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In what is believed to be one of the largest cryptocurrency thefts ever, hackers have returned roughly half of the $600 million they took.

A loophole in Poly Network, a platform that aims to connect multiple blockchains so that they may operate together, was exploited by cybercriminals.

Poly Network informed the hackers of the incident and requested that they communicate with them, encouraging them to return compromised assets.&nbsp;

A blockchain is a digital record that serves as the foundation for numerous cryptocurrencies.Each digital coin has its own blockchain, which is distinct from the rest. 
 
Poly Network promises to be able to connect all of these different blockchains.&nbsp;

Poly Network is a platform for decentralised money.DeFi is a wide word that refers to a range of financial applications based on blockchain technology that aim to eliminate middlemen like brokerages and&nbsp;exchanges. It's known as decentralised. &nbsp;

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— Poly Network (@PolyNetwork2) <a href="https://twitter.com/PolyNetwork2/status/1425123153009803267?ref_src=twsrc%5Etfw">August 10, 2021</a></blockquote>
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"There`s so much public attention on this, and exchanges will be on the lookout for customer deposits linked to this theft," Elliptic's Robinson said.

"This demonstrates that even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions."

The hacker or hackers sent a message with some of the returned coins appearing to ask for donations, Robinson added.

The stolen funds amount to more than the criminal losses registered by the entire DeFi sector from January to July of a record $474 million, according to a report from crypto intelligence company CipherTrace.

Proponents of DeFi say it offers people and businesses free access to financial services, arguing that the technology will cut costs and boost economic activity.

Yet it is mostly unregulated, with technical flaws and weaknesses in the code many platforms use, leaving it vulnerable to hacks and heists.

An executive from Tether - a stablecoin or type of cryptocurrency usually backed by real-world world assets - said on Twitter the company had frozen $33 million connected with the hack, and top management at large crypto exchanges responded to Poly Network saying they would also try to help.

(With inputs from agencies)

In what is believed to be one of the largest cryptocurrency thefts ever, hackers have returned roughly half of the $600 million they took. A loophole in Poly Network, a platform that aims to connect multiple blockchains so that they may operate together, was exploited by cybercriminals.

In what is believed to be one of the largest cryptocurrency thefts ever, hackers have returned roughly half of the $600 million they took. A loophole in Poly Network, a platform that aims to connect multiple blockchains so that they may operate together, was exploited by cybercriminals. Poly Network informed the hackers of the incident and requested that they communicate with them, encouraging them to return compromised assets. A blockchain is a digital record that serves as the foundation for numerous cryptocurrencies.Each digital coin has its own blockchain, which is distinct from the rest. Poly Network promises to be able to connect all of these different blockchains. Poly Network is a platform for decentralised money.DeFi is a wide word that refers to a range of financial applications based on blockchain technology that aim to eliminate middlemen like brokerages and exchanges. It's known as decentralised. pic.twitter.com/Yzw4oDenjC — Poly Network (@PolyNetwork2) August 10, 2021 × "There`s so much public attention on this, and exchanges will be on the lookout for customer deposits linked to this theft," Elliptic's Robinson said. "This demonstrates that even if you can steal cryptoassets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions." The hacker or hackers sent a message with some of the returned coins appearing to ask for donations, Robinson added. The stolen funds amount to more than the criminal losses registered by the entire DeFi sector from January to July of a record $474 million, according to a report from crypto intelligence company CipherTrace. Proponents of DeFi say it offers people and businesses free access to financial services, arguing that the technology will cut costs and boost economic activity. Yet it is mostly unregulated, with technical flaws and weaknesses in the code many platforms use, leaving it vulnerable to hacks and heists. An executive from Tether - a stablecoin or type of cryptocurrency usually backed by real-world world assets - said on Twitter the company had frozen $33 million connected with the hack, and top management at large crypto exchanges responded to Poly Network saying they would also try to help. (With inputs from agencies)

Hackers return $260 million to crypto platform Poly Network after massive theft

Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines.

The RBI will start imposing a penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards.

“The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs,” the RBI said in a circular.

The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs.

In this connection, it said a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public.

It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) will strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs, central bank said.

“Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the ‘Scheme of Penalty for non-replenishment of ATMs’,” the RBI said.

The Scheme will be effective from October 01, 2021.

On condition for counting instances of cash-outs in an ATM, the RBI said it would come into play “when the customer is not able to withdraw cash due to non-availability of cash in a particular ATM”.

As regards the quantum of penalty, the central bank said “cash-out at any ATM of more than ten hours in a month” will attract a flat penalty of Rs 10,000 per ATM.

In the case of White Label ATMs (WLAs), the penalty would be charged to the bank, which is meeting the cash requirement of that particular WLA.

The bank, may, at its discretion, recover the penalty from the WLA operator, it added.

At the end-June 2021, there were 2,13,766 ATMs of different banks in the country.

Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines.

Concerned over the inconvenience caused to the public due to the non-availability of cash in ATMs, the Reserve Bank has decided to penalise banks for failure to timely replenish currency notes in such machines. The RBI will start imposing a penalty on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards. “The Scheme of Penalty for non-replenishment of ATMs has been formulated to ensure that sufficient cash is available to the public through ATMs,” the RBI said in a circular. The Reserve Bank of India has a mandate to issue banknotes and the banks are fulfilling this mandate by dispensing banknotes to the public through their wide network of branches and ATMs. In this connection, it said a review of downtime of ATMs due to cash-outs was undertaken and it was observed that ATM operations affected by cash-outs lead to non-availability of cash and cause avoidable inconvenience to the members of the public. It has, therefore, been decided that the banks/ White Label ATM Operators (WLAOs) will strengthen their systems/ mechanisms to monitor the availability of cash in ATMs and ensure timely replenishment to avoid cash-outs, central bank said. “Any non-compliance in this regard shall be viewed seriously and shall attract monetary penalty as stipulated in the ‘Scheme of Penalty for non-replenishment of ATMs’,” the RBI said. The Scheme will be effective from October 01, 2021. On condition for counting instances of cash-outs in an ATM, the RBI said it would come into play “when the customer is not able to withdraw cash due to non-availability of cash in a particular ATM”. As regards the quantum of penalty, the central bank said “cash-out at any ATM of more than ten hours in a month” will attract a flat penalty of Rs 10,000 per ATM. In the case of White Label ATMs (WLAs), the penalty would be charged to the bank, which is meeting the cash requirement of that particular WLA. The bank, may, at its discretion, recover the penalty from the WLA operator, it added. At the end-June 2021, there were 2,13,766 ATMs of different banks in the country.

RBI to penalise banks for non-availability of cash in ATMs from October 1

On Tuesday, Indian benchmark indexes rose for the second day in a row, led by IT and financial equities such as Tech Mahindra and Bharti Airtel.

The Sensex slumped 471 points from the fresh record high of 54,779.6, touched during intra-day trade, and hit a low of 54,308. The index, however, recovered swiftly to close at 54,555 levels, up 152 points or 0.28 per cent.

On the NSE, the Nifty50 index shut shop at 16,280 levels, up 22 points or 0.13 per cent. Earlier today, it claimed a new lifetime high of 16,359.

During intraday trading, both indexes had climbed to new all-time highs.&nbsp;

Meanwhile, Indian rupee weakened to its lowest level in almost two weeks, in line with other Asian currencies, which fell tracking broad dollar strength amid concerns the US Federal Reserve will taper its stimulus sooner than expected.

The partially convertible rupee ended at 74.42/43 per dollar, compared with its close of 74.26 on Monday. The unit fell to a low of 74.4625 during the trade, its weakest since July 28.

(With inputs from agencies)

On Tuesday, Indian benchmark indexes rose for the second day in a row, led by IT and financial equities such as Tech Mahindra and Bharti Airtel. The Sensex slumped 471 points from the fresh record high of 54,779.

On Tuesday, Indian benchmark indexes rose for the second day in a row, led by IT and financial equities such as Tech Mahindra and Bharti Airtel. The Sensex slumped 471 points from the fresh record high of 54,779.6, touched during intra-day trade, and hit a low of 54,308. The index, however, recovered swiftly to close at 54,555 levels, up 152 points or 0.28 per cent. On the NSE, the Nifty50 index shut shop at 16,280 levels, up 22 points or 0.13 per cent. Earlier today, it claimed a new lifetime high of 16,359. During intraday trading, both indexes had climbed to new all-time highs. Meanwhile, Indian rupee weakened to its lowest level in almost two weeks, in line with other Asian currencies, which fell tracking broad dollar strength amid concerns the US Federal Reserve will taper its stimulus sooner than expected. The partially convertible rupee ended at 74.42/43 per dollar, compared with its close of 74.26 on Monday. The unit fell to a low of 74.4625 during the trade, its weakest since July 28. (With inputs from agencies)

Sensex hits record closing high of 54,555; Nifty ends above 16,250 

Job openings in June increased largely in services industries, which continue to ramp up operations as consumers unleashed pent-up demand.

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Investment bankers could see the biggest checks in roughly a decade, according to a report by compensation consulting firm Johnson Associates Inc.

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India's unicorns and e-commerce firms are expanding overseas in a big way. CARS 24, an e-commerce platform for pre-owned vehicles is betting big on the overseas markets and has entered the UAE with heavy investment in technology framework. Vehicle transactions are increasingly getting done online globally and e-commerce platforms are seeing a jump in markets for used or pre-owned cars. CARS 24 is looking at encashing the boom as the demand for used cars is moving to the fast lane especially after the COVID-19 pandemic. WION speaks to Gajendra Jangid, Co-founder of CARS 24.

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The British government revealed over 200 firms that broke minimum wage regulations between 2011 and 2018, with the John Lewis Partnership, a department store and supermarket company, topping the list.&nbsp;

Football clubs, cleaning companies, and famous names like John Lewis and The Body Shop are among the 191 businesses highlighted.

Since 2011, HMRC investigations have discovered a total of £2.1 million due to more than 34,000 workers – however, the amount may be higher if those who were not caught are included.&nbsp;

The identified employers have been ordered to repay their debts and have been penalised an extra £3.2 million for their actions.&nbsp;

Britain's minimum wage laws can be complex, and the government suspended naming firms between 2018 and 2020 after complaints from businesses that they were unfairly penalised for falling foul of unclear official guidance.

But Britain's business ministry said on Thursday that it wanted businesses to be "named and shamed" even where errors were inadvertent.

"All employers, including those on this list, need to pay workers properly," business minister Paul Scully said.

Most of the companies named by Britain's business ministry underpaid employees by a tiny amount, while other employers - mainly in the social care or childcare sectors - underpaid employees by more than 1,000 pounds each.&nbsp;

(With inputs from agencies)

The British government revealed over 200 firms that broke minimum wage regulations between 2011 and 2018, with the John Lewis Partnership, a department store and supermarket company, topping the list.

The British government revealed over 200 firms that broke minimum wage regulations between 2011 and 2018, with the John Lewis Partnership, a department store and supermarket company, topping the list. Football clubs, cleaning companies, and famous names like John Lewis and The Body Shop are among the 191 businesses highlighted. Since 2011, HMRC investigations have discovered a total of £2.1 million due to more than 34,000 workers – however, the amount may be higher if those who were not caught are included. The identified employers have been ordered to repay their debts and have been penalised an extra £3.2 million for their actions. Britain's minimum wage laws can be complex, and the government suspended naming firms between 2018 and 2020 after complaints from businesses that they were unfairly penalised for falling foul of unclear official guidance. But Britain's business ministry said on Thursday that it wanted businesses to be "named and shamed" even where errors were inadvertent. "All employers, including those on this list, need to pay workers properly," business minister Paul Scully said. Most of the companies named by Britain's business ministry underpaid employees by a tiny amount, while other employers - mainly in the social care or childcare sectors - underpaid employees by more than 1,000 pounds each. (With inputs from agencies)

UK govt named and shamed 200 companies for breaking minimum wage laws

The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK.

Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to May 28, 2012.

"It is also proposed to refund the amount paid in these cases without any interest thereon," the bill said.

This bill impacts retro tax cases of at least two big companies — Cairn Energy Plc and Vodafone Group of UK.

Both firms had won international arbitrations against levy of retrospective taxes on them.

The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK.

The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to May 28, 2012. "It is also proposed to refund the amount paid in these cases without any interest thereon," the bill said. This bill impacts retro tax cases of at least two big companies — Cairn Energy Plc and Vodafone Group of UK. Both firms had won international arbitrations against levy of retrospective taxes on them.

Indian govt buries retro tax; introduces bill in parliament to withdraw demands on Cairn, Vodafone

Media giant—Sony Pictures—has seen a dip in its first-quarter profit from $247 million last year to $232.7 million, representatives have shared this news with the media.&nbsp;

 
On Wednesday, Sony Corporation has reported its April-to-June earnings at its headquarters in Tokyo. The Japanese conglomerate attributed the 1.7 percent decline in earnings at the pictures division —covering movies, TV networks and TV production — to increased production costs that more than offset higher revenue.&nbsp;

 
The quarterly revenue at Sony Pictures climbed from $245 million in the quarter to $1.87 billion, a 15 percent increase in the over-the-year period.&nbsp;

 
Revenue for its motion pictures rose, too, but only marginally. The studio’s television production business and home entertainment segment recorded decreases. Networks revenue rose “due to higher advertising and subscription revenues,” the company said in a statement.

 
While some of its contemporaries have sought to emulate Netflix by launching their own costly direct-to-consumer streaming services, Sony has opted to remain a producer and licensor in a seller’s market. To that end, Sony inked a pair of lucrative, multi-year licensing deals for its film output with both Netflix and Disney in April.

Media giant—Sony Pictures—has seen a dip in its first-quarter profit from $247 million last year to $232.7 million, representatives have shared this news with the media.

Media giant—Sony Pictures—has seen a dip in its first-quarter profit from $247 million last year to $232.7 million, representatives have shared this news with the media. On Wednesday, Sony Corporation has reported its April-to-June earnings at its headquarters in Tokyo. The Japanese conglomerate attributed the 1.7 percent decline in earnings at the pictures division —covering movies, TV networks and TV production — to increased production costs that more than offset higher revenue. The quarterly revenue at Sony Pictures climbed from $245 million in the quarter to $1.87 billion, a 15 percent increase in the over-the-year period. Revenue for its motion pictures rose, too, but only marginally. The studio’s television production business and home entertainment segment recorded decreases. Networks revenue rose “due to higher advertising and subscription revenues,” the company said in a statement. While some of its contemporaries have sought to emulate Netflix by launching their own costly direct-to-consumer streaming services, Sony has opted to remain a producer and licensor in a seller’s market. To that end, Sony inked a pair of lucrative, multi-year licensing deals for its film output with both Netflix and Disney in April.

Sony Pictures quarterly profits have dipped, confirms the company

Asian stocks slipped on Tuesday, as the Delta coronavirus variant spread in key markets in the region. This has put Chinese authorities on high alert. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.40 per cent in early trading. WION's Business editor Sumit Chaturvedi speaks to Daily FX Strategist, Margaret Yang Yan about the slip in stocks.

WION's Sumit Chaturvedi speaks to Daily FX Strategist Margaret Yang Yan on the slip in Asian stocks

Prime Minister Narendra Modi introduced e-RUPI, a cashless and contactless digital payment system, on Monday.

The one-time payment system attempts to eliminate leaks in government assistance programmes and ensure that funds reach the intended recipients.

The platform would be a person-specific and purpose-specific payments system created by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority. 
 
<img alt="e-RUPI" data-entity-type="file" data-entity-uuid="ddf83f0a-c8d7-4616-a19f-a0097ce38efb" src="//cdn.wionews.com/sites/default/files/inline-images/rupi.jpeg" />

How will e-RUPI function?

e-RUPI is a cashless and contactless digital payment system.

It is a QR code or SMS string-based e-Voucher that is sent to the beneficiaries' mobile phones.

Users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without the use of a card, digital payments app, or online banking access.&nbsp;

It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health &amp; Family Welfare and National Health Authority.

e-RUPI establishes a digital link between service sponsors and beneficiaries and service providers, eliminating the need for a physical interface.

It also guarantees that the service provider is only paid once the transaction has been completed.

Because it is pre-paid, it ensures prompt payment to the service provider without the need for a middleman.

It is intended to be a game-changing effort aimed at assuring the delivery of leak-proof social services.

These digital coupons can be used by the private sector as part of employee welfare and corporate social responsibility programmes.

(With inputs from agencies)

Prime Minister Narendra Modi introduced e-RUPI, a cashless and contactless digital payment system, on Monday. The one-time payment system attempts to eliminate leaks in government assistance programmes and ensure that funds reach the intended recipients.

Prime Minister Narendra Modi introduced e-RUPI, a cashless and contactless digital payment system, on Monday. The one-time payment system attempts to eliminate leaks in government assistance programmes and ensure that funds reach the intended recipients. The platform would be a person-specific and purpose-specific payments system created by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority. How will e-RUPI function? e-RUPI is a cashless and contactless digital payment system. It is a QR code or SMS string-based e-Voucher that is sent to the beneficiaries' mobile phones. Users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without the use of a card, digital payments app, or online banking access. It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority. e-RUPI establishes a digital link between service sponsors and beneficiaries and service providers, eliminating the need for a physical interface. It also guarantees that the service provider is only paid once the transaction has been completed. Because it is pre-paid, it ensures prompt payment to the service provider without the need for a middleman. It is intended to be a game-changing effort aimed at assuring the delivery of leak-proof social services. These digital coupons can be used by the private sector as part of employee welfare and corporate social responsibility programmes. (With inputs from agencies)

What is e-RUPI and how does it function?

The US&nbsp;Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden's top legislative priority. 
 
The ambitious plan has the backing of Democrats and Republicans alike and has already cleared two hurdles by broad margins in the closely divided Senate. 
 
But so far lawmakers have not seen the final text of the bill, which includes about $550 billion in new spending and was still being written on Saturday. Earlier votes were for a shell bill that the actual legislation will be added to once it is complete. 
 
US&nbsp;Democratic Senate leader Chuck Schumer said on the Senate floor that the bipartisan group working on the legislation needed additional time. "The Senate will remain in session today so they can bring this to a conclusion," Schumer said. 
 
"I know all the parties want to get this right. As soon as their legislative text is finalised, we'll review it and then I will offer it as a substitute amendment. After that, we can begin voting for amendments," the top Senate Democrat added. 
 
After passing the $1 trillion bill, Schumer aims to push forward on a sweeping $3.5 trillion package that focuses on climate change and home care for the elderly and children. That faces staunch Republican opposition and some dissent among moderate Democrats. 
 
"The Senate is going to move forward on both tracks of infrastructure before the beginning of the August recess. The longer it takes to finish, the longer we`ll be here. But we`re going to get the job done," Schumer said earlier on Saturday. 
 
The Senate voted 66-28 on Friday to take up the bill, with 16 Republicans joining all 48 Democrats and two independents in support. 
 
The package would dramatically increase the nation's spending on roads, bridges, transit and airports. Supporters predicted it will ultimately pass the Senate and House of Representatives, eventually reaching Biden's desk for him to sign it into law. 
 
It includes about $550 billion in new spending, on top of $450 billion that was previously approved. It also includes money for eliminating lead water pipes and building electric vehicle charging stations. 
 
The bill does not include funding for most climate change and social initiatives that Democrats aim to pass in the separate $3.5 trillion measure without Republican support. 
 
Democrats hold razor-thin margins in both the Senate and the House of Representatives, meaning the party must stick together to achieve its legislative goals. 
 
Progressive members of the House Democratic caucus have already suggested the $1 trillion package is inadequate, and the Senate could likewise impose changes that could complicate its chances of becoming law. 
 
But supporters, including Schumer and Republican Senate Minority Leader Mitch McConnell, have been optimistic about its prospects.

The US Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden's top legislative priority.

The US Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden's top legislative priority. The ambitious plan has the backing of Democrats and Republicans alike and has already cleared two hurdles by broad margins in the closely divided Senate. But so far lawmakers have not seen the final text of the bill, which includes about $550 billion in new spending and was still being written on Saturday. Earlier votes were for a shell bill that the actual legislation will be added to once it is complete. US Democratic Senate leader Chuck Schumer said on the Senate floor that the bipartisan group working on the legislation needed additional time. "The Senate will remain in session today so they can bring this to a conclusion," Schumer said. "I know all the parties want to get this right. As soon as their legislative text is finalised, we'll review it and then I will offer it as a substitute amendment. After that, we can begin voting for amendments," the top Senate Democrat added. After passing the $1 trillion bill, Schumer aims to push forward on a sweeping $3.5 trillion package that focuses on climate change and home care for the elderly and children. That faces staunch Republican opposition and some dissent among moderate Democrats. "The Senate is going to move forward on both tracks of infrastructure before the beginning of the August recess. The longer it takes to finish, the longer we`ll be here. But we`re going to get the job done," Schumer said earlier on Saturday. The Senate voted 66-28 on Friday to take up the bill, with 16 Republicans joining all 48 Democrats and two independents in support. The package would dramatically increase the nation's spending on roads, bridges, transit and airports. Supporters predicted it will ultimately pass the Senate and House of Representatives, eventually reaching Biden's desk for him to sign it into law. It includes about $550 billion in new spending, on top of $450 billion that was previously approved. It also includes money for eliminating lead water pipes and building electric vehicle charging stations. The bill does not include funding for most climate change and social initiatives that Democrats aim to pass in the separate $3.5 trillion measure without Republican support. Democrats hold razor-thin margins in both the Senate and the House of Representatives, meaning the party must stick together to achieve its legislative goals. Progressive members of the House Democratic caucus have already suggested the $1 trillion package is inadequate, and the Senate could likewise impose changes that could complicate its chances of becoming law. But supporters, including Schumer and Republican Senate Minority Leader Mitch McConnell, have been optimistic about its prospects.

US Senate in rare Saturday session on $1 trillion infrastructure bill

The outlook comes just after Jassy on July 5 inherited Amazon's top job, which has never been bigger or more complex.

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The shortage affected the auto sector heavily throughout this year. During the pandemic some of these semiconductor fabs and many of the manufacturers of the components, equipment and materials used to manufacture semiconductors experienced shutdowns

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The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business.

Beijing has recently taken steps to tighten leash on major corporations in entertainment, ride-hailing, education and online shopping, including cybersecurity checks on firms planning to raise money in foreign markets

In a move he said was aimed at protecting American investors, Gary Gensler, head of the Securities and Exchange Commission (SEC), called for new disclosures including to "prominently and clearly" state whether they have permission to list overseas.

These requirements focus on offshore shell companies known as Variable Interest Entities (VIEs).

"I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company," Gensler said in a statement.&nbsp;

"In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies."

He also said he asked SEC staff for "targeted additional reviews of filings for companies with significant China-based operations," but gave no details on how those would be determined.

China's new rules have roiled markets in recent days and caused some firms to shelve plans for initial stock offerings.

Ride-hailing giant Didi Chuxing defied authorities and went ahead with its IPO only to face a backlash when Beijing ordered the app to be removed from stores over cybersecurity concerns.

The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business.

The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business. Beijing has recently taken steps to tighten leash on major corporations in entertainment, ride-hailing, education and online shopping, including cybersecurity checks on firms planning to raise money in foreign markets In a move he said was aimed at protecting American investors, Gary Gensler, head of the Securities and Exchange Commission (SEC), called for new disclosures including to "prominently and clearly" state whether they have permission to list overseas. These requirements focus on offshore shell companies known as Variable Interest Entities (VIEs). "I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company," Gensler said in a statement. "In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies." He also said he asked SEC staff for "targeted additional reviews of filings for companies with significant China-based operations," but gave no details on how those would be determined. China's new rules have roiled markets in recent days and caused some firms to shelve plans for initial stock offerings. Ride-hailing giant Didi Chuxing defied authorities and went ahead with its IPO only to face a backlash when Beijing ordered the app to be removed from stores over cybersecurity concerns.

US asks for more disclosure from Chinese firms amid Beijing's crackdown

Following news that IDBI Bank has entirely recovered its debts from the now-defunct Kingfisher Airlines, fugitive tycoon Vijay Mallya criticised banks for claiming he owed them money on Thursday.&nbsp;

Vijay Mallya launched a tirade on Twitter and said, "And the Banks say I owe them money!".

He shared a report on IDBI Bank fully recovering its dues from now-defunct Kingfisher Airlines.

According to the news clipping, IDBI Bank recovered ₹7.5 billion from Kingfisher.

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And the Banks say I owe them money ! <a href="https://t.co/XnWSjXnnF9">pic.twitter.com/XnWSjXnnF9</a>
— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/1420732695760486400?ref_src=twsrc%5Etfw">July 29, 2021</a></blockquote>
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His Tweet comes after a British court awarded him a bankruptcy order, clearing the way for a consortium of Indian banks led by the State Bank of India (SBI) to seek a global freezing order to recover a debt due by Kingfisher Airlines.&nbsp;

On July 26, the fugitive businessman claimed that the Enforcement Directorate is seizing assets "worth ₹140 billion at the behest of government banks against a debt of ₹62 billion."

Mallya also tweeted that the SBI-led consortium of banks had asked "court to make me bankrupt as they may have to return money to the ED," which he described as "incredible."&nbsp;

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ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores.They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more.Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible.
— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/1419724187325845508?ref_src=twsrc%5Etfw">July 26, 2021</a></blockquote>
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The 65-year-old businessman remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.

Mallya, who fled to the UK in March 2016, is wanted in India over a default of ₹90 billion that was loaned to Kingfisher Airlines (KFA) by several banks. India has been seeking his extradition from the UK. He had in the past offered to repay 100 per cent of "public money" but accused the banks and government of refusing his offer.&nbsp;

(With inputs from agencies)

Following news that IDBI Bank has entirely recovered its debts from the now-defunct Kingfisher Airlines, fugitive tycoon Vijay Mallya criticised banks for claiming he owed them money on Thursday.

Following news that IDBI Bank has entirely recovered its debts from the now-defunct Kingfisher Airlines, fugitive tycoon Vijay Mallya criticised banks for claiming he owed them money on Thursday. Vijay Mallya launched a tirade on Twitter and said, "And the Banks say I owe them money!". He shared a report on IDBI Bank fully recovering its dues from now-defunct Kingfisher Airlines. According to the news clipping, IDBI Bank recovered ₹7.5 billion from Kingfisher. And the Banks say I owe them money ! pic.twitter.com/XnWSjXnnF9 — Vijay Mallya (@TheVijayMallya) July 29, 2021 × His Tweet comes after a British court awarded him a bankruptcy order, clearing the way for a consortium of Indian banks led by the State Bank of India (SBI) to seek a global freezing order to recover a debt due by Kingfisher Airlines. On July 26, the fugitive businessman claimed that the Enforcement Directorate is seizing assets "worth ₹140 billion at the behest of government banks against a debt of ₹62 billion." Mallya also tweeted that the SBI-led consortium of banks had asked "court to make me bankrupt as they may have to return money to the ED," which he described as "incredible." ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores.They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more.Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible. — Vijay Mallya (@TheVijayMallya) July 26, 2021 × The 65-year-old businessman remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings. Mallya, who fled to the UK in March 2016, is wanted in India over a default of ₹90 billion that was loaned to Kingfisher Airlines (KFA) by several banks. India has been seeking his extradition from the UK. He had in the past offered to repay 100 per cent of "public money" but accused the banks and government of refusing his offer. (With inputs from agencies)

Vijay Mallya mocks banks for saying he still owes money, shares report

Boeing Shares were up roughly 5% at $234 in afternoon trading even as the Dow Jones iIndustrial average dipped.

Boeing turns first profit in almost 2 years

A worldwide shortage of semiconductors other than memory chips is becoming a key issue for smartphone makers as they prepare to launch new products in the second half of the year.

Samsung Electronics forecasts strong chip demand

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

"Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China," Diess told journalists after first-half results release.

By the end of the year, Volkswagen wants to sell between 80,000 and 100,000 of its all-electric ID series in China. In the first half, deliveries of battery electric vehicles (BEV) in China stood at 18,285.

"We are noticing that we have to change our approach," Diess said.

"We have the financial power, we have the sales network, we are coming forward with new formats in the shopping malls, we are becoming much more digital and it's going fast because we are much faster in China than we are in the rest of the world."

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there. "Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China," Diess told journalists after first-half results release. By the end of the year, Volkswagen wants to sell between 80,000 and 100,000 of its all-electric ID series in China. In the first half, deliveries of battery electric vehicles (BEV) in China stood at 18,285. "We are noticing that we have to change our approach," Diess said. "We have the financial power, we have the sales network, we are coming forward with new formats in the shopping malls, we are becoming much more digital and it's going fast because we are much faster in China than we are in the rest of the world."

We need to change e-car approach in China: Volkswagen CEO