Woman loses leg after it gets trapped in moving walkway at Bangkok airport A woman lost part of her leg after it became trapped in a moving walkway at a Bangkok airport on Thursday. MONEYCONTROL NEWS JUNE 30, 2023 / 07:38 AM IST

 

A Thai woman lost her leg after it became stuck in a moving walkway at a Bangkok airport

A woman lost part of her leg after it became trapped in a moving walkway at a Bangkok airport on Thursday. The 57-year-old Thai woman, whose name has not been released, tripped over her suitcase at Bangkok’s Don Mueang Airport. Her leg became stuck in the moving walkway at terminal 2 of the airport, according to The New York Post.

A medical team at the airport had to amputate her limb above the knee to free her. She was stabilised and rushed to a nearby hospital in Sai Mai district of Thailand, where she was told her leg could not be reattached.

However, doctors at the Banrungrad International Hospital, where the woman sought a second opinion, are hopeful the leg can be reattached.

Airport authorities will cover the cost of the woman’s medical treatment and are open to talks of additional compensation.

"On behalf of the Don Mueang International Airport, I’d like to express my deepest condolences regarding the accident," Don Mueang Airport Director Karun Thanakuljeerapat said during a news conference, according to The Associated Press. "I’d like to insist that we will ensure that no such accident will happen again."

Thanakuljeerapat said the walkway in question was manufactured in 1996 by the Japanese company Hitachi. It had not been updated since, and the sensors on the walkway are different from those found on newer versions.

Thanakuljeerapat said the airport had planned to replace its old walkways by 2025, but the process may be expedited after the shocking accident. Meanwhile, the walkway in question has been closed by airport authorities.

Why Morgan Stanley is bearish on US equities despite a 20% rally :-Read at ET Prime

 Despite record-high interest rates, small bank failures in the US, sticky inflation, and a perennially hawkish Federal Reserve, the stock markets have remained resilient in India and advanced economies. Nifty 50 is trading near an all-time high with mid and small caps participating in the recent rally, and the Dow Jones and S&P 500 have recovered much of the ground lost last year. China has started cutting interest rates, while many central banks, including the Reserve Bank of India (RBI), have maintained a pause.

From the lows of 28,666 hit on October 13, 2022, the Dow Jones has rallied nearly 21% now. A rise of more than 20% typically indicates a bull market. Nifty 50 has run up around 24% between the June 2022 low and near 18,900-level it is currently trading at. Analysts are now forecasting growth to exceed expectations in Asia, driven by India, Indonesia, China, and Japan.

However, the questions remain: Are we in a goldilocks scenario, where stocks continue to rise this year despite high rates and sticky inflation? Or are investors ignoring grave risks that lurk below the surface?

This is even more relevant now that the Fed is expected to raise rates twice more, by at least 50 basis points, going into the year, instead of the earlier expectation of rate cuts during the second half of 2023.

Rate-cut projections have now been pushed beyond March 2024 and after. This would possibly lead to a stronger dollar, a key negative for equities.

Morgan Stanley, the global leader in equity investing and trading, believes much of the over 20% rise in US equities since October last year is actually a bear-market rally, and that the equities could trip to new bear-market lows.

In this view, there are now several warning signs that the bear-market rally may have finally exhausted itself after eight months. And disappointment will emerge slowly from weaker company earnings or some exogenous shocks. This article has been put together by listening to several recent podcasts on Morgan Stanley’s Thoughts on the Market channel.

Before that, let us delve into Morgan Stanley’s India equity view, which is at variance with its US market view.

The India view

In its June 5, 2023, research report titled ‘India Equity Strategy Playbook: India’s Transformation and Its Implications’, Morgan Stanley has given BSE Sensex a target of 68,500, implying a potential upside of 10% to December 2023. This level suggests that the BSE Sensex will trade at a trailing P/E multiple of 20.5x, ahead of the 25-year average of 20x, with the premium over the “historical average reflecting greater confidence in medium-term growth,” it said.

India’s manufacturing and capex are resurgent, exports are rising, the current account is becoming more benign, consumption is undergoing radical shifts and interest-rate cycles are likely to become shallower, the report said.

“The concomitant profit book, lower return correlation of equities with oil and US growth/Fed cycles, and a lower beta to EM (emerging markets) set India up for strong equity markets, albeit relative valuations remain rich, and India’s low-beta status implies it underperforms an EM bull market even as India offers much stronger relative earnings growth and is also likely to benefit from the troughing of the real rate gap with the US,” it said.

Top reasons for a bearish view on the US

Morgan Stanley’s October 2022 call for the start of a bear-market rally was based on two assumptions: the US dollar was peaking, and market concerns around the Fed and terminal rate also had peaked. But it now projects a stronger dollar, and the S&P 500 has become very negatively correlated to the dollar over the last decade.

And the Fed is not yet done with hiking rates.

“Not a single person on the committee (FOMC) wrote down a rate cut this year, nor do I think it is at all likely to be appropriate if you think about it,” Fed chairman Jerome Powell said on June 14, adding that rate cuts are probably a “couple of years out”.

Earnings pessimism and the 1946 parallel

“We don't find much value in the 20% threshold for declaring new bull markets. Instead, our conclusion is driven more by the fundamentals, valuations, and expectations relative to our outlook. In short, our earnings view is much more pessimistic than the current consensus expectation, which is now assuming a second-half reacceleration story,” Mike Wilson, chief investment officer and chief US equity strategist for Morgan Stanley, said on June 12.

The investment bank said there are several historical instances of bear-market rallies that exceeded the 20% threshold, only to eventually give way to new lows.

“After the boom in 1946, following the end of the war, the S&P 500 corrected by 28%, followed by a 24% choppy bear-market rally that lasted almost eighteen months before succumbing to new lows a year later. Thus far, it appears similar to the current bear market, which corrected 27.5% last year and has now rallied 24% from its intraday lows, but is still 10% below the highs,” said Wilson.

Slow drag or exogenous shock

Wilson says that market sentiment and positioning are now 180 degrees from where they were on January 1, and stocks are no longer set up for the disappointment that is coming in the form of much weaker-than-expected earnings this year. This could bring an end to the current bear-market rally.

“This reset can happen either slowly as companies miss expectations one by one, or quickly from another exogenous shock that is just too much for the market to absorb. In that latter case, the equity risk premium is likely to spike, price-earnings multiples are likely to fall sharply, and we may make a new bear market price low before estimates fall in earnest,” he said.

"Not a single person on the committee (FOMC) wrote down a rate cut this year, nor do I think it is at all likely to be appropriate if you think about it"

— Fed Chairman Jerome Powell

According to Matthew Hornbach, Morgan Stanley's global head of macro strategy, a key risk of hard landing in the US and then faster disinflation also in the US, should keep macro markets on the defensive. The rates market volatility at present “under-appreciates the multitude of risks that lie ahead.”

“The lack of negative headlines around regional banks in the US has made investors complacent about bank stresses being behind us. However, key data points on bank balance sheets show that things have worsened on the margin since March,” Hornbach said on June 20.

The US economy grew 1.3% in the first quarter and has added 1.6 million new jobs year-to-date. But it's the coming quarters, specifically the next three to six months, where Morgan Stanley economists see the “weakest stretch of economic activity” as full effects of rate hikes take hold and bank failures lead to tighter lending conditions for an extended period.

Quantitative tightening

A component of tighter monetary policy was the so-called “quantitative tightening” or reduction of central bank balance sheets. This was expected to lead markets lower, as liquidity is sucked out of the system. However, exactly the opposite has happened, as global central banks infused liquidity in one way or the other on a net basis.

“Year-to-date, the aggregate bond holdings of the world's central banks have actually risen, not fallen, thanks to continued easing from the Bank of Japan and support for the US banking sector from the Federal Reserve. That should now change going forward, with these balance sheets shrinking, giving us a better measure of the true impact,” Andrew Sheets, chief cross-asset strategist for Morgan Stanley, said on June 14.

Quantitative tightening involves two steps; one is to let the bonds or securities mature; and two, sell securities in the market and suck out liquidity. The withdrawn liquidity is then cancelled in the books of the US Fed, thereby reducing the size of its balance sheet.

“Markets have been resilient year-to-date, a welcome respite from a poor 2022. We don't think, however, that this resilience is yet proof that markets have successfully answered the question of what the impact of lower growth, tighter policy or tighter bank credit will be. Rather, these questions are still sitting there, waiting to be answered over the next several months,” he said.

Bulls may better be watchful of the central bank hawks and possible bear attacks.

(Graphics by Mohammad Arshad)

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World Leaders Sing Arabic Song - Artificial Intelligence !!

Award-winning international singer Mary Millben perform the Indian National Anthem.

Pakistan’s Higher Education Commission withdraws notice banning Holi in varsities In a notice dated June 22, the HEC said that it is “highly respectful of all religions, faiths, and beliefs, and the associated festivals and celebrations observed in the country”.

 

Earlier this month, videos of Holi celebrations at the Quaid-i-Azam University in Islamabad had gone viral. (Photo: AI-generated image)

By India Today World Desk: Pakistan’s Higher Education Commission (HEC) on Thursday withdrew the notification banning Holi celebrations in universities, a day after receiving severe criticism for the move.

In March, at least 15 Hindu students were injured after members of a radical Islamic student organisation stopped them from celebrating Holi at the Punjab University premises.Calling its previous notice to ban Holi celebrations in universities “taken out of context”, the HEC said, “Considering that the message inferred from the communication has regrettably led to misinterpretation, HEC is pleased to withdraw the same”.

Earlier this month, videos of Holi celebrations at the Quaid-i-Azam University in Islamabad went viral. In the videos, students were seen playing Holi with colours and enjoying celebrations on the college campus.

Forex cards or credit cards? Which one is better for foreign travel Forex cards work like debit or charge cards that you can load up before you travel abroad. Every swipe deducts the amount from your card. On the other hand, your credit card gives you reward points at every swipe. MAULIK JUNE 23, 2023 / 06:54 PM IST moneycontrol news

 

While the differential TCS puts credit cards at an advantage, many forex cards offer a cheaper way to spend abroad.

Come July 1, and forex cards will attract a flat 20 percent tax collected at source, or TCS. That is, you will have to shell out an extra 20 percent at the time of buying or loading your forex card — irrespective of the amount of foreign exchange that you buy. Currently, purchase of foreign exchange (currency and forex cards) only in excess of Rs 7 lakh a year attracts TCS at 5 percent.

International spends via credit cards when abroad, too were brought under the TCS net from May 16, 2023. However, the government later offered relief by allowing international spends of up to Rs 7 lakh per year via debit and credit cards to be exempted from TCS. That is, TCS (5 percent until June 30 and 20 percent thereafter) would apply only beyond the Rs 7 lakh threshold. Forex cards have, however, been offered no such relief.

You can adjust the TCS against your tax liability or claim refund for it at the time of filing your tax returns. Until then, this money remains blocked. The question is: should you carry a forex card when travelling or is a credit card good enough?

Pros and cons

While the differential TCS puts credit cards at an advantage, many forex cards offer a cheaper way to spend abroad. For those who like certainty, forex cards also help them lock into a foreign exchange rate in advance. That said, certain credit cards (see table) can offer you a better deal than forex cards for international spending.

One, there are credit cards that charge zero or a low forex mark-up fee. When combined with the reward points they offer, they can be as good as forex cards in terms of cost. Two, there are credit cards that charge a higher forex mark-up fee (than forex cards) but also offer good reward points and other benefits. Net-net, they can offer you a better deal. If you have one of these credit cards, you may not really need a forex card.

In fact, to get even better return on your credit card, Sumanta Mandal, founder of TechnoFino, a platform that reviews debit and credit cards, suggests that you convert your reward points into air miles for use during your next foreign trip.

There are other advantages that credit cards bring. If you plan to use your credit card, you can avoid the hassle of buying a forex card and later unloading it (or letting your money lie idle). You must encash your forex card before its expiry date to avoid the currency from getting blocked.

In case of a fraudulent transaction, you can file a chargeback claim for a credit card. Ashwin, a credit card enthusiast who tweets at @drgrudge says, “If you lose your credit card and there is a fraudulent transaction, then you can easily file a chargeback claim to reverse it. With a forex card, while you can stop further fraud by blocking your card, getting a fraudulent transaction reversed could be much more difficult.”

Forex cards: what’s on offer

But, when it comes to forex mark-up charges, many forex cards will beat most credit cards. In fact, even within forex cards, buying it from an online forex card provider will fetch you a better deal than buying it from a bank.

BookMyForex and Thomas Cook offer forex cards at zero issuance fee and zero loading fee (when you add forex into an existing card). There is also no forex mark-up fee which is typically levied as a percentage of the transaction amount / amount spent on foreign currency.

But if you buy a forex card from a bank, all these charges are likely to apply. For example, many banks charge a forex mark-up fee of up to 3.5 per cent plus GST — that is, you pay this much more in Rupee terms at the time of loading foreign exchange in the card. Also, unlike online forex websites that show you the exchange rate they will apply, bank websites do not display this on their websites. You will have to contact the bank to get this information.

“We are able to offer forex at very close to interbank rates, which are the live rates at which banks transact. These are the best rates that you can get. Usually banks and money changers charge you a rate higher than the interbank rate. And on this, card issuance and other charges may also be levied,” says Sudarshan Motwani, Founder & CEO, BookMyForex.com.

Note that many forex cards are also marketed as zero mark-up cards even though they may not be so. The exchange rate they offer itself may have an in-built mark-up.

“When getting a forex card, you must read the terms and conditions. For instance, the bank may offer zero markup fees but may include this fee in its conversion rate. Some card issuers may have prerequisites such as maintaining a high TRV (total relationship value) or opening a fixed deposit with the bank to issue a forex card.” says Adhil Shetty, CEO, BankBazaar.com.

The simplest way, therefore, is to compare how much Rupees you are being charged for every unit of foreign currency. This can vary slightly across different websites.

Credit cards for international spends

If you look beyond forex mark-up alone, there are credit cards (see table for more details) that you can consider for your international spending.

Take for example, the IDFC FIRST Wow credit card that does not charge any forex mark-up fee on international spends. There is also no joining or annual fee, and you can collect 4 reward point for every Rs 150 spent on the card. But you need to maintain a fixed deposit with the bank — you get a credit limit of at least 100 percent of your fixed deposit value. “Unless someone has a bad credit history, it is easy to get this card as it is a secured card,” says Mandal.

Others may find RBL Bank’s World Safari credit card useful. The card comes with zero mark-up fee and an annual fee of Rs 3,000. While you earn no reward points on international purchases, you earn travel points on your domestic spends that can be redeemed for air travel and hotel stays. The card also provides you complimentary travel insurance.

At the other end, there are high-end credit cards that can fetch you reward points on international spends at an accelerated rate. Take for example, the Axis Reserve credit card and Citi Prestige credit card, both of which offer 2X the reward points on international spends than on domestic spends. These cards charge an annual fee of Rs 50,000 and Rs 20,000 (plus GST), respectively. The Axis card waives the annual fee if you spend at least Rs 25 lakh in the preceding year. Mandal points out that Axis Bank’s Magnus credit card can turn out to be even better than the Reserve card as it offers 25,000 bonus points (worth Rs 5,000 or 20,000 air miles) to those who spend Rs 1 lakh a month on the card. This is in addition to the 12 reward points per Rs 200 of spend that you can earn on the card.

And then, there are cards such as HDFC Infinia and HDFC Diners Club Black that fit somewhere in the middle – relatively lower annual fee for some benefits.

So, if you are a frequent traveller, it may be worth your while to evaluate some credit cards that are good for international spending. But do a cost-benefit analysis as some of these credit cards come with very high annual charges. On the other hand, if you are unlikely to take frequent foreign trips, you can simply buy a forex card online for your one-time trip.

Google, Amazon announce major investments in India after meeting with PM Modi in US These investments aim to foster digital transformation, promote local language content, create employment opportunities, and boost the export of Indian products globally. MONEYCONTROL NEWS JUNE 24, 2023 / 07:10 AM IST

 

                                                     PM Modi in US

In an exciting development for India's digital landscape, Sundar Pichai, CEO of Google, and Andrew Jassy, CEO of Amazon, have announced significant investment plans following their meetings with Prime Minister Narendra Modi during his visit to the US.

These investments aim to foster digital transformation, promote local language content, create employment opportunities, and boost the export of Indian products globally.

During his meeting with the Prime Minister, Sundar Pichai revealed Google's plans to open a global fintech operation center in GIFT City, Gujarat. This move highlights Google's commitment to expanding its presence in India and leveraging the country's growing digital economy. Pichai also shared that Google will invest a substantial $10 billion in the India Digitization Fund, further accelerating the country's digital revolution.

Furthermore, Pichai expressed Google's intention to introduce its virtual assistant, Bard, to more Indian languages in the near future. This expansion aims to enhance accessibility and inclusivity by providing a localized digital experience to a wider population, empowering them with the latest technology.

Praising the Prime Minister's visionary approach, Pichai acknowledged that Modi's Digital India initiative had set a global blueprint that other countries are now looking to follow. The Prime Minister's foresight in promoting digitalization has positioned India as a leading hub for technological advancements.

Following suit, Amazon's CEO, Andrew Jassy, also expressed the company's keen interest in contributing to India's growth. After his meeting with Prime Minister Modi, Jassy announced that Amazon has already invested a staggering $11 billion in India. In a testament to their commitment, Amazon intends to invest an additional $15 billion, bringing their total investment to a remarkable $26 billion. These funds will be utilized to create more employment opportunities, support the digitization of small and medium-sized businesses, and facilitate the export of Indian products worldwide.

Jassy emphasized Amazon's dedication to empowering local businesses and enabling them to thrive in the global market. By leveraging Amazon's extensive global network, Indian companies will have enhanced access to a wider customer base, paving the way for increased exports and economic growth.

The announcements made by Google and Amazon highlight the confidence global tech giants have in India's digital future. With these investments, India is poised to become a key player in the digital economy, driving innovation, job creation, and fostering entrepreneurship. As the country continues to march towards digital transformation, the collaborations between the government and tech giants like Google and Amazon will undoubtedly contribute to India's emergence as a global digital powerhouse.

PM Modi announces big changes in US visa rules for Indian professionals. Mint:- 24 Jun 2023, 07:13 AM IST Edited By Sanchari Ghosh

 

Bringing good news for US visa aspirants, Prime Minister Narendra Modi on Saturday informed that two new American consulates will be opened in India - Bengaluru and Ahmedabad.

Also highlighting the major changes the US government in planning to introduce to ease work visa rules, PM Modi said that Indian immigrants will no longer be required to visit their home country just for the sake renewing their HIB visa renewal.Addressing the Indian diaspora at the Ronald Reagan Building in Washington, DC, he stated, America's new consulates will be opened in Bengaluru and Ahmedabad.

It has now been decided that the H1B visa renewal can be done in the US itself.The move is part of a people-to-people initiative and comes after a bilateral meeting between Prime Minister Modi and US President Joe Biden.

The United States authorities announced that they will introduce 'in-country' renewable H-1B visas as part of the people-to-people initiative to smoothen the process of H-1B visa renewal for several Indians who are working in the US on a H-1B visa.Meanwhile, India is going to open a new consulate in Seattle this year. Apart from this, Indian Consulates will be opened in 2 more cities in America."Together we are not just forming policies and agreements, we are shaping lives, dreams and destinies," said PM Modi.

This comes a day after the two countries welcomed an announcement by the US Department of State that it would launch a pilot to adjudicate domestic renewals of certain petition-based temporary work visas later this year."The leaders welcomed an announcement by the U.S. Department of State that it would launch a pilot to adjudicate domestic renewals of certain petition-based temporary work visas later this year, including for Indian nationals, with the intent to implement this for an expanded pool of H1B and L visa holders in 2024 and eventually broadening the program to include other eligible categories," the India-US joint statement said.The leaders affirmed that the movement of professional and skilled workers, students, investors and business travelers between the countries contributes immensely to enhancing bilateral economic and technological partnership.

The curious case of 4 Khalistani terrorists dropping dead in 6 months Khalistan Tiger Force chief Hardeep Singh Nijjar was shot dead in the parking lot of a gurdwara in Canada on Sunday. Four top Khalistani terrorists have died in 6 months as India tries to tackle a surge in separatist activities._INDIA TODAY

 

By Poorva Joshi : Hardeep Singh Nijjar was in the parking lot of a gurdwara in Canada's Surrey. The Khalistan Tiger Force chief was returning home on an uneventful Sunday evening when guns went off and he was killed on the spot.

Similarly, Paramjit Singh Panjwar was on his routine morning walk near his home in Lahore's Sunflower Society. It was everything but a usual day. Two gunmen on a bike opened fire and the Khalistan Commando Force chief slumped in a pool of blood. That was on May 6.

Last week, Avtar Singh Khanda, a leading exponent of Khalistan and handler of separatist Amritpal Singh, died in a hospital in the UK. Khanda was recently diagnosed with terminal cancer. But interestingly, his death was also attributed to poisoning.

In January, Harmeet Singh alias Happy PhD was killed on the premises of a gurdwara near Lahore. Harmeet Singh was involved in narco-terror and trained and training of Khalistani terrorists. He was involved in the murders of Rashtriya Swayamsevak Sangh (RSS) leaders in Punjab in 2016-2017.

Nijjar, Panjwar, Khanda and Harmeet are among four prominent Khalistani terrorists to have died mysteriously abroad in recent months.

The World Sikh Organisation of Canada on Tuesday alleged the role of Indian intelligence agencies in Hardeep Singh Nijjar's murder.

Funds of Indians in Swiss banks down 11% to Rs 30,000 crore, shows data Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money'-Business Standard

 

Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.

The decline in aggregate funds of Indian clients with Swiss banks, from a 14-year-high of CHF 3.83 billion in 2021, follows two consecutive years of increase and was largely driven by a sharp plunge of nearly 34 per cent in customer deposit accounts from a seven-year high.

These are official figures reported by banks to the SNB and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland. These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities.

The total amount of CHF 3,424 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients at the end of 2022, included CHF 394 million in customer deposits (down from CHF 602 million at 2021-end), CHF 1,110 million held via other banks (down from 1,225 million), CHF 24 million (up from CHF 3 million) through fiduciaries or trusts, and the highest component of CHF 1,896 million (down from 2,002 million) as 'other amounts due to customers in form of bonds, securities and various other financial instruments.

The total amount stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013, 2017, 2020 and 2021, as per the Swiss National Bank (SNB) data.

While all four components had declined during 2019, the year 2020 saw a significant plunge in customer deposits, while there was a surge across all categories in 2021. During 2022, only the fiduciaries segment saw an increase.

According to the SNB, its data for 'total liabilities' of Swiss banks towards Indian clients takes into account all types of funds of Indian customers at Swiss banks, including deposits from individuals, banks and enterprises. This includes data for branches of Swiss banks in India, as also non-deposit liabilities.

On the other hand, the 'locational banking statistics' of the Bank for International Settlement (BIS), which have been described in the past by Indian and Swiss authorities as a more reliable measure for deposits by Indian individuals in Swiss banks, showed a decline of over 18 per cent during 2022 in such funds to USD 94.4 million (Rs 781 crore).

It had dropped by over 8 per cent in 2021, after rising by nearly 39 per cent in 2020.

This figure takes into account deposits as well as loans of Indian non-bank clients of Swiss-domiciled banks and had shown an increase of 7 per cent in 2019, after declining by 11 per cent in 2018 and by 44 per cent in 2017.

It peaked at over USD 2.3 billion (over Rs 9,000 crore) at the end of 2007.

Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.

An automatic exchange of information in tax matters between Switzerland and India has been in force since 2018. Under this framework, detailed financial information on all Indian residents having accounts with Swiss financial institutions since 2018 was provided for the first time to Indian tax authorities in September 2019 and this is to be followed every year.

In addition to this, Switzerland has been actively sharing details about accounts of Indians suspected to have indulged in financial wrongdoings after the submission of prima facie evidence. Such exchange of information has taken place in hundreds of cases so far.

The overall funds of foreign clients, including of institutions, declined to CHF 1.15 trillion (over Rs 125 lakh crore) in 2022.

In terms of assets, Indian clients accounted for CHF 3.99 billion at the end of 2022, marking a decline of nearly 15 per cent. This included dues from Indian customers worth about CHF 164 million, which almost halved from CHF 323 million at the end of 2021.

While the UK topped the charts for foreign clients' money in Swiss banks at CHF 309 billion, it was followed by the US (CHF 133 billion) at the second spot -- the only two countries with 100-billion-plus client funds.

These two were followed in the top 10 by West Indies, France, Germany, Hong Kong, Singapore, Luxembourg, Bahamas and the Netherlands. UAE, Guernsey, Cyprus, Italy, Australia, Jersey, Cayman Islands, Russia, Japan, Panama, Spain, Taiwan, Saudi Arabia, China and Israel joined them in top-25.

India was placed at 46th place, down from 44th a year ago, ahead of countries like South Korea, Sweden, Argentina, Bahrain, Oman, New Zealand and Mauritius and Pakistan, which also saw a sharp dip to CHF 427 million (from CHF 712 million).

Bangladesh also saw a sharp plunge from CHF 871 million to CHF 55 million.

Just like in India, the issue of alleged black money in Swiss banks has been a political hot potato in the two neighbouring countries as well.

After the annual data release in 2021, the Indian government had sought details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities that year.

In its statement, the Finance Ministry had said then that the figures "do not indicate the quantum of much-debated alleged black money held by Indians in Switzerland. Further, these statistics do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities."

It had also listed out the reasons that could have led to the increase in deposits that year, including rising business transactions by Indian companies, rise in deposits owing to the business of Swiss bank branches located in India and increase in inter-bank transactions between Swiss and Indian banks.

Besides, capital increase for a subsidiary of a Swiss company in India and increase in the liabilities connected with the outstanding derivative financial instruments could be the other potential reasons for this jump in deposits, the ministry had explained.

It also said that exchanges of financial account information in respect of residents of each country have been taking place and there did not appear to be any significant possibility of the increase of deposits in the Swiss banks which is out of undeclared incomes of Indian residents.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Topics :Swiss banksIndian money in swiss banks

First Published: Jun 22 2023 | 10:18 PM IST

PM Modi asked to ban Adipurush, lodge FIR against Om Raut, Manoj Muntashir: Here’s what AICWA is demanding Mint pdated: 20 Jun 2023, 01:08 PM IST Sounak Mukhopadhyay

 

The All Indian Cine Workers Association (AICWA), in an open letter to Prime Minister Narendra Modi, has demanded a ban on the screening of Adipurush. AICWA believes the movie, based on the Ramayana, :"clearly" defames the Image of Lord Ram and Lord Hanuman and hurts “religious sentiments of Hindus and Sanatan Dharma".

“Adipurush is a complete disaster of our faith in Shri Ram and Ramayan," it says.

While it does not demand any specific action against the actors of the movie, it says that

Prabhas, Kriti Sanon and Saif Ali khan shouldn't have been part of “such a disgraceful movie ever made in the history of Indian Cinema",

PM Modi’s Yoga Day event at UN HQ creates Guinness World Record :-Hindustan Times June 21 2023

 

The Yoga Day event led by Prime Minister Narendra Modi at the United Nations headquarters in New York on Wednesday created a Guinness world record. The Yoga Day event led by Prime Minister Narendra Modi at the United Nations headquarters in New York on Wednesday created a Guinness World Record for seeing the participation of most nationalities in a Yoga session.

Pakistan bans Holi, other festivals across universities to save Islamic identity Mintlive 21 Jun 2023, 03:11 PM IST

Pakistan has banned the celebration of Holi and other Hindu festivals across educational institutions in the country to save the Islamic identity, which it says was “eroding". The directive to ban the celebration of Holi and other Hindu festivals came after a video of students celebrating the festival at a university in Islamabad emerged on social media.

The notice was issued by Higher Education Commission, Islamabad as, the commission said, it was sad to witness "activities that portray a complete disconnect from our sociocultural values and erosion of the country's Islamic identity."

The video, which was captioned "Holi celebrations in Quaid-I-Azam University Islamabad, Pakistan. Biggest Holi celebration in Pakistan", showed hundreds of students of Quaid-i-Azam University dancing and celebrating the festival of Holi on a campus ground in Islamabad. The event was organised by the Mehran Students’ Council.

“One such instance that has caused concern was the fervor exhibited in marking Hindu festival of Holi. This widely reported/publicised event from the platform of a university has caused concern and has disadvantageously affected the country's image," the notice read.

“While there is no denying the fact that cultural, ethnic, and religious diversity leads towards an inclusive and tolerant society, that profoundly respects all faiths and creeds; albeit it needs to be done so in a measured manner without going overboard. The students need to be apprised to be aware of the self-serving vested interests who use them for their own ends far from the altruistic critical thinking paradigm," it further said.

It advised the higher educational institutions to distance themselves from such activities that, it said, was “incompatible with Pakistan's identity".

“Foregoing in view, it is advised that the HEls may prudently distance themselves from all such activities obviously incompatible with the country’s identity and societal values, while ensuring that they rigorously engage their students and faculty in academic pursuits, intellectual debates, and cognitive learning besides identifying, creating, and fostering avenues for extra-curricular activities and rational discourse," the notice read.

Whistleblower was fired for raising concerns on missing Titanic submersible An OceanGate exec was allegedly fired in 2018 after raising concern regarding the safety of the submersible that went missing while touring the Titanic on Sunday :-Business Standard

 

Former Director of marine operations at OceanGate, David Lochridge was allegedly fired after raising concerns about the submersible that went missing on Sunday.

David Lochridge had doubts about the "first-of-a-kind carbon fibre hull" in the submersible as well as other systems before its maiden voyage in 2018. This was uncovered in a lawsuit filed by Lochridge in the same year and first reported on by Insider and the New Republic.

David Lochridge was a submarine pilot and inspector who joined OceanGate, a tour firm that organises expeditions to the historic wreck site of the Titanic, in 2015.

He was terminated from his position in January 2018 after being accused by the firm of violating a nondisclosure agreement. However, Lochridge countersued the company, claiming he was removed from the post for being a whistleblower.

In the court records, as per Insider's report, Lochridge stated that the 22-foot submersible called the Titan, would often detect a failure in the vessel "milliseconds before implosion."

The court filing also added that there were “numerous issues that posed serious safety concerns,” including "visible flaws" in the carbon fibre that was supplied to the firm. These flaws had the potential to cause larger tears when the submersible would inevitably face major pressure when it made its descent into the ocean floor of the Atlantic.  

Lochridge had also noted that there were flaws in the model of the hull itself. He recommended a "non-destructive testing" of the Titan's hull was needed to ensure the vessel was safe for expeditions. After presenting his findings in a quality control report of the vessel to the senior management of OceanGate, including CEO Stockton Rush, Lochridge was fired.

He was told that testing in the magnitude that he had recommended would not be possible and OceanGate instead chose to rely on an acoustic monitoring system. These acoustic sensors, according to OceanGate, could listen for sounds that would indicate deterioration of the carbon fibres in the hull and act as an "early warning" for the pilots, giving them enough time to turn back and return to the surface.

The court filing by Lochridge in 2018, read “Now is the time to properly address items that may pose a safety risk to personnel. Verbal communication of the key items I have addressed in my attached document has been dismissed on several occasions, so I feel now I must make this report so there is an official record in place.”

At the time, the Titan was not being used for deep-sea dives.According to a report by TechCrunch, the hull was made by Spencer Composites, a company that had previously created a carbon fiber hull, at the request of explorer Steve Fossett, for a manned submersible. Fossett wanted to embark on a record-breaking dive, however, he passed away in a light aircraft crash before the feat could be attempted. While carbon composites can simultaneously be stronger and lighter than steel, they are also prone to sudden failures when put under pressure and stress, added the report.

While the submersible has lost contact with its support ship, it is still unknown whether there was a problem in the submersible itself that is responsible for the vessel's sudden disappearance.

It is also unknown if Lochridge's concerns were addressed in the three years between his departure and the beginning of the expeditions to the Titanic site.

Search and rescue operations for the missing submersible continue.