Ministry of Civil Aviation on Wednesday lifted caps on domestic airfare stating that the order will be effective from August 31.
The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020.

Domestic airfare caps to be lifted from August 31

The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020

The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020

The cap on domestic airfare will be removed from August 31, almost 27 months after it was imposed due to Covid-19.&nbsp;
"The decision to remove air fare caps has been taken after careful analysis of daily demand and prices of air turbine fuel (ATF). Stabilisation has set in and we are certain that the sector is poised for growth in domestic traffic in the near future," <a href="https://www.editorji.com/business-news/scindia-holds-meeting-safety-issues-and-concerns-taken-up-with-dgca-1658121423881">Aviation Minister Jyotiraditya Scindia</a> said on Twitter.
ATF prices have been coming down during the last few weeks after jumping to record levels, primarily due to the Russia-Ukraine war that began on February 24.
On August 1, the price of ATF in Delhi was Rs 1.21 lakh per kilo-litre, which was around 14 per cent lower than last month.
The ministry had imposed lower and upper limits on domestic airfares based on flight durations when services were resumed on May 25, 2020 after a two-month lockdown due to the <a href="https://www.editorji.com/coronavirus">COVID-19 pandemic</a>.
Also Watch| <a href="https://www.editorji.com/business-news/scindia-holds-meeting-safety-issues-and-concerns-taken-up-with-dgca-1658121423881">Scindia holds meeting, safety issues and concerns taken up with DGCA</a>
For example, airlines currently cannot charge a passenger less than Rs 2,900 (excluding <a href="https://www.editorji.com/business-news/gaming-and-gambling-same-gst-council-likely-to-slap-28-tax-reports-1656296267507">GST</a>) and more than Rs 8,800 (excluding GST) for domestic flights of less than 40 minutes.
The lower caps were there to protect the financially weaker airlines and the upper caps to protect passengers from high fares.
On Wednesday, the Civil Aviation Ministry stated in an order: "After review of the current status of scheduled domestic operations viz-a-viz passenger demand for air travel...it has been decided to remove the fare bands notified from time to time regarding the airfares with effect from August 31, 2022." The airlines and airport operators must, however, ensure that the guidelines to contain the spread of COVID-19 are strictly adhered to and COVID-appropriate behaviour is strictly enforced by them during travel, it added.
Vistara CEO Vinod Kannan had on June 19 said that he would be happy if the lower and upper limits on airfares were increased but the best solution would be for the airlines to have absolute freedom on airfares.&nbsp;

In the latest news from the IPO corner, Syrma SGS a technology-focussed engineering and design company is ready to test its fate with investors. Here is all you need to know 

IPO Opens: August 12 
IPO Closes: August 18
IPO Price: Rs 209 to Rs 220
Grey Market Premium: Rs 30/share (as per reports)

The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon.Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries.As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

IPO watch: Syrma SGS Technology IPO, dates to GMP everything you need to know

After over 2 months of an IPO drought, Syrma SGS Technology tests the markets' mettle. Here is all you need to know about the IPO 

First IPO to hit Dalal Street after two and a half months&nbsp;

In the latest news from the IPO corner, Syrma SGS a technology-focused engineering and design company is ready to test its fate with investors. Here is all you need to know&nbsp;
<ul>
<li>IPO Opens: August 12 </li>
<li>IPO Closes: August 18</li>
<li>IPO Price: Rs 209 to Rs 220</li>
<li>Grey Market Premium: Rs 30/share (as per reports)</li>
</ul>
The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon. Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries. As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

As the future of Twitter is at stake, the social media giant said the notion Elon Musk was "hoodwinked" into inking a $44 billion buyout deal defies reason and the facts.
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April to buy the San Francisco-based company.
The company accused Musk of contriving a story to escape a merger agreement that he no longer found attractive.
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts. 

Elon Musk making up excuses to breach twitter deal? 

Twitter calls Musk’s reasoning “a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.”

Musk also accused Twitter of breaching their agreement by &ldquo;stonewalling&rdquo; his information requests

It is a battle of a bungled buyout, bots and with billions at stake. As the future of Twitter's sale remains in limbo, the social media giant dismissed the notion the world's richest man Elon Musk was "hoodwinked" into inking a $44 billion buyout deal.&nbsp;
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April. In a court filing, Twitter calls Musk&rsquo;s reasoning &ldquo;a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.&rdquo;
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts.&nbsp; The fate of that acquisition, which Musk agreed to without taking the time to examine the details of Twitter&rsquo;s business, now rests with a Delaware court where Twitter sued to force Musk to complete the deal. The case is scheduled to go to trial on October 17. &nbsp;

After partnership with luxury maisons like Valentino, Manish Malhotra and Abu Jani Sandeep Khosla, Mukesh Ambani-backed Reliance Industries is in another effort to make luxury fashion accessible by bringing Spanish luxury house Balenciaga to India by 2023. 
Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL’s second with the parent group Kering, that houses Balenciaga. 
Founded by Spanish-born Cristóbal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique. 

Reliance to bring Spanish luxury brand, Balenciaga to India by this year

Reliance to bring Spanish luxury brand Balenciaga to India

Get ready to shop at Balenciaga in India

Reliance has been on a dealmaking spree, signing franchise agreements with brands like Valentino, Gap and British coffee and sandwich chain Pret-A-Manager&nbsp;

The House of Ambani is adding one more luxury brand to it's offering. Mukesh Ambani-backed Reliance brands is bringing Spanish luxury house Balenciaga to India.&nbsp; Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL&rsquo;s second with the parent group Kering, that houses Balenciaga.&nbsp;
Founded by Spanish-born Crist&oacute;bal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique.&nbsp;
Reliance Brands Ltd(RBL) has a portfolio of brand partnerships with leading global brands, including Armani Exchange, Burberry, Canali, Coach, Diesel, Dune, Emporio Armani, Gas, Giorgio Armani, Hamleys, Hugo Boss, Jimmy Choo, Michael Kors, Versace, Villeroy &amp; Boch and West Elm.

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better. 
Recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.LIC topped the list of companies from India, followed by eight other domestic firms. 
Reliance Industries jumped 51 places to 104 on the 2022 list.
Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. 

LIC breaks to top-ranked Indian firm on Fortune Global 500 List

LIC breaks into Fortune 500 joining 8 other Indian firms. Reliance makes a huge leap

Indian Oil Corporation (IOC) rose 28 places to 142nd rank while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better.&nbsp;
Recently-listed Life <a href="https://www.editorji.com/business-news/lic-shares-hit-new-record-low-1654504813674">Insurance Corporation (LIC) </a>has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. LIC topped the list of companies from India, followed by eight other domestic firms.&nbsp;
Reliance Industries jumped 51 places to 104 on the 2022 list.
<a href="https://www.editorji.com/business-news/big-job-losses-walmart-lays-off-hundreds-slashes-profit-guidance-1659588670683">Walmart </a>landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever.&nbsp;

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that awaited what next from Beijing, the tension in the tech ecosystem escalated. Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution. 
- Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China- Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI-  U.S. consumes more than $63 billion worth of Taiwanese tech exports - Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet-  Taiwan accounts for more than 90% of the world’s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group-  Most companies that design chips today — Qualcomm, Nvidia and Apple among them — don't actually do the manufacturing, instead relying on companies like TSMC.- If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.- The island manufactures about 25–30% of integrated circuits (ICs) globally - Taiwan’s Foxconn, is the world’s largest contract electronics makes iphone and in contract with Google as well-  Big suppliers of liquid-crystal display panels- The island manufactures about 25–30% of integrated circuits (ICs) globally - No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%

Explained: Why Taiwan tensions is worrying the entire tech ecosystem?

Tensions around Taiwan on the rise, Editorji explains why this 14,000-square-mile island is critical to the global tech ecosystem from iPhones to AI. 

Taiwan, Tension & Tech

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.&nbsp;

As 82-year-old <a href="https://www.editorji.com/world-news/us-house-speaker-nancy-pelosi-leaves-taiwan-after-a-high-tension-visit-1659536532607">Nancy Pelosi</a> landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.
US House Speaker Nancy Pelosi leaves Taiwan after a high-tension visit
Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution.&nbsp;
<ul>
<li>Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China</li>
<li>Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI</li>
<li>U.S. consumes more than $63 billion worth of Taiwanese tech exports</li>
<li>Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet</li>
<li>Taiwan accounts for more than 90% of the world&rsquo;s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group</li>
<li>Most companies that design chips today &mdash; Qualcomm, Nvidia and Apple among them &mdash; don't actually do the manufacturing, instead relying on companies like Taiwan's TSMC&nbsp;</li>
<li>&nbsp;If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.</li>
<li>The island manufactures about 25&ndash;30% of integrated circuits (ICs) globally</li>
<li>Taiwan&rsquo;s Foxconn, is the world&rsquo;s largest contract electronics makes iphone and in contract with Google as well</li>
<li>Globally big suppliers of liquid-crystal display panels</li>
<li>&nbsp;No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%.&nbsp;</li>
</ul>

Top 10 richest women in India: Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list: 

List of Richest Women in India 2022 | Top 10 richest women in India |  India's Richest Women List

Do you know these top 10 wealthiest women of India?

Here's the list: 


List of Richest Women in India 2022

The cumulative wealth of the top 100 women in the list surged by 53% to ₹4,16,970 crore.

Top richest women of India : Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list:&nbsp;
Roshni Nadar Malhotra, the recently appointed Chairperson of the INR 70,680 crore global technology company, HCL Technologies, ranks first on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 54,850 crore.&nbsp;
Falguni Nayar, the founder and CEO of beauty e-commerce platform Nykaa overtook Kiran Mazumdar Shaw, Chairperson of Biocon, to become the richest self-made woman with a wealth of Rs. 57,520 crores.
Kiran Mazumdar-Shaw, Founder &amp; MD of Biocon, ranks second on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 36,600 crore.
Leena Gandhi Tewari ranks third on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 21,340 crore. Leena chairs privately-held USV, which is a pioneer in diabetic and cardiovascular medicines in India with growing traction in APIs and biosimilars among other medical solutions.&nbsp;
Nilima Motaparti For the past five years, as a director of Divi&rsquo;s Laboratories, Nilima oversaw all elements of Divi&rsquo;s Laboratories&rsquo; material sourcing and procurement, corporate finance, and investor relations. Her wealth surged by over 50 percent during the year.
Radha Vembu sister of Zoho founder Sridhar, ranks fifth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. Radha Vembu founded the tech company, Zoho Mail with her brother Sridhar Vembu and has been co-leading it since 2007. Based out of Chennai, this product manager of Zoho Mail, saw her wealth rise by 127 percent in one year.
<a href="https://www.editorji.com/business-news/pm-modi-to-launch-india-s-first-international-bullion-exchange-but-what-is-it-1659005075875" target="_blank" rel="nofollow noopener">PM Modi to launch India's first international bullion exchange but what is it?</a>
Jayshree Ullal Jayshree Ullal ranks sixth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 10,220 crore. London-born, Jayshree is the CEO of the fastest-growing cloud-networking company, Arista Networks, which is currently valued at USD 16 billion under her leadership.
Neha Narkhede, the co-founder, CTO and CPO,&nbsp;is the eighth richest new member in the list. In June 2021, Confluent&rsquo; valuation rose 25% on the NASDAQ, to hit $11.4 billion (₹84,930 crore), according to the report.&nbsp;
Vandana Lal, director at Dr Lal PathLabs is a new entrant to the top ten list. She is also the head of Dr Lal PathLabs&rsquo; research and development department with a wealth of Rs 6,810 crore.&nbsp;

Burberry has set an example for cultural representation in fashion as they recently chose to pick a four-year-old Sikh boy for their autumn winter '22 collection. 

Burberry casts 4-year-old patka-wearing model for autumn-winter '22 collection

A four-year-old Sikh boy has become the first patka-wearing model. Recently, Burberry shared the pictures of their autumn winter '22 collection and the little boy was featured in it. 

Burberry sets example for cultural representation in fashion!

British luxury brand Burberry chose to cast a 4-year-old Sikh boy for their autumn winter '22 collection and with this, they set an example for cultural representation.&nbsp;

Fashion is versatile, it can be revamped and customised but what is lacking is cultural representation. However, Burberry has now set an example as it showed diversity in its latest campaign.&nbsp;
The British luxury fashion house released pictures of its children's autumn-winter '22 collection. In the latest collection, they chose to cast a four-year-old boy Sahib Singh, and they made him the first patka-wearing model.
The images of the same were shared on the official Instagram account of Sahib Singh. In the caption, it was mentioned that "being part of the Burberry Bear autumn winter '22 campaign is incredible and to be the first patka wearing model for the biggest British brand is just an amazing achievement for our little 4-year-old and the Sikh community."
<h3>What is patka?&nbsp;</h3>
Patka holds traditional value as it is worn by Sikh boys before they start wearing the pagri, which is also known as a turban.&nbsp;
Burberry has been drawing praise on social media. Several users praised the brand for representing the Sikh community and promoting inclusivity and diversity.

RBI Governor salary 2022 : RTI response reveals that the RBI Governor Shaktikanta Das’ remuneration stood at Rs 2.5 lakh per month last year. RBI chief's salary is in-line with what the SBI Chairman earns which amounts to close to Rs 34 lakhs/years.

RBI Governor salary: RBI Governor's salary, the comparison with a bank CEO is shocking! 

Revealed: The RBI Governor's salary, the comparison with a bank CEO is shocking!

Payslip vs Payslip: Regulator vs Regulated

Right to Information (RTI) query response reveals how much RBI Governor earns&nbsp;

The top boss of Mint Street makes 40 times less than the bankers he regulates! An <a href="https://www.editorji.com/india-news/pm-cares-fund-can-t-be-under-rti-it-is-not-a-govt-trust-pmo-1632389522095" target="_blank" rel="nofollow noopener">Right to Information Act (RTI) </a>response reveals that the Reserve Bank of India (RBI) Governor Shaktikanta Das&rsquo; remuneration stood at Rs 2.5 lakh per month last year.&nbsp; Moneycontrol reports that the <a href="https://www.editorji.com/business-news/rbi-june-monetary-policy-factors-at-play-for-shaktikanta-das-1654078209537" target="_blank" rel="nofollow noopener">RBI </a>chief's salary is in-line with what the State Bank of India (SBI) Chairman earns which amounts to close to Rs 34 lakhs per year.&nbsp;
<a href="https://www.editorji.com/business-news/fed-rate-hike-to-massive-market-rally-all-that-happened-overnight-1658966796657" target="_blank" rel="nofollow noopener">Fed raises rates but Fed Chief Powell's comments power up the markets</a> The comparison with SBI Chairman may seem equitable but when the figure is pitched against the private bankers Das supervises and regulates the gap is shocking. The salaries of the top five private bank leaders ranged between 2.3 crore to Rs 7.1 crore per annum, including perks. Thus refelecting that they earn over 10 times what their counterpart at SBI or their regulatory supervisor earns.

ITR Filing Mistakes : The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings

ITR Filing: Mistakes that you should avoid while filing income tax returns

Time for ITR Filing: Make sure you have this list of Dos and Donts 

ITR Filing Mistakes : The ITR filing for the assessment year 2022-23 (AY23) is now available on the income tax e-filing

ITR Filing Mistakes: The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings:
<h3>1. Income Tax Return filing last date</h3>
The due date for filing of return for a class of taxpayers who are not mandated to audit under the income tax law is July 31, while it is October 31, for those cases that are mandated to audit under the Income Tax Law or any other law.
Also read/watch| <a title="Which country holds the most powerful passport?" href="https://www.editorji.com/business-news/which-country-holds-the-most-powerful-passport-1658308542645">Which country holds the most powerful passport?</a>
<h3>2. ITR filing late fees:</h3>
People can file <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank">ITR </a>after the deadline passes but they have to pay a late fee. As per the latest details, if the yearly income of an individual is above Rs 5 lakh per annum, a late fee of Rs 5,000 will be imposed. If the income is below Rs 5 lakh per annum, then a late fee of Rs 1,000 will be imposed on the person who will file the ITR after the deadline.
<h3>3. Keep your form in mind&nbsp;</h3>
Individuals should be careful while filling out the<a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank"> income tax return (ITR)</a> forms. They should make sure that they are filling out the correct ITR form that is applicable to their situation.
<h3>4. Providing incorrect information</h3>
While filing the ITR is necessary, providing correct personal information in the forms is even more critical. The details that need special attention are PAN details, e-mail ID, date of birth and IFSC code.

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4th richest person in the world: Gautam Adani now worth over $112 billion making him the world's fourth richest person topping Microsoft founder Bill Gates. Adani has gained a historic $36 billion in just this year. 

Gautam Adani now richer than Microsoft founder Bill Gates! | 4th richest person in the world

In February this year, Gautam Adani overtook Ambani to take Asia's richest spot and now he has overtaken even Bil Gates!

Gautam Adani now richer than Bill Gates! 

Gautam Adani&rsquo;s net worth surged to $112.5 billion on surpassing the Microsoft founder Bill Gates

Gautam Adani now worth over $112 billion making him the world's fourth richest person topping Microsoft founder <a href="https://www.editorji.com/entertainment-news/south/bill-gates-follows-mahesh-babu-on-social-media-shares-picture-of-his-meet-with-him-and-namrata-shirodkar-1656673045693" target="_blank">Bill Gates</a>. Adani has gained a historic $36 billion in just this year.&nbsp;&nbsp; The billionaire's focus on the 'Atmanirbhar Bharat' policy has yielded great results as the group is India&rsquo;s largest private power producer and also the largest solar power producer in India. From being the first private port owner of India at Mundra, Adani is eyeing everything from water to air as the group runs and manages 7 out of the 8 PPP airports in India as well.&nbsp; The Adani Group was founded by <a href="https://www.editorji.com/business-news/what-a-return-gift-birthday-boy-gautam-adani-to-give-7-7-bn-for-social-cause-1656042527189" target="_blank">Gautam Adani</a> in the year 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited.&nbsp; This first generation entrepreneur has seen his empire grew spanning ports both for sea and air travel, energy from thermal to clean and from cement to consumer goods.&nbsp;

Samsung heir and Vice Chairman, Lee Jae-yong was given a presidential pardon paving the way from him to rejoin the South Koreas conglomerate after being convicted of bribing the nations president 6 years ago. 
What was he convicted for?
One of South Korea's most powerful white collar criminals, Lee imprisoned for bribing a former presidentThe "Crown Prince of Samsung"  paid $8 million in bribes to the then President Park and her aides to secure support for a merger opposed by shareholders.  Lee spent 18 months in prison before his release on parole a year agoWhy the pardon?54-year-old Lee has been granted a special pardon effective as of Aug. 15, the country’s independence anniversary.South Korea's Justice Ministry said the business leader was needed to help overcome a "national economic crisis". “In a bid to overcome the economic crisis by vitalizing the economy, Samsung Electronics Vice Chairman Lee Jae-yong, whose suspended prison term was ended recently, will be reinstated,” the Korean government said in a joint statement from its ministries.

Convicted Samsung heir gets Presidential pardon in South Korea 

South Korean President Yoon Suk Yeol has cleared the heir to the country&rsquo;s biggest company of bribery charges

Samsung heir and Vice Chairman, Lee Jae-yong was given a presidential pardon paving the way from him to rejoin the South Koreas conglomerate after being convicted of bribing the nation's president 6 years ago. The pardon of Lee underscores Samsung's huge influence over a country that relies on its technology exports.
What was he convicted for? One of South Korea's most powerful white-collar criminals, Lee was convicted of bribing then-President Park Geun-hye and her close confidante, who both were sentenced to lengthier prison terms, to win government support for a 2015 merger between two Samsung affiliates that tightened Lee's control over the corporate empire.. &nbsp;Lee spent 18 months in prison before his release on parole a year ago Why the pardon? 54-year-old Lee has been granted a special pardon effective as of Aug. 15, the country&rsquo;s independence anniversary. South Korea's Justice Ministry said the business leader was needed to help overcome a "national economic crisis". &ldquo;In a bid to overcome the economic crisis by vitalizing the economy, Samsung Electronics Vice Chairman Lee Jae-Yong, whose suspended prison term was ended recently, will be reinstated,&rdquo; the Korean government said in a joint statement from its ministries. What next? Lee also dubbed the "Crown Price of Samsung" is free to join back the board of still faces a separate trial on charges of stock price manipulation and auditing violations related to the 2015 merger.

Finance Minister Nirmala Sitharaman hit out at Delhi Chief Minister Arvind Kejriwal for giving a "perverse twist" to the debate on freebies, saying the AAP leader's comments are an attempt to create fears in the minds of the poor.
A day after Kejriwal joined the debate on freebies calling for a referendum on spending taxpayers' money on healthcare and education, Sitharaman said that spending on these two has never been called or classified as freebies since Independence and to drag them now into the debate is to give a perverse twist.
"Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies," she told reporters here.
"No Indian government has ever denied them since Independence. So, by classifying education and health as freebies, Kerjiwal is trying to bring in a sense of worry and fear in minds of poor," she said.
In recent days, Prime Minister Narendra Modi has hit out competitive populism of extending "rewaris" (freebies) which are not just wastage of taxpayers' money but also an economic disaster that could hamper India's drive to become Aatmanirbhar (self-reliant).
His comments were seen directed at parties like AAP which have in the run-up to assembly elections in states like Punjab promised free electricity and water, among other things.
Sitharaman said there has to be a genuine debate on the issue and everyone should participate in it.

FM Sitharaman takes on CM Kejriwal in the 'freebies' debate

The freebies fight: FM takes on Delhi CM

&nbsp;"Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies.": FM

Finance Minister Nirmala Sitharaman hit out at Delhi Chief Minister Arvind Kejriwal for giving a "perverse twist" to the debate on freebies, saying the AAP leader's comments are an attempt to create fears in the minds of the poor.
A day after Kejriwal joined the debate on freebies calling for a referendum on spending taxpayers' money on healthcare and education, Sitharaman said that spending on these two has never been called or classified as freebies since Independence and to drag them now into the debate is to give a perverse twist.
"Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies," she told reporters here.
"No Indian government has ever denied them since Independence. So, by classifying education and health as freebies, Kerjiwal is trying to bring in a sense of worry and fear in minds of poor," she said.
In recent days, Prime Minister Narendra Modi has hit out competitive populism of extending "rewaris" (freebies) which are not just wastage of taxpayers' money but also an economic disaster that could hamper India's drive to become Aatmanirbhar (self-reliant).
His comments were seen directed at parties like AAP which have in the run-up to assembly elections in states like Punjab promised free electricity and water, among other things.
Sitharaman said there has to be a genuine debate on the issue and everyone should participate in it.

It is a product and brand most associate with babies, the Johnson & Johnson baby talcum power, but it will soon be taken off the shelves globally as the company faces a legal battle on the components and its impact. The company faces about 38,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen. J&J though denies the allegations, saying decades of scientific testing and regulatory approvals have shown its talc to be safe and asbestos-free had stopped selling the product in the United States and Canada in 2020 itself. The health conglomerate also announced that going forward a 'commercial decision' was made to use cornstarch instead of talcum powder. Talcum powder has long been used in baby products because the mineral keeps skin dry and prevents diaper rash. The mines that produce the powder, however, can also yield asbestos, a mineral once used in products such as building insulation that researchers have linked to cancers. In one talc case, Johnson & Johnson was ordered to pay $4.69 billion to 22 plaintiffs in one of the largest personal-injury verdicts ever.

Johnson & Johnson to end global sales of talc-based baby powder

Johnson & Johnson stop baby talcum powder sales amid cancer allegations

The company faces about 38,000 lawsuits from consumers and their survivors claiming its talc products caused cancer

It is a product and brand most associate with babies, the Johnson &amp; Johnson baby talcum power, but it will soon be taken off the shelves globally as the company faces a legal battle amid cancer concerns from users. The company faces about 38,000 lawsuits from consumers and their survivors claiming its talc products caused cancer due to contamination with asbestos, a known carcinogen. J&amp;J though denies the allegations, saying decades of scientific testing and regulatory approvals have shown its talc to be safe and asbestos-free had stopped selling the product in the United States and Canada in 2020 itself.&nbsp; The health conglomerate also announced that going forward a 'commercial decision' was made to use cornstarch instead of talcum powder.&nbsp; Talcum powder has long been used in baby products because the mineral keeps skin dry and prevents diaper rash. The mines that produce the powder, however, can also yield asbestos, a mineral once used in products such as building insulation that researchers have linked to cancers.&nbsp; In one talc case, Johnson &amp; Johnson was ordered to pay $4.69 billion to 22 plaintiffs in one of the largest personal injury verdicts ever.

Paytm CEO may opposition to his salary and his reappointment as advisory proxy firm IiAS is advising funds/shareholders to vote against it in  the upcoming shareholder meeting on August 19. “Since the company’s listing, its stock price has fallen by 63.6% (from the issue price of Rs 2,150), resulting in wealth destruction for shareholders. In FY22, the company reported a cash loss of Rs 1,200 crore and losses in the first quarter of FY23 were high. Sharma has made several commitments in the past to make the company profitable, however, these have not played out. We believe the board must consider professionalising the management,” IiAS said.IiAS estimates that Sharma’s remuneration for FY23 is Rs 796.28 crore, which comprises 21 million stock options at an exercise price of Rs 9. This is a “deep discount” to the market price on the date of grant. He was granted 46.5% of the entire stock option pool, which is equal to 3.2% of the outstanding share capital.
If shareholders approve, Sharma is expected to take home Rs 4 crore in remuneration for the financial year, including benefits such as company-leased accommodation.Paytm’s shares had fallen 63% from the issue price of Rs 2,150 per share, resulting in wealth destruction for shareholders.Institutional Investor Advisory Services (IIAS) is a proxy advisory firm that provides suggestions to funds on how to vote for corporate actions. 
 

Paytm CEO Vijay Shekhar's salary and appointment opposed; Find out why

Find out why IiAS is advising shareholders not to approve Paytm CEO Vijay Shekhar Sharma's salary and reappointment

Shareholders advised to vote against Paytm CEO's reappointment, remuneration

Advisory firm Institutional Investor Advisory Services (IiAS) has opposed Vijay Shekhar Sharma's salary

Paytm CEO may face opposition to his salary and his reappointment as advisory proxy firm IiAS is advising funds/shareholders to vote against it in&nbsp; the upcoming shareholder meeting on August 19.&nbsp; &ldquo;Since the company&rsquo;s listing, its stock price has fallen by 63.6% (from the issue price of Rs 2,150), resulting in wealth destruction for shareholders. In FY22, the company reported a cash loss of Rs 1,200 crore and losses in the first quarter of FY23 were high. Sharma has made several commitments in the past to make the company profitable, however, these have not played out. We believe the board must consider professionalising the management,&rdquo; IiAS said. IiAS estimates that Sharma&rsquo;s remuneration for FY23 is Rs 796.28 crore, which comprises 21 million stock options at an exercise price of Rs 9. This is a &ldquo;deep discount&rdquo; to the market price on the date of grant. He was granted 46.5% of the entire stock option pool, which is equal to 3.2% of the outstanding share capital.
If shareholders approve, Sharma is expected to take home Rs 4 crore in remuneration for the financial year, including benefits such as company-leased accommodation. Paytm&rsquo;s shares had fallen 63% from the issue price of Rs 2,150 per share, resulting in wealth destruction for shareholders. Institutional Investor Advisory Services (IIAS) is a proxy advisory firm that provides suggestions to funds on how to vote for corporate actions.&nbsp; 
&nbsp;

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms. Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions.The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing. The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

Crypto Crackdown: Exchanges under scrutiny for massive money laundering

10 crypto exchanges under ED lens for laundering over Rs 1,000 crore

Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms.&nbsp; Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions. Read/Watch Also: <a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408">Binance a hub for laundering?</a> The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing.&nbsp; The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

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