WION Business Wrap | Valentine’s day workers’ strike, Bitcoin’s surge and more

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WION’s Business Desk brings you this daily round up of global stories from the world of business and economy.

Valentine’s Day Strike: Uber, Lyft, DoorDash drivers demand fair pay nationwide

Thousands of drivers for leading ride-sharing and food delivery platforms are gearing up for a nationwide strike on Valentine’s Day to demand fair pay, according to drivers’ groups.

Bitcoin surges past $50k mark for first time in over 2 years: Report

Bitcoin has surged above the $50,000 mark for the first time in more than two years, propelled by optimism surrounding potential interest rate cuts later in the year and recent regulatory approval for US exchange-traded funds (ETFs) linked to its price.

EU to channel frozen Russian assets for Ukraine’s reconstruction: Report

In a significant move towards supporting Ukraine’s recovery efforts, the European Union (EU) has enacted legislation aimed at allocating windfall profits from frozen Russian central bank assets for the reconstruction of Ukraine, the EU announced on Monday.

Google commits 25 million euros to empower AI skills across Europe

In a bid to foster AI literacy and skills development in Europe, Google has announced a pledge of 25 million euros ($26.98 million).

HP pursues $4 bn in damages in London lawsuit against autonomy founders over alleged fraud

In a legal battle unfolding in London, Hewlett-Packard (HP) has claimed losses exceeding $4 billion resulting from an alleged fraud orchestrated by the co-founder of British software firm Autonomy, Mike Lynch.

India’s retail inflation slips to 3-month low, yet rate cuts unlikely amid lingering concerns

India’s retail inflation dipped to a three-month low of 5.10 per cent in January, fueled by slower price increases in certain food items, according to recent data.

Founders fund backs bitcoin, ether investments, reflecting renewed Silicon Valley interest in crypto

In a move signalling a resurgence of interest in cryptocurrency markets, Founders Fund, the venture capital firm founded by billionaire Peter Thiel, has reportedly reinvested in bitcoin and ether.

Citigroup faces regulatory scrutiny amid urgent calls for risk management overhaul

US banking giant Citigroup Inc faces urgent demands from regulators to revise its methods for measuring default risk in trading partnerships, adding to challenges for CEO Jane Fraser’s turnaround efforts.

Arm holdings sees surge in investor interest amid AI stock craze

Investors are flocking to Arm Holdings as the craze for artificial intelligence (AI) stocks continues to surge. After nearly doubling in price within a week, Arm Holdings’ shares skyrocketed by 80 per cent since Wednesday.

Bulgaria and Romania set to join Schengen zone: What you need to know

Bulgaria and Romania are on the brink of joining the Schengen Zone, ushering in a new era of border-free travel. This expansion promises to simplify the movement of over 400 million citizens across member states, marking a milestone in European integration.

US universities settle lawsuit over admission practices

A significant development unfolded in the legal battle between major US universities and students alleging biased admission practices favouring wealthy applicants. US District Judge Matthew Kennelly in Chicago granted preliminary approval for settlements totalling over $104 million between several prestigious institutions and a proposed class of students on Monday.

IMF’s Georgieva warns of challenges ahead for Russia’s war economy. Here are the details

Russia’s war economy faces significant challenges in the coming months, according to Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).

US January deficit plummets amid record receipts and reduced tax refunds

The US federal budget deficit saw a significant decline in January, dropping to $22 billion, according to data released by the Treasury Department on Monday.

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