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. 
 
&nbsp;

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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

Elon Musk's SpaceX is mulling over an offering of mostly secondary shares which will spur the valuation of the company from the $125 billion fetched earlier this year to about $150 billion, according to sources quoted by Reuters.&nbsp;

As per Reuters, after discussions with investors SpaceX will offer the new shares at about $85 apiece. The plan will fetch SpaceX a 20 per cent&nbsp;increase in valuation.&nbsp;With the issuance of these new shares, the offering is expected to raise one billion dollars for rocket and satellite company SpaceX.&nbsp;&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/elon-musk-fires-twitter-engineers-who-questioned-him-publicly-534252">Elon Musk fires Twitter engineer who questioned him publicly</a>

Discussions are undergoing with potential investors. The $85 share price is up from a split-adjusted $70 per share fetched earlier this year, sources said.

The offering would be aimed at helping employees and shareholders to take advantage as they will be able to sell their shares in the secondary market without the company itself going public.

Elon Musk's SpaceX routinely offers such liquidity programmes to its employees.&nbsp;However, Reuters sources clarified that any such share sale plan requires SpaceX’s approval and can change.&nbsp;

Before Reuters' sources, the SpaceX discussions to offer new shares was first reported by Bloomberg News on Tuesday. Hours after the report Musk tweeted the report was false. However, he refrained from delving into the details.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/videos/twitter-ceo-elon-musk-delays-blue-tick-relaunch-till-november-29-534615">Twitter CEO Elon Musk delays blue tick relaunch till November 29</a>

In another key development, Musk has said he plans to provide similar shares and liquidity programmes for Twitter. Musk recently completed the acquisition of microblogging site Twitter in a $44 billion deal.&nbsp;

Investors are also increasingly&nbsp;showing their interest in SpaceX as the California-based firm has achieved much in the last year. More recently, on November 1, SpaceX launched the world's most powerful active rocket, Falcon Heavy, into a geosynchronous Earth orbit at the Kennedy Space Center in Florida, US.&nbsp;

WATCH |&nbsp;<a href="https://www.wionews.com/videos/final-day-of-g20-meet-indias-prime-minister-narendra-modi-addresses-summit-534685">Final day of G20 meet: India's Prime Minister Narendra Modi addresses summit</a>

SpaceX is also aiming to launch its giant Starship rocket system into orbit for the first time somewhere in early December. SpaceX's internet satellite Starlink is also emerging as a major revenue generator. Last month, it had rolled out high-speed internet on commercial airlines.&nbsp;

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Elon Musk's SpaceX is mulling over an offering of mostly secondary shares which will spur the valuation of the company from the $125 billion fetched earlier this year to about $150 billion, according to sources quoted by Reuters.

Elon Musk's SpaceX is mulling over an offering of mostly secondary shares which will spur the valuation of the company from the $125 billion fetched earlier this year to about $150 billion, according to sources quoted by Reuters. As per Reuters, after discussions with investors SpaceX will offer the new shares at about $85 apiece. The plan will fetch SpaceX a 20 per cent increase in valuation. With the issuance of these new shares, the offering is expected to raise one billion dollars for rocket and satellite company SpaceX. ALSO READ | Elon Musk fires Twitter engineer who questioned him publicly Discussions are undergoing with potential investors. The $85 share price is up from a split-adjusted $70 per share fetched earlier this year, sources said. The offering would be aimed at helping employees and shareholders to take advantage as they will be able to sell their shares in the secondary market without the company itself going public. Elon Musk's SpaceX routinely offers such liquidity programmes to its employees. However, Reuters sources clarified that any such share sale plan requires SpaceX’s approval and can change. Before Reuters' sources, the SpaceX discussions to offer new shares was first reported by Bloomberg News on Tuesday. Hours after the report Musk tweeted the report was false. However, he refrained from delving into the details. ALSO READ | Twitter CEO Elon Musk delays blue tick relaunch till November 29 In another key development, Musk has said he plans to provide similar shares and liquidity programmes for Twitter. Musk recently completed the acquisition of microblogging site Twitter in a $44 billion deal. Investors are also increasingly showing their interest in SpaceX as the California-based firm has achieved much in the last year. More recently, on November 1, SpaceX launched the world's most powerful active rocket, Falcon Heavy, into a geosynchronous Earth orbit at the Kennedy Space Center in Florida, US. WATCH | Final day of G20 meet: India's Prime Minister Narendra Modi addresses summit SpaceX is also aiming to launch its giant Starship rocket system into orbit for the first time somewhere in early December. SpaceX's internet satellite Starlink is also emerging as a major revenue generator. Last month, it had rolled out high-speed internet on commercial airlines. 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.

Elon Musk's SpaceX plans to raise fresh funds, take valuation up to $150 billion

Former US president Donald Trump may not yet have officially declared that he will run for presidential elections in 2024, but hints from his camps point to such a possibility. In an interesting development, share prices of companies linked to Trump have risen.

Shares of Digital World Acquisition Corp (DWAC), the blank-check company looking to take Donald Trump's social media venture public, rallied on Monday.

Watch |&nbsp;US Midterm Polls: Former President Donald Trump rallies for Florida governor

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The share price saw a massive jump of more than 24 per cent. Each share now costs USD 21.55. This has brought year-to-date losses to 58 per cent.

"The prospect of Donald Trump seizing the political spotlight again appears to have put a rocket under the share price of DWAC amid expectation there could be a sharp increase in users on the former President's highly controversial social media platform," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

The rally in DWAC, which was also the fifth most trending ticker on retail investor-focused social media forum Stocktwits, helped lift shares of other Trump-linked companies.

DWAC on Thursday extended the deadline to Nov. 22. for investors' approval to complete its merger deal with Trump Media and Technology Group.

Software developer Phunware Inc, which was hired by Trump's 2020 presidential reelection campaign to build a phone app, jumped 18.3%.

Rumble Inc, a Canadian video platform popular with conservatives, however, slipped 3.5%. Trump's social media venture Truth Social announced in August it would join Rumble's new ad platform as its first publisher in August.

Also Read | <a href="https://www.wionews.com/world/twitter-boss-elon-musk-asks-us-voters-to-vote-for-republican-congress-531962">US Midterms: Twitter boss Elon Musk asks Americans to vote for 'Republican Congress'</a>

Artificial intelligence solutions company Remark Holdings, which has been linked to the former president on social media sites, gained 8.6%. Reuters could not independently verify the link between Trump and Remark.

(With inputs from agencies)

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&nbsp;

Former US president Donald Trump may not yet have officially declared that he will run for presidential elections in 2024, but hints from his camps point to such a possibility.

Former US president Donald Trump may not yet have officially declared that he will run for presidential elections in 2024, but hints from his camps point to such a possibility. In an interesting development, share prices of companies linked to Trump have risen. Shares of Digital World Acquisition Corp (DWAC), the blank-check company looking to take Donald Trump's social media venture public, rallied on Monday. Watch | US Midterm Polls: Former President Donald Trump rallies for Florida governor Watch | US Midterm Polls: Former President Donald Trump rallies for Florida governor × The share price saw a massive jump of more than 24 per cent. Each share now costs USD 21.55. This has brought year-to-date losses to 58 per cent. "The prospect of Donald Trump seizing the political spotlight again appears to have put a rocket under the share price of DWAC amid expectation there could be a sharp increase in users on the former President's highly controversial social media platform," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. The rally in DWAC, which was also the fifth most trending ticker on retail investor-focused social media forum Stocktwits, helped lift shares of other Trump-linked companies. DWAC on Thursday extended the deadline to Nov. 22. for investors' approval to complete its merger deal with Trump Media and Technology Group. Software developer Phunware Inc, which was hired by Trump's 2020 presidential reelection campaign to build a phone app, jumped 18.3%. Rumble Inc, a Canadian video platform popular with conservatives, however, slipped 3.5%. Trump's social media venture Truth Social announced in August it would join Rumble's new ad platform as its first publisher in August. Also Read | US Midterms: Twitter boss Elon Musk asks Americans to vote for 'Republican Congress' Artificial intelligence solutions company Remark Holdings, which has been linked to the former president on social media sites, gained 8.6%. Reuters could not independently verify the link between Trump and Remark. (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 ×

As Trump hints presidential re-run, shares of companies linked to him soar

Elon Musk has completed his acquisition of Twitter. He started his reign with a round of firings. What's next for the social media platform? Priyanka Sharma brings you the details

Explained: The future of Twitter under Elon Musk

On the 14th April 2022, Elon Musk first offered to buy Twitter and today he has completed the acquisition of the microblogging site but the journey between has not been less than a rollercoaster ride. Musk's ownership began with firings of top executives.

Elon Musk acquires Twitter: Ownership begins with firings; Top executives fired immediately

Elon Musk told bankers he would acquire Twitter by the October 28 deadline. This comes as an internal Twitter report says that the platform is losing its heaviest users. Priyanka Sharma brings you the details

WION Fineprint | Elon Musk to acquire troubled Twitter by Friday

Netflix Inc. reversed customer losses that had been damaging its stock this year and forecast stronger growth in the future. More than doubling what Wall Street anticipated, Netflix added 2.4 million new customers from July through September.

The positive news comes as a reassurance for investors as the streaming giant gets ready to launch a new service with advertising,

In after-hours trading, <a href="https://www.wionews.com/entertainment/bronte-biopic-emily-delves-into-imagined-authors-darkness-525961">Netflix</a> shares increased by 14 per cent, helped in part by prediction that it would gain 4.5 million new subscribers in the fourth quarter. Before the quarterly announcement, the company's stock, which was a favourite among <a href="https://www.wionews.com/world/global-economy-live-updates-japanese-yen-hits-a-fresh-32-year-low-against-dollar-526286">investors</a> during its years of tremendous expansion, had decreased by about 60% this year.

"Thank God we're done with shrinking quarters," said Co-CEO Reed Hastings, adding the company needs to continue gathering momentum by focusing on content, marketing and a lower-priced plan with advertising.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/actor-anna-may-wong-becomes-the-first-asian-american-to-be-featured-on-us-currency-526591">Actor Anna May Wong becomes the first Asian American to be featured on US currency</a>

The fourth season of the sci-fi sensation "Stranger Things" and the serial killer series "Dahmer - Monster: The Jeffrey Dahmer Story" were both published by <a href="https://www.wionews.com/entertainment/netflix-bites-the-bullet-announces-ad-supported-streaming-plan-525242">Netflix</a> during the quarter. The latter became one of Netflix's all-time most popular programmes.

After a sharp decrease in the first half of the year, when the company's subscriber base fell by 1.2 million as a result of a shaky global economy and increasing competition for online content&nbsp;consumers,&nbsp;the streaming platform&nbsp;is attempting to restart membership growth. There are currently 223.1 million Netflix subscribers worldwide.

(With inputs from agencies)

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Netflix Inc. reversed customer losses that had been damaging its stock this year and forecast stronger growth in the future. More than doubling what Wall Street anticipated, Netflix added 2.

Netflix Inc. reversed customer losses that had been damaging its stock this year and forecast stronger growth in the future. More than doubling what Wall Street anticipated, Netflix added 2.4 million new customers from July through September. The positive news comes as a reassurance for investors as the streaming giant gets ready to launch a new service with advertising, In after-hours trading, Netflix shares increased by 14 per cent, helped in part by prediction that it would gain 4.5 million new subscribers in the fourth quarter. Before the quarterly announcement, the company's stock, which was a favourite among investors during its years of tremendous expansion, had decreased by about 60% this year. "Thank God we're done with shrinking quarters," said Co-CEO Reed Hastings, adding the company needs to continue gathering momentum by focusing on content, marketing and a lower-priced plan with advertising. Also read | Actor Anna May Wong becomes the first Asian American to be featured on US currency The fourth season of the sci-fi sensation "Stranger Things" and the serial killer series "Dahmer - Monster: The Jeffrey Dahmer Story" were both published by Netflix during the quarter. The latter became one of Netflix's all-time most popular programmes. After a sharp decrease in the first half of the year, when the company's subscriber base fell by 1.2 million as a result of a shaky global economy and increasing competition for online content consumers, the streaming platform is attempting to restart membership growth. There are currently 223.1 million Netflix subscribers worldwide. (With inputs from agencies) WATCH WION LIVE HERE:

Netflix rebounds from subscriber losses; shares surge 14%

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.&nbsp; 
 
There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front.

According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year.

On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period."

<a href="https://www.wionews.com/world/credit-suisse-says-worlds-average-adult-will-be-worth-100000-by-2024-518721">Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024</a>

Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent&nbsp;chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products.&nbsp;

Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs.

<a href="https://www.wionews.com/world/number-of-global-ultra-high-net-worth-individuals-hits-record-high-in-2022-518310">Also read |&nbsp;Number of global ultra high net worth individuals hits record high in 2022</a>

Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs.&nbsp;

The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago.&nbsp;

The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil.

(With inputs from agencies)

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Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low.

Credit Suisse Group AG's attempts to reassure investors about its financial stability backfired as the credit risk indicator for the global bank surged to a record high while its shares hit a new low. There's talk about the bank going under like Lehman Brothers in the US, which was one of the events that precipitated the global financial crisis of 2007-08, but the Swiss bank's CEO put up a brave front. According to ICE Data Services, the price of five-year default swaps of the bank is currently at an all-time high of roughly 293 basis points, up from about 55 points since the beginning of this year. On Monday, the bank's shares fell by a record 12 per cent in Zurich, and this year alone, they have lost over 60 per cent, the greatest yearly decline in Suisse's record. Bloomberg reported that Ulrich Koerner, CEO, praised the bank's capital and liquidity levels, but admitted going through a "critical period." Also read |Credit Suisse says world's average adult will be worth $100,000 by 2024 Furthermore, he informed that the company will release a new strategic plan on October 27. There is currently a 23 per cent chance that the bank will default on its obligations in the next five years. Some clients had used the increase in the CDS this year to inquire about haggling rates and products. Bloomberg reported that the institution is currently drafting proposals that could result in the reduction of thousands of jobs for several years. Even after selling some assets, analysts at KBW expect that the company could raise $4 billion in capital to cover any unforeseen restructuring initiatives and other costs. Also read | Number of global ultra high net worth individuals hits record high in 2022 Given that Credit Suisse's market value has decreased by approximately 9.5 billion in Swiss francs, any share for this would dilute the existing shareholders. In 2021, the market value was around $30 billion francs. The firm's 13.5 per cent CET1 capital ratio as of June 30 fell in the centre of the anticipated range of 13 to 14 per cent. There are no current issues at Credit Suisse compared to its $7.2 million at Deutsche Bank, and the Swiss bank's core capital ratio of 13.5 per cent is higher than 10.5 per cent higher than six years ago. The bank is currently looking for deals to sell its trading division for specialised products and is examining the sale of its wealth in Latin America and Brazil. (With inputs from agencies) WATCH WION LIVE HERE

Another Lehman Brothers? Credit Suisse shares down by record 12%, CEO puts up brave front

On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession.&nbsp;

The benchmark European STOXX index closed down 1%, and each of the three major Wall Street indices fell roughly 2% as a result of Russia's Gazprom announcing that it would stop supplying natural gas to Europe for three days at the end of the month.

As traders feared demand would be harmed by a slowdown, oil initially dropped 4%. Following hawkish indications from European Central Bank policymakers, the most recent disruption to the continent's energy supply heightened worries about the future of the continent's economy. Russian natural gas exports to Europe have decreased by over 75% since last year.&nbsp;

As the market prepared for a speech on Friday from Federal Reserve Chair Jerome Powell, who will address the Fed's goal to keep inflation low in Jackson Hole, Wyoming, the inversion of the yield curve on U.S. Treasuries widened—a recession indication.

Also Read:<a href="https://www.wionews.com/photos/in-pics-nasas-gigantic-sls-moon-rocket-a-practice-for-future-mars-mission-507987">&nbsp;In pics: NASA's gigantic SLS moon rocket, a 'practice' for future Mars mission</a>

The Canadian dollar was pushed over 1.30 versus the dollar as a result of the strengthening of the dollar, which also caused the euro to go below parity at 0.9932. Gold prices dropped to their lowest point in over four weeks as a result of the dollar's surge.&nbsp;

Instead of the larger likelihood of a modest 50 basis point boost, which was the market's estimate heading into the weekend, Fed funds futures are now pricing in a 54.5% chance of a 75 basis point hike by the Fed in September.&nbsp;

China stands out as an exception to the tightening trend, as the central bank cut certain key lending rates on Monday by 5 to 15 basis points in an effort to stabilise a faltering economy and a pressured property market.

(with inputs from agencies) 
&nbsp;

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On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession.

On Monday, the dollar rose and US and European markets plummeted as concerns grew that efforts by central banks to rein in increasing consumer prices through inflation-busting interest rate hikes would undermine the world economy and trigger a recession. The benchmark European STOXX index closed down 1%, and each of the three major Wall Street indices fell roughly 2% as a result of Russia's Gazprom announcing that it would stop supplying natural gas to Europe for three days at the end of the month. As traders feared demand would be harmed by a slowdown, oil initially dropped 4%. Following hawkish indications from European Central Bank policymakers, the most recent disruption to the continent's energy supply heightened worries about the future of the continent's economy. Russian natural gas exports to Europe have decreased by over 75% since last year. As the market prepared for a speech on Friday from Federal Reserve Chair Jerome Powell, who will address the Fed's goal to keep inflation low in Jackson Hole, Wyoming, the inversion of the yield curve on U.S. Treasuries widened—a recession indication. Also Read: In pics: NASA's gigantic SLS moon rocket, a 'practice' for future Mars mission The Canadian dollar was pushed over 1.30 versus the dollar as a result of the strengthening of the dollar, which also caused the euro to go below parity at 0.9932. Gold prices dropped to their lowest point in over four weeks as a result of the dollar's surge. Instead of the larger likelihood of a modest 50 basis point boost, which was the market's estimate heading into the weekend, Fed funds futures are now pricing in a 54.5% chance of a 75 basis point hike by the Fed in September. China stands out as an exception to the tightening trend, as the central bank cut certain key lending rates on Monday by 5 to 15 basis points in an effort to stabilise a faltering economy and a pressured property market. (with inputs from agencies)

Shares tumble, dollar advances as inflation-busting interest rate hikes trigger recession

There is no end in sight for the Musk-Twitter saga as Tesla CEO accuses Twitter of fraud. Twitter has dragged Musk to court to force him to buy the company.

No end to Musk-Twitter saga as Tesla CEO accuses Twitter of fraud

Netflix lost 970,000 subscribers in the most recent quarter after forecasting a dip of 2 million. The streaming platform is facing bad times, business-wise. Is it because people are not watching it or some other reasons to be blamed?

Tech in Trend: Why is Netflix losing subscribers?

Netflix has averted its own worst case scenario of subscriber losses. After losing nearly 1 billion paid subscribers and firing over 300 employees, Netflix has been trying hard to grow.

Netflix shares rise after 67% fall, plans to launch cheaper plans for growth

Tesla CEO Elon Musk has terminated the $44 billion buyout deal. Twitter has now vowed legal action against Musk. Meanwhile, Twitter shares fell 6% since the announcement.

Twitter vows legal action after Elon Musk terminates $44 billion buyout deal

Billionaire Elon Musk's massive $44 billion deal to buy microblogging platform Twitter is in 'Jeopardy' according to a Washington Post report. Elon Musk has threatened to walk away from the deal if the company can't show that less than 5% of its daily active users are automated spam accounts.

Elon Musk’s Twitter deal in danger? Twitter speaks on spam accounts

The United Arab Emirates has offered to buy shares in Pakistan's publicly listed companies with certain terms and conditions; this comes after Pakistan had requested for a multi-billion dollar loan from the UAE.

UAE offers to acquire 10-12% shares of cash-starved Pakistani firms

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