Taiwan on Wednesday unveiled its most advanced fighter jet. The Taiwanese military demonstrated its determination to defend the democratically governed island.

US, Taiwan aim to reach 'economically meaningful outcomes'

Protests have erupted in China's Henan province over frozen bank accounts and mortgage payments for unfinished homes as the country's economy stagnates. In an effort to boost credit demand and assist the Covid-affected economy, China's central bank unexpectedly reduced a key interest rate for the second time this year and withdrew some cash from the banking sector on Monday. According to economists and observers, the Chinese government is eager to assist the weak economy by allowing a growing policy divergence from other major nations that are sharply hiking interest rates.

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<a href="https://twitter.com/hashtag/china?src=hash&amp;ref_src=twsrc%5Etfw">#china</a>'s Shangqiu in Henan (home of prevalent Bank Runs &amp; Developer Absconds), home buyers in large scale protests to condemn resident buildings developers' endless &amp; intentional completion postpone, refuse escrow w/ unfinished properties, demand to resume constructions... <a href="https://t.co/pyLBeNxdD3">pic.twitter.com/pyLBeNxdD3</a>
— Northrop Gundam ∀ (@GundamNorthrop) <a href="https://twitter.com/GundamNorthrop/status/1559655213186686977?ref_src=twsrc%5Etfw">August 16, 2022</a></blockquote>
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Broad credit growth slowed in July in China as new Covid&nbsp;flare-ups, job-related concerns, and a worsening real estate crisis made businesses and consumers reluctant of taking on additional debt. New bank lending fell more than predicted during this time. Since the banking system was already replete with cash and interbank money rates were continuously below policy rates, market players have largely factored in the partial rollover.

The figures point to a confidence crisis among Chinese households and businesses, which poses a new threat to the global economy as demand for everything from Apple iPhones to luxury items declines. At the same time, when commodity prices like iron ore and copper are falling, a deteriorating property downturn is being felt both domestically and internationally.&nbsp;

Large-scale stimulus programmes have been ruled out by China's leadership&nbsp;which&nbsp;has also vowed to stick to the strict 'Zero-Covid'&nbsp;policy that mandates that when major outbreaks take place, as they currently have on the tourist island of Henan, authorities must close down businesses and lock the population in. The growth projection for the remainder of the year has been lowered further below 4 per cent as a result, according to experts.

Also Read:&nbsp;<a href="https://www.wionews.com/world/no-military-need-to-use-nuclear-arms-in-ukraine-says-russia-calls-speculations-absolute-lies-507644">No 'military need' to use nuclear arms in Ukraine, says Russia, calls speculations 'absolute lies'</a>

Earlier, on July 10, over a thousand enraged clients protested in force outside a Bank of China location in Henan, demanding recovery of their investments. Since April, four rural banks in the Chinese province of Henan have frozen millions of dollars worth of savings, endangering the livelihoods of thousands of consumers in an already fragile economy due to Covid lockdowns.

(with inputs from agencies)

Protests have erupted in China's Henan province over frozen bank accounts and mortgage payments for unfinished homes as the country's economy stagnates. In an effort to boost credit demand and assist the Covid-affected economy, China's central bank unexpectedly reduced a key interest rate for the second time this year and withdrew some cash from the banking sector on Monday.

Protests have erupted in China's Henan province over frozen bank accounts and mortgage payments for unfinished homes as the country's economy stagnates. In an effort to boost credit demand and assist the Covid-affected economy, China's central bank unexpectedly reduced a key interest rate for the second time this year and withdrew some cash from the banking sector on Monday. According to economists and observers, the Chinese government is eager to assist the weak economy by allowing a growing policy divergence from other major nations that are sharply hiking interest rates. #china's Shangqiu in Henan (home of prevalent Bank Runs & Developer Absconds), home buyers in large scale protests to condemn resident buildings developers' endless & intentional completion postpone, refuse escrow w/ unfinished properties, demand to resume constructions... pic.twitter.com/pyLBeNxdD3 — Northrop Gundam ∀ (@GundamNorthrop) August 16, 2022 × Broad credit growth slowed in July in China as new Covid flare-ups, job-related concerns, and a worsening real estate crisis made businesses and consumers reluctant of taking on additional debt. New bank lending fell more than predicted during this time. Since the banking system was already replete with cash and interbank money rates were continuously below policy rates, market players have largely factored in the partial rollover. The figures point to a confidence crisis among Chinese households and businesses, which poses a new threat to the global economy as demand for everything from Apple iPhones to luxury items declines. At the same time, when commodity prices like iron ore and copper are falling, a deteriorating property downturn is being felt both domestically and internationally. Large-scale stimulus programmes have been ruled out by China's leadership which has also vowed to stick to the strict 'Zero-Covid' policy that mandates that when major outbreaks take place, as they currently have on the tourist island of Henan, authorities must close down businesses and lock the population in. The growth projection for the remainder of the year has been lowered further below 4 per cent as a result, according to experts. Also Read: No 'military need' to use nuclear arms in Ukraine, says Russia, calls speculations 'absolute lies' Earlier, on July 10, over a thousand enraged clients protested in force outside a Bank of China location in Henan, demanding recovery of their investments. Since April, four rural banks in the Chinese province of Henan have frozen millions of dollars worth of savings, endangering the livelihoods of thousands of consumers in an already fragile economy due to Covid lockdowns. (with inputs from agencies)

Watch: Protests break out in Henan province as Chinese economy stagnates

Inflation in the United Kingdom has surged to a new 40-year high and is now in double digits. Official data for the month of July shows the consumer price index accelerated to 10.1% from 9.4% in June.

UK inflation hits double digits for first time in 40 years

UAE's economy minister Abdulla bin Touq Al Marri has said that the recently signed Comprehensive Economic Partnership Agreement (CEPA) between the 2 countries encourages "trade through tariff elimination.

UAE's economy minister Abdulla bin Touq Al Marri has said that the recently signed Comprehensive Economic Partnership Agreement (CEPA) between the 2 countries encourages "trade through tariff elimination." Speaking to our correspondent Sidhant Sibal, Minister Al Marri said, "key products that will immediately benefit from the Agreement include oil & gas, petrochemicals, minerals, textiles, agriculture, gold and jewellery, metals and more.." India UAE trade pact came into force on the first of May and was signed in February. Gems & jewellery sector contributes a substantial portion of India’s exports to the UAE and is a sector that is expected to benefit significantly from the tariff concessions obtained for Indian products under the India-UAE CEPA. The minister explained, "By finalising the CEPA, the UAE and India unleashed a new golden era in their bilateral relations, under the leadership of His Highness Sheikh Mohamed bin Zayed and Prime Minister Modi." CEPA is expected to increase the total value of bilateral trade in goods to over US$100 billion and trade in services to over US$ 15 billion within five years. The minister also spoke about issues like diversifying the UAE economy, and trade pacts with other countries. WION: You were in Delhi in May. What was your focus during this visit? Abdulla bin Touq Al Marri: Yes, we went back to India along with a significant delegation from the UAE, both in terms of number and member profiles, to elaborate on the various aspects of the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which has been drafted based on a flexible framework that also leaves room for future improvements, if needed. During the visit, we held several meetings with the Indian government and the private sector to highlight current trade and investment opportunities and enable small and medium-sized enterprises (SMEs) and start-ups in both countries to optimally leverage the incentives offered by this historic deal. WION: How significant has the finalization of the trade pact been? Abdulla bin Touq Al Marri: By finalizing the CEPA, the UAE and India unleashed a new golden era in their bilateral relations, under the leadership of His Highness Sheikh Mohamed bin Zayed and Prime Minister Modi. The timing of the signing of the agreement was also symbolic as the two countries celebrate 50 years of friendship. The CEPA is setting a roadmap for a future partnership between our two countries, that will strengthen the current strategic relations and open new opportunities for greater depth and breadth of cooperation and intensify bilateral engagement in diverse areas. We concluded CEPA in a record 88 days, which reflects the strong desire of both countries’ leaderships to exploit opportunities and benefit the economies of our countries in many sectors. The CEPA provisions cover multiple areas such as trade in goods, trade in services, customs procedures and trade facilitation, trade remedies, rules of origin, digital trade, economic cooperation, government procurement, intellectual property rights (IPR), and investment. And we expect to boost bilateral trade to USD 100 billion within the next five years. WION: In terms of gold, how will Indian businesses benefit from the pact? Abdulla bin Touq Al Marri: The CEPA will encourage trade through tariff elimination or reduction on more than 80 per cent of goods and it is expected to have a major impact on trading between India, the UAE and the wider region. Key products that will immediately benefit from the Agreement include oil & gas, petrochemicals, minerals, textiles, agriculture, gold and jewelry, metals and more. The CEPA creates for businesses and investors from both countries a predictable and transparent trading environment and result in more economic opportunities by: Eliminating or reducing customs duties; Removing non-tariff barriers to trade; Strengthening the use of international standards; Granting preferential access to both markets; Establishing an effective and efficient dispute settlement system; Enabling access to government procurement. WION: How can UAE be a hub for regional and global trade flows? And how can Indian goods get a wider space in West Asia via your country? Abdulla bin Touq Al Marri: The world sees the UAE as a stable and attractive place to do business, but also as a reliable partner to trade with. Our logistics network extends to more than 400 global cities. Our infrastructure and connectivity to global markets by road, sea and air provide a gateway for Indian goods to reach millions of new people. UAE exporters will benefit from improved productivity and efficiency gains as we unclog supply chains and create new networks for products. The CEPA presents a solid prospect for Indian companies to expand their outreach and expand their business by fostering great opportunities in the UAE and beyond. Following the COVID-19 outbreak, our government has set an ambitious goal to be the fastest recovering country from the impact of the pandemic. While international organisations expected the UAE’s economy to grow by 2.1% in 2021, we achieved a growth rate of 3.8%. It reflects several factors, including our ability to manage COVID-19 and easing of restrictions, and the rebound in oil prices. But one of the most prominent factors behind the growth upgrade was also the introduction of a series of reforms and stimulus measures to revive economic activity. we established or amended over 40 laws to enhance the business environment and boost competitiveness. We overhauled the law on commercial companies and removed the requirement for onshore companies to have an Emirati shareholder, allowing 100% free foreign ownership in all major economic sectors. We established new legislation on commercial registries and trademarks. We modernized residency rules to make it easier to attract and retain highly educated talent from all over the world. We also adopted the New Penal Code to reflect the changing economic and social needs of residents and ensure our legal system is aligned with international best practices. All the reforms and initiatives I previously listed—and many more—are an open invitation for Indian investors and companies to be part of the UAE new growth plans. The GDP is now expected to increase by 5.4% and 4.2% in 2022 and 2023 according to the central bank of the UAE. WION: After signing the trade pact with India, what other milestones are you looking at achieving? Abdulla bin Touq Al Marri: Bilateral trade, investment and energy ties between India and the UAE have remained robust. The signing of the CEPA is a testament to these longstanding bilateral trade and investment links. Both sides are also strengthening their cooperation in new areas of renewable energy like green hydrogen, climate action, start-ups, skilling, fintech and health tech. We are looking for new frontiers and new milestones that will ensure that the two countries work together even more closely to address the shared global challenges, achieve shared objectives and build a robust and resilient relationship that is future-ready. And I call upon the private sector in India and the UAE to leverage the benefits that CEPA represents. WION: Are you looking at signing trade pacts with other countries? If yes, when do you plan on doing so? Abdulla bin Touq Al Marri: Yes, we have signed two other agreements with Israel and Indonesia and great progress was made in negotiations to sign more agreements with other countries during the coming period. The UAE’s ambition is to expand our bilateral trade ties with like-minded nations to enhance our global competitiveness, increase foreign direct investment, continue to attract some of the world’s top human capital, and position the country as a global hub for business, investment and innovation. Expanding our trade partnerships through a series of agreements will help consolidate our status as a global trade and logistics hub, open new markets for our exporters, secure supply chains, boost investment flows and spur greater economic growth for the region. As governments around the world strive to materialize the goal of a free, fair, inclusive, non- discriminatory, and transparent trade and investment environment and keep markets thriving, we are confident that our CEPAs with some of the largest economies in the world contribute to the achievement of this goal. WION: How are you diversifying the UAE economy? Abdulla bin Touq Al Marri: The development model of the UAE over the past decades has focused on diversification to ensure sustainability. While the UAE remains one of the major producers of oil, the oil sector share in the economy has been steadily decreasing. Today oil does not constitute more than one-third of our GDP. The energy sector itself has changed significantly, by leveraging technology to become a leader in renewable and clean energy with global standing in solar power generation. Going a step beyond diversification, we are in fact building a new flexible, more open economic model in the UAE based on the pillars of creativity, innovation and entrepreneurship. We are constantly enhancing the investor-friendliness and openness of our national economy in line with the UAE’s reputation as a thriving global trade and economic hub. In fact, the country recently updated many of its laws and introduced several forward- looking policy reforms, keeping pace with the economic realities and developmental priorities of our times. Most important law amendments aimed at the business sector include the introduction of 100% foreign ownership and the decriminalization of cheques. Following this, we strengthened the anti-money laundering system and family businesses sector, and several other policies were defined to guarantee a more attractive and profitable business & investment environment in the country. These include measures to cut the red tape, strengthen the IP system, enhance the ease of doing business, reduce the cost of doing business, open new markets &amp; expand trade; offer more support to SMEs and FDI flows; create opportunities in new sectors and most importantly, attract talent. The introduction of a revamped residency and visa system added more value to these efforts. It now allows investors, businessmen, talented professionals, researchers and outstanding students to envision their long-term futures in the country and integrate better with our society and above all - be part of the UAE’s exciting growth journey. I would also like to highlight the ‘Projects of the 50,’ in this regard, which were launched by the UAE to mark its milestone 50th founding anniversary with 50 grand projects. These initiatives are aimed at further diversification and strengthening our economy to establish the UAE as a global nation and the ultimate destination for innovators, inventors, and disruptors. The CEPA model is part of this project. I would also like to highlight 'Investopia,' the global investment initiative launched by the UAE government in September 2021. We started Investopia's global talks from India as a strategic step towards reaching out to other countries, with the aim of promoting and channeling investments in the economies of the future across emerging markets and developing countries.

India, UAE CEPA encourages trade through tariff elimination, says UAE's Economy Minister Marri

It was roughly a year since the Taliban took over Afghanistan, and since then, the country has witnessed lots of changes apart from a dwindling economy.

Afghanistan: One year since the Taliban took control of Kabul

Samsung heir Lee Jae-Yong has been granted a special presidential pardon. South Korea wants the billionaire's help to revive the country's economy. Palki Sharma tells you more.

Gravitas: Samsung heir gets out of jail to "save economy"

The Office for National Statistics said Britain's gross domestic product fell by 0.1% between April and June, down from 0.8% growth in the previous quarter.

UK GDP shrunk by 0.1% between April and June

For the first time in more than five months, gas prices dropped to slightly under $4 per gallon in the United States. This is wonderful news for consumers who are dealing with high prices for many other necessities.

According to the American Automobile Association (AAA), the national average price for a gallon of gasoline on Thursday was USD 3.99.

According to the auto club, prices have decreased by 68 cents over the previous month and by 15 cents over the last week.

The national average had already dropped to USD 3.98 on Wednesday, according to the shopping app GasBuddy.

Consumers are feeling a little better thanks to lower gas, airline, and clothing prices, yet <meta charset="utf-8" /><a href="https://www.wionews.com/world/live-global-economy-updates-recession-cost-of-living-crisis-inflation-market-developments-497530">inflation</a>&nbsp;is still very near a four-decade high.

Oil prices had started rising midway through 2020, as economies were beginning to recover from the pandemic's first shock.

When the US and its allies declared sanctions against Russian oil due to Russia's war against Ukraine, the fuel&nbsp;prices soared once more.

However, recently, oil prices have decreased due to worries about global economic development slowing down. Furthermore, expensive prices might be making US drivers drive less.

The demand for gasoline decreased by 3.3% in the first week of August compared to the same week last year after initially matching more closely with 2021 figures.

Prior to the mid-term elections in November, gas prices are sure to be a significant concern.

Republicans point to President Joe Biden's choices to revoke a permit for a significant pipeline and halt new oil and gas leases on federal lands as evidence that he is responsible for the high cost of fuel.

A family with two cars can save $100 a month thanks to lower rates since mid-June, according to Biden's remarks over the weekend.

He tweeted, "That's breathing room." And we won't be stopping any time soon.

Biden has also engaged in verbal combat with the oil industry, charging them with underproducing oil and gasoline despite reporting enormous profits. He said in June that Exxon had earned more money this year than God.

Exxon claimed that oil production had increased. Chevron's CEO said that Biden was attempting to disparage his sector.

Since early March, the national average for gas has never been below USD 4. According to AAA, prices peaked on June 14 at USD 5.02 a gallon. The rest of June saw a gradual decline before they started to fall more quickly.

Drivers in California, Hawaii, and other western states continue to spend more than $5 a gallon of gas. Texas and a number of other states in the south and midwest have the cheapest gas prices.

The national average price per gallon was approximately USD 3.20 a year ago (3.78 litres).

(With inputs from agencies)

For the first time in more than five months, gas prices dropped to slightly under $4 per gallon in the United States. This is wonderful news for consumers who are dealing with high prices for many other necessities.

For the first time in more than five months, gas prices dropped to slightly under $4 per gallon in the United States. This is wonderful news for consumers who are dealing with high prices for many other necessities. According to the American Automobile Association (AAA), the national average price for a gallon of gasoline on Thursday was USD 3.99. According to the auto club, prices have decreased by 68 cents over the previous month and by 15 cents over the last week. The national average had already dropped to USD 3.98 on Wednesday, according to the shopping app GasBuddy. Consumers are feeling a little better thanks to lower gas, airline, and clothing prices, yet inflation is still very near a four-decade high. Oil prices had started rising midway through 2020, as economies were beginning to recover from the pandemic's first shock. When the US and its allies declared sanctions against Russian oil due to Russia's war against Ukraine, the fuel prices soared once more. However, recently, oil prices have decreased due to worries about global economic development slowing down. Furthermore, expensive prices might be making US drivers drive less. The demand for gasoline decreased by 3.3% in the first week of August compared to the same week last year after initially matching more closely with 2021 figures. Prior to the mid-term elections in November, gas prices are sure to be a significant concern. Republicans point to President Joe Biden's choices to revoke a permit for a significant pipeline and halt new oil and gas leases on federal lands as evidence that he is responsible for the high cost of fuel. A family with two cars can save $100 a month thanks to lower rates since mid-June, according to Biden's remarks over the weekend. He tweeted, "That's breathing room." And we won't be stopping any time soon. Biden has also engaged in verbal combat with the oil industry, charging them with underproducing oil and gasoline despite reporting enormous profits. He said in June that Exxon had earned more money this year than God. Exxon claimed that oil production had increased. Chevron's CEO said that Biden was attempting to disparage his sector. Since early March, the national average for gas has never been below USD 4. According to AAA, prices peaked on June 14 at USD 5.02 a gallon. The rest of June saw a gradual decline before they started to fall more quickly. Drivers in California, Hawaii, and other western states continue to spend more than $5 a gallon of gas. Texas and a number of other states in the south and midwest have the cheapest gas prices. The national average price per gallon was approximately USD 3.20 a year ago (3.78 litres). (With inputs from agencies)

For the first time since March, US gasoline price drops below $4

The well-known Italian fashion label Gucci tweeted that some of its U.S. retail locations will now take ApeCoin as payment. One of the most well-known digital currencies is called ApeCoin by the Bored Ape Yacht Club.

Select Gucci boutiques in the USA are now taking @ApeCoin payments via @BitPay. This is another step in the House’s research of Web3, which was announced on Twitter on August 2 by the high-end fashion label.

The first retailer to accept ApeCoin (APE) payments using BitPay is Gucci. The largest cryptocurrency and Bitcoin payment service provider in the world is BitPay. With this action, BitPay is increasing the number of supported crypto assets that it currently takes for payment in its US locations.

Customers can buy, store, swap, and spend ApeCoin (APE) and Euro Coin via the BitPay Wallet app (EUROC). Apart from Gucci, businesses that use BitPay can now accept payments made using ApeCoin and Euro Coin from any cryptocurrency wallet.

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Now accepting <a href="https://twitter.com/apecoin?ref_src=twsrc%5Etfw">@ApeCoin</a> payments via <a href="https://twitter.com/BitPay?ref_src=twsrc%5Etfw">@BitPay</a>, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3.
— gucci (@gucci) <a href="https://twitter.com/gucci/status/1554465183212478468?ref_src=twsrc%5Etfw">August 2, 2022</a></blockquote>
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The CEO of BitPay, Stephen Pair, stated in a statement, “Because our luxury merchant partners’ clients requested it, we introduced ApeCoin and Euro Coin. We gave them what they requested.”

ApeCoin further added to the frenzy after Gucci made its announcement by tweeting, “Excited to announce that @Gucci will become the first big brand to allow customers to pay for items in-store using ApeCoin, via @BitPay.”

Gucci’s cryptocurrency activities appear to have received great approval thus far from the BAYC community. The first person to purchase Gucci goods using ETH at the brand’s Wooster Street location in New York City, according to Twitter user @NBATopShotEast and ApeCoin user @NBATopShotEast, who also claims to be the first APE user.

Gucci has previously entered the Web3 market. The fashion house created an NFT film for its Aria clothing line, which was auctioned off at Christie’s Proof of Sovereignty event in 2021 for $25,000. In March 2022, it unveiled its own line, 10KTF: Gucci Grail Mint Pass.

It gave users the option to customise their NFT profile images or PFP costumes using 11 of the most well-liked NFT projects at the time. Prior to ApeCoin, 111 North American Gucci locations accepted 12 different cryptocurrencies as payment options. They include five stablecoins that are pegged to the US dollar, Bitcoin Cash, Bitcoin, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and Dogecoin.

As a result of this news, the price of the latest Bored Ape Yacht Club NFT collection has risen.

ApeCoin is currently trading above a crucial support level despite the cryptocurrency market’s developing sour mood. Experts estimate that ApeCoin’s market value would rise by 50%. With its own tweet, TAG Heuer followed Gucci in expressing support for payments made with the APE token.

The NFTs from Bored Ape have already been incorporated into the Calibre E4 design by the Swiss watchmaker. Customers in the United States will now be able to purchase watches using APE.

(With inputs from Forbes India)

The well-known Italian fashion label Gucci tweeted that some of its U.S. retail locations will now take ApeCoin as payment. One of the most well-known digital currencies is called ApeCoin by the Bored Ape Yacht Club.

The well-known Italian fashion label Gucci tweeted that some of its U.S. retail locations will now take ApeCoin as payment. One of the most well-known digital currencies is called ApeCoin by the Bored Ape Yacht Club. Select Gucci boutiques in the USA are now taking @ApeCoin payments via @BitPay. This is another step in the House’s research of Web3, which was announced on Twitter on August 2 by the high-end fashion label. The first retailer to accept ApeCoin (APE) payments using BitPay is Gucci. The largest cryptocurrency and Bitcoin payment service provider in the world is BitPay. With this action, BitPay is increasing the number of supported crypto assets that it currently takes for payment in its US locations. Customers can buy, store, swap, and spend ApeCoin (APE) and Euro Coin via the BitPay Wallet app (EUROC). Apart from Gucci, businesses that use BitPay can now accept payments made using ApeCoin and Euro Coin from any cryptocurrency wallet. Now accepting @ApeCoin payments via @BitPay, select Gucci boutiques in the USA expand the range ofcryptocurrencies available for in-store purchases, yet another step in the House's exploration of Web3. — gucci (@gucci) August 2, 2022 × The CEO of BitPay, Stephen Pair, stated in a statement, “Because our luxury merchant partners’ clients requested it, we introduced ApeCoin and Euro Coin. We gave them what they requested.” ApeCoin further added to the frenzy after Gucci made its announcement by tweeting, “Excited to announce that @Gucci will become the first big brand to allow customers to pay for items in-store using ApeCoin, via @BitPay.” Gucci’s cryptocurrency activities appear to have received great approval thus far from the BAYC community. The first person to purchase Gucci goods using ETH at the brand’s Wooster Street location in New York City, according to Twitter user @NBATopShotEast and ApeCoin user @NBATopShotEast, who also claims to be the first APE user. Gucci has previously entered the Web3 market. The fashion house created an NFT film for its Aria clothing line, which was auctioned off at Christie’s Proof of Sovereignty event in 2021 for $25,000. In March 2022, it unveiled its own line, 10KTF: Gucci Grail Mint Pass. It gave users the option to customise their NFT profile images or PFP costumes using 11 of the most well-liked NFT projects at the time. Prior to ApeCoin, 111 North American Gucci locations accepted 12 different cryptocurrencies as payment options. They include five stablecoins that are pegged to the US dollar, Bitcoin Cash, Bitcoin, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, and Dogecoin. As a result of this news, the price of the latest Bored Ape Yacht Club NFT collection has risen. ApeCoin is currently trading above a crucial support level despite the cryptocurrency market’s developing sour mood. Experts estimate that ApeCoin’s market value would rise by 50%. With its own tweet, TAG Heuer followed Gucci in expressing support for payments made with the APE token. The NFTs from Bored Ape have already been incorporated into the Calibre E4 design by the Swiss watchmaker. Customers in the United States will now be able to purchase watches using APE. (With inputs from Forbes India)

Cryptocurrency: Gucci adopts ApeCoin as payment method

With expanded liberalisation policies and opening of the Indian economy, the Indian software industry has gone beyond just global offshoring opportunities. Now, India is a breeding ground for inspiring business leaders and innovators.

India@75: World's 3rd largest startup ecosystem

As India celebrates 75 years of independence, the Make in India initiative seeks to make India a manufacturing hub. It aims to provide an improved business environment for all the sectors.

India@75: Make in India - Massive boost to economy

U.S. President Joe Biden touts new data on jobs after the U.S. job market surges in July. The unemployment rate in the U.S. dipped to 3.5% in July.

U.S. President Biden touts new data on jobs: U.S. job market surges in July

Taiwan and China are economic powerhouses integrated deeply into the world economy. A war between the two would cause global supply chains to collapse. Palki Sharma decodes the economic fall-out of a possible Chinese invasion.

Gravitas: Recession inevitable if China invades Taiwan?

Shrinking economy, soaring inflation Bank of England sounds alarm Is the UK hurtling towards a recession?

The Full Context: Recession alarm bells ring in UK

Hong Kong has slipped back into a technical recession, new government figures showed on Monday. After falling 3.9 percent year-on-year in the first quarter of 2022, the city’s GDP on Monday reported another decline in the second quarter.

WION Dispatch: Hong Kong’s economy is slipping into a technical recession

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland. An elderly widow’s lost life savings: People caught in the fiasco of crypto lender Celsius are pleading for their hard earned money.&nbsp;

Hundreds of letters&nbsp; addressing the judge overseeing the firm’s multibillion-dollar bankruptcy carried a singular emotion of anger.&nbsp;&nbsp;

“I knew there were risks,” said a client whose letter was unsigned. “It seemed a worthwhile risk.”

Celsius and its CEO Alex Mashinsky had promoted the platform as a safe place for people to deposit their cryptocurrencies in exchange for high interest, while the firm lent out and re-invested those deposits.

But as the value of highly volatile cryptocurrencies took a nosedive — bitcoin alone has shed over 60 percent since November — the firm faced mounting problems until it froze withdrawals in mid-June.

According to a court filing earlier this month, the company owed $4.7 billion to its users, and the endgame is unclear.

The letters — posted to a public online court docket — come from around the world and recount tragic results of users’ money being frozen.

“From that hard-working single mom in Texas struggling with past-due bills, to the teacher in India with all his hard-earned money deposited in Celsius — I believe I can speak for most of us when I say I feel betrayed, ashamed, depressed, angry,” wrote one client who signed their letter E.L.

“I have been a loyal Celsius customer since 2019 and feel completely lied to by Alex Mashinsky,” wrote a client who AFP is not identifying to protect his privacy. “Alex would talk about how Celsius is safer than banks.”

Many of the letters point to the CEO’s AMA (Ask Mashinsky Anything) online chats as key to their confidence in him and the platform, which anchored&nbsp; itself as stable until days before it froze users’ funds.

Series of assurances before the collapse

“Celsius has one of the best risk management teams in the world. Our security team and infrastructure is second to none,” the firm wrote on June 7.

“We have made it through crypto downturns before (this is our fourth!). Celsius is prepared,” the firm wrote.

The message also said the company had the reserves to pay its obligations, and withdrawals were being processed as normal.

One client, who reported having $32,000 in crypto locked up at Celsius, noted the impact.

“Right up until the end, the retail investor received assurance,” the client wrote to the judge.

But that changed quickly, and on June 12 Celsius announced the freeze: “We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.”

Some clients got the news in a message from the company.

“By the time I finished the e-mail, I had collapsed onto the floor with my head in my hands and I fought back tears,” wrote one man who had about $50,000 in assets with Celsius.

The clients who said they were hardest hit, including a man who said he placed $525,000 he got from a government loan on Celsius, disclosed they had considered self-harm.&nbsp;

Others reported uneasiness, lack of sleep and feelings of deep shame for putting their retirement savings or their children’s college money into a platform that was far riskier than they knew.

“As a private unregulated company, Celsius does not come under any requirement for disclosure,” is how the Washington Post summarised the situation.

Celsius did not reply to a request for comment on the clients’ letters.

For people like one 84-year-old woman, who only had her roughly $30,000 in crypto savings on Celsius for a month, their hope lies in the bankruptcy proceedings and nothing else.

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland.

Clients of a crashed crypto lender Celsius are fighting to get their money back. An American dealing with suicidal thoughts. An Irishman at risk of losing his farmland. An elderly widow’s lost life savings: People caught in the fiasco of crypto lender Celsius are pleading for their hard earned money. Hundreds of letters addressing the judge overseeing the firm’s multibillion-dollar bankruptcy carried a singular emotion of anger. “I knew there were risks,” said a client whose letter was unsigned. “It seemed a worthwhile risk.” Celsius and its CEO Alex Mashinsky had promoted the platform as a safe place for people to deposit their cryptocurrencies in exchange for high interest, while the firm lent out and re-invested those deposits. But as the value of highly volatile cryptocurrencies took a nosedive — bitcoin alone has shed over 60 percent since November — the firm faced mounting problems until it froze withdrawals in mid-June. According to a court filing earlier this month, the company owed $4.7 billion to its users, and the endgame is unclear. The letters — posted to a public online court docket — come from around the world and recount tragic results of users’ money being frozen. “From that hard-working single mom in Texas struggling with past-due bills, to the teacher in India with all his hard-earned money deposited in Celsius — I believe I can speak for most of us when I say I feel betrayed, ashamed, depressed, angry,” wrote one client who signed their letter E.L. “I have been a loyal Celsius customer since 2019 and feel completely lied to by Alex Mashinsky,” wrote a client who AFP is not identifying to protect his privacy. “Alex would talk about how Celsius is safer than banks.” Many of the letters point to the CEO’s AMA (Ask Mashinsky Anything) online chats as key to their confidence in him and the platform, which anchored itself as stable until days before it froze users’ funds. Series of assurances before the collapse “Celsius has one of the best risk management teams in the world. Our security team and infrastructure is second to none,” the firm wrote on June 7. “We have made it through crypto downturns before (this is our fourth!). Celsius is prepared,” the firm wrote. The message also said the company had the reserves to pay its obligations, and withdrawals were being processed as normal. One client, who reported having $32,000 in crypto locked up at Celsius, noted the impact. “Right up until the end, the retail investor received assurance,” the client wrote to the judge. But that changed quickly, and on June 12 Celsius announced the freeze: “We are taking this action today to put Celsius in a better position to honour, over time, its withdrawal obligations.” Some clients got the news in a message from the company. “By the time I finished the e-mail, I had collapsed onto the floor with my head in my hands and I fought back tears,” wrote one man who had about $50,000 in assets with Celsius. The clients who said they were hardest hit, including a man who said he placed $525,000 he got from a government loan on Celsius, disclosed they had considered self-harm. Others reported uneasiness, lack of sleep and feelings of deep shame for putting their retirement savings or their children’s college money into a platform that was far riskier than they knew. “As a private unregulated company, Celsius does not come under any requirement for disclosure,” is how the Washington Post summarised the situation. Celsius did not reply to a request for comment on the clients’ letters. For people like one 84-year-old woman, who only had her roughly $30,000 in crypto savings on Celsius for a month, their hope lies in the bankruptcy proceedings and nothing else.

Crypto clients beseech for their money back after lender's crash

Sri Lanka is currently battling its worst economic crisis since its independence in 1948. There is no respite in sight and the situation is only likely to get worse across Sri Lanka. President Ranil Wickremesinghe slammed the anti-govt protesters.

Ranil Wickremesinghe slams anti-govt protesters: 'First time in history we faced fascist terrorism'

Sri Lankan President Ranil Wickremesinghe said on Saturday that an agreement with the International Monetary Fund (IMF) has been pushed back to September due to the unrest over the weeks.

IMF agreement has been rescheduled for September, says Sri Lankan President Wickremesinghe

IMF agreement has been rescheduled for September, says Sri Lankan

For two consecutive quarters now - the American economy has contracted. For many economists this would mean the beginning of a recession. But American leaders argue - the US is not in a recession. Who is right? Palki Sharma tells you.

Gravitas: Is America in a recession?

Apple reported fiscal third-quarter earnings on Thursday that beat Wall Street expectations for sales and profit but showed slowing growth for the iPhone maker. Apple stock rose over 3% in extended trading.

iPhone sales rise by 3% in 3rd quarter despite glum economy

Foreign ministers of India, China, Russia and Pakistan is in Tashkent to set the ground for SCO Summit. Afghanistan's minister Amir Khan Muttaqi said, Afghanistan's economy is improving.

'Afghanistan's economy is improving,' says Amir Khan Muttaqi in exclusive conversation with WION

The world’s largest economy has contracted for a second consecutive quarter. The US recorded a 0.9% decline in output on an annualized basis between April and June.

Recession fears deepen as US economy contracts for second consecutive quarter

The United States Federal Reserve has once again hiked the interest rate by 0.75%, this as the country's inflation level has touched 40-year high. This is the second in a row and fourth time this year, that the Fed has raised interest rates.

US Federal reserve hikes interest rates by 0.75%

As economic crisis continues to batter Sri Lanka, the international monetary fund has advised Sri Lanka to now seek monetary help from China to help boost its trade investment and tourism sectors.

'Sri Lanka should seek help from China,' says IMF

In Bangladesh, the government will start talks on a loan from the international monetary fund. The country's finance minister made it clear that seeking a loan from the IMF does not mean that Bangladesh's economy is in a bad shape.

Bangladesh explores IMF aid as deficit widens

The IMF says Russian economy is doing better than expected. The West had tried to punish and isolate Russia by slapping sanctions. Today, Western economies are battling inflation and bracing for recession. Russia, on the other hand, is making new friends. Palki Sharma tells you more.

Gravitas: IMF: Russian economy doing better than expected

Monsoon accounts for about 75 per cent of India's annual rainfall. It is the lifeblood of its nearly $3 trillion agriculture-dependent economy. However, the uneven nature of this year's monsoon has raised concerns about crop yields and output.

How important is the monsoon for the India

Initially due&nbsp;to&nbsp;the pandemic and now because of the geo-political crisis with Russia’s invasion of Ukraine,&nbsp;the supply chains have&nbsp;been massively disrupted and growth is hit. 

These events are leading the whole world into the clutches of an economic slowdown at the moment. Inflation is at a decade high in&nbsp;several countries including the UK, US, Germany, and even India has been seeing soaring inflation for more than a year now. But, one leading economy is doing especially bad&nbsp;at the moment, and it has an impact on the entire world. The world’s second largest economy; China is on a downward spiral.&nbsp;

Not so long ago, the International Monetary Fund cut China’s growth forecast for this year to 4.4 per cent, which is below&nbsp;Beijing’s target of around 5.5%. 

This is the lowest official GDP growth target for China in three decades and well down on the average 10% growth rate the country has enjoyed for nearly forty years. It is, in fact, the first time in forty-six years that the United States is going to grow faster than China. 

Several reasons for this economic meltdown in China can be traced. The pandemic of course drew the first blood, then a series of events occurred in China and circumscribing the mainland that are&nbsp;projecting a global tectonic shift of economy from China.&nbsp; 

The crevasse between the promise and reality in China’s illustrious market is reeking of apprehensions for foreign corporations. 

Direct foreign investment in China from&nbsp;multinational companies dived as investors went&nbsp;pessimistic about the Chinese economy, for&nbsp;the indisputable reason that China is the inception point and has come out to be the undisguised emissary of Covid.

The annual growth target of 5.5% is increasingly slipping out of proportion adding that maintaining economic stability and preserving growth should remain the primary focus of china. The current Covid lockdowns in China’s big cities and business hubs have crippled their economy, forcing many manufacturing factories to shut down and causing supply-chain disruptions affecting the entire world. Apple has said that the supply chain disruption rippling out of China could cost the company between $4 billion and $8 billion in sales.&nbsp;

Besides Covid, the despondency towards Chinese economy from global investors spiked because of its stance on Russia’s war on Ukraine. The concerns at the global level have stirred up that China will act on its long aggressive intentions to invade Taiwan as well.

For the most&nbsp;part of 2021, the Chinese government cracked down on Chinese corporates. Regulators in Beijing went after Chinese corporate titans. The campaign wiped out a staggering amount of more than one trillion dollars of wealth. Global investors are spooked and they are withdrawing investments. More than eleven billion dollars were pulled out of the Chinese market in March this year alone. To add to this, the value of Chinese stocks is touching an all-time low. In one year the tech index which tracks China’s biggest tech companies has fallen by 45%. The redemptions from Chinese equity funds were at their highest since 2021.

China’s aggressive manoeuvres against India, Hong Kong, Vietnam and Taiwan have sent alarm bells ringing worldwide. China’s longstanding interest in becoming the regional hegemon and to be the dominant power in Asia is a well-known fact among nations across the world. 

China’s time of hiding and biding is over. It is also ready to go to greater lengths to change the status quo in the South China Sea and Taiwan, so much so that it has given a clear warning to anyone who tries to come in between China and Taiwan.&nbsp;The blatant distrust of the world from China is inevitable, and companies will think of setting up shop somewhere else in coming years. India has a lot to gain here. 

India’s reputation in the world has been extensively growing as a leader and is revered by nations. Not only is this, the recent developments in India that will enable it to reach the $5 trillion economy mark are also luring many multinational companies to come to India. It was just a matter of time for China to lose its loyalty as the global economic hub. The recent events have&nbsp;time lapsed the inexorable fall of the mainland’s kingdom of cards.&nbsp;

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

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Initially due to the pandemic and now because of the geo-political crisis with Russia’s invasion of Ukraine, the supply chains have been massively disrupted and growth is hit.

Initially due to the pandemic and now because of the geo-political crisis with Russia’s invasion of Ukraine, the supply chains have been massively disrupted and growth is hit. These events are leading the whole world into the clutches of an economic slowdown at the moment. Inflation is at a decade high in several countries including the UK, US, Germany, and even India has been seeing soaring inflation for more than a year now. But, one leading economy is doing especially bad at the moment, and it has an impact on the entire world. The world’s second largest economy; China is on a downward spiral. Not so long ago, the International Monetary Fund cut China’s growth forecast for this year to 4.4 per cent, which is below Beijing’s target of around 5.5%. This is the lowest official GDP growth target for China in three decades and well down on the average 10% growth rate the country has enjoyed for nearly forty years. It is, in fact, the first time in forty-six years that the United States is going to grow faster than China. Several reasons for this economic meltdown in China can be traced. The pandemic of course drew the first blood, then a series of events occurred in China and circumscribing the mainland that are projecting a global tectonic shift of economy from China. The crevasse between the promise and reality in China’s illustrious market is reeking of apprehensions for foreign corporations. Direct foreign investment in China from multinational companies dived as investors went pessimistic about the Chinese economy, for the indisputable reason that China is the inception point and has come out to be the undisguised emissary of Covid. The annual growth target of 5.5% is increasingly slipping out of proportion adding that maintaining economic stability and preserving growth should remain the primary focus of china. The current Covid lockdowns in China’s big cities and business hubs have crippled their economy, forcing many manufacturing factories to shut down and causing supply-chain disruptions affecting the entire world. Apple has said that the supply chain disruption rippling out of China could cost the company between $4 billion and $8 billion in sales. Besides Covid, the despondency towards Chinese economy from global investors spiked because of its stance on Russia’s war on Ukraine. The concerns at the global level have stirred up that China will act on its long aggressive intentions to invade Taiwan as well. For the most part of 2021, the Chinese government cracked down on Chinese corporates. Regulators in Beijing went after Chinese corporate titans. The campaign wiped out a staggering amount of more than one trillion dollars of wealth. Global investors are spooked and they are withdrawing investments. More than eleven billion dollars were pulled out of the Chinese market in March this year alone. To add to this, the value of Chinese stocks is touching an all-time low. In one year the tech index which tracks China’s biggest tech companies has fallen by 45%. The redemptions from Chinese equity funds were at their highest since 2021. China’s aggressive manoeuvres against India, Hong Kong, Vietnam and Taiwan have sent alarm bells ringing worldwide. China’s longstanding interest in becoming the regional hegemon and to be the dominant power in Asia is a well-known fact among nations across the world. China’s time of hiding and biding is over. It is also ready to go to greater lengths to change the status quo in the South China Sea and Taiwan, so much so that it has given a clear warning to anyone who tries to come in between China and Taiwan. The blatant distrust of the world from China is inevitable, and companies will think of setting up shop somewhere else in coming years. India has a lot to gain here. India’s reputation in the world has been extensively growing as a leader and is revered by nations. Not only is this, the recent developments in India that will enable it to reach the $5 trillion economy mark are also luring many multinational companies to come to India. It was just a matter of time for China to lose its loyalty as the global economic hub. The recent events have time lapsed the inexorable fall of the mainland’s kingdom of cards. 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 ×

Global economic shift away from China as the dragon bares its fangs

How important is the monsoon for the Indian economy

Recent survey says India has zero probability of slipping into recession. Unlike other economies, India has largely remained resilient to economic headwinds as compared to Europe and the US but it has its own share of challenges.

India has zero probability of slipping into recession: Survey

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