Wion Business Wrap | Instagram reels reshape beauty, OpenAI’s $86 bn valuation in limbo & more


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

Instagram reels reshape beauty, fashion shopping landscape in India: Meta GWI Beauty Report

According to a new Meta GWI Beauty Report for 2023, Instagram Reels have a significant influence on Indian consumers’ decisions about beauty products. Over 80 per cent of customers prefer to purchase beauty goods online, according to data, with Meta’s Facebook and Instagram ranking first for beauty product searches. 

OpenAI’s $86 bn valuation in limbo after the firing of CEO Sam Altman

The unexpected sacking of CEO Sam Altman and the exit of numerous key executives have put OpenAI’s planned share sale, which valued the business at over $86 billion, in risk.

France mulls real estate sales and senior unemployment benefit to tackle budget deficit

France is considering selling real estate and cutting back on government spending on office space in an effort to reduce the country’s budget deficit, according to a statement made by Budget Minister Thomas Cazenave.

Global Central Banks Navigate Rate Hike Dilemma: Nordic nations take centre stage

Key decision-makers for their counterparts in northern Europe are faced with uncertain times as major central banks in the US, euro zone, and the UK temporarily halt rate hikes. 

Indo-Pacific trade pillar stumbles, US faces setback in countering China

An important component of the Biden administration’s effort to confront China, the Indo-Pacific Economic Framework (IPEF), was about to reach a much-anticipated milestone when discussions on the trade pillar encountered resistance, putting the initiative at risk.

Australia: Optus CEO Kelly Bayer Rosmarin quits after network-wide outage

Following one of Australia’s biggest data breaches last year and a significant network-wide outage earlier this month, the CEO of Optus, the country’s second-largest telecom provider, announced his resignation on Monday, Nov. 20.

Amazon’s Promotion Dilemma: Return to office or risk career growth

Amazon is putting more pressure on its corporate workers to follow its policy of returning to the workplace, threatening to withhold promotions from those who do not. The requirement that workers show up to work three days a week has caused friction with some of Amazon’s 350,000 corporate employees.

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