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.

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.

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.

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Gautam Adani featured in the Time 100 list of most influential people of 2022 is making headlines as India's richest man is featured amongst like the like Apple boss Tim Cook and Amazon CEO Andy Jassy. Worth over $100 billion, Adani is now 6th richest person in the world. He has conclusively overtaken Mukesh Ambani as Adani gained over $29 billion, the most among billionaire peers. This first generation entrepreneur has seen his empire grew spanning ports both for sea and air travel, energy from thermal to clean and from cement to consumer goods. As the Time writes, Adani is the poster boy of economic growth...with Modi’s stated goal of making India a $5 trillion economy by 2025, Adani’s journey may have only just begun.

Time 100: Gautam Adani makes the list of most influential

Adani has done 32 deals worth $17 billion over the last one year

Gautam&nbsp;Adani&nbsp;featured in the Time 100 list of most influential people of 2022 is making headlines as India's richest man is featured amongst like the like Apple boss Tim Cook and Amazon CEO&nbsp;Andy Jassy.&nbsp; Worth over $100 billion, Adani&nbsp;is now 6th richest person in the world. He has conclusively overtaken Mukesh&nbsp;Ambani&nbsp;as Adani&nbsp;gained over $29 billion, the most among billionaire peers. This first generation&nbsp;entrepreneur has seen his&nbsp;empire grew spanning ports both for sea and air travel, energy from&nbsp;thermal to clean and from cement to consumer goods.&nbsp; As the Time writes,&nbsp;Adani&nbsp;is the poster boy of economic growth...with Modi&rsquo;s stated goal of making India a $5 trillion economy by 2025, Adani&rsquo;s journey may have only just begun.

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;

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.

Another incident of Tesla engulfed in flames is going viral on social media.&nbsp;&nbsp;
But this time, the firefighting team in California was compelled to try a different method. Using a tractor, they dug up a pit, put the car in it and filled it with water.
According to reports, 4,500 gallons of water to put out a fire in a Tesla Model S spontaneously burst into flames.&nbsp;
Metro Fire said that even with water being directly sprayed onto the batteries, they would still reignite the fire.
Eventually, a small pit was dug and filled with water and the Tesla was placed inside of it, fully submerging the batteries and stopping the fire, according to Metro Fire.
The electric car had sustained major damage in a crash three weeks before and was scheduled to be dismantled when it caught fire.&nbsp;
No injuries were reported and the fire was completely extinguished.&nbsp;

Tesla catches fire; 4,500 gallons of water used to extinguish

The car had been in an accident and was about to be dismantled

Another incident of Tesla engulfed in flames is going viral on social media.&nbsp;&nbsp;
But this time, the firefighting team in California was compelled to try a different method. Using a tractor, they dug up a pit, put the car in it and filled it with water.
According to reports, 4,500 gallons of water to put out a fire in a Tesla Model S spontaneously burst into flames.&nbsp;
Metro Fire said that even with water being directly sprayed onto the batteries, they would still reignite the fire.
Eventually, a small pit was dug and filled with water and the Tesla was placed inside of it, fully submerging the batteries and stopping the fire, according to Metro Fire.
The electric car had sustained major damage in a crash three weeks before and was scheduled to be dismantled when it caught fire.&nbsp;
No injuries were reported and the fire was completely extinguished.&nbsp;

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.

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