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

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

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

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

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

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

Solana launches $1,000 crypto smartphone 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Media Moghul Rupert Murdoch heads for 4th divorce at 91

Media Mogul Rupert Murdoch heads for 4th divorce at 91

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

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

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

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

Housing project stuck? Here is what you can do 

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

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

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

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

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

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

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

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

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

Turbulent crypto markets: Layoffs, withdrawal freeze seen across industry

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

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

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

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This week we saw the U.S. Federal Reserve increasing the key rates by 50 basis points and just one day before the Reserve Bank of India, in an unexpected and shocking way, also announced a 40 bps hike. 
The Indian central bank sent the markets deep into the red, while the U.S. Fed delivered as per the market expectations.
Editorji speaks to Sanket Kapoor, Managing Partner at Flexi Capital, and discusses the rate hikes, inflation, and the way forward for the stock markets, global and domestic.

Risks vs Rates: Market mood and the way forward with Flexi Capital

From tantrums to tolerance we explore the new market reality with insights from Flexi Capital.

EJ Money Matters

The U.S. Federal Reserve braced the market for over a year of a turn in the rate cycle.

This week we saw the&nbsp;U.S. Federal Reserve increasing the key rates by 50 basis points and just one day before the Reserve Bank of India, in an unexpected and shocking way, also announced a 40 bps hike.&nbsp;
The Indian central bank sent the markets deep into the red, while the U.S. Fed delivered as per the market expectations.
Editorji&nbsp;speaks to Sanket&nbsp;Kapoor, Managing&nbsp;Partner at Flexi&nbsp;Capital, and discusses the rate hikes, inflation, and the way forward for the stock markets, global and domestic.

Celebrating the World MSME Day we look at the Micro, Small, and Medium Enterprises (MSMEs) of India that are truly the backbone of the economy.  MSME’s in India contribute nearly 8% of the country's GDP, approximately 45 % of manufacturing output, and 40% of export.With 6.3 crore enterprises registered with the MSME ministry, it is only second to China in size. MSMEs also created about 600,000 new jobs this past year, besides employing over 110 million people.Even as the industry grows rapidlly the challenges are also rising. Even though access to credit has improved dramatically, the problems around the supply chain are new.The critical step to boost Indian MSMEs is to connect them to the global markets through trade deals and agreements which the government is hoping to achieve via varied trade agreements with vital partners. 
 


World MSME Day: India's MSME industry set for a global introduction

India's MSME industry set for a global introduction

World MSME Day 2022

MSMEs contribute 45% of manufacturing output; 40% of export.

Celebrating the World MSME Day we look at the Micro, Small, and Medium Enterprises (MSMEs) of India that are truly the backbone of the economy. MSMEs in India contributes nearly 8% of the country's GDP, approximately 45 % of manufacturing output, and 40% of export.
Also read/watch| <a title="Zero-star-hotel: Find out why hundreds are booking a room here" href="https://www.editorji.com/business-news/zero-star-hotel-find-out-why-hundreds-are-booking-a-room-here-1656316110854">Zero-star-hotel: Find out why hundreds are booking a room here</a> With 6.3 crore enterprises registered with the MSME ministry, it is only second to China in size. MSMEs also created about 600,000 new jobs this past year, besides employing over 110 million people. Even as the industry grows rapidlly the challenges are also rising. Even though access to credit has improved dramatically, the problems around the supply chain are new. The critical step to boost Indian MSMEs is to connect them to the global markets through trade deals and agreements which the government is hoping to achieve via varied trade agreements with vital partners.

If an ideal hotel means silence, opulence or even a roof then this swiss resort may not be your calling. Riklin brothers have a different spin on hospitality - one where your hotel room has no walls or cieling - essentially a Zeo-Star-Hotel, which is what its name Null Stern Hotel literally means. The Swiss conceptual artists' hotel room is essentially a double bed on a platform, with two bedside tables and lamps. There are no walls, ceiling or doors to provide any privacy or shelter. The suites, which come with butler service offering drinks and breakfast, will be available form July 1 to September 18. The price for an imperfect night's sleep: 325 Swiss francs ($338).The intention is to make guests think about the problems in the world, the twin brothers said, and inspire them to act differently.

Zero-star-hotel: Find out why hundreds are booking a room here

The intention is to make guests think about the problems in the world, the twin brothers said, and inspire them to act differently.


Check yourself into this Swiss Zero-star-hotel

The intention is to make guests think about the problems in the world

If an ideal hotel means silence, opulence or even a roof then this swiss resort may not be your calling. Riklin brothers have a different spin on hospitality - one where your hotel room has no walls or ceiling - essentially a Zeo-Star-Hotel, which is what its name Null Stern Hotel literally means.&nbsp;
Also read/watch| <a title="Beware of massive Crypto scam, here is what you need to know" href="https://www.editorji.com/business-news/beware-of-massive-crypto-scam-here-is-what-you-need-to-know-1656310069965">Beware of massive Crypto scam, here is what you need to know</a> The Swiss conceptual artists' hotel room is essentially a double bed on a platform, with two bedside tables and lamps. There are no walls, ceilings, or doors to provide any privacy or shelter. The suites, which come with butler service offering drinks and breakfast, will be available from July 1 to September 18. The price for an imperfect night's sleep is 325 Swiss francs ($338). The intention is to make guests think about the problems in the world, the twin brothers said, and inspire them to act differently.

A mega crypto scam has been uneathed by AI threat predictor firm CloudSEK that warns that this new fraud already underway coud make innocent investors lose over Rs 1000 cr. So be aware before you are a victim of this crypto trading trap. Here's how the scam works, as per CloudSEK.

Fake domain created: The fake domains are developed in a way that they replicate the official website’s dashboard and user experience
Fake social media presence: The fraudsters create a female profile on social media to approach the potential victim and establish a friendship.
Online 'promotion' and give-aways: The fake social influencer shares a $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of a legitimate crypto exchange to entice investor. 
Trading trust: After 'winning' with the $100 credit provided the investor is encouraged to add their own money to make even bigger wins. Here is where the trap happens. As soon as the investor adds their own money, the fraudsters sieze the account and block access to the funds. 
No recourse: As crypto trading is not regulated in India there is no recourse for the same, investors can just pursue a case under cyber crime with a local authority.

Last month, a resident from the upscale residential area in Mumbai was duped by more than Rs 1.5 crore in fraudulent cryptocurrency investment. The 36-year-old resident accused a website of trapping him into investing in crypto mining schemes. 
.

Crypto scam: Over Rs 1000 cr worth of fraud in India says reports

Fake crypto exchanges have defrauded 'investors' of up to ₹1,000 cr, here is what you need to know to be safe from a roaring Crypto Scam

Beware of massive Crypto scam, here is what you need to know

CloudSEK said it uncovered a gamut of phishing domains and Android applications

A mega crypto scam has been unearthed by AI threat predictor firm CloudSEK that warns that this new fraud already underway could make innocent investors lose over Rs 1000 cr. So be aware before you are a victim of this crypto trading trap.&nbsp;
Also read/watch| <a title="Zero-star-hotel: Find out why hundreds are booking a room here" href="https://www.editorji.com/business-news/zero-star-hotel-find-out-why-hundreds-are-booking-a-room-here-1656316110854">Zero-star-hotel: Find out why hundreds are booking a room here</a> Here's how the scam works, as per CloudSEK:
<ul>
<li>Fake domain created: The fake domains are developed in a way that they replicate the official website&rsquo;s dashboard and user experience</li>
<li>Fake social media presence: The fraudsters create a female profile on social media to approach the potential victim and establish a friendship.</li>
<li>Online 'promotion' and give-aways: The fake social influencer shares a $100-dollar credit, as a gift to a particular crypto exchange, which in this case is a duplicate of legitimate crypto exchange to entice investor.&nbsp;</li>
<li>Trading trust: After 'winning' with the $100 credit provided the investor is encouraged to add their own money to make even bigger wins. Here is where the trap happens. As soon as the investor adds their own money, the fraudsters seize the account and block access to the funds.&nbsp;</li>
<li>No recourse: As crypto trading is not regulated in India there is no recourse for the same, investors can just pursue a case under cyber crime with a local authority.</li>
</ul>
Last month, a resident from the upscale residential area in Mumbai was duped by more than Rs 1.5 crore in fraudulent cryptocurrency investment. The 36-year-old resident accused a website of trapping him into investing in crypto mining schemes.&nbsp;

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

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

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

Pakistan's Paper Crisis

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

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

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

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

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

A first for Moscow since the since the 1917 Bolshevik Revolution

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

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