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Global recession can stay for up to 18 months: Elon Musk

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Breaking his silence over the current global meltdown, Tesla CEO Elon Musk on Friday said the recession the world is now experiencing owing to multiple macro-economic factors could last up to 18 months.

“Based on past experience, about 12 to 18 months,” Musk replied to a follower who asked him about how long he thinks this recession will last.

“Companies that are inherently negative cash flow (i.e. value destroyers) need to die, so that they stop consuming resources,” he added.

World Bank chief David Malpass warned this week that Russia’s ongoing invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump.

“As we look at the global GDP, it’s hard right now to see how we avoid a recession… The idea of energy prices doubling is enough to trigger a recession by itself,” he was quoted as saying in media reports.

Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2 per cent.

Developing countries are also being affected by shortages of fertiliser, food and energy.

China has been hit harder by the latest round of lockdowns. The Covid-19 measures have led to a sharp slowdown in economic activity across the country.

The US could also hit a recession before the end of this year or by early 2023, according to the chief investment officer of Hayman Capital.

In India, foreign portfolio investors have pulled out around Rs 2.5 lakh crore from the Indian equity market.

Global financial services provider firm Moody’s Investors Service has slashed India’s GDP projection to 8.8 per cent for 2022, from 9.1 per cent estimated previously.

The Russia-Ukraine war, high inflation, Covid-19 lockdowns in China and rising interest rates are the reasons behind the economic activities being hampered across the globe.

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WhatsApp working on new software that uses Apple Mac Catalyst

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 Meta-owned WhatsApp is working on a new Mac app that uses the Apple Mac Catalyst development environment to make better use of system resources.

According to AppleInsider, WhatsApp currently provides a web-based Electron app for Mac users in addition to its web app via browsers.

Electron and Catalyst are software development frameworks that help developers create desktop apps.

The new app has been in a closed beta for a few months, but now anyone can download the file on macOS Big Sur or later on the WhatsApp website, according to the report.

Following installation, it will display a QR code that users can scan with their iPhone to link their accounts using the WhatsApp iOS app.

The Mac app’s three-panel interface provides access to archived chats, starred messages, phone calls, and settings.

The Catalyst app includes features not available in the Electron version, such as file drag-and-drop and a spell-checker, the report mentioned.

Meanwhile, WhatsApp has reportedly rolled out some new shortcuts for group admins to quickly and easily perform actions for a certain group participant, on iOS.

The new shortcuts simplify interactions with group members as now the platform supports large groups of up to 1,024 participants, reports WABetainfo.

The new update will help group admins quickly manage and communicate with such a large number of participants in private.

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Mumbai: No jumbo block on Western Railway on Sunday

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There will be no jumbo block on Sunday, January 29 over Western Railway’s (WR) Mumbai suburban section, the WR announced today.

Major block to dismantle Gokhale bridge

Earlier last week, the Western Railway had enforced a major 4.5 hour block on the down slow lines from 12.15am to 4.45am on the intervening nights of Jan 19-20 and Jan 20-21 to carry out dismantling work of the Gokhale road overbridge at Andheri.

As a result, a number of local train services were affected.

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Panvel unit of employees of Bank of Maharashtra to join a day strike

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The Panvel unit of employees of the Bank of Maharashtra joined the one-day strike on January 27. All the unions operating in the Bank of Maharashtra have called for a one-day nationwide strike on January 27, 2023, mainly on the issue of adequate recruitment in all the cadres. The bank has eliminated the part-time staff cadre.

In the case of clerks and officers, the bank has not filled vacancies caused by death, retirement, resignations, or promotions, let alone vacancies caused by business growth.

During the last 10 years, banks’ business has grown by 250% while their staff has been reduced by 20%, and thus staff is hard pressed.

According to the union, employees are required to work beyond normal hours on almost all days and report to their duties on their weekly off and holidays. Employees are not able to avail of leave to their credit even for exigencies, and thus they have lost work-life balance.

Due to acute staff shortages, employees are unable to provide efficient customer service, despite their sincere efforts. Employees are working under immense pressure and thus are undergoing physical and mental stress.

The unions have been raising this issue of recruitment individually and collectively, but management is adamant and stubborn; thus, the January 27, 2023, strike has become inevitable.

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