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<keyword id="19899404" type="General" weightage="100" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> mining is expected to witness a significant boost in profitability following the approval of Bitcoin Spot ETFs by the <keyword id="20036304" type="General" weightage="20" keywordseo="us-securities-and-exchange-commission" source="keywords">US Securities and Exchange Commission</keyword> (SEC) on January 10. According to S&amp;P Global Commodity Insights, the long-awaited decision has created a ripple effect in the Bitcoin community, with trading of these ETFs set to commence on January 11 on major platforms such as Cboe, NASDAQ, and NYSE. The approval of Bitcoin Spot ETFs is seen as a pivotal development that opens the door for many new institutional investors, offering them familiar and well-established investment instruments. Kjetil Pettersen, CEO at KryptoVault, emphasised that the issuers of Bitcoin ETFs would need to hold the underlying asset, leading to an anticipated surge in demand for Bitcoin. As Bitcoin's supply is capped at 21 million, the increased demand is expected to drive up its price, subsequently enhancing profitability for miners. "This means the price will go up, thereby increasing profitability for miners as well," explained Pettersen, highlighting the potential positive impact on Bitcoin mining economics. The Bitcoin Renewable Quarq Spreads Index, a profitability indicator for Bitcoin miners published by Platts, reflects the optimistic sentiment. According to Platts, Norway's NO4's profitability stood at USD 79.35/MWh on January 10, while the day-ahead power price in the region was registered at Eur26.95/MWh. The Nordic Hydro Guarantee of Origin certificate's current vintage was assessed at Eur3.83/MWh on the same day. In the US, the Platts index for Into GTC indicated a Bitcoin mining profitability of USD 80/MWh, and USD 87.69/MWh for the Texas ERCOT North hub on January 10. These figures underscore the potential for increased profitability in Bitcoin mining operations. The Bitcoin Energy Consumption Index, also managed by Platts as part of S&amp;P Global Commodity Insights, showed a reading of 405.99 MWh on January 10. Although slightly below the all-time high of 429 MWh recorded on January 5, this index suggests a substantial level of energy consumption associated with Bitcoin mining activities. The Platts Bitcoin Renewable Quarq Spreads Index provides a comprehensive overview of Bitcoin mining profitability across 42 locations in Europe and the US. As the market eagerly awaits the initiation of Bitcoin <keyword id="20120356" type="General" weightage="20" keywordseo="spot-etf" source="Orion">Spot ETF</keyword> trading, miners and investors anticipate a new era of increased demand and enhanced profitability in the Bitcoin mining landscape.

Bitcoin mining profitability poised for surge as spot ETFs gain approval

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

<keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">Gold prices</keyword> have corrected sharply by 7% or Rs 5,000 per 10 grams in the local markets after the government slashed the basic customs duty on gold. Lower costs will encourage more people to invest in the yellow metal, both as a commodity and as a financial asset, experts say. Analysts said customs duty cut has made gold imports cheaper. The move will help curb the rampant issue of gold smuggling, leading to growth in the organised <keyword id="22107284" type="General" weightage="20" keywordseo="jewellery-sector" source="keywords">jewellery sector</keyword>. "The cut in basic <keyword id="20330317" type="General" weightage="20" keywordseo="custom-duty" source="keywords">custom duty</keyword> on gold prices makes the yellow metal cheaper. While this can lead to weaker market sentiments due to the sudden change, <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword> stand to benefit from the new, more attractive pricing for gold," said Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities Echoing similar sentiments, Krishnan R, Director &amp; CEO of Unimoni Financial Services said lower costs will encourage more people to invest in gold, both as a commodity and as a financial asset, which is often seen as a hedge against inflation and currency devaluation. Following the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> announcement by finance minister Nirmala Sitharaman that the government has slashed basic customs duties on gold and silver from 15 per cent to 6 per cent, gold prices crashed by Rs 3,350 to Rs 72,300 per 10 grams in the national capital on Tuesday. The precious metal prices continued the downtrend and plunged by Rs 650 on Wednesday. The yellow metal rates saw another steep fall on Thursday, nosediving by Rs 1,000 to settle at Rs 70,650 per 10 grams, as per the All India Sarafa Association. After the duty cut, the yellow metal has declined Rs 5,000 per 10 grams or 7.1% in the past three sessions, since July 23 when it had fallen Rs 3,350 to end at Rs 72,300 per kg. Also, gold of 99.5% purity declined by Rs 1,000 to Rs 70,300 per 10 grams on Thursday. It had also lost ground by Rs 5,000 per 10 grams in the previous three sessions. On Thursday, silver rates also lost ground by Rs 3,500 per kg to Rs 84,000 per kg. In the past three sessions, the rates of the bright metal fell sharply by Rs 7,000 or 8.3% to Rs 84,000 per kg from Rs 91,000 per kg. Traders also said that a sharp correction in gold prices have revived the demand for jewellery among consumers as they flocked to jewellery outlets to take advantage of lower prices. "The reduction in basic custom duties have spurted the demand for jewellery in the domestic markets. Further, this will act as a sales booster for jewellers before the festive seasons, encouraging fresh buying by the consumers due to lower prices," PC Jeweller's Managing Director Balram Garg. Low gold prices will help domestic jewellers, particularly the organised ones, Garg said. According to MP Ahammed, Chairman, Malabar Group, the reduction has been a long-standing demand of traders in the gold sector, as it is expected to curb the rampant issue of gold smuggling, which poses a substantial threat to the Indian economy. "With the new rates, the duty on one kilogram of gold drops from Rs 9.82 lakh to Rs 3.93 lakh, making smuggling less attractive and more manageable. "This move will help dismantle the mafia chain involved in smuggling, leading to growth in the organised jewellery sector and increasing government revenue through GST and income tax," Ahammed said. Meanwhile, in futures trade on the <keyword id="20316358" type="General" weightage="20" keywordseo="multi-commodity-exchange" source="keywords">Multi Commodity Exchange</keyword> (MCX), gold futures have partially recovered on Friday, after three days of slump. The most traded August contract jumped Rs 288 to Rs 67,750 per 10 grams on the MCX. It had settled at Rs 67,462 per 10 grams in the previous session on Thursday. However, silver contracts for September delivery continued its downward trend by declining Rs 241 to Rs 81,090 per kg. It had closed at Rs 81,331 per kg in the previous session on Thursday. Experts anticipate stability in bullion prices once there is clarity on several economic and political factors such as interest rate cut by the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>. "Stability in gold prices is expected once there is clarity on several economic and political factors including, potential interest rate cuts in the US and India, and the outcome of the US Presidential elections will provide a clear direction for gold prices," Trivedi said.

Gold prices drop by Rs 5,000/10gm post Budget; bring cheers to retail investors

The <keyword id="22186137" type="General" weightage="20" keywordseo="US-transport-security-body" source="keywords">US transport security body</keyword> has sought a unique "one-stop agreement" with <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to end the rescreening of <keyword id="19915258" type="General" weightage="20" keywordseo="passengers" source="keywords">passengers</keyword>, asserting that the "really powerful" concept will raise global <keyword id="20051539" type="General" weightage="20" keywordseo="aviation" source="keywords">aviation</keyword> <keyword id="19900703" type="General" weightage="20" keywordseo="security" source="keywords">security</keyword> standards. Addressing the India US Aviation Summit here on Tuesday, David Pekoske, Administrator of the US Transportation Security Administration (USTSA) said that the one-stop security concept is "very reachable" between the countries. "I think very tangible and very reachable between India and the United States is one-stop security," he said. "It's a concept that expedites the flow of passengers and baggage to their destinations by eliminating the duplication of security controls at transfer points," Pekoske said. He said in the case of a one-stop agreement, passengers who reach an airport in another country and have a connecting domestic flight would not need to be rescreened and their checked bags would go from aircraft to aircraft. Terming it a "really powerful" concept, Pekoske said it raises global aviation security standards. "Flights inbound to the United States are more secure. If there's a reverse agreement between the United States and India where US screening satisfies Indian requirements, that means that flights to India would also be more secure. It does require the regular exchange of information," he said. "It requires improvements to security processes to maintain the agreement. It yields a reduction in security costs through better allocation of resources, reduces flight connection times and missed connections, and improves the passenger experience," he said. Pekoske said the two countries should consider signing a memorandum of agreement to share sensitive security information. "We have a category of classification of information that is not classified in the true sense of classified material, but it is sensitive enough that it needs additional protections," he said. He said that whenever there is a sharing of sensitive security information -- which is critical to a growing partnership -- there is a need to have a memorandum of agreement which covers the aspects of that sharing arrangement. He noted that both the TSA and India's transportation security posture were born of cruel tragedy. For India, it was the bombing of Air India 'Kanishka' Flight 182 in 1985, while for the TSA, it was the 9-11 attacks in 2001. "These tragic events were paradigm shifts in how we both thought about transportation security that continues today," he said. Meanwhile, addressing the summit, US Federal Aviation Administrator Michael Whitaker said that India and the United States need to work together on issues like aviation safety. Asserting that safety is a team sport, he said that sharing data between the two countries can allow better identification and mitigation of risks in the sector. "Our (US and India's) national systems of aviation are inextricably linked into a single global network," he said, adding that the two counties have adjoining air spaces, integrated supply chains, and international services that connect their economies and people. "We need to work together on issues like safety, we need to share ideas and share innovations, especially in how to safely incorporate some of these new technologies into our airspace," he said. Noting that the two countries have different systems that will take different approaches to solving challenges, he said, "We can and should work together to share best practices and learn from one another." "We all have an interest in increasing safety within our respective countries, but we must work together to increase the level of safety in the global aviation system," he added. "This means sharing data. Sharing information allows us to better identify and mitigate risks before those risks become accidents and even before they become failures to the safety layers in our system," he added. "When I started in aviation, accidents were unfortunately not uncommon. They were almost annual events, and safety regulators learned from those accidents and made the system safer," he said. "For the past couple of decades, we've moved beyond that model, and accidents are now extremely rare, and they are simply unacceptable as an outcome," Whitaker said. "Our challenge is to bring safety to the next level, and that means we need to proactively analyse data and find those risks of failure and mitigate those risks before they happen," he said. Asserting that all the job categories in the aviation sector are highly sought after, he said that "for regulators, it means new questions about how we oversee those operations". "We have to find a safe yet nimble way to regulate these new entrants who are operating at the speed of a startup while we are operating at the speed of government, he said. He added that there is a need to figure out how to close the gap, identify these risks and leverage technology to incorporate them safely into the airspace. "In the US, we've seen the public perception of safety and risk in the system evolve over time. As more people have access to aviation, the expectation grows that the system will be completely safe," he asserted. 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US transport security body seeks one-stop pact with India to end rescreening of passengers

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 6 paise to close at 83.31 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> on Tuesday following a weak greenback against major currencies overseas and softening <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword> in international markets. However, a sluggish trend in the domestic equity markets restricted the sharp upside in the local currency, forex traders said. At the interbank <keyword id="136565" type="General" weightage="20" keywordseo="foreign-exchange-market" source="Orion">foreign exchange market</keyword>, the local unit opened strong at 83.32 and touched an intraday high of 83.26 and a low of 83.36. The domestic unit finally settled at 83.31 (provisional), a gain of 6 paise from its previous close. On Friday, the rupee had settled at 83.37 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword>. The <keyword id="21021209" type="General" weightage="20" keywordseo="forex-market" source="keywords">forex market</keyword> was closed on Monday on account of general elections. "A decline in <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> prices and fresh foreign inflows also supported the rupee. US Dollar softened on rate cut expectations by Fed but hawkish comments by Fed officials supported the US dollar at lower levels," Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, said. On the domestic equity market front, the 30-share BSE Sensex fell 52.63 points or 0.07 per cent to settle at 73,953.31, while the broader NSE Nifty rose 27.05 points or 0.12 per cent to 22,529.05. "The rupee traded positively. This strength is attributed to predictions of the current government winning the general election, leading to increased stability. "Additionally, Domestic Institutional Investors (DIIs) have been actively buying into capital markets. Soft crude prices and a stable dollar index also supported the rupee. The expected range for the rupee in the upcoming sessions is between 83.00 and 83.50," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Saturday, as they sold shares worth Rs 92.95 crore, according to exchange data. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.38. Brent crude futures, the global oil benchmark, declined 0.97 per cent to USD 82.90 per barrel.

Rupee rises 6 paise against US dollar as crude oil prices ease

<ul><li>Sundar Pichai took home a whopping compensation of nearly $226 million in 2022.</li><li>According to the tech giant's filing with the <keyword id="108474" type="General" weightage="50" keywordseo="us-securities-and-exchange-commission" source="Orion">US Securities and Exchange Commission</keyword> (SEC), Pichaia's compensation included stock awards of about $218 million.</li><li>Pichai's salary, however, has remained steady at $2 million for the past three years, according to reports.</li></ul>San Francisco, Amid job cuts at <keyword id="6355629" type="General" weightage="100" keywordseo="google" source="Orion">Google</keyword>'s parent company <keyword id="6357623" type="General" weightage="50" keywordseo="alphabet" source="Orion">Alphabet</keyword>, its CEO Sundar Pichai took home a whopping compensation of nearly $226 million in 2022. According to the tech giant's filing with the US Securities and Exchange Commission (SEC), Pichaia's compensation included stock awards of about $218 million. Pichai's salary, however, has remained steady at $2 million for the past three years, according to reports. On January 20, Google CEO confirmed in a letter to employees that about 12,000 people will be laid off globally, accounting for more than 6 per cent of the total workforce. Amid layoffs, tech giant Google is also creating several cost-cutting measures such as cutting down on free snacks and workout classes for its existing employees, the media reported. The company's micro kitchen that provides free snacks like cereal, espresso, and seltzer water have been closed on days that typically have a significantly lower volume. The company also discontinued spending on personal equipment like laptops, according to an internal memo. Tech giant Google also informed its employees via an email that fewer of them will be promoted to more senior levels this year as compared to the past. <keyword id="45395" type="General" weightage="50" keywordseo="google-india" source="Orion">Google India</keyword> terminated more than 400 employees and some of the impacted workers took to LinkedIn to share their plight. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/bard-to-magi-googles-latest-weapon-in-the-battle-for-search-supremacy/articleshow/99576251.cms">From Bard to Magi: Google's latest weapon in the battle for search supremacy</a> <a href="https://www.businessinsider.in/tech/news/ai-generated-images-and-videos-a-game-changer-or-a-threat-to-authenticity/articleshow/99560443.cms">AI-generated images and videos: A game-changer or a threat to authenticity?</a>

Sundar Pichai took home $226 mn in 2022 amid layoffs at Google

<ul class="summary-list"><li>Viktor Bout is brokering weapons sales to Iran-backed Houthis in Yemen, per The Wall Street Journal.</li><li>Bout was released in a prisoner swap for Brittney Griner after a decade in US custody.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/viktor-bout-convicted-arms-dealer-russian-prison-swap-brittney-griner-2022-8">notorious Russian arms dealer</a>, who was <a target="_blank" class="" href="https://www.businessinsider.com/merchant-death-viktor-bout-arms-dealer-russia-politics-britney-griner-2023-9">exchanged for US basketball star Brittney Griner</a> two years ago, is trying to sell weapons to the Iran-backed Houthis in Yemen, <a target="_blank" class="" href="https://www.wsj.com/world/russia/putins-merchant-of-death-is-back-in-the-arms-business-this-time-selling-to-the-houthis-10b7f521">according to The Wall Street Journal.</a><a target="_blank" class="" href="https://www.businessinsider.com/viktor-bout-convicted-arms-dealer-russian-prison-swap-brittney-griner-2022-8">Viktor Bout,</a> sometimes dubbed the "Merchant of Death," was arrested in a US sting operation in 2008, having spent decades smuggling Soviet-made weapons from Europe to the Middle East and Africa.He was later convicted on multiple charges, including conspiracy to kill American citizens and officials and delivery of anti-aircraft missiles.After serving a decade in US custody, he was released in 2022 as part of a <a target="_blank" class="" href="https://www.businessinsider.com/what-viktor-bout-brittney-griner-during-prisoner-swap-exchange-report-2022-12">high-profile prisoner swap</a> for Griner, who had been detained in Russia after bringing a small amount of <a target="_blank" class="" href="https://www.businessinsider.com/brittney-griner-had-a-prescription-for-medical-marijuana-lawyers-say-2022-7">cannabis oil</a> into the country.Following his release, Bout appeared to have shifted his focus to politics, <a target="_blank" class="" href="https://www.businessinsider.com/viktor-bout-joins-far-right-russian-party-could-run-for-parliament-2022-12">joining a pro-Kremlin ultranationalist party</a> and winning a local assembly seat.However, according to the Journal, he is back in the business of brokering arms deals — <a target="_blank" class="" href="https://www.businessinsider.com/pentagon-fears-russias-viktor-bout-could-restart-old-arms-business-2022-12">a fear that Pentagon officials expressed</a> just days after his release.Citing sources familiar with the matter, including a European security official, the Journal reported that Bout was present at a negotiation in Moscow in August, in which the Houthis sought to negotiate the purchase of $10 million worth of automatic weapons.The sources told the publication that two Houthi representatives had traveled to Moscow under the cover of buying vehicles and pesticides.They told the Journal that they did not know if the deal was being negotiated on behalf of the Kremlin or just with its quiet support.The Kremlin did not immediately respond to a request for comment from Business Insider.According to the people familiar with the matter speaking to the Journal, the deliveries, mostly of <a target="_blank" class="" href="https://www.businessinsider.com/american-sniper-in-ukraine-prefer-soviet-rifles-easier-get-bullets-2024-4">AK-74s</a>, could start as early as October under the cover of food supplies.Houthi rebels have repeatedly attacked commercial shipping in the Red Sea since last year, though some attacks have targeted Israeli and <a target="_blank" class="" href="https://www.businessinsider.com/houthi-rebels-say-downed-30m-reaper-drone-yemen-eighth-loss-2024-9">US military vessels</a>.The US and Western allies launched counterattacks to thwart these efforts, which have had major economic implications.According to an April Defense Intelligence Agency <a target="_blank" class="" href="https://www.dia.mil/Portals/110/Images/News/Military_Powers_Publications/YEM_Houthi-Attacks-Pressuring-International-Trade.pdf">report</a>, container shipping through the Red Sea has declined massively, alternative shipping routes are increasing voyage costs, and insurance premiums for Red Sea transits have spiked."Currently, we are seeing premiums as high as 2% on vessel value for a single Red Sea transit amid fluctuating insurer appetite," Louise Nevill, UK CEO, marine, cargo &amp; logistics, with broker Marsh, told <a target="_blank" class="" href="https://www.reuters.com/world/middle-east/red-sea-insurance-costs-soar-houthi-shipping-threats-loom-sources-say-2024-09-19/">Reuters</a> earlier this month. That's compared to a figure 0.7% just weeks earlier.In January, US Secretary of State Antony Blinken <a target="_blank" rel="" href="https://www.state.gov/secretary-antony-j-blinken-remarks-to-the-press-20/">told reporters at a press conference</a> that the Houthis' attacks on international shipping are "a threat to everyone."The Houthis have also launched drones and <a target="_blank" class="" href="https://www.businessinsider.com/houthi-missile-israel-air-defense-system-iran-2024-9">missiles at Israel</a>, which they say is in support of Palestinians in Gaza.For months, <a target="_blank" class="" href="https://www.businessinsider.com/russia-may-arm-houthi-rebels-anti-ship-missiles-us-intel-2024-7">US intelligence agencies have warned</a> that Russia might <a target="_blank" class="" href="https://www.businessinsider.com/iran-helping-houthis-try-secure-russia-ship-missiles-red-sea-2024-9">arm Houthi rebels with anti-ship missiles</a> in retaliation for US support for Ukraine, <a target="_blank" class="" href="https://www.wsj.com/world/middle-east/u-s-launches-effort-to-stop-russia-from-arming-houthis-with-antiship-missiles-98131a8a">according to the Journal.</a>"These attacks are having a real effect on the prices that people have to pay for food, for medicine, for energy," Blinken said. "Ships have to get diverted to other places, insurance rates go up, and the basic principle of freedom of navigation is what's at stake."While the weapons deal reportedly orchestrated by Viktor Bout does not involve anti-ship missiles, it would still represent a notable Russian intervention in the ongoing Red Sea crisis.

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US transport security body seeks one-stop pact with India to end rescreening of passengers

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Sundar Pichai took home $226 mn in 2022 amid layoffs at Google

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The Russian arms dealer who was exchanged for Brittney Griner is trying to sell weapons to the Houthis: report

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