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If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet.

This is now feasible, as the Reserve Bank of India (RBI) announced a framework on Monday that allows offline payments of up to Rs 200 per transaction, subject to a total limit of Rs 2,000, in order to encourage digital transactions in rural and semi-urban regions.&nbsp;

How will the new payment system work?

A transaction that does not require internet or telecom connectivity is referred to as an "offline digital payment."

Payments can be made face-to-face (proximity mode) via any channel or instrument, such as cards, wallets, and mobile devices, in the offline mode.&nbsp;

The Reserve Bank of India stated that these transactions will not require an additional factor of authentication (AFA), and that because the transactions occur offline, the consumer will receive warnings (through SMS and/or e-mail) after a time lag.&nbsp;

Overall limit and framework

Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished. Balance replenishment can only occur in an online mode.

The framework integrates feedback from pilot experiments on offline transactions undertaken in various sections of the country from September 2020 to June 2021, according to the statement.&nbsp;

The offline mode of payment can be enabled after obtaining the specific consent of the customer.

Customers will continue to enjoy protection under the provisions of circulars limiting customer liability and will have recourse to the Reserve Bank's Integrated Ombudsman Scheme for grievance redress.

Offline payments can be made using any channel or instrument, like cards, wallets, and mobile devices.

(With inputs from agencies)

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet.

If someone is in a rural area and doesn't have any cash or internet access, he can still buy something or make a transaction of up to Rs 200 using their mobile phone or wallet. This is now feasible, as the Reserve Bank of India (RBI) announced a framework on Monday that allows offline payments of up to Rs 200 per transaction, subject to a total limit of Rs 2,000, in order to encourage digital transactions in rural and semi-urban regions. How will the new payment system work? A transaction that does not require internet or telecom connectivity is referred to as an "offline digital payment." Payments can be made face-to-face (proximity mode) via any channel or instrument, such as cards, wallets, and mobile devices, in the offline mode. The Reserve Bank of India stated that these transactions will not require an additional factor of authentication (AFA), and that because the transactions occur offline, the consumer will receive warnings (through SMS and/or e-mail) after a time lag. Overall limit and framework Transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until the balance in the account is replenished. Balance replenishment can only occur in an online mode. The framework integrates feedback from pilot experiments on offline transactions undertaken in various sections of the country from September 2020 to June 2021, according to the statement. The offline mode of payment can be enabled after obtaining the specific consent of the customer. Customers will continue to enjoy protection under the provisions of circulars limiting customer liability and will have recourse to the Reserve Bank's Integrated Ombudsman Scheme for grievance redress. Offline payments can be made using any channel or instrument, like cards, wallets, and mobile devices. (With inputs from agencies)

Digital payments without the internet: All you need to know

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As per aviation analytics firm ‘Cirium’, India’s Chennai airport is the only one from the country to feature in the Top10 global list for On-time performance, in the year 2021.&nbsp;

To arrive at this, Cirium had analysed and compared data from ‘large airports.&nbsp;

"For Chennai Airport, on-time departures to 70 routes globally analysed by Cirium stand at 89.32 percent.The achievement "represents customer service quality and operational excellence," said the aviation analytics firm.&nbsp;

The other airports that featured in the Top10 list were from Japan, Europe etc.&nbsp;

This report comes at a time when the aviation industry is on the revival path and air travel is winning back passengers post pandemic turbulence.&nbsp;

Increased footfalls are forecast, and accordingly, airports and airlines are augmenting their facilities and services.&nbsp;

The most recent traffic figures for Chennai Airport indicate more than 80% recovery in domestic traffic, and is not far away from reaching pre-COVID levels.&nbsp;

"Stakeholder engagement and collaborative decision-making in airport processes has helped Chennai Airport gain passenger and industry confidence.Besides that, the steps taken to enhance airside capacity(number of take-offs and landings that can be handled in a certain period) of Chennai Airport has augured well leading to this achievement, predominantly the commissioning of Rapid Exit Taxi way(C-1), N&amp;R parallel taxiways", says Dr. Sharad Kumar, Airport Director, Chennai Airport.

Cirium reviews the total number of flights in a given month for every airport globally in an ordered list, then looks at where the percentile demarcations fall. For the annual on-time performance review, Cirium takes the total number of flights in a given year for every airport. The firm’s on-time performance reporting for airlines and airports is an objective, third party perspective on on-time performance data, overseen by industry experts with an unbiased view of the industry.

Chennai achieved the 8th rank in On time performance among larger airports wouldn’t have been possible without the consistent efforts of airlines and stakeholders bringing synergy to smooth airport operations. It is a proud moment that an Indian airport is in the top 10. Kudos to the entire aviation fraternity of Chennai Airport, "opined Sh. K.P. Kumar, Chairman, AOC, Chennai Airport.

As per aviation analytics firm ‘Cirium’, India’s Chennai airport is the only one from the country to feature in the Top10 global list for On-time performance, in the year 2021.

As per aviation analytics firm ‘Cirium’, India’s Chennai airport is the only one from the country to feature in the Top10 global list for On-time performance, in the year 2021. To arrive at this, Cirium had analysed and compared data from ‘large airports. "For Chennai Airport, on-time departures to 70 routes globally analysed by Cirium stand at 89.32 percent.The achievement "represents customer service quality and operational excellence," said the aviation analytics firm. The other airports that featured in the Top10 list were from Japan, Europe etc. This report comes at a time when the aviation industry is on the revival path and air travel is winning back passengers post pandemic turbulence. Increased footfalls are forecast, and accordingly, airports and airlines are augmenting their facilities and services. The most recent traffic figures for Chennai Airport indicate more than 80% recovery in domestic traffic, and is not far away from reaching pre-COVID levels. "Stakeholder engagement and collaborative decision-making in airport processes has helped Chennai Airport gain passenger and industry confidence.Besides that, the steps taken to enhance airside capacity(number of take-offs and landings that can be handled in a certain period) of Chennai Airport has augured well leading to this achievement, predominantly the commissioning of Rapid Exit Taxi way(C-1), N&R parallel taxiways", says Dr. Sharad Kumar, Airport Director, Chennai Airport. Cirium reviews the total number of flights in a given month for every airport globally in an ordered list, then looks at where the percentile demarcations fall. For the annual on-time performance review, Cirium takes the total number of flights in a given year for every airport. The firm’s on-time performance reporting for airlines and airports is an objective, third party perspective on on-time performance data, overseen by industry experts with an unbiased view of the industry. Chennai achieved the 8th rank in On time performance among larger airports wouldn’t have been possible without the consistent efforts of airlines and stakeholders bringing synergy to smooth airport operations. It is a proud moment that an Indian airport is in the top 10. Kudos to the entire aviation fraternity of Chennai Airport, "opined Sh. K.P. Kumar, Chairman, AOC, Chennai Airport.

This Indian airport featured in top 10 global list for on-time performance

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Kosovo has introduced a ban on cryptocurrency mining amid worst energy crisis in a decade

Thanks to solid demand for server memory chips and higher margins in contract manufacturing, South Korea's Samsung Electronics is likely to post a record fourth-quarter profit.

South Korea's Samsung Electronics is likely to post a record fourth-quarter profit

Amid the ongoing semiconductor shortages globally, Toyota dethrones GM after nearly a century as it sells 2.332 million vehicles in the US in 2021.

Toyota dethrones GM after nearly a century as it sells 2.332 million vehicles in the US in 2021

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Daimler, the luxury carmaker expects chip supply to remain scarce throughout 2022, particularly in the first half of the year.

Daimler expects chip supply to remain scarce throughout 2022

India's exports crossed $300 billion in the first 9 months of 2021-22 for the first time. December 2021 also saw the highest ever level of monthly outbound trade at $37 billion.

India: Exports cross $300 bn in first 9 months of 2021-22

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India exported commodities worth $37.29 billion in December, the largest monthly total ever, as demand for engineering products, petroleum products, and gems and jewellery continued to surge.

According to preliminary figures issued by the commerce and industry ministry, India's merchandise exports totaled approximately $300 billion in April-December, rising 48.85% year on year and 26% compared to the same period in 2019.

This means India met three-quarters of its $400 billion annual export target in the first nine months of FY22.&nbsp;

The number has exceeded the exports of 2020–21, which were at $290 billion.

"With $300 billion in the first nine months of 2021-22, we are on track to achieve our target," Commerce and Industry Minister Piyush Goyal told reporters on Monday.

"If we look at the data from 2016 to December 2021, the export of every month from April to December 2021 is historical. Exports worth $103 billion have been seen in the three months of October, November, and December, the highest to date," Goyal said.

The report also revealed that the top ten primary commodity groupings, which account for 80% of exports, increased by 41% year on year, with each recording an increase.

Engineering items, which account for 26% of all exports, have increased by 37% year on year.

Similarly, exports of gems and jewellery, which account for 8% of the total, increased 15.8% year on year.

In December, India's merchandise imports totalled $59.27 billion, up 38.06 percent from the previous year and 49.7% from December 2019.

The trade imbalance was $21.99 billion, up from $15.75 billion the previous year.

In the first nine months of this fiscal year, services exports are forecast to total $179 billion.&nbsp;

The ministry does not expect any immediate supply chain interruption as a result of the Omicron variant threat.

While there may be some short-term interruption, the minister expects industrial activity to continue.

Omicron is rapidly spreading across developed countries such as the United States, Europe, and West Asia.&nbsp;

(With inputs from agencies)

India exported commodities worth $37.29 billion in December, the largest monthly total ever, as demand for engineering products, petroleum products, and gems and jewellery continued to surge.

India exported commodities worth $37.29 billion in December, the largest monthly total ever, as demand for engineering products, petroleum products, and gems and jewellery continued to surge. According to preliminary figures issued by the commerce and industry ministry, India's merchandise exports totaled approximately $300 billion in April-December, rising 48.85% year on year and 26% compared to the same period in 2019. This means India met three-quarters of its $400 billion annual export target in the first nine months of FY22. The number has exceeded the exports of 2020–21, which were at $290 billion. "With $300 billion in the first nine months of 2021-22, we are on track to achieve our target," Commerce and Industry Minister Piyush Goyal told reporters on Monday. "If we look at the data from 2016 to December 2021, the export of every month from April to December 2021 is historical. Exports worth $103 billion have been seen in the three months of October, November, and December, the highest to date," Goyal said. The report also revealed that the top ten primary commodity groupings, which account for 80% of exports, increased by 41% year on year, with each recording an increase. Engineering items, which account for 26% of all exports, have increased by 37% year on year. Similarly, exports of gems and jewellery, which account for 8% of the total, increased 15.8% year on year. In December, India's merchandise imports totalled $59.27 billion, up 38.06 percent from the previous year and 49.7% from December 2019. The trade imbalance was $21.99 billion, up from $15.75 billion the previous year. In the first nine months of this fiscal year, services exports are forecast to total $179 billion. The ministry does not expect any immediate supply chain interruption as a result of the Omicron variant threat. While there may be some short-term interruption, the minister expects industrial activity to continue. Omicron is rapidly spreading across developed countries such as the United States, Europe, and West Asia. (With inputs from agencies)

India's exports hit an all-time monthly high in December

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In 2022, Ikea customers will have to pay more when they shop at its stores as the company said that it will increase its prices by an average of nine per cent next due to the ongoing supply and transportation disruptions.&nbsp;

The announcement on Thursday was made amid shortages and shipping challenges due to the COVID-19 pandemic which has caused inflation globally.&nbsp; 
&nbsp; 
Tolga Öncü, retail operations manager at IKEA Retail, said in a statement, "Unfortunately, now, for the first time since higher costs have begun to affect the global economy, we have to pass parts of those increased costs onto our customers."&nbsp;

"Our intention is to give back to the customer any decrease in purchase prices we get," Öncü said, adding that this move will ensure IKEA's "competitiveness and the resilience". He further added that "affordability will always be a cornerstone" for the company.&nbsp;

"The average of the increase in Ingka Group is around 9% globally, with variations across Ingka Group countries and the range, reflecting localised inflationary pressures, including commodity and supply chain issues," Ingka group said.&nbsp;

Last month, Inter Ikea group reported a 17 per cent drop in annual profits, attributing the dent to a steep increase in transport and raw material prices.

In 2022, Ikea customers will have to pay more when they shop at its stores as the company said that it will increase its prices by an average of nine per cent next due to the ongoing supply and transportation disruptions.

In 2022, Ikea customers will have to pay more when they shop at its stores as the company said that it will increase its prices by an average of nine per cent next due to the ongoing supply and transportation disruptions. The announcement on Thursday was made amid shortages and shipping challenges due to the COVID-19 pandemic which has caused inflation globally. Tolga Öncü, retail operations manager at IKEA Retail, said in a statement, "Unfortunately, now, for the first time since higher costs have begun to affect the global economy, we have to pass parts of those increased costs onto our customers." "Our intention is to give back to the customer any decrease in purchase prices we get," Öncü said, adding that this move will ensure IKEA's "competitiveness and the resilience". He further added that "affordability will always be a cornerstone" for the company. "The average of the increase in Ingka Group is around 9% globally, with variations across Ingka Group countries and the range, reflecting localised inflationary pressures, including commodity and supply chain issues," Ingka group said. Last month, Inter Ikea group reported a 17 per cent drop in annual profits, attributing the dent to a steep increase in transport and raw material prices.

In 2022, Ikea to hike prices by 9 per cent due to supply chain woes

Binance Coin, or BNB, surpassed its two larger rivals, Bitcoin and Ether, among the three largest digital assets by market capitalization.

With a gain of 1,344 per cent, Binance Coin (BNB) has outperformed the three largest cryptos by market capitalization, while the Binance Smart Chain ecosystem has witnessed enormous growth in 2021, stealing some of Ethereum's market share.

In comparison, market leader Bitcoin grew by 65%, while Ether, the second-largest token, grew by 408%.&nbsp;

The old guard of cryptocurrencies has lost ground to tokens with higher returns this year.

The tendency is expected to continue, according to researchers. 
 
World Business Watch: Britain bans Binance's UK operations in latest cryptocurrency crackdown

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-britain-bans-binances-uk-operations-in-latest-cryptocurrency-crackdown-394404/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

What is Altcoin, how is it different from Bitcoin?

Alternative digital assets, such as a coin or token that is not Bitcoin, are referred to as altcoins.

This terminology stems from the notion that Bitcoin is the first cryptocurrency, and all others are "alternative" or "alternative" coins.

The word "altcoin" is also loosely applied to digital assets that are officially "tokens" rather than coins.

The ERC-20 tokens, which run on the Ethereum blockchain, are the most well-known instances.&nbsp;

More than 2,000 alternative cryptocurrencies have been implemented since the launch of Bitcoin in 2008.

Through a process known as Hard Fork, many of these altcoins were formed as modified copies of Bitcoin.

Despite some similarities, each altcoin serves a distinct purpose.&nbsp;

(With inputs from agencies)

Binance Coin, or BNB, surpassed its two larger rivals, Bitcoin and Ether, among the three largest digital assets by market capitalization. With a gain of 1,344 per cent, Binance Coin (BNB) has outperformed the three largest cryptos by market capitalization, while the Binance Smart Chain ecosystem has witnessed enormous growth in 2021, stealing some of Ethereum's market share.

Binance Coin, or BNB, surpassed its two larger rivals, Bitcoin and Ether, among the three largest digital assets by market capitalization. With a gain of 1,344 per cent, Binance Coin (BNB) has outperformed the three largest cryptos by market capitalization, while the Binance Smart Chain ecosystem has witnessed enormous growth in 2021, stealing some of Ethereum's market share. In comparison, market leader Bitcoin grew by 65%, while Ether, the second-largest token, grew by 408%. The old guard of cryptocurrencies has lost ground to tokens with higher returns this year. The tendency is expected to continue, according to researchers. World Business Watch: Britain bans Binance's UK operations in latest cryptocurrency crackdown What is Altcoin, how is it different from Bitcoin? Alternative digital assets, such as a coin or token that is not Bitcoin, are referred to as altcoins. This terminology stems from the notion that Bitcoin is the first cryptocurrency, and all others are "alternative" or "alternative" coins. The word "altcoin" is also loosely applied to digital assets that are officially "tokens" rather than coins. The ERC-20 tokens, which run on the Ethereum blockchain, are the most well-known instances. More than 2,000 alternative cryptocurrencies have been implemented since the launch of Bitcoin in 2008. Through a process known as Hard Fork, many of these altcoins were formed as modified copies of Bitcoin. Despite some similarities, each altcoin serves a distinct purpose. (With inputs from agencies)

This 'Altcoin' gained 1,300 % in 2021. So what is this cryptocurrency segment?

Tang Xiao’ou, an professor and an MIT grad suddenly found himself among the richest in the world as he personal wealth increased manifolds after a successful IPO of company he co-founded.

SenseTime Group shares surged as much as 23% from their IPO price on Thursday, adding billions of dollars to the artificial intelligence start-up`s market value as it debuted in Hong Kong in the city`s final major float for the year.&nbsp;

Even when SenseTime's share had grown by 11 per cent at the end of morning session, net worth of Xiao'ou had touched USD 3.9 billion.

Some analysts had expected the shares to struggle due to weak demand during the IPO process and worries about SenseTime`s inclusion on a U.S. investment blacklist that prompted the Chinese firm to shelve its first attempt to list.

"The main reason that support is coming to the share price is that the market had already digested the U.S. sanction issue," said Kenny Ng, Everbright Sun Hung Kai analyst.

"SenseTime set the IPO price at the lower end of the range which left room for the price performance after listing."

The Chinese company raised $740 million in its initial public offering and priced its shares at HK$3.85 ($0.4937) each.

The deal valued SenseTime at $16.4 billion, while at the session`s high its market capitalisation had added some $3.8 billion.

SenseTime ended at HK$4.13 in its debut session, up 7.3% from its IPO price. It was the fifth most actively traded stock by turnover with 329.97 million shares changing hands worth HK$1.406 bln.

The broader Hang Seng Index gained just 0.11% while tech stocks in Hong Kong were marginally positive on the day.

SenseTime`s IPO was Hong Kong`s fifth largest in 2021, Dealogic data shows.

Hong Kong has struggled to attract big ticket deals this year due to a regulatory crackdown on a number of sectors by Chinese authorities.

(With inputs from agencies) 
&nbsp;

Tang Xiao’ou, an professor and an MIT grad suddenly found himself among the richest in the world as he personal wealth increased manifolds after a successful IPO of company he co-founded.

Tang Xiao’ou, an professor and an MIT grad suddenly found himself among the richest in the world as he personal wealth increased manifolds after a successful IPO of company he co-founded. SenseTime Group shares surged as much as 23% from their IPO price on Thursday, adding billions of dollars to the artificial intelligence start-up`s market value as it debuted in Hong Kong in the city`s final major float for the year. Even when SenseTime's share had grown by 11 per cent at the end of morning session, net worth of Xiao'ou had touched USD 3.9 billion. Some analysts had expected the shares to struggle due to weak demand during the IPO process and worries about SenseTime`s inclusion on a U.S. investment blacklist that prompted the Chinese firm to shelve its first attempt to list. "The main reason that support is coming to the share price is that the market had already digested the U.S. sanction issue," said Kenny Ng, Everbright Sun Hung Kai analyst. "SenseTime set the IPO price at the lower end of the range which left room for the price performance after listing." The Chinese company raised $740 million in its initial public offering and priced its shares at HK$3.85 ($0.4937) each. The deal valued SenseTime at $16.4 billion, while at the session`s high its market capitalisation had added some $3.8 billion. SenseTime ended at HK$4.13 in its debut session, up 7.3% from its IPO price. It was the fifth most actively traded stock by turnover with 329.97 million shares changing hands worth HK$1.406 bln. The broader Hang Seng Index gained just 0.11% while tech stocks in Hong Kong were marginally positive on the day. SenseTime`s IPO was Hong Kong`s fifth largest in 2021, Dealogic data shows. Hong Kong has struggled to attract big ticket deals this year due to a regulatory crackdown on a number of sectors by Chinese authorities. (With inputs from agencies)

A professor and MIT grad suddenly becomes one among world's richest