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Losses owing to digital advertising fraud are set to reach a whopping $68 billion globally this year, rising from $59 billion in 2021, a new report showed on Monday. 
 
Top five countries most impacted by advertising fraud -- the US, Japan, China, South Korea and the UK -- together account for 60 per cent of global digital advertising spend losses, says Juniper Research. 
 
"With the US representing such a significant market in terms of advertising spend, campaigns in North America will undoubtedly attract the attention of fraudulent players," said research author Scarlett Woodford. 
 
"This will lead to unprecedented innovation in fraud tactics within the US, with advertisers demonstrating a greater requirement for fraud detection and mitigation services," Woodford added. 
 
The US also would alone account for 35 per cent of digital ad fraud losses this year. 
 
"Those advertising in the US will potentially suffer the most in financial loss due to fraudulent activity, with total losses in the US expected to surpass $23 billion in 2022," the findings showed. 
 
The US represents the largest market for digital advertising spend, with high levels of Internet penetration and elevated mobile app and browser usage presenting strong opportunities for the display of promotional content. 
 
The researchers urged digital advertisers targeting these five key markets to form strategic partnerships with ad fraud detection and prevention vendors capable of distinguishing between valid and fraudulent advertising traffic that provides no return on ad spend. 
 
"The most successful ad fraud detection tools will harness machine learning algorithms to compare advertising traffic with previously observed, verifiable baseline data," said the report. 
 
Meanwhile, India's digital ad expenditure is expected to grow 10 times over the next decade and will likely account for 70-85 per cent of the total ad market which currently stands at 33 per cent. 
 
The digital advertising market is expected to touch $25-35 billion by 2030 from $3 billion in 2020, according to management consultancy firm RedSeer.

Losses owing to digital advertising fraud are set to reach a whopping $68 billion globally this year, rising from $59 billion in 2021, a new report showed on Monday.

Losses owing to digital advertising fraud are set to reach a whopping $68 billion globally this year, rising from $59 billion in 2021, a new report showed on Monday. Top five countries most impacted by advertising fraud -- the US, Japan, China, South Korea and the UK -- together account for 60 per cent of global digital advertising spend losses, says Juniper Research. "With the US representing such a significant market in terms of advertising spend, campaigns in North America will undoubtedly attract the attention of fraudulent players," said research author Scarlett Woodford. "This will lead to unprecedented innovation in fraud tactics within the US, with advertisers demonstrating a greater requirement for fraud detection and mitigation services," Woodford added. The US also would alone account for 35 per cent of digital ad fraud losses this year. "Those advertising in the US will potentially suffer the most in financial loss due to fraudulent activity, with total losses in the US expected to surpass $23 billion in 2022," the findings showed. The US represents the largest market for digital advertising spend, with high levels of Internet penetration and elevated mobile app and browser usage presenting strong opportunities for the display of promotional content. The researchers urged digital advertisers targeting these five key markets to form strategic partnerships with ad fraud detection and prevention vendors capable of distinguishing between valid and fraudulent advertising traffic that provides no return on ad spend. "The most successful ad fraud detection tools will harness machine learning algorithms to compare advertising traffic with previously observed, verifiable baseline data," said the report. Meanwhile, India's digital ad expenditure is expected to grow 10 times over the next decade and will likely account for 70-85 per cent of the total ad market which currently stands at 33 per cent. The digital advertising market is expected to touch $25-35 billion by 2030 from $3 billion in 2020, according to management consultancy firm RedSeer.

Digital advertising fraud losses to hit $68 billion globally this year

To boost its dwindling foreign exchange reserves, Pakistani government is now looking at the vault of its citizens. What is interesting is that Pakistan seems to be planning with a scheme that would translate the gold that is held by the households and citizens in Pakistan into foreign currency to enhance its foreign exchange reserves, listen in.

Pakistan eyes citizens' gold to boost foreign exchange reserves

Credit Suisse, which is a global investment bank and financial services firm based in Switzerland, on Sunday (February 20) said that it "strongly rejects" allegations of wrongdoing. Credit Suisse is apparently Switzerland's second-largest lender. &nbsp;

Multiple media outlets have published results of investigations into a leak of data on thousands of accounts held there in previous decades.&nbsp;

The documents termed "Suisse Secrets" have been published by Organized Crime and Corruption Reporting Project (OCCRP). It is an international investigation into one of the world's wealthiest and most important banks.&nbsp;

The documents have been compiled after more than 163 journalists from 48 media outlets in 39 countries across the world spent months analysing bank account information leaked from Credit Suisse.&nbsp;

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OCCRP stated that the leak included more than 18,000 accounts that held in excess of $100 billion at their peak. It is the only known leak of a major Swiss bank's client data to journalists.&nbsp;

The reports mentioned that the leaked data was provided to the German newspaper Süddeutsche Zeitung by an anonymous source more than a year ago and the data includes information about more than 18,000 Credit Suisse accounts and 30,000 account holders.&nbsp;

The investigative report, as published by several media out claims to have found evidence that some of the accounts show trails of involvement in serious crimes such as money laundering or drug trafficking.&nbsp;

The report states that the Suisse Secrets project investigates these account holders, whose exploitation of Swiss banking secrecy is a "prime example of how the international financial industry enables theft and corruption".&nbsp;

"Given Credit Suisse's numerous pledges to reform its due diligence practices over the years, the project highlights the need for increased accountability in this sector," a part of the OCCRP report noted. v

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Meanwhile, the Swiss bank has rejected the allegations. In a statement, it said, "The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context."&nbsp;

Credit Suisse further said that it had reviewed accounts that were likely related to the investigative report. "Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015," it said.&nbsp;

Credit Suisse also said that it was "deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld".&nbsp;

It said, "These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial market-place as a whole, which has undergone significant changes over the last several years."&nbsp;

Credit Suisse, which is a global investment bank and financial services firm based in Switzerland, on Sunday (February 20) said that it "strongly rejects" allegations of wrongdoing.

Credit Suisse, which is a global investment bank and financial services firm based in Switzerland, on Sunday (February 20) said that it "strongly rejects" allegations of wrongdoing. Credit Suisse is apparently Switzerland's second-largest lender. Multiple media outlets have published results of investigations into a leak of data on thousands of accounts held there in previous decades. The documents termed "Suisse Secrets" have been published by Organized Crime and Corruption Reporting Project (OCCRP). It is an international investigation into one of the world's wealthiest and most important banks. The documents have been compiled after more than 163 journalists from 48 media outlets in 39 countries across the world spent months analysing bank account information leaked from Credit Suisse. ALSO READ | US plans to cut ties with targeted Russian banks if Ukraine is invaded: Sources OCCRP stated that the leak included more than 18,000 accounts that held in excess of $100 billion at their peak. It is the only known leak of a major Swiss bank's client data to journalists. The reports mentioned that the leaked data was provided to the German newspaper Süddeutsche Zeitung by an anonymous source more than a year ago and the data includes information about more than 18,000 Credit Suisse accounts and 30,000 account holders. The investigative report, as published by several media out claims to have found evidence that some of the accounts show trails of involvement in serious crimes such as money laundering or drug trafficking. The report states that the Suisse Secrets project investigates these account holders, whose exploitation of Swiss banking secrecy is a "prime example of how the international financial industry enables theft and corruption". "Given Credit Suisse's numerous pledges to reform its due diligence practices over the years, the project highlights the need for increased accountability in this sector," a part of the OCCRP report noted. v ALSO READ | These are the 3 Indian cities with the most millionaire households Meanwhile, the Swiss bank has rejected the allegations. In a statement, it said, "The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context." Credit Suisse further said that it had reviewed accounts that were likely related to the investigative report. "Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015," it said. Credit Suisse also said that it was "deeply aware of its responsibility to clients and the financial system as a whole to ensure that the highest standards of conduct are upheld". It said, "These media allegations appear to be a concerted effort to discredit not only the bank but the Swiss financial market-place as a whole, which has undergone significant changes over the last several years."

'Suisse Secrets': Switzerland based bank denies wrongdoing after massive data leak shows trails of dirty money

Soaring inflation and pandemic have failed to affect luxury brands, from Louis Vuitton to Gucci and Cartier, as the sector hiked prices to notch up stellar profits. Last year, the world economy began to recover from the pandemic but rising inflation has accompanied the rebound. Prices for raw materials and energy are soaring

But luxury good makers can respond by hiking their prices and actually look more desirable to their customers.

"Our advantage over many other companies and groups is a certain price flexibility, i.e. we have the means to react to inflation," LVMH chief executive Bernard Arnault told reporters.

UBS analysts estimate that top brands such as Louis Vuitton, which is owned by industry leader LVMH, have raised their prices two-and-a-half times higher than the inflation rate over the past 20 years.

Indeed, "pricing power remains one of the key characteristics of the luxury goods industry," UBS analysts wrote in a research note.

LVMH bagged a record 64 billion euros ($72 billion) in sales and 12 billion euros in net profit last year, both exceeding pre-pandemic levels.

The French company also owns a broad range of spirits, perfume, jewellery and cosmetics products.

'Less susceptible' to rising costs

Kering -- which owns Gucci and Yves Saint Laurent -- also beat its pre-Covid levels to book a net profit of 3.2 billion euros on sales of 17.6 billion euros, the group reported on Thursday.

Kering CEO Francois-Henri Pinault acknowledged that "for every new season, we create a new collection and we review all the price matrices." 
Hermes chalked up profits of 2.4 billion euros on sales of nine billion euros.

Hermes chief Axel Dumas said that his brand, which is enjoying "very strong demand", raises its prices once a year.&nbsp;

"All of our products have the same margins. We don't play with our prices. They're linked to manufacturing costs and not to desirability."&nbsp;

He argued that the craftsmanship that goes into making Hermes bags means that they are "perhaps less susceptible to rising energy and raw materials prices than others".

Swiss group Richemont, which owns Cartier and runs its business year from April to March, said it booked sales of 5.6 billion euros in the third quarter alone, an increase of 38 percent over the corresponding period of 2019.

(With inputs from agencies)

Soaring inflation and pandemic have failed to affect luxury brands, from Louis Vuitton to Gucci and Cartier, as the sector hiked prices to notch up stellar profits.

Soaring inflation and pandemic have failed to affect luxury brands, from Louis Vuitton to Gucci and Cartier, as the sector hiked prices to notch up stellar profits. Last year, the world economy began to recover from the pandemic but rising inflation has accompanied the rebound. Prices for raw materials and energy are soaring But luxury good makers can respond by hiking their prices and actually look more desirable to their customers. "Our advantage over many other companies and groups is a certain price flexibility, i.e. we have the means to react to inflation," LVMH chief executive Bernard Arnault told reporters. UBS analysts estimate that top brands such as Louis Vuitton, which is owned by industry leader LVMH, have raised their prices two-and-a-half times higher than the inflation rate over the past 20 years. Indeed, "pricing power remains one of the key characteristics of the luxury goods industry," UBS analysts wrote in a research note. LVMH bagged a record 64 billion euros ($72 billion) in sales and 12 billion euros in net profit last year, both exceeding pre-pandemic levels. The French company also owns a broad range of spirits, perfume, jewellery and cosmetics products. 'Less susceptible' to rising costs Kering -- which owns Gucci and Yves Saint Laurent -- also beat its pre-Covid levels to book a net profit of 3.2 billion euros on sales of 17.6 billion euros, the group reported on Thursday. Kering CEO Francois-Henri Pinault acknowledged that "for every new season, we create a new collection and we review all the price matrices." Hermes chalked up profits of 2.4 billion euros on sales of nine billion euros. Hermes chief Axel Dumas said that his brand, which is enjoying "very strong demand", raises its prices once a year. "All of our products have the same margins. We don't play with our prices. They're linked to manufacturing costs and not to desirability." He argued that the craftsmanship that goes into making Hermes bags means that they are "perhaps less susceptible to rising energy and raw materials prices than others". Swiss group Richemont, which owns Cartier and runs its business year from April to March, said it booked sales of 5.6 billion euros in the third quarter alone, an increase of 38 percent over the corresponding period of 2019. (With inputs from agencies)

Covid fails to deter luxury sector

Amid the ongoing tensions over Russia and Ukraine crisis, major markets in Asia opened up to losses. Indian markets also opened in the red.

Major Asian markets trade with losses as tensions simmer on Russia-Ukraine crisis

The US has included e-commerce sites operated by China's Tencent Holdings and Alibaba group holdings in the notorious markets list.

The US adds China's Tencent & Alibaba sites in the notorious markets list

Nestle India profit falls 20% as products are set to become expensive globally. Unilever also warned of a drop in margins.

Nestle India profit falls 20%

E-commerce sites operated by China's Tencent Holdings Ltd and Alibaba Group Holding Ltd have been included on the US government's latest "notorious markets" list.

US adds e-commerce sites operated by Tencent, Alibaba to 'notorious markets' list for counterfeit

Indian IT industry has crossed the $200 billion revenue mark, reaching $227 billion in FY22. The industry also added 450,000 new hires in FY22.

Indian IT industry crosses the $200 billion revenue mark, added 450,000 new hires in FY22

Inflation in the UK has reached the highest level for nearly three decades as the cost of living continues to rise. The Office for National Statistics said Consumer Prices Index (CPI) inflation reached 5.5% in January, up from 5.4% in December.

UK inflation hits nearly 30-year high, consumer prices edge up to 5.5%

In signs of more trouble for electric car maker Tesla it has been sued over an alleged suspension failure in a crash that killed driver and a passenger in Florida state last year, incident sparked a federal probe in US.

Tesla sued over alleged suspension failure

AirAsia Aviation Group unveiled plans for a low-cost air ridesharing service in Southeast Asia after signing a non-binding deal with lessor Avolon for at least 100 Vertical Aerospace VX4 electric vehicles.

AirAsia to lease at least 100 flying taxis to launch air ridesharing service

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion.

The technology industry grew over 15 per cent with incremental revenue growth of $30 billion. "A combination of digital and innovation was the industry’s winning formula," NASSCOM said, adding,"platformisation and XaaS were instrumental in accelerating tech adoption."

The report said it was the "year of startups" with&nbsp;"tech startups leapfrogging into scale-up mode" even as the e-commerce sector saw deeper penetration.

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The tech industry also crossed 5 million in total direct workforce with "hybrid work models" helping to scale up the industry’s digital capability.

"The share of digital to total revenue stands at 30-32 per cent with 1 in 3 employees being digitally skilled," the report noted while informing that India's share of global sourcing market now stands at 59 per cent.

NASSCOM said: "over the next few years, the enterprise sector is expected to contribute $350-400 Bn to India’s dream of becoming a $1 trillion digital economy."

NASSCOM President Debjani Ghosh said: "2021 has been a great run for the year with our combined revenue crossing $200 bn. While exports did play a large part in this growth, domestic market emerged as a great propeller."

(With inputs from Agencies) 
&nbsp;

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion.

According to the National Association of Software and Services Companies (Nasscom), India's technology sector crossed $200 billion in revenue in the financial year to record $227 billion. The technology industry grew over 15 per cent with incremental revenue growth of $30 billion. "A combination of digital and innovation was the industry’s winning formula," NASSCOM said, adding,"platformisation and XaaS were instrumental in accelerating tech adoption." The report said it was the "year of startups" with "tech startups leapfrogging into scale-up mode" even as the e-commerce sector saw deeper penetration. Also Read: How will Union Budget 2022-2023 impact Non-Resident Indians (NRIs)? The tech industry also crossed 5 million in total direct workforce with "hybrid work models" helping to scale up the industry’s digital capability. "The share of digital to total revenue stands at 30-32 per cent with 1 in 3 employees being digitally skilled," the report noted while informing that India's share of global sourcing market now stands at 59 per cent. NASSCOM said: "over the next few years, the enterprise sector is expected to contribute $350-400 Bn to India’s dream of becoming a $1 trillion digital economy." NASSCOM President Debjani Ghosh said: "2021 has been a great run for the year with our combined revenue crossing $200 bn. While exports did play a large part in this growth, domestic market emerged as a great propeller." (With inputs from Agencies)

Indian IT sector crossed $200 billion revenue mark in FY22: Nasscom

Trouble for the British PM Boris Johnson is not limited to the partygate scandal. The United Kingdom has also hit the highest inflation levels in the last three decades adding pressure to the cost of living and also to the Bank of England to keep raising rates.

UK inflation hits 30-year high

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'. The top bankers will collect their fat bonuses this week.

As per figures stated by The Guardian, mergers and acquisitions (M&amp;A) bankers in London earned fees of USD 3.5 billion in the year 2021. These M&amp;As were triggered by corporate takeovers fuelled by money from American buyers. The money collected in fees will soon be given to the bankers in form of high bonuses.

Four big banks (HSBC, Barclays, Lloyds Banking Group and NatWest) are expected to award bonuses totalling more than GBP 4 billion. These banks are expected to announce their annual results in next fortnight.

Annual profits of these four banks combined are expected to exceed GBP 32 billion.

The workers' unions are not too happy with the situation, especially after governor of the Bank of England, Andrew Bailey's appeal to workers across the country to not ask for pay hikes from&nbsp;employers. He said he made this appeal to keep inflation in check. Bailey himself was paid £575,538 last year.

“These sky-high banker bonuses are a kick in the teeth for everyone suffering with the cost of living crisis. I hope Andrew Bailey tells his banking mates to show the same ‘restraint’ he so readily demands from underpaid workers in the rest of the economy," said Gary Smith, general secretary of the GMB union. He was quoted by The Guardian. The union represents 600,000 workers.

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'.

High bonuses to already well-paid British bankers are creating a lot of negative buzz with at least one workers' union describing it as a 'kick in the teeth for everyone suffering with the cost of living crisis'. The top bankers will collect their fat bonuses this week. As per figures stated by The Guardian, mergers and acquisitions (M&A) bankers in London earned fees of USD 3.5 billion in the year 2021. These M&As were triggered by corporate takeovers fuelled by money from American buyers. The money collected in fees will soon be given to the bankers in form of high bonuses. Four big banks (HSBC, Barclays, Lloyds Banking Group and NatWest) are expected to award bonuses totalling more than GBP 4 billion. These banks are expected to announce their annual results in next fortnight. Annual profits of these four banks combined are expected to exceed GBP 32 billion. The workers' unions are not too happy with the situation, especially after governor of the Bank of England, Andrew Bailey's appeal to workers across the country to not ask for pay hikes from employers. He said he made this appeal to keep inflation in check. Bailey himself was paid £575,538 last year. “These sky-high banker bonuses are a kick in the teeth for everyone suffering with the cost of living crisis. I hope Andrew Bailey tells his banking mates to show the same ‘restraint’ he so readily demands from underpaid workers in the rest of the economy," said Gary Smith, general secretary of the GMB union. He was quoted by The Guardian. The union represents 600,000 workers.

UK: High bonuses to top management in banking draws ire of unions

Chief Executive Elon Musk donated Tesla shares worth $5.7 billion to charity last year.

Filing with the US Securities and Exchange Commission (SEC) showed that this donation took place last year from November 19 to November 29.

Shares donated to charity are not subject to capital gains tax and analysts have said there would be a tax benefit for Musk potentially gifting Tesla stock.

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"His tax benefit would be huge," said Bob Lord, an associate fellow at the Institute for Policy Studies who studies tax policy.

"He'd save between 40 per cent and 50 per cent of the $5.7 billion in tax, depending on whether he could take the deduction against his California income and he'd avoid the gains tax he would have to pay if he sold the stock."

It comes after Musk asked on Twitter poll if people thought he should sell 10 percent of his stake in Tesla. Most people who responded said he should.

Since conducting that survey Musk has sold more than 11 million shares in Tesla. He hit 10 percent of his stake when he sold 6 million more.

This is more than he needs to pay current tax obligations, and experts say he’s either converting part of his fortune from stock to cash, or he’s saving for bigger tax bills that will come due next year.

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The sometimes abrasive and unpredictable Musk, whose net worth is around $300 billion, said he proposed selling the stock as some Democrats have been pushing for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don’t sell any shares.&nbsp;

However, the wording on unrealised gains, also called a “billionaires tax,” was removed from President Joe Biden’s budget, which is still being negotiated.

Musk traded barbs with politicians Bernie Sanders and Elizabeth Warren who called on wealthy people to pay more taxes.

Despite various controversies, shares of Tesla have soared over the last two years, making Musk the world's richest person.

(With inputs from agencies)&nbsp;

Chief Executive Elon Musk donated Tesla shares worth $5.7 billion to charity last year. Filing with the US Securities and Exchange Commission (SEC) showed that this donation took place last year from November 19 to November 29.

Chief Executive Elon Musk donated Tesla shares worth $5.7 billion to charity last year. Filing with the US Securities and Exchange Commission (SEC) showed that this donation took place last year from November 19 to November 29. Shares donated to charity are not subject to capital gains tax and analysts have said there would be a tax benefit for Musk potentially gifting Tesla stock. Also read | 15 out of 23 monkeys die in Neuralink's trial to link human brain to computer "His tax benefit would be huge," said Bob Lord, an associate fellow at the Institute for Policy Studies who studies tax policy. "He'd save between 40 per cent and 50 per cent of the $5.7 billion in tax, depending on whether he could take the deduction against his California income and he'd avoid the gains tax he would have to pay if he sold the stock." It comes after Musk asked on Twitter poll if people thought he should sell 10 percent of his stake in Tesla. Most people who responded said he should. Since conducting that survey Musk has sold more than 11 million shares in Tesla. He hit 10 percent of his stake when he sold 6 million more. This is more than he needs to pay current tax obligations, and experts say he’s either converting part of his fortune from stock to cash, or he’s saving for bigger tax bills that will come due next year. Also read | SpaceX installing satellite internet constellation to restore Tonga's internet The sometimes abrasive and unpredictable Musk, whose net worth is around $300 billion, said he proposed selling the stock as some Democrats have been pushing for billionaires to pay taxes when the price of the stocks they hold goes up, even if they don’t sell any shares. However, the wording on unrealised gains, also called a “billionaires tax,” was removed from President Joe Biden’s budget, which is still being negotiated. Musk traded barbs with politicians Bernie Sanders and Elizabeth Warren who called on wealthy people to pay more taxes. Despite various controversies, shares of Tesla have soared over the last two years, making Musk the world's richest person. (With inputs from agencies)

Elon Musk donated Tesla shares worth $5.7 billion to charity last year

Global stock markets have been on a recovery part since the Russian defense ministry published footage to demonstrate that it was in returning some troops to base after exercises. Shares in Asia Pacific rose today morning on signs of easing tensions.

Global stock markets on a recovery path as Russia-Ukraine tensions

The US Federal Reserve will kick off its tightening cycle in March with a 0.25% interest rate rise, but a growing minority say it will opt for a more aggressive half-point move to tamp down inflation.

US Fed to raise rates 0.25% in March: Poll

The US Federal Aviation Administration said it would perform final inspections on new Boeing 787 Dreamliner aircraft, and will not allow the plane maker to self-certify the jets.

'Boeing cannot self-certify,' US to inspect new 787 Dreamliners

India's largest life insurance company is going public in March, it's expected to make its initial public offering now there are a lot of unknowns about this decision and questions are there why is LIC going public, how big will be the IPO and how many shares will be on offer?

Why is LIC going public, how big will be the IPO?

South Korea's antitrust regulator is investigating US electric car maker Tesla over allegations that the company exaggerated the specifications of its batteries, an official at the Korea Fair Trade Commission (KFTC) said.

South Korea investigates Tesla on mileage

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.&nbsp;

"We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said.

"All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India."

India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century.

Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question.

India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations.

She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing.

RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government.

"Whatever points we have we discuss with the government," he added.

CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency.

(With inputs from agencies)

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India.

The deputy governor of the Reserve Bank of India (RBI) has equated cryptocurrencies with Ponzi schemes. In a speech, T Rabi Shankar, the Deputy Governor even opined that 'banning' cryptocurrencies was the most sensible option for India. "We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value; that they are akin to Ponzi schemes, and may be even be worse," T. Rabi Sankar said. "All these factors lead to the conclusion that banning cryptocurrency is perhaps the most advisable choice open to India." India's central bank chief last week delivered a stark warning against investing in cryptocurrencies, saying they lacked the underlying value of even a tulip - in a reference to a speculative bubble that gripped the Netherlands in the 17th century. Indian Finance Minister Nirmala Sitharaman, earlier this month, presented Union Budget 2022. In this year's budget, the Indian government has announced its decision of taxing gains from cryptocurrency investments at a steep rate of 30 per cent. However, full legality of cryptocurrencies that are not issued by the government is still in question. India is also going to launch digital rupee. Sitharaman said on Monday that discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. She said the discussions with the RBI regarding the CBDC (Central Bank Digital Currency) were going on prior to the Budget announcement, and they are continuing. RBI Governor Shaktikanta Das added that like several other issues, this particular issue is internally under discussion between the RBI and the government. "Whatever points we have we discuss with the government," he added. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency that have mushroomed over the last decade. Private virtual currencies do not represent any person's debt or liabilities as there is no issuer. They are not money and certainly not currency. (With inputs from agencies)

Reserve Bank of India deputy governor equates crypto with Ponzi schemes

Life Insurance Corporation of India (LIC) has filed its draft share sale prospectus with the capital markets regulator SEBI, paving the way for India’s largest initial public offering (IPO).

Life Insurance Corporation of India files $8 billion IPO papers

The market is abuzz today with one positive development. Want to know what it is? &nbsp;

Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. &nbsp;&nbsp;

The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. &nbsp;&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/up-goa-assembly-polls-2022-polling-underway-in-two-indian-states-55-seats-in-up-40-in-goa-up-for-grabs-453098" hreflang="en">UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs</a>

The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. &nbsp;

It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government.&nbsp;

According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. &nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/marvellous-accomplishment-in-2022s-maiden-mission-isro-puts-three-satellites-into-orbit-successfully-453091" hreflang="en">Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully</a>

An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. &nbsp;&nbsp;

The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. &nbsp;&nbsp;

By the end of March, the listing may get completed, the source added. &nbsp;

(With inputs from agencies)&nbsp;

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares.

The market is abuzz today with one positive development. Want to know what it is? Well, the government-run Life Insurance Corporation of India (LIC) has filed draft papers to sell 5% of its shares. The papers have been deposited with the market regulator in a bid to raise nearly $8 billion. Also Read | UP, Goa Assembly Polls 2022: Polling underway in two Indian states; 55 seats in UP, 40 in Goa up for grabs The move seems to have dwarfed the biggest IPO in third-largest economy of Asia by a great margin. It is crucial for the Indian PM Narendra Modi-led government's efforts to meet sharply trimmed divestment target in the current financial year. It will also provide a measure of the success of the pro-market policies of the government. According to the draft prospectus filed on Sunday, India's largest insurer will sell 316.25 million shares. It will amount to nearly 5% of the post-offer paid up share capital. Also Read | Marvellous accomplishment: In 2022's maiden mission, ISRO puts three satellites into orbit successfully An embedded value of 5.39 trillion Indian rupees ($71.56 billion) was also stated in the filing. It is a measure of future cash flows in life insurance companies. This is an important financial gauge for insurers. The government may raise around Rs 600 billion ($7.97 billion) from the issuance and not Rs 900 billion, which was the target of the initial plan as it has trimmed the offering due to market conditions, Reuters reported, citing a government source. By the end of March, the listing may get completed, the source added. (With inputs from agencies)

New IPO in market: India's LIC files draft papers to sell 5% shares to raise $8 billion

Reacting to Ukraine-Russia tensions, oil prices have climbed towards their highest level in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger sanctions from US and Europe and it could disrupt energy exports from world's top producer as well.

Russia-Ukraine tensions: Brent crude up 1.4%, WTI crude gains 1.6%

India's luxury car market which is around 40,000 cars has increased 40 percent last year, it's hoping to have a decent growth this year as well. To talk about this and much more today we are joined by Balbir Singh Dhillon, head of Audi India.

Luxury car sales in India witnessed 40% growth in 2021