Amid a full-blown economic crisis, Sri Lanka raised electricity prices by 66%, in a move that the government hopes will persuade the International Monetary Fund (IMF) to provide a much-needed bailout for its crisis-ridden economy.

Sri Lanka hikes power prices by 66% hoping to ensure IMF bailout

As Pakistan's economic situation worsens, many Pakistani citizens have started regretting the 1947 partition. They say Pakistan was better off as a part of India. Priyanka Sharma brings you a report.

Gravitas: Cash-Strapped Pakistan's citizens regret 1947 partition

People in Nigeria have taken to sleeping outside banks. They want to be among the first in line to get notes from the cash machine once it is loaded up in the morning.

Nigeria : Anger and chaos outside banks due to Naira shortage

In a move to safeguard the elephant population, Sri Lanka will ban single-use plastics. This comes following a series of wild elephant and deer deaths from plastic poisoning. @mohammed11saleh brings you this report.

Saving Sri Lanka's sacred elephants

Japan's economy has safely circumvented the recession but remains low on the numbers with the lower than expected growth in GDP. The fourth quarter earnings and numbers show that business investment in the country slumped as an outcome of the phasing out of stimulus by the central banks.

Japan: Private consumption rises by 0.5%, averts recession

The British economy has not only avoided a recession according to official data, gross domestic product is registered zero growth in the final quarter of 2022. The Britain's growth in the fourth quarter contrasted with Europe's biggest economy.

UK Chancellor: Economy is resilient after avoiding recession

Pakistan and the International Monetary Fund (IMF) is said to have reached an "agreement" unlocking over a $1 billion loan tranche under Extended Fund Facility (EFF) that had been stalled for the last five months, the country's local media outlet Geo News reported.&nbsp;&nbsp;

Secretary of Finance Hamed Sheikh, in a statement released late Thursday night, said that "an agreement has already been struck with the IMF on prerequisite measures”.&nbsp;He added that the IMF mission which is headed by Nathan Porter will now release a detailed statement after getting approval from Washington.

"The negotiations with the IMF have been completed. The IMF has handed over the MEFP [Memorandum of Economic and Financial Policies] document [to Pakistan]," he added.

This loan tranche is part of a $6 billion bailout package which former Pakistani PM Imran Khan signed in 2019. The multibillion-dollar bailout package was signed to help Pakistan's crippling economy. However, since then the package has been delayed after the controversy over $1.5 billion subsidy package announced by Khan which IMF asked how Pakistan will fund.&nbsp;

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The agreement can be seen as a massive relief to Pakistan's cash-strapped economy. It comes after 10 days of "tough" talks. The IMF mission has been in Islamabad since 31 January and has been engaging with the Pakistani government over the bailout package negotiations.&nbsp;

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Earlier in the day, while sharing an update on the talks, the country's Finance Minister Ishaq Dar gave a positive signal saying the talks were "on track."&nbsp;Pakistan's economic state continues to remain in a dire state with high inflation, currency depreciation, and slumping of foreign exchange reserves to $2.91 billion.

Watch | <a href="https://www.wionews.com/videos/us-aftermath-of-chinas-spy-balloon-560414">US: Aftermath of China's spy balloon</a>

After the subsidy fiasco under the Imran government, the programme was stalled but the incumbent coalition government led by Shehbaz Sharif resumed the programme. In August, Pakistan received around $1.17 billion under the seventh and eighth reviews of the Extended Fund Facility (EFF).

However, the programme had again hit a snag in September after failed negotiations.&nbsp;

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Pakistan and the International Monetary Fund (IMF) is said to have reached an "agreement" unlocking over a $1 billion loan tranche under Extended Fund Facility (EFF) that had been stalled for the last five months, the country's local media outlet Geo News reported.

Pakistan and the International Monetary Fund (IMF) is said to have reached an "agreement" unlocking over a $1 billion loan tranche under Extended Fund Facility (EFF) that had been stalled for the last five months, the country's local media outlet Geo News reported. Secretary of Finance Hamed Sheikh, in a statement released late Thursday night, said that "an agreement has already been struck with the IMF on prerequisite measures”. He added that the IMF mission which is headed by Nathan Porter will now release a detailed statement after getting approval from Washington. "The negotiations with the IMF have been completed. The IMF has handed over the MEFP [Memorandum of Economic and Financial Policies] document [to Pakistan]," he added. This loan tranche is part of a $6 billion bailout package which former Pakistani PM Imran Khan signed in 2019. The multibillion-dollar bailout package was signed to help Pakistan's crippling economy. However, since then the package has been delayed after the controversy over $1.5 billion subsidy package announced by Khan which IMF asked how Pakistan will fund. Also Read | Animal Rights advocates ask US government to probe Elon Musk's Neuralink The agreement can be seen as a massive relief to Pakistan's cash-strapped economy. It comes after 10 days of "tough" talks. The IMF mission has been in Islamabad since 31 January and has been engaging with the Pakistani government over the bailout package negotiations. Also Read | Meet Ghost, a four-year-old bull terrier mix who was living with coyote pack in Nevada Earlier in the day, while sharing an update on the talks, the country's Finance Minister Ishaq Dar gave a positive signal saying the talks were "on track." Pakistan's economic state continues to remain in a dire state with high inflation, currency depreciation, and slumping of foreign exchange reserves to $2.91 billion. Watch | US: Aftermath of China's spy balloon After the subsidy fiasco under the Imran government, the programme was stalled but the incumbent coalition government led by Shehbaz Sharif resumed the programme. In August, Pakistan received around $1.17 billion under the seventh and eighth reviews of the Extended Fund Facility (EFF). However, the programme had again hit a snag in September after failed negotiations. 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.

Pakistan, IMF strike agreement on stalled bailout package, official announcement expected soon

Sri Lanka's former president Gotabaya Rajapaksa has been questioned by police over the discovery of a large amount of cash in his office-cum-residence when he fled the country for safety as thousands of protesters stormed the place in July last year.

Sri Lankan police quiz Gotabaya Rajapaksa over President's house cash

President Ranil Wickremesinghe ruled out a division of Sri Lanka but promised to go ahead with the devolution of powers within a Unitary State and continue with his politically unpopular decisions to ensure that the bankrupt nation recovers from its worst economic crisis.

Sri Lanka President Ranil Wickremesinghe's address to the nation

Norway's national wealth fund reported a record loss for the entire year of 2022 of 1.64 trillion Norwegian kroner ($164 billion), blaming "very unusual" market conditions. The Government Pension Fund Global, one of the biggest investors in the world, reported a -14.1 per cent&nbsp;return for the year, which it claimed was 0.88 percentage points higher than the return on its benchmark index.

“The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time, which is very unusual,” Norges Bank Investment Management CEO Nicolai Tangen said in a statement.

“All the sectors in the equity market had negative returns, with the exception of energy,” Tangen said.

In 2008, during the height of the global financial crisis, the fund suffered its previous biggest loss of 633 billion kroner.

Also read |&nbsp;<a href="https://www.wionews.com/world/step-up-military-support-for-ukraine-nato-chief-urges-south-korea-557136">'Step up' military support for Ukraine, NATO chief urges South Korea</a>

To invest the excess funds from Norway's oil and gas sector, the $1.3 trillion fund was formed in the 1990s. Over 9,300 companies in 70 different nations have benefited from the fund's investments thus far.

The wealth of the fund is anchored on Norway's enormous North Sea oil and gas deposits. In fact, a fervent discussion on international justice has been sparked by the nation's unprecedented growth in fossil fuel earnings amid Russia's war in Ukraine.

The government has been urged to lead by investing its record petroleum profits in a new worldwide solidarity fund by opposition lawmakers, well-known economists in Norway, and even the country's energy industry's giants.

The foreign ministry of Norway has stated that it is well conscious of the responsibilities associated with its energy resources.

(With inputs from agencies)

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Norway's national wealth fund reported a record loss for the entire year of 2022 of 1.64 trillion Norwegian kroner ($164 billion), blaming "very unusual" market conditions.

Norway's national wealth fund reported a record loss for the entire year of 2022 of 1.64 trillion Norwegian kroner ($164 billion), blaming "very unusual" market conditions. The Government Pension Fund Global, one of the biggest investors in the world, reported a -14.1 per cent return for the year, which it claimed was 0.88 percentage points higher than the return on its benchmark index. “The market was impacted by war in Europe, high inflation, and rising interest rates. This negatively impacted both the equity market and bond market at the same time, which is very unusual,” Norges Bank Investment Management CEO Nicolai Tangen said in a statement. “All the sectors in the equity market had negative returns, with the exception of energy,” Tangen said. In 2008, during the height of the global financial crisis, the fund suffered its previous biggest loss of 633 billion kroner. Also read | 'Step up' military support for Ukraine, NATO chief urges South Korea To invest the excess funds from Norway's oil and gas sector, the $1.3 trillion fund was formed in the 1990s. Over 9,300 companies in 70 different nations have benefited from the fund's investments thus far. The wealth of the fund is anchored on Norway's enormous North Sea oil and gas deposits. In fact, a fervent discussion on international justice has been sparked by the nation's unprecedented growth in fossil fuel earnings amid Russia's war in Ukraine. The government has been urged to lead by investing its record petroleum profits in a new worldwide solidarity fund by opposition lawmakers, well-known economists in Norway, and even the country's energy industry's giants. The foreign ministry of Norway has stated that it is well conscious of the responsibilities associated with its energy resources. (With inputs from agencies) WATCH WION LIVE HERE:

Norway's sovereign wealth fund suffers historic losses of $164 billion

According to the latest Gallup poll, Americans of both parties think the biggest issue the country faces is the government itself and "poor leadership", outranking both inflation and the economy.

Gallup Poll: Americans think country's biggest problem is the government itself

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. We list out the key takeaways from the economic survey. Watch WION anchor Eric Njoka in a conversation with Dr. Kartikeya Singh as they talk more about the Union Budget 2023-24.

Union Budget 2023: Will government spend support growth or populism?

Union Finance Minister Nirmala Sitharaman&nbsp;addressed&nbsp;a press conference after presenting the Union Budget 2023-24, with its&nbsp;focus&nbsp;on&nbsp;empowering women, promoting&nbsp;tourism, PM's&nbsp;Vikas scheme, and&nbsp;green growth.&nbsp;Sitharaman spoke to the press and said that the country has been waiting for a direct tax system that is straightforward and simple to follow.

"We are not compelling anybody. Those who want to remain in the old tax regime can still remain there. But, the new one is attractive because it gives a greater rebate. It also provides for simplified and smaller slabs, lower rates of taxation and also slabs which are nicely broken down,” said Sitharaman.

The Budget's proposed reforms would exempt individuals with yearly incomes of up to Rs 7 lakh from paying taxes under the new system, but they would not affect people who continue to pay taxes under the previous system, which offers tax breaks and deductions for investments and expenses like HRA.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/budget-2023-pm-modi-says-steps-taken-to-empower-middle-class-ensure-ease-of-living-557883">Budget 2023: PM Modi says steps taken to empower middle class, ensure ease of living</a>

The finance minister in her Budget for 2023–24 permitted a basic deduction of Rs. 50,000 under the new regime, in what is perceived as an attempt to persuade the salaried class to transfer to the new tax system where no exemptions on investments are offered.

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In the Union Budget 2023-24, the Allocation for the Welfare of Scheduled Castes has been increased from ₹ 1,42,342.36 Crore to ₹ 1,59,126.22 Crore.<a href="https://twitter.com/hashtag/AmritKaalBudget?src=hash&amp;ref_src=twsrc%5Etfw">#AmritKaalBudget</a> <a href="https://twitter.com/hashtag/UnionBudget2023?src=hash&amp;ref_src=twsrc%5Etfw">#UnionBudget2023</a> <a href="https://twitter.com/PMOIndia?ref_src=twsrc%5Etfw">@PMOIndia</a> <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> <a href="https://twitter.com/AmitShah?ref_src=twsrc%5Etfw">@AmitShah</a> <a href="https://twitter.com/FinMinIndia?ref_src=twsrc%5Etfw">@FinMinIndia</a> <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> <a href="https://twitter.com/Drvirendrakum13?ref_src=twsrc%5Etfw">@Drvirendrakum13</a> <a href="https://twitter.com/ANarayana_swamy?ref_src=twsrc%5Etfw">@ANarayana_swamy</a> <a href="https://t.co/RRq63eUDXH">pic.twitter.com/RRq63eUDXH</a>
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An analogous deduction is allowed under the previous tax code, and there is no tax on income up to Rs 5 lakh.

The ultimate interest is to make the simpler (new) regime more attractive," Sitharaman said.

"I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500," she added.

She added that the Prime Minister has given a vision for “LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.&nbsp;

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Video source: PIB

Sitharaman's also commemorated the&nbsp;Azadi Ka Amrit Mahotsav, a one-time new small savings scheme and the&nbsp;Mahila Samman Savings Certificate which&nbsp;will be made available for a two-year period up to March 2025, reported ANI.&nbsp;

The Mahila Samman Savings Patra has a deposit facility of up to Rs 2 lakh with a fixed interest rate of 7.5%.

"One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced.

On the&nbsp;technology and finance front, Sitharaman said that the government&nbsp;is&nbsp;looking at a futuristic fintech sector where people will be trained through Industrial Revolution 4.0.&nbsp;

"People will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life," she said in an address to the media.

Sitharaman presented the last full-fledged Union Budget of the Modi government on&nbsp; February 1 before the 2024 Lok Sabha elections.&nbsp;

(With inputs from agencies)

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Union Finance Minister Nirmala Sitharaman addressed a press conference after presenting the Union Budget 2023-24, with its focus on empowering women, promoting tourism, PM's Vikas scheme, and green growth.

Union Finance Minister Nirmala Sitharaman addressed a press conference after presenting the Union Budget 2023-24, with its focus on empowering women, promoting tourism, PM's Vikas scheme, and green growth. Sitharaman spoke to the press and said that the country has been waiting for a direct tax system that is straightforward and simple to follow. "We are not compelling anybody. Those who want to remain in the old tax regime can still remain there. But, the new one is attractive because it gives a greater rebate. It also provides for simplified and smaller slabs, lower rates of taxation and also slabs which are nicely broken down,” said Sitharaman. The Budget's proposed reforms would exempt individuals with yearly incomes of up to Rs 7 lakh from paying taxes under the new system, but they would not affect people who continue to pay taxes under the previous system, which offers tax breaks and deductions for investments and expenses like HRA. Also read | Budget 2023: PM Modi says steps taken to empower middle class, ensure ease of living The finance minister in her Budget for 2023–24 permitted a basic deduction of Rs. 50,000 under the new regime, in what is perceived as an attempt to persuade the salaried class to transfer to the new tax system where no exemptions on investments are offered. In the Union Budget 2023-24, the Allocation for the Welfare of Scheduled Castes has been increased from ₹ 1,42,342.36 Crore to ₹ 1,59,126.22 Crore.#AmritKaalBudget #UnionBudget2023 @PMOIndia @narendramodi @AmitShah @FinMinIndia @nsitharaman @Drvirendrakum13 @ANarayana_swamy pic.twitter.com/RRq63eUDXH — Ministry of Social Justice & Empowerment, GOI (@MSJEGOI) February 1, 2023 × An analogous deduction is allowed under the previous tax code, and there is no tax on income up to Rs 5 lakh. The ultimate interest is to make the simpler (new) regime more attractive," Sitharaman said. "I propose to extend the benefit of standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500," she added. She added that the Prime Minister has given a vision for “LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle. × Video source: PIB Sitharaman's also commemorated the Azadi Ka Amrit Mahotsav, a one-time new small savings scheme and the Mahila Samman Savings Certificate which will be made available for a two-year period up to March 2025, reported ANI. The Mahila Samman Savings Patra has a deposit facility of up to Rs 2 lakh with a fixed interest rate of 7.5%. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. On the technology and finance front, Sitharaman said that the government is looking at a futuristic fintech sector where people will be trained through Industrial Revolution 4.0. "People will be trained through Industrial Revolution 4.0, we are trying to unleash digital economy in various walks of life," she said in an address to the media. Sitharaman presented the last full-fledged Union Budget of the Modi government on February 1 before the 2024 Lok Sabha elections. (With inputs from agencies) WATCH WION LIVE HERE:

No compulsion to make the shift, but new tax regime more attractive, says FM Nirmala Sitharaman

India is gearing up for the Union Budget. Indian Finance Minister Nirmala Sitharaman has tabled the annual economic survey which is a report card for the centre to review how the economy has fared in the past year. We list out the key takeaways from the economic survey.

Union Budget 2023: India forecasts growth to slow to 6%-6.8% in 2023-24

Union Budget 2023: World's eyes on India's budget

The IMF has downgraded its UK growth forecast. It predicts the UK economy will perform worse than sanctions-hit Russia. Molly Gambhir tells you more.

Gravitas: IMF downgrades UK growth forecast

According to the Economic Survey 2022-2023, India's economy is likely to grow at 6-6.8% in the next fiscal year starting April 1 depending on the trajectory of economic and political developments globally.

WION Fineprint | India's Economic Survey: GDP growth to slow down to 6-6.8%

In the latest, Russia has claimed to have captured a village near Ukraine's eastern Bakhmut town.&nbsp;The Indian IT firm, Infosys, has run into a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill. In other news, Donald Trump has sued Bob Woodward over recordings.&nbsp;

Click on the headlines to read more.&nbsp;

<a href="https://www.wionews.com/world/russia-claims-to-have-seized-village-near-ukraines-eastern-bakhmut-town-557632">Russia claims to have seized village near Ukraine’s eastern Bakhmut town</a>

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Russia has claimed to have taken control of a village, which is north of the eastern Ukrainian town of Bakhmut&nbsp;where both nation’s forces are currently engaged in a heavy battle.&nbsp;Blagodatne village is located near the salt-mining town of Soledar, which was recently captured by the Russian forces.

<a href="https://www.wionews.com/india-news/economic-survey-2023-key-highlights-and-summary-indias-economy-to-grow-at-highest-rate-among-big-economies-557553">Economic Survey 2022: Key Highlights and summary; India’s economy to grow at highest rate among big economies</a>

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Indian Finance Minister Nirmala Sitharaman today tabled the Economic Survey 2022 in the Parliament, an annual flagship document that reviews the state of the economy. Every year, the Economic Survey is tabled a day before the presentation of the annual budget by the country’s finance minister. The survey has projected India’s GDP growth in a range of 6-6.8 per cent for the upcoming fiscal year 2023-24. This comes hours after the International Monetary Fund (IMF) projected India’s GDP growth at 6.1 per cent in the fiscal year 2023. Here are the key highlights of the Economic Survey, including projections around GST collection, inflation, pharmaceutical and health sector.

<a href="https://www.wionews.com/south-asia/hours-after-claiming-responsibility-ttp-denies-bombing-peshawar-mosque-local-outfit-role-suspected-557642">Hours after claiming responsibility, TTP denies bombing Peshawar mosque; local outfit role suspected &nbsp;</a>

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Hours after owning up the Peshawar mosque blast, Pakistani Taliban, also known as Tehreek-e-Taliban Pakistan (TTP), distanced itself from the attack.&nbsp;

Earlier, a&nbsp;commander for TTP,&nbsp;Sarbakaf Mohmand,&nbsp;took responsibility for the bombing, claiming it was revenge for his brother killed in Afghanistan last year.&nbsp;

But hours later, TTP spokesperson Mohammad Khurasani distanced the group from the attack, saying that it was not its policy to target mosques, seminaries, and religious places. The spokesperson, however, did not address the previous claim of responsibility.&nbsp;

<a href="https://www.wionews.com/world/infosys-founded-by-pm-sunaks-father-in-law-in-tax-dispute-with-uk-authorities-557601">Infosys, founded by PM Sunak’s father-in-law, in tax dispute with UK authorities &nbsp;</a>

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The Indian IT firm, Infosys, has run in a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill. &nbsp;

According to the Telegraph newspaper, the multinational firm—founded by British Prime Minister Rishi Sunak’s father-in-law Narayana Murthy—owes £20 million for a period from 2014 to 2017.&nbsp;

Infosys&nbsp;acknowledged the dispute and said that it had opened an appeal against HM Revenue &amp; Customs’s calculation.&nbsp;

<a href="https://www.wionews.com/world/data-lab-gauging-police-brutality-in-the-us-in-charts-557593">Data lab | Gauging police brutality in the US, in charts</a>

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An unarmed Black man, named Tyre Nichols,&nbsp;was killed by police officers in Memphis&nbsp;after being severely&nbsp;beaten by them during a traffic check. Criminal charges were immediately brought against the five&nbsp;police officers involved&nbsp;after a careful examination of the evidence available.

<a href="https://www.wionews.com/world/us-donald-trump-sues-bob-woodward-book-publisher-over-interview-tapes-557608">US: Donald Trump sues Bob Woodward, book publisher over interview tapes</a>

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Donald Trump is suing Watergate scandal-famous writer Bob Woodward for exposing his interview tapes to the public and alleging that Woodward did not provide him permission to use the tapes for an audiobook.&nbsp;The former US president filed a lawsuit against Woodward, the publisher Simon &amp; Schuster, and its parent company Paramount Global on Monday for publishing the audio recordings of the conversations that took place between December 2019 and August 2020.

<a href="https://www.wionews.com/world/olx-to-layoff-15-per-cent-of-its-workforce-globally-almost-1500-employees-to-be-impacted-557630">OLX to layoff 15 per cent of its workforce globally, almost 1,500 employees to be impacted</a>

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The Dutch online marketplace OLX is cutting off 15 per cent&nbsp;of its global workforce, or around 1,500 workers, and is the latest company to do so in recent days.

“OLX is reducing its global workforce by 15% which affects staff across all countries, business units and job functions. We are taking necessary measures to reduce cost structure in light of changing macroeconomic conditions,” a company spokesperson confirmed to&nbsp;Financial Express.

<a href="https://www.wionews.com/business-economy/budget-2023-indian-railways-might-get-35-hydrogen-500-vande-bharat-trains-557373">Budget 2023: Indian Railways might get 35 hydrogen, 500 Vande Bharat trains</a>

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Indian finance minister Nirmala Sitharaman is all set to present the budget for 2023 on Wednesday (February 1). People across the nation have high hopes for this year's budget as the nation is still reviving from the economic slump after the coronavirus (COVID-19) pandemic.&nbsp;The Narendra Modi government is likely to increase the rail budget and the focus will be on completion of projects.&nbsp;

<a href="https://www.wionews.com/health-and-wellness/uk-to-crackdown-on-sale-of-dnp-a-slimming-pill-which-claimed-at-least-33-lives-557523">UK to crack down on sale of DNP; a 'slimming pill' which claimed at least 33 lives</a>

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The sale of a toxic chemical DNP or 2.4 Dinitrophenol, often classified as a 'slimming pill', is under tight scrutiny by the UK Home Office department. The 'fat burner' medicine has been added to a list of poisons by the government after it was linked to the death of at least 33 people, reported the Independent.&nbsp;

<a href="https://www.wionews.com/sports/lionel-messi-reveals-his-instagram-account-was-blocked-after-world-cup-victory-557528">Lionel Messi reveals his Instagram account was blocked after World Cup victory</a>

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Lionel Messi has revealed that his Instagram account was 'blocked' after receiving 'a million messages', following Argentina's World Cup victory in December last year.&nbsp;

"My Instagram was blocked for a few days because of the amount of messages I received after winning the World Cup," Messi told Urbana Play in an interview.&nbsp;

The Argentine superstar also disclosed that he ran the Instagram account on his own, without the help of 'any company' or a third person to manage the posts.&nbsp;

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In the latest, Russia has claimed to have captured a village near Ukraine's eastern Bakhmut town. The Indian IT firm, Infosys, has run into a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill.

In the latest, Russia has claimed to have captured a village near Ukraine's eastern Bakhmut town. The Indian IT firm, Infosys, has run into a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill. In other news, Donald Trump has sued Bob Woodward over recordings. Click on the headlines to read more. Russia claims to have seized village near Ukraine’s eastern Bakhmut town Russia has claimed to have taken control of a village, which is north of the eastern Ukrainian town of Bakhmut where both nation’s forces are currently engaged in a heavy battle. Blagodatne village is located near the salt-mining town of Soledar, which was recently captured by the Russian forces. Economic Survey 2022: Key Highlights and summary; India’s economy to grow at highest rate among big economies Indian Finance Minister Nirmala Sitharaman today tabled the Economic Survey 2022 in the Parliament, an annual flagship document that reviews the state of the economy. Every year, the Economic Survey is tabled a day before the presentation of the annual budget by the country’s finance minister. The survey has projected India’s GDP growth in a range of 6-6.8 per cent for the upcoming fiscal year 2023-24. This comes hours after the International Monetary Fund (IMF) projected India’s GDP growth at 6.1 per cent in the fiscal year 2023. Here are the key highlights of the Economic Survey, including projections around GST collection, inflation, pharmaceutical and health sector. Hours after claiming responsibility, TTP denies bombing Peshawar mosque; local outfit role suspected Hours after owning up the Peshawar mosque blast, Pakistani Taliban, also known as Tehreek-e-Taliban Pakistan (TTP), distanced itself from the attack. Earlier, a commander for TTP, Sarbakaf Mohmand, took responsibility for the bombing, claiming it was revenge for his brother killed in Afghanistan last year. But hours later, TTP spokesperson Mohammad Khurasani distanced the group from the attack, saying that it was not its policy to target mosques, seminaries, and religious places. The spokesperson, however, did not address the previous claim of responsibility. Infosys, founded by PM Sunak’s father-in-law, in tax dispute with UK authorities The Indian IT firm, Infosys, has run in a dispute with the UK’s tax agency over a multimillion-pound corporation tax bill. According to the Telegraph newspaper, the multinational firm—founded by British Prime Minister Rishi Sunak’s father-in-law Narayana Murthy—owes £20 million for a period from 2014 to 2017. Infosys acknowledged the dispute and said that it had opened an appeal against HM Revenue & Customs’s calculation. Data lab | Gauging police brutality in the US, in charts An unarmed Black man, named Tyre Nichols, was killed by police officers in Memphis after being severely beaten by them during a traffic check. Criminal charges were immediately brought against the five police officers involved after a careful examination of the evidence available. US: Donald Trump sues Bob Woodward, book publisher over interview tapes Donald Trump is suing Watergate scandal-famous writer Bob Woodward for exposing his interview tapes to the public and alleging that Woodward did not provide him permission to use the tapes for an audiobook. The former US president filed a lawsuit against Woodward, the publisher Simon & Schuster, and its parent company Paramount Global on Monday for publishing the audio recordings of the conversations that took place between December 2019 and August 2020. OLX to layoff 15 per cent of its workforce globally, almost 1,500 employees to be impacted The Dutch online marketplace OLX is cutting off 15 per cent of its global workforce, or around 1,500 workers, and is the latest company to do so in recent days. “OLX is reducing its global workforce by 15% which affects staff across all countries, business units and job functions. We are taking necessary measures to reduce cost structure in light of changing macroeconomic conditions,” a company spokesperson confirmed to Financial Express. Budget 2023: Indian Railways might get 35 hydrogen, 500 Vande Bharat trains Indian finance minister Nirmala Sitharaman is all set to present the budget for 2023 on Wednesday (February 1). People across the nation have high hopes for this year's budget as the nation is still reviving from the economic slump after the coronavirus (COVID-19) pandemic. The Narendra Modi government is likely to increase the rail budget and the focus will be on completion of projects. UK to crack down on sale of DNP; a 'slimming pill' which claimed at least 33 lives The sale of a toxic chemical DNP or 2.4 Dinitrophenol, often classified as a 'slimming pill', is under tight scrutiny by the UK Home Office department. The 'fat burner' medicine has been added to a list of poisons by the government after it was linked to the death of at least 33 people, reported the Independent. Lionel Messi reveals his Instagram account was blocked after World Cup victory Lionel Messi has revealed that his Instagram account was 'blocked' after receiving 'a million messages', following Argentina's World Cup victory in December last year. "My Instagram was blocked for a few days because of the amount of messages I received after winning the World Cup," Messi told Urbana Play in an interview. The Argentine superstar also disclosed that he ran the Instagram account on his own, without the help of 'any company' or a third person to manage the posts.

Top 10 world news: Russia claims to have seized village near Ukraine’s eastern Bakhmut, & more

The IMF said the UK economy will contract by 0.6% in 2023, rather than grow slightly as previously predicted. However, the IMF also said that it thinks the UK is now on the right track.

WION Dispatch: IMF forecast UK economy to shrink by 0.6% in 2023

Economic survey projects India's growth likely to slow to 6-6.8% in next fiscal year

IMF has predicted that the UK economy will contract by 0.6% in 2023, rather than grow slightly. It will perform worse than other advanced economies. Watch further to know more.

IMF: UK Economy to shrink by 0.6% in 2023

Teachers across England are going on strike after a decade of meagre earnings in a state-funded school system. This has seen many take up second jobs or leave the profession altogether. Watch further to know more.

Over 23,000 schools to be affected as teachers join mass walkout in UK

Despite Prime Minister Shehbaz Sharif promising to change the tide, the country continues to be embroiled in challenges from security, climate and economy. Dr. Jamil Ahmed khan, a former ambassador & senior analyst speaks to WION's Eric Njoka about the unending woes facing Pakistan.

Pakistan's multipronged crisis

UK Mulls ways to boost economy as international students are likely to be allowed to work for longer hours. This is done to plug labour shortages in various sectors across the country,. Watch further to know more.

WION Fineprint: UK Mulls ways to boost economy, boon for international students

In Pics | Travel in your own cocoon ! Air France launches swanky new long-haul business cabin

The Pakistani rupee fell 10% against the dollar on Thursday, central bank data showed - the biggest drop in over two decades. Watch this report to know more.

In two days, Pakistani Rupee lost close to 10% of its value

For the first time since 2020's second quarter, the economy of South Korea shrank in October-December as exports crashed while spending of consumers dipped due to inflation in interest rates, stated the central bank of the country on Thursday.&nbsp;

The Bank of Korea stated that in the last year's final quarter, the country's gross domestic product contracted by 0.4 per cent compared to the previous quarter.

The report of economic shrink comes after the borrowing costs were hiked for the tenth time by the Bank of Korea in a period of 18 months in early January, so as to tame inflation.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-south-korea-plan-coordinated-response-against-north-koreas-nuclear-threat-549144">US, South Korea plan 'coordinated response' against North Korea's nuclear threat</a>

The economic figures can force monetary policymakers to decrease their pace of hikes, as central banks across the world are trying to slow their tightening moves as the effects of steps adopted last years kicks in.&nbsp;

However, the Bank of Korea's major concern continues to be inflation which hit five per cent in December.

"Private consumption fell 0.4 per cent due to a decrease in consumption of goods and services, (including) home appliances, clothing, accommodation, food and entertainment," stated the central bank, in a statement.

"Exports decreased by 5.8 per cent mainly in semiconductors and chemicals," the bank added.&nbsp;

WATCH |&nbsp;Gravitas: South Korea retaliates after Kim's 'air invasion'

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In the quarter, imports declined by 4.6 per cent because of a decrease in imports of crude oil and basic metals, the bank stated.&nbsp;

The economy still increased by 1.4 per cent on-year in the quarter and marked an increase of 2.6 per cent in the complete year of 2022.&nbsp;

As per the estimates of the central bank, the economy of the country will grow by 1.7 per cent in 2023 and inflation will increase by 3.6 per cent.&nbsp;&nbsp;

(With inputs from agencies)

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For the first time since 2020's second quarter, the economy of South Korea shrank in October-December as exports crashed while spending of consumers dipped due to inflation in interest rates, stated the central bank of the country on Thursday.

For the first time since 2020's second quarter, the economy of South Korea shrank in October-December as exports crashed while spending of consumers dipped due to inflation in interest rates, stated the central bank of the country on Thursday. The Bank of Korea stated that in the last year's final quarter, the country's gross domestic product contracted by 0.4 per cent compared to the previous quarter. The report of economic shrink comes after the borrowing costs were hiked for the tenth time by the Bank of Korea in a period of 18 months in early January, so as to tame inflation. ALSO READ | US, South Korea plan 'coordinated response' against North Korea's nuclear threat The economic figures can force monetary policymakers to decrease their pace of hikes, as central banks across the world are trying to slow their tightening moves as the effects of steps adopted last years kicks in. However, the Bank of Korea's major concern continues to be inflation which hit five per cent in December. "Private consumption fell 0.4 per cent due to a decrease in consumption of goods and services, (including) home appliances, clothing, accommodation, food and entertainment," stated the central bank, in a statement. "Exports decreased by 5.8 per cent mainly in semiconductors and chemicals," the bank added. WATCH | Gravitas: South Korea retaliates after Kim's 'air invasion' In the quarter, imports declined by 4.6 per cent because of a decrease in imports of crude oil and basic metals, the bank stated. The economy still increased by 1.4 per cent on-year in the quarter and marked an increase of 2.6 per cent in the complete year of 2022. As per the estimates of the central bank, the economy of the country will grow by 1.7 per cent in 2023 and inflation will increase by 3.6 per cent. (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

South Korea records first economic contraction since early 2020

India is having some relief at the time of a volatile macro environment. India's forex reserves are at a five-month high. Gold reserves are also up by $1.106 billion to $42.890 billion.

India's forex reserves are at five-month high; Gold reserves up by $1.106 billion to $42.890 billion

Pakistan's economic crisis has reached a critical juncture as the nation's foreign exchange reserves held by the State Bank of Pakistan (SBP) have dropped to an all-time low of $4.343 billion, sufficient only to cover three weeks of imports.

WION Dispatch: Pakistan left with only three-weeks of forex cover

Despite being the world's fastest-growing economy, India is not creating enough jobs as India's urban jobless rate swells. Watch this report for all details.

India's urban jobless rate swells: India is the fastest-growing economy but not creating enough jobs

The US has hit its borrowing limit, also known as the debt ceiling, fueling fears of putting global markets in instability and setting off a budgetary battle in Congress. The looming debt ceiling crisis unsettles investors, as any default will have a major impact on the international financial markets.

So, what exactly is the debt ceiling, or borrowing cap, and why is it such a big deal?

<h2>What is a debt ceiling?</h2>

The debt ceiling determines how much money the US government can borrow for its expenses. After the borrowing cap is reached, the Treasury Department is not permitted to raise money for the government by issuing further bills, bonds, or notes. In this situation, the only source of funding for the country is tax revenues. Currently, the cap on the US government borrowing equates to around 120 per cent of the nation's yearly economic output.

<h2>Where is the borrowed money used?</h2>

US Congress determines the borrowing limit presently set at $31.4 trillion. The Federal government uses borrowed money to help pay for costs included in its budgets, such as social security and Medicare payouts and the salaries of US military and government workers.

<h2>How long can the US government survive?</h2>

Janet Yellen, the US Treasury Secretary, stated last week that the government could only pay its payments through early June if the debt ceiling is not increased. Yellen said that "extraordinary measures" are now being used to stop the United States from going into default on its financial expenses. However, Yellen's estimate for the "drop-dead date" is earlier than some experts had predicted for the US to exhaust its borrowing limit.

Indeed, many experts believe the US could reach its debt ceiling in the third or fourth quarter. According to Jonathan Cohn, Head of Rates Trading Strategy at Credit Suisse in New York, the debt ceiling may be hit between September and early November. Goldman Sachs expects the US government to run out of money anytime between August and October.

<h2>Can the US then raise the debt ceiling?</h2>

The borrowing cap has to be raised, so the US government continues to make its payments due and prevent a default. The political situation, though, is not favourable. Republicans run the House of Representatives, while Democrats have a majority in the Senate. Congress is reluctant to raise the debt ceiling because it might provide Republicans with leverage when negotiating spending cuts.

<h2>Democrats vs Republicans:</h2>

In a conversation with Fox News, newly appointed US House Speaker Kevin McCarthy said one could not just keep increasing the debt ceiling. "Let's sit down and change our behaviour for the good of America. Because what we're going to do is bankrupt this country and these entitlements if we don't change their behaviour today." On the contrary, White House press secretary, Karine Jean-Pierre, said the administration would not be negotiating. If the debt ceiling is to be raised, it should be done without any conditions.

<h2>What if the debt ceiling is not raised?</h2>

If the US government cannot borrow more money, it will put existing Federal programs at risk. Investors will get jittery if the verbal battle is not resolved and no further action is taken to address the situation. The US dollar may also lose its global appeal if the Federal government defaults on its loan and interest payments. That, in turn, would weaken the greenback, hurt US financial markets and weigh on the economy, including job losses and activity gloom.

<h2>2011 political deadlock over the debt ceiling:</h2>

The United States was on the verge of default in 2011 due to political deadlock in Washington over the debt ceiling. That crashed US stocks and cost the nation its top-tier AAA credit rating from Standard &amp; Poor. According to a research report from Goldman Sachs, the S&amp;P 500 plummeted 15 per cent during the 2011 crisis, while the stock of those firms with the highest sales exposure to US federal spending fell by a quarter.

&nbsp;

The US has hit its borrowing limit, also known as the debt ceiling, fueling fears of putting global markets in instability and setting off a budgetary battle in Congress.

The US has hit its borrowing limit, also known as the debt ceiling, fueling fears of putting global markets in instability and setting off a budgetary battle in Congress. The looming debt ceiling crisis unsettles investors, as any default will have a major impact on the international financial markets. So, what exactly is the debt ceiling, or borrowing cap, and why is it such a big deal? What is a debt ceiling? The debt ceiling determines how much money the US government can borrow for its expenses. After the borrowing cap is reached, the Treasury Department is not permitted to raise money for the government by issuing further bills, bonds, or notes. In this situation, the only source of funding for the country is tax revenues. Currently, the cap on the US government borrowing equates to around 120 per cent of the nation's yearly economic output. Where is the borrowed money used? US Congress determines the borrowing limit presently set at $31.4 trillion. The Federal government uses borrowed money to help pay for costs included in its budgets, such as social security and Medicare payouts and the salaries of US military and government workers. How long can the US government survive? Janet Yellen, the US Treasury Secretary, stated last week that the government could only pay its payments through early June if the debt ceiling is not increased. Yellen said that "extraordinary measures" are now being used to stop the United States from going into default on its financial expenses. However, Yellen's estimate for the "drop-dead date" is earlier than some experts had predicted for the US to exhaust its borrowing limit. Indeed, many experts believe the US could reach its debt ceiling in the third or fourth quarter. According to Jonathan Cohn, Head of Rates Trading Strategy at Credit Suisse in New York, the debt ceiling may be hit between September and early November. Goldman Sachs expects the US government to run out of money anytime between August and October. Can the US then raise the debt ceiling? The borrowing cap has to be raised, so the US government continues to make its payments due and prevent a default. The political situation, though, is not favourable. Republicans run the House of Representatives, while Democrats have a majority in the Senate. Congress is reluctant to raise the debt ceiling because it might provide Republicans with leverage when negotiating spending cuts. Democrats vs Republicans: In a conversation with Fox News, newly appointed US House Speaker Kevin McCarthy said one could not just keep increasing the debt ceiling. "Let's sit down and change our behaviour for the good of America. Because what we're going to do is bankrupt this country and these entitlements if we don't change their behaviour today." On the contrary, White House press secretary, Karine Jean-Pierre, said the administration would not be negotiating. If the debt ceiling is to be raised, it should be done without any conditions. What if the debt ceiling is not raised? If the US government cannot borrow more money, it will put existing Federal programs at risk. Investors will get jittery if the verbal battle is not resolved and no further action is taken to address the situation. The US dollar may also lose its global appeal if the Federal government defaults on its loan and interest payments. That, in turn, would weaken the greenback, hurt US financial markets and weigh on the economy, including job losses and activity gloom. 2011 political deadlock over the debt ceiling: The United States was on the verge of default in 2011 due to political deadlock in Washington over the debt ceiling. That crashed US stocks and cost the nation its top-tier AAA credit rating from Standard & Poor. According to a research report from Goldman Sachs, the S&P 500 plummeted 15 per cent during the 2011 crisis, while the stock of those firms with the highest sales exposure to US federal spending fell by a quarter.

EXPLAINED: What's US debt ceiling & why is it such a big deal?

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