The world of cryptocurrency has been experiencing a lot of turbulence lately, and investors and traders have been on a bumpy ride.&nbsp;

Bittrex Inc., a Seattle-based cryptocurrency exchange, has filed for bankruptcy protection following allegations by the U.S. Securities and Exchange Commission (SEC) that it operated an unregistered securities exchange.

Bittrex Inc. ceased operations in the United States on April 30. But the bankruptcy filing is not expected to impact Bittrex Global, which serves customers outside the United States.&nbsp;

The company's non-U.S. operations are based in Liechtenstein.

According to the bankruptcy petition, Bittrex's assets and liabilities are between $500 million and $1 billion. The company also holds cryptocurrency assets of U.S. customers who did not withdraw funds before April 30.

The US regulator's lawsuit against Bittrex alleges that former CEO William Shihara encouraged crypto asset issuers seeking to make their tokens available on the company's platform to delete public statements that could lead to a regulatory probe.&nbsp;

However, Bittrex has denied any wrongdoing.&nbsp;

Bittrex is not the only crypto exchange collapsing under the weight of regulatory scrutiny.&nbsp;

The fall of FTX, one of the largest cryptocurrency exchanges due to regulatory issues and criminal charges against its founder in 2022 shocked the world.&nbsp;

More recently, the ongoing decline in the fortunes of Binance, the world's biggest cryptocurrency exchanges, began after the US watchdog accused the company of fraud.

The S.E.C. has accused Binance of illegally letting Russians skirt US sanctions and move money through the exchange -- a charge the company has denied.&nbsp;

With the SEC increasing its scrutiny of cryptocurrency exchanges, investors and traders are becoming increasingly cautious about their investments.

While the current regulatory scrutiny and uncertainty may cause some short-term volatility in the cryptocurrency market, many experts believe that the long-term outlook for cryptocurrencies is positive.&nbsp;

But Bittrex Inc saga&nbsp;is a reminder of the regulatory challenges that the cryptocurrency market continues to face.&nbsp;

(With agency inputs)&nbsp;

The world of cryptocurrency has been experiencing a lot of turbulence lately, and investors and traders have been on a bumpy ride. Bittrex Inc., a Seattle-based cryptocurrency exchange, has filed for bankruptcy protection following allegations by the U.

The world of cryptocurrency has been experiencing a lot of turbulence lately, and investors and traders have been on a bumpy ride. Bittrex Inc., a Seattle-based cryptocurrency exchange, has filed for bankruptcy protection following allegations by the U.S. Securities and Exchange Commission (SEC) that it operated an unregistered securities exchange. Bittrex Inc. ceased operations in the United States on April 30. But the bankruptcy filing is not expected to impact Bittrex Global, which serves customers outside the United States. The company's non-U.S. operations are based in Liechtenstein. According to the bankruptcy petition, Bittrex's assets and liabilities are between $500 million and $1 billion. The company also holds cryptocurrency assets of U.S. customers who did not withdraw funds before April 30. The US regulator's lawsuit against Bittrex alleges that former CEO William Shihara encouraged crypto asset issuers seeking to make their tokens available on the company's platform to delete public statements that could lead to a regulatory probe. However, Bittrex has denied any wrongdoing. Bittrex is not the only crypto exchange collapsing under the weight of regulatory scrutiny. The fall of FTX, one of the largest cryptocurrency exchanges due to regulatory issues and criminal charges against its founder in 2022 shocked the world. More recently, the ongoing decline in the fortunes of Binance, the world's biggest cryptocurrency exchanges, began after the US watchdog accused the company of fraud. The S.E.C. has accused Binance of illegally letting Russians skirt US sanctions and move money through the exchange -- a charge the company has denied. With the SEC increasing its scrutiny of cryptocurrency exchanges, investors and traders are becoming increasingly cautious about their investments. While the current regulatory scrutiny and uncertainty may cause some short-term volatility in the cryptocurrency market, many experts believe that the long-term outlook for cryptocurrencies is positive. But Bittrex Inc saga is a reminder of the regulatory challenges that the cryptocurrency market continues to face. (With agency inputs)

Bitter end for Bittrex: Crypto exchange files for bankruptcy protection amid SEC scrutiny

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs.

The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter.

The financial assistance will benefit over 5 million low-income families, small businesses, and pensioners struggling with high power bills. This aid is particularly crucial as Australia's energy prices have been increasing, leading to a surge in power bills.

The government has been careful with its spending to prevent inflationary pressures, unlike the Reserve Bank of Australia (RBA), which surprised traders by raising rates by 0.25 percent&nbsp;to 3.85 percent&nbsp;last week.&nbsp;

The RBA has warned that inflation risks are on the rise due to low productivity growth, increasing energy prices, and surging rents. The government's latest relief measures come after it set aside $8 billion for wage rises for aged care workers over four years.

Inflation remains a concern for policymakers, and the the central bank's decision to raise rates has been met with mixed reactions from traders.

While some have called the rate hike&nbsp;premature, given that inflation has not yet shown signs of being sustained at the current level. Others, however, called the move necessary, arguing that it will prevent inflation expectations from becoming entrenched, leading to a more prolonged inflationary period.

The financial package and the surprise rate hike come&nbsp;at a time when the Australian economy faces the threat of recession, which is partly blamed on the central bank's aggressive rate hikes.

While interest rate hikes have been used across the world to cool inflation down, they also deaccelerate economic growth.&nbsp;With the surprise rate cut in May, there is a 45 percent probability of Australia slipping into a recession this year, say media reports.&nbsp;

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs. The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter.

The Australian government has announced a $10 billion package over four years to ease the financial burden of its citizens due to rising living costs. The relief plan, announced as part of the country annual budget, aims to provide financial assistance to families and businesses without stoking inflation, which is still at a near 30-year high of 7 percent despite a slight decline in the first quarter. The financial assistance will benefit over 5 million low-income families, small businesses, and pensioners struggling with high power bills. This aid is particularly crucial as Australia's energy prices have been increasing, leading to a surge in power bills. The government has been careful with its spending to prevent inflationary pressures, unlike the Reserve Bank of Australia (RBA), which surprised traders by raising rates by 0.25 percent to 3.85 percent last week. The RBA has warned that inflation risks are on the rise due to low productivity growth, increasing energy prices, and surging rents. The government's latest relief measures come after it set aside $8 billion for wage rises for aged care workers over four years. Inflation remains a concern for policymakers, and the the central bank's decision to raise rates has been met with mixed reactions from traders. While some have called the rate hike premature, given that inflation has not yet shown signs of being sustained at the current level. Others, however, called the move necessary, arguing that it will prevent inflation expectations from becoming entrenched, leading to a more prolonged inflationary period. The financial package and the surprise rate hike come at a time when the Australian economy faces the threat of recession, which is partly blamed on the central bank's aggressive rate hikes. While interest rate hikes have been used across the world to cool inflation down, they also deaccelerate economic growth. With the surprise rate cut in May, there is a 45 percent probability of Australia slipping into a recession this year, say media reports.

Australia's budget to provide $10 billion financial package amid record-high inflation

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF).

The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown.

The IMF's warning comes after its recent visit to Bangladesh, during which the organisation assessed the&nbsp;country's economy.&nbsp;

In January, Bangladesh secured a $4.7 billion loan from the IMF to help address mounting economic troubles. The country has already received $476 million as the first installment, with the second part of the loan expected in November.

Bangladesh's foreign reserves are expected to fall to $29.86 billion, the lowest in seven years, after import payments for two months next week.&nbsp;

The fall in exports and remittances, two key sources of foreign currency, have not helped improve Bangladesh's current account&nbsp;deficit.&nbsp;

Exports fell 16.5 percent&nbsp;to $3.95 billion in April from a year earlier, as orders from clothing retailers slowed. Inward remittances, on the other hand, declined 16 percent&nbsp;year-on-year to $1.68 billion in April.

Nevertheless, the IMF has called Bangladesh "one of the fastest growing economies in the Asia-Pacific region".&nbsp;

While Bangladesh's forex reserves are declining, neighbouring India has seen its import cover bloat to a 10-month high. India's foreign exchange reserves rose by $4.53 billion to $588.78 billion in the week ending April 28.

This discrepancy highlights the struggles that Bangladesh is facing compared to its much-larger neighbour.

Once touted as a strong emerging economy, Bangladesh has been struggling since the pandemic hit the global economy. Depleting foreign reserves due to a decline in exports widened Bangladesh's current account deficit to a record $18.7 billion in the last financial year, which ended on June 30, 2022.

The government has also raised fuel and energy prices in recent months after it approached the IMF for assistance.

According to estimates, the Bangladeshi economy is expected to deaccelerate from 7.1 percent in 2021-22 to&nbsp;5.2 percent in 2022-23 due to weaker macroeconomic outlook.&nbsp;

However, FY24 (July 2023 to June 2024) is expected to be much better for Bangladesh, according to World Bank estimates.&nbsp;

Economic growth is expected to accelerate in FY24&nbsp;to around 6.5 percent over the medium term, as inflation&nbsp;eases, external economic conditions improve, and reform implementation gains momentum.&nbsp;

But structural reforms will be key to Bangladesh's economic recovery.&nbsp;

"Bangladesh needs to create jobs and employment opportunities by creating a competitive business environment, diversifying exports, increasing human capital, building efficient infrastructure, deepening the financial sector, and establishing an enabling policy environment that attracts private investment," noted World Bank's Bangladesh Development Update 2023.&nbsp;

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF). The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown.

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF). The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown. The IMF's warning comes after its recent visit to Bangladesh, during which the organisation assessed the country's economy. In January, Bangladesh secured a $4.7 billion loan from the IMF to help address mounting economic troubles. The country has already received $476 million as the first installment, with the second part of the loan expected in November. Bangladesh's foreign reserves are expected to fall to $29.86 billion, the lowest in seven years, after import payments for two months next week. The fall in exports and remittances, two key sources of foreign currency, have not helped improve Bangladesh's current account deficit. Exports fell 16.5 percent to $3.95 billion in April from a year earlier, as orders from clothing retailers slowed. Inward remittances, on the other hand, declined 16 percent year-on-year to $1.68 billion in April. Nevertheless, the IMF has called Bangladesh "one of the fastest growing economies in the Asia-Pacific region". While Bangladesh's forex reserves are declining, neighbouring India has seen its import cover bloat to a 10-month high. India's foreign exchange reserves rose by $4.53 billion to $588.78 billion in the week ending April 28. This discrepancy highlights the struggles that Bangladesh is facing compared to its much-larger neighbour. Once touted as a strong emerging economy, Bangladesh has been struggling since the pandemic hit the global economy. Depleting foreign reserves due to a decline in exports widened Bangladesh's current account deficit to a record $18.7 billion in the last financial year, which ended on June 30, 2022. The government has also raised fuel and energy prices in recent months after it approached the IMF for assistance. According to estimates, the Bangladeshi economy is expected to deaccelerate from 7.1 percent in 2021-22 to 5.2 percent in 2022-23 due to weaker macroeconomic outlook. However, FY24 (July 2023 to June 2024) is expected to be much better for Bangladesh, according to World Bank estimates. Economic growth is expected to accelerate in FY24 to around 6.5 percent over the medium term, as inflation eases, external economic conditions improve, and reform implementation gains momentum. But structural reforms will be key to Bangladesh's economic recovery. "Bangladesh needs to create jobs and employment opportunities by creating a competitive business environment, diversifying exports, increasing human capital, building efficient infrastructure, deepening the financial sector, and establishing an enabling policy environment that attracts private investment," noted World Bank's Bangladesh Development Update 2023.

IMF flags risks to Bangladesh economy as foreign reserves fall further

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.&nbsp;

However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period.

As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84.

According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn.

From Slump to Spike

Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency&nbsp;that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover.

Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month.

Reuters reported&nbsp;that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies.

Crude oil prices climbed higher on Monday as concerns about a possible recession in the United States eased. This decline, marking the first time since November that crude had registered three straight weeks of drops, was attributed to concerns over near-term demand and elevated supplies. However, Reuters reported that April's healthy US jobs report helped oil prices rebound by around 4 percent on Friday, despite the possibility that strong labour market conditions could prompt the Federal Reserve to maintain higher interest rates for an extended period. As of 10:00 GMT on Monday, Brent crude had risen by 1.9 percent, or $1.41, to $76.71 per barrel, while U.S. West Texas Intermediate (WTI) crude had increased by 2.1 percent, or $1.50, to $72.84. According to analysts, the rise in oil prices on Monday was in response to the recovery of energy stocks on Wall Street last Friday following the release of robust U.S. job data. This news also allayed concerns about an imminent economic downturn. From Slump to Spike Despite this recovery, Brent crude had experienced a decline of approximately 5.3 percent last week, while U.S. crude fell by 7.1 percent, even after Friday's rebound. Ole Hansen, the head of commodity strategy at Saxo Bank, to a news agency that the oil price drop appeared excessive. He said that the recent sell-off in oil prices was potentially overdone due to an oversold market condition, combined with Brent crude finding support ahead of the March low. As a result, short sellers were forced to seek cover. Additionally, Goldman Sachs analysts said that concerns over near-term demand and elevated supplies were exaggerated. To address the situation, some members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will implement voluntary output cuts starting this month. Reuters reported that OPEC+ is scheduled to hold its next meeting on June 4. Before this meeting, April's U.S. consumer price inflation figures, which will release on Wednesday, could impact the Federal Reserve's stance on future interest rate decisions. Furthermore, OPEC's latest monthly oil market report, due on Thursday, is expected to provide an updated reading on the demand and supply outlook.

Oil prices rally on strong US jobs report, easing recession fears

The Securities and Exchange Commission (SEC) in the United States&nbsp;is investigating executives at the First Republic Bank, media reports said on Monday.&nbsp;

As per reports, some executives at the now-defunct bank allegedly sold a significant amount of stock just before the bank was sold to JPMorgan Chase. While no charges have been filed, the inquiry has cast a shadow over the once-respected institution.

The bank's founder and former executive chairman, James Herbert II, allegedly sold a total of $11.8 million in stock between January and early March, as per San Francisco Chronicle.

Herbert's spokesperson claimed that his sales had been a part of annual estate planning and philanthropy, the timing of the sales has raised eyebrows.

Other executives who sold shares include Robert Thornton, then-president of private wealth management, and former CEO Michael Roffler.

The SEC and Department of Justice are also investigating former executives of Silicon Valley Bank of Santa Clara for possible insider trading.

Billionaire Warren Buffett, a well-known critic of the bank, has accused it of engaging in a "crazy proposition" by offering jumbo, fixed-rate mortgages that weren't backed by the government. He also claimed that the bank engaged in the practice in plain sight while the world ignored it until it was too late.

The Downfall of the First Republic

The federal government had earlier seized the First Republic and sold it to JPMorgan Chase, making it the second-largest banking failure in U.S. history after the 2008 collapse of Washington Mutual.

The bank's stock plummeted 43 percent on its final trading day, dropping around 98 percent lower than its 52-week high.

Despite assurances from Biden administration officials that there is no cause for major concern about the stability of the American financial sector, First Republic's collapse has raised the warning signs. This is especially true since similarly structured regional banks, such as Silicon Valley Bank and Signature Bank, have also failed due to the Federal Reserve's continued interest rate hikes.&nbsp;

Forbes reported that these banks faced significant liquidity problems due to social media-driven runs that led to customers withdrawing cash, primarily because of concerns about the firm's heavy investment of deposits into U.S. Treasuries, which lost value as the Fed rapidly increased interest rates.&nbsp;

In a year filled with layoffs and business shutdowns, the collapse of First Republic Bank and subsequent investigations into potential insider trading have added to the drama. The repercussions are yet to be determined as the investigation unfolds.

The Securities and Exchange Commission (SEC) in the United States is investigating executives at the First Republic Bank, media reports said on Monday. As per reports, some executives at the now-defunct bank allegedly sold a significant amount of stock just before the bank was sold to JPMorgan Chase.

The Securities and Exchange Commission (SEC) in the United States is investigating executives at the First Republic Bank, media reports said on Monday. As per reports, some executives at the now-defunct bank allegedly sold a significant amount of stock just before the bank was sold to JPMorgan Chase. While no charges have been filed, the inquiry has cast a shadow over the once-respected institution. The bank's founder and former executive chairman, James Herbert II, allegedly sold a total of $11.8 million in stock between January and early March, as per San Francisco Chronicle. Herbert's spokesperson claimed that his sales had been a part of annual estate planning and philanthropy, the timing of the sales has raised eyebrows. Other executives who sold shares include Robert Thornton, then-president of private wealth management, and former CEO Michael Roffler. The SEC and Department of Justice are also investigating former executives of Silicon Valley Bank of Santa Clara for possible insider trading. Billionaire Warren Buffett, a well-known critic of the bank, has accused it of engaging in a "crazy proposition" by offering jumbo, fixed-rate mortgages that weren't backed by the government. He also claimed that the bank engaged in the practice in plain sight while the world ignored it until it was too late. The Downfall of the First Republic The federal government had earlier seized the First Republic and sold it to JPMorgan Chase, making it the second-largest banking failure in U.S. history after the 2008 collapse of Washington Mutual. The bank's stock plummeted 43 percent on its final trading day, dropping around 98 percent lower than its 52-week high. Despite assurances from Biden administration officials that there is no cause for major concern about the stability of the American financial sector, First Republic's collapse has raised the warning signs. This is especially true since similarly structured regional banks, such as Silicon Valley Bank and Signature Bank, have also failed due to the Federal Reserve's continued interest rate hikes. Forbes reported that these banks faced significant liquidity problems due to social media-driven runs that led to customers withdrawing cash, primarily because of concerns about the firm's heavy investment of deposits into U.S. Treasuries, which lost value as the Fed rapidly increased interest rates. In a year filled with layoffs and business shutdowns, the collapse of First Republic Bank and subsequent investigations into potential insider trading have added to the drama. The repercussions are yet to be determined as the investigation unfolds.

US SEC investigates First Republic Bank executives over suspicious trades

The European Union is preparing to impose sanctions on seven Chinese companies accused of providing equipment that could be used in weapons to Russia's military and industrial complex, Reuters reported on Sunday.&nbsp;

This is a significant escalation in&nbsp;tensions between the EU and China, with Beijing likely to view this as Brussels siding with Washington in their battle for global influence.&nbsp;The EU had previously avoided targeting China, stating that there was no evidence of its direct involvement in arming Moscow.&nbsp;

The EU's move to impose sanctions on Chinese companies for supporting Russia's war machine comes at a time when Biden administration seeks to build a united global front against China with allies.

While the US has been accusing Beijing of unfair trade practices and human rights abuses, China, for its part, has been seeking to expand its influence in Europe.&nbsp;

The sanctions list includes two Chinese companies already sanctioned by the US, namely 3HC Semiconductors and King-Pai Technology, and two Hong Kong-based companies.&nbsp;

Reuters reported that the sanctions target enterprises researching, manufacturing, and supplying electronic components to Russia's military and industrial complex. In addition, the proposal entails provisions that authorise the EU to limit the sales of specific products to third countries if diplomatic efforts fail to alter their conduct.&nbsp;

The proposed sanctions, however, require unanimous approval from the 27 EU member states before implementation.

Sanctions: A New Weapon

This action is expected to cause displeasure in Beijing, which is eager to prevent Brussels from taking sides with Washington in its quest for worldwide dominance. Nevertheless, the EU's decision signals that it will not tolerate companies that support Russia's military capability.&nbsp;

Since Russia's military invasion of Ukraine, the EU has implemented 10 rounds of sanctions against Russian companies and individuals. These sanctions have significantly impacted the Russian economy and made it more challenging for them to finance the ongoing conflict in Ukraine.

Apart from the suggested sanctions on Chinese companies, the EU is also taking steps to combat the circumvention of sanctions in general. As per the draft proposal, the EU could prevent oil tankers from concealing their location without a valid reason at EU ports. According to a Financial Times report, there have been instances where vessels have bypassed the embargo on Russian seaborne oil imports by misrepresenting their cargo's origin.

The European Union is preparing to impose sanctions on seven Chinese companies accused of providing equipment that could be used in weapons to Russia's military and industrial complex, Reuters reported on Sunday.

The European Union is preparing to impose sanctions on seven Chinese companies accused of providing equipment that could be used in weapons to Russia's military and industrial complex, Reuters reported on Sunday. This is a significant escalation in tensions between the EU and China, with Beijing likely to view this as Brussels siding with Washington in their battle for global influence. The EU had previously avoided targeting China, stating that there was no evidence of its direct involvement in arming Moscow. The EU's move to impose sanctions on Chinese companies for supporting Russia's war machine comes at a time when Biden administration seeks to build a united global front against China with allies. While the US has been accusing Beijing of unfair trade practices and human rights abuses, China, for its part, has been seeking to expand its influence in Europe. The sanctions list includes two Chinese companies already sanctioned by the US, namely 3HC Semiconductors and King-Pai Technology, and two Hong Kong-based companies. Reuters reported that the sanctions target enterprises researching, manufacturing, and supplying electronic components to Russia's military and industrial complex. In addition, the proposal entails provisions that authorise the EU to limit the sales of specific products to third countries if diplomatic efforts fail to alter their conduct. The proposed sanctions, however, require unanimous approval from the 27 EU member states before implementation. Sanctions: A New Weapon This action is expected to cause displeasure in Beijing, which is eager to prevent Brussels from taking sides with Washington in its quest for worldwide dominance. Nevertheless, the EU's decision signals that it will not tolerate companies that support Russia's military capability. Since Russia's military invasion of Ukraine, the EU has implemented 10 rounds of sanctions against Russian companies and individuals. These sanctions have significantly impacted the Russian economy and made it more challenging for them to finance the ongoing conflict in Ukraine. Apart from the suggested sanctions on Chinese companies, the EU is also taking steps to combat the circumvention of sanctions in general. As per the draft proposal, the EU could prevent oil tankers from concealing their location without a valid reason at EU ports. According to a Financial Times report, there have been instances where vessels have bypassed the embargo on Russian seaborne oil imports by misrepresenting their cargo's origin.

Brussels plays tough: EU proposes sanctions on Chinese firms linked to Russia's military complex

German tech giants SAP and Siemens have joined their US counterparts&nbsp;in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties.&nbsp;

However, the German tech giants fear that such an act could spill their trade secrets and shatter Europe's competitiveness.

The two companies came together and penned a letter to the European Union, calling for protective measures to refuse data-sharing requests in cases where trade secrets, cybersecurity, and health and safety are at stake, as reported by Reuters. They also contended that the legislation should not be expanded to cover more devices.

The letter, dated May 4 and seen by Reuters, has been signed by the chief executives of SAP and Siemens. In the letter, the German companies argue&nbsp;that the legislation could force EU companies to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective. They also call&nbsp;for the legislation to preserve contractual freedom by allowing customers and providers to agree on the best contracts for each business case.

Triggering a growing debate: Is our data safe and secure?

The proposed EU Data Act has sparked a heated debate between tech companies and lawmakers over the balance between protecting user privacy and promoting innovation. While the law&nbsp;could benefit consumers, it could also put companies' proprietary information at risk.

SAP and Siemens are not alone in their opposition to the Data Act. Tech giants from the US, including Amazon, Google, and Microsoft, have also criticized the legislation, saying it is too restrictive and could stifle innovation.

The EU's efforts to regulate big tech companies are part of a broader push to exert greater control over the digital economy. However, the concerns raised by companies like SAP and Siemens demonstrate the challenge of balancing the interests of consumers, companies, and regulators. While greater regulation may be necessary to protect user privacy and ensure fair competition, it's equally important to safeguard innovation and the competitiveness of EU firms.

Currently, the EU has not responded to the concerns of SAP and Siemens, and the proposed legislation is still being discussed and debated by EU lawmakers. It will likely be some time before it is adopted as legislation.&nbsp;

German tech giants SAP and Siemens have joined their US counterparts in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties.

German tech giants SAP and Siemens have joined their US counterparts in raising their voices against the proposed EU Data Act. The law, which aims to tackle the tech industry's monopolistic powers and support the EU's digital and green goals, includes a provision that demands companies to share their data with third parties. However, the German tech giants fear that such an act could spill their trade secrets and shatter Europe's competitiveness. The two companies came together and penned a letter to the European Union, calling for protective measures to refuse data-sharing requests in cases where trade secrets, cybersecurity, and health and safety are at stake, as reported by Reuters. They also contended that the legislation should not be expanded to cover more devices. The letter, dated May 4 and seen by Reuters, has been signed by the chief executives of SAP and Siemens. In the letter, the German companies argue that the legislation could force EU companies to disclose data to third-country competitors, notably those not operating in Europe and against which the Data Act's safeguards would be ineffective. They also call for the legislation to preserve contractual freedom by allowing customers and providers to agree on the best contracts for each business case. Triggering a growing debate: Is our data safe and secure? The proposed EU Data Act has sparked a heated debate between tech companies and lawmakers over the balance between protecting user privacy and promoting innovation. While the law could benefit consumers, it could also put companies' proprietary information at risk. SAP and Siemens are not alone in their opposition to the Data Act. Tech giants from the US, including Amazon, Google, and Microsoft, have also criticized the legislation, saying it is too restrictive and could stifle innovation. The EU's efforts to regulate big tech companies are part of a broader push to exert greater control over the digital economy. However, the concerns raised by companies like SAP and Siemens demonstrate the challenge of balancing the interests of consumers, companies, and regulators. While greater regulation may be necessary to protect user privacy and ensure fair competition, it's equally important to safeguard innovation and the competitiveness of EU firms. Currently, the EU has not responded to the concerns of SAP and Siemens, and the proposed legislation is still being discussed and debated by EU lawmakers. It will likely be some time before it is adopted as legislation.

Big data wars: SAP and Siemens clash with European Union over data Act

Sweden is on track to create history as it converts a highway into a first-of-its-kind permanently electrified road.&nbsp;Sweden's pioneering project is expected to pave the way for an additional 3,000 kilometres&nbsp;of electric roads in the country by 2035, as per Euro News.

The project's chosen highway, European route E20, connects logistic hubs between Hallsberg and Örebro, which are positioned in the heart of Sweden's three largest cities, Stockholm, Gothenburg, and Malmö.

The initiative aligns with the EU's momentous decision to mandate zero carbon emissions for all new cars sold by 2035, which has spurred European nations to establish the necessary infrastructure for emissions-free transportation.&nbsp;

The electrified road is expected to work through dynamic charging, allowing vehicles to recharge while driving. As stated by experts, this innovative technology enables vehicles to travel longer distances with smaller batteries and avoid waiting at charging stations.&nbsp;

Although the charging process for the E20 hasn't been finalized yet, there are three charging options: catenary, conductive, and inductive.&nbsp;

The catenary system requires overhead wires that provide electricity to specific types of buses or trams. The conductive charging method is suitable for private cars and heavy-duty vehicles if a conductive system like a rail transfers the electricity. On the other hand, the inductive charging option uses unique equipment buried underneath the road that sends electricity to a coil in the electric vehicle, which then stores it in the battery.

Although the Electric Road System (ERS) primarily targets trucks, a new study indicates that private cars could also reap its advantages. The study showed that integrating home charging with dynamic charging could decrease the battery size of electric cars by as much as 70 percent. The researchers also highlighted that only a quarter of Sweden's roads need to be electrified to make the ERS feasible, and it is not necessary to electrify all roads.

Sweden has partnered with France and Germany to collaborate on authority and research partnerships regarding electric roads. As other countries like India, Italy, the United Kingdom, and the United States increase their efforts in building ERS systems, Germany and Sweden are already conducting trial facilities on public roads.

Sweden is on track to create history as it converts a highway into a first-of-its-kind permanently electrified road. Sweden's pioneering project is expected to pave the way for an additional 3,000 kilometres of electric roads in the country by 2035, as per Euro News.

Sweden is on track to create history as it converts a highway into a first-of-its-kind permanently electrified road. Sweden's pioneering project is expected to pave the way for an additional 3,000 kilometres of electric roads in the country by 2035, as per Euro News. The project's chosen highway, European route E20, connects logistic hubs between Hallsberg and Örebro, which are positioned in the heart of Sweden's three largest cities, Stockholm, Gothenburg, and Malmö. The initiative aligns with the EU's momentous decision to mandate zero carbon emissions for all new cars sold by 2035, which has spurred European nations to establish the necessary infrastructure for emissions-free transportation. The electrified road is expected to work through dynamic charging, allowing vehicles to recharge while driving. As stated by experts, this innovative technology enables vehicles to travel longer distances with smaller batteries and avoid waiting at charging stations. Although the charging process for the E20 hasn't been finalized yet, there are three charging options: catenary, conductive, and inductive. The catenary system requires overhead wires that provide electricity to specific types of buses or trams. The conductive charging method is suitable for private cars and heavy-duty vehicles if a conductive system like a rail transfers the electricity. On the other hand, the inductive charging option uses unique equipment buried underneath the road that sends electricity to a coil in the electric vehicle, which then stores it in the battery. Although the Electric Road System (ERS) primarily targets trucks, a new study indicates that private cars could also reap its advantages. The study showed that integrating home charging with dynamic charging could decrease the battery size of electric cars by as much as 70 percent. The researchers also highlighted that only a quarter of Sweden's roads need to be electrified to make the ERS feasible, and it is not necessary to electrify all roads. Sweden has partnered with France and Germany to collaborate on authority and research partnerships regarding electric roads. As other countries like India, Italy, the United Kingdom, and the United States increase their efforts in building ERS systems, Germany and Sweden are already conducting trial facilities on public roads.

E-highways: Sweden leads the way in sustainable transportation

After revolutionising the telecommunications sector, global tech giant Apple&nbsp;has a new target&nbsp;— the global fintech sector.&nbsp;

Its&nbsp;latest offering, a savings account,&nbsp;has already taken the finance world by storm. Within four days of its launch on April 17, the service&nbsp;accumulated a staggering $1 billion&nbsp;in deposits, as per media reports.

Currently,&nbsp;the account is only available to Apple Card holders in the United States. But they seem to be taking full advantage of the high-return savings account.&nbsp;The Apple savings account will&nbsp;offer an interest rate of 4.15 percent,&nbsp;which is ten times the national average interest rate in the US.&nbsp;

But the blockbuster launch is likely to boost Apple's new venture. As per reports, 240,000 high-yield savings accounts were opened in the first four days of launch. This represents just 0.002 percent of total US iPhone users, indicating future scope for expansion.&nbsp;

The Apple savings account has come at a time when the US&nbsp;is facing a banking crisis, with three major banks -- First Republic Bank, Signature Bank and Silicon Valley Bank -- failing since March this year.

In fact, Apple's latest venture is only adding to the woes of established banking and finance companies. Regional and small banks are now trying to compete by offering higher rates and cash bonuses for new accounts. Yet,&nbsp;it remains to be seen whether these will be enough to keep up with the financial disruption caused by Apple's new service.

Some&nbsp;features of Apple savings account

The Apple savings account offers a number of benefits to customers. The account has no fees or minimum deposit requirements which means users can easily set up and manage their savings account in less than a minute directly from the Apple Card. Additionally, it is FDIC-insured up to $250,000, which means that customers' deposits are protected in the event that Goldman Sachs goes bankrupt.&nbsp;

Another benefit is the convenience factor. Customers can easily transfer money in and out of their savings account using their Apple devices, and they can track their account balances and transactions in real time. The savings account is also integrated with the Apple Wallet app, which allows customers to easily monitor their spending and savings goals.

After revolutionising the telecommunications sector, global tech giant Apple has a new target — the global fintech sector. Its latest offering, a savings account, has already taken the finance world by storm.

After revolutionising the telecommunications sector, global tech giant Apple has a new target — the global fintech sector. Its latest offering, a savings account, has already taken the finance world by storm. Within four days of its launch on April 17, the service accumulated a staggering $1 billion in deposits, as per media reports. Currently, the account is only available to Apple Card holders in the United States. But they seem to be taking full advantage of the high-return savings account. The Apple savings account will offer an interest rate of 4.15 percent, which is ten times the national average interest rate in the US. But the blockbuster launch is likely to boost Apple's new venture. As per reports, 240,000 high-yield savings accounts were opened in the first four days of launch. This represents just 0.002 percent of total US iPhone users, indicating future scope for expansion. The Apple savings account has come at a time when the US is facing a banking crisis, with three major banks -- First Republic Bank, Signature Bank and Silicon Valley Bank -- failing since March this year. In fact, Apple's latest venture is only adding to the woes of established banking and finance companies. Regional and small banks are now trying to compete by offering higher rates and cash bonuses for new accounts. Yet, it remains to be seen whether these will be enough to keep up with the financial disruption caused by Apple's new service. Some features of Apple savings account The Apple savings account offers a number of benefits to customers. The account has no fees or minimum deposit requirements which means users can easily set up and manage their savings account in less than a minute directly from the Apple Card. Additionally, it is FDIC-insured up to $250,000, which means that customers' deposits are protected in the event that Goldman Sachs goes bankrupt. Another benefit is the convenience factor. Customers can easily transfer money in and out of their savings account using their Apple devices, and they can track their account balances and transactions in real time. The savings account is also integrated with the Apple Wallet app, which allows customers to easily monitor their spending and savings goals.

Apple's latest innovation, a high-yield saving account, may disrupt fintech

If you are planning to move abroad for a job, there is some good news for you.&nbsp;

The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad.

According to the report, Indian workers see a 120 percent&nbsp;rise in their incomes outside India, while internal migration within India will only add about 40 percent&nbsp;to personal incomes.&nbsp;

"Migration leads to large wage increases for most people whose skills and attributes are a strong match with the needs of the destination society. These gains often exceed what could be achieved in the country of origin, even from internal migration to relatively better-off locations," says the report.&nbsp;

Moving abroad is even more rewarding for low-skilled workers from less developed and developing countries such as India.&nbsp;

A low-skilled Indian worker is likely to see a whopping 500 percent rise in income in the United States. The United Arab Emirates is the next favourite destination for low-skilled workers, who can earn 300 percent more than in India. &nbsp;

"The gains are so large that at current rates of economic growth it would take decades for the average low-skilled person working in some countries of origin to earn the income they achieve by migrating to a high-income country," notes the report.&nbsp;

According to the International Labour Organisation, low-skilled work consisting of “simple and routine tasks which require the use of hand-held tools and often some physical effort”.&nbsp;

Tech brain drain a boon in disguise?&nbsp;

Migration of talented Indians to the developed world has often been dubbed "brain drain" in the media. While there may well be some truth in it, the World Bank report argues that "brain drain" may have played a role in India's Information Technology revolution.&nbsp;

Many techies from India have not only prospered in the Silicon Valley but also become an integral part of the Indian diaspora -- the largest in the world. Sundar Pichai, Satya Nadella and Arvind Krishna are some of the best examples of Indian migrants making it big in the US. &nbsp;

These illustrious names, the report argues, have helped develop industries in India by transferring knowledge and fostering innovation.

"Indian migrants in California’s Silicon Valley have launched large Information Technology–related firms in India. In 2006, firms established by returnees accounted for some 90 percent of firms in software technology parks in Bangalore," notes the report.&nbsp;

Economic migration - a major source of remittances&nbsp;

In many cases, migration to developed countries can economically help the country of origin.&nbsp;

"Remittances are a stable source of income for migrants’ families, supporting investments in children’s education, health care, housing, and entrepreneurial activities," observes the report.&nbsp;

India is the biggest beneficiary of remittances in the world, having crossed the $100 billion-mark in 2022.

A large part of the remittances to India come from migrants living in the Gulf. According to the report, low-skilled Indian migrants in Gulf countries send, on average, nearly 70 percent of their earnings to their families.

According to India's Ministry of External Affairs, nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries of&nbsp;Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.&nbsp;

If you are planning to move abroad for a job, there is some good news for you. The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad.

If you are planning to move abroad for a job, there is some good news for you. The latest World Development Report by the World Bank states that it is more viable for Indians to move abroad. According to the report, Indian workers see a 120 percent rise in their incomes outside India, while internal migration within India will only add about 40 percent to personal incomes. "Migration leads to large wage increases for most people whose skills and attributes are a strong match with the needs of the destination society. These gains often exceed what could be achieved in the country of origin, even from internal migration to relatively better-off locations," says the report. Moving abroad is even more rewarding for low-skilled workers from less developed and developing countries such as India. A low-skilled Indian worker is likely to see a whopping 500 percent rise in income in the United States. The United Arab Emirates is the next favourite destination for low-skilled workers, who can earn 300 percent more than in India. "The gains are so large that at current rates of economic growth it would take decades for the average low-skilled person working in some countries of origin to earn the income they achieve by migrating to a high-income country," notes the report. According to the International Labour Organisation, low-skilled work consisting of “simple and routine tasks which require the use of hand-held tools and often some physical effort”. Tech brain drain a boon in disguise? Migration of talented Indians to the developed world has often been dubbed "brain drain" in the media. While there may well be some truth in it, the World Bank report argues that "brain drain" may have played a role in India's Information Technology revolution. Many techies from India have not only prospered in the Silicon Valley but also become an integral part of the Indian diaspora -- the largest in the world. Sundar Pichai, Satya Nadella and Arvind Krishna are some of the best examples of Indian migrants making it big in the US. These illustrious names, the report argues, have helped develop industries in India by transferring knowledge and fostering innovation. "Indian migrants in California’s Silicon Valley have launched large Information Technology–related firms in India. In 2006, firms established by returnees accounted for some 90 percent of firms in software technology parks in Bangalore," notes the report. Economic migration - a major source of remittances In many cases, migration to developed countries can economically help the country of origin. "Remittances are a stable source of income for migrants’ families, supporting investments in children’s education, health care, housing, and entrepreneurial activities," observes the report. India is the biggest beneficiary of remittances in the world, having crossed the $100 billion-mark in 2022. A large part of the remittances to India come from migrants living in the Gulf. According to the report, low-skilled Indian migrants in Gulf countries send, on average, nearly 70 percent of their earnings to their families. According to India's Ministry of External Affairs, nearly 50 per cent of India's migrant population works in Gulf Co-operation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Indian workers earn 120% more abroad: World Bank report

The US House of Representatives passed a bill, narrowly at it, to raise the government's debt limit. &nbsp;

The bill, passed on Wednesday by a 217-215 vote, proposes to increase the borrowing limit by $1.5 trillion or until March 31, 2024, whichever comes first.

The bill will now reach the US Senate, where it is expected to face serious pushback from the Democrats, who hold a slight majority over the Republicans. &nbsp;

The Democrats aren't happy with the latest version of the bill as they want the debt limit to rise without any cut in welfare spending. &nbsp;

The bill approved by the House of Representatives will also reduce spending to 2022 levels, cap annual growth at one per cent, eliminate renewable energy tax breaks and tighten work requirements for anti-poverty programmes.

While Speaker of the House Kevin McCarthy, a Republican, seeks talks with President Joe Biden for the bill's smooth passage, the latter is likely to use his veto power to reject the proposal. &nbsp;

That would, however, not be good news for the United States as the Treasury Department may run out of methods to pay its obligations and will begin defaulting between July and September, as per various estimates. &nbsp;

What's a debt limit?&nbsp;&nbsp;

Keeping politics aside, debt limit or debt ceiling is a concept of fiscal discipline. However, the frequent changes to the limit, especially in the last decade, also puts a question mark on the concept itself. &nbsp;

The Treasury Department defines its debt limit as "the total amount of money that the United States government is authorised to borrow to meet its existing legal obligations."

The "legal obligations" referred to by the department include funding for Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

While the debt limit is tied to the total national debt of the United States, it has a complicated relationship with the US budgeting process. &nbsp;

Technically speaking, the debt limit is a strict reminder about paying up the past obligations of the government. However, the US federal spending –&nbsp; future expenditure – has a separate legislative process, which has little to do with the debt limit. &nbsp;

However, lawmakers cutting across party lines in the US have sought major cuts in federal spending while negotiating for a suspension or raise in the debt limit. &nbsp;

The current debt ceiling is $31.4 trillion, which the United States hit in January. The country will default on its payments once the Treasury Department runs out of "extraordinary measures" to fund its obligations. &nbsp;

Strictly speaking, the United States has hit the debt ceiling several times in the past too. Yet, it has never defaulted on its payments as Congress ultimately increases or temporarily suspends the debt limit, allowing the government to borrow more. &nbsp;

What if the US defaults?

But the US defaulting on its debt may have unprecedented consequences. &nbsp;

This is what the Treasury Department has to say about such a scenario: "The scope of the negative repercussions related to a default are unknown but would likely have catastrophic repercussions in the United States and in markets across the globe."

One great possibility arising from a debt default is the downgrade in the credit ratings of US sovereign debt.&nbsp;

In August 2011, while the country avoided defaulting by raising the debt limit, credit rating agency Standard &amp; Poor reduced the United States'&nbsp;rating from AAA (outstanding) to AA+ (excellent). &nbsp;

Any downgrade in credit ratings sends negative signals about economic health and raises concerns regarding a country's ability to repay its debts. &nbsp;

More recently, Goldman Sachs economists estimated that a debt ceiling breach would immediately halt about one-tenth of US economic activity.

The history of debt limits

The concept of a debt ceiling or limit dates back to the early 20th Century, to be precise to 1917 when the US entered the first world war. &nbsp;

Until then, the US was an isolationist in international affairs and needed funds to bolster its war efforts. Consequently, Congress legislated the Second Liberty Bond Act in 1917, which sought public funds through bonds and also created the debt ceiling. &nbsp;

However, it was only in 1939 and 1941, amid the second world war, that the debt ceiling, as we know it today, was substantially established. The Public Debt Acts of 1939 and 1941 put an aggregate limit to nearly all federal debt.

Since 1960, the US Congress has raised or temporarily suspended the debt limit at least 78 times -- 49 times under a Republican administration and 29 times while Democrats have been in power.

The US debt limit has risen dramatically in the last decade, owing to the fallout of the 2007-08 financial crisis and the consequent global recession. &nbsp;

Since 2010, the debt limit has risen by over $17 trillion, from $14.2 trillion in February 2010 to $31.4 trillion in December 2021. &nbsp;

Given the ballooning debt burden, many analysts feel that the concept of debt limit has failed. Some have even suggested that the US must do away with the debt limit, calling it "harmful" to the US economy. &nbsp;

Roger Ferguson, a senior fellow at the Centre for Foreign Relations, argues that the US Congress should eliminate the debt ceiling completely or at least tie it to federal spending. &nbsp;

"It is time for the United States to leave behind this antiquated mechanism that brings the country to the precipice of default every few years," the US think tank quoted him as saying. &nbsp;

The US House of Representatives passed a bill, narrowly at it, to raise the government's debt limit. The bill, passed on Wednesday by a 217-215 vote, proposes to increase the borrowing limit by $1.

The US House of Representatives passed a bill, narrowly at it, to raise the government's debt limit. The bill, passed on Wednesday by a 217-215 vote, proposes to increase the borrowing limit by $1.5 trillion or until March 31, 2024, whichever comes first. The bill will now reach the US Senate, where it is expected to face serious pushback from the Democrats, who hold a slight majority over the Republicans. The Democrats aren't happy with the latest version of the bill as they want the debt limit to rise without any cut in welfare spending. The bill approved by the House of Representatives will also reduce spending to 2022 levels, cap annual growth at one per cent, eliminate renewable energy tax breaks and tighten work requirements for anti-poverty programmes. While Speaker of the House Kevin McCarthy, a Republican, seeks talks with President Joe Biden for the bill's smooth passage, the latter is likely to use his veto power to reject the proposal. That would, however, not be good news for the United States as the Treasury Department may run out of methods to pay its obligations and will begin defaulting between July and September, as per various estimates. What's a debt limit? Keeping politics aside, debt limit or debt ceiling is a concept of fiscal discipline. However, the frequent changes to the limit, especially in the last decade, also puts a question mark on the concept itself. The Treasury Department defines its debt limit as "the total amount of money that the United States government is authorised to borrow to meet its existing legal obligations." The "legal obligations" referred to by the department include funding for Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. While the debt limit is tied to the total national debt of the United States, it has a complicated relationship with the US budgeting process. Technically speaking, the debt limit is a strict reminder about paying up the past obligations of the government. However, the US federal spending – future expenditure – has a separate legislative process, which has little to do with the debt limit. However, lawmakers cutting across party lines in the US have sought major cuts in federal spending while negotiating for a suspension or raise in the debt limit. The current debt ceiling is $31.4 trillion, which the United States hit in January. The country will default on its payments once the Treasury Department runs out of "extraordinary measures" to fund its obligations. Strictly speaking, the United States has hit the debt ceiling several times in the past too. Yet, it has never defaulted on its payments as Congress ultimately increases or temporarily suspends the debt limit, allowing the government to borrow more. What if the US defaults? But the US defaulting on its debt may have unprecedented consequences. This is what the Treasury Department has to say about such a scenario: "The scope of the negative repercussions related to a default are unknown but would likely have catastrophic repercussions in the United States and in markets across the globe." One great possibility arising from a debt default is the downgrade in the credit ratings of US sovereign debt. In August 2011, while the country avoided defaulting by raising the debt limit, credit rating agency Standard & Poor reduced the United States' rating from AAA (outstanding) to AA+ (excellent). Any downgrade in credit ratings sends negative signals about economic health and raises concerns regarding a country's ability to repay its debts. More recently, Goldman Sachs economists estimated that a debt ceiling breach would immediately halt about one-tenth of US economic activity. The history of debt limits The concept of a debt ceiling or limit dates back to the early 20th Century, to be precise to 1917 when the US entered the first world war. Until then, the US was an isolationist in international affairs and needed funds to bolster its war efforts. Consequently, Congress legislated the Second Liberty Bond Act in 1917, which sought public funds through bonds and also created the debt ceiling. However, it was only in 1939 and 1941, amid the second world war, that the debt ceiling, as we know it today, was substantially established. The Public Debt Acts of 1939 and 1941 put an aggregate limit to nearly all federal debt. Since 1960, the US Congress has raised or temporarily suspended the debt limit at least 78 times -- 49 times under a Republican administration and 29 times while Democrats have been in power. The US debt limit has risen dramatically in the last decade, owing to the fallout of the 2007-08 financial crisis and the consequent global recession. Since 2010, the debt limit has risen by over $17 trillion, from $14.2 trillion in February 2010 to $31.4 trillion in December 2021. Given the ballooning debt burden, many analysts feel that the concept of debt limit has failed. Some have even suggested that the US must do away with the debt limit, calling it "harmful" to the US economy. Roger Ferguson, a senior fellow at the Centre for Foreign Relations, argues that the US Congress should eliminate the debt ceiling completely or at least tie it to federal spending. "It is time for the United States to leave behind this antiquated mechanism that brings the country to the precipice of default every few years," the US think tank quoted him as saying.

US House passes bill to revise ''debt ceiling'': Decoding the controversial term

New York city has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million.&nbsp;

The Wealthiest Cities Report 2023 by Henley &amp; Partners noted that the most-populous US city&nbsp;has seen a 40 percent rise in High Net Worth Individuals (HNWIs) in the last decade.&nbsp;

A&nbsp;person with a total net worth of over $1 million comes under the category of High Net Worth Individuals (HNWIs).&nbsp;

However, it is San Francisco Bay Area on the US West Coast&nbsp;that has the most billionaires in the world - 63. The&nbsp;city also has the second-most number of millionaires in the United States at 285,000. Another US city, Los Angeles, comes in sixth place, with over 205,000 HNWIs.&nbsp;

Japan's capital Tokyo is second in the list with 290,300 HNWIs, while London and Singapore occupy the fourth and fifth position respectively.&nbsp;

Three cities from China are ranked in the top 10. Hong Kong, a Special Administrative Region of China, is seventh (129,500 HNWIs), China's capital Beijing is eighth (128,200 HNWIs), while Shanghai is in the ninth position (127,200 HNWIs).&nbsp;

Australia's Sydney is tenth on the list, with 126,900 HNWIs living within its city limits. The city is also expected to be among the five wealthiest cities in the world by 2040, the report said.&nbsp;

The report covers 97 cities across nine regions worldwide and includes most of the world’s top wealth hubs.

Interestingly, seven cities are in countries actively welcoming Foreign Direct Investment in return for residence or citizenship rights. These countries are the United States, Hong Kong, Singapore, Australia and United Kingdom.&nbsp;

The growing economic rivalry between the US and China can also be seen in this list, as both countries also have three cities each in the 10 fastest growing millionaire hotspots.&nbsp;

At 105 percent, Hangzhou, a city in eastern China, has seen the highest growth in HNWIs since 2012. High-tech capital, Shenzhen, and the port city of Guangzhou have also enjoyed significant rise in HNWIs since 2012, at 98 percent and 86 percent, respectively.&nbsp;

The three fastest growing millionaire hotspots in the US are Austin (102 percent growth in resident HNWIs), West Palm Beach (90 percent), and Scottsdale (88 percent).&nbsp;

On a per-capita basis, Monaco, the tiny city-state in Europe, is the wealthiest in the world. According to the report, the average wealth of a person living in Monaco exceeds $10 million.&nbsp;

Five Indian cities find a place in this year's rankings.

Mumbai is in&nbsp;the 21st position, with over 59,000 HNWIs. India's financial capital&nbsp;is also the top ranked Indian city in the list. Delhi, ranked 36th, is home to nearly 30,000 millionaires. India's capital city is followed by Bengaluru, Kolkata and Hyderabad.&nbsp;

The report noted that two southern Indian cities -- Bengaluru (88 percent) and Hyderabad (78 percent) -- have been among the 10 fastest growing millionaire hubs&nbsp;in the last decade.&nbsp;

New York city has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million. The Wealthiest Cities Report 2023 by Henley & Partners noted that the most-populous US city has seen a 40 percent rise in High Net Worth Individuals (HNWIs) in the last decade.

New York city has emerged as the biggest millionaire hotspot, with over 340,000 people having a net worth of over $1 million. The Wealthiest Cities Report 2023 by Henley & Partners noted that the most-populous US city has seen a 40 percent rise in High Net Worth Individuals (HNWIs) in the last decade. A person with a total net worth of over $1 million comes under the category of High Net Worth Individuals (HNWIs). However, it is San Francisco Bay Area on the US West Coast that has the most billionaires in the world - 63. The city also has the second-most number of millionaires in the United States at 285,000. Another US city, Los Angeles, comes in sixth place, with over 205,000 HNWIs. Japan's capital Tokyo is second in the list with 290,300 HNWIs, while London and Singapore occupy the fourth and fifth position respectively. Three cities from China are ranked in the top 10. Hong Kong, a Special Administrative Region of China, is seventh (129,500 HNWIs), China's capital Beijing is eighth (128,200 HNWIs), while Shanghai is in the ninth position (127,200 HNWIs). Australia's Sydney is tenth on the list, with 126,900 HNWIs living within its city limits. The city is also expected to be among the five wealthiest cities in the world by 2040, the report said. The report covers 97 cities across nine regions worldwide and includes most of the world’s top wealth hubs. Interestingly, seven cities are in countries actively welcoming Foreign Direct Investment in return for residence or citizenship rights. These countries are the United States, Hong Kong, Singapore, Australia and United Kingdom. The growing economic rivalry between the US and China can also be seen in this list, as both countries also have three cities each in the 10 fastest growing millionaire hotspots. At 105 percent, Hangzhou, a city in eastern China, has seen the highest growth in HNWIs since 2012. High-tech capital, Shenzhen, and the port city of Guangzhou have also enjoyed significant rise in HNWIs since 2012, at 98 percent and 86 percent, respectively. The three fastest growing millionaire hotspots in the US are Austin (102 percent growth in resident HNWIs), West Palm Beach (90 percent), and Scottsdale (88 percent). On a per-capita basis, Monaco, the tiny city-state in Europe, is the wealthiest in the world. According to the report, the average wealth of a person living in Monaco exceeds $10 million. Five Indian cities find a place in this year's rankings. Mumbai is in the 21st position, with over 59,000 HNWIs. India's financial capital is also the top ranked Indian city in the list. Delhi, ranked 36th, is home to nearly 30,000 millionaires. India's capital city is followed by Bengaluru, Kolkata and Hyderabad. The report noted that two southern Indian cities -- Bengaluru (88 percent) and Hyderabad (78 percent) -- have been among the 10 fastest growing millionaire hubs in the last decade.

New York is world's wealthiest city, Mumbai top ranked Indian metro: Report

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