, with women representing 15.1 per cent of parliamentarians. Notably, this is the highest for India since the first report was published nearly two decades ago. Notably, out of the 117 countries for which the data is available since 2017, 18 countries including Bolivia (50.4 per cent), India (44.4 per cent) and France (42.3 per cent) – have achieved women’s representation of over 40 per cent in local governance. This comes after Indian Women and Child Development Minister Smriti Irani, earlier this year, raised an issue with the WEF in Geneva saying that the organisation must also include women’s participation in local government bodies in its report. ALSO READ | Must bring in gender parity in 15 years: India's G20 Sherpa Amitabh Kant to WION On the health and survival index, the WEF has noted 1.9 percentage points to 92.7 per cent improvement in the sex ratio at birth after “more than a decade of slow progress” for India. The relatively low overall rankings for countries like India, China and Vietnam for this particular index “is explained by skewed sex ratios at birth,” said the report. “Compared to top scoring countries that register a 94.4 per cent gender parity at birth, the indicator stands at 92.7 per cent for India (albeit an improvement over last edition) and below 90 per cent for Vietnam, China and Azerbaijan,” the report stated. 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.

Explained | World may take 131 years to close the gender gap, says report

Cash-strapped Pakistan's economy is in the doldrums and data from the country's economic survey a day before the country's budget proves that fact. In fact, the country's economy failed to achieve any of the targets it set out in 2022-23. Pakistan's GDP growth rate crashed to 0.3% in 2022-23.

Pakistan Economic Survey: GDP growth misses 5% target, grows by 0.3% in 2022-23

Pakistan's finance ministry said inflation in April may accelerate to a record. That comes after the country was forced to hike food and energy prices for a much-needed bailout from the IMF. Annual inflation likely hit 36%-38% last month compared to a record 34.8% in march.

Pakistan economic crisis deepens

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world.&nbsp;Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent.

Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/uber-accused-of-charging-people-higher-prices-when-their-phone-battery-is-low-report-582509">Uber accused of charging customers more when their phone battery is low: Report</a>

"The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter.

"We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon."

"In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/pakistan-gets-a-step-closer-to-getting-imf-bailout-after-uae-saudi-arabia-pledge-billions-in-assistance-582451">Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance</a>

The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections.

The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections.

(With inputs from agencies) 
 
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In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday.

In Argentina, the annual inflation rate has soared to a high of 104.3 per cent. The astounding high was revealed by the nation's official statistics agency on Friday. Reuters reports that this is one of the highest inflation rates in the world. Argentina's soaring prices have badly dented people's salaries and have pushed up poverty in the nation to 40 per cent. Argentina, which is one of the world's major grain exporters, is currently grappling with one of the worst droughts in its history. The dry season has reportedly "hammered" soy, corn and wheat crops, and lost exports and falling domestic prices have knocked billions off the country's economy. Also read | Uber accused of charging customers more when their phone battery is low: Report "The number we see today represents the worst moment of the impact of the war on international prices and the worst drought in history in our country," said presidential spokeswoman Gabriela Cerruti on Twitter. "We know, it hurts us, it occupies us, how this affects daily life and every family," she said adding that the government is "redoubling" its efforts and that they hoped a downward trend in inflation would be "reflected soon." "In my case, I have zero capacity to save," said Claudia Hernansaez, a publishing company employee while talking to Reuters. Also read | Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance The inflation rate for the month registered at 7.7 per cent, significantly exceeding the 7.1 per cent that analysts had anticipated, and making it the highest monthly growth since 2002. This puts additional strain on the government, which is confronted with agitated citizens prior to the October elections. The inflationary crisis is Argentina's worst since 1991, a year that as per Reuters marked the end of a period of hyperinflation. With the increase in inflation, approval ratings for the nation's President Alberto Fernandez have taken hits and are currently hovering just above 20 per cent. Inflation is expected to be one of the deciding issues for voters in the upcoming October elections. (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.

Argentina annual inflation over 104%, poverty up by 40%, people report ‘zero capacity to save’

Amid economic and political crisis, cracks appeared in the top judiciary of the country after two judges from the five-member larger bench of the Supreme Court raised questions over the powers of the chief justice of Pakistan (CJP).

Pakistan: Two SC judges challenge powers of Chief justice

Pakistan is in a state of mess. The economy is in the ICU. The politicians are at war. People are crying for help. How did things get here? Molly Gambhir explains.

Gravitas Plus: Pakistan's Economic Crisis Explained

The economic crisis in the South Asian nation of Pakistan is spiralling. New records are being broken every day. Now, Pakistan's central bank raised key policy rate by 300 bps to highest level since 1996. Watch this video for more details.

Why Pakistan's central bank raised key policy rate by 300 bps to highest level since 1996?

India’s economic expansion likely slowed in the October-December period, as rising borrowing costs crimp consumption that’s a key growth driver. Gross domestic product probably rose 4.7% last quarter from a year ago, according to a median estimate of economists in a survey.

India's economy losing momentum on rate hikes

Salaries in Indian companies are expected to increase by 10.3 per cent in 2023, according to Aon plc.&nbsp;According to a report quoting Aon Hewitt Global’s ‘Annual Salary Increase Survey’ in India, double-digit salary growth will continue in India despite economic instability, largely as a response to high attrition rates.

“Organisations are gradually prioritising their spends towards top performances, key talent and high potential talent,” said Pritish Gandhi, Aon Director &amp; India Practice Leader, Executive Compensation &amp; Governance.

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/wipro-slashes-pay-packages-of-freshers-waiting-to-join-by-as-much-as-50-564313">Wipro slashes pay packages of freshers waiting to join by as much as 50%</a>

According to the leading global professional services firm, strong business growth has led to higher proportion of population being assessed in higher tiers of performance. “Increments of top-performances are approximately four-times the increment of bottom performances (in companies which have given increments to both categories).&nbsp;Interestingly, almost 8 in 10 companies give 0 increment to bottom performances,” Gandhi said.

The study&nbsp;analysed data across 1,400 companies from more than 40 industries and&nbsp;noted that India continues to have the highest salary increases in the region and among major world economies.&nbsp;

Last year, the salaries in India Inc saw a rise of 10.6 per cent in 2022.

(With inputs from agencies)

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<o:p></o:p>

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Salaries in Indian companies are expected to increase by 10.3 per cent in 2023, according to Aon plc. According to a report quoting Aon Hewitt Global’s ‘Annual Salary Increase Survey’ in India, double-digit salary growth will continue in India despite economic instability, largely as a response to high attrition rates.

Salaries in Indian companies are expected to increase by 10.3 per cent in 2023, according to Aon plc. According to a report quoting Aon Hewitt Global’s ‘Annual Salary Increase Survey’ in India, double-digit salary growth will continue in India despite economic instability, largely as a response to high attrition rates. “Organisations are gradually prioritising their spends towards top performances, key talent and high potential talent,” said Pritish Gandhi, Aon Director & India Practice Leader, Executive Compensation & Governance. ALSO READ: Wipro slashes pay packages of freshers waiting to join by as much as 50% According to the leading global professional services firm, strong business growth has led to higher proportion of population being assessed in higher tiers of performance. “Increments of top-performances are approximately four-times the increment of bottom performances (in companies which have given increments to both categories). Interestingly, almost 8 in 10 companies give 0 increment to bottom performances,” Gandhi said. The study analysed data across 1,400 companies from more than 40 industries and noted that India continues to have the highest salary increases in the region and among major world economies. Last year, the salaries in India Inc saw a rise of 10.6 per cent in 2022. (With inputs from agencies) 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

Indian employees likely to get double digit salary hikes in 2023, says survey

Pakistan is going through multiple crises from an economic turmoil amid an IMF bailout impasse to a political mayhem. The South Asian country is staring at its worst crisis in decades. The question that arises is in a situation like this will Pakistan be able to pick up the sticks?

Pakistan is running out of food, fuel and money

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th&nbsp;time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.&nbsp;Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses.

Additionally,&nbsp;European Central Bank (ECB) has once again&nbsp;hikes interest rates by 50 basis points.&nbsp;

The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less&nbsp;the same.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/us-investors-have-plowed-billions-into-chinas-ai-sector-report-shows-558217">US investors have plowed billions into China's AI sector, report shows</a>

<div class="videoWrapper trancodeVideo">GDP is projected to contract by 0.5 per cent&nbsp;in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year.</div>

The economy is projected to shrink by one per cent&nbsp;by the end of the recession, and by 2026 it may still be less than it was before the Covid&nbsp;pandemic.&nbsp;

Also watch |&nbsp;US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming

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The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession.

<h2>Rishi Sunak marks 100 days in office</h2>

As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation.

Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights).

(With inputs from agencies)

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The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation.

The Bank of England increased interest rates on Thursday (Feb 2), in the midst of a recession, for the 10th time in a row, to the highest level since the 2008 financial crisis, with a warning that more hikes may be necessary to combat inflation. Rates were hiked by 50 basis points to four per cent, the highest level in over 15 years, by the nine-member committee of rate-setters involved in deciding the UK's basic level of borrowing costs. Governor Andrew Bailey was one of the 7-2 yes votes. In spite of the bank's forecast that Britain would remain in a recession for the entirety of this year and most of next, more hardship has been inflicted on individuals and businesses. Additionally, European Central Bank (ECB) has once again hikes interest rates by 50 basis points. The latest economic projections from the central bank were raised from its November forecasts, which called for the sharpest contraction since the early 1990s. However, after 15 months in a row, the length of the reversal is more or less the same. Also read | US investors have plowed billions into China's AI sector, report shows GDP is projected to contract by 0.5 per cent in 2023 and 0.25 in 2024, which is a little more gloomy than predictions made earlier this week by the International Monetary Fund (IMF), which stated that the UK would be the only wealthy economy to experience a contraction this year but growth the following year. The economy is projected to shrink by one per cent by the end of the recession, and by 2026 it may still be less than it was before the Covid pandemic. Also watch | US: Fed approves 0.25% rate increase, Powell suggests 'couple' more hikes coming The Bank still believes "further tightening in monetary policy" would be necessary if "more persistent" inflationary pressures persist despite the protracted recession. Rishi Sunak marks 100 days in office As the first non-white British Prime Minister, Rishi Sunak celebrated his 100th day in office on Thursday (Feb 2) with a new social media video in which he vowed to bring about change despite several obstacles, such as spiralling inflation. Following the abrupt resignations of his predecessors, party-gate-hit Boris Johnson and the nation's shortest-serving prime minister Liz Truss, the UK's first Prime Minister of Indian descent had entered office at 10 Downing Street on October 25, a day after Diwali (the Indian festival of lights). (With inputs from agencies) WATCH WION LIVE HERE:

UK: Bank of England hikes interest rates for 10th consecutive time amid recession

The comprehensive economic partnership deal between Israel and the United Arab Emirates has been ratified, the UAE's state minister for foreign trade, Thani Al Zeyoudi, announced on Twitter on Sunday.

96 per cent&nbsp;of the items moved between the countries would no longer be subject to tariffs thanks to the free trade agreement, which was first signed in May.

"Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added.

Under the Abraham Accords, which were mediated by former US president Donald Trump, relations between the UAE and Israel were normalised in 2020.

Since then, the two nations have fervently developed relationships in a variety of industries, including tourism, energy, and military and surveillance technology.

All Palestinian factions have denounced the contentious normalisation agreement, which was also signed by Bahrain and Morocco, as a betrayal of their cause.

(With inputs from agencies)

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The comprehensive economic partnership deal between Israel and the United Arab Emirates has been ratified, the UAE's state minister for foreign trade, Thani Al Zeyoudi, announced on Twitter on Sunday.

The comprehensive economic partnership deal between Israel and the United Arab Emirates has been ratified, the UAE's state minister for foreign trade, Thani Al Zeyoudi, announced on Twitter on Sunday. 96 per cent of the items moved between the countries would no longer be subject to tariffs thanks to the free trade agreement, which was first signed in May. "Non-oil trade between UAE and Israel hit $2 billion in the first nine months of 2022, up 114% from the same period in 2021... [The agreement] will accelerate this progress as we create opportunities in key sectors such as advanced technology, renewable energy and food security," Al Zeyoudi added. Under the Abraham Accords, which were mediated by former US president Donald Trump, relations between the UAE and Israel were normalised in 2020. Since then, the two nations have fervently developed relationships in a variety of industries, including tourism, energy, and military and surveillance technology. All Palestinian factions have denounced the contentious normalisation agreement, which was also signed by Bahrain and Morocco, as a betrayal of their cause. (With inputs from agencies) WATCH WION LIVE HERE:

Israel, UAE ratify comprehensive economic partnership pact

The International Monetary Fund said on Sunday that the global economic outlook is even gloomier than projected last month. It cited a steady worsening in purchasing manager surveys in recent months

WION Business News | Global economic outlook getting `gloomier`, says IMF

A new era for the United Kingdom has begun with the passing of Queen Elizabeth II&nbsp;— but one that is rife with waning national morale and economic insecurity.&nbsp;

At 96, the queen was the longest-reigning monarch in British history. She passed away "peacefully" on Thursday at Scotland's Balmoral Castle, hours after medical professionals had raised alarm about her failing health.&nbsp;

Following the news, tens of thousands of Britons gathered outside Buckingham Palace amid the pouring rain to pay their condolences.

The queen had come to represent rare stability in a world of continual change over her 70-year reign, which saw the aftermath of World War II, the dissolution of Britain's huge empire, the Brexit vote in 2016, and a pandemic. Her eldest son, who was named King Charles III hours after she passed away, succeeds her.&nbsp;

No government statements will be made until after her funeral, which will be observed with a public holiday in about 10 days. Her passing will be commemorated by a time of mournful ceremony. The monetary policy meeting of the Bank of England has also been postponed by one week.

The suspension of regular politics comes just days after Liz Truss, who was appointed Tuesday by the queen in her final act of public duty, became the next prime minister of the United Kingdom.&nbsp;

Truss takes office at 10 Downing Street as Britain experiences a period of unprecedented change.

Also Read:&nbsp;<a href="https://www.wionews.com/technology/queen-elizabeth-ii-was-more-tech-savvy-than-you-can-imagine-514608">Queen Elizabeth II was more tech-savvy than you can imagine!</a>

Hours before the queen passed away, Truss got to work revealing her strategies for addressing the UK's cost-of-living crisis. She unveiled a significant stimulus plan meant to assist Britons with their rising energy costs as a result of Russia's war in Ukraine.

The bleak picture coincides with mounting recessionary dangers for the nation. Similar to past predictions, the Bank of England could experience a recession in the fourth quarter of this year, cautioned Goldman Sachs last week.&nbsp;

Currently, Britons are preparing for a difficult winter for both their homes and their businesses.&nbsp;

The British pound has been falling over the previous few months and dropped to a 37-year low on Wednesday of $1.1469.

(with inputs from agencies)

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A new era for the United Kingdom has begun with the passing of Queen Elizabeth II — but one that is rife with waning national morale and economic insecurity. At 96, the queen was the longest-reigning monarch in British history.

A new era for the United Kingdom has begun with the passing of Queen Elizabeth II — but one that is rife with waning national morale and economic insecurity. At 96, the queen was the longest-reigning monarch in British history. She passed away "peacefully" on Thursday at Scotland's Balmoral Castle, hours after medical professionals had raised alarm about her failing health. Following the news, tens of thousands of Britons gathered outside Buckingham Palace amid the pouring rain to pay their condolences. The queen had come to represent rare stability in a world of continual change over her 70-year reign, which saw the aftermath of World War II, the dissolution of Britain's huge empire, the Brexit vote in 2016, and a pandemic. Her eldest son, who was named King Charles III hours after she passed away, succeeds her. No government statements will be made until after her funeral, which will be observed with a public holiday in about 10 days. Her passing will be commemorated by a time of mournful ceremony. The monetary policy meeting of the Bank of England has also been postponed by one week. The suspension of regular politics comes just days after Liz Truss, who was appointed Tuesday by the queen in her final act of public duty, became the next prime minister of the United Kingdom. Truss takes office at 10 Downing Street as Britain experiences a period of unprecedented change. Also Read: Queen Elizabeth II was more tech-savvy than you can imagine! Hours before the queen passed away, Truss got to work revealing her strategies for addressing the UK's cost-of-living crisis. She unveiled a significant stimulus plan meant to assist Britons with their rising energy costs as a result of Russia's war in Ukraine. The bleak picture coincides with mounting recessionary dangers for the nation. Similar to past predictions, the Bank of England could experience a recession in the fourth quarter of this year, cautioned Goldman Sachs last week. Currently, Britons are preparing for a difficult winter for both their homes and their businesses. The British pound has been falling over the previous few months and dropped to a 37-year low on Wednesday of $1.1469. (with inputs from agencies)

Will the era of Charles III be fraught with economic uncertainty, dampening national sentiment?

The global inflation swords with Russia's energy supplies in limbo. European Central Bank or the ECB is set to raise its interest rates today. It is to fight inflation and take a major move to a record high.

Price pressures continue to outpace pessimistic forecasts

As India celebrated 75 years of independence, here's how FDI has become a key driver of India's economic growth.

India@75: FDI - A key driver of India's economic growth

India@75: FDI - A key driver of India's

The year 1991 is a milestone in the history of independent India. The country was facing acute economic crisis and landmark 1991 economic reforms were introduced.

India@75: The landmark 1991 economic reforms

Reports say Chinese leaders told the government that this year's economic growth of about 5.5% is a guidance and not a hard target in a meeting last week. Does it mean China will miss its GDP target? Molly Gambhir tells you more.

WION Fineprint: China omits mention of GDP growth goal

The economic crisis continues in Pakistan. The South Asian nation is reeling under record inflation of 21.3 per cent. Now the State Bank of Pakistan is mulling a spike in its key policy rate by 125 basic points.

Pakistan economic crisis: Inflation at a 13-year high

Pakistan's finance minister Miftah Ismail has announced that the government will no longer give subsidies on petroleum products. The government was forced to implement these actions after the poor functioning of the previous government.

Pakistan tries to revive its economy | No subsidies on petroleum products

Amid economic woes, Lebanon's traditional pottery has witnessed a sharp drop. Traditional pottery can be traced back to the Phoenicians.

Lebanon's economic woes: Pottery sees sharp drop in demand

Pakistan's federal minister for planning and development has urged the people in Pakistan to reduce the amount of tea that they drink. He believes that sipping fewer cups a day would cut Pakistan's high import bills.

Pakistan minister urges public to consume less tea to reduce high import bills'

Pakistan's finance minister has warned of default amid the ongoing economic crisis. More fuel price hikes are expected as Pakistan's IMF bailout is at risk due to subsidies.

Pakistan Economic Crisis: More fuel price hike expected as Pak IMF bailout at risk due to subsidies

India's Minister of Health, Chemicals and Fertilizers Dr Mansukh Mandaviya will be travelling to Russia next week for the St. Petersburg International Economic Forum (SPIEF). This will be the 25th edition of the SPIEF and will take place from June 15th to 18th. 
&nbsp; 
SPIEF has been taking place since 1997 with Russian President Putin addressing the mega gathering. Egypt will be the guest country this year. In 2017, India's Prime minister Modi was the chief guest at SPIEF. 
&nbsp; 
Advisor to the President of the Russian Federation and Executive Secretary of the SPIEF Organizing Committee Anton Kobyakov has said, "we are seeing high levels of interest from the international community in platforms for dialogue like ours, and a number of countries have already expressed interest in sending representative delegations to SPIEF 2022,” 
&nbsp; 
Minister Mandaviya's visit will be the first high-level visit from India to Russia since the latter's invasion of Ukraine in February. Russian FM Lavrov earlier this year had visited India.

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India's Minister of Health, Chemicals and Fertilizers Dr Mansukh Mandaviya will be travelling to Russia next week for the St. Petersburg International Economic Forum (SPIEF).

India's Minister of Health, Chemicals and Fertilizers Dr Mansukh Mandaviya will be travelling to Russia next week for the St. Petersburg International Economic Forum (SPIEF). This will be the 25th edition of the SPIEF and will take place from June 15th to 18th. SPIEF has been taking place since 1997 with Russian President Putin addressing the mega gathering. Egypt will be the guest country this year. In 2017, India's Prime minister Modi was the chief guest at SPIEF. Advisor to the President of the Russian Federation and Executive Secretary of the SPIEF Organizing Committee Anton Kobyakov has said, "we are seeing high levels of interest from the international community in platforms for dialogue like ours, and a number of countries have already expressed interest in sending representative delegations to SPIEF 2022,” Minister Mandaviya's visit will be the first high-level visit from India to Russia since the latter's invasion of Ukraine in February. Russian FM Lavrov earlier this year had visited India. 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 health minister Mandaviya to travel to Russia for economic meet

Pakistan has increased its petroleum levy as it unveiled a new budget amid the ongoing economic crisis. Its defence expenditure is however up by 11%.

Pakistan budgeting for tougher days? Islamabad ups petroleum levy

Dual crises have gripped Pakistan's Karachi during a heatwave. It is battling both water and power crises. Meanwhile, power shortage has ravaged the south-Asian nation's economy.

Pakistan Economic Crisis: Karachi battles water & power crises amid heatwave

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