Shares of GameStop, the world's largest video game retailer, tumbled by over 14 per cent, after it recorded a massive drop in revenue in the October-December quarter. The falling consumer spending on video games and rising competition from other e-retailers has taken a toll on GameStop's ability to remain as the market leader. Watch in for more details!

Gamestop shares fall over 14% after October-December revenue loss

The calm over India's elections leaves derivatives traders in stocks exposed to surprise outcomes. Indian option traders do not appear concerned about the possibility that the next general election might disrupt the market's rising trend and expose them to an unexpected outcome. Watch in for more details!

Lok Sabha Elections 2024: Are investors too sure of election outcome?

Diversified Indian conglomerate ITC Limited stock jumped 8% in intraday trade today. Following the 3.5% stakes sale by its top shareholder British American Tobacco. This also marks the company's largest intraday jump since May 21st 2020. Watch to know more!

Is ITC stock a 'Buy' now?

Amazon shares jumped 7% on Friday after the tech giant reported better-than-expected quarterly results, thanks to big gains from recently-added artificial intelligence-supported features on its platforms.

Amazon shares surge 7% after better-than-expected results

Billionaire Elon Musk is seeking a massive stock award from tesla's board. His demand comes over a year after he sold a large chunk of his shares to buy twitter. Musk wrote on 'x' that unless he has roughly 25% votes at tesla, he’d prefer to build artificial intelligence and robotics products elsewhere.

Elon Musk seeks roughly 25% voting control in Tesla

Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment. The company's shares experienced an approximate 11 per cent drop after the announcement, reflecting concerns about the challenges it faces, Reuters reported. &nbsp;

Cisco attributes the slowdown to a decrease in new product orders in the first quarter, indicating that customers are presently focused on implementing existing products in their environments. CFO Scott Herren expressed optimism about a return to order growth in the second half of the year, emphasising the company's commitment to navigating macro challenges and supply chain constraints. &nbsp;

Cisco's strategic shift into software offerings, particularly in cybersecurity, comes amid a broader effort to diversify its business. The company, acknowledging the post-pandemic slowdown in demand and ongoing supply chain issues, has aimed to capitalise on the growing demand for artificial intelligence. &nbsp;

In September, Cisco announced a $28 billion deal to acquire cybersecurity firm Splunk. This move reflects the company's commitment to adapting to evolving market dynamics and aligning its portfolio with emerging trends in the technology landscape. The acquisition aims to enhance Cisco's capabilities in the cybersecurity space, a sector gaining prominence in the wake of increasing digital threats. &nbsp;

While Cisco faces headwinds, its current challenges stand in contrast to the performance of rivals Juniper Networks and Arista Networks, both of which reported positive results last month, fuelled by strong enterprise spending. Cisco's second-quarter revenue expectations, ranging between $12.6 billion and $12.8 billion, fell short of analysts' estimates of $14.19 billion. &nbsp;

The company's results highlight the competitive landscape and the varying trajectories within the technology sector. Cisco acknowledges macro challenges but notes that many supply chain constraints are now resolved, with shipment lead times and backlog returning to normal levels. &nbsp;

Considering the revised forecasts, Cisco's full-year outlook has been adjusted, with revenue expected between $53.8 billion and $55.0 billion, and adjusted per-share earnings in the range of $3.87 to $3.93. This is a significant shift from the previous guidance, which anticipated annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08.&nbsp;

(With inputs from Reuters)&nbsp;

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Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment.

Cisco Systems, a technology giant, has revised its full-year revenue and profit forecasts on Wednesday, signalling a slowdown in demand for its networking equipment. The company's shares experienced an approximate 11 per cent drop after the announcement, reflecting concerns about the challenges it faces, Reuters reported. Cisco attributes the slowdown to a decrease in new product orders in the first quarter, indicating that customers are presently focused on implementing existing products in their environments. CFO Scott Herren expressed optimism about a return to order growth in the second half of the year, emphasising the company's commitment to navigating macro challenges and supply chain constraints. Cisco's strategic shift into software offerings, particularly in cybersecurity, comes amid a broader effort to diversify its business. The company, acknowledging the post-pandemic slowdown in demand and ongoing supply chain issues, has aimed to capitalise on the growing demand for artificial intelligence. In September, Cisco announced a $28 billion deal to acquire cybersecurity firm Splunk. This move reflects the company's commitment to adapting to evolving market dynamics and aligning its portfolio with emerging trends in the technology landscape. The acquisition aims to enhance Cisco's capabilities in the cybersecurity space, a sector gaining prominence in the wake of increasing digital threats. While Cisco faces headwinds, its current challenges stand in contrast to the performance of rivals Juniper Networks and Arista Networks, both of which reported positive results last month, fuelled by strong enterprise spending. Cisco's second-quarter revenue expectations, ranging between $12.6 billion and $12.8 billion, fell short of analysts' estimates of $14.19 billion. The company's results highlight the competitive landscape and the varying trajectories within the technology sector. Cisco acknowledges macro challenges but notes that many supply chain constraints are now resolved, with shipment lead times and backlog returning to normal levels. Considering the revised forecasts, Cisco's full-year outlook has been adjusted, with revenue expected between $53.8 billion and $55.0 billion, and adjusted per-share earnings in the range of $3.87 to $3.93. This is a significant shift from the previous guidance, which anticipated annual revenue of $57.0 billion to $58.2 billion, and adjusted per-share earnings of $4.01 to $4.08. (With inputs from Reuters) WATCH WION LIVE HERE

Cisco lowers annual forecasts as demand slows

The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion.

This is a clear indicator that the best-performing stock in the world can withstand almost anything, even the imprisonment of its founder for insider trading.

Lee Dong-chae, its former chairman and chief executive officer, has seen enormous wealth gains as a result of that surge, which is attributed to a large number of Korean retail investors. According to the Bloomberg Billionaires Index, he and his family’s fortune increased by nearly $4.5 billion this year to reach $4.9 billion.

These gains have mostly come while Lee has fought allegations of insider trading, which led to him being sentenced to two years in prison and paying a fine of 2.2 billion won ($1.7 million) for breaking capital markets law.

At a time when worries are growing that Ecopro’s share price boom is unsustainable and has outpaced fundamentals, his detention, which South Korea’s Supreme Court upheld last month, has brought attention to the company’s governance.

“I don’t think even Lee expected the company to grow so fast,” Park Ju-gun, head of corporate research firm Leaders Index in Seoul told Bloomberg. “Their internal infrastructure may not have developed at the speed of their growth.”

The absence of Lee is felt by the company, according to a spokeswoman who told Bloomberg in a written statement that the company is “desperately in need” of his “forward-looking insight and spirit to challenge.”

Retail Army &nbsp;

Retail investors from South Korea, who dominate the country’s share market, are the driving force behind Ecopro’s surge. This year, companies that produce materials or components used in the construction of cars are prospering, and equities related to electric vehicles are the most popular trade. The cathodes used in lithium-ion batteries for clients including Samsung SDI Co. and SK On Co. are provided by Ecopro BM Co., a listed subsidiary of Ecopro. Ecopro BM Co. is up 227 per cent and is the largest firm on the nation’s tech-heavy junior market Kosdaq, followed by its parent.

Ecopro’s quick rise is proof that investors’ rising desire for businesses can profit from the booming EV sector. However, there are questions about whether the increase has &nbsp;been too quick. Market analysts warn that the speculative wagers made by the influx of new retail investors brought on by the Covid 19 pandemic are capable of generating both unbearable losses and spectacular rewards.

According to Park, the market for rechargeable batteries will surely grow in the future, but it is unusual to see only a few firms making significant profits, according to Park. He also said that Ecopro has overheated as a result of its popularity with retail investors.

When compared to the same period last year, Ecopro’s revenue increased by 64 per cent to 2 trillion won, but its operating profit only increased by less than 1 per cent to 170.3 billion won. Despite increasing sales of EV cathodes, rising metal prices and currency fluctuations hurt profitability, according to the company’s earnings report. Ecopro BM is the source of the majority of its income.

Environmental inspiration

Lee, who was raised in a low-income household in the southeast port city of Pohang and attended night classes to study business management, established Ecopro in 1998 after being moved by the 1997 Kyoto Protocol’s goal to cut greenhouse gas emissions.

Initially&nbsp;concentrating Ecopro on creating ecologically friendly items, the 63-year-old, who had previously worked as an accountant and had another business selling furs that didn’t take off, switched to inventing materials for EV batteries 20 years ago.

Last year in March, he stepped down as CEO following allegations that numerous workers, including Lee, engaged in insider trading. According to a statement made by the Supreme Court last month, Lee used accounts that were registered to him under a different name and those that belonged to his children to trade Ecopro BM stocks using secret knowledge about the company’s cathode supply agreements in 2020 and 2021. He made almost 1.1 billion won as a result, it claimed.

With around 25 per cent of the company’s shares held directly and indirectly, Lee is still the largest stakeholder. According to the spokesperson, he and his family own the minimum of shares required to retain their managerial authority.

Governance improvements &nbsp;

The company established a monitoring system for insider trades, including those in non-listed companies, once the charges against Lee were made, the Ecopro representative said. By requiring high-profile executives and workers to register stock transactions, it also stepped-up compliance efforts.

The corporation joined the Fair-Trade Commission’s list of big business groups with assets worth more than 5 trillion won earlier this year. The holding company with 26 affiliates is now subject to stricter rules and scrutiny as a result of the inclusion.

Nevertheless, it is still unclear whether Ecopro can keep up with market expectations given the stock’s extraordinarily high value.

(With inputs from Bloomberg)

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The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion.

The shares of South Korean battery material manufacturer Ecopro Co. have increased 919 per cent this year thanks to the business’s explosive growth, which is the highest gain of any company with a market capitalisation of at least $10 billion. This is a clear indicator that the best-performing stock in the world can withstand almost anything, even the imprisonment of its founder for insider trading. Lee Dong-chae, its former chairman and chief executive officer, has seen enormous wealth gains as a result of that surge, which is attributed to a large number of Korean retail investors. According to the Bloomberg Billionaires Index, he and his family’s fortune increased by nearly $4.5 billion this year to reach $4.9 billion. These gains have mostly come while Lee has fought allegations of insider trading, which led to him being sentenced to two years in prison and paying a fine of 2.2 billion won ($1.7 million) for breaking capital markets law. At a time when worries are growing that Ecopro’s share price boom is unsustainable and has outpaced fundamentals, his detention, which South Korea’s Supreme Court upheld last month, has brought attention to the company’s governance. “I don’t think even Lee expected the company to grow so fast,” Park Ju-gun, head of corporate research firm Leaders Index in Seoul told Bloomberg. “Their internal infrastructure may not have developed at the speed of their growth.” The absence of Lee is felt by the company, according to a spokeswoman who told Bloomberg in a written statement that the company is “desperately in need” of his “forward-looking insight and spirit to challenge.” Retail Army Retail investors from South Korea, who dominate the country’s share market, are the driving force behind Ecopro’s surge. This year, companies that produce materials or components used in the construction of cars are prospering, and equities related to electric vehicles are the most popular trade. The cathodes used in lithium-ion batteries for clients including Samsung SDI Co. and SK On Co. are provided by Ecopro BM Co., a listed subsidiary of Ecopro. Ecopro BM Co. is up 227 per cent and is the largest firm on the nation’s tech-heavy junior market Kosdaq, followed by its parent. Ecopro’s quick rise is proof that investors’ rising desire for businesses can profit from the booming EV sector. However, there are questions about whether the increase has been too quick. Market analysts warn that the speculative wagers made by the influx of new retail investors brought on by the Covid 19 pandemic are capable of generating both unbearable losses and spectacular rewards. According to Park, the market for rechargeable batteries will surely grow in the future, but it is unusual to see only a few firms making significant profits, according to Park. He also said that Ecopro has overheated as a result of its popularity with retail investors. When compared to the same period last year, Ecopro’s revenue increased by 64 per cent to 2 trillion won, but its operating profit only increased by less than 1 per cent to 170.3 billion won. Despite increasing sales of EV cathodes, rising metal prices and currency fluctuations hurt profitability, according to the company’s earnings report. Ecopro BM is the source of the majority of its income. Environmental inspiration Lee, who was raised in a low-income household in the southeast port city of Pohang and attended night classes to study business management, established Ecopro in 1998 after being moved by the 1997 Kyoto Protocol’s goal to cut greenhouse gas emissions. Initially concentrating Ecopro on creating ecologically friendly items, the 63-year-old, who had previously worked as an accountant and had another business selling furs that didn’t take off, switched to inventing materials for EV batteries 20 years ago. Last year in March, he stepped down as CEO following allegations that numerous workers, including Lee, engaged in insider trading. According to a statement made by the Supreme Court last month, Lee used accounts that were registered to him under a different name and those that belonged to his children to trade Ecopro BM stocks using secret knowledge about the company’s cathode supply agreements in 2020 and 2021. He made almost 1.1 billion won as a result, it claimed. With around 25 per cent of the company’s shares held directly and indirectly, Lee is still the largest stakeholder. According to the spokesperson, he and his family own the minimum of shares required to retain their managerial authority. Governance improvements The company established a monitoring system for insider trades, including those in non-listed companies, once the charges against Lee were made, the Ecopro representative said. By requiring high-profile executives and workers to register stock transactions, it also stepped-up compliance efforts. The corporation joined the Fair-Trade Commission’s list of big business groups with assets worth more than 5 trillion won earlier this year. The holding company with 26 affiliates is now subject to stricter rules and scrutiny as a result of the inclusion. Nevertheless, it is still unclear whether Ecopro can keep up with market expectations given the stock’s extraordinarily high value. (With inputs from Bloomberg) WATCH WION LIVE HERE

Imprisoned South Korean billionaire’s wealth soars 919 pc. Here's why

Dell technologies stock jumped 22.2% on Friday to a new all-time high after the company upgraded its full-year earnings expectations thanks to the positive effects of artificial intelligence and a recovery in the demand for computer hardware after a prolonged downturn.

How AI boosted Dell's shares

Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters.&nbsp;

The overall market value of the Adani Group stood at around $132 billion on Wednesday, before dropping to nearly $128 billion on Thursday.&nbsp;

Barring the shares of ACC, all stocks of the Adani Group ended in the red, falling up to 4 per cent. Shares of Adani Green fell 4.39 per cent, followed by those of Adani Enterprises - the flagship company of the group. Shares of Adani Energy Solutions and Adani Ports ended over 3 per cent lower.

The Adani Group denied the accusations and referred to them as "mischievous and malicious" in a statement.

In a report published on Thursday, the OCCRP, a global network of investigative journalists, said&nbsp;that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling --&nbsp;with close ties to the Adani family&nbsp;spent&nbsp;years trading millions of dollars' worth of Adani Group stocks.&nbsp;

Records accessed by the OCCRP also revealed that a business controlled by a senior member of the Adani family sent instructions to the investment funds they used to trade in Adani Group shares.

Referring to the January report by US-based Hindenburg Research,&nbsp;which had accused the Indian conglomerate of corporate fraud and share price manipulation, the Adani Group called the news reports as another concerted bid to "revive the meritless Hindenburg report".&nbsp;

"These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs (foreign portfolio investors)," the Adani Group maintained.

The conglomerate added that the Supreme Court of India’s decision in its favor had brought the case to a conclusion in March 2023.&nbsp; The group claimed that there was “no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices".&nbsp;

“We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety,” the Adani Group said.

What does the OCCRP report say?&nbsp;

Documents obtained by OCCRP's allege that hundreds of millions of dollars were invested through mysterious investment funds located in Mauritius in publicly-traded Adani Group stocks.

"In at least two cases, representing Adani stock holdings that at one point reached $430 million, the mysterious investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family,"&nbsp;the OCCRP claimed&nbsp;in its report.

The documents revealed that two men --&nbsp;&nbsp;Nasser Ali Shaban Ahli and Chang Chung-Ling&nbsp;-- spent years buying and selling Adani stocks through "opaque" Mauritius funds that concealed their involvement and helped them earn large profits. Additionally, the documents showed&nbsp;that the management firm in charge of their investments paid a Vinod Adani-owned firm for investment advice.

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Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters.

Shares of the Adani Group dropped on Thursday after a report published by the Organized Crime and Corruption Reporting Project (OCCRP) alleged share price manipulation by individuals associated with the promoters. The overall market value of the Adani Group stood at around $132 billion on Wednesday, before dropping to nearly $128 billion on Thursday. Barring the shares of ACC, all stocks of the Adani Group ended in the red, falling up to 4 per cent. Shares of Adani Green fell 4.39 per cent, followed by those of Adani Enterprises - the flagship company of the group. Shares of Adani Energy Solutions and Adani Ports ended over 3 per cent lower. The Adani Group denied the accusations and referred to them as "mischievous and malicious" in a statement. In a report published on Thursday, the OCCRP, a global network of investigative journalists, said that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling -- with close ties to the Adani family spent years trading millions of dollars' worth of Adani Group stocks. Records accessed by the OCCRP also revealed that a business controlled by a senior member of the Adani family sent instructions to the investment funds they used to trade in Adani Group shares. Referring to the January report by US-based Hindenburg Research, which had accused the Indian conglomerate of corporate fraud and share price manipulation, the Adani Group called the news reports as another concerted bid to "revive the meritless Hindenburg report". "These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs (foreign portfolio investors)," the Adani Group maintained. The conglomerate added that the Supreme Court of India’s decision in its favor had brought the case to a conclusion in March 2023. The group claimed that there was “no evidence of any breach of the Minimum Public Shareholding (MPS) requirements or manipulation of stock prices". “We have complete faith in the due process of law and remain confident of the quality of our disclosures and corporate governance standards. In light of these facts, the timing of these news reports is suspicious, mischievous and malicious - and we reject these reports in their entirety,” the Adani Group said. What does the OCCRP report say? Documents obtained by OCCRP's allege that hundreds of millions of dollars were invested through mysterious investment funds located in Mauritius in publicly-traded Adani Group stocks. "In at least two cases, representing Adani stock holdings that at one point reached $430 million, the mysterious investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family," the OCCRP claimed in its report. The documents revealed that two men -- Nasser Ali Shaban Ahli and Chang Chung-Ling -- spent years buying and selling Adani stocks through "opaque" Mauritius funds that concealed their involvement and helped them earn large profits. Additionally, the documents showed that the management firm in charge of their investments paid a Vinod Adani-owned firm for investment advice. WATCH WION LIVE HERE

Adani share prices fall following reports of alleged share price manipulation 

Even as analysts applauded Nvidia's excellent second-quarter report, some investors were taken aback by the company's decision to buy back $25 billion of its shares after the stock had more than quadrupled this year. Nvidia's stock buyback has been ranked as the year's fifth-largest repurchase announcement among US-based corporations. Nvidia's share price has increased by over 220% in 2023, prompting investors to wonder why.

Nvidia's $25 BN buyback rattles investors

In the fast-paced arena of global economics sometimes all it takes is a pair of sneakers to tell a compelling story. Nike, the iconic sportswear brand synonymous with Innovation and style is currently experiencing a rather uncharacteristic stumble.

Nike's stock faces millennial shift

US investment bank Goldman Sachs has picked up a stake in the Adnani Powers Ltd, which sold shares worth $1 billion in a block deal.

The bank bought 103 million Adani Power shares for Rs 2,876 crore (over $300 million&nbsp;).

In total, Adani Powers sold 311 million shares in the firm on Wednesday at an average price of Rs 279.17 per share, which amounts to Rs 8.7 billion, according to data shared by the firm to the Indian stock exchange BSE.

The news of heavy investment witnessed a strong buying of Adani Power shares by local investors. Adani Power's share opened up&nbsp;on Thursday (Aug 17) and went on to hit an intraday high of Rs 288.50 apiece on the National Stock Exchange, clocking over 3 per cent intraday rise during early morning deals.

Apart from Goldman Sachs, Rajiv Jain-led GQG bought 152 million shares at an average price of Rs 279.15 apiece in a series of secondary block transactions.

<h2>GQG invests in Adani</h2>

"The GQG investment in Adani Power is a landmark deal, that showcases another vertical in the emerging energy transition space in which Adani portfolio companies are playing a leading role.

"This transaction also highlights the vote of confidence of global investor in India’s new age and re-energised power sector that is being propelled by energy transition plan of Indian government," said GQG in a note.

GQG Partners is always known for taking contrarian bets and its assets under management are worth close to $100 billion.&nbsp;

It holds about $13 billion in Indian companies including ITC, Sun Pharmaceutical Industries, State Bank of India, ICICI Bank and Housing Development Finance Corp (now merged with HDFC Bank).

Notably, the renewed interest on Adani Powers comes days after Qatar Investment Authority, a sovereign fund, picked up a 2.7 per cent stake in Adani Green Energy for Rs3.9 billion.

Recently, Deloitte quit as the auditor of Adani Ports, renewing investor concerns even as the group slowly recovers from a report by US short-seller Hindenburg Research, released in January.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/intel-drops-54-billion-deal-after-china-holds-up-approval-report-626275">Intel drops $5.4 billion deal after China holds up approval: Report&nbsp;</a>

The report, which alleged improper use of tax havens and concerns over the conglomerate's debt levels - something it denies - wiped out nearly $147 billion from the market cap of the group's listed entities.

Though shares of the group companies have rebounded, they are still down around $100 billion in value.

Adani Ports had said that Deloitte's reason for quitting as its auditor was not convincing or sufficient to warrant such a move.

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US investment bank Goldman Sachs has picked up a stake in the Adnani Powers Ltd, which sold shares worth $1 billion in a block deal. The bank bought 103 million Adani Power shares for Rs 2,876 crore (over $300 million ).

US investment bank Goldman Sachs has picked up a stake in the Adnani Powers Ltd, which sold shares worth $1 billion in a block deal. The bank bought 103 million Adani Power shares for Rs 2,876 crore (over $300 million ). In total, Adani Powers sold 311 million shares in the firm on Wednesday at an average price of Rs 279.17 per share, which amounts to Rs 8.7 billion, according to data shared by the firm to the Indian stock exchange BSE. The news of heavy investment witnessed a strong buying of Adani Power shares by local investors. Adani Power's share opened up on Thursday (Aug 17) and went on to hit an intraday high of Rs 288.50 apiece on the National Stock Exchange, clocking over 3 per cent intraday rise during early morning deals. Apart from Goldman Sachs, Rajiv Jain-led GQG bought 152 million shares at an average price of Rs 279.15 apiece in a series of secondary block transactions. GQG invests in Adani "The GQG investment in Adani Power is a landmark deal, that showcases another vertical in the emerging energy transition space in which Adani portfolio companies are playing a leading role. "This transaction also highlights the vote of confidence of global investor in India’s new age and re-energised power sector that is being propelled by energy transition plan of Indian government," said GQG in a note. GQG Partners is always known for taking contrarian bets and its assets under management are worth close to $100 billion. It holds about $13 billion in Indian companies including ITC, Sun Pharmaceutical Industries, State Bank of India, ICICI Bank and Housing Development Finance Corp (now merged with HDFC Bank). Notably, the renewed interest on Adani Powers comes days after Qatar Investment Authority, a sovereign fund, picked up a 2.7 per cent stake in Adani Green Energy for Rs3.9 billion. Recently, Deloitte quit as the auditor of Adani Ports, renewing investor concerns even as the group slowly recovers from a report by US short-seller Hindenburg Research, released in January. Also read | Intel drops $5.4 billion deal after China holds up approval: Report The report, which alleged improper use of tax havens and concerns over the conglomerate's debt levels - something it denies - wiped out nearly $147 billion from the market cap of the group's listed entities. Though shares of the group companies have rebounded, they are still down around $100 billion in value. Adani Ports had said that Deloitte's reason for quitting as its auditor was not convincing or sufficient to warrant such a move. WATCH WION LIVE HERE

Goldman Sachs picks up stake in Adani Power, invests over $300 million

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H&amp;M shares hit a 16-month high on Thursday after its second-quarter profit beat estimates with its summer collection doing well as warmer weather arrives in Europe. 
 
H&amp;M, which has lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its higher-priced brands, targeting shoppers less vulnerable to the rising cost of living as fast-fashion giant Shein takes market share with less expensive clothes.

Shares in the world's second-biggest fashion retailer jumped 10.8 per cent&nbsp;to hit their highest level since February 2022. They were last trading at 174.6 Swedish crowns. 
 
H&amp;M increased sales in many markets despite a squeeze on consumers' spending ability and "unfavourable" weather,&nbsp;CEO Helena Helmersson said, adding that its summer collection had got off to a good start as temperatures rose across northern Europe.

Also read |<a href="https://www.wionews.com/world/hm-zara-among-brands-accused-of-unfairly-treating-bangladesh-suppliers-paid-them-less-than-production-costs-551622">&nbsp;H&amp;M, Zara among brands accused of treating Bangladesh suppliers unfairly, paying less than their cost</a> 
 
Sales from June 1-27 were up 10 per cent&nbsp;from a year earlier, H&amp;M said, a good sign for the start of its third quarter. 
 
A sharp drop in inventory levels was another positive surprise, said Cedric Rossi, next-gen consumer analyst at Bryan Garnier in Paris. 
 
"I was really surprised to see that, without any higher promotional activity - because markdowns were in line with last year - H&amp;M decreased its inventory position," Rossi said. H&amp;M's inventory was at 16.7 per cent&nbsp;of rolling 12-month sales on May 31, down from 19.2 per cent a year earlier. 
 
The stronger-than-expected profit and inventory position helped investors digest a weaker margin of 8.2 per cent&nbsp;for the second quarter, down from 9.2 per cent&nbsp;a year earlier. 
 
H&amp;M blamed high raw material and freight costs for the lower margin, but said these factors had "pivoted from being negative to being positive", indicating easing inflationary pressure. 
 
H&amp;M last year announced layoffs and other cost cuts that it said would help it reduce costs from the second half of 2023 onwards. 
 
"The external factors that affect our purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and much of the work that we have done in recent years is starting to bear fruit," Helmersson said.

Operating profit in the Swedish group's March-May second quarter was 4.74 billion Swedish crowns ($438.6 million) down from 4.98 billion a year earlier, but above the 4.07 billion forecast by analysts in a Refinitiv poll. 
 
H&amp;M, which closed a total of 303 stores across its brands in the year to May 31, said its new store openings would mainly be in "growth markets" while it would close stores mainly in established markets.

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H&M shares hit a 16-month high on Thursday after its second-quarter profit beat estimates with its summer collection doing well as warmer weather arrives in Europe.

H&M shares hit a 16-month high on Thursday after its second-quarter profit beat estimates with its summer collection doing well as warmer weather arrives in Europe. H&M, which has lagged Zara owner Inditex, has sought to raise its fashion appeal and boost its higher-priced brands, targeting shoppers less vulnerable to the rising cost of living as fast-fashion giant Shein takes market share with less expensive clothes. Shares in the world's second-biggest fashion retailer jumped 10.8 per cent to hit their highest level since February 2022. They were last trading at 174.6 Swedish crowns. H&M increased sales in many markets despite a squeeze on consumers' spending ability and "unfavourable" weather, CEO Helena Helmersson said, adding that its summer collection had got off to a good start as temperatures rose across northern Europe. Also read | H&M, Zara among brands accused of treating Bangladesh suppliers unfairly, paying less than their cost Sales from June 1-27 were up 10 per cent from a year earlier, H&M said, a good sign for the start of its third quarter. A sharp drop in inventory levels was another positive surprise, said Cedric Rossi, next-gen consumer analyst at Bryan Garnier in Paris. "I was really surprised to see that, without any higher promotional activity - because markdowns were in line with last year - H&M decreased its inventory position," Rossi said. H&M's inventory was at 16.7 per cent of rolling 12-month sales on May 31, down from 19.2 per cent a year earlier. The stronger-than-expected profit and inventory position helped investors digest a weaker margin of 8.2 per cent for the second quarter, down from 9.2 per cent a year earlier. H&M blamed high raw material and freight costs for the lower margin, but said these factors had "pivoted from being negative to being positive", indicating easing inflationary pressure. H&M last year announced layoffs and other cost cuts that it said would help it reduce costs from the second half of 2023 onwards. "The external factors that affect our purchasing costs continue to improve, work on the cost and efficiency programme is proceeding at full speed, and much of the work that we have done in recent years is starting to bear fruit," Helmersson said. Operating profit in the Swedish group's March-May second quarter was 4.74 billion Swedish crowns ($438.6 million) down from 4.98 billion a year earlier, but above the 4.07 billion forecast by analysts in a Refinitiv poll. H&M, which closed a total of 303 stores across its brands in the year to May 31, said its new store openings would mainly be in "growth markets" while it would close stores mainly in established markets. WATCH WION LIVE HERE:

H&M shares jump 10% as summer collection boosts profit

Deutsche Bank&nbsp;has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.

Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank.

In the circular, Deutsche attributed the shortfall to a decision by Moscow to allow investors to convert some of the DRs into local stock. The conversion was carried out without the German bank's "involvement or oversight" and Deutsche was unable to reconcile the company shares with the depositary receipts.

It is the first major bank to formally inform depositary receipt holders that they may not get take ownership of precisely all the shares they are entitled to, two sources advising investors who continue to hold Russian DRs told Reuters.

DRs are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. Swapping DRs for shares in the Russian company is a first step towards an effort to recover their money.

Shares affected include those in national airline Aeroflot, construction firm LSR Group, mining and steel firm Mechel&nbsp;and Novolipetsk Steel. Mechel declined to comment, while the remaining companies did not immediately respond to a Reuters request for comments. 
 
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Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.

Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies. Germany's largest bank said in a note dated June 9 and viewed by Reuters that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had issued before the Ukraine invasion. The shares have been held in Russia by a different depositary bank. In the circular, Deutsche attributed the shortfall to a decision by Moscow to allow investors to convert some of the DRs into local stock. The conversion was carried out without the German bank's "involvement or oversight" and Deutsche was unable to reconcile the company shares with the depositary receipts. It is the first major bank to formally inform depositary receipt holders that they may not get take ownership of precisely all the shares they are entitled to, two sources advising investors who continue to hold Russian DRs told Reuters. DRs are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. Swapping DRs for shares in the Russian company is a first step towards an effort to recover their money. Shares affected include those in national airline Aeroflot, construction firm LSR Group, mining and steel firm Mechel and Novolipetsk Steel. Mechel declined to comment, while the remaining companies did not immediately respond to a Reuters request for comments. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Deutsche Bank tells investors some of their Russian shares are missing: Report

At a time when IT employees were being laid off across the world over fears of recession, the Indian tech giant Infosys seems to be making efforts to ensure the well-being of its staff.

In a stock exchange filing on May 14, Infosys disclosed that it disbursed more than 500,000 equity shares worth around 650 million Indian rupees ($78 million) to eligible employees as a reward for their key contributions to the company’s growth.

The shares were allotted on May 12 under two employee-related schemes that seek to expand employees' ownership in the company.

Of the total shares allotted to the employees, 104,335 equity shares were allotted under the 2015 Stock Incentive Compensation Plan; and 407,527 equity shares under the Infosys Expanded Stock Ownership Programme 2019.

"This is to inform that the company has allotted 511,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees," Infosys said in its Bombay Stock Exchange (BSE) filing.

The practice of allotting company shares is often undertaken to motivate and retain talented and critical employees.

In the case of Infosys, the stock options are provided under its 2019 Incentive Compensation plan to encourage employees to align individual performance with the company’s objectives.

Under this plan, all employees of Infosys are eligible to participate. The appraisal process for determining the eligibility of employees for the grant of restricted stock units under this plan is determined by an administrator and is based on their level in the organisation, their performance and future potential, and any other criteria as will be determined by the administrator from time to time, Infosys said.

And in the event of termination of employment, or resignation of the participant, under the restricted stock units granted under the relevant award agreement which are not yet vested in the participant shall automatically terminate if the vesting criteria have not been satisfied, as of the date of termination or resignation, as the case may be, Infosys said.

Infosys in its filing further said that the issued and subscribed share capital of the company stands increased to Rs 20,749,373,460- divided into 4,149,874,692 equity shares of Rs 5 each.

On Monday, Infosys shares were trading 1 per cent higher at Rs 1,257 on BSE.

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At a time when IT employees were being laid off across the world over fears of recession, the Indian tech giant Infosys seems to be making efforts to ensure the well-being of its staff.

At a time when IT employees were being laid off across the world over fears of recession, the Indian tech giant Infosys seems to be making efforts to ensure the well-being of its staff. In a stock exchange filing on May 14, Infosys disclosed that it disbursed more than 500,000 equity shares worth around 650 million Indian rupees ($78 million) to eligible employees as a reward for their key contributions to the company’s growth. The shares were allotted on May 12 under two employee-related schemes that seek to expand employees' ownership in the company. Of the total shares allotted to the employees, 104,335 equity shares were allotted under the 2015 Stock Incentive Compensation Plan; and 407,527 equity shares under the Infosys Expanded Stock Ownership Programme 2019. "This is to inform that the company has allotted 511,862 equity shares on May 12, 2023, pursuant to the exercise of Restricted Stock Units by eligible employees," Infosys said in its Bombay Stock Exchange (BSE) filing. The practice of allotting company shares is often undertaken to motivate and retain talented and critical employees. In the case of Infosys, the stock options are provided under its 2019 Incentive Compensation plan to encourage employees to align individual performance with the company’s objectives. Under this plan, all employees of Infosys are eligible to participate. The appraisal process for determining the eligibility of employees for the grant of restricted stock units under this plan is determined by an administrator and is based on their level in the organisation, their performance and future potential, and any other criteria as will be determined by the administrator from time to time, Infosys said. And in the event of termination of employment, or resignation of the participant, under the restricted stock units granted under the relevant award agreement which are not yet vested in the participant shall automatically terminate if the vesting criteria have not been satisfied, as of the date of termination or resignation, as the case may be, Infosys said. Infosys in its filing further said that the issued and subscribed share capital of the company stands increased to Rs 20,749,373,460- divided into 4,149,874,692 equity shares of Rs 5 each. On Monday, Infosys shares were trading 1 per cent higher at Rs 1,257 on BSE. WATCH WION LIVE HERE

Indian IT giant Infosys rewards top employees with $78 million worth of equity shares

Shares of Airbnb dropped as much as 6 per cent on Thursday following the release of a report by The Bear Cave, which probed about unpleasant experiences that customers had during stays booked through the platform.

The report highlighted numerous horror incidents, including surprise cleaning requirements, last-minute cancellations, and guests finding hidden cameras in their rooms.

Airbnb has not been able to come clear on the matter. This news pulled the company's shares down by 5 per cent.

However, Airbnb's revenue in 2022 was up 40 per cent from a year earlier, making it the company's most profitable year on record.

In addition, the San-Francisco-based firm reported a 16 per cent increase in active listings in Q4 2022 over the same period in 2021.

Nights and experiences booked also rose 20 per cent year-over-year but missed analysts' estimates.

Despite concerns about a slowing economy, travel companies said earlier this year that they had not yet seen a decrease in demand.

However, last month, a fire broke out in a building in Montreal used by long-term residents and short-term guests who booked lodgings through Airbnb.

City officials said the units in the residential building were supposed to be rented for other purposes.

The Bear Cave report also noted that some of the company's top professional hosts have cut out Airbnb and built their own booking platforms, offering cheaper deals.

According to the report, this increase in professionally managed properties will directly compete against Airbnb and may further threaten its revenues.&nbsp;

However, some analysts remain optimistic about Airbnb's prospects.

"Airbnb sits in a much more favourable supply market and looks much more like Amazon: everything on Amazon is pretty much purchasable another way, but that does not make it a less valuable platform," said Bernstein analyst Richard Clarke in a note.

Airbnb laid off some recruiting staff in March to protect margins, and with the latest report causing a stir, the company may have to invest more in ensuring customers have positive experiences on its platform.

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Shares of Airbnb dropped as much as 6 per cent on Thursday following the release of a report by The Bear Cave, which probed about unpleasant experiences that customers had during stays booked through the platform.

Shares of Airbnb dropped as much as 6 per cent on Thursday following the release of a report by The Bear Cave, which probed about unpleasant experiences that customers had during stays booked through the platform. The report highlighted numerous horror incidents, including surprise cleaning requirements, last-minute cancellations, and guests finding hidden cameras in their rooms. Airbnb has not been able to come clear on the matter. This news pulled the company's shares down by 5 per cent. However, Airbnb's revenue in 2022 was up 40 per cent from a year earlier, making it the company's most profitable year on record. In addition, the San-Francisco-based firm reported a 16 per cent increase in active listings in Q4 2022 over the same period in 2021. Nights and experiences booked also rose 20 per cent year-over-year but missed analysts' estimates. Despite concerns about a slowing economy, travel companies said earlier this year that they had not yet seen a decrease in demand. However, last month, a fire broke out in a building in Montreal used by long-term residents and short-term guests who booked lodgings through Airbnb. City officials said the units in the residential building were supposed to be rented for other purposes. The Bear Cave report also noted that some of the company's top professional hosts have cut out Airbnb and built their own booking platforms, offering cheaper deals. According to the report, this increase in professionally managed properties will directly compete against Airbnb and may further threaten its revenues. However, some analysts remain optimistic about Airbnb's prospects. "Airbnb sits in a much more favourable supply market and looks much more like Amazon: everything on Amazon is pretty much purchasable another way, but that does not make it a less valuable platform," said Bernstein analyst Richard Clarke in a note. Airbnb laid off some recruiting staff in March to protect margins, and with the latest report causing a stir, the company may have to invest more in ensuring customers have positive experiences on its platform. WATCH WION LIVE HERE

Airbnb shares fall after probe into unpleasant customer experiences

Shares of UBS plunged on Monday (March 20) after Switzerland's largest bank took over its troubled rival Credit Suisse for USD 3.25 billion. The takeover, aimed at preventing economic turmoil from spreading throughout the country and beyond, failed to calm market's&nbsp;nerves. UBS shares fell as much as 12 per cent before clawing back to some extent.

Shares of Credit Suisse, for their part, opened almost 64 per cent lower, at just 0.68 Swiss francs per share, well below the UBS takeover price.

Watch | Credit Suisse shareholders take hit as UBS announces deal

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Last week, Credit Suisse shares suffered a heavy fall&nbsp;on the stock market. On Friday, the share price closed at 1.86 Swiss francs. UBS said Credit Suisse shareholders would get 0.76 Swiss francs per share.

Credit Suisse's share price has tumbled from 12.78 Swiss francs in February 2021 due to a string of scandals and crises that it has been unable to shake off.

Like UBS, Credit Suisse was one of 30 worldwide&nbsp;systemically important banks. This means that the bank was deemed of such vital importance to the global banking system that it was called "too big to fail."

But the markets saw the bank as a weak link in the chain.

Amid fears of contagion after the collapse of two US banks, Credit Suisse's share price plunged by more than 30 per cent last Wednesday to a record low of 1.55 Swiss francs, prompting the central bank to step in and offer a $54-billion lifeline.

Also Read | <a href="https://www.wionews.com/business-economy/credit-suisse-ubs-merger-sets-off-central-banks-catering-to-bolster-cash-flow-573814">Credit Suisse, UBS merger sets off central banks catering to bolster cash flow</a>

But after recovering some ground Thursday, it saw its shares plunge again, prompting a weekend of frenzied negotiations before the Swiss government, central bank and regulator, along with the two banking giants announced the mega-takeover late Sunday.

(With inputs from agencies)

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Shares of UBS plunged on Monday (March 20) after Switzerland's largest bank took over its troubled rival Credit Suisse for USD 3.25 billion. The takeover, aimed at preventing economic turmoil from spreading throughout the country and beyond, failed to calm market's nerves.

Shares of UBS plunged on Monday (March 20) after Switzerland's largest bank took over its troubled rival Credit Suisse for USD 3.25 billion. The takeover, aimed at preventing economic turmoil from spreading throughout the country and beyond, failed to calm market's nerves. UBS shares fell as much as 12 per cent before clawing back to some extent. Shares of Credit Suisse, for their part, opened almost 64 per cent lower, at just 0.68 Swiss francs per share, well below the UBS takeover price. Watch | Credit Suisse shareholders take hit as UBS announces deal × Last week, Credit Suisse shares suffered a heavy fall on the stock market. On Friday, the share price closed at 1.86 Swiss francs. UBS said Credit Suisse shareholders would get 0.76 Swiss francs per share. Credit Suisse's share price has tumbled from 12.78 Swiss francs in February 2021 due to a string of scandals and crises that it has been unable to shake off. Like UBS, Credit Suisse was one of 30 worldwide systemically important banks. This means that the bank was deemed of such vital importance to the global banking system that it was called "too big to fail." But the markets saw the bank as a weak link in the chain. Amid fears of contagion after the collapse of two US banks, Credit Suisse's share price plunged by more than 30 per cent last Wednesday to a record low of 1.55 Swiss francs, prompting the central bank to step in and offer a $54-billion lifeline. Also Read | Credit Suisse, UBS merger sets off central banks catering to bolster cash flow But after recovering some ground Thursday, it saw its shares plunge again, prompting a weekend of frenzied negotiations before the Swiss government, central bank and regulator, along with the two banking giants announced the mega-takeover late Sunday. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

UBS shares take major hit after buyout of Credit Suisse

The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution.

"Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement.

ALSO READ | <a href="https://www.wionews.com/business-economy/credit-suisses-survival-is-in-focus-after-shares-hit-a-new-record-low-572401">Credit Suisse's survival is in focus after shares hit a new record low</a>

Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion.

Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake.

The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls.

The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent.

WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector

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Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic".

"We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October.

(With inputs from agencies)

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The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required.

The Swiss central bank on Wednesday said that the embattled Credit Suisse's capital and liquidity levels were adequate but emphasised that it is prepared to make liquidity available to the bank if required. The announcement was made after shares of the second-biggest bank in Switzerland nosedived to historic lows as its main shareholder declined to invest any money in the institution. "Credit Suisse meets the higher capital and liquidity requirements applicable to systemically important banks," said the Swiss National Bank (SNB) and Swiss financial regulator Finma, in a joint statement. ALSO READ | Credit Suisse's survival is in focus after shares hit a new record low Liquidity will be provided by the SNB to Credit Suisse "if necessary", the statement further read, as the turbulent day came to an end during which the market value of the bank fell below $7 billion. Credit Suisse's share price fell sharply after Saudi National Bank chairman Ammar al-Khudairy said that it would "absolutely not" up its stake. The market value of Credit Suisse had already received a heavy blow this week amid fears of contagion from the fall of two major banks in the US and its annual report stating "material weaknesses" in internal controls. The shares of the bank went for a freefall on the Swiss stock exchange, declining more than 30 per cent to hit a record low of 1.55 Swiss francs. By the end of the day's trading, the bank was able to regain some ground as its shares closed at 1.697 Swiss francs, declining by 24.24 per cent. WATCH | Financial shares fall as Credit Suisse becomes latest crisis for the sector Amid the panic in the market, Credit Suisse chairman Axel Lehmann, speaking at the Financial Sector Conference in Saudi Arabia, said no assistance is needed by the government, saying it "isn't a topic". "We have strong capital ratios, a strong balance sheet. We already took the medicine," said Lehmann, referring to the drastic restructuring plan of the bank revealed in October. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Will make liquidity available to Credit Suisse if required, says Swiss central bank

Tesla's stock is losing value day after day. Its boss Tesla's Chief Executive Elon Musk addressed employees telling them that they should not be bothered by the stock market's craziness.

World Business Watch: Tesla's stock losing value with a fall of nearly 70% this year

Twitter account that tracks flights of Elon Musk's private jet has been suspended despite musk earlier saying that his commitment to free speech extended to not banning the account.

Twitter grounds account tracking Elon Musk's jet; Musk earlier promised the account was safe

Tesla’s Chief Executive Officer Elon Musk sold 22 million shares worth $3.6 billion, as the total valuation of the shares sold by him this year touched $40 billion and the shares of the company touched a two-year low.&nbsp;According to a US securities filing, 22 million shares were unloaded by Musk in the most valuable car-making company in the world in a span of three days between Monday to Wednesday.

This is the second time since stocks in huge number have been sold by Musk after he made the Twitter purchase worth $44 billion in October.&nbsp; &nbsp;

ALSO READ|&nbsp;<a href="https://www.wionews.com/world/elon-musk-no-longer-worlds-richest-man-check-who-is-542818">Elon Musk no longer world's richest man. Check who is</a>

Although, it’s unclear if the sale of shares is related to the acquisition of Twitter, however, the investors are annoyed by the perception that Musk’s focus as well as resources are getting diverted from Tesla to Twitter.

Brokerage IG Markets’ analyst Tony Sycamore said, "It doesn't put a lot of confidence in the business, or speak volumes for where his attention is at.”

"It's not a good situation. I've spoken to a lot of investors who have Tesla shares and they're absolutely furious at Elon,” he added.

This year, the stock price of Tesla has decreased by 50%, as it has continuously underperformed at both broader tech-heavy Nasdaq and automakers.

WATCH|&nbsp;Twitter grounds account tracking Elon Musk's jet; Musk earlier promised the account was safe

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Maybank Securities’ head of prime brokerage Tareck Horchani said, “It will start to be tiring for investors.”

The fortune of Musk, which is mostly related to Tesla shares, has seen a significant decrease in prices this year and has resulted in him losing the tag of the richest person in the world last week to Louis Vuitton boss Bernard Arnault, as per Forbes.

A month before, shares worth $4 billion were sold by Musk days after the Twitter deal was closed. Musk’s supporter and Tesla investor Ross Gerber tweeted that an announcement of buyback should be made by Tesla "to take advantage to (sic) the low share price Elon has created”.&nbsp;

(With inputs from agencies)

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Tesla’s Chief Executive Officer Elon Musk sold 22 million shares worth $3.6 billion, as the total valuation of the shares sold by him this year touched $40 billion and the shares of the company touched a two-year low.

Tesla’s Chief Executive Officer Elon Musk sold 22 million shares worth $3.6 billion, as the total valuation of the shares sold by him this year touched $40 billion and the shares of the company touched a two-year low. According to a US securities filing, 22 million shares were unloaded by Musk in the most valuable car-making company in the world in a span of three days between Monday to Wednesday. This is the second time since stocks in huge number have been sold by Musk after he made the Twitter purchase worth $44 billion in October. ALSO READ| Elon Musk no longer world's richest man. Check who is Although, it’s unclear if the sale of shares is related to the acquisition of Twitter, however, the investors are annoyed by the perception that Musk’s focus as well as resources are getting diverted from Tesla to Twitter. Brokerage IG Markets’ analyst Tony Sycamore said, "It doesn't put a lot of confidence in the business, or speak volumes for where his attention is at.” "It's not a good situation. I've spoken to a lot of investors who have Tesla shares and they're absolutely furious at Elon,” he added. This year, the stock price of Tesla has decreased by 50%, as it has continuously underperformed at both broader tech-heavy Nasdaq and automakers. WATCH| Twitter grounds account tracking Elon Musk's jet; Musk earlier promised the account was safe Maybank Securities’ head of prime brokerage Tareck Horchani said, “It will start to be tiring for investors.” The fortune of Musk, which is mostly related to Tesla shares, has seen a significant decrease in prices this year and has resulted in him losing the tag of the richest person in the world last week to Louis Vuitton boss Bernard Arnault, as per Forbes. A month before, shares worth $4 billion were sold by Musk days after the Twitter deal was closed. Musk’s supporter and Tesla investor Ross Gerber tweeted that an announcement of buyback should be made by Tesla "to take advantage to (sic) the low share price Elon has created”. (With inputs from agencies)

Elon Musk sells Tesla’s 22 million shares worth $3.6 billion in three days

Indian markets have been on a high since many days but today they have also registered some losses. Overall Asian shares were tense ahead of US payrolls data.

World Business Watch | Asian shares flat ahead of U.S. payrolls data

Apple Inc shares tumbled by 1.4 per cent on Monday (November 28) as concerns mounted over supply of iPhone-14 models in light of unrest at the world's biggest iPhone factory in China. The production of the higher end models is already hit. Foxconn-operated iPhone plant in Zhengzhou has seen thousands of employees quitting over strict COVID-19 restrictions.

Chinese government is pursuing its strict 'Zero-Covid policy'. However, implementation of super-strict lockdowns are now causing nationwide unrest.

Bloomberg News reported that there could be shortfall of 6 million iPhone Pro smartphones this year due to problems at the factory.

Wedbush Securities estimated that the production snafus could affect between 5% and 10% of iPhone units in the current quarter. KGI Securities analyst Christine Wang pegged the figure at around 10 million units, or 12%, assuming the issues last through December.

There was no immediate response from Apple.

"The ongoing challenges around delays in returning to a normal level of production at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months," J.P. Morgan analysts said.

US customers wait for about 33 days for their iPhone 14 Pro and Pro Max models to be delivered home, and the same models are not available for in-store pickup, the brokerage said.

Apple shares have fallen 3.4% in November, compared with a 2% gain in the Nasdaq Composite index.

(With inputs from agencies)

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Apple Inc shares tumbled by 1.4 per cent on Monday (November 28) as concerns mounted over supply of iPhone-14 models in light of unrest at the world's biggest iPhone factory in China.

Apple Inc shares tumbled by 1.4 per cent on Monday (November 28) as concerns mounted over supply of iPhone-14 models in light of unrest at the world's biggest iPhone factory in China. The production of the higher end models is already hit. Foxconn-operated iPhone plant in Zhengzhou has seen thousands of employees quitting over strict COVID-19 restrictions. Chinese government is pursuing its strict 'Zero-Covid policy'. However, implementation of super-strict lockdowns are now causing nationwide unrest. Bloomberg News reported that there could be shortfall of 6 million iPhone Pro smartphones this year due to problems at the factory. Wedbush Securities estimated that the production snafus could affect between 5% and 10% of iPhone units in the current quarter. KGI Securities analyst Christine Wang pegged the figure at around 10 million units, or 12%, assuming the issues last through December. There was no immediate response from Apple. "The ongoing challenges around delays in returning to a normal level of production at the Zhengzhou facility could limit the pace with which supply-demand equilibrium can be reached in the coming months," J.P. Morgan analysts said. US customers wait for about 33 days for their iPhone 14 Pro and Pro Max models to be delivered home, and the same models are not available for in-store pickup, the brokerage said. Apple shares have fallen 3.4% in November, compared with a 2% gain in the Nasdaq Composite index. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Apple shares tumble as factory unrest in China raises concern 

In a post-Covid world, Zoom Video Communications Inc. shares have lost approximately 90 per cent&nbsp;of their value since the pandemic&nbsp;peak in October 2020. &nbsp;&nbsp;

The business lowered its annual sales projection and reported its slowest quarterly growth, which led at least six brokerages to lower their price targets, and the stock was down over 10 per cent&nbsp;on Tuesday.&nbsp;

The business is attempting to reinvent itself by focusing on businesses with products like the cloud-calling service Zoom Phone and the conference-hosting offering Zoom Rooms.&nbsp;

The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, is trying to reinvent itself.

Analysts predict that any business revival will take a few more quarters as the growth of its core online business slows and competition from Microsoft Corp.'s Teams, Cisco's Webex, and Salesforce's Slack increases.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/trending/rare-dinosaur-specimen-pulled-out-of-auction-after-questions-over-authenticity-536424">Rare Dinosaur skeleton pulled out of auction after questions over authenticity</a>

Hargreaves Lansdown equity analyst Sophie Lund-Yates said, "Zoom has a fundamental flaw - it has needed to spend heavily to keep hold of market share. Spending to cling onto, rather than grow, market share is never a good place to be and was a sign of trouble ahead."

Due to increased spending on product development and marketing, the company's operational expenses increased by 56 per cent&nbsp;in the third quarter.

Some brokerages believe acquisitions could help Zoom recover its growth. However, Chief Executive Eric Yuan stated on a post-earnings call that he continues to observe more deal scrutiny for new business.

(with inputs from agencies) 
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In a post-Covid world, Zoom Video Communications Inc. shares have lost approximately 90 per cent of their value since the pandemic peak in October 2020. The business lowered its annual sales projection and reported its slowest quarterly growth, which led at least six brokerages to lower their price targets, and the stock was down over 10 per cent on Tuesday.

In a post-Covid world, Zoom Video Communications Inc. shares have lost approximately 90 per cent of their value since the pandemic peak in October 2020. The business lowered its annual sales projection and reported its slowest quarterly growth, which led at least six brokerages to lower their price targets, and the stock was down over 10 per cent on Tuesday. The business is attempting to reinvent itself by focusing on businesses with products like the cloud-calling service Zoom Phone and the conference-hosting offering Zoom Rooms. The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, is trying to reinvent itself. Analysts predict that any business revival will take a few more quarters as the growth of its core online business slows and competition from Microsoft Corp.'s Teams, Cisco's Webex, and Salesforce's Slack increases. Also Read: Rare Dinosaur skeleton pulled out of auction after questions over authenticity Hargreaves Lansdown equity analyst Sophie Lund-Yates said, "Zoom has a fundamental flaw - it has needed to spend heavily to keep hold of market share. Spending to cling onto, rather than grow, market share is never a good place to be and was a sign of trouble ahead." Due to increased spending on product development and marketing, the company's operational expenses increased by 56 per cent in the third quarter. Some brokerages believe acquisitions could help Zoom recover its growth. However, Chief Executive Eric Yuan stated on a post-earnings call that he continues to observe more deal scrutiny for new business. (with inputs from agencies)

Zoom shares down 90% from pandemic peak in October 2020

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