Economy

Britain sets out plans to regulate crypto industry in wake of FTX collapse

British Prime Minister Rishi Sunak speaks during a Q&A at Teesside University, on Jan. 30, 2023. Oli Scarff | Wpa Pool | Getty Images NewS The UK formally laid out plans to regulate the cryptocurrency industry, with the government looking to rein in some of the reckless business practices that emerged over the past year …

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India’s Adani firms lose $65bn in value | Business and Economy News

Most Adani Group shares fell sharply on Monday as the Indian conglomerate’s rebuttal of a US short seller’s criticism failed to pacify investors, deepening a market rout that has now led to losses of $65bn in the group’s stock values. Led by Asia’s richest man Gautam Adani, the Indian group has locked horns with Hindenburg …

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Amazon set to begin new round of layoffs affecting over 18,000 people

The Amazon Spheres, part of the Amazon headquarters campus, right, in the South Lake Union neighborhood of Seattle, Washington, US, on Sunday, Oct. 24, 2021. Chona Kasinger | Bloomberg | Getty Images Amazon on Wednesday will begin a fresh round of job cuts in what’s expected to become the largest workforce cuts in its 28-year …

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Elon Musk’s next drama: A trial over his tweets on Tesla | Business and Economy News

Trial on Tesla boss Musk’s old tweets that he had raised money to take the auto firm private is set to start on Tuesday. While still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a trial over a company he did not. Long before Musk …

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Russian gas will eventually return to Europe as nations ‘forgive and forget,’ Qatari energy minister says

On Friday, Russian energy supplier Gazprom said it would not resume its supply of natural gas to Germany through the key Nord Stream 1 pipeline, blaming a malfunctioning turbine. Hannibal Hanschke | Reuters The European Union’s rejection of Russian energy commodities following Moscow’s invasion of Ukraine won’t last forever, Qatar’s Energy Minister said during an …

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Tesla slashes prices globally by as much as 20 percent | Business and Economy News

Tesla has slashed prices globally on its electric vehicles by as much as 20 percent, extending an aggressive discounting strategy and challenging rivals after missing Wall Street delivery estimates for 2022. The move was announced after CEO Elon Musk warned that the prospect of a recession and higher interest rates meant the company could lower …

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FTX recovers $5bn but extent of losses still unknown | Business and Economy News

Crypto exchange FTX has recovered more than $5bn in liquid assets but the extent of customer losses in the collapse of the company founded by Sam Bankman-Fried is still unknown, a lawyer for the company has told a United States bankruptcy court. The company, which was valued a year ago at $32bn, filed for bankruptcy …

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