Rent in the city that never sleeps is seeing a staggering jump in the post-Covid market. With the economy still dealing with the after-effects of the pandemic, in New York, rent has seen a significant jump.

A Reuters article reports that Gerri Weinberger received a notice of a rent increase from $1,833 to $2,500 for her upper east side studio apartment in New York City. &nbsp;In spite of her attempts to negotiate the rent, Gerri will now have to move out of her Manhattan apartment and shift to Jersey City, where the rent is a little bit more affordable.

Watch |&nbsp;US inflation slows from 40-year peak, consumer prices ease to 8.5%

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She told Reuters that when she tried to negotiate her landlord said "this is the market price," said Weinberger.&nbsp;

"They said, you know, rents have gone up 40 per cent even in Brooklyn and in even Harlem, all these places. So, that there was nothing I could do. And if I had to leave, then, oh, well, because they have other people who want to live here."

Also read |&nbsp;<a href="https://www.wionews.com/entertainment-news/dinsey-gains-144-million-subscribers-in-q3-hits-the-1521-million-mark-505751" hreflang="en">Beating Netflix: Dinsey+ gains 14.4 million subscribers in Q3, hits the 152.1 million mark</a>

Kenny Lee, an economist at StreetEasy says "A lot of renters are being priced out of their own home as the landlords seek to reverse the deals they offered during 2020 and 2021," adding that renters should expect further hikes at least through this summer.

"I think New York City has seen a later comeback compared to the rest of the United States. The rent price increases in New York City have not really peaked yet, and given how low the current inventory is for the rental market, I think the rents should continue to increase at least a few more months through the end of summer, or perhaps into early fall," predicts Lee.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-staff-in-essex-walk-out-over-measly-hike-refuse-to-return-to-work-503854" hreflang="en">Amazon staff in Essex walk out over measly hike, refuse to return to work</a>

According to Corey Cohen, the founder of the real estate company The Roebling Group, purchasing is one method to get out of the rut.

However, not everyone can afford hundreds of thousands in down payment as well as the extra expenses brought on by rising mortgage rates.&nbsp;According to a report by the MagnifyMoney Savings Index, over one in five Americans didn't make any financial investments in 2021 and only one in six homes reported having more savings now than before the outbreak, according to Bankrate, and 25 per cent had no emergency fund at all.

(With inputs from agencies)

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Rent in the city that never sleeps is seeing a staggering jump in the post-Covid market. With the economy still dealing with the after-effects of the pandemic, in New York, rent has seen a significant jump.

Rent in the city that never sleeps is seeing a staggering jump in the post-Covid market. With the economy still dealing with the after-effects of the pandemic, in New York, rent has seen a significant jump. A Reuters article reports that Gerri Weinberger received a notice of a rent increase from $1,833 to $2,500 for her upper east side studio apartment in New York City. In spite of her attempts to negotiate the rent, Gerri will now have to move out of her Manhattan apartment and shift to Jersey City, where the rent is a little bit more affordable. Watch | US inflation slows from 40-year peak, consumer prices ease to 8.5% She told Reuters that when she tried to negotiate her landlord said "this is the market price," said Weinberger. "They said, you know, rents have gone up 40 per cent even in Brooklyn and in even Harlem, all these places. So, that there was nothing I could do. And if I had to leave, then, oh, well, because they have other people who want to live here." Also read | Beating Netflix: Dinsey+ gains 14.4 million subscribers in Q3, hits the 152.1 million mark Kenny Lee, an economist at StreetEasy says "A lot of renters are being priced out of their own home as the landlords seek to reverse the deals they offered during 2020 and 2021," adding that renters should expect further hikes at least through this summer. "I think New York City has seen a later comeback compared to the rest of the United States. The rent price increases in New York City have not really peaked yet, and given how low the current inventory is for the rental market, I think the rents should continue to increase at least a few more months through the end of summer, or perhaps into early fall," predicts Lee. Also read | Amazon staff in Essex walk out over measly hike, refuse to return to work According to Corey Cohen, the founder of the real estate company The Roebling Group, purchasing is one method to get out of the rut. However, not everyone can afford hundreds of thousands in down payment as well as the extra expenses brought on by rising mortgage rates. According to a report by the MagnifyMoney Savings Index, over one in five Americans didn't make any financial investments in 2021 and only one in six homes reported having more savings now than before the outbreak, according to Bankrate, and 25 per cent had no emergency fund at all. (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.

New Yorkers face record-high rent as the housing market recovers from COVID-19 pandemic

With this sales of smartphones makers slowing down after the pandemic, iPhone assembler Foxconn has given a cautious outlook for the current quarter, this after Foxconn posted results that exceeded expectations.

Apple supplier Foxconn starts to feel sting of slowing smartphone sales

China's factory-gate inflation eased in July to a 17-month low, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer price increases hit a two-year high as pork supplies tightened.

China's factory inflation eases to a 17-month low in July

Personal cash withdrawals from the UK's post office jumped 8% in July to $967 million. It is believed that more people are now relying on cash to help stay on budget as the cost of living crisis increases.

People turn back to cash as prices rise, cost of living crisis worsens in the UK

The economies across continents have been grappling with hyper inflation starting from developed economies like the United States and UK to emerging economies like India. Egypt falls in line too as the statistics office says that annual urban consumer inflation in the country clocks double-digit growth once again with a monthly increase of 0.4 percent.

Egypt's annual urban consumer inflation soars, rises to 13.6%

The US inflation has eased more than expected but still towering 400 percent higher than the Fed's annual inflation target. The consumer prices in July slowed down to 8.5 percent from 9.1 percent.

US inflation slows from 40-year peak, consumer prices ease to 8.5%

Due to the rising cost of fuel, Ryanair’s CEO recently acknowledged that the company will raise its average fare. In a conversation with the BBC, Michael O’Leary said that the era of €10 was over. Leary said that the airline&nbsp;would increase average fare from €40 to €50 over the next five years.

In recent years, air travel has become affordable and more people have started travelling, including it in their annual vacations or even on their short trips. Commercial aviation is currently under pressure to decrease its impact on the environment and also persuade people to travel by air often. Commercial aviation contributes nearly 2.4 per cent to the world’s carbon emissions.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ryanair-to-appeal-against-hungarys-baseless-consumer-protection-fine-504968">Ryanair to appeal against Hungary's 'baseless' consumer protection fine</a>

Leary further stated that despite the rising cost of living, people will still continue to fly. The airline's CEO, however, stated that he anticipates customers will look for cheaper alternatives than reducing their flying schedule. Although the airline was making investments in more fuel-efficient planes. The CEO claimed that switching from gasoline and diesel to electronic road vehicles would result in far bigger reductions in the consumption of fossil fuels.

Also read |&nbsp;<a href="https://www.wionews.com/world/fresh-transport-strikes-hit-uk-mainland-europe-492047">Fresh transport strikes hit UK and Europe</a>

Currently, travellers are eager to board planes again after the Covid epidemic, which interrupted international travel. However, as demand for travel increased, airlines fell short of staff, resulting in the cancellation and delays of flights.

Despite having its headquarters in Dublin, Ryanair offers hundreds of routes to and from the UK. The CEO said that Britain’s exit from the European Union had been disaster for the free movement of labour and urged the govt to be honest and manage labour shortages.

(With inputs from agencies)

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Due to the rising cost of fuel, Ryanair’s CEO recently acknowledged that the company will raise its average fare. In a conversation with the BBC, Michael O’Leary said that the era of €10 was over.

Due to the rising cost of fuel, Ryanair’s CEO recently acknowledged that the company will raise its average fare. In a conversation with the BBC, Michael O’Leary said that the era of €10 was over. Leary said that the airline would increase average fare from €40 to €50 over the next five years. In recent years, air travel has become affordable and more people have started travelling, including it in their annual vacations or even on their short trips. Commercial aviation is currently under pressure to decrease its impact on the environment and also persuade people to travel by air often. Commercial aviation contributes nearly 2.4 per cent to the world’s carbon emissions. Also read | Ryanair to appeal against Hungary's 'baseless' consumer protection fine Leary further stated that despite the rising cost of living, people will still continue to fly. The airline's CEO, however, stated that he anticipates customers will look for cheaper alternatives than reducing their flying schedule. Although the airline was making investments in more fuel-efficient planes. The CEO claimed that switching from gasoline and diesel to electronic road vehicles would result in far bigger reductions in the consumption of fossil fuels. Also read | Fresh transport strikes hit UK and Europe Currently, travellers are eager to board planes again after the Covid epidemic, which interrupted international travel. However, as demand for travel increased, airlines fell short of staff, resulting in the cancellation and delays of flights. Despite having its headquarters in Dublin, Ryanair offers hundreds of routes to and from the UK. The CEO said that Britain’s exit from the European Union had been disaster for the free movement of labour and urged the govt to be honest and manage labour shortages. (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.

Ryanair will increase average fare over the next five years, says CEO

Japan witnesses a bit of relief from inflation, slowing down from previous month and giving some economic relief. Japan's wholesale price indexes have risen 8.6 percent in July from last year.

Japan's wholesale inflation moderates

From US to China, there is no relief for citizens of the country from the price rise. Latest data shows China's consumer inflation has accelerated in July to highest level in two years.

China consumer prices edge up

Apple is likely to start manufacturing iPhone in India at the same time as China. A reliable apple analyst has confirmed that Apple will begin production of iPhone 14 in both China and India together.

iPhone 14 to be manufactured in India: Reports

Pullarao Daravathu and thousands of other farmers in the southern Indian state of Telangana are hard at work growing oil palms as their region strives to add more land to the contentious crop in the next four years than the entire nation has in decades. Telangana plans to plant oil palm on 2 million more acres over the course of the next four years, and it will go to tremendous measures to accomplish this aim, including creating huge dams, irrigation canals, and importing millions of germinated sprouts. Farmers like Daravathu are being encouraged to switch to oil palms by generous government subsidies and enormous profit potential in comparison to other crops.

Fresh fruit bunches that farmers sell to oil mills have more than doubled in price as a result of the recent increase in palm oil prices. Oil palm plantations in India were only permitted on less than one million acres, largely in coastal Andhra Pradesh, the state from which Telangana was split off in 2014. This was due to price instability, water scarcity, and a gestation period of about four years. However, Telangana, which is located in an interior part of the Deccan Plateau, is now eager to become India's main palm oil hub, with an area target that would elevate the state from its current low base to the fifth-largest oil palm grower globally.

The initiative could lessen India's massive imports of vegetable oil, which cost the nation a record $18.9 billion in 2017 and increased the country's trade deficit. Two-thirds of India's vegetable oil needs are met by imports, which total around 14 million tonnes per year and include about 8.5 million tonnes of palm oil. The federal government is eager to boost palm oil production in an effort to reduce those expensive imports, which this year's high inflation was caused after key supplier Indonesia abruptly stopped supplies.

Also Read:&nbsp;<a href="https://www.wionews.com/world/us-sanctions-russian-oligarchs-and-putins-girlfriend-for-involvement-in-ukraine-war-503057">US sanctions Russian oligarchs and Putin's 'girlfriend' for involvement in Ukraine war</a>

In order to meet its needs, India imports less than 300,000 tonnes of palm oil that Indonesia, Malaysia, and Thailand now produce. According to Chava Venkateswara Rao of Godrej Agrovet Ltd, the nation's largest producer of palm oil, Telangana would achieve a great deal even if it could only cultivate oil palm on 1 million acres and generate 2 million tonnes of palm oil. Up until last year, the nation added about 35,000 acres planted in oil palm per year.

(with inputs from agencies) 
&nbsp;

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Pullarao Daravathu and thousands of other farmers in the southern Indian state of Telangana are hard at work growing oil palms as their region strives to add more land to the contentious crop in the next four years than the entire nation has in decades.

Pullarao Daravathu and thousands of other farmers in the southern Indian state of Telangana are hard at work growing oil palms as their region strives to add more land to the contentious crop in the next four years than the entire nation has in decades. Telangana plans to plant oil palm on 2 million more acres over the course of the next four years, and it will go to tremendous measures to accomplish this aim, including creating huge dams, irrigation canals, and importing millions of germinated sprouts. Farmers like Daravathu are being encouraged to switch to oil palms by generous government subsidies and enormous profit potential in comparison to other crops. Fresh fruit bunches that farmers sell to oil mills have more than doubled in price as a result of the recent increase in palm oil prices. Oil palm plantations in India were only permitted on less than one million acres, largely in coastal Andhra Pradesh, the state from which Telangana was split off in 2014. This was due to price instability, water scarcity, and a gestation period of about four years. However, Telangana, which is located in an interior part of the Deccan Plateau, is now eager to become India's main palm oil hub, with an area target that would elevate the state from its current low base to the fifth-largest oil palm grower globally. The initiative could lessen India's massive imports of vegetable oil, which cost the nation a record $18.9 billion in 2017 and increased the country's trade deficit. Two-thirds of India's vegetable oil needs are met by imports, which total around 14 million tonnes per year and include about 8.5 million tonnes of palm oil. The federal government is eager to boost palm oil production in an effort to reduce those expensive imports, which this year's high inflation was caused after key supplier Indonesia abruptly stopped supplies. Also Read: US sanctions Russian oligarchs and Putin's 'girlfriend' for involvement in Ukraine war In order to meet its needs, India imports less than 300,000 tonnes of palm oil that Indonesia, Malaysia, and Thailand now produce. According to Chava Venkateswara Rao of Godrej Agrovet Ltd, the nation's largest producer of palm oil, Telangana would achieve a great deal even if it could only cultivate oil palm on 1 million acres and generate 2 million tonnes of palm oil. Up until last year, the nation added about 35,000 acres planted in oil palm per year. (with inputs from agencies)

India relying heavily on oil palm to reduce $19 billion vegetable oil imports

Dan Price, the CEO of credit card processing company Gravity Payments based in Seattle, is a dream employer. The reason? Well, he claims that his company pays employees a minimum salary of $80,000 (about Rs 64 lakh). As unbelievable as it may sound, Price calls himself a "CEO just trying to stand up for the underdog".&nbsp;

In a tweet that has since gone viral, Price says that his company gives its employees time off, paid parental leave and other benefits. The employees are also free to work from wherever they want. He even motivates his workers to take vacations.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet">
I used to be a workaholic. It wasn’t healthy or productive. 
 
Now, I want to set a better example for my employees with work life balance so I post my hikes. 
 
Everyone deserves time off. Take yours and help others get theirs. <a href="https://t.co/CAkPbQAxSi">pic.twitter.com/CAkPbQAxSi</a>
— Dan Price (@DanPriceSeattle) <a href="https://twitter.com/DanPriceSeattle/status/1557170293684088832?ref_src=twsrc%5Etfw">August 10, 2022</a></blockquote>
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&nbsp;

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A company that offers this much is surely one no one would want to pass by, which is why, Price says, they get over 300 applicants per job.&nbsp;

"We get over 300 applicants per job," his tweet reads. 'No one wants to work' is a hell of a way of saying 'companies won't pay workers a fair wage and treat them with respect.'"

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<blockquote class="twitter-tweet">
My company pays an $80k min wage, lets people work wherever they want, has full benefits, paid parental leave, etc. 
 
We get over 300 applicants per job. 
 
"No one wants to work" is a hell of a way of saying "companies won't pay workers a fair wage and treat them with respect."
— Dan Price (@DanPriceSeattle) <a href="https://twitter.com/DanPriceSeattle/status/1556667521150894082?ref_src=twsrc%5Etfw">August 8, 2022</a></blockquote>
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&nbsp;

Even though the tweet is receiving obvious appreciation, there are several who are questioning Price's way of working.&nbsp;

People are especially wondering that if Price gives away that much money, how does he manage to keep the cost of operation in check. Then there are others who aren't happy with Price taking a jibe at other employers. While appreciating Price for paying employees well, owners of small companies replied that it is tough for them to reach a similar stage.

"Gosh I really like your mentality towards paying workers well, but it’s really hard for us smaller companies to get to this point. What advice would you have for owners of companies still finding their stride?" wrote Cantrip Candles (@CantripCandles).

Dan Price, the CEO of credit card processing company Gravity Payments based in Seattle, is a dream employer. The reason? Well, he claims that his company pays employees a minimum salary of $80,000 (about Rs 64 lakh).

Dan Price, the CEO of credit card processing company Gravity Payments based in Seattle, is a dream employer. The reason? Well, he claims that his company pays employees a minimum salary of $80,000 (about Rs 64 lakh). As unbelievable as it may sound, Price calls himself a "CEO just trying to stand up for the underdog". In a tweet that has since gone viral, Price says that his company gives its employees time off, paid parental leave and other benefits. The employees are also free to work from wherever they want. He even motivates his workers to take vacations. I used to be a workaholic. It wasn’t healthy or productive. Now, I want to set a better example for my employees with work life balance so I post my hikes. Everyone deserves time off. Take yours and help others get theirs. pic.twitter.com/CAkPbQAxSi — Dan Price (@DanPriceSeattle) August 10, 2022 × Also Read | Here's the Elon Musk-Twitter saga; from hostile bid to the abandoned deal A company that offers this much is surely one no one would want to pass by, which is why, Price says, they get over 300 applicants per job. "We get over 300 applicants per job," his tweet reads. 'No one wants to work' is a hell of a way of saying 'companies won't pay workers a fair wage and treat them with respect.'" My company pays an $80k min wage, lets people work wherever they want, has full benefits, paid parental leave, etc. We get over 300 applicants per job. "No one wants to work" is a hell of a way of saying "companies won't pay workers a fair wage and treat them with respect." — Dan Price (@DanPriceSeattle) August 8, 2022 × Even though the tweet is receiving obvious appreciation, there are several who are questioning Price's way of working. People are especially wondering that if Price gives away that much money, how does he manage to keep the cost of operation in check. Then there are others who aren't happy with Price taking a jibe at other employers. While appreciating Price for paying employees well, owners of small companies replied that it is tough for them to reach a similar stage. "Gosh I really like your mentality towards paying workers well, but it’s really hard for us smaller companies to get to this point. What advice would you have for owners of companies still finding their stride?" wrote Cantrip Candles (@CantripCandles).

A CEO who pays $80,000 minimum wage and lets employees work from anywhere

Taking a cue from European countries adopting single charging pin for devices, Indian government is also planning to do the same, it is mulling over the possibility of having a single charger for most devices.

India mulls possibility of a single charger for all devices

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage.

Prior to South Korea's annual Liberation Day celebration on August 15, when amnesties are customarily granted, President Yoon Suk-yeol might make the change. According to Yonhap News Agency, the Justice Ministry started a meeting on pardons on Tuesday. Following the discussions, the justice minister will produce a list of candidates for Yoon to accept and have his cabinet confirm.

After being found guilty of bribery and embezzlement in January of last year, Lee, the heir to the second-largest contract chip manufacturer in the world, was granted release in August after completing 18 months of a 30-month sentence.

Prime Minister Han Duck-soo responded in the affirmative when asked in parliament if he would suggest that President Yoon Suk-yeol reconsider pardons for significant corporate figures, including Lee.

(With inputs from agencies)

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage.

In the coming days, Samsung Electronics Vice Chairman Lee Jae-yong may become the most recent South Korean corporate titan to be granted a presidential pardon, potentially releasing him to take over for his late father as the company's CEO and deal with challenges it faces, such as the global semiconductor shortage. Prior to South Korea's annual Liberation Day celebration on August 15, when amnesties are customarily granted, President Yoon Suk-yeol might make the change. According to Yonhap News Agency, the Justice Ministry started a meeting on pardons on Tuesday. Following the discussions, the justice minister will produce a list of candidates for Yoon to accept and have his cabinet confirm. After being found guilty of bribery and embezzlement in January of last year, Lee, the heir to the second-largest contract chip manufacturer in the world, was granted release in August after completing 18 months of a 30-month sentence. Prime Minister Han Duck-soo responded in the affirmative when asked in parliament if he would suggest that President Yoon Suk-yeol reconsider pardons for significant corporate figures, including Lee. (With inputs from agencies)

Samsung chief may get presidential pardon so that he can address chip shortage

Amid a global shortage of microchips, US President Joe Biden on Tuesday signed into law, a multi-million dollar bill to boost domestic production of semi-conductors in fear of losing technological edge to China.

Biden signs bill, US to invest over $200 billion in chip manufacturing

Iran is the latest country to use cryptos which is currently reeling under impact of economic sanctions by the U.S. The Iranian government has placed its first import order using cryptocurrency. It's a move that can actually enable Islamic Republic to circumvent the use of U.S dollars for global trade.

Iran adopts cryptocurrency, imports order worth $10 million

Soaring energy bills in Britain are giving rise to civil disobedience movement which is aimed at putting pressure on energy firms. Thousands of activists are joining the 'Don't Pay' campaign which was started by a group demanding reduction in bills to an affordable level.

Thousands join 'Don't Pay' campaign started by anonymous group in UK

SoftBank Group Corp is planning to cut headcount at its flagship Vision Fund investing arm, CEO Masayoshi Son said on Monday, after a crash in the value of its portfolio pushed his conglomerate to a record quarterly net loss.

SoftBank plans Vision Fund job cuts after record net loss

Alphabet Inc's Google services appeared to be back up after facing a brief global disruption on late Monday, according to outage tracking website Downdetector.com.

Google down for thousands of users: Reports

The US government on Monday approved the first Boeing 787 Dreamliner for delivery since 2021, clearing the way for American Airlines to take possession.

Boeing 787 Dreamliner deliveries to resume: FAA

The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy. This programme is a partnership between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). In order to understand the technological, legal, and regulatory issues surrounding the issuing of a CBDC, the project will aim to find novel use cases and business models that can be supported by it, Reuters reported.

This will entail the creation of a pilot CBDC on a small scale that will operate in a ring-fenced setting and feature a digital currency claim on the reserve bank.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/softbank-posts-record-23-billion-loss-on-vision-fund-pain-504852">SoftBank posts record $23 billion loss on Vision Fund pain</a>

According to Mark Humphery-Jenner, an associate professor of finance, a CBDC typically proposes a number of advantages, like faster transactions, ease of government stimulus and money control, and smoother international transactions.

Development of particular use cases that illustrate how a CBDC can be utilised to offer cutting-edge and value-added payment and settlement services to consumers and enterprises will be requested from interested industry partners.

According to DFCRC CEO Andreas Furche, the technology for a digital currency already exists; the project is instead focused on figuring out how a CBDC may benefit the country.

Also read |&nbsp;<a href="https://www.wionews.com/crypto-isnt-a-get-rich-quick-scheme-millennials-need-to-opt-for-long-term-for-balanced-portfolio-crypto-experts-502702">Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts</a>

He said, "The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits," IANS reported.

The central bank digital current (CBDC), in contrast to conventional digital currencies like Bitcoin and Ethereum, would be stabilised and governed by the state.

(With inputs from agencies)

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The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy.

The Australian central bank on Tuesday (August 9) announced that it will now begin year-long research into the merits of a central bank digital currency (CBDC), with a particular emphasis on the potential advantages it will have for the Australian economy. This programme is a partnership between the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). In order to understand the technological, legal, and regulatory issues surrounding the issuing of a CBDC, the project will aim to find novel use cases and business models that can be supported by it, Reuters reported. This will entail the creation of a pilot CBDC on a small scale that will operate in a ring-fenced setting and feature a digital currency claim on the reserve bank. Also read | SoftBank posts record $23 billion loss on Vision Fund pain According to Mark Humphery-Jenner, an associate professor of finance, a CBDC typically proposes a number of advantages, like faster transactions, ease of government stimulus and money control, and smoother international transactions. Development of particular use cases that illustrate how a CBDC can be utilised to offer cutting-edge and value-added payment and settlement services to consumers and enterprises will be requested from interested industry partners. According to DFCRC CEO Andreas Furche, the technology for a digital currency already exists; the project is instead focused on figuring out how a CBDC may benefit the country. Also read | Crypto isn't a get-rich-quick scheme; millennials need to opt for long-term for balanced portfolio: Experts He said, "The key research questions now are what economic benefits a CBDC could enable, and how it could be designed to maximize those benefits," IANS reported. The central bank digital current (CBDC), in contrast to conventional digital currencies like Bitcoin and Ethereum, would be stabilised and governed by the state. (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 central bank proposes the concept of digital currency

India: Tata Motors Ltd signed an agreement on Sunday to buy Ford Motor’s manufacturing plant in the western state of Gujarat for 7.26 billion rupees.

Tata motors to buy Ford's India plant

A group representing General Motors, Toyota Moto, Volkswagen and other major automakers said that a $430 billion bill approved Sunday by the US Senate will put achieving US electric-vehicle adoption targets for 2030 in jeopardy.

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Budget airline Ryanair said it would appeal to the courts after Hungary fined it for passing on the cost of a special business tax, worth 800 billion forints ($2.1 billion) in total, following a consumer protection investigation.

Nationalist Prime Minister Viktor Orban's government in May announced the special tax measure targeting "extra profits" earned by major banks, energy companies and other firms, aiming to plug budget holes created by a spending spree that helped him gain re-election in April.

"The consumer protection authority has found a breach of the law today, because the airline (Ryanair) has misled customers with its unfair business practice," Justice Minister Judit Varga said in a Facebook post on Monday.

Also Read |&nbsp;<a href="https://www.wionews.com/world/outrage-after-ryanair-forces-south-africans-to-prove-nationality-with-controversial-afrikaans-test-486577">Outrage after Ryanair forces South Africans to prove nationality with controversial Afrikaans test</a>

Ryanair said in an emailed response it would appeal against the 300 million forints ($780,000) fine which it had been levied.

"Ryanair...will immediately appeal any baseless fine raised by the Hungarian Consumer Protection Agency," the email said. "No notice of any such fine has yet been received by Ryanair. If necessary, Ryanair will appeal this matter to the EU courts."

The new levy involves a tax worth 10 to 25 euros on passengers departing Hungary from July.

Ryanair had previously called on Orban's government to scrap what it called a "misguided" tax, saying the measure would damage Hungarian tourism and the economy.

Ryanair, which has also taken issue with the tax being levied on a loss-making industry, said it would be forced to move growth capacity to countries that were working to restore traffic in the aftermath of the coronavirus pandemic.

Orban's taxes on "extra" profits at banks, insurers, large retail chains, the energy industry, telecoms companies and airlines is reminiscent of the tax regime he used to fix the budget after he swept to power in 2010.

Companies have so far proved reluctant to challenge the tax measure, but Ryanair's rival carrier Wizz Air (WIZZ.L) has said it will take a long time for the airline industry to return to revenue and profitability levels seen before the COVID-19 pandemic. It said the tax would hamper the recovery of the tourism sector.

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Budget airline Ryanair said it would appeal to the courts after Hungary fined it for passing on the cost of a special business tax, worth 800 billion forints ($2.

Budget airline Ryanair said it would appeal to the courts after Hungary fined it for passing on the cost of a special business tax, worth 800 billion forints ($2.1 billion) in total, following a consumer protection investigation. Nationalist Prime Minister Viktor Orban's government in May announced the special tax measure targeting "extra profits" earned by major banks, energy companies and other firms, aiming to plug budget holes created by a spending spree that helped him gain re-election in April. "The consumer protection authority has found a breach of the law today, because the airline (Ryanair) has misled customers with its unfair business practice," Justice Minister Judit Varga said in a Facebook post on Monday. Also Read | Outrage after Ryanair forces South Africans to prove nationality with controversial Afrikaans test Ryanair said in an emailed response it would appeal against the 300 million forints ($780,000) fine which it had been levied. "Ryanair...will immediately appeal any baseless fine raised by the Hungarian Consumer Protection Agency," the email said. "No notice of any such fine has yet been received by Ryanair. If necessary, Ryanair will appeal this matter to the EU courts." The new levy involves a tax worth 10 to 25 euros on passengers departing Hungary from July. Ryanair had previously called on Orban's government to scrap what it called a "misguided" tax, saying the measure would damage Hungarian tourism and the economy. Ryanair, which has also taken issue with the tax being levied on a loss-making industry, said it would be forced to move growth capacity to countries that were working to restore traffic in the aftermath of the coronavirus pandemic. Orban's taxes on "extra" profits at banks, insurers, large retail chains, the energy industry, telecoms companies and airlines is reminiscent of the tax regime he used to fix the budget after he swept to power in 2010. Companies have so far proved reluctant to challenge the tax measure, but Ryanair's rival carrier Wizz Air (WIZZ.L) has said it will take a long time for the airline industry to return to revenue and profitability levels seen before the COVID-19 pandemic. It said the tax would hamper the recovery of the tourism sector. 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.

Ryanair to appeal against Hungary's 'baseless' consumer protection fine

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