The push of an enter key vs a delete button, or a mistaken forward to the wrong number. A fat finger trader is precisely that; the execution of a wrongly punched command. But in the case of a 'fat finger trade' it could cost the trader a hefty sum when a trade is executed mistakenly by the wrong press of a button.If it is a single retail trader who faces a 'fat finger' error the imapct is not usually dire. But in today's day of  algo trades a fat finger trade can set a chain-reaction of events in place, similar to the domino effect. In some cases, the downward spiral can be catastrophic, such as during the stock market’s flash crash in 2010. And it is not as simple as 'oops' as even the biggest trader may not have the option of reversing the call on their own. It usually requires intervention at the exchange levels and most often requires the regulators nod as well. So next time think before you hit go! 

Explained: What is a fat finger trade and how it can make you lose crores! 

Fat-finger trades have a long and inglorious history

The push of an enter key&nbsp;vs a delete button, or a mistaken forward to the wrong number.&nbsp;A fat finger trader is precisely that; the execution of a wrongly punched command. But in the case of a 'fat finger trade,' it could cost the trader a hefty sum when a&nbsp;trade is executed mistakenly by the wrong press of a button.
Also read/watch| <a title="India's biggest 'fat-finger' trade; broking house loses Rs 250 crore" href="https://www.editorji.com/business-news/india-s-biggest-fat-finger-trade-broking-house-lose-rs-250-crore-1654224975360">India's biggest 'fat-finger' trade; broking house loses Rs 250 crore</a> If it is a single retail trader who faces a 'fat finger' error the impact is not usually dire. But in today's day of&nbsp;algo&nbsp;trades, a fat&nbsp;finger trade can set a chain-reaction of events in place, similar to the domino effect. In some cases, the downward spiral can be catastrophic, such as during the stock market&rsquo;s flash crash in 2010.&nbsp; And it is not as simple as 'oops' as even the biggest trader may not have the option of reversing the call on their own. It usually requires intervention at the exchange&nbsp;levels and most often requires the regulator's nod as well. So next time think before you hit go!&nbsp;

Mind your excess luggage even if you are travelling by train. The Railways ministry is raising public awareness about a regulation that allows the railways to charge for excess luggage while travelling. Taking to social media the Ministry of Railways urged all passengers to travel light unless it is extremely necessary. In a recent tweet, the ministry alerted travellers “If the luggage is more than the enjoyment of the journey will be half! Do not travel by train carrying more luggage. In case of excess baggage, go to the parcel office and book the luggage."This is what your baggage allowance looks like - If you are travelling in AC first class, you can carry up to 70kgs for free, and for AC 2-Tier, the limit is 50Kgs. In AC 3-tier sleeper, AC chair car and the sleeper class, carrying baggage up to 40 kilos is allowed. For 2-class, the limit is up to 25kgs.

Excess luggage to cost you, even on trains - new regulation released 

Excess luggage to cost you, even on trains - new regulations released 

Owing to the new baggage rules, the Ministry of Railways recently urged all to travel light unless it is extremely necessary.&nbsp;

Mind your excess luggage even if you are travelling by train. The Railways ministry is raising public awareness about a regulation that allows the railways to charge for excess luggage while travelling.&nbsp;
Also read/watch| <a title="Hate speech up over 80% on Facebook and Instagram" href="https://www.editorji.com/business-news/hate-speech-up-over-80-on-facebook-and-instagram-1654160715081">Hate speech up over 80% on Facebook and Instagram</a> Taking to social media the Ministry of Railways urged all passengers to travel light unless it is extremely necessary. In a recent tweet, the ministry alerted travellers &ldquo;If the luggage is more than the enjoyment of the journey will be half! Do not travel by train carrying more luggage. In case of excess baggage, go to the parcel office and book the luggage." This is what your baggage allowance looks like -&nbsp;If you are travelling in AC first class, you can carry up to 70kgs for free, and for AC 2-Tier, the limit is 50Kgs. In AC 3-tier sleeper, AC chair car and the sleeper class, carrying baggage up to 40 kilos is allowed. For 2-class, the limit is up to 25kgs.

UK government has launched a new visa to attract talent, it is labelled the &ldquo;high potential individual&rdquo; visa. UK govt said people who have graduated, in the last five years, from one of the eligible leading universities&nbsp;listed on its website, will be able to apply the new visa.&nbsp;To qualify, a person must have attended a university which appeared in the top 50 of at least two of the Times Higher Education World University Rankings, the Quacquarelli Symonds World University Rankings or The Academic Ranking of World Universities, in the year in which they graduated.The list of eligible universities from 2021,&nbsp;published online by the government, featured universities across US, Canada Australia and Hong&nbsp;Kong.&nbsp;To apply, graduates will need a valid passport or other travel document that shows their identity and nationality. It will be available to those eligible regardless of their nationality or where they were born.

UK opens new visa option, and you do not need a job to apply

UK government has launched a new visa to attract talent, it is labelled the “high potential individual” visa.  Find out if you are eligible 

High potential individual visa introduced by the UK government.&nbsp;&nbsp;

UK government has launched a new visa to attract talent, it is labelled the &ldquo;high potential individual&rdquo; visa. UK govt said people who have graduated, in the last five years, from one of the eligible leading universities&nbsp;listed on its website, will be able to apply the new visa.&nbsp; To qualify, a person must have attended a university which appeared in the top 50 of at least two of the Times Higher Education World University Rankings, the Quacquarelli Symonds World University Rankings or The Academic Ranking of World Universities, in the year in which they graduated. The list of eligible universities from 2021,&nbsp;published online by the government, featured universities across US, Canada Australia and Hong&nbsp;Kong.&nbsp; To apply, graduates will need a valid passport or other travel document that shows their identity and nationality. It will be available to those eligible regardless of their nationality or where they were born.

After making millions in the celebrity spotlight, an increasing number of Bollywood divas are becoming smarter by investing in startups.From Athiya Shetty investing in social commerce startup Stage3 to Anushka Sharma investing in alternative meat, Editorji looks at some recent celebrity investments in the startup world:1. In the most recent, famous Bollywood actor Kriti Sanon has now turned Entrepreneur by launching a fitness startup --The Tribe -- along with three other Co-founders.Sanon took to Twitter to announce her startup. She wrote, ''I am thrilled to announce my journey as an Entrepreneur with my 3 super talented Co-founders Anushka Nandani, Karan Sawhney and Robin Behl as we launch “The Tribe”." Elaborating on her venture, Kriti added that The Tribe App will be launched later this year.2. Anushka Sharma Bollywood actor Anushka Sharma, who in the lastest has joined Wholsum Foods as an investor and brand ambassador has invested an undisclosed amount in the company’s flagship brand Slurrp Farm.
Prior to this in February this year, the actress along with her husband Virat Kohli made an investment in plant-based meat startup Blue Tribe- a homegrown plant-based meat company that raised an undisclosed sum.
Earlier to this, the duo had invested Rs 2.2 crore in Canadian billionaire Prem Watsa-backed insurance startup Digit Insurance in February 2020.3. Sara Ali Khan In March 2022, Indian Actor Sara Ali Khan joined the pop-culture brand, The Souled Store, as an equity partner.Founded in 2013, the Mumbai-based The Souled Store is an online marketplace for pop culture merchandise. Its products range from t-shirts, boxers, backpacks, and mobile covers, to socks, pins, badges, and a whole lot more.4. Athiya Shetty Following the footsteps of her father Suniel Shetty, Bollywood actor Athiya Shetty invested an undisclosed amount in Delhi NCR-based social commerce startup Stage3.Founded in 2016, the Delhi-based startup is an online space that lets designer outfits for weddings and festive occasions on rent at a fraction of their retail prices5. Deepika Padukone The Cannes 2022 queen, Deepika Padukone had raised an undisclosed amount in a Mumbai-based cleantech startup Atomberg Technologies in Sep 2021, but this is not the only startup where she has invested. Padukone also has investments in many startups such as Epigamia which FMCG brand of yoghurt products, Furlenco- a furniture rental platform, FrontRow - a hobby based ed-tech startup, Blu Smart - an electric taxi startup and even Bellatrix Aerospace which is an Indian space tech startup.6. Alia BhattActor Alia Bhatt has many entrepreneurial interests. Her most recent role as an investor has been with IIT Kanpur-backed D2C startup Phool.Founded in 2017, the startup focuses on flower cycling innovations to upcycle cellulose waste and concentrates on manufacturing charcoal-free incense and other wellness items.
Alia has previously invested in omnichannel lifestyle retailer Nykaa, and fashion-tech startup StyleCracker. Additionally, Alia started her entrepreneurial journey with the launch of 'Ed A Mamma," a kids' clothing line, in November 2020.7. Malaika Arora Celebrity and fitness queen Malaika Arora turned strategic investor after investing an undisclosed amount in a Mumbai-based homegrown D2C Ayurvedic brand, Kapiva.
Founded by Ameve Sharam in 2016, Kapiva began manufacturing Ayurvedic products and has a portfolio of more than 40 food products. It claims to be backed by a 100-year-old legacy.Malaika has earlier invested in Indian yoga wellness startup SARVA. In September 2021, the actor announced the launch of her own venture, ‘Malaika Arora Venture’ (MVA), to invest in health, wellness, and lifestyle brands.8. Shilpa ShettyYoga queen Shilpa Shetty had reportedly invested around ₹1.6 crore in the fastest growing FMCG brand MamaEarth in 2018. With the promise of goodness inside all products, Mamaearth claims to bring the best of nature and traditional recipes in hassle-free formulations.Shilpa also launched a holistic wellness and health app named Simple Soulful, which is designed by experts in Yoga, Exercise, Immunity and Diet Programs.9. Katrina Kaif, who had put in substantial amounts in Nykaa founder Falguni Nayar’s firms a few years ago, has seen hefty, 10X-plus gains in their investments after the listing of the company in the Indian stock markets.Kaif entered a joint venture with the company in 2018 to set up Nykaa-KK Beauty, which retails her cosmetic brand Kay Beauty. She had invested Rs 2.04 crore in the company. Her shares were worth Rs 22 crore on November 10.10. Priyanka ChopraApart from setting screens afire in Bollywood, In 2015 she and her mother launched Purple Pebble Pictures, a film and TV studio to promote regional filmmakers. In 2018, she made her first big investment in Bumble, a dating app, following up with an investment in Holberton School for software engineering—a coding education start-up. In 2021, she invested in the US-based rental marketplace- Apartment List; and in Genies, a virtual avatar firm, along with Camila Cabello and Paris Hilton. She also opened a restaurant—Sona—in New York and released her own line of sustainable hair care products titled Anomaly.11. Shraddha KapoorThis Bollywood actress is also among the ones bitten by the startup bug. In 2021, she invested in the D2C beauty brand MyGlamm, besides endorsing its products too. The brand sells most of its products through its own website, app and retail touchpoints through various stores.Earlier, Shraddha Kapoor has invested in Power Gummies, a nutraceutical startup that offers chewable vitamin gummies as a nutrition substitute.

Stars and Startups| 11 Bollywood divas and their investments

Stars and Startups| Where are Bollywood divas putting their money

Flurry of stars have invested in startups and even started their own.&nbsp;

After making millions in the celebrity spotlight, an increasing number of Bollywood divas are becoming smarter by investing in startups. From&nbsp;Anushka Sharma investing in alternative meat to Sarah Ali Khan's fashion fix&nbsp;Editorji looks at some recent celebrity investments in the startup world: Meet Kriti&nbsp;Sanon's&nbsp;Tribe Bollywood actor Kriti Sanon has now turned Entrepreneur by launching a fitness startup --The Tribe -- along with three other Co-founders. Sanon took to Twitter to announce her startup. She wrote, ''I am thrilled to announce my journey as an Entrepreneur with my 3 super talented Co-founders Anushka Nandani, Karan Sawhney and Robin Behl as we launch &ldquo;The Tribe&rdquo;." Elaborating on her venture, Kriti added that The Tribe App will be launched later this year. Anushka Sharma's&nbsp;Diet Fix Bollywood actor Anushka Sharma, who in the lastest has joined Wholsum Foods as an investor and brand ambassador has invested an undisclosed amount in the company&rsquo;s flagship brand Slurrp Farm.
Prior to this in February this year, the actress along with her husband Virat Kohli made an investment in plant-based meat startup Blue Tribe- a homegrown plant-based meat company that raised an undisclosed sum.
Earlier to this, the duo had invested Rs 2.2 crore in Canadian billionaire Prem Watsa-backed insurance startup Digit Insurance in February 2020. Sara Gets 'Souled' Sara Ali Khan In March 2022, Indian Actor Sara Ali Khan joined the pop-culture brand, The Souled Store, as an equity partner. Founded in 2013, the Mumbai-based The Souled Store is an online marketplace for pop culture merchandise. Its products range from t-shirts, boxers, backpacks, and mobile covers, to socks, pins, badges, and a whole lot more. Shetty's&nbsp;Social Scene Athiya Shetty Following the footsteps of her father Suniel Shetty, Bollywood actor Athiya Shetty invested an undisclosed amount in Delhi NCR-based social commerce startup Stage3. Founded in 2016, the Delhi-based startup is an online space that lets designer outfits for weddings and festive occasions on rent at a fraction of their retail prices Deepika's&nbsp;Deep Dive In Startups The Cannes 2022 queen, Deepika Padukone had raised an undisclosed amount in a&nbsp;Mumbai-based cleantech startup Atomberg Technologies in Sep 2021, but this is not the only startup where she has invested. Padukone also has investments in many startups such as Epigamia which FMCG brand of yoghurt products, Furlenco- a furniture rental platform, FrontRow - a hobby based ed-tech startup, Blu Smart - an electric taxi startup and even Bellatrix Aerospace which is an Indian space tech startup. Alia Bhatt's&nbsp;bets from Flowers to Fashion Actor Alia Bhatt has many entrepreneurial interests. Her most recent role as an investor has been with IIT Kanpur-backed D2C startup Phool. Founded in 2017, the startup focuses on flower cycling innovations to upcycle cellulose waste and concentrates on manufacturing charcoal-free incense and other wellness items.&nbsp;Alia has previously invested in omnichannel lifestyle retailer Nykaa, and fashion-tech startup StyleCracker. Additionally, Alia started her entrepreneurial journey with the launch of 'Ed A Mamma," a kids' clothing line, in November 2020. Malaika Arora's Ayurveda Celebrity and fitness queen Malaika Arora turned strategic investor after investing an undisclosed amount in a Mumbai-based homegrown D2C Ayurvedic brand, Kapiva.
 Founded by Ameve Sharam in 2016, Kapiva began manufacturing Ayurvedic products and has a portfolio of more than 40 food products. It claims to be backed by a 100-year-old legacy.
 Malaika has earlier invested in Indian yoga wellness startup SARVA. In September 2021, the actor announced the launch of her own venture, &lsquo;Malaika Arora Venture&rsquo; (MVA), to invest in health, wellness, and lifestyle brands. Shilpa Shetty's&nbsp;Mind Body Soul Investments Yoga queen Shilpa Shetty had reportedly invested around ₹1.6 crore in the fastest growing FMCG brand MamaEarth in 2018. With the promise of goodness inside all products, Mamaearth claims to bring the best of nature and traditional recipes in hassle-free formulations. Shilpa also launched a holistic wellness and health app named Simple Soulful, which is designed by experts in Yoga, Exercise, Immunity and Diet Programs. Katrina's Beauty Bet Katrina Kaif, who had put in substantial amounts in Nykaa founder Falguni Nayar&rsquo;s firms a few years ago, has seen hefty, 10X-plus gains in their investments after the listing of the company in the Indian stock markets. Kaif entered a joint venture with the company in 2018 to set up Nykaa-KK Beauty, which retails her cosmetic brand Kay Beauty. She had invested Rs 2.04 crore in the company. Her shares were worth Rs 22 crore on November 10. Pee Cee's&nbsp;VC Avataar Apart from setting screens a fire in globally, In 2015 she and her mother launched Purple Pebble Pictures, a film and TV studio to promote regional filmmakers. In 2018, she made her first big investment in Bumble, a dating app, following up with an investment in Holberton School for software engineering&mdash;a coding education start-up. In 2021, she invested in the US-based rental marketplace- Apartment List; and in Genies, a virtual avatar firm, along with Camila Cabello and Paris Hilton. She also opened a restaurant&mdash;Sona&mdash;in New York and released her own line of sustainable hair care products titled Anomaly.

The pandemic may be over but a different wave of panic is sweeping across the US companies - layoffs. The pandemic boomer companies are now re-evaluating growth and the picture is not pretty and as demand slows. Here is who is firing! Netflix: After losing subscribers, the OTT platform is reshooting its business plans. Reports indicate the streaming giant has laid off employees from it's editorial arm Tudum a platform dedicated to going “behind the streams,” publishing articles about the content that is currently or will be on Netflix. Pelton:One of the big beneficiary of the work-from-home trend, this fitness and equipment maker has let go of nearly 2800 employees in this year and it may not be the end. The stock value has plummted from a marketcap of $50 bn to merely $8 bn as WFH ends across US and utility for home gyms disappears. Noom: This weight loss app is now stretched thin as it laid off nearly 500 employees including hundreds of coaches to cut cost as post pandemic business slowed. Some coaches told Business Insider they were responsible for giving advice to hundreds of users at any given time.Robinhood: The popular trading platform that shot to fame with Gamestop is now facing a new market and has punched in layoff orders. The company has laid off nearly 10% of full time workforce. 
Thrasio: Everyone wanted to copy the Thrasio model at one point of beingthe acquirer of popular brands on Amazon. This "hypergrowth" in acquiring companies is now leading to layoffs. Reports indicate the company is letting of 20% of it's workforce. Even if there is firing, most companies are not hiring anymore. In a rare and concerning move Facebook parent Meta is instituting a hiring freeze — a move that comes as Mark Zuckerberg’s embattled social media giant warns of slowing revenue growth.So the big question that everyone is asking - is the tech bubble bursting again?

Mass layoffs at American companies: Here is who is firing

US companies laying off employees as business growth is slowing, while labor costs are increasing.&nbsp;

The pandemic may be over but a different wave of panic is sweeping across the US companies - layoffs. The pandemic boomer companies are now re-evaluating&nbsp;growth and the picture is not pretty and as demand slows. Here is who is firing!&nbsp; Netflix: After losing subscribers, the OTT&nbsp;platform is reshooting&nbsp;its business plans. Reports indicate the streaming giant has laid off employees from its editorial arm&nbsp;Tudum&nbsp;a platform&nbsp;dedicated to going &ldquo;behind the streams,&rdquo; publishing articles about the content that is currently or will be on Netflix.&nbsp; Pelton:&nbsp;One of the big beneficiaries of the work-from-home trend, this fitness and equipment maker has let go of nearly 2800 employees this year and it may not be the end. The stock value has plummeted from a market cap&nbsp;of $50 bn to merely $8 bn as WFH&nbsp;ends across US and utility for home gyms disappears.&nbsp;
Also read/watch|<a title="&nbsp;Startups Shrink: From unicorns to layoffs, the firing squad is here" href="https://www.editorji.com/business-news/startups-shrink-from-unicorns-to-layoffs-the-firing-squad-is-here-1652263415790">&nbsp;Startups Shrink: From unicorns to layoffs, the firing squad is here</a> Noom: This weight loss app is now stretched thin as it laid off nearly 500 employees including hundreds of coaches to cut costs as post-pandemic business slowed. Some coaches told Business Insider&nbsp;they were responsible for giving advice to hundreds of users at any given time. Robinhood: The popular trading platform that shot to fame with Gamestop&nbsp;is now facing a new market and has punched in layoff orders. The company has laid off nearly 10% of the full-time workforce.&nbsp;
Thrasio: Everyone wanted to copy the Thrasio&nbsp;model at one point of being the&nbsp;acquirer of popular brands on&nbsp;Amazon. This&nbsp;"hypergrowth" in acquiring companies is now leading to layoffs. Reports indicate the company is letting of 20% of it's workforce.&nbsp;
Also read/watch|&nbsp;<a title="Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth" href="https://www.editorji.com/business-news/markets/crypto-markets-scripting-a-scary-story-coins-down-99-billionaires-lose-90-wealth-1652337306286">Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth</a> Even if there is a firing, most companies are not hiring anymore. In a rare and concerning move,&nbsp;Facebook parent Meta is instituting a hiring freeze &mdash; a move that comes as Mark Zuckerberg&rsquo;s embattled social media giant&nbsp;warns of slowing revenue growth. So the big question that everyone is asking is - is the tech bubble bursting again?

India's EV industry is facing the heat after a number of electric two-wheeler vehicles went up in flames. Editorji highlights the burning issue of battery overheating and if recalls are enough to ensure safety in the future.

Explained: Electric vehicle fire, the burning issue and if recalls are enough 

The big question is if the Centre can douse EV fires with a battery policy

Explained: EV fire, the burning issue and if recalls are enough 

Incidents Of Explosions In Four Weeks
On March 26, the first fire incident came to light after a video of an Ola EV ablaze went viral on social media. The same day, a father and daughter duo were killed in an Okinawa electric scooter explosion in Vellore, Tamil Nadu. On March 30, an e-scooter manufactured by Pure EV caught fire. In another incident, on April 11, a container truck carrying 20 EVs owned by Jitendra Electric Vehicles caught fire in Nashik.
 On April 18, an Okinawa Autotech dealership was gutted to fire in Tamil Nadu, owing to a possible short circuit.
 In the recent and sixth fire incident which took place last week, a Pure EV explosion claimed the life of an 80-year-old, while two others sustained serious injuries.

The big question is if the&nbsp;Centre can douse EV fires with a&nbsp;battery policy

India's EV industry is facing the heat after a number of electric two-wheeler vehicles went up in flames.
Editorji highlights the burning issue of battery overheating and if recalls are enough to ensure safety in the future.
<h3>"Recall pe recall"</h3>
After Okinawa and Pure EV, <a href="https://www.editorji.com/business-news/is-there-a-social-army-riding-online-to-defend-ola-1651731458442" target="_blank">Ola </a>is recalling 1,400 electric scooters of a single batch to check for any disconfiguration after a spate of fire involving multiple manufacturers and brands.&nbsp;
Also read/watch|&nbsp;<a title="Explained: Why Indonesia ban and not Ukraine war is India's biggest problem" href="https://www.editorji.com/business-news/economy/explained-why-indonesia-ban-and-not-ukraine-war-is-india-s-biggest-problem-1650860521605">Explained: Why Indonesia ban and not Ukraine war is India's biggest problem</a>
<h3>Govt steps in</h3>
These 'voluntary' recalls were announced just as the&nbsp;&nbsp;Union Road Transport Minister Nitin Gadkari asked EV makers to take &ldquo;advance action&rdquo; immediately. Gadkari said the companies found negligent will be penalised. There is also a buzz that the govt is looking to douse the problem by coming out with a battery policy which will cover performance testing and manufacturing standards, along with heat resistance of these batteries.
<h3>Is the Indian summer causing EV fires?</h3>
The speculation around rising temperatures and batteries exploding have been rife. While it&rsquo;s easy to attribute the <a href="https://www.editorji.com/business-news/e-scooter-fires-nitin-gadkari-sends-stern-warning-urges-for-recall-1650604967468" target="_blank">EV fires</a> to rising temperatures, experts suggest looking at how a lithium-ion (Li-ion) battery is packed and designed. EVs are powered by Li-ion batteries, which are generally considered to be lightweight and efficient. However, they also pose a fire risk.
<h3> Also read/watch|&nbsp;<a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076">Top edible oil stocks to watch out for in India</a> What's this about a thermal runway?</h3>
Some experts believe that the reason for EV scooters catching fire is a thermal runaway. Thermal runaway is a chain reaction within a battery cell that can be very difficult to stop once it has started. It occurs when the temperature inside a battery reaches the point that causes a chemical reaction to occur inside the battery. This chemical reaction produces even more heat, which drives the temperature higher, causing further chemical reactions that create more heat. Sudden acceleration or prolonged charging/fast charging of the vehicles can aggravate the issue.&nbsp;

Niti Aayog CEO: Parameswaran Iyer , the IAS officer who led the Swachh Bharat mission has been appointed the CEO of Niti Ayog taking over from Amitabh Kant whose term comes to an end on June 30. 

Niti Aayog CEO :  Parameswaran Iyer IAS , Narendra Modi's Swachh Bharat man appointed as CEO, NITI Aayog

Param Iyer, PM Modi's Swachh Bharat man appointed as CEO, NITI Aayog

PM Modi's Swachh Bharat man to take over Niti Aayog CEO

Parameswaran Iyer succeeds Amitabh Kant who is completing his tenure on 30.06.2022&nbsp;

Niti Aayog New CEO : Parameswaran Iyer, the IAS officer who led the Swachh Bharat mission has been appointed the CEO of Niti Ayog taking over from Amitabh Kant whose term comes to an end on June 30.&nbsp;
Also read/watch| <a title="What a return gift! Birthday boy Gautam Adani to give $7.7 bn for social cause&nbsp;" href="https://www.editorji.com/business-news/what-a-return-gift-birthday-boy-gautam-adani-to-give-7-7-bn-for-social-cause-1656042527189">What a return gift! Birthday boy Gautam Adani to give $7.7 bn for social cause&nbsp;</a> Iyer, is a 1981-batch Uttar Pradesh cadre IAS officer&nbsp; popularly took voluntary retirement from the IAS in 2009, Iyer had a stint with the <a href="https://www.editorji.com/business-news/economy/world-bank-sharply-cuts-india-gdp-growth-forecast-raises-global-recession-risk-1654669089296" target="_blank">World Bank</a> as water and sanitation specialist. Popularly called Param came back from the United States to take on the appointment as&nbsp; Secretary of the Ministry of Drinking Water and Sanitation (MDWS) in 2016. At the time, PM Modi had vowed to declare the country ODF in five years. <a href="https://www.editorji.com/business-news/param-iyer-pm-modi-s-swachh-bharat-man-appointed-as-ceo-niti-aayog-1656077303392" target="_blank">Parameswaran Iyer</a> replaces Amitabh Kant who was appointed as the CEO Niti Aayog on February 17, 2016, for a fixed two-year term but his term was extended thrice since then.

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;

In one of the biggest donations by a business family in India, Asia's richest industrialist Gautam Adani and the Adani family have pledged ₹60,000 crore to charity in the areas of healthcare, education, and skill development on his 60th birthday!  
This corpus will be administered by the Adani Foundation and the donated funds have been pledged to be utilized for healthcare, education, and skill development. 
Adani also took to Twitter to announce the donation for social causes. "On our father’s 100thbirth anniversary & my 60thbirthday, Adani Family is gratified to commit Rs 60,000 cr in charity towards healthcare, edu & skill-dev across India," the billionaire posted.
Last month, the group acquired Holcim AG's cement business in India - ACC and Ambuja. According to Bloomberg Billionaires Index, Gautam Adani has a net worth of $96.9 billion on Tuesday. Forbes' "Real-Time Billionaires List" shows Adani has a net worth of $100.9 billion.

What a return gift! Birthday boy Gautam Adani to give $7.7 bn for social cause 

The commitment has been made to mark Gautam Adani's 60th birthday on Friday as well as the birth centenary year of his father Shantilal Adani. 

The commitment has been made to mark Gautam Adani's 60th birthday on Friday as well as the birth centenary year of his father Shantilal Adani.&nbsp;
&nbsp;
&nbsp;

In one of the biggest donations by a business family in India, Asia's richest industrialist Gautam Adani and the Adani family have pledged ₹60,000 crore to charity in the areas of healthcare, education, and skill development on his 60th birthday!&nbsp;&nbsp;
Also read/watch| <a title="Season 1 Episode 2: Netflix binge layoffs continue" href="https://www.editorji.com/business-news/season-1-episode-2-netflix-binge-layoffs-continue-1656037614740">Season 1 Episode 2: Netflix binge layoffs continue</a>
This corpus will be administered by the Adani Foundation and the donated funds have been pledged to be utilized for healthcare, education, and skill development.&nbsp;
Adani also took to Twitter to announce the donation for social causes. "On our father&rsquo;s 100thbirth anniversary &amp; my 60thbirthday, Adani Family is gratified to commit Rs 60,000 cr in charity towards healthcare, edu &amp; skill-dev across India," the billionaire posted.
Last month, the group acquired Holcim AG's cement business in India - ACC and Ambuja. According to Bloomberg Billionaires Index, Gautam Adani has a net worth of $96.9 billion on Tuesday. Forbes' "Real-Time Billionaires List" shows Adani has a net worth of $100.9 billion.

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Get ready to pay even more for your flight tickets this summer vacation!
The price of aviation turbine fuel (ATF) has been spiked by 16.3 percent to an all-time high of Rs 1.41 lakh per kilolitre in Delhi, CNBC TV-18 reported on June 16.
ATF price has nearly doubled In 2022, up 91 percent in the last six months.
Jet fuel prices on June 3 were cut by 1.3 percent, its first reduction after 10 rounds of price hikes.

Costly flight tickets, ATF prices see steep hike to record high

The price of aviation turbine fuel (ATF) has been spiked by 16.3 percent to an all-time high of Rs 1.41 lakh per kilolitre in Delhi, CNBC TV-18 reported on June 16.

Costlier flights this summer vacation, ATF prices doubled in 2022

ATF price has nearly doubled In 2022, up 91 percent in the last six months.

Airline tickets are set to increase by 10 to 15 percent due to a hit by jet fuel prices and a depreciating rupee.
"Sharp increase in jet fuel prices &amp; depreciation of Rupee have left domestic airlines with little choice but to immediately raise fares&amp;we believe that a min 10-15% increase in fares is required to ensure that cost of ops are better sustained," Ajay Singh, CMD of SpiceJet said on Thursday.&nbsp;
The price of aviation turbine fuel (ATF) has been spiked by 16.3 percent to an all-time high of Rs 1.41 lakh per kilolitre in Delhi, CNBC TV-18 reported on June 16.
ATF price has nearly doubled In 2022, up 91 percent in the last six months.
Rupee has depreciated 500 basis points against the US Dollar this year.
Jet fuel prices on June 3 were cut by 1.3 percent, its first reduction after 10 rounds of price hikes.

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.

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;

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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