Mint Morning Digest: Fed fears, Taiwanese market jolts and more

Fears over the Fed and the tremors in Taiwanese markets

Stock markets plunged around 1.5% on Monday, erasing 3.9 trillion in investor wealth, as a stronger dollar, fears of hawkishness at the US Fed’s Jackson Hole symposium and tensions over Taiwan prompted investors to sell stocks.

While the National Stock Exchange’s Nifty Index fell 268 points, or 1.51%, to close at 17,490.7, the BSE Sensex fell 1.46% to close at 58,773.87. (Read more)

Bad bank ties CEO salary to market rates

The Managing Director of National Asset Reconstruction Co. Ltd (NARCL) will receive a total compensation of 1.7 crore a year, significantly higher than the salaries of chief executives of some of the big state-owned banks, whose troubled loans will be handled by the wrong bank.

By tying the salary to market rates for someone who will lead one of India’s largest bad debt cleanup experiments, NARCL is working to attract experienced talent. (Read more)

A faceless taxation regime to show a human face

The Central Board of Direct Taxes (CBDT) is reviewing the operation of its faceless tax assessment procedures to ensure that field agents do not make aggressive tax demands and allow natural justice to take its course, said a person informed of the discussions within the government. The review follows an August 11 order from the Allahabad High Court instructing it to put in place safeguards amid complaints about the system’s alleged overreliance on data rather than human interaction. . (Read more)

How to Protect Your Crypto Hot Wallets From Hackers

Nobody likes to lose their hard-earned money from their cryptocurrency investments, however, some unforeseen events manage to wipe investors’ wealth from their trading wallets. One of the popular practices would be for hackers to lure investors into attractive offers on social media platforms, making them look like clickbait in a certain cryptocurrency. Just one click, and before you know it, your money has been drained from your hot wallet. (Read more)

Delhi government aims to roll out 18,000 electric vehicle charging stations by 2024

The Delhi government aims to roll out around 18,000 electric vehicle charging stations by 2024.

According to the Charge/Exchange Infrastructure Action Plan for Delhi 2022-25 released by the Department of Transport, Government of Delhi, the target has been set based on the electric vehicle sales projections for 2024. It has also stated that five battery swap docks will be considered equal to one charging point under target. (Read more)

Trade setup for Tuesday: SGX Nifty, key things to know before the trading opening bell today

Sensex and Nifty fell more than 1% for the second straight session on Monday, dragged lower by metals and banks as global market weakness weighed further on sentiment. The BSE Sensex fell 872 points to close at 58,773.8. Similarly, the Nifty fell 1.5% to 17,490.7. (Read more)

Karnataka government to place ‘Unicorn’ logo in Bangalore

Considered the startup capital of India, Bangalore has become the city with the highest concentration of unicorns in the country. As a result, Karnataka Chief Minister Basavaraj Bommai directed officials to identify a suitable place in the city to put up a Unicorn logo in Bengaluru. According to the Crunchbase website, 53 Indian startups became unicorns in 2021-22. Of these, 19 are in Bengaluru, 12 each in Mumbai and the National Capital Region (NCR), respectively. (Read more)

NASA telescope captures Jupiter’s 2 moons, rings and distant galaxies

NASA’s James Webb Space Telescope captured new images of the planet Jupiter on Tuesday. Observations of Jupiter from the world’s newest and largest space telescope will give scientists even more clues about the planet’s inner life. NASA’s telescope has captured giant storms, powerful winds, auroras and extreme temperature and pressure conditions from the largest planet in the solar system. (Read more)

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