Discover the top business headlines that are trending across the world today!
Over the past two years, WTW has been on a global mission to streamline its business operations to enhance agility and efficiency. A significant emphasis was placed on transforming processes to achieve cost savings while simultaneously improving the experiences of both clients and employees. A crucial aspect of this transformation was driving innovation through collaboration, which WTW accomplished by expanding and diversifying its operational footprint across strategic global locations, with a particular emphasis on its delivery centers, especially in India. The company’s workforce has expanded from around 3,100 to over 4,700 employees in just two and a half years, adding more than 800 positions as part of this transformation initiative. WTW’s operations in India are spread across four cities: Mumbai, Gurgaon, Kolkata, and Siliguri. India now ranks as the third-largest region for WTW’s employees outside the US and the UK, including those in its broking and consulting sectors.
The FBI has observed a notable rise in cryptocurrency-related fraud across the United States. Losses from these scams increased by 45% in 2023, surpassing $5.6 billion. After a crypto market slump in 2022, token prices rebounded last year, sparking renewed criminal interest. Bitcoin more than doubled in value in 2023 and has climbed about 35% in 2024.
"Criminals are leveraging cryptocurrencies for various schemes, including tech support, confidence and romance scams, investment fraud, and government impersonation," the FBI noted in its report. Investment fraud was the most reported type of cryptocurrency scam in 2023 and accounted for the largest losses, with approximately $3.9 billion lost.
According to the report, India ranked fifth worldwide for the number of cryptocurrency-related complaints, with 840 cases reported. Despite this, India’s financial losses totaled $44,054,244, placing it among the top ten countries most affected by the monetary impact of these scams.
Paytm's share price continued its rally for the second consecutive day, rising over 8% on Tuesday due to strong buying interest. The stock surged 8.23% to ₹679.70 on the BSE. The parent company, One 97 Communications, has seen its shares gain over 13% in the past week and 33% in the last month. Paytm's stock has soared more than 74% in the past three months and is now up nearly 120% from its 52-week low of ₹310 reached on May 9, 2024.
On August 28, Paytm announced it received approval from the Ministry of Finance to invest in its payment services business, allowing Paytm Payments Services Ltd (PPSL) to resubmit its payment aggregator application while continuing current operations. Analysts believe the stock remains strong on technical charts but could face resistance between ₹710 and ₹730. Breaking this level could push the stock to ₹800, with a recommendation to hold with a stop loss below the previous day's close.
Bitcoin surged on Monday evening, surpassing $57,000 following a rebound in Wall Street after its worst week of the year. According to Coin Metrics, Bitcoin rose 5.6% to $57,449.00. The cryptocurrency had dropped 9% last week, marking its worst weekly performance since August 2023. In regular trading, Coinbase and MicroStrategy gained 5.2% and 9.2%, respectively, as the S&P 500 ended a four-day losing streak and the Nasdaq Composite rose over 1%.
Bitcoin has been range-bound for most of the year and briefly dipped below $55,000 last week. Analysts note that without significant catalysts, Bitcoin remains sensitive to broader market conditions and may continue to consolidate. Seasonality also plays a role, with September typically being a weak month for risk assets like Bitcoin. Bitfinex analysts highlighted the importance of stability in U.S. equity markets for Bitcoin's recovery, as this could reduce ETF outflows and selling pressure.
