After leading the pack as one of the most expensive cities to live in, New York's rent regulation panel approved o hike rents on more than one million rent stabilized apartments. 
According to a report, a city resident needs to make a salary of $110,000 to afford the median asking rent of $2,750 for available apartments, meaning putting no more than 30% of one’s gross income toward housing. 
Soaring inflation has hit tenants and property owners, and the effect on landlords’ ability to maintain buildings was one of the major factors that the board considered. 

NYC rents skyrocket: Only 1 out of 5 full-time workers can afford it  

New York's rent regulation panel has approved to hike rents on more than one million rent stabilized apartments by 3.2%, the biggest jump in 10 years. 

2.4 million New York City tenants will face the biggest rent hikes they&rsquo;ve seen in nearly a decade

For those hoping to get an affordable rent-controlled flat like Carrie-Bradshaw or Monica and Rachel, that may be a distant dream now. 2.4 million New York City tenants will face the biggest rent hikes they&rsquo;ve seen in nearly a decade.&nbsp; New York's rent regulation panel has approved to hike rents on more than one million rent stabilized apartments by 3.2%, the biggest jump in 10 years.&nbsp;
Also read/watch| <a title="Price of scooter and bikes to be hiked from July 1" href="https://www.editorji.com/business-news/price-of-scooter-and-bikes-to-be-hiked-from-july-1-1656052341071">Price of scooter and bikes to be hiked from July 1</a> As per experts, if you wanted to rent an apartment in NY city you will need to shell out the average asking rent of $2,750 per month for available apartments. Bloomberg cites a New York City Department of Housing Preservation and Development report that found only 23% of full-time workers in the city can afford median rent. So only 1 out of 5 full-time workers can afford to live in the city that does not sleep.&nbsp;

Two-wheeler maker Hero MotoCorp said it will hike prices of motorcycles and scooters by up to Rs 3,000 from July 1 to partially offset the steadily growing overall cost inflation, including commodity prices.
In a regulatory filing, the company said, "The exact quantum of increase will be subject to the specific model and market".
The company further said, "The price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices".
Hero MotoCorp sells a range of models, ranging from entry-level HF100 with prices starting at Rs 51,450, while Xpulse 200 4V tagged at Rs 1.32 lakh. 

Hero MotoCorp to hike prices for two-wheeler by Rs 3,000 from this date

Hero MotoCorp to hike prices for two wheeler by Rs 3,000 from this date

Move after the steadily growing overall cost inflation, including commodity prices

Two-wheeler maker Hero MotoCorp said it will hike prices of motorcycles and scooters by up to Rs 3,000 from July 1 to partially offset the steadily growing overall cost inflation, including commodity prices.
In a regulatory filing, the company said, "The exact quantum of increase will be subject to the specific model and market".
Also read/watch| <a title="NYC rents hiked by most in 10 years: Only 1 out of 5 full-time workers can afford it &nbsp;" href="https://www.editorji.com/business-news/nyc-rents-hiked-by-most-in-10-years-only-1-out-of-5-full-time-workers-can-afford-it-1656055206228">NYC rents hiked by most in 10 years: Only 1 out of 5 full-time workers can afford it &nbsp;</a>
The company further said, "The price revision has been necessitated to partially offset the steadily growing overall cost inflation, including commodity prices".
Hero MotoCorp sells a range of models, ranging from entry-level HF100 with prices starting at Rs 51,450, while Xpulse 200 4V tagged at Rs 1.32 lakh.&nbsp;

Germany, Europe's biggest economy, is at the brink of a energy crisis as supplies from Russia dwindle. Germany has raised the risk level in its national gas emergency plan to the second-highest &ldquo;alarm&rdquo;.&nbsp;Russia's state gas company Gazprom slashed flows through the Nord Stream 1 pipeline to Germany by 60% starting June 14&ldquo;We mustn&rsquo;t delude ourselves: cutting gas supplies is an economic attack on us by Putin,&rdquo; Economy Minister Robert Habeck said. &ldquo;We defend ourselves against this. But it will be a rocky road that we as a country now have to walk. Even if you don&rsquo;t really feel it yet: we are in a gas crisis."&nbsp;The third and highest &ldquo;emergency&rdquo; level would involve state control over distribution and bring back 'rationing' of scarce commodities. Germany gas-storage facilities, are currently around 58% and require 100 days at current rate to be back upto average level of 90%.&nbsp;Germany, which relies on Russia for more than a third of its gas supplies, had previously sought to maintain robust energy ties with Moscow despite rising sanctions.&nbsp;

Germany triggers ‘alert level’ of emergency gas plan; EU says Russia weaponising energy


Russia's state gas company Gazprom slashed flows through the Nord Stream 1 pipeline to Germany by 60% last week.

Explained: Germany one step away from rationing gas, Russia cuts supply

Europe&rsquo;s largest economy now sees a high risk of long-term gas supply shortages.

Germany, Europe's biggest economy, is at the brink of a energy crisis as supplies from Russia dwindle. Germany has raised the risk level in its national gas emergency plan to the second-highest &ldquo;alarm&rdquo;.&nbsp; Russia's state gas company Gazprom slashed flows through the Nord Stream 1 pipeline to Germany by 60% starting June 14 &ldquo;We mustn&rsquo;t delude ourselves: cutting gas supplies is an economic attack on us by Putin,&rdquo; Economy Minister Robert Habeck said. &ldquo;We defend ourselves against this. But it will be a rocky road that we as a country now have to walk. Even if you don&rsquo;t really feel it yet: we are in a gas crisis."&nbsp; The third and highest &ldquo;emergency&rdquo; level would involve state control over distribution and bring back 'rationing' of scarce commodities. Germany gas-storage facilities, are currently around 58% and require 100 days at current rate to be back upto average level of 90%.&nbsp; Germany, which relies on Russia for more than a third of its gas supplies, had previously sought to maintain robust energy ties with Moscow despite rising sanctions.&nbsp;

Media Baron, 91 year old Murdoch is headed for his fourth divorce after 6-years of marriage with model Jerry Hall. Murdoch who controls a media empire that includes cable channel Fox News, The Times of London and The Wall Street Journal, is no stranger to divorce was previously married to Wendi Deng from 1999 to 2013; Anna Maria Torv from 1967 to 1999; and Patricia Booker, from 1956 to 1967. 
 Rupert Murdoch Jerry HallWendi Deng Murdoch Mick Jagger Brent LangThu, June 23, 2022, 12:31 AM·2 min read  In this article: 
   
   
   
   Rupert MurdochAustralian-born American media mogul Jerry HallAmerican actressWendi Deng MurdochChinese-American businesswoman (1968-) Mick JaggerEnglish songwriter, singer of The Rolling Stones   Rupert Murdoch and Jerry Hall are divorcing after six years of marriage.
The 91-year-old media mogul and the 65-year-old model tied the knot in 2016. It was Murdoch’s fourth marriage. He was previously married to Wendi Deng from 1999 to 2013; Anna Maria Torv from 1967 to 1999; and Patricia Booker, from 1956 to 1967. Hall had been married to Mick Jagger, the rock star and lead singer of the Rolling Stones.Hall is a supermodel who also acted in such films as Tim Burton’s “Batman” and starred as Mrs. Robinson in a Broadway production of “The Graduate. Jerry Hall was also previously married to Mick Jagger, the rock star and lead singer of the Rolling Stones.Ranked 265th on the Bloomberg Billionaire Index, Murdoch is reportedly worth $7.5 billion. 

Media Moghul Rupert Murdoch heads for 4th divorce at 91

Media Mogul Rupert Murdoch heads for 4th divorce at 91

Rupert Murdoch and Jerry Hall, a former top model, are reportedly set to divorce.

Media Baron, 91 year old Rupert Murdoch is headed for a divorce after 6-years of marriage with model Jerry Hall. Murdoch who controls a media empire that includes cable channel Fox News, The Times of London and The Wall Street Journal, is no stranger to divorce was previously married to Wendi Deng from 1999 to 2013; Anna Maria Torv from 1967 to 1999; and Patricia Booker, from 1956 to 1967.
 Also read/watch| <a title="Did Uber explore selling India unit?" href="https://www.editorji.com/business-news/did-uber-explore-selling-india-unit-1655966484985">Did Uber explore selling India unit?</a> Hall is a supermodel who also acted in such films as Tim Burton&rsquo;s &ldquo;Batman&rdquo; and starred as Mrs. Robinson in a Broadway production of &ldquo;The Graduate. Jerry Hall was also previously married to Mick Jagger, the rock star and lead singer of the Rolling Stones. Ranked 265th on the Bloomberg Billionaire Index, Murdoch is reportedly worth $7.5 billion.&nbsp;

Over 4 lakh homes are either delayed or unfinished by builders across seven major cities as per a report. So if you are one of the unfortunate consumers who is stuck with an unfinished home here are your options-:
Register a complaint with the authority: The first option is to file a consumer complaint with the Real Estate Regulation and Development Authority (RERA) for delayed projects. RERA permits a homebuyer a choice of seeking either interest on delayed possession or a complete refund of the money paid along with interest thereon.
Legal recourse: Depending on the value of the property, buyers can approach the National Consumer Disputes Redressal Commission (NCDRC) -- a quasi-judicial commission set up in 1988 under the Consumer Protection Act, 1986. 
Progress and EMI: Experts suggest to keep a close watch on the schedule of progress updates being provided by the builders. If there is a delay or no updates one is recommended contact RERA along with EMI payments made so far. 

Home buyers dilemma as housing projects get stuck! What to do

Housing project stuck? Here is what you can do 

Report shows over 4 lakh&nbsp;homes stuck/delayed by builders across major cities

Over 4 lakh homes are either delayed or unfinished by builders across seven major cities as per a report. So if you are one of the unfortunate consumers who is stuck with an unfinished home here are your options-:
Register a complaint with the authority: The first option is to file a consumer complaint with the Real Estate Regulation and Development Authority (RERA) for delayed projects. RERA permits a homebuyer a choice of seeking either interest on delayed possession or a complete refund of the money paid along with interest thereon.
Also read/watch| <a title="Is Beyonce singing about the 'Great Resignation'?" href="https://www.editorji.com/business-news/is-beyonce-singing-about-the-great-resignation-1655882822861">Is Beyonce singing about the 'Great Resignation'?</a>
Legal recourse: Depending on the value of the property, buyers can approach the National Consumer Disputes Redressal Commission (NCDRC) -- a quasi-judicial commission set up in 1988 under the Consumer Protection Act, 1986.&nbsp;
Progress and EMI: Experts suggest to keep a close watch on the schedule of progress updates being provided by the builders. If there is a delay or no updates one is recommended contact RERA along with EMI payments made so far.&nbsp;

It is not just the tech titans are taking home the big moneys! A recent survey by Deloitte India shows that the average compensation of CEOs is now the highest in 3 years averaging over Rs 11 crores. There is a also a big difference between the top boss and other senior management. As per the Deloitte India Executive Remuneration Survey.  the average compensation for the CEOs was 2.7 times that of chief financial officers, 3.7 times that of business unit heads, and 4.1 times that of chief human resource officers. The closes to a CEO compensation is the post of COO but is still with a with a wide margin as the Chief Executive Officer on average in FY22 was paid 2.4 times what a COO was handed out. The report also highlights that on average, more than half of the total compensation for CEOs is variable. The survey covered more than 470 companies across manufacturing, consumer products, IT, ITeS, services, life sciences and financial services sector
 

CEO salary now averages Rs 11 cr a year, highest in 3 years: Deloitte Survey

A recent survey by Deloitte India shows that the average compensation of CEOs is now the highest in 3 years. 

This is what an average CEO salary in India is...

As per the Deloitte India Executive Remuneration Survey.&nbsp; the average compensation for the CEOs was 2.7 times that of chief financial officers

It is not just the tech titans who are taking home the big money! A recent survey by Deloitte India shows that the average compensation of CEOs is now the highest in 3 years averaging over Rs 11 crores.&nbsp; There is also a big difference between the top boss and other senior management. As per the Deloitte India Executive Remuneration Survey.&nbsp; the average compensation for the CEOs was 2.7 times that of chief financial officers, 3.7 times that of business unit heads, and 4.1 times that of chief human resource officers.&nbsp;
Also read/watch| <a title="Grasping at straws! Juice boxes face big problems, squeezed by deadline" href="https://www.editorji.com/business-news/grasping-at-straws-juice-boxes-face-big-problems-squeezed-by-deadline-1655867088422">Grasping at straws! Juice boxes face big problems, squeezed by deadline</a> The closes to a CEO compensation is the post of COO but is still with a with a wide margin as the Chief Executive Officer on average in FY22 was paid 2.4 times what a COO was handed out. The report also highlights that on average, more than half of the total compensation for CEOs is variable. The survey covered more than 470 companies across the manufacturing, consumer products, IT, ITeS, services, life sciences and financial services sectors.&nbsp;

The turbulence of volatile financial markets can be felt in the crypto space too and it's not just about the falling prices of digital assets like Bitcoin.
US-based Coinbase went from its ambitious target of tripling its workforce in India to laying off 8 percent of its workforce in the country. This comes after its founder and CEO Brian Armstrong said on Tuesday that the company was laying off 18 percent -- which is about 1,100 -- of its employees amid worsening macroeconomic conditions.
US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing "extreme" conditions, in the latest sign of how financial market volatility is causing distress in the crypto sphere. The crypto lending platform has a total user base of 1.7 million.
Speculation over the future of major cryptocurrency, hedge fund Three Arrows Capital is swirling after a cryptic tweet from the fund’s co-founder Zhu Su. The popular trader gave a vague update on Wednesday, hinting that Three Arrows Capital was looking for a solution to an issue it was facing. Unconfirmed reports from crypto traders claim the firm may have missed a margin call and is now in dire straits due to the recent meltdown in the crypto market.

Turbulent crypto markets: Layoffs, withdrawal freeze seen across industry

The turbulence of volatile financial markets can be felt in the crypto space too and it's not just about the falling prices of digital assets like Bitcoin.

US-based Coinbase lays off 18 percent -- which is about 1,100 -- of its employees amid worsening macroeconomic conditions.

The turbulence of volatile financial markets can be felt in the crypto space too and it's not just about the falling prices of digital assets like Bitcoin.
US-based Coinbase went from its ambitious target of tripling its workforce in India to laying off 8 percent of its workforce in the country. This comes after its founder and CEO Brian Armstrong said on Tuesday that the company was laying off 18 percent -- which is about 1,100 -- of its employees amid worsening macroeconomic conditions.
US cryptocurrency lending company Celsius Network froze withdrawals and transfers citing "extreme" conditions, in the latest sign of how financial market volatility is causing distress in the crypto sphere. The crypto lending platform has a total user base of 1.7 million.
Speculation over the future of major cryptocurrency, hedge fund Three Arrows Capital is swirling after a cryptic tweet from the fund&rsquo;s co-founder Zhu Su. The popular trader gave a vague update on Wednesday, hinting that Three Arrows Capital was looking for a solution to an issue it was facing. Unconfirmed reports from crypto traders claim the firm may have missed a margin call and is now in dire straits due to the recent meltdown in the crypto market.

After postponing it three times, banks are still not ready for tokenization this time! 
Under the new rule by RBI, coming July 1, merchants, payment aggregators, payment gateways and acquiring banks can no longer store the card details of customers.
What is tokenisation?
With the nobel goal of protecting the security of Indians, merchants will be prohibited from storing the data of customers’ cards on their servers with effect. The central bank mandated the adoption of card-on-file (CoF) tokenisation applicable to domestic online purchases.
A customer can, however, still choose not to tokenise his or her card. In such a case, customers will have to enter complete card details every time they make a payment.
What have been big problems
Previously, the RBI was planning to apply the new card tokenization rule from 1st January 2022, onwards. But, after getting many requests from merchants, the bank increased the date by six months, and the rule will now come into effect from 1st July. 
If the extension is not provided by the RBI, the Indian banking system is likely to face considerable disruption, with customers being forced to enter their card details every time they want to transact on a merchant's payment page
What are banks saying
According to reports, most banks are currently lacking the tools and employee resources for implementation and are not equipped to accept tokens to authorise payments. So even if the customer's card information is tokenised, it cannot be used for conducting a transaction.
Banks asking for an extension on tokenisation seems like a genuine request from a system dealing with resource constraints.

Explained: Big changes from July 1 for your credit card, banks not ready

RBI initiative to curb data theft to come into force in July

Have you had trouble with your OTT payments, or have platforms where your card details were stored suddenly stopped processing your payments? Well this is all in prep for the big change that is to kick in from July 1 but wait banks are now saying they are not fully ready.&nbsp; What is tokenisation?
Tokenisation refers to the process of replacing credit/debit card details with a unique alternate code, &lsquo;token&rsquo;. Card networks such as Visa, RuPay and MasterCard will issue tokens to token requestors. Under this process, merchants will have to delete any credit and debit card data stored on their platforms and replace them with a token.&nbsp;
Also read/watch| <a title="Deloitte&rsquo;s Gen Z and Millennial Survey: Check out their top concern" href="https://www.editorji.com/business-news/deloitte-s-gen-z-and-millennial-survey-check-out-their-top-concern-1655275826223">Deloitte&rsquo;s Gen Z and Millennial Survey: Check out their top concern</a> So what changes? Customers who don&rsquo;t tokenise their cards will have to enter card details every time they make a purchase of any item or subscription on online platforms.&nbsp;
Businesses/Customers worried This is a bit particularly subscription-based platforms where users may drop off long held subscriptions due to the problems in getting 'tokenised' Also if a consumer forgets to tokenise an instalment, he/she may miss out on making the payment on time and will have to face its consequences.&nbsp; Another extension?&nbsp; As per reports, saying that the time given for implementation of the rules was too short, the Indian Banks&rsquo; Association (IBA) has submitted an extension request to the central bank.&nbsp; Countdown to deadline RBI&nbsp;introduced card tokenisation guidelines in 2020 but following requests from various stakeholders, the central bank extended the deadline twice, and the new rules are set to come into effect from July 1, 2022.
&nbsp;

From 2017 to 2021, Binance processed transactions totalling at least $2.35 billion stemming from hacks, investment frauds and illegal drug sales, a report by Reuters stated as they calculated from an examination of court records, statements by law enforcement and blockchain data.
Separately, crypto researcher Chainalysis, hired by U.S. government agencies to track illegal flows, concluded in a 2020 report that Binance received criminal funds totalling $770 million in 2019 alone, more than any other crypto exchange. Binance CEO Changpeng Zhao accused Chainalysis on Twitter of “bad business etiquette."
Reuters reviewed detailed data about Binance client transactions on 'darknet' sites – marketplaces for narcotics, weapons and other illegal items. Most of the data was provided by Crystal Blockchain, an Amsterdam-based analysis firm that helps companies and governments trace crypto funds. The data showed that from 2017 to 2022, buyers and sellers on the world’s largest darknet drugs market, a Russian-language site called Hydra, used Binance to make and receive crypto payments worth $780 million. Reuters cross-checked these figures with another analysis firm, which agreed with the findings.
In Germany, police said investigators began seeing criminals in Europe turn to Binance in 2020 to launder some of the proceeds from investment fraud schemes that caused victims, many of them pensioners, to lose in total 750 million euros ($800 million). 
The report also pointed out how North Korea’s Lazarus used Binance to launder some of the cryptocurrency stolen from Eterbase.
Binance, however, said it uses transaction monitoring and risk assessments to ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner.
With around 120 million users worldwide, Binance processes crypto trades worth hundreds of billions of dollars a month.

Is Binance a safe-house for hackers, fraudsters and drug traffickers?

Is the world's largest crypto exchange Binance a safe-house for hackers, fraudsters and drug traffickers operating from Russia to North Korea?

Binance is said to have been an easy exchange to launder money through due to its previously lax KYC requirements.

A new report from Reuters claims Binance allowed more than $2.35 billion worth of criminal funds to process through its exchange unchecked. As per the investigation, from 2017 to 2021, Binance processed transactions totalling at least&nbsp;$2.35 billion&nbsp;stemming from hacks, investment frauds and illegal drug sales, a report by&nbsp;Reuters stated as they calculated from an examination of court records, statements by law enforcement and blockchain data. The Reuters report singles out entities having allegedly laundered money through Binance, including the Lazarus Group, the North Korean cybercrime syndicate responsible for&nbsp;hacking&nbsp;$550 million from the Ronin bridge last year. Hydra, a giant Russian-language darknet marketplace that used cryptocurrencies for the sale and purchase of drugs, is also said to have used Binance to process more than $780 million since early 2018 as per the report.&nbsp;
Separately, crypto researcher Chainalysis, hired by U.S. government agencies to track illegal flows, concluded in a 2020 report that Binance received criminal funds totalling $770 million in 2019 alone, more than any other crypto exchange. Binance CEO Changpeng Zhao accused Chainalysis on Twitter of &ldquo;bad business etiquette."
Binance, however, said it uses transaction monitoring and risk assessments to ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner. A&nbsp;Binance spokesperson was quoted saying that &ldquo;the article uses outdated information from 2019 and unverified personal attestations as a crutch to establish a false narrative&rdquo; before highlighting Binance&rsquo;s cooperation with law enforcement in multiple cybercrime investigations.
&nbsp;

Top 5 'fat-finger' trades that rocked global marketsJapan's Jitters with $711 Billion Blunder2014: In what could have been one of most expensive fat-finger trades ever. Someone placed more than 40 erroneous orders in some of Asia’s largest corporations, representing hundreds of billions of dollars of business. Orders included a request for 1.9 billion shares in Toyota, around 57 per cent of its total share capital. Though no real losses were accouted for as the trades were cancelled - the total value of the cancelled trade were greater than the economy of Sweden. Samsung Sec's $140 Billion Slip Up 2018: An employee at one of South Korea's largest brokerages, tried to pay employees 1,000 won ($1.25) per share in dividends under a company compensation plan, but instead gave them 1,000 company shares instead, worth on paper about 112.6 trillion won ($140 billion), more than 30 times the company's market value.Things got worse when 16 employees sold the stock, spurring a rout of as much as 12 per cent in the space of minutes on April 6, the biggest decline since the global financial crisis. Deutsche's $6 Billion Debacle2019: The German bank accidentally transferred $6bn to a hedge fund client in 2015 after a junior trader on its foreign exchange desk mistakenly put through the trade. Even though the trade was reversed it left a unbilled damaged to the bank's goodwill. 
Mizuho’s Mess Up Cost Millions2005: The brokerage arm of Mizuho accidentally offered to sell 610,000 shares of recruitment company J-Com at one yen, instead of the intended one share at 610,000 yen. Mizuho was forced to pay 912,000 yen a share to investors who bought shares of J-Com, suffering a loss of $335 million, as part of an emergency settlement plan
Gold's No Haven2017: Gold traders were rattled in Juneby a huge spike in volume in New York futures when trading jumped to 1.8 million ounces of gold in just a minute, an amount bigger than the gold reserves of Finland. Only possible explanation: a mistaken trade of 18,149 lots of a futures contract, about 100 times the size of a typical trade of 18,149 ounces. 


Top 5 'fat-finger' trades that rocked global markets 

A fat-finger trade is an erroneous&nbsp;trade that happens due to pressing a wrong key on the keyboard or a mouse misclick.

Keto, GM or anything diet will not reduce the losses that arise from having a fat finger! Erroneous&nbsp;trades or infamously labelled fat-finger trades have over the decades rocked financial markets and reminded traders - to err is human!&nbsp;
Japan's Jitters with $711 Billion Blunder 2014: In what could have been one of the most expensive fat-finger trades ever. Someone placed more than 40 erroneous orders&nbsp;in some of Asia&rsquo;s largest corporations, representing hundreds of billions of dollars of business. Orders included a request for 1.9 billion shares in Toyota, around 57 per cent of its total share capital. Though no real losses were accounted for as the trades were cancelled - the total value of the cancelled trade was greater than the economy of Sweden.&nbsp;
Also read/watch | <a href="https://www.editorji.com/business-news/this-edtech-startup-shuts-its-operation-fires-all-the-employees-1654155999177" target="_blank">This EdTech startup shuts its operation, fires all the employees</a>
Samsung&nbsp;Sec's&nbsp;$140 Billion Slip Up&nbsp; 2018: An employee at one of South Korea's largest brokerages tried to pay employees 1,000 won ($1.25) per share in dividends under a company compensation plan, but instead gave them 1,000 company shares instead, worth on paper about 112.6 trillion won ($140 billion), more than 30 times the company's market value. Things got worse when 16 employees sold the stock, spurring a rout of as much as 12 per cent in the space of minutes on April 6, the biggest decline since the global financial crisis.&nbsp;
Also read/watch | <a href="https://www.editorji.com/business-news/rbi-june-monetary-policy-repo-rate-to-be-hiked-all-you-need-to-know-1654154034702" target="_blank">RBI June Monetary Policy: Repo rate to be hiked? All you need to know</a>
Deutsche's&nbsp;$6 Billion Debacle 2019: The German bank accidentally transferred $6bn to a hedge fund client in 2015 after a junior trader on its foreign exchange desk mistakenly put through the trade. Even though the trade was reversed it left&nbsp;unbilled&nbsp;damage to the bank's goodwill.
Mizuho&rsquo;s Mess Up Cost Millions 2005: The brokerage arm of Mizuho accidentally offered to sell 610,000 shares of recruitment company J-Com at one yen, instead of the intended one share at 610,000 yen.&nbsp;Mizuho was forced to pay 912,000 yen a share to investors who bought shares of J-Com, suffering a loss of $335 million, as part of an emergency settlement plan.
Also read/watch | <a href="https://www.editorji.com/business-news/markets/explained-what-is-a-fat-finger-trade-and-how-it-can-make-you-lose-crores-1654228204966" target="_blank">Explained: What is a fat finger trade and how it can make you lose crores!</a>
Gold's No Haven 2017: Gold traders have rattled in June by&nbsp;a huge spike in volume in New York futures when trading jumped to 1.8 million ounces of gold in just a minute, an amount bigger than the gold reserves of Finland. Only&nbsp;possible explanation: a mistaken trade of 18,149 lots of a futures contract, about 100 times the size of a typical trade of 18,149 ounces.

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You can now book a dozens of tickets literally in a month!&nbsp; Indian Railways has decided to increase the limit of booking maximum 6 tickets in a month to 12 tickets by a user ID which is not Aadhaar linked and the limit of booking maximum 12 tickets in a month to 24 tickets by a user ID which is Aadhaar linked and that one of the passengers in the ticket to be booked is verifiable through Aadhaar.
At present, maximum 6 tickets in a month can be booked online on IRCTC website/app by a user ID which is not Aadhaar linked and maximum 12 tickets in a month can be booked online by a verified Aadhaar&nbsp;holder.&nbsp;

Book more train tickets! IRCTC changes norms, all details here

Change in norms on the maximum number of tickets for a single Aadhaar&nbsp;holder

You can now book a dozens of tickets literally in a month!&nbsp; Indian Railways has decided to increase the limit of booking maximum 6 tickets in a month to 12 tickets by a user ID which is not Aadhaar linked and the limit of booking maximum 12 tickets in a month to 24 tickets by a user ID which is Aadhaar linked and that one of the passengers in the ticket to be booked is verifiable through Aadhaar.
At present, maximum 6 tickets in a month can be booked online on IRCTC website/app by a user ID which is not Aadhaar linked and maximum 12 tickets in a month can be booked online by a verified Aadhaar&nbsp;holder.&nbsp;

Move aside petrol, the new crisis is paper in cash-strapped Pakistan. With paper prices soaring over 200%  Pakistan paper association has warned the government they will not be able to print the books, leaving millions of students across Pakistan without textbooks.With a high import tax already in place price of paper has soared to a commercially unviable point for printer. With the prices continuously increasing day by day, the publishers are unable to set a price on the books and have halted production. Paper is looking like the 'straw that will break the camel's back' as per some experts as Pakistan faces a drought in its foreign reserves. Pakistan’s foreign reserves are at their lowest since 2019, and the country only has reserves for imports for just over a month with it.

Pakistan in crisis: Severe shortage of paper, textbook prints halted

Paper shortage is the latest crisis in cash strapped Pakistan, millions of students likely to be without books

Pakistan's Paper Crisis

Big printing presses are at a standstill, and what little paper there is in the country is too low quality to be used for text books

Move aside petrol, the new crisis is paper in cash-strapped Pakistan. With paper prices soaring over 200% &nbsp;Pakistan paper association has warned the government they will not be able to print the books, leaving millions of students across Pakistan without textbooks. With a high import tax already in place price of paper has soared to a commercially unviable point for printers. With the prices continuously increasing day by day, the publishers are unable to set a price on the books and have halted production.&nbsp;
Also read/watch| <a title="Explained: Russia defaults on foreign debt for the first time since 1918" href="https://www.editorji.com/business-news/explained-russia-defaults-on-foreign-debt-for-the-first-time-since-1918-1656298796812">Explained: Russia defaults on foreign debt for the first time since 1918</a> Paper is looking like the 'straw that will break the camel's back' as per some experts as Pakistan faces a drought in its foreign reserves. Pakistan&rsquo;s foreign reserves are at their lowest since 2019, and the country only has reserves for imports for just over a month with it.

For the first time in over a 100  years, Putin led Russia has defaulted on paying its debt to foriegn lenders as the war with Ukraine continues and payment routes continue to be sealed off due to sanctions. Russia despite a 30-day grace period defaulted in repaying $100 million of snared interest payments. Russia calls any default artificial because it has the money to pay its debts but says sanctions have frozen its foreign currency reserves held abroad.
“There is money and there is also the readiness to pay," Russian Finance Minister Anton Siluanov said last month. “This situation, artificially created by an unfriendly country, will not have any effect on Russians’ quality of life.”The Kremlin continues to press the point of having the ability to make the payment in Rubles, something the creditors were unaccepting of, 'forcing' a foreign debt default for the first time since 1918. Russia owes about $40 billion in foreign bonds, about half of that to foreigners. Before the start of the war, Russia had around $640 billion in foreign currency and gold reserves, much of which was held overseas and is now frozen.Russia has faced economic crisis before but even then the default was local not overseas. During Russia’s financial crisis and ruble collapse of 1998, President Boris Yeltsin’s government defaulted on $40 billion of its local debt.

Explained: Russia defaults on foreign debt for the first time since 1918

For  the first time in over a 100 years, Russia defaults on foreign debt but the Kremlin calls it a farce, here is why. 

A first for Moscow since the since the 1917 Bolshevik Revolution

For the first time in over 100&nbsp; years, Putin-led Russia has defaulted on paying its debt to foreign lenders as the war with Ukraine continues and payment routes continue to be sealed off due to sanctions. Russia despite a 30-day grace period defaulted in repaying $100 million of snared interest payments.&nbsp;
Also read/watch| <a title="Gaming and gambling same - GST council likely to slap 28% tax: reports" href="https://www.editorji.com/business-news/gaming-and-gambling-same-gst-council-likely-to-slap-28-tax-reports-1656296267507">Gaming and gambling same - GST council likely to slap 28% tax: reports</a> Russia calls any default artificial because it has the money to pay its debts but says sanctions have frozen its foreign currency reserves held abroad.
&ldquo;There is money and there is also the readiness to pay," Russian Finance Minister Anton Siluanov said last month. &ldquo;This situation, artificially created by an unfriendly country, will not have any effect on Russians&rsquo; quality of life.&rdquo; The Kremlin continues to press the point of having the ability to make the payment in Rubles, something the creditors were unaccepting of, 'forcing' a foreign debt default for the first time since 1918.&nbsp; Russia owes about $40 billion in foreign bonds, about half of that to foreigners. Before the start of the war, Russia had around $640 billion in foreign currency and gold reserves, much of which was held overseas and is now frozen. Russia has faced economic crisis before but even then the default was local not overseas. During Russia&rsquo;s financial crisis and ruble collapse of 1998, President Boris Yeltsin&rsquo;s government defaulted on $40 billion of its local debt.

In a bit hit for the gaming industry, reports indicate that the  GST Council is to take up the proposal of levying 28 per cent GST on online gaming and match it with the taxation of casinos and horse racing, sources told news agency PTI. 
The Group of Ministers, headed by Meghalaya Chief Minister Conrad Sangma, has recommended that online gaming should be taxed at full value of the consideration, including contest entry fee paid by the player on participating in the game.
In case of race courses, the GoM has suggested that GST be levied on the full value of bets pooled in the totalisators and placed with the bookmakers.
In casinos, GoM recommended that the tax would be levied on the full face value of the chips/coins purchased from the casino by a player. No further GST would apply on the value of bets placed in each round of betting, including those placed with winnings in previous rounds.
Also, the GoM suggested that 28 per cent Goods and Services Tax be levied on entry/access fees into casinos, which compulsorily includes foods/beverages etc.
However, optional supplies, made independently of the entry tickets, would be taxed at the rate applicable on such supplies, sources added.
Currently, services of casinos, horse racing and online gaming attract 18 per cent GST. The GoM would decide on the method of valuing the services.
The Government had in May last year set up a panel of state ministers for better valuation of services of Casinos, online gaming portal and race courses for levying Goods and Services Tax (GST).
AMRG & Associates Senior Partner Rajat Mohan said 28 per cent tax bracket for online gaming, horse racing, and casinos would peg them at par with numerous sin goods like pan masala, tobacco and aerated waters.
"Taxing online gaming, horse racing, and casinos at gross revenue instead of net value addition would be a departure from the global tax ethics," Mohan said.
This proposal may sweeten the exchequer for a while; however, it would also entice the unorganized sector leading to rampant generation of black money in the long term, he added.
The report of the GoM is likely to be taken up in the next meeting of the GST Council on June 28-29 in Chandigarh.
The other state ministers in the 8-member GoM include Maharashtra Deputy Chief Minister Ajit Pawar, Gujarat Finance Minister Kanubhai Patel, Goa Panchayati raj Minister Mauvin Godinho, Tamil Nadu Finance Minister P Thiaga Rajan, Uttar Pradesh Finance Minister Suresh Khanna and Telangana Finance Minister. 

Gaming and gambling same - GST council likely to slap 28% tax: reports

Group of Ministers, headed by Meghalaya Chief Minister Conrad Sangma, has recommended that online gaming should be taxed at full value of the consideration, including contest entry fee paid by the player on participating in the game.

The next meeting of the GST Council is on June 28-29 in Chandigarh.

In a bit hit for the gaming industry, reports indicate that the&nbsp; GST Council is to take up the proposal of levying 28 per cent GST on online gaming and match it with the taxation of casinos and horse racing, sources told news agency PTI.&nbsp;
The Group of Ministers, headed by Meghalaya Chief Minister Conrad Sangma, has recommended that online gaming should be taxed at full value of the consideration, including contest entry fee paid by the player on participating in the game.
Also read/watch| <a title="Explained: Russia defaults on foreign debt for the first time since 1918" href="https://www.editorji.com/business-news/explained-russia-defaults-on-foreign-debt-for-the-first-time-since-1918-1656298796812">Explained: Russia defaults on foreign debt for the first time since 1918</a>
In case of race courses, the GoM has suggested that GST be levied on the full value of bets pooled in the totalisators and placed with the bookmakers.
In casinos, GoM recommended that the tax would be levied on the full face value of the chips/coins purchased from the casino by a player. No further GST would apply on the value of bets placed in each round of betting, including those placed with winnings in previous rounds.
Also, the GoM suggested that 28 per cent Goods and Services Tax be levied on entry/access fees into casinos, which compulsorily includes foods/beverages etc.
However, optional supplies, made independently of the entry tickets, would be taxed at the rate applicable on such supplies, sources added.
Currently, services of casinos, horse racing and online gaming attract 18 per cent GST. The GoM would decide on the method of valuing the services.
The Government had in May last year set up a panel of state ministers for better valuation of services of Casinos, online gaming portal and race courses for levying Goods and Services Tax (GST).
AMRG &amp; Associates Senior Partner Rajat Mohan said 28 per cent tax bracket for online gaming, horse racing, and casinos would peg them at par with numerous sin goods like pan masala, tobacco and aerated waters.
"Taxing online gaming, horse racing, and casinos at gross revenue instead of net value addition would be a departure from the global tax ethics," Mohan said.
This proposal may sweeten the exchequer for a while; however, it would also entice the unorganized sector leading to rampant generation of black money in the long term, he added.
The report of the GoM is likely to be taken up in the next meeting of the GST Council on June 28-29 in Chandigarh.
The other state ministers in the 8-member GoM include Maharashtra Deputy Chief Minister Ajit Pawar, Gujarat Finance Minister Kanubhai Patel, Goa Panchayati raj Minister Mauvin Godinho, Tamil Nadu Finance Minister P Thiaga Rajan, Uttar Pradesh Finance Minister Suresh Khanna and Telangana Finance Minister.&nbsp;

Blockchain Solana now has its own smartphone called the Solana Saga.

Solana launches $1,000 crypto smartphone 

Blockchain Solana now has its own smartphone called the Solana Saga.

Popular blockchain Solana has entered the smartphone space with the Solana Saga, a crypto and web3-centric smartphone which will launch in 2023.
This is a rebranded Osom OV1. For those unaware, Osom is a privacy-focused startup with the same engineers who developed the Essential Phone. The company has made it clear that the OV1 has been replaced by the upcoming Solana Saga.
This new blockchain-focused phone features pretty impressive internals which include a 6.67-inch OLED display, 12GB of RAM, a Snapdragon 8+ Gen 1 chipset, and wireless charging.
Also watch: <a title="Hermit malware used to spy on iPhones and Android phones" href="https://www.editorji.com/tech-news/hermit-malware-used-to-spy-on-iphones-and-android-phones-1656066100707">Hermit malware used to spy on iPhones and Android phones</a>
&ldquo;Almost 7 billion people use smartphones around the world and more than 100 million people hold digital assets - and both of those numbers will continue to grow. Saga sets a new standard for the web3 experience on mobile,&rdquo; Solana CEO said in a blog post.
The phone will retail for $1,000 and will be initially sold in the EU, USA, Canada and UK.

A fraud  that is unmatched in India, hit by it 17 banks that were defrauded of Rs 34,000 cr allegedly by the promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan.It exploded in 2019, when digital platform 'Cobrapost' claimed to have unearthed what it titled - 'India's biggest financial scam' perpetuated as per their expose by the then promoters of the company.  Cobrapost claimed that the scam has primarily been pulled off through grants of loans and advances to shell companies and by using other means leaving a large consortium of banks led by Union Bank with bad debt of over Rs 31,000 cr. A lot is at stake as this news breaks as DHFL is a listed NBFC in the business of lending money especially to promoters who are reportedly engaged in slum rehabilitation, housing development and other real estate businessCobrapost then went on to give pages worth of investigative material supporting their claim of a massive loan fraud. Lenders obviously panic and call for a special meeting and on  February 1, 2019 appointed KPMG to conduct a "special review audit" of DHFL from April 1, 2015 to December 31, 2018. Reportedly, KPMG, in its audit, red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals of DHFL and its directors. 
The promoters of erstwhile DHFL, Kapil and Dheeraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank n connivance with the bank's cofounder Rana Kapoor who is also lodged at Taloja jail on the outskirts of Mumbai.
 

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam explained

DHFL fraud: Yes Bank to PM Housing Scheme, Rs 34,000 cr scam detailed

CBI has booked former promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan

A fraud&nbsp; that is unmatched in India, hit by it 17 banks that were defrauded of Rs 34,000 cr allegedly by the promoters of Dewan Housing Finance Corporation Ltd (DHFL), Kapil Wadhawan and Dheeraj Wadhawan. It exploded in 2019, when digital platform 'Cobrapost' claimed to have unearthed what it titled - 'India's biggest financial scam' perpetuated as per their expose by the then promoters of the company.&nbsp; Cobrapost claimed that the scam has primarily been pulled off through grants of loans and advances to shell companies and by using other means leaving a large consortium of banks led by Union Bank with bad debt of over Rs 31,000 cr.&nbsp; A lot is at stake as this news breaks as DHFL is a listed NBFC in the business of lending money especially to promoters who are reportedly engaged in slum rehabilitation, housing development and other real estate business Cobrapost then went on to give pages worth of investigative material supporting their claim of a massive loan fraud.&nbsp; Lenders obviously panic and call for a special meeting and on February 1, 2019 appointed KPMG to conduct a "special review audit" of DHFL from April 1, 2015 to December 31, 2018. Reportedly, KPMG, in its audit, red-flagged diversion of funds in the garb of loans and advances to related and interconnected entities and individuals of DHFL and its directors.&nbsp; Auditor Grant Thornton also in its 98-page report reportedy detailed the mode of operation of "round tripping" of funds through fake loans which focuses on 91 entities wherein the auditor found that no collateral or security was obtained before the grant of these loans. In total, 2.60 lakh "fake and fictitious" home loan accounts were created and over Rs 11,000 cr was 'disbursed'.
The promoters of erstwhile DHFL, Kapil and Dheeraj Wadhawan are currently in jail in connection with the cases registered by CBI and the Enforcement Directorate for the alleged fraud caused to Yes Bank n connivance with the bank's cofounder Rana Kapoor for allegedly involving kickbacks for investing in DHFL. Rana Kapoor is also lodged at Taloja jail on the outskirts of Mumbai.
To add to that agency has now unearthed a scam linked to the Pradhan Mantri Awas Yojana (PMAY). According to the CBI, Kapil and Dheeraj Wadhawan created "fake and fictitious" home loan accounts amounting to over Rs 14,000 crore and availed Rs 1,880 crore in interest subsidy from the Government of India. The CBI has named DHFL, Kapil Wadhawan, Dheeraj Wadhawan along with 13 others and they have been booked on charges of cheating, fraud and under relevant sections of the Prevention of Corruption Act.

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