WION’s Business Desk brings you this daily round up of global stories from the world of business and economy.
Evergrande’s Scandal: China’s property giant accused of $78 bn fraud
China’s real estate giant, Evergrande, and its founder, Hui Ka Yan, are ensnared in a $78 billion fraud scandal.
Egypt’s Economic Resurgence: World Bank unleashes $6 bn aid package
Egypt’s economy receives a substantial boost as the World Bank announces a hefty aid package exceeding $6 billion.
Nvidia unveils B200 AI chip, fortifying market dominance in the AI industry
Nvidia, spearheaded by CEO Jensen Huang, showcased its latest technological marvels at the annual developer conference, reinforcing its stronghold in the artificial intelligence (AI) industry.
Commodity trading industry boasts second-best year ever with over $100 bn in profits
The global commodity trading industry witnessed a stellar performance, raking in profits exceeding $100 billion, marking its second-best year on record.
EU and Philippines rekindle free trade negotiations after seven-year hiatus
Following a seven-year hiatus, the European Union (EU) and the Philippines have announced the revival of their free trade negotiations, signalling a renewed effort to bolster economic ties between the two regions.
Apple asserts compliance with EU’s digital markets act amidst scrutiny
Apple has defended its adherence to the European Union’s Digital Markets Act (DMA), countering criticism that it hasn’t taken sufficient steps to open up its closed ecosystem as mandated by the legislation.
European start-ups navigate complex debt deals amid funding downturn
In the wake of a funding drought gripping Europe’s venture capital scene, start-ups are turning to intricate debt arrangements to secure vital capital.
Fidelity International plans layoffs amid China market challenges
In response to a downturn in China’s markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China.
Nvidia expands collaborations with Chinese automakers
In response to a downturn in China’s markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China.
IRS Commissioner outlines plans to boost workforce for modernisation goals
Internal Revenue Service (IRS) Commissioner Danny Werfel announced on Monday that the agency’s intention to expand its workforce to over 100,000 employees within the next three years to achieve modernisation, service, and enforcement objectives.
Ethiopia bank glitch allows customers to withdraw millions. Here’s what happened
Over the weekend, Ethiopia’s biggest commercial bank witnessed a “systems glitch” which allowed customers to withdraw millions.
