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The colossal merger of Housing Development Finance Corporation (HDFC) and HDFC Bank in India&nbsp;has left financial advisers with little to celebrate.

The $64 billion merger between HDFC and HDFC Bank has created one of the most valuable banks worldwide. But surprisingly, the advisers involved in completing the merger are reaping meagre rewards.

Sources familiar with the matter tell Bloomberg that approximately 18 advisers involved in the merger have had to settle for a fee pool of just over $1 million. Global banking giants like Citigroup, Goldman Sachs, JPMorgan Chase, and Jefferies were among the advisers.

In an interesting twist, big players like Morgan Stanley and Bank of America will be cornering the lion's share of the fee pool, leaving the rest with only a token amount.

The reason behind this seemingly disproportionate distribution lies in the limited role the advisers played during the merger process.&nbsp;

"India is a tough place from a fee perspective unless one can offer value-added services or is structuring complex transactions," Bloomberg quoted Pranav Haldea, managing director of Prime Database Group, as saying.&nbsp;

Apparently, the board and executives, led by Deepak Parekh, the then chairman of HDFC, were the main driving force behind the merger. As a result, many of the advisers were caught off guard, only learning about the merger a day before it was announced.

With minimal work to be done on the deal, their contribution was significantly diminished.

While Morgan Stanley and Bank of America received higher compensation, as they provided a fair opinion on the valuation, the remaining advisers reportedly did not have much to contribute. However, it is important to note that these struggles are not unique to india.

Financial advisers worldwide have been grappling with a drop in the value of mergers, acquisitions, and initial public offerings, amounting to a staggering $1 trillion year-on-year decline in the first half of this year. This downturn has forced many banks to implement job cuts in their investment banking divisions globally.

HDFC among the top 10 valuable banks&nbsp;

The newly-combined HDFC is the first Indian entity to rank among the world's most valuable banks. HDFC's entry into the top 10 marks a new challenge to some of the&nbsp;largest American and Chinese lenders, who have been occupying the&nbsp;top spots for several decades now.&nbsp;

The merged entity, valued at about $172 billion, is the fourth-most valuable bank in the world, behind JPMorgan Chase &amp; Co, Industrial and Commercial Bank of China Ltd, and Bank of America, according to data compiled by Bloomberg.&nbsp;

The colossal merger of Housing Development Finance Corporation (HDFC) and HDFC Bank in India has left financial advisers with little to celebrate. The $64 billion merger between HDFC and HDFC Bank has created one of the most valuable banks worldwide.

The colossal merger of Housing Development Finance Corporation (HDFC) and HDFC Bank in India has left financial advisers with little to celebrate. The $64 billion merger between HDFC and HDFC Bank has created one of the most valuable banks worldwide. But surprisingly, the advisers involved in completing the merger are reaping meagre rewards. Sources familiar with the matter tell Bloomberg that approximately 18 advisers involved in the merger have had to settle for a fee pool of just over $1 million. Global banking giants like Citigroup, Goldman Sachs, JPMorgan Chase, and Jefferies were among the advisers. In an interesting twist, big players like Morgan Stanley and Bank of America will be cornering the lion's share of the fee pool, leaving the rest with only a token amount. The reason behind this seemingly disproportionate distribution lies in the limited role the advisers played during the merger process. "India is a tough place from a fee perspective unless one can offer value-added services or is structuring complex transactions," Bloomberg quoted Pranav Haldea, managing director of Prime Database Group, as saying. Apparently, the board and executives, led by Deepak Parekh, the then chairman of HDFC, were the main driving force behind the merger. As a result, many of the advisers were caught off guard, only learning about the merger a day before it was announced. With minimal work to be done on the deal, their contribution was significantly diminished. While Morgan Stanley and Bank of America received higher compensation, as they provided a fair opinion on the valuation, the remaining advisers reportedly did not have much to contribute. However, it is important to note that these struggles are not unique to india. Financial advisers worldwide have been grappling with a drop in the value of mergers, acquisitions, and initial public offerings, amounting to a staggering $1 trillion year-on-year decline in the first half of this year. This downturn has forced many banks to implement job cuts in their investment banking divisions globally. HDFC among the top 10 valuable banks The newly-combined HDFC is the first Indian entity to rank among the world's most valuable banks. HDFC's entry into the top 10 marks a new challenge to some of the largest American and Chinese lenders, who have been occupying the top spots for several decades now. The merged entity, valued at about $172 billion, is the fourth-most valuable bank in the world, behind JPMorgan Chase & Co, Industrial and Commercial Bank of China Ltd, and Bank of America, according to data compiled by Bloomberg.

The great $64 billion HDFC merger leaves financial advisers with little to celebrate

In the latest development of the ongoing rivalry between tech giants Elon Musk and Mark Zuckerberg, Meta, formerly known as Facebook, has confirmed the release date of its new text-based conversation app called Threads. The app, which has been dubbed Instagram's answer to Twitter, is set to launch on Thursday, July 6, according to a listing on Apple's App Store. Users will have the ability to follow the same accounts they follow on the popular photo-sharing platform while keeping their existing usernames.

This announcement has further fueled the competition between Meta's Chief Mark Zuckerberg, and Tesla CEO Elon Musk, who owns the microblogging platform Twitter. Reacting to the news, Musk took a dig at Meta Platforms, stating, 'Thank goodness they're so sanely run.'

NDTV cited Meta's Chief Product Officer, Chris Cox, who referred to Threads as their response to Twitter during a recent company-wide meeting discussing the app. Cox mentioned that creators and public figures had expressed a desire for a sanely run platform, taking a dig at Twitter's management under Musk's leadership.

A Twitter user took to the platform to provide insights into Meta's upcoming app, describing Threads as a competitor to Twitter. The user speculated that the term 'sanely run' used by Meta could imply that the app may collect extensive user data, a characteristic Meta has been associated with in the past. However, the user expressed support for Musk's vision for 'Twitter 2.0,' emphasising his belief that Musk champions freedom of speech compared to Zuckerberg's track record. Additionally, the user anticipated Musk's preparation for the rivalry and declared allegiance to 'team Twitter.'

<blockquote class="twitter-tweet">
🚨BREAKING: META's Answer to Twitter (Threads) Release Date CONFIRMED 
 
'Threads' will be released on Thursday in the U.S. 
 
The app has been described as a competitor to Twitter. According to an executive at Meta, its goal is to establish a "sanely run" social media site.… <a href="https://t.co/PxQxAERnB1">pic.twitter.com/PxQxAERnB1</a>
— Mario Nawfal (@MarioNawfal) <a href="https://twitter.com/MarioNawfal/status/1676024080003203072?ref_src=twsrc%5Etfw">July 4, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The release of Threads comes shortly after Musk announced temporary limitations on the number of posts users can read on Twitter. Furthermore, Musk stated that users would need to be verified to access TweetDeck, a move intended to address data scraping concerns. However, these actions have drawn criticism from Twitter users, and advertising experts argue that they undermine the authority of new CEO Linda Yaccarino, who recently assumed the role.

The competition between Meta and Twitter continues to intensify as both platforms seek to capture the attention and loyalty of users. With the imminent launch of Threads, the battle for dominance in the social media landscape escalates. Meanwhile, many eagerly await the proposed cage match between the 2 tech titans.

(With Inputs from Agencies)

In the latest development of the ongoing rivalry between tech giants Elon Musk and Mark Zuckerberg, Meta, formerly known as Facebook, has confirmed the release date of its new text-based conversation app called Threads.

In the latest development of the ongoing rivalry between tech giants Elon Musk and Mark Zuckerberg, Meta, formerly known as Facebook, has confirmed the release date of its new text-based conversation app called Threads. The app, which has been dubbed Instagram's answer to Twitter, is set to launch on Thursday, July 6, according to a listing on Apple's App Store. Users will have the ability to follow the same accounts they follow on the popular photo-sharing platform while keeping their existing usernames. This announcement has further fueled the competition between Meta's Chief Mark Zuckerberg, and Tesla CEO Elon Musk, who owns the microblogging platform Twitter. Reacting to the news, Musk took a dig at Meta Platforms, stating, 'Thank goodness they're so sanely run.' NDTV cited Meta's Chief Product Officer, Chris Cox, who referred to Threads as their response to Twitter during a recent company-wide meeting discussing the app. Cox mentioned that creators and public figures had expressed a desire for a sanely run platform, taking a dig at Twitter's management under Musk's leadership. A Twitter user took to the platform to provide insights into Meta's upcoming app, describing Threads as a competitor to Twitter. The user speculated that the term 'sanely run' used by Meta could imply that the app may collect extensive user data, a characteristic Meta has been associated with in the past. However, the user expressed support for Musk's vision for 'Twitter 2.0,' emphasising his belief that Musk champions freedom of speech compared to Zuckerberg's track record. Additionally, the user anticipated Musk's preparation for the rivalry and declared allegiance to 'team Twitter.' 🚨BREAKING: META's Answer to Twitter (Threads) Release Date CONFIRMED 'Threads' will be released on Thursday in the U.S. The app has been described as a competitor to Twitter. According to an executive at Meta, its goal is to establish a "sanely run" social media site.… pic.twitter.com/PxQxAERnB1 — Mario Nawfal (@MarioNawfal) July 4, 2023 The release of Threads comes shortly after Musk announced temporary limitations on the number of posts users can read on Twitter. Furthermore, Musk stated that users would need to be verified to access TweetDeck, a move intended to address data scraping concerns. However, these actions have drawn criticism from Twitter users, and advertising experts argue that they undermine the authority of new CEO Linda Yaccarino, who recently assumed the role. The competition between Meta and Twitter continues to intensify as both platforms seek to capture the attention and loyalty of users. With the imminent launch of Threads, the battle for dominance in the social media landscape escalates. Meanwhile, many eagerly await the proposed cage match between the 2 tech titans. (With Inputs from Agencies)

Twitter vs Threads: Musk takes a dig at Meta's upcoming app

Tesla and Rivian automotive have experienced an impressive surge in their shares and second quarter deliveries. Tesla's shares skyrocketed by 7% following better-than-expected quarterly deliveries, proving CEO Elon Musk's strategy of boosting volumes through discounts is paying off. This surge lifted tesla's market value by a staggering 57 billion dollars to reach a remarkable 887 billion dollars. The company's stock has already more than doubled in value this year, far exceeding analysts' price targets.

Tesla’s stock soars by $57 billion

Apple’s ambitious vision seems to have hit a roadblock. According to financial times, the company has been forced to make major cuts to production forecasts for its vision pro augmented-reality headset.

Apple's vision pro production slashed

Moving to Mexico, where record-breaking remittances have flooded the nation, fueled by a larger inflow of cash from abroad in honor of mother's day. Mexicans living abroad, mainly in the united states, sent a staggering $5.69 billion back home in may. This remarkable figure represents a significant 10.7% increase compared to the same period last year, surpassing both analyst predictions and previous records. The influx of cash was largely driven by the celebration of mother's day, as households honored the occasion by sending additional money to their loved ones in Mexico.

Mexico's remittances at all-time high

The US-China chip war is all set to escalate. Now, China has decided to restrict exports of two metals that are crucial in producing not only semiconductors but also telecom devices and electric vehicles. The two metals under the radar are gallium and germanium. They will come under China's export control from August 1 in a bid to protect national security.

China restricts exports of two key metals

Tesla and Rivian Automotive, two Electrtic Vehicle rivals, witnessed an impressive surge in stock prices on Monday after better-than-expected sales in the second quarter of 2023.&nbsp;

The rising share prices increased Tesla's market value by $57 billion. Tesla, the world's most-valuable carmaker, is now valued at $887 billion.&nbsp;

At $277, the company share prices have already doubled this year, surpassing expectations of market analysts. However, brokerages have raised concerns about Musk’s strategy, arguing that aggressive discounting could potentially add to margin pressure.&nbsp;

Tesla could improve its sales figure in the second quarter following Elon Musk's strategy to boost volumes by giving discounts amid the weakening economy and rising competition in the EV market.

Tesla delivered 466,140 vehicles in the April to June period, an increase of 10 percent from the previous quarter and a 83 percent increase compared to previous year. This suggests that Tesla's annual delivery target of 1.8 million vehicles would now be too conservative as the company has already fulfilled half of its delivery goal in the first six months of 2023.&nbsp;

"Tesla's price cuts are working in a big way. The average growth of deliveries over the previous seven quarters was 50%. This (quarter) marks a measurable step up in growth," Reuters quoted Gene Munster, managing partner at investment firm Deepwater Asset Management, as saying.&nbsp;

Meanwhile, stocks of California-based Rivian Automotive surged 17.4 percent in a holiday-shortened session, reaching its highest value in four months. &nbsp;

Although the company struggled in the first quarter due to supply chain shortage and stiff competition from market leader Tesla, it managed to surpass market estimates for second quarter deliveries.&nbsp;

The EV start-up delivered 12,640 vehicles, primarily pickup trucks, in the second quarter (April-June), beating market estimates of 11,000 vehicles.&nbsp;

Some analysts believe that Rivian's focus on developing its own drive unit to lower costs and reduce dependency on suppliers has helped the company stand out among other EV makers.&nbsp;

"All auto makers had supply chain issues in 2021 and 2022, but Rivian appears to be turning a corner and their 50k production goal for this year looks highly achievable post the Q2 number," Needham analyst Chris Pierce told Reuters.&nbsp;

Tesla and Rivian Automotive, two Electrtic Vehicle rivals, witnessed an impressive surge in stock prices on Monday after better-than-expected sales in the second quarter of 2023.

Tesla and Rivian Automotive, two Electrtic Vehicle rivals, witnessed an impressive surge in stock prices on Monday after better-than-expected sales in the second quarter of 2023. The rising share prices increased Tesla's market value by $57 billion. Tesla, the world's most-valuable carmaker, is now valued at $887 billion. At $277, the company share prices have already doubled this year, surpassing expectations of market analysts. However, brokerages have raised concerns about Musk’s strategy, arguing that aggressive discounting could potentially add to margin pressure. Tesla could improve its sales figure in the second quarter following Elon Musk's strategy to boost volumes by giving discounts amid the weakening economy and rising competition in the EV market. Tesla delivered 466,140 vehicles in the April to June period, an increase of 10 percent from the previous quarter and a 83 percent increase compared to previous year. This suggests that Tesla's annual delivery target of 1.8 million vehicles would now be too conservative as the company has already fulfilled half of its delivery goal in the first six months of 2023. "Tesla's price cuts are working in a big way. The average growth of deliveries over the previous seven quarters was 50%. This (quarter) marks a measurable step up in growth," Reuters quoted Gene Munster, managing partner at investment firm Deepwater Asset Management, as saying. Meanwhile, stocks of California-based Rivian Automotive surged 17.4 percent in a holiday-shortened session, reaching its highest value in four months. Although the company struggled in the first quarter due to supply chain shortage and stiff competition from market leader Tesla, it managed to surpass market estimates for second quarter deliveries. The EV start-up delivered 12,640 vehicles, primarily pickup trucks, in the second quarter (April-June), beating market estimates of 11,000 vehicles. Some analysts believe that Rivian's focus on developing its own drive unit to lower costs and reduce dependency on suppliers has helped the company stand out among other EV makers. "All auto makers had supply chain issues in 2021 and 2022, but Rivian appears to be turning a corner and their 50k production goal for this year looks highly achievable post the Q2 number," Needham analyst Chris Pierce told Reuters.

Stocks of EV makers Tesla and Rivian surge after beating Q2 sales estimate

The global hunger for fossil fuel continues even as climate change driven by excessive use of fossil fuels threatens mankind. Oil and gas giants have intensified their search for newer deposits as demand keeps increasing oil and gas firms have enjoyed record profits, owing to price rise amid the Ukraine war.

Oil and gas investments to rise to $528 billion in 2023

Mexico has experienced a historic surge in remittances as Mexicans living abroad, primarily in the United States, sent a staggering $5.69 billion back home in May, Bloomberg reported. This figure represents a remarkable 10.7 per cent increase compared to last year's period, surpassing analysts' expectations and setting new records.

The surge in remittances was driven mainly by the celebration of Mother's Day, with households sending additional money to their loved ones in Mexico. These remittances have provided a vital economic lifeline for many low-income families and have supported private consumption, contributing to Mexico's economic growth.

Unprecedented Inflows

Over the past 12 months, remittances to Mexico have reached an extraordinary cumulative flow of $60.8 billion, marking an all-time high. This influx of funds is projected to account for approximately 4 per cent of Mexico's gross domestic product this year. The robust remittance flows have significantly impacted the country's economy, especially among low-income families who rely on these transfers as their primary source of financial support.

Factors Driving the Surge

Several factors have contributed to the surge in remittances. Firstly, the appreciation of the Mexican peso against the U.S. dollar has incentivised Mexicans working abroad to send more money back home to compensate for the currency's strength. Additionally, the elevated inflation rate has diminished the purchasing power of the Mexican peso, prompting overseas workers to increase the amount of money they send to mitigate its impact. However, despite the record-breaking remittances, the purchasing power of these transfers has declined in recent months due to inflationary pressures.

Mother's Day Significance

Historically, the month of May sees a rise in remittance flows as Mexicans living abroad send additional funds to celebrate Mother's Day with their families. This year was no exception, with the occasion catalysing the remittance surge. Analysts estimate that approximately 10 per cent of the overall increase in transactions can be attributed to Mother's Day's effect, highlighting the occasion's cultural significance and the importance of family connections for Mexicans living abroad.

Future Outlook

Mexico may experience a moderation in remittance flows in the coming months. This potential slowdown is attributed to the expected deceleration of economic activity in the United States, where many Mexicans reside and work. Despite the uncertainty surrounding future remittance flows, the current record-breaking figures have supported Mexican households significantly and have played a crucial role in bolstering the economy.

(With Inputs from Bloomberg)

Mexico has experienced a historic surge in remittances as Mexicans living abroad, primarily in the United States, sent a staggering $5.69 billion back home in May, Bloomberg reported.

Mexico has experienced a historic surge in remittances as Mexicans living abroad, primarily in the United States, sent a staggering $5.69 billion back home in May, Bloomberg reported. This figure represents a remarkable 10.7 per cent increase compared to last year's period, surpassing analysts' expectations and setting new records. The surge in remittances was driven mainly by the celebration of Mother's Day, with households sending additional money to their loved ones in Mexico. These remittances have provided a vital economic lifeline for many low-income families and have supported private consumption, contributing to Mexico's economic growth. Unprecedented Inflows Over the past 12 months, remittances to Mexico have reached an extraordinary cumulative flow of $60.8 billion, marking an all-time high. This influx of funds is projected to account for approximately 4 per cent of Mexico's gross domestic product this year. The robust remittance flows have significantly impacted the country's economy, especially among low-income families who rely on these transfers as their primary source of financial support. Factors Driving the Surge Several factors have contributed to the surge in remittances. Firstly, the appreciation of the Mexican peso against the U.S. dollar has incentivised Mexicans working abroad to send more money back home to compensate for the currency's strength. Additionally, the elevated inflation rate has diminished the purchasing power of the Mexican peso, prompting overseas workers to increase the amount of money they send to mitigate its impact. However, despite the record-breaking remittances, the purchasing power of these transfers has declined in recent months due to inflationary pressures. Mother's Day Significance Historically, the month of May sees a rise in remittance flows as Mexicans living abroad send additional funds to celebrate Mother's Day with their families. This year was no exception, with the occasion catalysing the remittance surge. Analysts estimate that approximately 10 per cent of the overall increase in transactions can be attributed to Mother's Day's effect, highlighting the occasion's cultural significance and the importance of family connections for Mexicans living abroad. Future Outlook Mexico may experience a moderation in remittance flows in the coming months. This potential slowdown is attributed to the expected deceleration of economic activity in the United States, where many Mexicans reside and work. Despite the uncertainty surrounding future remittance flows, the current record-breaking figures have supported Mexican households significantly and have played a crucial role in bolstering the economy. (With Inputs from Bloomberg)

Mexico's dollars of love: Mother's day brings in billions in remittances

The world's wealthiest 500 individuals experienced a staggering increase of $852 billion in their combined fortunes in the first half of 2023, averaging a remarkable $14 million per day for each member, according to data compiled by Bloomberg.&nbsp;

This surge marks the most prosperous six-month period for billionaires since the latter half of 2020, which saw a substantial rebound in the global economy following the impact of the Covid-19 pandemic. A widespread stock market rally notably supported these gains, as investors appeared undeterred by central bank interest rate hikes, ongoing conflicts such as the war in Ukraine, and a crisis in regional banks.&nbsp;

The S&amp;P 500 rose by 16 per cent, while the Nasdaq 100 witnessed a record-breaking surge of 39 per cent during the first half of the year, fueled by investor enthusiasm surrounding advancements in artificial intelligence that bolstered the technology sector.

Some Gain, Some Lose

Elon Musk, the CEO of Tesla Inc. and the world's richest person, emerged as the top gainer in dollar terms. Musk's net worth increased by $96.6 billion through June 30, firmly solidifying his position at the pinnacle of wealth. Mark Zuckerberg, the CEO of Meta Platforms Inc., also experienced substantial growth, with a $58.9 billion increase in his net worth. On the other hand, Gautam Adani, the chairman of Adani Group, suffered the most significant decline in net worth during these six months, losing $60.2 billion. Adani's fortunes took a major hit on January 27 when his conglomerate was accused of accounting fraud and stock manipulation by short-seller Hindenburg Research—a claim that Adani vehemently denies. Adani experienced the largest one-day loss of any billionaire on that day, shedding approximately $20.8 billion.

Hindenburg Research, founded by Nate Anderson, also caused another notable billionaire to face substantial losses. Carl Icahn, the head of Icahn Enterprises LP, witnessed a sharp decline in net worth after Hindenburg revealed its short position, asserting that the stock was significantly overvalued relative to its holdings. Icahn's net worth fell by a staggering $13.4 billion, or 57 per cent, making it the most significant percentage drop among all the Bloomberg Billionaires Index members during this period.

Elon Musk's wealth gains extended into July as Tesla's shares climbed by 6.9 per cent on Monday in New York, contributing an additional $13 billion to his fortune. The ongoing success of Tesla, coupled with Musk's other ventures, has solidified his position as the world's wealthiest person and a prominent figure in the technology and space industries.

(With Inputs from Bloomberg)

The world's wealthiest 500 individuals experienced a staggering increase of $852 billion in their combined fortunes in the first half of 2023, averaging a remarkable $14 million per day for each member, according to data compiled by Bloomberg.

The world's wealthiest 500 individuals experienced a staggering increase of $852 billion in their combined fortunes in the first half of 2023, averaging a remarkable $14 million per day for each member, according to data compiled by Bloomberg. This surge marks the most prosperous six-month period for billionaires since the latter half of 2020, which saw a substantial rebound in the global economy following the impact of the Covid-19 pandemic. A widespread stock market rally notably supported these gains, as investors appeared undeterred by central bank interest rate hikes, ongoing conflicts such as the war in Ukraine, and a crisis in regional banks. The S&P 500 rose by 16 per cent, while the Nasdaq 100 witnessed a record-breaking surge of 39 per cent during the first half of the year, fueled by investor enthusiasm surrounding advancements in artificial intelligence that bolstered the technology sector. Some Gain, Some Lose Elon Musk, the CEO of Tesla Inc. and the world's richest person, emerged as the top gainer in dollar terms. Musk's net worth increased by $96.6 billion through June 30, firmly solidifying his position at the pinnacle of wealth. Mark Zuckerberg, the CEO of Meta Platforms Inc., also experienced substantial growth, with a $58.9 billion increase in his net worth. On the other hand, Gautam Adani, the chairman of Adani Group, suffered the most significant decline in net worth during these six months, losing $60.2 billion. Adani's fortunes took a major hit on January 27 when his conglomerate was accused of accounting fraud and stock manipulation by short-seller Hindenburg Research—a claim that Adani vehemently denies. Adani experienced the largest one-day loss of any billionaire on that day, shedding approximately $20.8 billion. Hindenburg Research, founded by Nate Anderson, also caused another notable billionaire to face substantial losses. Carl Icahn, the head of Icahn Enterprises LP, witnessed a sharp decline in net worth after Hindenburg revealed its short position, asserting that the stock was significantly overvalued relative to its holdings. Icahn's net worth fell by a staggering $13.4 billion, or 57 per cent, making it the most significant percentage drop among all the Bloomberg Billionaires Index members during this period. Elon Musk's wealth gains extended into July as Tesla's shares climbed by 6.9 per cent on Monday in New York, contributing an additional $13 billion to his fortune. The ongoing success of Tesla, coupled with Musk's other ventures, has solidified his position as the world's wealthiest person and a prominent figure in the technology and space industries. (With Inputs from Bloomberg)

Billionaires' payday: $14 million per day! World's wealthiest ride market rally

Where taxes need to be paid, taxes need to be saved. Some forms of income attract lower taxes than others. Some income is tax-free. Some income is fully taxable. Other incomes fall between these two extremes. Tax planning is critical to save money and accomplishing your financial goals. It is crucial to plan your finances strategically to optimise tax savings and maximise your take-home income.

Tax planning also helps you to achieve your financial goals by reducing your tax liability and freeing up more money to invest. This can help you to build a stronger financial foundation and to build more assets for the future.

Old Vs. New Tax Regime

New tax regime is default tax regime whereas the older tax will be available to those who specifically opt for it. The new tax regime does not offer as many deductions and exemptions as the old tax regime. For most people under Rs. 7.5 lakh, it makes sense to opt for new tax regime and pay no tax.

Assess the Latest Tax Slabs and Rates

By knowing the applicable rates, you can structure your income and investments accordingly.

For example, the Finance Minister Nirmala Sitharaman announced in this year’s budget that under the new tax regime the rebate for income tax has been increased to Rs.7 lakh from the earlier limit of up to Rs.5 lakh. Other changes were also introduced under the tax slab for the new tax regime too. Apart from that surcharge rate on income of Rs.5 crore and above has been decreased from 37% to 25%. You must know the implementation of these changes on your income and tax liabilities.

Leverage Tax Deductions and Exemptions

Take full advantage of the available tax deductions and exemptions under the Income Tax Act. Consider popular deductions such as Section 80C (for investments in instruments like PPF, EPF, and tax-saving mutual funds), Section 80D (for health insurance premiums), and Section 24(b) (for home loan interest). Identify the maximum allowable limits and invest accordingly to optimise your tax savings.

Explore Tax-Saving Investments

Opt for tax-saving financial instruments such as the Public Provident Fund (PPF), Sukanya Samridhi Yojana (SSY), Senior Citizens Savings Scheme (SCSS), Life and Health Insurance, Tax Saving Mutual Funds etc. These investments not only offer tax benefits under Section 80C but also provide an opportunity for long-term wealth creation. Consider the lock-in periods, returns, and risks associated with each investment option to make informed decisions.

Consider Equity-Linked Savings Scheme (ELSS)

ELSS is a tax-saving mutual fund that offers the potential for capital appreciation along with tax benefits under Section 80C. By investing in ELSS, you can potentially save taxes and participate in the growth of the equity market. However, be mindful of the risks involved and consult with a financial advisor to align your investments with your risk appetite.

Avail Home Loan Benefits

If you have a home loan, ensure you utilize the tax benefits associated with it. Claim deductions on the principal amount (Section 80C) and interest paid (Section 24(b)). Additionally, if you are a first-time homebuyer, you may be eligible for an additional deduction under Section 80EEA. Analyse the tax implications and consult a tax professional to make the most of these provisions.

You can save Rs 1.5 lakh under Section 80C for the principal payment of your home loan, and on interest you can claim Rs 2 lakh under section 24B. Additional Rs 50,000 can be saved if the loan amount is Rs 35 lakh or less.

On stamp duty you can claim Rs 1.5 lakh under 80C and under 80EEA another Rs 1.5 lakh if the loan is taken between April 1 2019 to 31 March 2022.

Plan for Long-Term Capital Gains

When dealing with capital gains, be mindful of the holding periods to determine whether they are short-term or long-term. Long-term capital gains on equity investments may be taxed differently. Consider strategies such as tax harvesting or investing in tax-efficient mutual funds to minimise your tax liability.

Effective tax planning is essential for savings and increasing take-home income. By understanding the latest tax slabs, leveraging deductions, exploring tax-saving investments, and utilising home loan benefits, individuals can effectively save income tax and channel those savings towards their financial goals.

Adhil Shetty is the CEO of&nbsp;Bankbazaar.com

Where taxes need to be paid, taxes need to be saved. Some forms of income attract lower taxes than others. Some income is tax-free. Some income is fully taxable.

Where taxes need to be paid, taxes need to be saved. Some forms of income attract lower taxes than others. Some income is tax-free. Some income is fully taxable. Other incomes fall between these two extremes. Tax planning is critical to save money and accomplishing your financial goals. It is crucial to plan your finances strategically to optimise tax savings and maximise your take-home income. Tax planning also helps you to achieve your financial goals by reducing your tax liability and freeing up more money to invest. This can help you to build a stronger financial foundation and to build more assets for the future. Old Vs. New Tax Regime New tax regime is default tax regime whereas the older tax will be available to those who specifically opt for it. The new tax regime does not offer as many deductions and exemptions as the old tax regime. For most people under Rs. 7.5 lakh, it makes sense to opt for new tax regime and pay no tax. Assess the Latest Tax Slabs and Rates By knowing the applicable rates, you can structure your income and investments accordingly. For example, the Finance Minister Nirmala Sitharaman announced in this year’s budget that under the new tax regime the rebate for income tax has been increased to Rs.7 lakh from the earlier limit of up to Rs.5 lakh. Other changes were also introduced under the tax slab for the new tax regime too. Apart from that surcharge rate on income of Rs.5 crore and above has been decreased from 37% to 25%. You must know the implementation of these changes on your income and tax liabilities. Leverage Tax Deductions and Exemptions Take full advantage of the available tax deductions and exemptions under the Income Tax Act. Consider popular deductions such as Section 80C (for investments in instruments like PPF, EPF, and tax-saving mutual funds), Section 80D (for health insurance premiums), and Section 24(b) (for home loan interest). Identify the maximum allowable limits and invest accordingly to optimise your tax savings. Explore Tax-Saving Investments Opt for tax-saving financial instruments such as the Public Provident Fund (PPF), Sukanya Samridhi Yojana (SSY), Senior Citizens Savings Scheme (SCSS), Life and Health Insurance, Tax Saving Mutual Funds etc. These investments not only offer tax benefits under Section 80C but also provide an opportunity for long-term wealth creation. Consider the lock-in periods, returns, and risks associated with each investment option to make informed decisions. Consider Equity-Linked Savings Scheme (ELSS) ELSS is a tax-saving mutual fund that offers the potential for capital appreciation along with tax benefits under Section 80C. By investing in ELSS, you can potentially save taxes and participate in the growth of the equity market. However, be mindful of the risks involved and consult with a financial advisor to align your investments with your risk appetite. Avail Home Loan Benefits If you have a home loan, ensure you utilize the tax benefits associated with it. Claim deductions on the principal amount (Section 80C) and interest paid (Section 24(b)). Additionally, if you are a first-time homebuyer, you may be eligible for an additional deduction under Section 80EEA. Analyse the tax implications and consult a tax professional to make the most of these provisions. You can save Rs 1.5 lakh under Section 80C for the principal payment of your home loan, and on interest you can claim Rs 2 lakh under section 24B. Additional Rs 50,000 can be saved if the loan amount is Rs 35 lakh or less. On stamp duty you can claim Rs 1.5 lakh under 80C and under 80EEA another Rs 1.5 lakh if the loan is taken between April 1 2019 to 31 March 2022. Plan for Long-Term Capital Gains When dealing with capital gains, be mindful of the holding periods to determine whether they are short-term or long-term. Long-term capital gains on equity investments may be taxed differently. Consider strategies such as tax harvesting or investing in tax-efficient mutual funds to minimise your tax liability. Effective tax planning is essential for savings and increasing take-home income. By understanding the latest tax slabs, leveraging deductions, exploring tax-saving investments, and utilising home loan benefits, individuals can effectively save income tax and channel those savings towards their financial goals. Adhil Shetty is the CEO of Bankbazaar.com

It's tax time now: How to plan for a tension-free life

The Organisation of Oil Producing Countries or OPEC kept its production steady in June, a Bloomberg report said. According to the report, the 13-member OPEC on an average produced 28.57 million barrels a day, a modest rise of 80,000 barrels a day from May.&nbsp;

However, oil production in July is expected to decline as Saudi Arabia is expected to cut oil production by another 1 million barrels per day. The oil-rich kingdom&nbsp;is likely to continue with its additional oil cut in August too,&nbsp;media reports said.&nbsp;&nbsp;

It is not just the world's biggest oil producer that has decided to further cut oil production. Russia, another major oil producer, which has been under&nbsp;Western sanctions after the Ukraine war, has also promised to cut its oil exports by 500,000 barrels per day in August.

In April this year, OPEC+, which includes the OPEC countries and Russia, agreed to voluntarily cut their oil production from May onward. As per reports, the grouping had decided to cut oil production by 1.15 million barrels per day.&nbsp;

The oil producers' grouping has been cutting oil supply to lift up prices since November last year due to weaker Chinese demand and rising US supply. However, it been unable to move oil prices from the range of $70-$80 a barrel.

Initially, there were expectations that the output cut will add pressure on the global oil prices. However, oil prices have dipped about 12 percent in 2023. That is largely due to a lackluster post-pandemic recovery in China and fears of a global recession later this year.&nbsp;

While rising oil prices add&nbsp;to the inflationary pressure across the world, it is good news for top oil producers like Saudi Arabia. The West Asian kingdom is heavily dependent on oil to manage its government budget.&nbsp;

According to the International Monetary Fund, Saudi Arabia needs global oil prices to be over $80 in order to balance its yearly budget.&nbsp;

(With inputs from agencies)

The Organisation of Oil Producing Countries or OPEC kept its production steady in June, a Bloomberg report said. According to the report, the 13-member OPEC on an average produced 28.

The Organisation of Oil Producing Countries or OPEC kept its production steady in June, a Bloomberg report said. According to the report, the 13-member OPEC on an average produced 28.57 million barrels a day, a modest rise of 80,000 barrels a day from May. However, oil production in July is expected to decline as Saudi Arabia is expected to cut oil production by another 1 million barrels per day. The oil-rich kingdom is likely to continue with its additional oil cut in August too, media reports said. It is not just the world's biggest oil producer that has decided to further cut oil production. Russia, another major oil producer, which has been under Western sanctions after the Ukraine war, has also promised to cut its oil exports by 500,000 barrels per day in August. In April this year, OPEC+, which includes the OPEC countries and Russia, agreed to voluntarily cut their oil production from May onward. As per reports, the grouping had decided to cut oil production by 1.15 million barrels per day. The oil producers' grouping has been cutting oil supply to lift up prices since November last year due to weaker Chinese demand and rising US supply. However, it been unable to move oil prices from the range of $70-$80 a barrel. Initially, there were expectations that the output cut will add pressure on the global oil prices. However, oil prices have dipped about 12 percent in 2023. That is largely due to a lackluster post-pandemic recovery in China and fears of a global recession later this year. While rising oil prices add to the inflationary pressure across the world, it is good news for top oil producers like Saudi Arabia. The West Asian kingdom is heavily dependent on oil to manage its government budget. According to the International Monetary Fund, Saudi Arabia needs global oil prices to be over $80 in order to balance its yearly budget. (With inputs from agencies)

OPEC keeps June output steady ahead of anticipated dip in July oil production

Artificial intelligence (AI) and the risk of a recession are expected to be hot topics of discussion among financial professionals and investors during July 4 cookouts and similar gatherings, according to Markets live pulse survey by Bloomberg. The survey reveals that around 40 per cent of professional investors and 30 per cent of retail investors anticipate AI-related conversations to take place alongside burgers and beer. While AI's impact on the influx of funds into tech stocks is widely acknowledged, it is also seen as a disruptive force in the wealth management industry. Clients, especially younger investors, perceive AI as a useful tool rather than an adversary, emphasising the need for adaptability and embracing change.

AI's Disruption in Wealth Management

Bloomberg cited Financial planner Kassi Fetters of Artica Financial Services in Anchorage, Alaska, who notes that clients often initiate discussions about AI in relation to their financial matters. The wealth management industry is increasingly being influenced by AI-driven technologies, prompting professionals to embrace constant adaptation, learning, and change. The younger generation of investors sees AI as an additional tool to enhance financial decision-making rather than a threat.

Recession Concerns at July 4 Gatherings

The Bloomberg survey also highlights the possibility of recession discussions during July 4 festivities worldwide. However, approximately 48 per cent of retail investors and 39 per cent of professionals expressed a strong desire to avoid any conversation related to finances during family get-togethers, indicating a cautious approach to sensitive economic topics.

Increasing Savings Amid Job Cuts

The ongoing wave of job cuts within the financial industry has led to a higher percentage of professional investors than retail investors prioritising savings. The Bloomberg survey reveals that 54 per cent of professionals expect to save more in 2023 compared to the previous year, while 43 per cent of non-finance respondents share the same sentiment. Both professional and retail investors display similar strategies, with nearly a third of both groups preferring to invest in 'safe' assets such as savings accounts, certificates of deposit (CDs), and money market funds.

Growing Cash Reserves and Investment Approaches

Investors have already allocated significant amounts of cash to money market funds, with assets reaching $5.4 trillion as of June 28, compared to $4.5 trillion in the same period the previous year. The most popular investment approach among professionals (48 per cent) and retail investors (53 per cent) is a balanced 60/40 portfolio, splitting funds between safe assets and riskier options like stocks and alternatives. Furthermore, 56 per cent of professionals and 58 per cent of retail investors anticipate their investment portfolios to outpace inflation this year, with expectations centered around actual, inflation-adjusted returns from stocks.

Diverse Investment Strategies and Focus on Mental Health

Among the comments provided by survey respondents cited by Bloomberg, gold and profits from options trading received multiple mentions. However, one participant highlighted the returns gained from 'contentment' as a means to surpass inflation. While some investors are adopting defensive measures by curbing everyday expenses in preparation for a potential recession, others are patiently waiting in treasuries to seize opportunities in distressed real estate or keeping a cash reserve for opportunistic deployments. Interestingly, one respondent focused on personal well-being, emphasising the importance of mental health and resilience, which AI-driven applications in the future could support

(With Inputs from Bloomberg)

Artificial intelligence (AI) and the risk of a recession are expected to be hot topics of discussion among financial professionals and investors during July 4 cookouts and similar gatherings, according to Markets live pulse survey by Bloomberg.

Artificial intelligence (AI) and the risk of a recession are expected to be hot topics of discussion among financial professionals and investors during July 4 cookouts and similar gatherings, according to Markets live pulse survey by Bloomberg. The survey reveals that around 40 per cent of professional investors and 30 per cent of retail investors anticipate AI-related conversations to take place alongside burgers and beer. While AI's impact on the influx of funds into tech stocks is widely acknowledged, it is also seen as a disruptive force in the wealth management industry. Clients, especially younger investors, perceive AI as a useful tool rather than an adversary, emphasising the need for adaptability and embracing change. AI's Disruption in Wealth Management Bloomberg cited Financial planner Kassi Fetters of Artica Financial Services in Anchorage, Alaska, who notes that clients often initiate discussions about AI in relation to their financial matters. The wealth management industry is increasingly being influenced by AI-driven technologies, prompting professionals to embrace constant adaptation, learning, and change. The younger generation of investors sees AI as an additional tool to enhance financial decision-making rather than a threat. Recession Concerns at July 4 Gatherings The Bloomberg survey also highlights the possibility of recession discussions during July 4 festivities worldwide. However, approximately 48 per cent of retail investors and 39 per cent of professionals expressed a strong desire to avoid any conversation related to finances during family get-togethers, indicating a cautious approach to sensitive economic topics. Increasing Savings Amid Job Cuts The ongoing wave of job cuts within the financial industry has led to a higher percentage of professional investors than retail investors prioritising savings. The Bloomberg survey reveals that 54 per cent of professionals expect to save more in 2023 compared to the previous year, while 43 per cent of non-finance respondents share the same sentiment. Both professional and retail investors display similar strategies, with nearly a third of both groups preferring to invest in 'safe' assets such as savings accounts, certificates of deposit (CDs), and money market funds. Growing Cash Reserves and Investment Approaches Investors have already allocated significant amounts of cash to money market funds, with assets reaching $5.4 trillion as of June 28, compared to $4.5 trillion in the same period the previous year. The most popular investment approach among professionals (48 per cent) and retail investors (53 per cent) is a balanced 60/40 portfolio, splitting funds between safe assets and riskier options like stocks and alternatives. Furthermore, 56 per cent of professionals and 58 per cent of retail investors anticipate their investment portfolios to outpace inflation this year, with expectations centered around actual, inflation-adjusted returns from stocks. Diverse Investment Strategies and Focus on Mental Health Among the comments provided by survey respondents cited by Bloomberg, gold and profits from options trading received multiple mentions. However, one participant highlighted the returns gained from 'contentment' as a means to surpass inflation. While some investors are adopting defensive measures by curbing everyday expenses in preparation for a potential recession, others are patiently waiting in treasuries to seize opportunities in distressed real estate or keeping a cash reserve for opportunistic deployments. Interestingly, one respondent focused on personal well-being, emphasising the importance of mental health and resilience, which AI-driven applications in the future could support (With Inputs from Bloomberg)

Burgers, Beer, and Brainy Bots: AI Takes Center Stage at July 4 Cookouts with Financial Pros

Billionaire Elon Musk-owned Tesla Inc saw bumper sales of electric vehicles in the second quarter of 2023, a Reuters report said on Sunday.

EV maker said it sold 466,140 vehicles in the April to June period. This was 10 percent higher from the first quarter and a whopping 83 percent higher than last year.&nbsp;

Price cuts and US federal credits reportedly helped the EV maker to post better-than-anticipated sales in the second quarter.&nbsp;

Tesla's total sales also beat analyst estimates by a narrow margin. According to a Reuters poll of analysts, Tesla was expected to sell around 445,000 EVs in the second quarter of 2023.&nbsp;

Tesla, the world's most valuable automaker, produced 13,560 more electric vehicles than it delivered in the April-June quarter. Moreover, the gap between production and total sale has narrowed from 17,933 in the first quarter.

In what will be music to the ears of Musk, Tesla is likely to post record sales in China, its second-largest market after the United States. This is despite some tough competition from China's market leader BYD.

A major reason for the boost in China sales could be attributed to the price cut since last year, which was a part of Musk's plan to prioritise sales over profits.&nbsp;

"The price cuts was a smart poker move for Tesla and paying major dividends in the field, especially for the China market," Dan Ives, an analyst at Wedbush Securities, was quoted by Reuters as saying.&nbsp;

The world's most-valuable carmaker also increased discounts across all of its car models, while making all of its Model 3s eligible for full US federal credits of $7,500.&nbsp;

The US Department of Treasury&nbsp;had announced tax credits on electric vehicles in order to incentivise the automobile industry to develop the EV&nbsp;infrastructure in the United States.&nbsp;

Meanwhile, the electric vehicle pioneer is quickly making a mark in the fast-charging space. Iconic automobile companies like Ford Motor and General Motors, as well as several charger&nbsp;makers have announced that they will be adopting the carmaker's North American Charging Standard (NACS).

(With inputs from agencies)

Billionaire Elon Musk-owned Tesla Inc saw bumper sales of electric vehicles in the second quarter of 2023, a Reuters report said on Sunday. EV maker said it sold 466,140 vehicles in the April to June period.

Billionaire Elon Musk-owned Tesla Inc saw bumper sales of electric vehicles in the second quarter of 2023, a Reuters report said on Sunday. EV maker said it sold 466,140 vehicles in the April to June period. This was 10 percent higher from the first quarter and a whopping 83 percent higher than last year. Price cuts and US federal credits reportedly helped the EV maker to post better-than-anticipated sales in the second quarter. Tesla's total sales also beat analyst estimates by a narrow margin. According to a Reuters poll of analysts, Tesla was expected to sell around 445,000 EVs in the second quarter of 2023. Tesla, the world's most valuable automaker, produced 13,560 more electric vehicles than it delivered in the April-June quarter. Moreover, the gap between production and total sale has narrowed from 17,933 in the first quarter. In what will be music to the ears of Musk, Tesla is likely to post record sales in China, its second-largest market after the United States. This is despite some tough competition from China's market leader BYD. A major reason for the boost in China sales could be attributed to the price cut since last year, which was a part of Musk's plan to prioritise sales over profits. "The price cuts was a smart poker move for Tesla and paying major dividends in the field, especially for the China market," Dan Ives, an analyst at Wedbush Securities, was quoted by Reuters as saying. The world's most-valuable carmaker also increased discounts across all of its car models, while making all of its Model 3s eligible for full US federal credits of $7,500. The US Department of Treasury had announced tax credits on electric vehicles in order to incentivise the automobile industry to develop the EV infrastructure in the United States. Meanwhile, the electric vehicle pioneer is quickly making a mark in the fast-charging space. Iconic automobile companies like Ford Motor and General Motors, as well as several charger makers have announced that they will be adopting the carmaker's North American Charging Standard (NACS). (With inputs from agencies)

EV maker Tesla beats second-quarter delivery estimates as price cuts pay off

In a groundbreaking development, Nokia and Apple have just signed a game-changing patent deal. The deal encompasses various areas, including the crucial 5g technology, where Nokia has declared over 5,500 patents as essential. By leveraging Nokia's robust patent portfolio, Apple aims to push the boundaries of innovation and enhance its offerings in the rapidly expanding world of technology.

Nokia renews patent license agreement with Apple

Weeks after UBS took over its swiss rival Credit Suisse, the Swiss banking giant has opposed an initial public offering for Credit Suisse's domestic unit. A swiss media report cited UBS CEO Sergio Ermotti as saying that such a move may strengthen UBS' international competitors.

UBS opposes listing Credit Suisse's Swiss operations

Will the world see a detente between the US and China? That will be the question in everyone's mind when US Treasury Secretary Janet Yellen visits Beijing later this week. Yellen will be the second top US Official after Antony Blinken to visit china. This comes at a time when the two countries are locked in a number of bilateral tensions and highlights the Biden administration's bid to cool ties with the Asian giant.

Janet Yellen to visit China between July 6 and 9

EV maker Tesla's ambition to make its charging technology a standard across the US. Has hit a roadblock in the US State of Texas. A report accessed by Reuters shows several EV charger makers opposed to Texas' plan seeking them to include tesla's charging technology as well as the combined charging standard (CCS) technology to electrify highways in the US State. These EV charging companies have called the plan "premature".

EV charger firms oppose Texas plan for Tesla chargers

The succession of the Open Society Foundations previously controlled by controversial billionaire businessman George Soros to his son Alexander Soros has had a downsizing effect on the company, quite literally.

The New York headquartered 'Non-Governmental Organisation' is preparing to downsize its workforce by at least 40 per cent, it has emerged.

The announcement of these layoffs was made jointly by Alexander Soros and the foundation's president, Mark Malloch-Brown, as they revealed&nbsp;plans for significant changes in the organisation's operating model.

Also read |&nbsp;<a href="https://www.wionews.com/world/us-billionaire-george-soros-hands-over-25-billion-empire-to-younger-son-alex-603256">US billionaire George Soros hands over $25 billion empire to younger son Alex</a>

According to the statement, the Board aims to revamp operations across the world to create a more responsive organisation capable of addressing 'pressing challenges'.

At present, the Open Society Foundations employs approximately 800 staff members worldwide.

A spokesperson for the foundation said in a statement the new vision required making difficult decisions and that they intend to reduce the headcount by at least 40 per cent globally.

With a net worth of about $8.5 billion, George Soros is the founder of the Open Society Foundations, which supports civil society groups worldwide in their purported efforts to promote freedom and democracy.

<h2>Succession at the Open Society Foundation</h2>

In June, George Soros appointed his son Alexander,&nbsp;as the organisation's new chairperson.

In an interview with the Wall Street Journal, Alexander had said that he and his father held similar views on politics.&nbsp;

Also watch |&nbsp;Gravitas Plus: Who is George Soros? Why is he attacking India?

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Since taking over as chairperson of the organisation, Alexander Soros has been active in engaging with leaders and officials worldwide. Reports point out that he recently held meetings with leaders such as Brazil's President Luiz Inácio Lula da Silva and Canada's Prime Minister Justin Trudeau.&nbsp;

<h2>George Soros' criticism of Narendra Modi</h2>

Soros has been critical of India's Prime Minister Narendra Modi, deeming him to be a 'threat' to democracy.

In response, India's ruling party Bharatiya Janata Party has accused Soros of trying to interfere in India's democratic processes.

Smriti Irani, a minister in Prime Minister Narendra Modi's government accused Opposition leader Rahul Gandhi of having associations with individuals financially supported by Soros, who she said seek to destabilise India's democratically elected government.

WATCH WION LIVE HERE

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The succession of the Open Society Foundations previously controlled by controversial billionaire businessman George Soros to his son Alexander Soros has had a downsizing effect on the company, quite literally.

The succession of the Open Society Foundations previously controlled by controversial billionaire businessman George Soros to his son Alexander Soros has had a downsizing effect on the company, quite literally. The New York headquartered 'Non-Governmental Organisation' is preparing to downsize its workforce by at least 40 per cent, it has emerged. The announcement of these layoffs was made jointly by Alexander Soros and the foundation's president, Mark Malloch-Brown, as they revealed plans for significant changes in the organisation's operating model. Also read | US billionaire George Soros hands over $25 billion empire to younger son Alex According to the statement, the Board aims to revamp operations across the world to create a more responsive organisation capable of addressing 'pressing challenges'. At present, the Open Society Foundations employs approximately 800 staff members worldwide. A spokesperson for the foundation said in a statement the new vision required making difficult decisions and that they intend to reduce the headcount by at least 40 per cent globally. With a net worth of about $8.5 billion, George Soros is the founder of the Open Society Foundations, which supports civil society groups worldwide in their purported efforts to promote freedom and democracy. Succession at the Open Society Foundation In June, George Soros appointed his son Alexander, as the organisation's new chairperson. In an interview with the Wall Street Journal, Alexander had said that he and his father held similar views on politics. Also watch | Gravitas Plus: Who is George Soros? Why is he attacking India? × Since taking over as chairperson of the organisation, Alexander Soros has been active in engaging with leaders and officials worldwide. Reports point out that he recently held meetings with leaders such as Brazil's President Luiz Inácio Lula da Silva and Canada's Prime Minister Justin Trudeau. George Soros' criticism of Narendra Modi Soros has been critical of India's Prime Minister Narendra Modi, deeming him to be a 'threat' to democracy. In response, India's ruling party Bharatiya Janata Party has accused Soros of trying to interfere in India's democratic processes. Smriti Irani, a minister in Prime Minister Narendra Modi's government accused Opposition leader Rahul Gandhi of having associations with individuals financially supported by Soros, who she said seek to destabilise India's democratically elected government. WATCH WION LIVE HERE

Hundreds to lose jobs at George Soros' foundation after son's takeover

Pakistan's benchmark&nbsp;KSE-100 Index kicked off the week on a high note, gaining a solid 5.8 percent during Monday's trading session. The positive momentum was so strong that trading had to be briefly halted after the index hit its upper circuit limit.

Pakistan recently receiving a much-needed $3 billion short-term financial package from the International Monetary Fund played a big role in Monday's stock rally.&nbsp;

This funding comes as a huge relief for Pakistan, which has been teetering on the brink of default. The cash-strapped country&nbsp;has been grappling with sky-high inflation and dangerously low foreign exchange reserves. Without this bailout, the country&nbsp;could have potentially defaulted on its debt.

Nevertheless, the economy is far from safe.&nbsp;The new fiscal, which began on July 1, will be difficult for Pakistan The country has $23 billion worth of external debt obligation&nbsp;that needs to be re-paid by June 2024. This is six times the total foreign exchange reserves Pakistan has currently.&nbsp;

“This IMF arrangement provides some comfort to investors over Pakistan’s ability to overcome short term external repayments,” Bloomberg quoted Ruchir Desai, fund manager at Asia Frontier Capital Ltd, as saying. Desai added that the Pakistani stock market would do "pretty well” in the next few weeks.&nbsp;

Prime Minister Shehbaz Sharif too expressed optimism after sealing the deal&nbsp;over the weekend. He stated&nbsp;that the loan agreement will put Pakistan on the "path of sustainable economic growth".&nbsp;

Interestingly, inexpensive valuations, owing to the negative headlines garnered by the country over the past one year, are also helping the stock market. As per Bloomberg, the KSE-100 Index of the Karachi Stock Exchange has become the world’s cheapest equity benchmark.

The positive impact of the IMF bailout could also be reflected in Pakistan's sovereign dollar bonds, which are trading higher following the announcement. The 2024 bond, in particular, has seen significant gains, up by over 8 cents at just above 70 cents on the dollar.

Pakistan's benchmark KSE-100 Index kicked off the week on a high note, gaining a solid 5.8 percent during Monday's trading session. The positive momentum was so strong that trading had to be briefly halted after the index hit its upper circuit limit.

Pakistan's benchmark KSE-100 Index kicked off the week on a high note, gaining a solid 5.8 percent during Monday's trading session. The positive momentum was so strong that trading had to be briefly halted after the index hit its upper circuit limit. Pakistan recently receiving a much-needed $3 billion short-term financial package from the International Monetary Fund played a big role in Monday's stock rally. This funding comes as a huge relief for Pakistan, which has been teetering on the brink of default. The cash-strapped country has been grappling with sky-high inflation and dangerously low foreign exchange reserves. Without this bailout, the country could have potentially defaulted on its debt. Nevertheless, the economy is far from safe. The new fiscal, which began on July 1, will be difficult for Pakistan The country has $23 billion worth of external debt obligation that needs to be re-paid by June 2024. This is six times the total foreign exchange reserves Pakistan has currently. “This IMF arrangement provides some comfort to investors over Pakistan’s ability to overcome short term external repayments,” Bloomberg quoted Ruchir Desai, fund manager at Asia Frontier Capital Ltd, as saying. Desai added that the Pakistani stock market would do "pretty well” in the next few weeks. Prime Minister Shehbaz Sharif too expressed optimism after sealing the deal over the weekend. He stated that the loan agreement will put Pakistan on the "path of sustainable economic growth". Interestingly, inexpensive valuations, owing to the negative headlines garnered by the country over the past one year, are also helping the stock market. As per Bloomberg, the KSE-100 Index of the Karachi Stock Exchange has become the world’s cheapest equity benchmark. The positive impact of the IMF bailout could also be reflected in Pakistan's sovereign dollar bonds, which are trading higher following the announcement. The 2024 bond, in particular, has seen significant gains, up by over 8 cents at just above 70 cents on the dollar.

Pakistan stock market surges 5.8% after $3 billion IMF deal

Facilitate Corp, an Australian project management firm, has filed a lawsuit against Twitter seeking cumulative payments of around $665,000 over an alleged non-payment of bills of work done in four countries.

Facilitate Corp, an Australian project management firm, has filed a lawsuit against Twitter seeking cumulative payments of around $665,000 over an alleged non-payment of bills of work done in four countries. According to a report by the news agency Reuters on Monday (July 3), Facilitate filed the lawsuit in the United States District Court for the Northern District of California on June 29, claiming breach of contract over Twitter's failure to pay its invoices. Facilitate said that from 2022 through early 2023, it had installed sensors in Twitter's offices in London and Dublin, completed an office fit-out in Singapore, and cleared an office in Sydney. Money Twitter owes to Facilitate The Australian firm said that for these works, Twitter owed the company about 203,000 pounds, S$546,600, and A$61,300, respectively. Facilitate also said it was seeking compensatory damages in an amount to be determined at trial, legal costs and interest at the maximum legal rate. Twitter has not filed a defence yet. Facilitate's lawsuit is the latest alleging non-payment of bills and rent against Twitter since Elon Musk took over the social media giant. In May, a former public relations firm filed a suit in a New York court saying that Twitter had not paid its bills. And earlier this year, advisory firm Innisfree M&A Inc sued Twitter seeking $1.9 million for what it said were unpaid bills after it advised the social media giant on its acquisition by Musk. Twitter applies temporary reading limits Meanwhile, Twitter has applied temporary reading limits to address "extreme levels" of data scraping and system manipulation, Elon Musk said last Saturday. Musk tweeted that verified accounts are temporarily limited to reading 6,000 posts a day, adding that the unverified accounts and new unverified accounts are limited to reading 600 posts a day and 300 posts per day, respectively. The above move comes a day after Twitter announced that it would require users to have an account on the social media platform to view tweets. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Australian firm sues Twitter over non-payment of services in four countries

In a shocking turn of events, PwC Australia has taken decisive action following the leak of a confidential government tax plan by a former partner.

In a statement released on Monday, the 'Big 4'accounting firm announced the termination of eight partners, including its former chief executive, after an internal investigation revealed numerous instances of "misuse of confidential information", which clearly violated professional standards.

Furthermore, the investigation&nbsp;exposed a significant "failure of leadership and governance" within the organisation to address these breaches promptly.&nbsp;

Acting CEO Kristin Stubbins emphasised the importance of accountability in improving the accounting firm's culture.

"Based on our investigation to date, it is clear that the conduct of a number of partners fell short of what was expected of them. They are now being held accountable for their misconduct," Reuters quoted Stubbins as saying. &nbsp;

PwC Australia was under fire when a former partner, who had been advising the Australian government on new tax laws, had shared confidential drafts with colleagues. These new tax laws, which dealt with corporate tax avoidance, were used to drum up business around the world. This led to several questions being raised on the unethical business practices in the accounting firm.&nbsp;

The company singled out three partners for failing to meet their professional responsibilities, while the remaining five, including the head of the financial services division, were removed due to their inability to prevent or hold others accountable for these actions.

"This enabled poor behaviours to persist with no accountability. These behaviours are not, and never have been, acceptable under PwC’s standards," said the statement from PwC.

While the investigation is still ongoing in certain areas, the acting CEO has assured that severe consequences await those involved in wrongdoing.

(With inputs from Reuters)&nbsp;

In a shocking turn of events, PwC Australia has taken decisive action following the leak of a confidential government tax plan by a former partner. In a statement released on Monday, the 'Big 4'accounting firm announced the termination of eight partners, including its former chief executive, after an internal investigation revealed numerous instances of "misuse of confidential information", which clearly violated professional standards.

In a shocking turn of events, PwC Australia has taken decisive action following the leak of a confidential government tax plan by a former partner. In a statement released on Monday, the 'Big 4'accounting firm announced the termination of eight partners, including its former chief executive, after an internal investigation revealed numerous instances of "misuse of confidential information", which clearly violated professional standards. Furthermore, the investigation exposed a significant "failure of leadership and governance" within the organisation to address these breaches promptly. Acting CEO Kristin Stubbins emphasised the importance of accountability in improving the accounting firm's culture. "Based on our investigation to date, it is clear that the conduct of a number of partners fell short of what was expected of them. They are now being held accountable for their misconduct," Reuters quoted Stubbins as saying. PwC Australia was under fire when a former partner, who had been advising the Australian government on new tax laws, had shared confidential drafts with colleagues. These new tax laws, which dealt with corporate tax avoidance, were used to drum up business around the world. This led to several questions being raised on the unethical business practices in the accounting firm. The company singled out three partners for failing to meet their professional responsibilities, while the remaining five, including the head of the financial services division, were removed due to their inability to prevent or hold others accountable for these actions. "This enabled poor behaviours to persist with no accountability. These behaviours are not, and never have been, acceptable under PwC’s standards," said the statement from PwC. While the investigation is still ongoing in certain areas, the acting CEO has assured that severe consequences await those involved in wrongdoing. (With inputs from Reuters)

PwC Australia sacks eight partners over tax leak scandal

Benchmark equity indices in India continued their remarkable rally, with the BSE Sensex surging past the 65,000 mark for the first time ever on Monday. The surge was driven by bullish global market trends and foreign fund inflows, resulting in the fourth consecutive day of gains. The NSE Nifty also achieved a significant milestone, reaching its lifetime high of 19,318 points. The strong performance of key stocks fueled the market rally, while certain sectors experienced minor setbacks.

Market Performance

The 30-share BSE Sensex soared by 449.46 points, reaching an all-time peak of 65,168.02 during early trading hours. Likewise, the NSE Nifty climbed 128.95 points, achieving its lifetime high of 19,318. Notable gainers in the Sensex pack included HDFC, HDFC Bank, Mahindra &amp; Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv, and ICICI Bank. Conversely, Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies, and Axis Bank were among the laggards.

Global Market Trends

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong witnessed positive trading sessions, aligning with the overall bullish sentiment. Additionally, the U.S. markets closed significantly higher on June 30, further contributing to the positive global market trends.

Oil Prices and Foreign Fund Inflows

Global oil benchmark Brent crude experienced a marginal decline of 0.01 per cent, settling at $75.41 per barrel. Foreign Institutional Investors (FIIs) displayed a strong interest in the Indian equity market, purchasing equities worth ₹6,397.13 crores on June 30, according to exchange data. The sustained flow of foreign funds has been identified as a key driver behind the ongoing rally in the Indian market, with June witnessing inflows of ₹47,148 crores.

GST Collections

The Finance Ministry announced that Goods and Services Tax (GST) collections exceeded the ₹1.60 lakh crore mark for the fourth time since the introduction of the indirect tax regime. In June, GST collections rose by 12 per cent, surpassing ₹1.61 lakh crore. This increase reflects positive economic activity and further supports the bullish market sentiment.

Market Analysis

The Indian Express cited V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, who explained that the ongoing rally in global stock markets could be primarily attributed to the unexpected strength of the U.S. economy, which achieved a 2 per cent GDP growth in Q1 2023. Despite the Federal Reserve implementing a significant 500 basis points rate hike, the U.S. economy has outperformed expectations. Global markets, which had previously anticipated a U.S. recession by mid-2023, are now adjusting their projections to compensate for the overly pessimistic outlook in 2022.

Vijayakumar further emphasized that sustained foreign portfolio investments (FPI) inflows, amounting to ₹47,148 crores in June, remain a key driver of the Indian market rally. The positive investor sentiment indicates growing confidence in the Indian economy and its potential for further growth.

(With Inputs from Agencies)

Benchmark equity indices in India continued their remarkable rally, with the BSE Sensex surging past the 65,000 mark for the first time ever on Monday. The surge was driven by bullish global market trends and foreign fund inflows, resulting in the fourth consecutive day of gains.

Benchmark equity indices in India continued their remarkable rally, with the BSE Sensex surging past the 65,000 mark for the first time ever on Monday. The surge was driven by bullish global market trends and foreign fund inflows, resulting in the fourth consecutive day of gains. The NSE Nifty also achieved a significant milestone, reaching its lifetime high of 19,318 points. The strong performance of key stocks fueled the market rally, while certain sectors experienced minor setbacks. Market Performance The 30-share BSE Sensex soared by 449.46 points, reaching an all-time peak of 65,168.02 during early trading hours. Likewise, the NSE Nifty climbed 128.95 points, achieving its lifetime high of 19,318. Notable gainers in the Sensex pack included HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv, and ICICI Bank. Conversely, Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies, and Axis Bank were among the laggards. Global Market Trends In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong witnessed positive trading sessions, aligning with the overall bullish sentiment. Additionally, the U.S. markets closed significantly higher on June 30, further contributing to the positive global market trends. Oil Prices and Foreign Fund Inflows Global oil benchmark Brent crude experienced a marginal decline of 0.01 per cent, settling at $75.41 per barrel. Foreign Institutional Investors (FIIs) displayed a strong interest in the Indian equity market, purchasing equities worth ₹6,397.13 crores on June 30, according to exchange data. The sustained flow of foreign funds has been identified as a key driver behind the ongoing rally in the Indian market, with June witnessing inflows of ₹47,148 crores. GST Collections The Finance Ministry announced that Goods and Services Tax (GST) collections exceeded the ₹1.60 lakh crore mark for the fourth time since the introduction of the indirect tax regime. In June, GST collections rose by 12 per cent, surpassing ₹1.61 lakh crore. This increase reflects positive economic activity and further supports the bullish market sentiment. Market Analysis The Indian Express cited V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, who explained that the ongoing rally in global stock markets could be primarily attributed to the unexpected strength of the U.S. economy, which achieved a 2 per cent GDP growth in Q1 2023. Despite the Federal Reserve implementing a significant 500 basis points rate hike, the U.S. economy has outperformed expectations. Global markets, which had previously anticipated a U.S. recession by mid-2023, are now adjusting their projections to compensate for the overly pessimistic outlook in 2022. Vijayakumar further emphasized that sustained foreign portfolio investments (FPI) inflows, amounting to ₹47,148 crores in June, remain a key driver of the Indian market rally. The positive investor sentiment indicates growing confidence in the Indian economy and its potential for further growth. (With Inputs from Agencies)

India’s Sensex skyrockets to new heights: Breaches 65,000 mark, investors rejoice

Telstra, one of Australia's leading telecommunications companies, announced a groundbreaking partnership on Monday with Starlink, owned by SpaceX CEO Elon Musk, to provide broadband and voice services via satellite to residents in rural and remote areas, Reuters reported. This collaboration is expected to offer an alternative to the limited internet options currently available to these communities. While specific pricing details have not been disclosed, Telstra has stated that it plans to deliver bundled home phone services along with Starlink broadband, making it a world-first offering. The company also intends to provide local tech support and optional installation services as part of this partnership. The service is expected to be available as early as December 2023.

Starlink: A Game-Changing Satellite Broadband Solution

Starlink, known for its innovative use of thousands of satellites orbiting Earth, is one of the few alternatives to Australia's National Broadband Network (NBN). Unlike the NBN's satellite service, Starlink's satellites operate in a low Earth orbit of approximately 550km, enabling significantly lower latency. In contrast, the NBN's Sky Muster satellites are positioned over 36,000km away, resulting in higher latency due to the longer data transfer distances. This latency issue poses challenges for activities such as voice and video calls.

Cost and Speeds

While the hardware cost for Starlink can be initially steep, with regular pricing at AU$924, rural Australians can access it at a discounted price of AU$199, while other residents can acquire it for AU$599, as per Tech Radar. Starlink currently offers a single residential plan priced at AU$139 per month. Data from Q3 and Q4 2022 indicate that Starlink's median download speed in Australia was 106Mbps, which is highly competitive.

Impact on Existing Services

The decline of 10,000 users in the past year reported by the Australian Financial Review suggests that some former Sky Muster satellite customers have likely transitioned to wireless broadband plans like NBN fixed wireless or other satellite services such as Starlink. The newly formed partnership between Telstra and Starlink raises concerns for the NBN's Sky Muster service, as the recognizable Telstra brand may attract customers away from the government-owned satellite network.

Telstra's Perspective

When asked about the possibility of partnering with the government-owned Sky Muster, Telstra stated that it had explored offering Sky Muster services on multiple occasions. However, the company concluded that there were better solutions than Sky Muster's services to meet its customers' needs. Telstra expressed excitement in offering Starlink-based services and NBN fixed wireless services to provide high-speed and reliable connectivity solutions to customers residing in rural and remote areas.

Starlink's Expansion to Rural India

In addition to its efforts in Australia, Starlink also aims to provide broadband services in rural areas of India. By leveraging its satellite constellation, Starlink seeks to bridge the digital divide and offer high-speed internet access to underserved regions in the country. This initiative can potentially revolutionize connectivity in rural India, opening up opportunities for education, commerce, and communication. Though this expansion faces a roadblock from Mukesh Ambani's Reliance Jio regarding the issue of auctions vs licensing, the rural broadband landscape is expected to undergo a major transformation in times to come.

 
(With Inputs from Agencies)

Telstra, one of Australia's leading telecommunications companies, announced a groundbreaking partnership on Monday with Starlink, owned by SpaceX CEO Elon Musk, to provide broadband and voice services via satellite to residents in rural and remote areas, Reuters reported.

Telstra, one of Australia's leading telecommunications companies, announced a groundbreaking partnership on Monday with Starlink, owned by SpaceX CEO Elon Musk, to provide broadband and voice services via satellite to residents in rural and remote areas, Reuters reported. This collaboration is expected to offer an alternative to the limited internet options currently available to these communities. While specific pricing details have not been disclosed, Telstra has stated that it plans to deliver bundled home phone services along with Starlink broadband, making it a world-first offering. The company also intends to provide local tech support and optional installation services as part of this partnership. The service is expected to be available as early as December 2023. Starlink: A Game-Changing Satellite Broadband Solution Starlink, known for its innovative use of thousands of satellites orbiting Earth, is one of the few alternatives to Australia's National Broadband Network (NBN). Unlike the NBN's satellite service, Starlink's satellites operate in a low Earth orbit of approximately 550km, enabling significantly lower latency. In contrast, the NBN's Sky Muster satellites are positioned over 36,000km away, resulting in higher latency due to the longer data transfer distances. This latency issue poses challenges for activities such as voice and video calls. Cost and Speeds While the hardware cost for Starlink can be initially steep, with regular pricing at AU$924, rural Australians can access it at a discounted price of AU$199, while other residents can acquire it for AU$599, as per Tech Radar. Starlink currently offers a single residential plan priced at AU$139 per month. Data from Q3 and Q4 2022 indicate that Starlink's median download speed in Australia was 106Mbps, which is highly competitive. Impact on Existing Services The decline of 10,000 users in the past year reported by the Australian Financial Review suggests that some former Sky Muster satellite customers have likely transitioned to wireless broadband plans like NBN fixed wireless or other satellite services such as Starlink. The newly formed partnership between Telstra and Starlink raises concerns for the NBN's Sky Muster service, as the recognizable Telstra brand may attract customers away from the government-owned satellite network. Telstra's Perspective When asked about the possibility of partnering with the government-owned Sky Muster, Telstra stated that it had explored offering Sky Muster services on multiple occasions. However, the company concluded that there were better solutions than Sky Muster's services to meet its customers' needs. Telstra expressed excitement in offering Starlink-based services and NBN fixed wireless services to provide high-speed and reliable connectivity solutions to customers residing in rural and remote areas. Starlink's Expansion to Rural India In addition to its efforts in Australia, Starlink also aims to provide broadband services in rural areas of India. By leveraging its satellite constellation, Starlink seeks to bridge the digital divide and offer high-speed internet access to underserved regions in the country. This initiative can potentially revolutionize connectivity in rural India, opening up opportunities for education, commerce, and communication. Though this expansion faces a roadblock from Mukesh Ambani's Reliance Jio regarding the issue of auctions vs licensing, the rural broadband landscape is expected to undergo a major transformation in times to come. (With Inputs from Agencies)

Telstra's game-changing deal: Starlink Broadband and voice services touch down in rural Australia

Embattled Indian ed-tech company Byju's has started talks with some of its lenders to restructure its $1.2 billion term loan, sources told Bloomberg.&nbsp;

The latest development comes amid allegations that India's most-valued startup had breached certain terms of its debt agreement. However, Bloomberg quoting unnamed sources said that Byju's and lenders want a swift resolution in order to not escalate the legal matter.&nbsp;

According to the Bloomberg report, the lenders have sought debt pay down, coupon boost and better investor protections on the billion-dollar loan. Byju's is expected to review the new proposal and reply by early next week, the report added.&nbsp;

For the uninitiated, Byju's troubles with the $1.2 billion loan began when late last year, when it failed to make an immediate payment after filing its audited results for March 2022 by September - a breach of the loan agreement.&nbsp;

Byju's has been mirred in several financial problems, including several failed rounds of restructuring its term loan, which it secured in November 2021 from overseas market.&nbsp;

In a bizarre turn of events, the ed-tech firm chose to miss an interest payment of $40 million on its term loan in June, and instead filed a suit against its lenders, including Redwood, for 'predatory tactics'.&nbsp;

Byju's growing list of troubles

It is not just the billion-dollar term loan which has been bothering the startup, which was valued at a whopping $22 billion in 2022. The company has been struggling to make a profit but has seen its losses widening every year.&nbsp;

The edtech startup recorded a loss of $550.5 million in September for the fiscal year 2021, while revenue fell 3 percent.&nbsp;

In a bid to cut costs and become profitable, the company has also conducted three rounds of layoffs since last year. The mass layoffs have impacted over 4,500 employees across various verticals in the company.&nbsp;

Moreover, the company has not been filing its financial reports at regular intervals, leading to its auditor Deloitte resigning. The company has not yet submitted its audit report for the fiscal year 2022.&nbsp;

Byju's loan troubles and financial losses&nbsp;have forced foreign investors to&nbsp;cut down Byju's sky-high valuation. Blackrock, one of the investors in Byju's, holding about a percentage of equity, cut the ed-tech's valuation to $8.3 billion in May this year.&nbsp;

In June, Prosus NV, a Dutch tech investor, cut Byju's valuation to $5.1 billion, a fall of over 75 percent from the $22 billion valuation last year.

Prosus cut the value of its 9.6 percent stake in Byju’s to around $493 million in the financial year ended March 31, Reuters reported.&nbsp;

 
(With inputs from agencies)&nbsp;

Embattled Indian ed-tech company Byju's has started talks with some of its lenders to restructure its $1.2 billion term loan, sources told Bloomberg. The latest development comes amid allegations that India's most-valued startup had breached certain terms of its debt agreement.

Embattled Indian ed-tech company Byju's has started talks with some of its lenders to restructure its $1.2 billion term loan, sources told Bloomberg. The latest development comes amid allegations that India's most-valued startup had breached certain terms of its debt agreement. However, Bloomberg quoting unnamed sources said that Byju's and lenders want a swift resolution in order to not escalate the legal matter. According to the Bloomberg report, the lenders have sought debt pay down, coupon boost and better investor protections on the billion-dollar loan. Byju's is expected to review the new proposal and reply by early next week, the report added. For the uninitiated, Byju's troubles with the $1.2 billion loan began when late last year, when it failed to make an immediate payment after filing its audited results for March 2022 by September - a breach of the loan agreement. Byju's has been mirred in several financial problems, including several failed rounds of restructuring its term loan, which it secured in November 2021 from overseas market. In a bizarre turn of events, the ed-tech firm chose to miss an interest payment of $40 million on its term loan in June, and instead filed a suit against its lenders, including Redwood, for 'predatory tactics'. Byju's growing list of troubles It is not just the billion-dollar term loan which has been bothering the startup, which was valued at a whopping $22 billion in 2022. The company has been struggling to make a profit but has seen its losses widening every year. The edtech startup recorded a loss of $550.5 million in September for the fiscal year 2021, while revenue fell 3 percent. In a bid to cut costs and become profitable, the company has also conducted three rounds of layoffs since last year. The mass layoffs have impacted over 4,500 employees across various verticals in the company. Moreover, the company has not been filing its financial reports at regular intervals, leading to its auditor Deloitte resigning. The company has not yet submitted its audit report for the fiscal year 2022. Byju's loan troubles and financial losses have forced foreign investors to cut down Byju's sky-high valuation. Blackrock, one of the investors in Byju's, holding about a percentage of equity, cut the ed-tech's valuation to $8.3 billion in May this year. In June, Prosus NV, a Dutch tech investor, cut Byju's valuation to $5.1 billion, a fall of over 75 percent from the $22 billion valuation last year. Prosus cut the value of its 9.6 percent stake in Byju’s to around $493 million in the financial year ended March 31, Reuters reported. (With inputs from agencies)

Indian ed-tech Byju's, lenders start talks to restructure $1.2 billion term loan

PricewaterhouseCoopers (PwC) Australia, the major audit and tax consultancy firm said on Monday (July 3) that a number of Australian senior partners will be removed following a tax leak scandal that has damaged the accounting giant's reputation.

The firm has found itself in controversy since January this year. It emerged at the time that PwC staff leaked information from a confidential government tax briefing to further the firm's business interests.

PwC, one of the Big Four accounting firms, said on Monday that eight of its partners "enabled poor behaviours to persist with no accountability". The firm named these individuals and it includes former Australian chief executive Tom Seymour.

"They are now being held accountable for their misconduct," interim chief executive Kristin Stubbins said, as the firm released the findings from an internal investigation.

Since the leak came to light, a total of 12 PwC partners have now left the company.

PwC will now drastically restructure its Australian arm in an attempt to move on from the scandal, recently announcing plans to sell its lucrative government consultancy business to a private equity firm for Aus$1 (US$0.67)

AFP quoted officials to say that the company held A$255.2 million (USD 167 million) in government contracts in the last financial year.

The tax leak is being investigated by the Australian police since late May. Meanwhile, the parliament's powerful finance committee is preparing to grill PwC executives in a series of public hearings.

PwC Australia has previously admitted that it suffered from "poor decision making" and that "aggressive behaviour" in parts of the business allowed "profit to be placed over purpose".&nbsp;

Australia introduced a series of new tax rules in 2015. They are designed to stop foreign firms from avoiding tax by shifting profits to offshore tax havens.

Also Read | <a href="https://www.wionews.com/business-economy/scandal-rocked-accounting-firm-pwc-australia-sells-govt-business-division-for-a1-608954">Scandal-rocked accounting firm PwC Australia sells govt business division for A$1</a>

Earlier this year, a government inquiry found that a senior PwC staffer breached confidentiality rules. This staffer was briefed on the reforms. It was found that the person shared this info with other partners of the firm.

The firm then used this knowledge to "aggressively market" itself to new customers, the inquiry said.&nbsp;

The leak came to light after a lengthy investigation by the Tax Practitioners Board.

<h2>PwC apology</h2>

Kristin Stubbins, the acting chief of PwC has already&nbsp;apologised for the tax leak scandal.

In her first public appearance since her predecessor resigned over his involvement in the scandal, Stubbins told a state parliament inquiry that an investigation by two law firms would conclude shortly and the firm will name any staff found to have "done anything wrong."

(With inputs from agencies)

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PricewaterhouseCoopers (PwC) Australia, the major audit and tax consultancy firm said on Monday (July 3) that a number of Australian senior partners will be removed following a tax leak scandal that has damaged the accounting giant's reputation.

PricewaterhouseCoopers (PwC) Australia, the major audit and tax consultancy firm said on Monday (July 3) that a number of Australian senior partners will be removed following a tax leak scandal that has damaged the accounting giant's reputation. The firm has found itself in controversy since January this year. It emerged at the time that PwC staff leaked information from a confidential government tax briefing to further the firm's business interests. PwC, one of the Big Four accounting firms, said on Monday that eight of its partners "enabled poor behaviours to persist with no accountability". The firm named these individuals and it includes former Australian chief executive Tom Seymour. "They are now being held accountable for their misconduct," interim chief executive Kristin Stubbins said, as the firm released the findings from an internal investigation. Since the leak came to light, a total of 12 PwC partners have now left the company. PwC will now drastically restructure its Australian arm in an attempt to move on from the scandal, recently announcing plans to sell its lucrative government consultancy business to a private equity firm for Aus$1 (US$0.67) AFP quoted officials to say that the company held A$255.2 million (USD 167 million) in government contracts in the last financial year. The tax leak is being investigated by the Australian police since late May. Meanwhile, the parliament's powerful finance committee is preparing to grill PwC executives in a series of public hearings. PwC Australia has previously admitted that it suffered from "poor decision making" and that "aggressive behaviour" in parts of the business allowed "profit to be placed over purpose". Australia introduced a series of new tax rules in 2015. They are designed to stop foreign firms from avoiding tax by shifting profits to offshore tax havens. Also Read | Scandal-rocked accounting firm PwC Australia sells govt business division for A$1 Earlier this year, a government inquiry found that a senior PwC staffer breached confidentiality rules. This staffer was briefed on the reforms. It was found that the person shared this info with other partners of the firm. The firm then used this knowledge to "aggressively market" itself to new customers, the inquiry said. The leak came to light after a lengthy investigation by the Tax Practitioners Board. PwC apology Kristin Stubbins, the acting chief of PwC has already apologised for the tax leak scandal. In her first public appearance since her predecessor resigned over his involvement in the scandal, Stubbins told a state parliament inquiry that an investigation by two law firms would conclude shortly and the firm will name any staff found to have "done anything wrong." (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

PwC sacks senior execs after tax scandal in Australia