The top 21 global fossil fuel producers in the world are collectively responsible for $5.4 trillion in expected economic costs from climate change over the period of 2025-2050, averaging $209 billion per year, says a study published in the peer-reviewed journal One Earth. These costs are attributed to the extreme weather events and other climate change damages caused by the companies’ operational and product emissions from 1988 to 2022. The study titled “Time to Pay the Piper” by Marco Grasso and Richard Heede, proposes a morally-based responsibility for oil, gas, and coal produ
Over half the first-time mutual funds' (MFs) investors over the last five years have been millennials, says a recent report by Computer Age Management Services (CAMS), India’s largest registrar and transfer agent for mutual funds. The report, ‘The emerging force of the millennial investor is here to stay & grow’ was prepared by CAMS and the Confederation of Indian Industry (CII) and released at the 17th CII Mutual Fund Summit in Mumbai on May 3, 2023. All insights in the report are based on data of the MFs serviced by CAMS. These account for 69 per cent of the Indian MF industry.
The Government of India has amended rules under the Foreign Exchange Management Act (FEMA), bringing international credit card spends outside the country under the Liberalised Remittance Scheme (LRS). In addition, from July 1, spending on international credit cards (ICCs) will attract a higher rate of Tax Collected at Source (TCS) at 20%. Spending in foreign exchange through ICCs will be covered under the Reserve Bank of India’s LRS, under which a resident can remit money abroad up to a maximum of $2.50 lakh per annum without the authorisation of the central bank, said a Union Finance Mi
The Department of Telecom of the Government of India has launched Sanchar Saathi Portal to help people block, track and check the genuineness of a used device before buying them. “First leg of Sanchar Saathi portal is CEIR (Central Equipment Identity Register). If you lose your mobile phone, then you can visit this portal. There will be some identity verification, requirement of undertaking and immediately after this the portal will interact with law enforcement agencies and telecom service providers and block your lost mobile phone,” said Union Telecom Minister Ashwini Vaishnaw. A
People in the United Arab Emirates (UAE) are among the hardest working globally and do the longest hours per week as the pandemic has changed the 9 to 5 workplace culture. Nearly half of the workers in the country put in over 49 hours in the office every week, says a Business Name Generator (BNG) study. The BNG study found the UAE to be the world’s third hardest-working country, with 46.5 percent of workers logging 49 or more hours per week. While the average paid work hours per week total 52.6 in the country. In the list of 150 countries, Malta tops as a staggering 91 per cent of wor
From May 8, Zimbabwe has begun circulating digital tokens backed by gold reserves that people can use to conduct peer-to-peer payments and transact with businesses, said Reserve Bank of Zimbabwe Governor John P Mangudya. International gold prices determined by the London Bullion Market Association will dictate the local pricing of the tokens, he added. The African nation is introducing local digital tokens to reduce reliance on the US dollar. The tokens will be available to purchase via banks, and transactions will be enabled through “e-gold wallets or e-gold cards” held by banks. Ther
India aims to establish 100 semiconductor design startups to create innovative solutions and designs for the global market, says Rajeev Chandrasekhar, Minister of State for Electronics and IT. The union minister said that the country also plans to create a talent pool of 85,000 highly-skilled professionals in the sector. Rajeev Chandrasekhar was speaking at the third edition of the Semicon India event, which brought together students, young innovators, industry stakeholders, and other key individuals at IIT Delhi. With a brand-new curriculum in place, he believes India will contribute to t
India is looking to ramp up its exports to the United Arab Emirates (UAE) with a target of $50 billion in exports by the financial year 2026-27. This goal was set during a meeting between India's Minister of Commerce and Industry, Piyush Goyal, and the UAE's Minister of Economy, Abdulla Bin Touq Al Marri. The UAE is one of India's top trading partners, and India has been working to strengthen its economic ties with the country. In the financial year 2020-21, India's exports to the UAE stood at $14.42 billion, with imports from the UAE at $17.77 billion. The Indian government is now look
US tech giantsGoogle and Apple once had a war going to get the services of three important engineers, Srinivasan Venkatachary, Steven Baker and Anand Shukla, who play a key role in ramping up the artificial intelligence (AI) services, according to a report by The Information. The three engineers had previously worked for Apple and were instrumental in modernising Apple's search technology. They are now with Google and working on large-language models (LLMs), to lower training costs and advance the precision of LLMs and the products based on these models. The report said that Google CEO Sun
From July 1, 2023, the emissions reduction scheme of the Australian government, called the Safeguard Mechanism, will help the country meet its climate targets. The policy is expected to drive down industrial emissions. A reboot of an existing scheme, the revised scheme will push more than 200 of Australia’s top greenhouse gas polluters to make deep emissions cuts, by nearly 5 per cent a year to 2030 against a baseline or limit set by the government. The Safeguard Mechanism represents a major turnaround in Australia’s climate policies after years of deep divisions among the main poli