After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

Hindenburg report impact: Dorsey's wealth tumbles $526 million

After Hindenburg's report on Jack Dorsey's Block Inc., the billionaires wealth plunged by $526 million on Thursday

After the Hindenburg report on Block Inc., its co-founder Jack Dorsey's wealth plunged by $526 million on Thursday. This is his worst single day decline since May. According to the Bloomberg Billionaires Index the billionaire is now worth $4.4 billion.&nbsp;
Hindenburg released a report on Thursday claiming Block had inflated user metrics, and that the stock has downside of 65% to 75% &ldquo;on a purely fundamental basis.&rdquo; Following the report, Block fell as much as 22% before closing down at 15% on Thursday.&nbsp;
As per Business Standard, Block Inc. has denied the allegations and said that it plans to explore legal action against the short-seller.
Hindenburg's report on Gautam Adani early this year, had sent a tumultuous wave across the Indian market.&nbsp;

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Go First operations at Delhi airport to remain suspended for 2 hours on Apr 1 following BCAS order

Go First will have its flights at the Delhi airport suspended for two hours (12:00 PM - 2:00 PM ) on April 1 as a result of a BCAS ruling regarding a security violation from September of last year.

Budget airline Go First's flight operations at Delhi airport will be suspended for two hours on April 1, following an order by the aviation security regulator BCAS related to a violation in September last year.
According to an order, dated March 16, passed by the civil aviation ministry, the airline's security programme will remain suspended from 1200 hours to 1400 hours on April 1 and the carrier has also been asked to take suitable action to minimise the impact of the suspension on the passengers.
There was no immediate comment from Go First.
According to a senior ministry official, the suspension of the security programme means that there will be no flight operations and the latest directive is a kind of warning for the violation.
On September 24, 2022, Go First's Delhi-Mumbai flight returned from the taxiway due to a technical snag.
There were 95 passengers onboard and they were shifted to a parked aircraft by the airline's ferry buses, without permission/ intimation to agencies concerned, including CISF, as per the Bureau of Civil Aviation Security (BCAS)

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses 

SpiceJet open to sell more stakes in airline biz

Cash-strapped SpiceJet to sell more stakes in airline business  

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses&nbsp;

The cash-strapped airline, SpiceJet is open to selling more shares to reduce its liabilities, chairman and managing director Ajay Singh said.&nbsp;
As per Livemint report, Singh further said we are flexible. We will talk to our partners and see what it is they prefer to do. But, irrespective, we need to deleverage our balance sheet to have the space to grow, and that&rsquo;s what we are trying to do," Singh said in response to a query at the CAPA India Aviation Summit.
At the end of the December quarter, when it posted a four-fold jump in net profit to ₹106.8 crore thanks to robust demand and higher fares, the Gurugram-based airline had liabilities of around ₹14,000 crore. The carrier has been in talks with lessors, investors and lenders in India and abroad for renegotiating contracts, raising funds, and restructuring. The airline has convinced Carlyle Aviation, its largest lessor from which it has leased 13 aircraft, to convert $100 million of outstanding dues into a 7.5% equity and $65.5 million worth of compulsorily convertible debentures in the cargo unit.
The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses.&nbsp;

You free blue tick on Twitter will disappear on April 1.

Twitter to soon remove legacy blue ticks

You free blue tick on Twitter will disappear on April 1.

Twitter will start removing legacy verified marks from user accounts beginning April 1, as it moves towards a model where only paid subscribers and approved organisations have that status.
Many public figures and journalists were previously marked as verified without paying for the subscription.
The blue verification mark is now a major feature of Twitter Blue's subscription offering, which is priced starting at ₹650 per month.&nbsp;
Paying subscribers also get higher priority in replies and searches, receive fewer ads, and can edit tweets.

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

Amid global banking crisis, Finance Ministry seeks PSB's bond portfolio data

Ahead of finance ministry's meet with PSU banks on Saturday, the government has asked the state-owned lenders to share their bond portfolio data

As per Business Standard, the Union finance ministry has asked public sector banks (PSBs) to furnish details of their bond portfolios ahead of their meeting with Finance Minister Nirmala Sitharaman on Saturday, amid the turmoil in global banks.
As an exercise to determine the resilience of banks against interest-rate risks, the ministry has specifically requested details on holdings under the held-to-maturity (HTM) and available-for-sale (AFS) portfolios, bankers said
While the HTM portfolio protects banks from potential losses on bond holdings, the government wants to ascertain how banks will respond in the case of large bond sales from that book, sources said.
Sitharaman will hold a meeting with all PSB heads on Saturday where she will review their work, including lending to infrastructure and flow of cash transfers to beneficiaries under various government flagship schemes.
Source: Business Standard&nbsp;

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

Sebi relief for investors holding physical shares

Investors holding physical share certificates have got a reprieve, with the Securities and Exchange Board of India extending the timeline for complying with know your customer (KYC) norms from March 31 to September 30

The Securities and Exchange Board of India has given investors who possess physical share certificates a reprieve by extending the deadline for adhering to the know your customer (KYC) regulations from March 31 to September 30, as per a report by Financial Express.&nbsp;
Presenting PAN, nomination, contact information, bank account information, and a sample signature for their respective folio numbers to their registrar and transfer agents is now required of all holders of physical securities in listed companies.
If this is not done, folios will be blocked by RTAs after October 1. These shares will not be subject to company actions such as dividends, bonuses, or stock splits.
In the securities market, only 1% to 1.5% of shares are still held in their physical shape as share certificates. Industry estimates place the worth of this at over 3.5 trillion rupees.
As reported by Financial Express

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

Roger Federer to Swiss football: Sports sponsorships face uncertain future after Credit Suisse collapse

From Roger Federer to Switzerland's national team, the takeover of Credit Suisse has left the sporting fraternity with a big question mark hanging over sponsorship deals.

#Sports #Switzerland #CreditSuisse

UBS, which is taking over Credit Suisse, has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, and may not necessarily continue with the deals Credit Suisse made in the past.

The takeover of Swiss bank Credit Suisse leaves many sports stars, teams and tournaments with a big question mark hanging over their lucrative sponsorship deals.
The Swiss national football team, the country's top football division, tennis great Roger Federer, golf star Sergio Garcia and Zurich's new stadium were all sponsored by the bank, which is being taken over by Swiss rival UBS.
The deal was hastily arranged on Sunday afer Credit Suisse's share price plunged.
Golf and equestrian events also relied on Credit Suisse money, as did the Swiss Sport Aid Foundation, which backs talented young athletes in minority sports.
"Our sponsorships reflect our passion for excellence, sustainability, and partnership," Credit Suisse boasts.
The Neue Zurcher Zeitung newspaper said that no matter how much Credit Suisse got embroiled in scandals or rejigged its strategies, "the bank has always been a reliable partner for sports".
"For the time being, we will continue our corresponding commitments unchanged," a Credit Suisse spokesman told AFP.
But UBS, which has its own portfolio of sports sponsorships focusing on Formula One, athletics and ice hockey, may not necessarily continue with the deals.
Football focus Credit Suisse has been the main sponsor of the Swiss Football Association (SFA) governing body since 1993.
The men's national team, ranked 12th in the world, has enjoyed some of its best years since the bank came on board.
Having only appeared at one World Cup between 1966 and 2006, Switzerland have qualified for the last five World Cups, reaching the last 16 in four of those tournaments.
The contract runs until June 30 next year. It is worth around five million Swiss francs ($5.4 million) per year, according to Blick newspaper.
The Credit Suisse logo will stay on the national teams' training jackets and jerseys for as long as the bank exists, SFA spokesman Adrian Arnold said ahead of Saturday's Euro 2024 qualifier against Belarus.
"We had good discussions with our contacts at Credit Suisse, who assured us that the existing contracts would be honoured," Arnold said.
"We would like the partnership to continue thereafer, in whatever form."
Credit Suisse is also the main sponsor of Switzerland's bid to host the 2025 women's European Championships, and the takeover comes shortly before the hosting decision is due on April 4.
The bank is the title sponsor of the Super League, Switzerland's 10-team top football division, including well-known clubs like Young Boys, Grasshopper, FC Zurich and FC Basel.
Blick said the contract runs until 2025 and is worth around eight million Swiss francs ($8.7 million) per season.
Money goes into every club as well as the tournament, with the bank's name appearing on all team strips and on advertising boards around the stadiums.
In 2019, the bank won the naming rights for a proposed new football stadium in Zurich, where Grasshopper and FC Zurich are expected to play.
But the planned "Credit Suisse Arena" has faced delays. It was due to open in mid-2022, but little progress has been made and its future now seems even more uncertain.
Roger Federer Federer is by far the biggest name associated with Credit Suisse.
Although Switzerland's greatest sports star retired in September, he remains a brand ambassador for Credit Suisse. The bank was on board for his transition into a post-tennis career, saying: "We look forward to many more years together".
Federer has a host of other sponsors he can fall back on, including Rolex, Lindt, Mercedes-Benz and Moet et Chandon.
Credit Suisse also sponsors the Federer-instigated Laver Cup, which features six top men's tennis players from Europe against six from the rest of the world, captained by Bjorn Borg and John McEnroe.
The Laver Cup did not respond when contacted by AFP.
 Sponsors leave, others arrive In golf, Credit Suisse sponsored the European Masters golf tournament in Crans-Montana and Spanish former world number two Garcia, who won the 2017 Masters.
European Masters tournament director Yves Mittaz said the contract runs until the 2024 tournament so the event is not at risk.
"There is no reason to panic," he told the Tribune de Geneve newspaper.
"That's the business of sport: sponsors leave, others arrive."
In equestrianism, Credit Suisse is a main sponsor of the Concours Hippique International de Geneve and White Turf in St. Moritz, a glitzy exclusive event featuring horse racing on a frozen lake.
Also read: <a href="https://www.editorji.com/sports-news/football/cristiano-ronaldo-on-the-verge-of-creating-another-world-record-1679553591987">Cristiano Ronaldo on the verge of creating another WORLD RECORD</a>

Get ready to see even more ads on Instagram.

Instagram is bringing ads to search results

Get ready to see even more ads on Instagram.

Meta-owned Instagram has announced it will put ads within the platform's search results to target users searching for businesses, products and content.
Ads will show up in the feed that people can scroll when they tap into a post from search results. As well as search-based ads, the company is rolling out its "Reminder Ads" feature to all advertisers in feed.
These will help marketers build awareness, anticipation and consideration for upcoming events. Currently, ads can be only seen on the explore page, reels, stories and user profiles.

Unlike many other large tech firms, Apple has not yet announced widespread layoffs.

Here is how Apple is avoiding layoffs

Unlike many other large tech firms, Apple has not yet announced widespread layoffs.

Analyst Mark Gurman <a href="https://twitter.com/markgurman/status/1637457987211264000">claims</a> that in order to avoid mass layoffs, Apple is delaying bonuses and postponing projects, while reining in budgets, limiting hiring, and pausing employee transfers between departments.
It has also reduced travel budgets, with senior executive approval necessary for trips, and is cracking down on office attendance.
The company has reportedly shelved plans for new home devices, including a HomePod with a screen, until next year at the earliest.
Gurman believes Apple executives are trying to cut costs to avoid layoffs, which could signal a strategic error or a worsening global economy.

Taxpayers have until March 31st to file a revised income tax return for the fiscal year 2019-2020, also known as Assessment Year 2020-21

From ITR to PAN-Aadhar link: Here's the 'To-Do' list before March 31st

Taxpayers have until March 31st to file a revised income tax return for the fiscal year 2019-2020, also known as Assessment Year 2020-21

As the Financial year 2022-23 comes to an end, Editorji brings you a list of things which you need to finish before the March 31st: 1. PAN-Aadhaar Link: After repeatedly extended the window for linking PAN cards with Aadhaar, the final deadline is March 31, 2023. If the Aadhaar is not linked to the PAN by the deadline, then you will have to shell out Rs 1,000 as a a penalty and your PAN will become inoperative.&nbsp;
2. Updated ITR The last date for submitting the updated ITR for FY20 or assessment year 2020-21 (AY21) is March 31. The taxpayers must file the updated ITR if they omitted certain income details or made any error while filing the ITR in FY20. It can also be filed if the ITR was not filed in FY20 at all. 3. Advance tax payment&nbsp; According to the IT department, taxpayers must submit the final installment of the advance tax payment for the fiscal year 2022&ndash;2023 by March 15, 2023. If a taxpayer fails to make advance tax payments, they will be subject to penalties. The Income-Tax Act mandates that individuals with an anticipated tax liability of ₹10,000 or more after Tax Deducted at Source (TDS) deductions must make advance tax payments.
4. Tax-saving investments&nbsp; For the fiscal year 2022-23, taxpayers who have chosen the old tax regime must complete their tax-saving investments before March 31, 2023. The old tax regime allowed taxpayers to deduct various expenses related to their investments.&nbsp;
5. Nominee to your demat account: The deadline for adding a nominee to demat / trading accounts is 31st March 2023. Capital markets regulator SEBI warns that if investors miss out on appointing the nominee, their accounts will be frozen for debits. A nominee is someone who manages the account if something happens to the holder and must be added through NSDL's website using an OTP and VID/Aadhaar number. 
6. Lastly, the Pradhan Mantri Vaya Vandana Yojana (PMVVY) is an insurance policy-cum-pension scheme that provides senior citizens with regular income. Investments up to ₹15 lakh can be made by an individual in the scheme. The deadline for making investments in this plan is March 31, 2023.

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Avalanche in Sonamarg

Central Vigilance Commission is examining audit reports of all public sector banks and insurance companies to check for frauds and suggest corrective measures. The move was taken after the state-run banks and insurance firms reported large-scale frauds and a high number of bad loans or non-performing assets. According to government data, a total of 8802 cases of fraud have been reported by commercial and public sector banks between 2017 and 2018.  

Central Vigilance Commission is examining audit reports of all public sector banks and insurance companies to check for frauds and suggest corrective measures. The move was taken after the state-run banks and insurance firms reported large-scale frauds and a high number of bad loans or non-performing assets. According to government data, a total of 8802 cases of fraud have been reported by commercial and public sector banks between 2017 and 2018.  

Indian Automakers have either already hiked prices or price increases are on the cards, Tata Motors has hiked prices by 5% on commercial vehicles from April 1.

Reasons behind recent price hikes in India's automation sector 

Automakers across the board are increasing prices. This due to overall inflation as well as regulatory requirements.

If you&rsquo;re looking to buy a new vehicle, then get ready to pay a higher price. Automakers have either already hiked prices or price increases are on the cards.
Tata Motors has hiked prices by 5% on commercial vehicles from April 1st. In a regulatory filing, Tata Motors said it is facing cost pressures due to overall inflation and regulatory requirements and that it had become imperative to pass on some of the impact. Hero Moto Corp has increased prices by 2%. Honda has already increased prices by Rs 30,000 across several models from January 1st
Meanwhile, M&amp;M, MG, Kia are mulling raising their prices as well. So, why are auto companies raising prices?
BS6 Stage II Norms will come into effect on 1st April. The transition includes tighter emission regulations, which raises the cost of production. Manufacturers need to upgrade both the software and hardware of the vehicles. Although it will help the environment, consumers should expect to spend an additional ₹15,000 to ₹20,000 depending on the model.
&nbsp;Supply Shortage: Supply chain issues are continuing into 2023. Mike Ramsey, VP Analyst at Gartner said that 'More than two years after the pandemic began, carmakers still cannot forecast an end to shortages of semiconductor chips or the subsequent shortage of vehicles they can produce.' Specifically for electric vehicles, with demand rising, there is a shortage of EV battery raw materials as well
Six airbags mandate: Union Road Transport and Highways Minister Nitin Gadkari has mandated that all passenger vehicles have 6 airbags, for enhanced safety. This rule will be effective in October 2023.

The government has increased the securities transaction tax on options by 23.5% and futures by 25%

Finance Bill 2023: Govt hikes securities transaction tax on sale of F&O

The government has increased the securities transaction tax on options by 23.5% and futures by 25%

Government has hiked the securities transaction tax by 25% on the futures and options sale. The hike was introduced in the Finance Bill 2023.&nbsp;
The STT has been hiked by 23.5% on the sale of options and 25% on the sale of futures. As per the amendments, STT on the sale of options has been hiked to Rs 6,200 on a turnover of Rs 1 crore. On the sale of futures contracts, the STT has been hiked to Rs 1,250 on Rs 1 crore of turnover. Earlier the trader had to pay Rs 5,000 for options and Rs 1,000 for futures.&nbsp;
The new rules will come into effect from the new financial year 2023-24.&nbsp;
Besides the hike in STT, option traders also have another blow to deal with as the National Stock Exchange (NSE) has chosen to withdraw the Do Not Exercise (DNE) facility for those trading in the options segment from March 30
The Finance Bill 2023, with 64 official amendments was passed in Lok Sabha on Friday without discussion giving effect to tax proposals.

Sensex, Nifty fall nearly 1% amid weak trend in global equities

Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen &amp; Toubro and Mahindra &amp; Mahindra, Axis Bank and Titan

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session to settle nearly 1 per cent lower on Friday as investors pared exposure to the metal, energy and realty stocks amid a bearish trend in Asian and European markets.
Besides, a depreciating rupee against the US dollar and fresh foreign fund outflows also hit investor sentiments, traders said.
In a volatile trade, the 30-share BSE Sensex declined 398.18 points or 0.69 per cent to finish at 57,527.10. During the day, it went lower by 502.3 points or 0.86 per cent to 57,422.98.
The broader NSE Nifty fell 131.85 points or 0.77 per cent to end at 16,945.05.
Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen &amp; Toubro and Mahindra &amp; Mahindra, Axis Bank and Titan.
On the other hand, Kotak Mahindra Bank, Infosys, Tech Mahindra, Power Grid, Asian Paints and Wipro were the gainers.
In Asia markets, stock exchanges in Seoul, Japan, Shanghai and Hong Kong ended lower.
European markets were also quoting in the red in the afternoon trade. The US markets ended higher on Thursday.
Meanwhile, the rupee declined 25 paise to close at 82.45 against the US dollar.
Global oil benchmark Brent crude dipped 1.73 per cent to USD 74.60 per barrel.
Foreign Portfolio Investors offloaded equities worth Rs 995.01 crore on Thursday after a day's breather, according to exchange data.&nbsp;

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available. 

Finance Bill 2023: Govt does away with taxation benefits for debt funds 

Lok Sabha has passed the Finance Bill 2023 that proposed a big change for debt mutual funds, whereby taxation benefits including long term capital gains and indexation benefit will no longer be available.&nbsp;

Lok Sabha on Friday passed the Finance Bill giving effect to tax proposals without debate. The proposal to remove the capital gains tax benefit given to debt mutual fund investors is also amended. According to the amendment, debt funds not having more than 35% invested in equity shares would be taxed at the income tax slab level. It will also be treated as a short term capital gain.&nbsp;
So far, debt mutual funds are treated as long-term investments if held for more than 3 years and taxed at the rate of 20% along with indexation benefits or 10% without indexation. (Indexation benefit is where the taxes are calculated accounting for inflation). For those with a holding period of less than 3 years, they are taxed according to their tax slab.
The changes, are also applicable for gold, international equity and even domestic equity fund of funds (FoFs). This will be applicable from April 1, 2023 and therefore, investors who want to take advantage before the proposed changes come into effect can do so before year-end.
Experts say that these proposals are a big negative for the mutual fund industry which will have to overhaul their debt portfolio. Meanwhile, banks are likely to see an increase in fixed deposit flows because there will be no added benefit of investing in debt funds versus FDs.&nbsp;&nbsp;

German luxury carmaker Mercedes-Benz plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive

 Mercedes-Benz plans to launch 4 EVs in 8-12 months in India

German luxury carmaker Mercedes-Benz plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive

German luxury automaker Mercedes-Benz plans to introduce four new electric cars in India over the next eight to twelve months, this is with regard to accelerate its electric mobility drive in India.
"We are very happy with the development of our EVs (electric vehicles) here in the Indian market with (models such as) the EQS and the EQB. We'll have four more vehicles coming in," Luehrs told reporters here in an interaction.
The company currently sells four luxury electric vehicle models -- EQS, EQB, EQC and EQS AMG -- in the Indian market.
On the sales expectation from the EV portfolio in India, Luehrs said, "We will have 25 per cent (of total sales), that's our planning assumption, of electric vehicles in the next four years." At present, sales of EVs account for around 3 per cent of the company's total sales in India.
Last year, Mercedes-Benz India posted a 41 per cent growth in its total sales with a record 15,822 units as compared to 11,242 units sold a year ago. Its previous best sales were achieved in 2018 at 15,583 units.
On being asked when the new four EV models would be launched, Mercedes-Benz India Managing Director &amp; CEO Santosh Iyer said it would be in the next 8-12 months, as a combination of import of completely built units and import of completely knocked down units assembled at the company's Chakan plant.

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