After market regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court seeking a six-month extension to complete the Adani Group probe, the company has released a statement.

After market regulator Securities and Exchange Board of India (SEBI) moved the Supreme Court seeking a six-month extension to complete the Adani Group probe, the company has released a statement. The conglomerate said SEBI has not concluded any wrongdoing in its application to the country's top court. "It is pertinent to note that in the SEBI application filed before the Hon'ble Supreme Court, there are no conclusions of any alleged wrongdoing," Adani Group said in a statement. "The SEBI application only cites the allegations made in the short-seller's report, which are still under investigation," it added. The Gautan Adani-owned company said it welcomed the investigation which provided a fair opportunity to address all the issues. "We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation." ALSO READ | Adani-Hindenburg: Market regulator SEBI seeks six-month extension to complete probe Notably, SEBI on Saturday requested an extension to complete the probe. It listed as many as eight possible violations that required more time to complete the probe. "Given the complexity of the matter, SEBI in the normal course would take at least 15 months for completion of the investigation of these transactions, but is making all reasonable endeavours to conclude the same within six months," SEBI said in the plea. On March 2, the apex court directed SEBI to complete its probe and submit a status report in two months. The regulator, however, informed it had submitted a detailed report and prima facie findings to the Expert Committee constituted by the court. WATCH | Wikipedia accuses Adani staff of Manipulation while Adani Group's market rout deepens further SC forms the committee In March, the bench led by the Chief Justice of India ordered SEBI to investigate whether the conglomerate failed to disclose transactions with related parties to the regulator and if it manipulated the stock prices. The conglomerate has been under the scanner ever since US short-seller Hindenburg Research raised questions about the group's debt levels and use of tax havens. ALSO READ | Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI In the brutal fallout of Hindenburg's report, investors dumped Adani shares while the company was forced to abandon a $2.5 billion share sale. The group, meanwhile, has denied the allegations and has rubbished subsequent exposé reports claiming it had tapered down its growth projections and that it had not repaid loans against promoter's shares. (With inputs from agencies) WATCH WION LIVE HERE:

No allegation of wrongdoing in SEBI report, claims Adani Group after regulator seeks extension

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015.

The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November.

That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation.

Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications.

The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline.

<a href="https://www.wionews.com/videos/us-housing-market-drop-biggest-since-2008-mortgage-rates-soar-world-business-watch-564999">WATCH |&nbsp;US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-housing-market-drop-biggest-since-2008-mortgage-rates-soar-world-business-watch-564999/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low.

The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September.

Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride.

The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole.

<a href="https://www.wionews.com/world/portugal-announces-to-end-golden-visa-downsizes-airbnb-rentals-to-address-local-housing-crises-562999">Read more:&nbsp;Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis</a>

A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy.

Policymakers must respond to this scenario to address the problem and stop further deterioration.

The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates.

Also, more must be done to guarantee prospective homeowners can access low-cost mortgages.

The current state of the US housing market is a cause for concern, but it is not an impossible challenge.&nbsp;

With the right policies and initiatives, the property market can stabilise and continue to drive economic growth.&nbsp;

Stakeholders must take the necessary steps to ensure the market remains stable and accessible.

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low. This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015. The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November. That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation. Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications. The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline. WATCH | US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch × The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low. The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September. Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride. The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole. Read more: Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy. Policymakers must respond to this scenario to address the problem and stop further deterioration. The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates. Also, more must be done to guarantee prospective homeowners can access low-cost mortgages. The current state of the US housing market is a cause for concern, but it is not an impossible challenge. With the right policies and initiatives, the property market can stabilise and continue to drive economic growth. Stakeholders must take the necessary steps to ensure the market remains stable and accessible. WATCH WION LIVE HERE:

Is trouble brewing in the US housing markets?

The global modular kitchen market size grew from $22.17 billion in 2022 to $23.04 billion in 2023 at a compound annual growth rate (CAGR) of 3.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. CEO, Frankie home solutions Barbara Borra talks more on the global trends in residential kitchen market.

CEO, Frankie home solutions Barbara Borra talks on global trends in residential kitchen market

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)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

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

Let's shift our focus to India. People in the country are becoming more internet and smartphone friendly. For many Indians, the smartphone is the gateway to the internet. But there is now a new observation. India's rocketing internet-user growth has stalled. We tell you more about it in this video.

Internet growth stalls in India as smartphones get costlier | Tech It Out

Apple Inc's stock market value shrank sharply on Tuesday following its steep drop last year, leaving it below $2 trillion for the first time since March 2021. Watch this video to know more.

World Business Watch: Apple's stock market value falls below $2 trillion

The news of China ending mandatory quarantine for arrivals has resulted in instant gains when it comes to Asian markets. China’s benchmark Shanghai index and the second index in Shenzhen both opened with considerable gains while similar trends were also observed in Tokyo, Seoul, Singapore and Mumbai.

The Chinese economy has been suffering quite a bit due to the tough restrictions imposed by the Xi Jinping government but the new concessions has already seen a major uptick in tourist activity and experts around the world are hoping for a relatively quick recovery.

Also read |&nbsp;<a href="https://www.wionews.com/world/once-in-a-lifetime-weather-disaster-leaves-at-least-60-dead-in-us-546886">'Once-in-a-lifetime' weather disaster leaves at least 60 dead in US</a>

"Global equities climbed Tuesday while the dollar declined amid positive sentiment from China upping the speed limits on zero-Covid off ramps and the softening of a key inflation measure in the US," Stephen Innes of SPI Asset Management told AFP when asked about the developments.

"Inbound tourism is not a huge economic bounty for China relative to domestic tourism but policy fast-track and early zero-Covid exit means growth could recover enormously," he added.

WATCH |&nbsp;China: No Covid data to be available from December 25th

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/china-no-covid-data-to-be-available-from-december-25th-546484/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Chinese government decided to reverse some of its strict COVID-19 restrictions following massive protests around the country. For the first time in almost three years, COVID-19 was classified a Class B infectious disease and that means the citizens can move much more freely.

The markets were also impacted by the rising price of oil following Russia’s announcement about reducing their production by over seven percent in the next year. On top of that, the blizzard in the United States has caused the production of over 1.8 million barrels of oil per day.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The news of China ending mandatory quarantine for arrivals has resulted in instant gains when it comes to Asian markets. China’s benchmark Shanghai index and the second index in Shenzhen both opened with considerable gains while similar trends were also observed in Tokyo, Seoul, Singapore and Mumbai.

The news of China ending mandatory quarantine for arrivals has resulted in instant gains when it comes to Asian markets. China’s benchmark Shanghai index and the second index in Shenzhen both opened with considerable gains while similar trends were also observed in Tokyo, Seoul, Singapore and Mumbai. The Chinese economy has been suffering quite a bit due to the tough restrictions imposed by the Xi Jinping government but the new concessions has already seen a major uptick in tourist activity and experts around the world are hoping for a relatively quick recovery. Also read | 'Once-in-a-lifetime' weather disaster leaves at least 60 dead in US "Global equities climbed Tuesday while the dollar declined amid positive sentiment from China upping the speed limits on zero-Covid off ramps and the softening of a key inflation measure in the US," Stephen Innes of SPI Asset Management told AFP when asked about the developments. "Inbound tourism is not a huge economic bounty for China relative to domestic tourism but policy fast-track and early zero-Covid exit means growth could recover enormously," he added. WATCH | China: No Covid data to be available from December 25th The Chinese government decided to reverse some of its strict COVID-19 restrictions following massive protests around the country. For the first time in almost three years, COVID-19 was classified a Class B infectious disease and that means the citizens can move much more freely. The markets were also impacted by the rising price of oil following Russia’s announcement about reducing their production by over seven percent in the next year. On top of that, the blizzard in the United States has caused the production of over 1.8 million barrels of oil per day.

Asian markets gain momentum following China's decision to loosen Covid restrictions

The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November. This is the first time that such a trend has been observed in the US market with mortgage rates reaching new heights. The situation was also impacted by the increase in the central bank lending rates and the resultant inflation has resulted in more reluctance among potential buyers.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-to-continue-improving-combat-readiness-of-nuclear-forces-says-vladimir-putin-545223">Russia to continue improving combat readiness of nuclear forces, says Putin</a>

At present, the sales of houses have dropped by 7.7 per cent in the last month and the data provided by the National Association of Realtors (NAR) showed that the fall is around 35.4 per cent in the last year.&nbsp;

"In essence, the residential real estate market was frozen... resembling the sales activity seen during the Covid-19 economic lockdowns in 2020," NAR Chief Economist Lawrence Yun said in a statement.&nbsp;

In order to control the inflation in the current market, the United States Federal Reserve decided to hike its interest rates. As a result, the interest rate for a 30-year fixed-rate mortgage jumped to somewhere around 6.3 per cent – almost twice as compared to the same period in 2021. This potentially acted as a sign of warning for most buyers who are most likely waiting for the rates to normalise once again.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/watch-exhausted-doctor-collapses-while-attending-patients-amid-chinas-covid-surge-545169">WATCH: Exhausted doctor collapses while attending Covid patients in China</a>

Available housing inventory also "remains near historic lows," said Yun.&nbsp;

House prices have also grown up and according to the data, it is over 3.5 per cent more than what it was in 2021. That is also one of the major reasons behind the massive fall in sales.&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November.

The real estate market in the United States has taken a major hit due to the Covid pandemic and it continued to show signs of concern as the sales of existing homes went down for the tenth consecutive month in November. This is the first time that such a trend has been observed in the US market with mortgage rates reaching new heights. The situation was also impacted by the increase in the central bank lending rates and the resultant inflation has resulted in more reluctance among potential buyers. Also read | Russia to continue improving combat readiness of nuclear forces, says Putin At present, the sales of houses have dropped by 7.7 per cent in the last month and the data provided by the National Association of Realtors (NAR) showed that the fall is around 35.4 per cent in the last year. "In essence, the residential real estate market was frozen... resembling the sales activity seen during the Covid-19 economic lockdowns in 2020," NAR Chief Economist Lawrence Yun said in a statement. In order to control the inflation in the current market, the United States Federal Reserve decided to hike its interest rates. As a result, the interest rate for a 30-year fixed-rate mortgage jumped to somewhere around 6.3 per cent – almost twice as compared to the same period in 2021. This potentially acted as a sign of warning for most buyers who are most likely waiting for the rates to normalise once again. Also read | WATCH: Exhausted doctor collapses while attending Covid patients in China Available housing inventory also "remains near historic lows," said Yun. House prices have also grown up and according to the data, it is over 3.5 per cent more than what it was in 2021. That is also one of the major reasons behind the massive fall in sales.

Home sales in the United States dip for 10th straight month in volatile market

The stock market's darkest days are yet to come. Some of the most severe downfalls&nbsp;the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October. It increased by more than 10 per cent&nbsp;since its low two months ago and ended the day Monday just around 4,000. Many analysts forecast&nbsp;that if the Federal Reserve eventually stops raising interest rates to bring rising inflation under control, equities will end in 2023 at least in this area, if not slightly higher. But many of Wall Street also anticipate that stock prices will decline significantly in the meantime before we reach that final destination.

Take Morgan Stanley, which estimates that within the first three months of the new year, the S&amp;P 500 could fall all the way to a range between 3,000 and 3,300. Accordingly, it might lose up to 25 per cent&nbsp;of its value from Monday's closing level. The bottom end of that range would be 37.5 per cent&nbsp;lower than the previous high, which was established in early 2022.

The bank is pessimistic because its strategists predict significantly lower corporate earnings than those of the rest of Wall Street. Businesses are under pressure to increase revenue while manufacturing and other sectors of the economy are deteriorating. However, Morgan Stanley predicts that once firms made sacrifices, increasing wage expenses will limit profitability.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/with-uncertain-saudi-help-and-imf-loan-pakistans-economic-woes-hit-new-low-543222">With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low</a>

Additionally, Goldman Sachs strategists projected a low in the first half of the year, probably near 3,600. Based on Goldman Sachs' prediction that the economy can avoid a recession, it would be a decline of close to 10 per cent&nbsp;from Monday's closing.

Goldman strategists led by David Kostin predicted that the S&amp;P 500 may drop as low as 3,100 if the economy does really collapse as many on Wall Street anticipate.

Also watch&nbsp;|&nbsp;Sri Lanka expecting $5 bn in loans from multilateral agencies

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/sri-lanka-expecting-5-bn-in-loans-from-multilateral-agencies-543227/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The U.S. economy will experience a recession in the second half of 2023, according to strategists at Deutsche Bank. The German bank forecasts that the recession will persist into the last six months of the year, and that may push the S&amp;P 500 as low as 3,250 before it reaches its bottom.&nbsp;According to the strategists led by Binky Chadha, assuming equities follow their usual playbook during recessions, the S&amp;P 500 could conclude the year as high as 4,500.

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

The stock market's darkest days are yet to come. Some of the most severe downfalls the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October.

The stock market's darkest days are yet to come. Some of the most severe downfalls the index suffered over the first 10 months of the year have been somewhat offset by Wall Street's mini-rebound since mid-October. It increased by more than 10 per cent since its low two months ago and ended the day Monday just around 4,000. Many analysts forecast that if the Federal Reserve eventually stops raising interest rates to bring rising inflation under control, equities will end in 2023 at least in this area, if not slightly higher. But many of Wall Street also anticipate that stock prices will decline significantly in the meantime before we reach that final destination. Take Morgan Stanley, which estimates that within the first three months of the new year, the S&P 500 could fall all the way to a range between 3,000 and 3,300. Accordingly, it might lose up to 25 per cent of its value from Monday's closing level. The bottom end of that range would be 37.5 per cent lower than the previous high, which was established in early 2022. The bank is pessimistic because its strategists predict significantly lower corporate earnings than those of the rest of Wall Street. Businesses are under pressure to increase revenue while manufacturing and other sectors of the economy are deteriorating. However, Morgan Stanley predicts that once firms made sacrifices, increasing wage expenses will limit profitability. Also read | With uncertain Saudi help and IMF loan, Pakistan's economic woes hit new low Additionally, Goldman Sachs strategists projected a low in the first half of the year, probably near 3,600. Based on Goldman Sachs' prediction that the economy can avoid a recession, it would be a decline of close to 10 per cent from Monday's closing. Goldman strategists led by David Kostin predicted that the S&P 500 may drop as low as 3,100 if the economy does really collapse as many on Wall Street anticipate. Also watch | Sri Lanka expecting $5 bn in loans from multilateral agencies The U.S. economy will experience a recession in the second half of 2023, according to strategists at Deutsche Bank. The German bank forecasts that the recession will persist into the last six months of the year, and that may push the S&P 500 as low as 3,250 before it reaches its bottom. According to the strategists led by Binky Chadha, assuming equities follow their usual playbook during recessions, the S&P 500 could conclude the year as high as 4,500. (With inputs from agencies) WATCH WION LIVE HERE:

Wall Street may get lot worse before getting better in 2023, forecast analysts

According to a group of computer-chip manufacturers the global semiconductor market is expected to shrink in 2023 for the first time in four years, following a surge during the pandemic.

World Business Watch | Global semiconductor markets expected to shrink in 2023

Have a look at India's gold market. Gold prices are currently nearing a one-month low. The prices are expected to remain in a narrow range.

India gold market: Gold prices near one-month low

Described as a ‘must-see’ venue by the locals, have a look inside Qatar's Souq Waqif market ahead of FIFA World Cup 2022.

Have a look inside Qatar's Souq Waqif market ahead of FIFA World Cup 2022

Just 10 days after a debt-driven budget caused market turbulence and drew harsh condemnation during a cost-of-living crisis, Britain on Monday abandoned plans to lower its top income tax rate.

Finance Minister Kwasi Kwarteng tweeted on the second day of the annual conference of the ruling Conservative Party that he was "not advancing" with the elimination of the highest 45 percent income tax rate because it had turned into a "distraction."

The statement also represented British Prime Minister Liz Truss's first significant policy reversal since she assumed office less than a month ago.

"It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country. As a result, I'm announcing we are not proceeding with the abolition of the ... rate.

"We get it, and we have listened."

Also read |&nbsp;<a href="https://www.wionews.com/world/britain-has-too-many-low-skilled-migrants-interior-minister-says-521713">Britain has 'too many' low-skilled migrants, it's hurting growth, says interior minister</a>

The announcement also came after Grant Shapps and Michael Gove, two former cabinet ministers, expressed their disapproval of the unfunded tax cuts that Kwarteng presented in his contentious mini-budget on September 23.

The removal of the 45 percent tax for Britons making more above $167,400 annually was Kwarteng's proposal.

The so-called mini budget had caused bond yields to spike on worries about a borrowing binge and sent the pound falling to a record low against the dollar.

Also read |&nbsp;<a href="https://www.wionews.com/world/king-charles-iii-to-host-south-african-president-ramaphosa-in-first-state-visit-to-uk-521910">King Charles III to host South African President Ramaphosa in first state visit to UK</a>

In an effort to mitigate the effects of Russia's invasion of Ukraine, a major producer of gas, the budget included a pricey freeze on energy costs for households and companies.

(With inputs from agencies)

WATCH WION LIVE HERE:

<iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed" style="width:100%;max-width:560px;" width="560"></iframe>

Just 10 days after a debt-driven budget caused market turbulence and drew harsh condemnation during a cost-of-living crisis, Britain on Monday abandoned plans to lower its top income tax rate.

Just 10 days after a debt-driven budget caused market turbulence and drew harsh condemnation during a cost-of-living crisis, Britain on Monday abandoned plans to lower its top income tax rate. Finance Minister Kwasi Kwarteng tweeted on the second day of the annual conference of the ruling Conservative Party that he was "not advancing" with the elimination of the highest 45 percent income tax rate because it had turned into a "distraction." The statement also represented British Prime Minister Liz Truss's first significant policy reversal since she assumed office less than a month ago. "It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country. As a result, I'm announcing we are not proceeding with the abolition of the ... rate. "We get it, and we have listened." Also read | Britain has 'too many' low-skilled migrants, it's hurting growth, says interior minister The announcement also came after Grant Shapps and Michael Gove, two former cabinet ministers, expressed their disapproval of the unfunded tax cuts that Kwarteng presented in his contentious mini-budget on September 23. The removal of the 45 percent tax for Britons making more above $167,400 annually was Kwarteng's proposal. The so-called mini budget had caused bond yields to spike on worries about a borrowing binge and sent the pound falling to a record low against the dollar. Also read | King Charles III to host South African President Ramaphosa in first state visit to UK In an effort to mitigate the effects of Russia's invasion of Ukraine, a major producer of gas, the budget included a pricey freeze on energy costs for households and companies. (With inputs from agencies) WATCH WION LIVE HERE:

UK makes U-turn, eliminates tax cut for high earners following market unrest

Birkin bags are one of the most sought after luxury items in the world today. But how does it become the Monolith of the luxury goods market? Know all about it on the latest episode of Beyond the Runway on www.wionews.com

Beyond the Runway: The journey of the Birkin Bag | WION Originals Teaser

Worldwide recession fears are impacting all the major sectors in the world. Commodities including metals and mineral sector is also seeing developments including geopolitical ones.

Global commodities market: Growth in mineral, mining sector

The world has witnessed its steepest weekly slide in world stocks since March 2020. Tighter monetary rules are worrying investors. Swiss Bank had to announce the first hike in 15 years.

Steepest weekly slide in world stocks since March 2020 as tighter monetary rules worry investors

Are world stocks heading for their worst week? Asian markets have opened in the red. Amid the global market meltdown, Central banks announced a series of hikes to help stabilize their respective economies.

Global market meltdown: Series of hikes by central banks

Standard & Poor plunged more than 20% from its high in January as US stocks entered bear market territory. Is a recession now inevitable in the US? How will a US slowdown affect the world? Palki Sharma Upadhyay tells you.

Gravitas: US stocks fall into bear market territory

A bear market is growling on Wall Street. S&P 500 has confirmed the presence of a bear market. Inflation fears are dragging S&P 500 into a bear market.

Bear market growls on Wall Street | Recession next?

Thai railway market back on track post-pandemic - see pics

The Indian luxury car market is witnessing a strong revival in demand after sluggish sales. Electric, Hybrid cars are gaining popularity.

Indian luxury car market: Strong revival in demand

Asian shares are trading in red as global growth fears drag markets down. Indian markets are trading with losses. Blue chips in China fall by 1%.

Asian shares tumble: Global growth fears drag markets down

Well, Saudi Aramco has overtaken Apple as the world's most valuable company. On Wednesday, the Saudi Arabian oil company's market capitalization was $2.426 trillion, slightly higher than Apple's $2.415 trillion.

Oil giant Saudi Aramco dethrones Apple as World's most valuable company

Indian markets are currently in turmoil amid the ongoing Russian invasion of Ukraine. Russia's next move in Ukraine is keeping the markets anxious.

Indian markets in turmoil: Russia's next move in Ukraine is in focus

More than 30 firms, including at least two major Chinese property developers, saw trading in their shares halted in&nbsp;Hong&nbsp;Kong&nbsp;on Friday after they failed to report annual results.

The move deepens uncertainty for China's embattled property sector, which has been struggling after a clampdown by Beijing suddenly turned off the liquidity taps.

It also comes as China's wider economy battles with sweeping lockdowns in key cities including Shanghai after a surge of coronavirus infections.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-judges-quit-hong-kongs-top-court-over-security-law-467072">UK judges quit Hong Kong’s top court over security law</a>

Major Chinese developers Shimao Group and Sunac China were among at least 33 companies suspended on Friday.

The firms had all failed to publish their unaudited annual results by a March 31 deadline. &nbsp;

This year's trading suspension figure compares with more than 50 for 2021 and at least nine for 2020, according to Bloomberg News.

In a notice to&nbsp;Hong&nbsp;Kong's stock exchange, Shimao said it could not report annual results on time because of the latest coronavirus outbreak, which resulted in the "lockdown of the office building of the company’s headquarters in Shanghai".

Some staff involved in preparing annual results have also been quarantined without a clear date of when virus-control measures will be eased, Shimao added.

Because of virus-related delays,&nbsp;Hong&nbsp;Kong's stock exchange allowed firms to submit unaudited figures by March 31 and the audited version by April 30 to avoid suspension.

The exchange had 2,570 listed companies at the end of March, with at least 138 saying they would delay reporting their audited 2021 results past the March deadline, Bloomberg said.

Chinese property firms have struggled in the wake of Beijing's ongoing drive to curb excessive debt in the real estate sector as well as rampant consumer speculation.

Also read |&nbsp;<a href="https://www.wionews.com/world/covid-19-hong-kong-says-to-halve-flight-suspension-rule-to-seven-days-465864">COVID-19: Hong Kong says to halve flight suspension rule to seven days</a>

The failure to report audited results will compound worries about the transparency of debt restructurings within troubled Chinese firms and could spark further credit rating downgrades.&nbsp;

Sunac in its Friday statement said its own delay was partly because of issues related to offshore loans "arising from the recent downgrade of the company's credit ratings by international rating agencies".

On March 24, Fitch Ratings downgraded Sunac's rating to "CC", which the agency said reflected its "narrowing margin of safety for refinancing capital-market maturities".

Property developer China Aoyuan Group, whose shares were also among those suspended on Friday, said it would delay reporting annual results as it did not accurately reflect the group's financial performance and position.

"Publication of the 2021 unaudited management accounts at this stage could potentially be misleading to the shareholders and potential investors of the company," the firm said in a stock exchange notice.

The Hang Seng Index fell more than one percent in morning trade Friday and is down seven percent.&nbsp;

Watch |&nbsp;Gravitas: Hong Kong separates 2,000 Covid-positive children from parents

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-hong-kong-separates-2000-covid-positive-children-from-parents-466791/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

More than 30 firms, including at least two major Chinese property developers, saw trading in their shares halted in Hong Kong on Friday after they failed to report annual results.

More than 30 firms, including at least two major Chinese property developers, saw trading in their shares halted in Hong Kong on Friday after they failed to report annual results. The move deepens uncertainty for China's embattled property sector, which has been struggling after a clampdown by Beijing suddenly turned off the liquidity taps. It also comes as China's wider economy battles with sweeping lockdowns in key cities including Shanghai after a surge of coronavirus infections. Also read | UK judges quit Hong Kong’s top court over security law Major Chinese developers Shimao Group and Sunac China were among at least 33 companies suspended on Friday. The firms had all failed to publish their unaudited annual results by a March 31 deadline. This year's trading suspension figure compares with more than 50 for 2021 and at least nine for 2020, according to Bloomberg News. In a notice to Hong Kong's stock exchange, Shimao said it could not report annual results on time because of the latest coronavirus outbreak, which resulted in the "lockdown of the office building of the company’s headquarters in Shanghai". Some staff involved in preparing annual results have also been quarantined without a clear date of when virus-control measures will be eased, Shimao added. Because of virus-related delays, Hong Kong's stock exchange allowed firms to submit unaudited figures by March 31 and the audited version by April 30 to avoid suspension. The exchange had 2,570 listed companies at the end of March, with at least 138 saying they would delay reporting their audited 2021 results past the March deadline, Bloomberg said. Chinese property firms have struggled in the wake of Beijing's ongoing drive to curb excessive debt in the real estate sector as well as rampant consumer speculation. Also read | COVID-19: Hong Kong says to halve flight suspension rule to seven days The failure to report audited results will compound worries about the transparency of debt restructurings within troubled Chinese firms and could spark further credit rating downgrades. Sunac in its Friday statement said its own delay was partly because of issues related to offshore loans "arising from the recent downgrade of the company's credit ratings by international rating agencies". On March 24, Fitch Ratings downgraded Sunac's rating to "CC", which the agency said reflected its "narrowing margin of safety for refinancing capital-market maturities". Property developer China Aoyuan Group, whose shares were also among those suspended on Friday, said it would delay reporting annual results as it did not accurately reflect the group's financial performance and position. "Publication of the 2021 unaudited management accounts at this stage could potentially be misleading to the shareholders and potential investors of the company," the firm said in a stock exchange notice. The Hang Seng Index fell more than one percent in morning trade Friday and is down seven percent. Watch | Gravitas: Hong Kong separates 2,000 Covid-positive children from parents

Trade halted in 33 Hong Kong-listed firms on earnings no-show

Truecaller India MD said that 70% of its revenue and users are from India. He also said that India is a very crucial market for Truecaller as

Indian market and tech firms

Oil prices have fallen more than five percent and it's the lowest level in nearly two weeks.

Oil prices falls over 5%, lowest in nearly two weeks

Amid the ongoing tensions over Russia and Ukraine crisis, major markets in Asia opened up to losses. Surge in crude oil prices has also put Asian stocks under renewed pressure.

Asian stocks extend a global slump amid growing tensions over the Russia-Ukraine conflict

Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

The Asian markets have opened in the green early this morning after some reassuring comments from the federal reserve that has helped wall street to rally.

Asian shares open with gains: Concerns persist over global inflation

Wages picked up last quarter as a rapidly tightening labour market drove intense competition for workers there but annual growth was still short of levels.

Australian wages pick up in Q4: Labour market drives intense competition

market

Market, News on Market, stories on Market, articles on Market, Market stories at Wion, Market news, Market latest news