Name: Need a break? This city is giving 500,000 free flights tickets
Uploaded: 2023-02-02T16:57:02.000+05:30
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Description: Hong Kong gives 500,000 free flights amid this reason

A bench of justices MR Shah and CT Ravikumar noted that the amount was lying in the "Sahara-SEBI Refund Account" unutilised.

The Supreme Court approves 5,000Cr from the SEBI-Sahara Fund for depositor refunds

A bench of justices MR Shah and CT Ravikumar noted that the amount was lying in the "Sahara-SEBI Refund Account" unutilised.

The Supreme Court on Wednesday allowed a plea by the Centre seeking allocation of ₹ 5,000 crore out of ₹ 24,000 crore deposited by the Sahara group with market regulator Sebi to repay dues of the depositors of the Sahara Group of Cooperative Societies.&nbsp;
The direction came on an application filed by the Centre in a PIL by a person named Pinak Pani Mohanty, who sought a direction to pay the amount to the depositors who invested in several chit fund companies and Sahara credit firms.
A bench of justices MR Shah and CT Ravikumar noted that the amount was lying in the "Sahara-SEBI Refund Account" unutilized.
The top court said the prayer sought in the present application seems to be reasonable and which shall be in the larger public interest and interest of the genuine depositors of the Sahara Group of Cooperative Societies.
"Out of the total amount of ₹ 24,979.67 crore lying in the 'Sahara-SEBI Refund Account', ₹ 5000 crore be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification," the bench said.
The top court also directed that the entire disbursement process will be monitored by former top court judge R Subhash Reddy with the assistance of advocate Gaurav Agarwal, who has been appointed as amicus curiae to assist Justice Reddy as well as the Central Registrar of Cooperative Societies.
"The manner and modalities for making the payment are to be worked out by the Central Registrar of Cooperative Societies in consultation with Justice Reddy and Agarwal.
"Rs. 15 lakhs per month be paid to Justice R Subhash Reddy, Former Judge of this Court and ₹ five lakhs per month be paid to Gaurav Agarwal, learned Amicus Curiae towards their honorarium," the bench said.
The top court further directed that the amount be paid to the respective genuine depositors of the Sahara Group of Cooperative Societies not later than nine months from today.

As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.

Govt launches 7th round of coal mine auctions; offers 106 mines for commercial sale

As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.

Defense Minister Rajnath Singh on Wednesday launched the seventh round of auctions for commercial mining of coal blocks, putting 106 mines under the hammer. Of the total mines offered under the seventh round, 61 blocks are partially explored and 45 mines are fully explored.
As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.
In his address, Singh said coal is considered black gold which plays an important role in strengthening the economy of the country.
&ldquo;Our energy consumption has grown in the last few years and will continue to grow. And to meet this need we will have to start taking efforts from today,&rdquo; he said.
The ongoing auctions of coal blocks are a step towards energy security, Singh said.
Details of the mines, auction terms, timelines etc. can be accessed on the MSTC auction platform. The auction shall be held online through a transparent two-stage process, on the basis of percentage revenue share, as per the coal ministry.
Coal and Mines Minister Pralhad Joshi said the government will provide incentives to players who will start early production from the mines while inviting the players to participate in the latest round.
He also noted that coal will be in use for the next 40-50 years.
Meanwhile, the Ministry of Coal signed agreements for 28 coal mines auctioned under the sixth round of auction.
The cumulative PRC (peak rated capacity) of the 28 coal mines auctioned under the previous round is 74 million tonnes per annum (MTPA) and these mines are expected to generate annual revenue of Rs 14,497 crore calculated at PRC of these coal mines.
Upon operationalization, these mines are expected to generate employment for 1 lakh people.
Companies like JSW Cements, Ultratech Cements, Ambuja Cements, and Jindal Power Ltd among others were the successful bidders in the sixth round of auctions.

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

From April, commonly used medications will cost 12% more

Prices for non-scheduled medications are expected to increase by up to 10% in accordance with government regulations.

The cost of essential medications is set to increase by 12% which would be the largest yearly price increase ever. The government anticipates raising the costs of 384 drugs and more than 1,000 necessary medication formulations starting on April 1.
Due to a sharp increase in the Wholesale Price Index, the prices of 384 medications and more than 1,000 formulations designated as necessary medicines by the government are expected to experience the highest-ever annual rise of over 12%.&nbsp;
The price of necessary medications will increase by more than 10% for the second year in succession. The price increase for these medications was about 11% last year.
According to representatives of the National Pharmaceutical Pricing Authority, who cited the office of the economic adviser in the minister of commerce and industry, the WPI was 12.12% between January of last year and January of this year. This number has not yet received formal notification, though.

Adani enterprises, Adani ports, JSW steel, Eicher Motors and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints

Sensex climbs 346 pts, Nifty ends at 17,080

Adani enterprises, Adani ports, JSW steel, Eicher Motors and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints

Amid mixed global cues and ahead of monthly derivatives expiry, BSE benchmark sensex jumped &nbsp;346.37 points or 0.60 per cent to close the session at 57,960.09. Meanwhile, NSE&rsquo;s Nifty50 opened 129 points, or 0.76 per cent at 17,080.70.&nbsp;
Market started on a positive note and extended the gains as the day progressed. However, mid-session selling erased all the gains but final hour buying across the sectors help to end near the day's high.
After opening lower today, PSU Banks jumped, as the sector closed 3.08 per cent higher. It was followed by realty stocks at 2.59 per cent, and media and metal stocks at 2.56 per cent each. Meanwhile, auto stocks jumped 1.67 per cent today
Adani Enterprises, Adani Ports, JSW Steel, Eicher Motors, and HCL Technologies were among the biggest gainers on the Nifty, while losers were UPL, Bharti Airtel, Reliance Industries, ICICI Bank, and Asian Paints.&nbsp;

Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study

Average Increments To Drop To 9.1% In 2023 Across Sectors: Study  

Average increments are likely to drop to 9.1% this year in almost all sectors following inflation, higher interest rates and a slowdown in the economy, according to a study

Average increments are likely to drop to 9.1% this year in almost all sectors. This due to inflation, higher interest rates and a slowdown in the economy, as per the Deloitte India Talent Outlook 2023. The average increment in 2022 was 9.4%.
The study found that in 2023 increments are expected to be lower across almost all sectors, compared to 2022 actual increments. While the Life Sciences sector is expected to witness the highest increments in 2023, the IT sector will likely witness a major drop in increments as compared to last year, the study said. Additionally, attrition in India reached 19.7% in 2022, up from 19.4% in 2021, it stated. &nbsp; The significant attrition levels across industries in late 2021 continued until early 2022. We saw Indian organizations budgeting the highest increment in 2022 over the last four years. What they also did was hire aggressively. This led to employee costs rising faster than revenue growth over the last 34 years in almost every other company.
The Deloitte India Talent Outlook 2023 study is based on a survey in January 2023, done among 300 organizations across seven sectors and 25 sub-sectors.
&nbsp;Meanwhile, the study further observed that while almost three in every four organizations recognized the value of a common skills framework primarily for learning and development and career progression, around 42% did not revise their framework regularly to contextualize it to changing business requirements.
Additionally, the study found only 19% of organizations - mostly in the IT, ITeS, and Consumer sectors - confirmed that their employees have visibility of skills beyond their current role. This indicates a major gap in the awareness of skill requirements and associated learning, Ghose said.
&nbsp;This aspect is further pronounced by the fact that more than 80% of organizations reported that leadership teams have no structured data or reporting mechanisms to understand the current skill capital, it noted.
The study found that 27% of organizations have gone beyond their permanent workforce and invested in skills-based training for gig workers while 13% reported planning to do so.
&nbsp;Meanwhile, the study stated that as technology has come to the forefront for businesses in a post-Covid-19 operational context the Manufacturing and IT sectors have emerged as the biggest investors in HR Tech in 2022.
&nbsp;

NCLAT uphelds CCI's Rs 1,337 crore penalty on Google in 30 days for abuse of dominant position in Android market
 

NCLAT upholds CCI's penalty on Google

NCLAT uphelds CCI's Rs 1,337 crore penalty on Google in 30 days for abuse of dominant position in Android market




NCLAT uphelds CCI's Rs <bdi>1,337 crore penalty on Google in 30 days for <bdi>abuse of dominant position in Android market</bdi></bdi>
&nbsp;

A two member bench of NCLAT (National Company Law Appellate Tribunal) has upheld CCI's ₹1,337 crore penalty on Google for abuse of its dominant position in Android market. The bench has directed google to implement the direction and deposit the penalty in 30 days.&nbsp; &nbsp; The Appellete tribunal has found that the order passed by the Competition Commission of India is not in violation of principles of natural justice. However, the NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Alok Shrivastava, has modified certain directives of the CCI order. The tribunal has given partial relief to the tech giant by setting aside the directives in the case related to abuse of its dominant position in Android. By this, Google is not obliged to allow third party app stores in Play Store as directed by CCI. &nbsp; The Competition Commission of India had imposed a fine of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. CCI also ordered the internet major to stop indulging in various unfair business practices

Notably, the fee will not be applicable to person-to-person transactions or person-to-merchant transactions between a bank and the prepaid wallet

UPI transactions: No extra fee for customers, specific transaction fee applicable only to merchants

Notably, the fee will not be applicable to person-to-person transactions or person-to-merchant transactions between a bank and the prepaid wallet

UPI customers will not have to pay any extra charge or fee for any UPI transaction. The National Payment Corporation of India (NPCI) has clarified. However, as per a new rule, only certain UPI transactions which are made via prepaid instruments will carry an interchange fee of 1.1%. But this fee is applicable only to the merchants and not to customers. This 1.1% interchange fee will be levied on transactions above Rs 2000 made to online merchants, large merchants, and small offline merchants as per the circular by NPCI, which governs UPI. The interchange fee will range from 0.5% to 1.1% depending of the category of merchants. And this will be applicable from the first of April. In its clarification, NPCI said, &ldquo;Bank account to account transactions continue to remain free for merchants and customer. NPCI has now permitted PPI wallets (Prepaid payments instruments) to be part of interoperable UPI ecosystem. The interchange charges are only applicable for PPI merchant transactions and there is no charge to customers.&rdquo; Experts say, with this, customers will be able to use any bank account, RuPay Credit card and prepaid wallets on UPI enabled apps and merchants will be able to accept payments irrespective of the wallet being used by the customer. &ldquo;It will eliminate the need for specific integrations with a particular wallet to accept payments on a website since customers can also pay via UPI or card infrastructure. This will increase the payment alternatives for customers.&rdquo; Akash Sinha, Co-founder &amp; CEO at Cashfree Payments, told CNBC-TV18.&nbsp;

Gold prices fell as demand for the metal decreased and appetite for riskier assets increased due to decreasing concerns about a possible worsening of the global banking crisis.

As fading financial jitters reduce demand, gold prices decline.

As fading financial jitters reduce demand, gold prices decline

Gold prices fell as demand for the metal decreased and appetite for riskier assets increased due to decreasing concerns about a possible worsening of the global banking crisis.

On Wednesday, gold prices fell as demand for the YELLOW metal decreased and investors moved towards riskier asset. This is due to decreasing concerns about a possible worsening of the global banking crisis.
"We've seen a natural retracement. Gold is pulling back after a failed 'bid' to break above $1,975". Reuters quoted Matt Simpson, a senior market analyst at City Index.
But according to him, some buyers "still seem to be holding onto gold 'just in case' there is another skeleton or two lurking in the closet," and gold may receive another bid going into the European session.
Although the uncertainty in the financial system would "ultimately" support gold, Simpson warned that if inflation remained high and U.S. economic statistics remained strong, prices could become more volatile and difficult to predict over the coming weeks.
Macquarie said that they expect the Fed to "prioritise bringing inflation back to target &ndash; with one more rate hike and then no cuts in the early stages of economic contraction," resulting in cyclically weaker gold prices through the second half of 2023.
Meanwhile, as per Reuters, markets are pricing in a nearly 42% chance of a 25-basis-point Fed hike in May.

Existing stakeholder Temasek contributed Rs 81 crore and upGrad chairperson Ronnie Screwvala contributes Rs 212 crore with other minority stakeholders completing the balance

In an internal rights issue, upGrad raises ₹ 300 crore

Existing stakeholder Temasek contributed Rs 81 crore and upGrad chairperson Ronnie Screwvala contributes Rs 212 crore with other minority stakeholders completing the balance

Edtech Unicorn upGrad has raised Rs 300 crore, in an internal rights issue. A statement by the company has said that existing shareholder Temasek contributed Rs 81 crore, while upGrad co-founder and chairperson Ronnie Screwvala contributed Rs 212 crore, with other minority stakeholders completing the balance.&nbsp;
upGrad currently operates out of 31 cities across India, the United States, the United Kingdom, the Middle East, Singapore, and Vietnam.&nbsp;
Earlier in August 2022, the unicorn raised $210 million in a funding round at a valuation of $2.25 billion. This funding was led by ETS Global, one of the world's largest providers of global entrance tests like GRE and TOEFL, and Bodhi Tree, an investment vehicle set up by media veterans Uday Shankar and James Murdoch, among others.

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Avalanche in Sonamarg

Hong Kong gives 500,000 free flights amid this reason 

This city is giving 500,000 free flights tickets 

An additional 80,000 air tickets will be given away to Hong Kong residents in the summer

If you&rsquo;re wondering which your next holiday destination should be, here&rsquo;s a reason why Hong Kong should be on your list. Hong Kong is giving away air tickets and vouchers to woo tourists back to the international financial hub. John Lee, Chief Executive of Hong Kong launched a tourism campaign &ldquo;Hello Hong Kong,&rdquo; saying the city will offer 500,000 free air tickets to welcome tourists from around the world in what he called &ldquo;probably the world's biggest welcome ever&rdquo;.
Hong Kong received 56 million visitors in 2019 &mdash; over seven times its population &mdash; before the pandemic began. But its strict COVID-19 restrictions have been keeping visitors away over the past three years, devastating the tourism sector and its economy. The city's GDP last year fell 3.5 per cent from 2021, according to the government's provisional data.

As the demand for affordable, compact sports utility vehicles surged, electric vehicle sales tripled last year

EV sales tripled in India: Report

As the demand for affordable, compact sports utility vehicles surged, electric vehicle sales tripled last year

India's electric passenger vehicle sales tripled last year as demand for affordable, compact sports utility vehicles surged. As per a BloombergNEF report, the rise of ride sharing startups which operate all electric vehicles such as BluSmart Mobility, Lithium Urban Technologies and Evera have also boosted the EV sales.&nbsp;
Electric vehicle sales in India stood at 49,800 last year, accounting for just 1.3% of 3.8 million passenger vehicles sold. The report also observed that smaller SUVs are becoming popular as they easily maneuver through India&rsquo;s potholed roads and bad traffic, while offering aspirational buyers a status symbol.&nbsp;
However, India is still lagging behind nations like China and the U.S. in adopting electric vehicles. In India, most carmakers are hesitant to make the switch because electric cars are costlier than internal combustion engines. Similarly, lack of public charging stations also prevent customers from buying.&nbsp;
Warren Buffett-backed BYD Co. seeks to capture 40% of India&rsquo;s EV market by 2030, while SAIC Motor Corp. is planning to launch three EVs by the end of 2024. Domestic manufacturer, Tata Motors Ltd., is planning to invest $2.2 billion, while the nation&rsquo;s biggest carmaker Maruti Suzuki India Ltd. has committed $1.2 billion.&nbsp;
To address the lack of chargers issue, many state-run companies and government departments floated tenders for building 593 charging stations on highways and expressways last year, said the report.&nbsp;
&nbsp;
&nbsp;

The capital markets' regulatory body SEBI made a number of decisions with an emphasis on defending investor interests and bolstering market infrastructure

SEBI makes slew of decisions to protect investors, enhance disclosures - HDL

The capital markets' regulatory body SEBI made a number of decisions with an emphasis on defending investor interests and bolstering market infrastructure

Capital markets regulator SEBI took a slew of decisions focusing of protecting investor interests as well as strengthening market infrastructure.
On the Adani-Hindenburg issue, SEBI chairperson, Madhabi Puri Buch refused to comment saying that the case was sub-judice. "We never comment on entity-specific matters and on top of that, the matter is before the Supreme Court. We never comment on sub-judice matters,&rdquo; said SEBI Chairperson. She also added &ldquo;we are duty-bound to follow whatever the Supreme Court has said."
Here are the important decisions taken by the capital markets regulator during the board meet.
Disclosure Norms
SEBI has strengthened norms to ensure more transparency and timely disclosures. The new norms have put in place a stricter timeline for disclosures. This includes companies having to reveal relevant information from board meetings within 30 minutes of the meeting.&nbsp;
Listed entities will also have to clarify, confirm or deny market rumours that may impact the share price. The top 100 listed companies will have to do this from October 1st 2023 and top 250 listed entities, with effect from April 1st 2024.&nbsp;
In another requirement, companies will now have to ensure that post which are vacant such as directors, CEO, CFO, must be filled within 3 months from the date of vacancy.
ASBA-like facility for secondary market
To protect retail investors SEBI has allowed an ASBA like facility for the secondary market, which will be optional for investors and brokers. This allows an investor to block funds in their bank accounts instead of transferring them upfront to brokers before executing secondary market trades. This will help prevent misuse of client funds and broker defaults. This system is already operational for IPOs.&nbsp;
Stock Broker Regulations
SEBI has put in place a framework that ensures a mechanism to prevent as well as detect fraud or market abuse by stockbrokers. This includes surveillance systems for trading activities, mechanism for reporting issues and whistle blower policy.
Mutual Funds
Private equity funds can now be sponsors of mutual funds. This will give more flexibility to the industry. This amendment will also allow for &ldquo;Self-Sponsored AMCs&rdquo; subject to the AMC fulfilling certain criteria.
Environment, Social and Governance Framework
SEBI has mandated more disclosures and compliance around ESG issues. 65% of assets of ESG focussed mutual fund schemes should be in companies which make comprehensive related disclosures. SEBI has also proposed introducing a regulatory framework for ESG rating providers in the Indian securities market.
Debt Market
A Corporate Debt Market Development Fund (&ldquo;CDMDF&rdquo;) in the form of an Alternative Investment Fund to be set up. This will act as a &lsquo;Backstop Facility&rsquo; for purchase of investment grade corporate debt securities during times of stress. SEBI says this will also enhance secondary market liquidity.
Alternative Investment Funds
SEBI has also amended AIF regulations to ensure a standardised approach to valuation of their investment portfolios. AIFs will have to dematerialise all units for all new and existing schemes which have a corpus greater than 500 crore, by October 31st 2023. And those schemes with a corpus of less than Rs 500 crore will have to ensure dematerialisation by April 30th 2024.

As per Economic Times, Unacademy plans to cut its workforce by 12%

Unacademy cuts 12% workforce

EdTech startup Unacademy cuts its workforce by 12% in yet another round of layoffs

EdTech startup Unacademy cuts its workforce by 12% in yet another round of layoffs

Edtech startup Unacademy has laid off 380 employees which is 12% in another round of layoff. As per a report by Economic Times, the company's CEO Gaurav Munjal had sent out an internal memo regarding the layoffs.&nbsp;&nbsp;
The note from Munjal reportedly said, "We have taken every step in the right direction to make our core business profitable, yet it&rsquo;s not enough. We have to go further, we have to go deeper. Unfortunately, this has led me to take another difficult decision. We will be reducing the size of our team by 12% to ensure that we can meet the goals we are chasing in the current realities we are facing"
Earlier, the edtech sold off CodeChef, anacquisition it made in 2020. Unacademy had reduced its workforce by 1,350 in 2022. The start-up had also cancelled appraisals for the year FY 2022-23 and had promised stock options for the employees.

Adani group executives meet U.S investors including Pimco and BlackRock in a fundraising effort

Adani group starts fundraising efforts

Adani group executives meet U.S investors including Pimco and BlackRock in a fundraising effort

Adani Group executives have met U.S. investors in an effort to raise fund for the conglomerate. The executives met investors from BlackRock Inc., Blackstone Inc. and Pacific Investment Management Co, among others.&nbsp;
As per Bloomberg, Adani group is planning to market privately placed bonds for some of its group companies. The conglomerate is aiming to raise up to $1 billion in two tranches this year via such a route.&nbsp;
The meetings were are a part of a global roadshow that reached U.S. cities including New York, Boston, Los Angeles and San Fransico. After the Hindenburg report, Adani is seeking to reassure international investors that the group's finances are under control. As much as $153 billion in combined market value was erased from company stocks following a January short seller&rsquo;s report.&nbsp;
&nbsp;

Government is planning to borrow Rs 8.88 lakh crore which is 57.55% of the targeted gross market borrowing in the first half of FY24

Govt to borrow 57.55% of its year target in H1Fy24

Government is planning to borrow Rs 8.88 lakh crore which is 57.55% of the targeted gross market borrowing in the first half of FY24

The government is planning to borrow 57.55% of its projected gross market borrowing in the first half of the fiscal year 2024. The government will borrow Rs 8.88 lakh crore out of the finalised Rs 15.32 lakh crore.&nbsp; &nbsp; According to a statement released by Finance Ministry, the borrowing programme is scheduled to be completed in 26 weekly tranches of Rs 31,000-39,000 crore. The borrowing will be spread under 3, 5, 7, 10, 14, 30 and 40 year securities.&nbsp; &nbsp; The government further added that it won't issue a fresh Sovereign Green Bonds in the first half of the year. It may be issued in the second half. The statement also mentioned that the government will continue carrying out switch operations to smoothen redemption profile.&nbsp; &nbsp; The government's borrowing is however lower than the borrowing in the first six months of 2022-23 which was at 59%. In the past few years the norm has been to borrow 60 to 63%

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