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The net worth of Hui Ka Yan, chairman of real estate developer China Evergrande, has plunged nearly 93%, according to the Bloomberg Billionaires Index. Once the second-richest person in Asia, Hui’s wealth has fallen from $42 billion at its peak in 2017 to about $3 billion, Bloomberg said. Evergrande is China’s most indebted developer with $300 billion in liabilities, and has been at the heart of the country’s real estate troubles since 2021. Real estate and related industries account for as much as 30% of GDP. The bulk of Musk’s wealth is tied up in Tesla, which saw its stock plunge 65% in 2022.

☆ India is set to become the world’s most populous country. Can it create enough jobs?
▼ + stars: | 2023-01-17 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

New Delhi CNN —India will overtake China this year to become the world’s most populous country. That’s because India is simply not creating employment opportunities for the millions of young job seekers already entering the workforce every year. A huge crowd thronged India Gate on New Year's Eve on December 31, 2022 in New Delhi, India. The country needs to create at least 90 million new non-farm jobs by 2030 to absorb new workers, according to a 2020 report by McKinsey Global Institute. But, according to a former central banker, even this growth is “insufficient.”“A lot of this growth is jobless growth.

☆ Bosch to invest a billion dollars on EV parts centre in Suzhou, China
▼ + stars: | 2023-01-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

New Delhi CNN —Bosch, the German engineering and technology company, is planning to invest $1 billion to make components for new energy vehicles in China, the world’s largest car market. The company plans to build a research, development and manufacturing facility for parts for new energy vehicles and automated-driving technology in Suzhou, a city in the country’s east, Bosch said in a statement on Thursday. It plans to invest around $1 billion in the project over the next years, the statement added. “China is the world’s largest auto market, full of promise and vitality. Bosch has had a presence in China since 1909 and employs around 55,000 people in the country.

☆ TSMC: World's top chip maker mulls global expansion with plants in Europe, Japan
▼ + stars: | 2023-01-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —Semiconductor giant Taiwan Semiconductor Manufacturing Company (TSMC) may expand its global manufacturing footprint even further. The company is considering opening its first plant in Europe and a second one in Japan, its CEO CC Wei said in an earnings call on Thursday. TSMC, which produces an estimated 90% of the world’s super-advanced chips, has already upped its investment in the United States. The company announced last year that it’s building a second semiconductor factory in Arizona and raising its investment there from $12 billion to $40 billion. The company is also considering building a second fab in Japan, “as long as the demand from customers and the level of government support makes sense,” he said.

☆ Dream11: This Indian company will make employees pay a hefty fine if they bother colleagues on vacation
▼ + stars: | 2023-01-12 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

New Delhi CNN —Getting urgent work emails from colleagues even during vacation? This is a common occurrence for many white-collar workers, especially in India where employees feel overworked and underpaid compared to their global peers, according to several studies over the years. Dream11, a fantasy gaming platform, will fine its employees 100,000 rupees ($1,200) if they contact colleagues with “work-related calls or messages” during their time off. Under the policy, called Unplug, employees log off from all office work for seven days in a year. According to the World Health Organization (WHO), working long hours is killing hundreds of thousands of people a year through stroke and heart disease.

CNN —The ruling Taliban has signed a deal with a Chinese company to extract oil from northern Afghanistan’s Amu Darya basin as the radical Islamist group attempts to bolster the South Asian nation’s increasingly impoverished and isolated economy. The agreement with China’s Xinjiang Central Asia Petroleum and Gas Co is the first major international energy extraction deal the Taliban has signed since taking control of Afghanistan in 2021. Baradar referred to the deal as being in Afghanistan’s best interests, adding that it would strengthen the country’s economy, the statement said. In December, the UN suspended some of its “time-critical” programs in Afghanistan in the wake of the Taliban’s ban on female NGO workers. The Taliban last month also suspended university education for all female students in Afghanistan, drawing condemnation from around the world.

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☆ One third of world economy expected to be in recession in 2023, says IMF chief
▼ + stars: | 2023-01-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —This year is going to be tougher on the global economy than the one we have left behind, the International Monetary Fund’s (IMF) chief Kristalina Georgieva has warned. “Half of the European Union will be in recession,” Georgieva added. The IMF currently projects global growth to be at 2.7% this year, slowing from 3.2% in 2022. “For the first time in 40 years China’s growth in 2022 is likely to be at or below global growth,” Georgieva said. “Before Covid, China would deliver 34, 35, 40% of global growth.

☆ Twitter down: Thousands of global users struggle to login but Elon Musk says it ‘works for me’
▼ + stars: | 2022-12-28 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

“User reports indicate Twitter is having problems since 7:13 pm EST,” according to outage detection site Downdetector, where many of the issues were reported. Over 10,000 users had reported trouble with accessing the platform on Wednesday evening, according to Downdetector data. Twitter did not immediately respond to a request for comment, but its new owner Elon Musk tweeted on the platform that it “works for me,” in response to a user query. Meanwhile, some users, including CNN journalists, were met with an error message that read “Something went wrong, but don’t fret – it’s not your fault. Let’s try again.”According to Downdetector, it was desktop users of the platform, rather than those accessing it on mobile, who were most likely to be affected.

☆ Lionel Messi’s World Cup photos are most-liked Instagram post ever
▼ + stars: | 2022-12-21 | by ( Diksha Madhok | ) edition.cnn.com time to read: 1 min

☆ TSMC ups its Arizona chipmaking investment to $40 billion ahead of Biden’s visit
▼ + stars: | 2022-12-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN Business —Taiwan Semiconductor Manufacturing Company is upping its investment in the United States, announcing Tuesday that it’s building a second semiconductor factory in Arizona and raising its investment there from $12 billion to $40 billion. On Tuesday afternoon, Biden plans to visit the manufacturer’s site in Phoenix and speak about bringing jobs and investment to the state. TSMC previously announced that it was building a $12 billion facility in Arizona that will eventually manufacture 3-nanometer chips, TSMC’s most advanced technology. The White House is touting the new investments as a direct result of Biden’s economic plan, including the $200 billion CHIPS and Science Act. The facility Biden will visit Tuesday in Phoenix is slated to begin producing chips in 2024.

☆ Binance pauses withdrawals after warning two crypto tokens may have been hacked
▼ + stars: | 2022-12-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: 1 min

☆ Binance still has big growth plans despite crypto market meltdown
▼ + stars: | 2022-12-01 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN Business —Binance is expanding into new markets even as the crypto industry grapples with turmoil unleashed by the spectacular collapse of crypto exchange FTX. The world’s biggest cryptocurrency exchange has acquired Sakura Exchange BitCoin (SEBC), a crypto exchange registered in Japan, Binance said on its website Wednesday. The deal would allow Binance to enter the world’s third biggest economy as a regulated entity. The purchase of SEBC marks Binance’s first license in East Asia, the company said. “We will actively work with regulators to develop our combined exchange in a compliant way for local users,” said Takeshi Chino, general manager of Binance Japan.

☆ India's 2022 remittances on track for record $100 billion, says World Bank
▼ + stars: | 2022-12-01 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

Asia’s third largest economy is on track to receive more than $100 billion in yearly remittances in 2022, according to a World Bank report published Wednesday. India had received $89.4 billion in remittances in 2021, according to the World Bank, making it the top recipient globally last year. “Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States,” and other rich countries, the bank said. Apart from India, the other top recipient countries for remittances in 2022 are expected to be Mexico, China, and the Philippines. Globally, remittances to low and middle income nations are expected to grow an estimated 5% to $626 billion this year, it added.

☆ Premarket stocks: Consumers are keeping the economy afloat... for now
▼ + stars: | 2022-11-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Americans appear to be indulging in a healthy dose of retail therapy despite stubbornly high inflation and the possibility of a recession ahead. Consumer spending is a major driver of the economy, and the last two months of the year can account for about 20% of total retail sales — even more for some retailers, according to NRF. But when the Federal Reserve is actively trying to squash high inflation rates, they risk becoming a fly in the ointment. “Consumers’ spending is more or less unfazed not only by high inflation, but also the rate hikes intended to get prices under control,” economists at Wells Fargo wrote. The high rate of spending could agitate investors in this good-news-is-bad-news economy because it adds to inflationary pressures.

☆ Bitfront: The crypto winter claims another casualty after FTX's collapse
▼ + stars: | 2022-11-29 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN Business —Bitfront, a crypto exchange backed by Japanese social media app Line, is shutting down after failing to overcome turmoil in the industry. The announcement by the US-based exchange comes at a time when the market for digital assets is grappling with financial contagion unleashed by the spectacular collapse of another crypto exchange, FTX. Its decision to shut down the exchange came on the same day crypto lender BlockFi filed for bankruptcy. BlockFi, founded in 2017 by Zac Prince and Flori Marquez, made loans to customers using crypto assets as collateral. Shortly after filing for Chapter 11, BlockFi filed a lawsuit against FTX founder Sam Bankman-Fried’s Emergent Fidelity Technologies, demanding he turn over collateral that BlockFi claims it is owed.

☆ Singapore's monetary authority defends its treatment of Binance after FTX 'debacle'
▼ + stars: | 2022-11-22 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

“While both Binance and FTX are not licensed here, there is a clear difference between the two: Binance was actively soliciting users in Singapore while FTX was not,” the MAS said. “With regard to FTX, there was no evidence that it was soliciting Singapore users specifically.”Regulators are expected to step up their oversight of the industry as a result of its worst-ever turmoil. Unlike other industry players, Binance has emerged relatively unscathed during what some are calling a “crypto winter,” which refers to the sector’s ongoing global liquidity crisis. FTX, by comparison, recently filed for bankruptcy after failing to secure a lifeline from Binance over its own money troubles. In recent weeks, investor Sequoia Capital and Singapore’s state-owned investment firm, Temasek, have each written down the value of their respective FTX stakes down to $0.

CNN Business —Taiwan Semiconductor Manufacturing Company plans to bring its most advanced technology to Arizona, the founder of the chip giant said Monday. Super-advanced semiconductor chips — like the ones produced by TSMC — are an indispensable part of everything from smartphones to washing machines. Advances in chip manufacturing require etching ever-smaller transistors on to silicon wafers. Chang said its plant in Arizona will produce 3-nanometer chips, TSMC’s most advanced technology. Experts have warned that any disruption to Taiwan’s chip supply could paralyze production of key equipment, impacting almost everyone in the world.

New Delhi CNN Busines —Indian startup Skyroot Aerospace launched the country’s first privately developed rocket, Vikram-S, into space on Friday with support from the Indian Space Research Organisation (ISRO). Until now, the country’s space industry has been dominated by the state-run ISRO, but Skyroot Aerospace has opened up the sector to private companies. This mission symbolizes not just India’s first private rocket launch but also “the potential of new India,” said Pawan Kumar Chandana, co-founder of Skyroot Aerospace after the launch. Skyroot Aerospace was launched in 2018 and is based in the southern tech hub of Hyderabad. Last year, it became the first startup to enter into an agreement with ISRO to use the Indian space agency’s expertise and to access facilities.

Hong Kong/Beijing CNN Business —More than 100,000 people have signed up for a massive recruitment drive by Apple’s supplier Foxconn for the largest iPhone factory in China, according to Chinese state media. And our hiring process is now closed temporarily,” a Foxconn executive, Yang Han, in Zhengzhou told state news outlet Yicai on Thursday. Some local governments in Henan have recently also asked community officials to join the production line themselves, according to multiple Chinese state media reports. Several unidentified such officials, also known colloquially as local “grassroots officials,” or “cadres,” told state media publication Cailian Press Tuesday that they were told to work at the Zhengzhou campus from one to six months. “We now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated,” the tech giant said in a statement earlier this month.

☆ Singapore's Temasek writes down $275 million in FTX, calls belief in Sam Bankman-Fried 'misplaced'
▼ + stars: | 2022-11-17 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN Business —Singapore has become the latest backer of crypto exchange FTX to admit being burned by its spectacular collapse. FTX Group abruptly filed for bankruptcy in the United States last Friday when its founder, Sam Bankman-Fried, resigned as CEO. This “write down of our investment in FTX will not have significant impact on our overall performance,” Temasek said in the statement. Last week, investor Sequoia Capital said it had marked the value of its FTX stake down to $0. Last week, crypto lending platform BlockFi said it was pausing customer withdrawals.

☆ TSMC stock surges after Warren Buffett's company buys $4 billion stake
▼ + stars: | 2022-11-15 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN Business —Shares of Taiwan Semiconductor Manufacturing Company surged on Tuesday after Warren Buffett’s Berkshire Hathaway disclosed that it had purchased a $4.1 billion stake in one of the world’s largest chipmakers. Shares of TSMC were up over 8% in Taiwan on Tuesday. “TSMC welcomes all investors with the propensity to buy and hold TSMC’s stock,” a spokesperson for the chipmaker said. TSMC accounts for an estimated 90% of the world’s super-advanced computer chips, supplying tech giants including Apple (AAPL) and Qualcomm (QCOM). Experts fear that these controls could shift the tech arms race between the United States and China to a whole new level.

☆ FTX collapse: The latest updates on the cryptocurrency crisis
▼ + stars: | 2022-11-14 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

New Delhi CNN Business —Aftershocks from the massive earthquake in the trillion-dollar crypto industry last week continued to be felt on Monday. The episode has not just destroyed confidence in the crypto industry, but it will also embolden global regulators to tighten the screws. There is a “lot of risk,” said Changpeng Zhao, who runs the crypto exchange Binance. On Saturday, FTX said it was looking into whether crypto assets were stolen and has since moved all its digital assets offline. Crypto risk management firm Elliptic said although the theft was unconfirmed, $473 million in crypto assets were apparently stolen from FTX.

☆ Twitter layoffs in India, Africa could weaken the company in its biggest growth markets
▼ + stars: | 2022-11-09 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

Twitter laid off thousands of employees across the company on Friday, including staff in India and Africa. Under siege in critical marketsEven before the layoffs, Twitter was going through a tough time in both India and Africa. Tech experts now fear that the company will find it even harder to navigate new laws in emerging markets. Twitter does not share user numbers, but according to India, the platform has 17.5 million users in the country. “Content moderation has to be specific to geography,” said Vivan Sharan, partner at Delhi-based tech policy consulting firm Koan Advisory Group.

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