World News - Research Editorial

Investment banking giant, Goldman Sachs to lay off 3,200 employees

Goldman Sachs is expected to announce new layoffs this week, affecting approximately 3,200 employees. The process is expected to begin mid-week, and the number of job cuts should not exceed 3,200.

According to a Bloomberg report, the teams most affected by the layoffs will be core trading and banking units. Goldman CEO David Solomon had previously stated that the partnership was bracing for slower economic growth as central banks raised interest rates.

“We are conducting a careful review, and while discussions are still ongoing, we anticipate our headcount reduction will occur in the first half of January,” Solomon said, according to The Guardian and news agency IANS.

Following a record year in 2022, teams working on mergers and acquisitions are particularly vulnerable in the coming year as interest rates rise, increasing the cost of borrowing the cash required to fund new deals. Investment banks had a banner year in 2021, with companies launching a massive wave of mergers and acquisitions following coronavirus pandemic lockdowns.

Goldman Sachs and other banks expanded to capitalise, but the number of lucrative deals fell back in 2022 as global interest rates rose. “A number of factors are influencing the business landscape, including tightening monetary conditions, which are slowing economic activity,” Solomon said in the message.

“The focus for our leadership team is on preparing the firm to weather these headwinds.” Goldman is still expected to report significant profits this year and next.

It should be noted that the final job reduction figure is lower than previous proposals in management ranks, which could have resulted in the elimination of nearly 4,000 jobs. The last major layoff of this magnitude occurred in 2008, following the failure of Lehman Brothers. Goldman had embarked on a plan to cut over 3,000 jobs, or nearly 10% of its workforce at the time, and top executives had elected to forego bonuses.

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A new Covid-19 wave has hit China, with over ten lakh deaths predicted in the coming days

China on Monday (December 19, 2022) finally reported its first Covid-19-related deaths in weeks amid rising doubts over whether the official count was capturing the full toll of the virus.

The country of 1.4 billion people reported five new fatalities on December 19, up from two the previous day, bringing the official death toll to 5,242. The new fatalities were the first to be reported by the National Health Commission (NHC) since December 3, days before Beijing announced that it was lifting strict Covid-19 curbs which had largely kept the disease in check for three years but triggered widespread protests last month.

China also reported 2,722 new symptomatic coronavirus infections on December 19, up from 1,995 the previous day. China reported 2,656 new local cases, up from 1,918 the day before, excluding imported infections. As of Monday, mainland China has confirmed 3,83,175 Covid-19 cases with symptoms. However, Covid-19 cases and deaths are expected to rise in the coming months as the virus continues to ravage cities following Xi Jinping’s government’s relaxation of strict anti-virus controls.

Last week, China’s chief epidemiologist Wu Zunyou stated that the country was in the midst of the first of three Covid-19 waves that were expected this winter. On Monday, Beijing city official Xu Hejian also stated that the virus was rapidly spreading throughout the capital.

More restrictions will be lifted, with previously closed underground venues ranging from bars to internet cafes allowed to reopen, according to Beijing city official Xu Hejian.

While top officials have downplayed the threat posed by the Omicron strain of the virus in recent weeks, officials are still concerned about the elderly, who have been hesitant to get vaccinated.

Some fear that China’s Covid-19 death toll will exceed 10 lakh in the coming days.

The lifting of Covid-19 restrictions by China could result in an increase in cases and over 10 lakh deaths.

Gravitas: China faces three Covid waves in three months (WION)

Gravitas: China stares at 3 Covid waves in 3 months

According to new projections from the Institute of Health Metrics and Evaluation (IHME) in the United States, China’s abrupt lifting of its stringent Covid-19 curbs could result in an increase in cases and over 10 lakh deaths next year.

According to the group’s projections, coronavirus cases in China will peak around April 1, 2023, with 3,22,000 deaths.

By then, a third of China’s population will have been infected, according to IHME Director Christopher Murray.

“Nobody thought they would stick to zero-COVID as long as they did,” he said last week when the IHME projections were released online.

China’s zero-Covid policy may have been effective in keeping earlier variants of the virus at bay, but the high transmissibility of Omicron variants made it unsustainable, according to Murray.

Other experts predict that 60% of China’s population will eventually be infected, with a peak in January, with vulnerable populations such as the elderly and those with pre-existing conditions bearing the brunt of the burden.

China’s main concerns are its large pool of susceptible individuals, the use of less effective vaccines, and low vaccine coverage among those aged 80 and older, who are most at risk of severe disease.

China has already seen an increase in infections since lifting some of the world’s toughest Covid-19 restrictions this month in response to unprecedented public protests.

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Henry Cavill confirms he is no longer Superman: ‘This isn’t the best news, but that’s life…’

Hollywood star Henry Cavill has announced that he will not reprise his role as Superman. This was confirmed by the man himself after James Gunn and Peter Safran revealed that their upcoming DCEU slate includes a young Superman film that will follow the character in his early days as a cub reporter.

Henry took to Instagram to share the following message: “I just met with James Gunn and Peter Safran, and I have some bad news for you. After all, I won’t be returning as Superman. After being told by the studio to announce my return in October, prior to their hiring, this isn’t the easiest news to deliver, but that’s life. The changing of the guard is a common occurrence. That is something I respect. James and Peter are creating a universe. I wish them and everyone else involved with the new universe the best of luck and fortune.”

Dwayne Johnson reveals that Warner Bros. did not want Henry Cavill to return as Superman (Dailymotion)

“For those who have stood by my side over the years, we can mourn for a moment, but then we must remember…Superman is still alive and well. Everything he stands for is still there, as are the examples he sets for us! My turn to don the cape has come a

nd gone, but what Superman stands for will never change. Onwards and upwards, it’s been a pleasure riding with you all “he concluded.

Cavill announced his return as the cape-wearing, flying superhuman back in October, much to the delight of his fans.

Henry Cavill has played Superman in a number of DC films, including Man of Steel and Batman vs. Superman.

It had previously been reported that Cavill’s future as Superman was not as secure as it appeared when he announced his return. Certainly, Cavill confirms that there were plans for a Man of Steel sequel at the time of the announcement that he would return. However, once Gunn and Safran were hired, those plans changed.

This appears to confirm other reports that the entire Snyderverse may be scrapped, as Wonder Woman 3 appears to be on hold. Patty Jenkins, the director, confirmed this on her Twitter account.

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“After all, I won’t be returning as Superman. After being told by the studio to announce my return in October, prior to their hiring, this isn’t the easiest news to deliver, but that’s life “The actor penned.

In late October, Warner Bros. hired Guardians of the Galaxy director James Gunn and veteran executive Peter Safran as co-chairmen and CEOs of the newly formed DC Studios. Since then, there have been reports that the entire Zack Snyder-created DC Universe, including Wonder Woman, could be scrapped.

WTO ruled that Trump’s metal tariffs violated global rules

The World Trade Organization ruled on Friday that US tariffs on steel and aluminium imports imposed by then-President Donald Trump violated global trade rules, in a decision that was immediately criticised by Washington.

The three-person adjudicating panel said the US measures were inconsistent with WTO rules and recommended that the US bring them into compliance in one of the most high-profile and potentially explosive cases to come before the WTO.

The US said it strongly disagreed with the panel’s “flawed” interpretation and conclusions.

It could challenge the ruling, but that would leave it in a legal limbo because Washington has blocked appointments to the WTO Appellate Body, rendering it unable to render a decision.

China expressed hope that the US would follow the panel’s decision and “correct its wrongful conduct as soon as possible.”

The US Trade Representative’s office stated in a statement that the US would not “stand idly by” as Chinese overcapacity threatened its steel and aluminium sectors, as well as its national security.

“As a result of these disputes, we do not intend to remove Section 232 duties,” it said, adding that the panel report reinforced the need for WTO reform.

The US steel industry also blasted the WTO panel, with the Steel Manufacturers Association stating that it supported the government’s refusal to accept its findings.

In 2018, Trump imposed 25% tariffs on steel imports and 10% tariffs on aluminium imports, citing Section 232 of the 1962 Tariff Act, which allows the president to restrict imports if they threaten national security. Later, free trade partners Canada and Mexico were exempted.

The tariffs prompted several WTO members, including China, to challenge the measure, and a three-member WTO panel issued its findings in cases brought by China, Norway, Switzerland, and Turkey on Friday. Indian and Russian cases are still pending.

Last year, Washington agreed to remove tariffs on EU imports, prompting Brussels to halt the EU case.

Otherwise, President Joe Biden’s administration has maintained the metals tariffs that were a centrepiece of Trump’s America First strategy.

The case hinged on the WTO’s exemption from global trade rules in cases of national security.

The central US argument was that national security should be judged by countries themselves, not by three WTO adjudicators sitting in Geneva.

Complainant Switzerland stated that the ruling did not call into question WTO members’ right to take broad discretionary security measures, but they did have to meet certain minimum requirements that could be scrutinised at the WTO.

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The central US argument was that national security is a matter for countries to decide, not three WTO adjudicators sitting in Geneva.

Complainant Switzerland stated that the decision did not call into question WTO members’ right to take broad discretionary security measures, but they did have to meet certain minimum requirements that could be scrutinised at the WTO.

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GSK, Pfizer, and Sanofi have been granted relief after a court ruled that claims of Zantac-linked cancer were not “supported by science.”

GSK Plc, Pfizer Inc, Sanofi SA, and Boehringer Ingelheim were released from thousands of U.S. lawsuits alleging that the heartburn medication Zantac caused cancer on Tuesday after a judge ruled that the claims were not supported by sound science.

According to a report by US District Judge Robin Rosenberg in West Palm Beach, Florida, the ruling dismisses approximately 50,000 claims in federal court.

However, it has no bearing on the tens of thousands of similar cases currently pending in state courts across the country.

“We are extremely surprised by this miscarriage of justice,” said the plaintiffs’ lawyers in a joint statement, and “fully expect” the ruling to be reversed on appeal.

According to a Sanofi spokesperson, the decision “significantly reduces the scope of the litigation potentially by more than 50%,” with the remaining litigation taking place only in state court. Furthermore, a spokesperson for GSK stated that the company welcomed the decision, and Pfizer stated that it was pleased with the outcome.

In a statement, privately held German drugmaker Boehringer said it was looking forward to “continuing our vigorous defence of the remaining cases in state courts.”

According to Reuters, all of the drug companies have denied that Zantac causes cancer.

Zantac, which was approved in 1983, became the world’s best-selling medicine in 1988 and one of the first drugs to sell for more than $1 billion per year. Initially marketed by a predecessor of GSK, it was later sold to Pfizer, Boehringer Ingelheim, and finally Sanofi. Numerous generic drugmakers also released versions of the medication, but none are named as defendants in federal court cases.

Some manufacturers and pharmacies stopped selling the drug in 2019 due to concerns that its active ingredient, ranitidine, degraded over time to form a chemical known as NDMA. While NDMA is found in trace amounts in food and water, it is known to cause cancer in higher concentrations.

The U.S. Food and Drug Administration removed all remaining brand names Zantac and generic versions from the market in 2020, citing research indicating that the amount of NDMA in the products increases with storage time and could potentially become unsafe.

According to reports, lawsuits from people who claimed to have developed cancer after taking Zantac began to pile up soon after the recalls began. Plaintiffs claimed that the companies were aware, or should have been aware, that ranitidine posed a cancer risk and failed to warn consumers.

The lawsuit initially included claims of over ten different types of cancer allegedly linked to the medication, but it was later reduced to five: bladder, esophageal, gastrointestinal, liver, and pancreatic cancer. Some claims involving other cancers are still being heard in state courts.

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Covid-19 was a ‘man-made’ virus: According to a scientist who worked at the Wuhan lab

According to The New York Post, a US-based scientist who worked at a research lab in China’s Wuhan revealed Monday that Covid-19 was a “man-made virus” that had leaked from the facility.

Andrew Huff, who previously worked for the EcoHealth Alliance, a New York-based non-profit dedicated to the study of infectious diseases, stated that the coronavirus had leaked from the Wuhan Institute of Virology in China more than two years ago. He also accused authorities of the “worst US intelligence failure since 9/11.”

Huff claims in his new book, The Truth About Wuhan, that the US government funded coronaviruses in China. With no biosafety safeguards in place, China’s gain-of-function experiments — which are used to genetically alter organisms in order to improve their biological functions — resulted in a leak at the Wuhan lab.

According to The Sun, epidemiologist Huff revealed in his book that “foreign laboratories did not have adequate control measures in place to ensure proper biosafety, biosecurity, and risk management, ultimately resulting in the lab leak at the Wuhan Institute of Virology.”

EcoHealth Alliance has been studying coronaviruses in bats for over a decade, with funding from the National Institutes of Health, and has formed close ties with the Wuhan lab. Huff worked for the non-profit from 2014 to 2016, rising to the position of vice president in 2015.

“China knew this was a genetically engineered agent from the start,” Huff wrote. “I was terrified by what I saw,” Huff, a Michigan Army veteran, told The Sun Online. “All we were doing was handing them bioweapon technology.”

Over the last two years, the Wuhan lab has been at the centre of global debates about the origins of the coronavirus. The Chinese government and Wuhan lab officials have repeatedly denied the allegations, labelling the theory that the virus originated in China’s lab facility “baseless.” However, top researchers have continued to investigate the virus’s origins.

In February 2022, a World Health Organization (WHO) expert group sent two letters to senior Chinese government officials requesting information about the first human cases of COVID-19 in the city of Wuhan. The experts at WHO asserted that numerous studies in this field of research should be conducted “with the staff in the laboratories tasked with managing and implementing biosafety and biosecurity,” which would then lead to revelations about how viruses related to COVID-19 were managed.

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The G20 presidency of India will be a “watershed moment” in its history: Ambassador Ruchira Kamboj

On Thursday, India took over the monthly rotating presidency of the 15-nation United Nations Security Council, as well as the year-long presidency of the G20.

According to India’s Permanent Representative to the United Nations, Ambassador Ruchira Kamboj, the country’s presidency of the G20 will be a “watershed moment” in its history as the country seeks to play an important role in finding pragmatic global solutions for the well-being of all.

On Thursday, India took over the monthly rotating presidency of the 15-nation United Nations Security Council, as well as the year-long presidency of the G20.

Kamboj said on Thursday India sees both the presidencies – that of the Security Council for this month and the G20 for the next year, as a “new responsibility”.

“We will do everything in our power to demonstrate that the global community’s hopes and expectations are met,” said the President of the Security Council for December.

Regarding India’s G20 presidency, Kamboj stated that it is an honour for the country to lead a group that represents 85% of the world’s GDP and 75% of global trade.

According to Kamboj, India’s presidency of the G20 comes at a time when the world is in crisis and chaos, as Prime Minister Narendra Modi has noted.

“The world is dealing with the aftermath of a disruptive, once-in-a-century pandemic, as well as conflicts and significant economic uncertainty. At this time, the world looks to the G20 with bated breath “She briefed reporters at the UN headquarters in New York on the month’s agenda and India’s priorities as the Council’s president this month.

Kamboj stressed that India’s presidency would be a “watershed moment in her history,” as it seeks to play an important role in finding pragmatic global solutions for the well-being of all, and in doing so, to manifest the true spirit of the world as one large family, which is deeply embedded in Indian culture.

She went on to say that as G20 President, India will set the agenda for the year, identify themes and focus areas, hold meetings, and deliver outcome documents.

According to Kamboj, the G20 presidency will be “ambitious, decisive, and all-inclusive,” guided by the philosophy “One Earth, One Family, One Future.”

In response to a question, Kamboj stated that the effort during India’s G20 presidency “will be to maintain unity because India truly believes that the world is one big family.”

“To that end, we bring people-centered solutions to the table, and we will continue to do so throughout the presidency,” she said.

She stated that many successes have occurred in India in recent years, and the country hopes to replicate some of these successes, scale them up, bring them to the world, and share its experiences, “underpinned by the philosophy that the world is one family.”

The G20 summit will take place in New Delhi in September of next year, with more than 100 pre-meetings taking place “across the length and breadth of our country – from Kashmir to Kanyakumari,” according to Kamboj.

In response to a question about protests in China over its COVID-19 policies and a Pentagon report on China’s nuclear arsenal expansion, Kamboj stated that India does not “comment on the internal and domestic affairs of other countries.” “We have no comment on that,” she said.

She stated that whether it is the pandemic or other crises, India will face challenges during its presidency and tenure, and that it views all of these challenges as opportunities.

World Powers Extend Support as India Takes Over the G20 Presidency

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World Powers Extend Support as India Takes Over the G20 Presidency

Several world powers expressed their congratulations and support for India’s historic assumption of the G20 presidency in 2023.

On the historic occasion of India taking over the G20 presidency in 2023, several world powers, including the United States, Germany, and France, extended their congratulations and support to the country. On Thursday, White House press secretary Karine Jean-Pierre stated that the US stands fully behind India as it takes over the presidency of the forum.

“We look forward to supporting India’s G-20 presidency next year and on a variety of issues, including addressing current food and energy security challenges while continuing to build a resilient global economy,” she said. Australia has also joined the list of countries congratulating India on the start of its G20 presidency, with Australian Prime Minister Anthony Albanese wishing his Indian counterpart Narendra Modi well.

“Wishing @narendramodi every success as India assumes the G20 presidency,” Albanese tweeted. Australia’s High Commissioner to India, Barry O’Farrell, stated that Canberra is eager to work with New Delhi to achieve G20 goals.

**‘A Momentous Occasion’: World Powers Extend Support As India Assumes G20 Presidency**

Heartiest congratulations 🙏 to 🇮🇳 @G20_India as you officially kick off your #G20 Presidency today,we look forward to working closely with @amitabhk87 @harshvshringla and team to make India's Presidency a resounding success! Watch my video message below – HC Wong#G20India2023 pic.twitter.com/dxw80Qnnue
— Singapore in India (@SGinIndia) December 1, 2022

“Today marks a watershed moment for #India as it assumes the #G20Presidency.” We look forward to collaborating closely with @amitabhk87 and the @g20org team to achieve our common goals and make progress on the theme “One Earth, One Family, One Future.” He wrote, “#G20India @G20Australia #G20.”

Singapore High Commissioner Simon Wong made a video to congratulate India on the occasion. “We look forward to working closely with @amitabhk87 @harshvshringla and team to make India’s Presidency a resounding success!” he tweeted.

Germany and France congratulate India on assuming the G20 presidency.

Germany and France were also quick to send their congratulations, with German Ambassador Philipp Ackermann stating that India will play an important role on the global stage as it assumes the G20 presidency. “We believe that India is now a major player on the international stage.” India’s G20 presidency will be a critical factor in restoring global order. “We have high expectations for Delhi, and we hope that Prime Minister Modi’s government will have a positive influence in the next 12 months,” he told reporters, according to PTI.

Today, India takes over the #G20 presidency for a year & #UNSC chair for December. As we strive to keep the world united in the face of unprecedented challenges, we are glad to see India in the driver’s seat. India can count on France's full support. #G20India pic.twitter.com/5Cry2O3ouP
— Emmanuel Lenain 🇫🇷🇪🇺 (@FranceinIndia) December 1, 2022

Germany and France congratulate India on assuming the G20 presidency

Furthermore, in a tweet, French Ambassador to India Emmanuel Lenain stated that France is pleased to see India in the “driver’s seat” as global powers attempt to unite the world. “Today, India assumes the G20 presidency for a year, as well as the UN Security Council chairship for December.” We are pleased to see India in the driver’s seat as we work to keep the world united in the face of unprecedented challenges. “India has the full support of France,” the envoy wrote.

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Apple iPhone manufacturer Foxconn apologises for a hiring blunder that resulted in violent protests

In Zhengzhou, the largest Apple iPhone factory, owned by Foxconn, is dealing with violent protests. On Wednesday, reports began to circulate that workers were smashing CCTV cameras with sticks. Workers were also seen damaging property at the factory in videos.

Foxconn has finally apologised for a “technical error” in the hiring process that resulted in the violent protests.

According to Reuters, Foxconn is investigating the matter and has discovered a technical problem in the onboarding process. “Our team has been investigating the matter and discovered a technical error occurred during the onboarding process,” Foxconn said.

Foxconn went on to say that the problem was caused by an input error in the computer system. They have promised that the pay will be the same as stated during the hiring process.

“We apologise for an input error in the computer system and guarantee that the actual pay is the same as agreed and the official recruitment posters,” the statement continued.

According to the report, the majority of the agitators have stopped protesting. The company claims to be working with a smaller group of protesters at the manufacturing facility to resolve the issue.

Some workers also complained about the factory’s poor working conditions during the lockdown. They didn’t even know if they’d get food while they were quarantined.

Apple iPhones are manufactured in China’s Zhengzhou factory, which employs over 2 lakh people. The factory is also in charge of producing the iPhone 14 Pro and iPhone 14 Pro Max models, which are not currently produced in India. The factory’s size and operations can be understood by the fact that it alone is responsible for 70% of iPhone shipments worldwide.

China’s zero-covid policy, combined with an increase in Covid cases, has resulted in more lockdowns. After the protests began, the country declared a state of emergency in the city. Residents have been asked to remain inside.

The factory is also in charge of producing the iPhone 14 Pro and iPhone 14 Pro Max models, which are not currently produced in India. The factory’s size and operations can be understood by the fact that it alone is responsible for 70% of iPhone shipments worldwide.

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Closest Moon Fly-by by NASA’s Artemis 1 Orion Spacecraft Ends with Stunning Images

On Monday, NASA’s unmanned Orion spacecraft successfully accomplished its closest fly-by of the moon. The spacecraft was 81 miles above the lunar surface and travelling at 5,102 miles per hour, according to a tweet from James Free, NASA’s Associate Administrator for Exploration Systems Development.

The fourth orbital trajectory adjustment burn of the Orion spacecraft had been successfully accomplished on the sixth day of the Artemis I mission. The tweet stated: “Fly-by finished! NASA This morning, at a speed of 5,102 mph and 81 miles above the lunar surface, Orion successfully accomplished its closest fly-by of the Moon. We performed an outward-powered fly-by burn before the fly-by, accelerating at a pace of more than 580 mph. Look at it here:

**“Fly-by finished! NASA This morning, at a speed of 5,102 mph and 81 miles above the lunar surface**

Given that the Moon is four times larger than the World, one social media user who saw James Free’s image said, “It’s amazing how small the earth looks in comparison to the Moon… “Wait for a second”

“The moon is bigger than this dot when I look at it from the earth,” I said. The size of Earth exceeds that of the moon. There’s a problem here,” read a second comment.

“With how near it came to the moon, it would make sense to utilise a wide-angle lens,” a third user observed. This would then fill the frame with so much space that the Earth would appear tiny. It doesn’t imply that a person could have seen it as being so small. Others praised the image as being “amazing.”

At 6:44 AM UTC, the spaceship Orion, which is empty of the crew, finished its powered fly-by (12:14 PM IST). At 6:57 UTC, it passed our globe at a height of 81 miles (12:27 P.M. IST). Prior to the fire, the spacecraft was travelling at a speed of 2,128 miles per hour. After the burn, that speed rose to 5,102 miles per hour.

Following the outbound fly-by, Orion passed over the Apollo 11 landing site at Tranquility Base at a distance of about 1,400 miles at 7:37 A.M. UTC (01:07 P.M. IST), according to NASA. It then passed by the Apollo 12 site at a height of about 7,700 miles before flying over the Apollo 14 site at a height of about 6,000 miles.

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