As Bitcoin, Ether and other cryptos continue to languish 50% below record price, another blow comes to the Crypto universe as prominent hedge fund Three Arrows Capital (3AC) defaulted on a loan worth over $670 million.Digital asset brokerage Voyager Digital issued a notice , stating that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, as well as defaulted on a &nbsp; bitcoin loan worth about $323 million.As per reports 3AC is one of the biggest crypto-focused hedge funds, has borrowed large sums of money from various companies and invested across a number of different digital asset projects.And as the crypto winter sets in further industry watchers are worried of a domino effect of defaults from other digital token backers.The overall crypto market cap is down over $2 trillion dollars at about $950 billion vs its $3 billion peak in November.

Crypto Collapse: Hedge fund defaults on a $670 million loan

Major Crypto hedge fund defaults on a $670 million loan

Crypto Come Crumbling Down 

Last week, Voyager gave 3AC deadlines for the repayment of its BTC and USDC loans.

As Bitcoin, Ether and other cryptos continue to languish 50% below record price, another blow comes to the Crypto universe as prominent hedge fund Three Arrows Capital (3AC) defaulted on a loan worth over $670 million. Digital asset brokerage Voyager Digital issued a notice , stating that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, as well as defaulted on a &nbsp; bitcoin loan worth about $323 million. As per reports 3AC is one of the biggest crypto-focused hedge funds, has borrowed large sums of money from various companies and invested across a number of different digital asset projects. And as the crypto winter sets in further industry watchers are worried of a domino effect of defaults from other digital token backers.The overall crypto market cap is down over $2 trillion dollars at about $950 billion vs its $3 billion peak in November.

Bengaluru-based unicorn Udaan is the latest newsmaker in the startup firing squad as it lays off around 180 employees and as per reports, the impacted number of employees could be as high as 600.Operational in 900 cities, India's largest business-to-business e-commerce is cutting costs even as it had recently received $250 mn in a funding notefrom investors such as Microsoft, Nomura, Samena Capital et al. Started by top Flipkart executives Amod Malviya, Sujeet Kumar, and Vaibhav Gupta in 2016, IPO-bound Udaan was last valued at $3.1 billion.This makes Udaan the 11th startup to layoff employees just in the month of June. As per Inc42 &nbsp;nearly 30 startups collectively have fired over 10,000 employees over the last months.

Startups Grounded! Latest firing, Udaan laysoff 180 employees

Bengaluru-based unicorn Udaan is the latest newsmaker in the startup firing squad as it lays off around 180 employees

IPO-bound firm fires 180 employees

As per Inc42 &nbsp;nearly 30 startups collectively have fired over 10,000 employees over the last months.

Bengaluru-based unicorn Udaan is the latest newsmaker in the startup firing squad as it lays off around 180 employees and as per reports, the impacted number of employees could be as high as 600. Operational in 900 cities, India's largest business-to-business e-commerce is cutting costs even as it had recently received $250 mn in a funding notefrom investors such as Microsoft, Nomura, Samena Capital et al. Started by top Flipkart executives Amod Malviya, Sujeet Kumar, and Vaibhav Gupta in 2016, IPO-bound Udaan was last valued at $3.1 billion.This makes Udaan the 11th startup to layoff employees just in the month of June. As per Inc42 &nbsp;nearly 30 startups collectively have fired over 10,000 employees over the last months.

Pallonji Mistry Death News: Business tycoon Pallonji Mistry passes away at 93. The Indian-born Irish billionaire construction tycoon was the chairman of Shapoorji Pallonji Group. 

Pallonji Mistry Death News : Business tycoon Pallonji Mistry passes away at 93

Father of Cyrus Mistry, held  18% stake in Tata Sons
Pallonji Mistry was the largest individual shareholder of the Tata Group. He was also fondly  nickanmed "Phantom of Bombay House" by the Indian press.

Business tycoon Pallonji Mistry passes away at 93

He was awarded the Padma Bhushan in January 2016 by the Government of India for his contributions in the field of trade and industry.

Business tycoon Pallonji Mistry passes away at 93. The Indian-born Irish billionaire construction tycoon was the chairman of Shapoorji Pallonji Group.
Father of Cyrus Mistry, held &nbsp;18% stake in Tata Sons Pallonji Mistry was the largest individual shareholder of the Tata Group. He was also fondly &nbsp;nickanmed "Phantom of Bombay House" by the Indian press.
Pallonji Mistry as per the Bloomberg Billionaire Index is said to be worth over $28 billion.&nbsp;
He was awarded the Padma Bhushan in January 2016 by the Government of India for his contributions in the field of trade and industry.

The latest news from cash-strapped Sri Lanka remains grim with the island nation now suspending fuel sales to 'non-essential' and reserving the little fuel left for essentials such as the health sector. Sri Lanka as per reports has run out of fuel and facing an acute power shortage because of it.&nbsp;With no fuel to generate power, heavily loss-making state-run electricity monopoly asked for a shocking price rise of over 800 percent for its poorest customers with the bankrupt nation out of fuel, regulators said. The nation is continuing to face 13 hour blackouts in parts as electricity remains scarce.&nbsp;The root cause of this problem remains cash and the inability to buy fuel. The bankrupt nation&rsquo;s energy minister apologised to motorists as the country ran out of fuel but was unable to say when petrol and diesel imports will be restored.The government has shut non-essential state institutions along with schools for two weeks to reduce commuting because of the energy crisis, as well as giving public servants time off to grow food.

Sri Lanka Crisis: No Petrol and Power; only essentials till July 10

The latest news from cash-strapped Sri Lanka remains grim with the island nation now suspending fuel sales to 'non-essential' and reserving the little fuel left for essentials such as the health sector. 

All non-essential services have been suspended till July 10 as the island nation grapples with no fuel or power.&nbsp;

The latest news from cash-strapped Sri Lanka remains grim with the island nation now suspending fuel sales to 'non-essential' and reserving the little fuel left for essentials such as the health sector. Sri Lanka as per reports has run out of fuel and facing an acute power shortage because of it.&nbsp; With no fuel to generate power, heavily loss-making state-run electricity monopoly asked for a shocking price rise of over 800 percent for its poorest customers with the bankrupt nation out of fuel, regulators said. The nation is continuing to face 13 hour blackouts in parts as electricity remains scarce.&nbsp; The root cause of this problem remains cash and the inability to buy fuel. The bankrupt nation&rsquo;s energy minister apologised to motorists as the country ran out of fuel but was unable to say when petrol and diesel imports will be restored. The government has shut non-essential state institutions along with schools for two weeks to reduce commuting because of the energy crisis, as well as giving public servants time off to grow food.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Media Moghul Rupert Murdoch heads for 4th divorce at 91

Media Mogul Rupert Murdoch heads for 4th divorce at 91

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

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

Editorji is your personalised video news platform, we learn about your interests in order to show the news that matters to you! Watch it on your phone, tablet or TV.

ABOUT US

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

ONGC Helicopter Crash

Mukesh Ambani News

Udaipur Tailor Killing

Maharashtra political crisis

Presidential poll 2022

Agnipath Scheme

Sidhu Moose Wala murder Case

India Covid-19 cases

Nupur Sharma 

Ukraine Russian War

Days after edtech startup Unacademy reportedly laid off 1000 employees, Facebook Backed Social Commerce Unicorn Meesho has laid off around 150 people primarily from its grocery division Superstore (Farmiso). 
In a post on its blog about the layoffs and restructuring, Meesho said, “About 150 full time employees will be impacted by the restructuring of Meesho Superstore which is aimed at bringing in efficiencies. The company is offering severance packages and outplacement assistance to help those impacted secure new opportunities outside the company.”
Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho last raised funds in September 2021, following a round in April that year as well.
In March, furniture rental startup Furlenco, Edtech company Lido, social commerce platform Trell and bookkeeping startup OkCredit also shrunk a notable chunk of their employees.

Softbank-backed social commerce start-up Meesho laid off 150 employees

Days after edtech startup Unacademy reportedly laid off 1000 employees, Facebook Backed Social Commerce Unicorn Meesho laid off around 150 employees 

Startup Layoff wave | Meesho lays-off 150 employees

Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho last raised funds in September 2021

Startups&nbsp;seem to be a on sacking spree. Days after edtech&nbsp;firm&nbsp;Unacademy&nbsp;laid off 1000 employees,&nbsp;Facebook&nbsp;backed&nbsp;social commerce unicorn Meesho&nbsp;has laid off around 150 people primarily from its grocery division Superstore, Farmiso.&nbsp;
Also watch/ read | <a title="Unacademy sacks 1000 employees, mass lay-off to cut cost" href="https://www.editorji.com/business-news/markets/unacademy-sacks-1000-employees-mass-lay-off-to-cut-cost-1649386570103">Unacademy sacks 1000 employees, mass lay-off to cut cost</a>&nbsp;
Explaining the lay-offs the Delhi based firm &nbsp;said, &ldquo;As we look to boost efficiencies in the light of the integration, a small number of full-time roles and certain third-party positions on six-month contracts at Meesho Superstore were reassessed to remove redundancies with the core business.&rdquo;
Founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal, Meesho last raised funds in September 2021, following&nbsp;a round in April that year&nbsp;as well.
In March, furniture rental startup Furlenco,&nbsp;Edtech company&nbsp;Lido, social commerce platform&nbsp;Trell&nbsp;and bookkeeping startup&nbsp;OkCredit&nbsp;also shrunk a notable chunk of their employees.

Diesel imports are set to surge to the highest since February 2020 at about 48,000 barrels a day as per reports. India is reportedly raising fuel import levels, as there has been a concern that there is a petrol and diesel shortage. Reports of fuel pumps rationing petrol, and diesel, as well shutting early due to lack of fuel have flooded social media. As per reports As of June 16, state-run OMCs were incurring a Rs 19.7 per litre revenue loss on petrol and Rs 31.9 a litre on diesel.

Is India facing a fuel shortage?


Petrol pump dealers are alleging that the three state-run fuel providers are holding back supplies as losses on petrol, diesel sale rise. As per reports As of June 16, state-run OMCs were incurring a Rs 19.7 per litre revenue loss on petrol and Rs 31.9 a litre on diesel.



OMCs have been reportedly incurring huge losses and have reduced the supplies to the outlets in many areas.&nbsp;

Diesel imports are set to surge to the highest since February 2020 at about 48,000 barrels a day as per reports. India is reportedly raising fuel import levels, as there has been a concern that there is a petrol and diesel shortage. Reports of fuel pumps rationing petrol, and diesel, as well shutting early due to lack of fuel&nbsp;have flooded social media. Petrol pump dealers are alleging that the three state-run fuel providers are holding back supplies as losses on petrol, diesel sale rise. As per reports As of June 16, state-run OMCs were incurring a Rs 19.7 per litre revenue loss on petrol and Rs 31.9 a litre on diesel.

Byju's owned coding platform WhiteHat Jr has laid off another 300 employees as per reports. Byju’s, India’s most valuable startup said they are 'realigning business priorities' and 'optimising our team to accelerate results and 'optimising our team to accelerate results'.

Byju's back with pink slips; WhiteHat Jr lays off 300 people

India's most valued startup is pushing the brakes, Byju's unit lays off 300 people. 

Move comes almost a month after WhiteHat Jr witnessed mass resignation as employees were 'asked to join office'

Byju's&nbsp;owned coding platform&nbsp;WhiteHat Jr has laid off another 300 employees as per reports.&nbsp;Byju&rsquo;s, India&rsquo;s most valuable startup&nbsp;said they are 'realigning business priorities' and 'optimising our team to accelerate results and 'optimising our team to accelerate results'. A few months ago, nearly 1000 employees were 'forced to resign' as they were given strict return to office notices by WhiteHat Jr as per reports. Byju's had acquired WhiteHat Jr in 2020 in a record breaking deal to the tune of $300 mn amid its $2.5 billion buying spree.&nbsp;

US markets see sharp cuts as the bear market rally loses its steam. The blue-chip Dow Jones Industrial Average fell 1.56%, the S&amp;P 500 dropped 2.01% and the Nasdaq Composite was the laggard, down 3%. Weak economic data made the market reverse all early gains as bets rise on aggressive hikes from the Fed. The consumer confidence index fell to a reading of 98.7, down from 103.2 in May.Beyond equities; oil pushed past $112 a barrel on supply risks and Bitcoin striggled around $20,000 as sentiment continues to be sour around digital tokens.&nbsp;

Market latest news: US markets see sharp cuts, bear market loses its bounce

US markets see sharp cuts as the bear market rally loses its steam. The blue-chip Dow Jones Industrial Average fell 1.56%, the S&P 500 dropped 2.01% and the Nasdaq Composite was the laggard, down 3%.

US markets see sharp cuts, bear market loses its bounce

<div class="abstract-item-text__d2d4dde8">Markets doubtful if the the global economy can face bigger rate hikes</div>

US markets see sharp cuts as the bear market rally loses its steam. The blue-chip Dow Jones Industrial Average fell 1.56%, the S&amp;P 500 dropped 2.01% and the Nasdaq Composite was the laggard, down 3%. Weak economic data made the market reverse all early gains as bets rise on aggressive hikes from the Fed. The consumer confidence index fell to a reading of 98.7, down from 103.2 in May. Beyond equities; oil pushed past $112 a barrel on supply risks and Bitcoin striggled around $20,000 as sentiment continues to be sour around digital tokens.&nbsp;

In a big move kickstarting a leadership transition, Mukesh Ambani resigned as director Reliance Jio and the board approved the appointment of Akash Ambani as the chairman of the board. Mukesh Ambani's resignation is effective from June 27. Mukesh Ambani’s first-born Akash was alredy holding the post of non-executive director at Reliance Jio. Investors and onlookers have been keenly awaiting details of how Mukesh Ambani will carve up his $217 billion empire. The Ambani family is no stranger to being in headlines for inheitance, a bitter battle between brothers 20 years ago has prompted much eagerness on behalf of investors for a clear roadmap. 31 year old Akash Ambani an alumunus of Brown University takes over India's largest wireless carrier at a time when the Indian telecom firms will be rolling out 5G network in a few months and are looking at increasing the average revenue per user, a key metric to suggest profitability in the industry. 

Mukesh Ambani resigns as director of Reliance Jio, Akash Ambani appointed chairman

Investors and onlookers have been keenly awaiting details of how Mukesh Ambani will carve up his $217 billion empire.

Succession plan of one of Asia's richest family kicks into action

In a big move kickstarting a leadership transition, Mukesh Ambani resigned as director of Reliance Jio and the board approved the appointment of Akash Ambani as the chairman of the board. Mukesh Ambani's resignation is effective from June 27.&nbsp; Mukesh Ambani&rsquo;s first-born Akash was already holding the post of non-executive director at Reliance Jio.&nbsp; Investors and onlookers have been keenly awaiting details of how Mukesh Ambani will carve up his $217 billion empire. The Ambani family is no stranger to being in headlines for an inheritance, a bitter battle between brothers 20 years ago has prompted much eagerness on behalf of investors for a clear roadmap.&nbsp; 31-year-old Akash Ambani an alumnus of Brown University takes over India's largest wireless carrier at a time when the Indian telecom firms will be rolling out a 5G network in a few months and are looking at increasing the average revenue per user, a key metric to suggest profitability in the industry.&nbsp;

Ending speculation on various items and deadlines, the Ministry of Environment has notified that all single-use plastic items will be banned from July 1. “India will ban manufacture, import, stocking, distribution, sale and use of identified single use plastic items, which have low utility and high littering potential, all across the country from July 1, 2022," the statement from the Ministry said. Items To Be Banned From July 1:

Balloon sticks
Cigarette packs
Cutlery items including plates, cups, glasses, forks, spoons, knives, trays
Earbuds
Sweet boxes
Invitation cards
Cigarette packs


Single use plastic faces complete ban from July 1, Straws to earbuds off the racks

Single-use plastic ban will be monitored by the CPCB and the State Pollution Control Boards (SPCBs)

Ending speculation on various items and deadlines, the Ministry of Environment has notified that all single-use plastic items will be banned from July 1.&nbsp; &ldquo;India will ban manufacture, import, stocking, distribution, sale and use of identified single-use plastic items, which have low utility and high littering potential, all across the country from July 1, 2022," the statement from the Ministry said.&nbsp; Items To Be Banned From July 1:
<ul>
<li>Balloon sticks</li>
<li>Cigarette packs</li>
<li>Cutlery items including plates, cups, glasses, forks, spoons, knives, trays</li>
<li>Earbuds</li>
<li>Sweet boxes</li>
<li>Invitation cards</li>
</ul>
With this move, India moves in line with Canada which also banned single-use plastic nationwide but has given a deadline of December 2022 for implementation.&nbsp;

Highlights

Latest news

Meesho lays off 150 employees, start-up restructures as costs surge

Up Next

More videos

Categories

Trending topics