Daily News Wrap | India ranks first globally in inland capture fisheries; RBI hits hard on crypto

National

Environment Ministry proposes amendments to environment, water, air acts

In an important development, the Ministry of Environment, Forest and Climate Change put out proposed amendments to decriminalise the existing provisions of three important legislations - the Environment, Water and Air Acts.

the proposed amendments also proposes creation of an earmarked fund that can be utilised for paying compensation to the affected parties, for restoration of environment or for reparation. The three funds are to be named as 'Environmental Protection Fund', the 'Water Pollution Remediation Fund' and the 'Air Pollution Remediation Fund'.

In what can be termed as a good step for the Environment Ministry, this is a major pre-draft consultation step. The comments are to be submitted to the Ministry via a designated mail ID or through letters to the designated officer by July 21.

As per the current provisions of the three Acts, there is a provision of imprisonment or a monetary fine depending on the severity and second/repeat offence. The penalty amount would accrue in the respective Fund proposed. The Ministry has claimed that it would be duly audited and accounts submitted to the Parliament.

India ranks first globally in inland capture fisheries production

With 1.8 million tonnes of inland capture fisheries production, India ranks first globally for the first time since the mid-1980s, the government claimed on Friday.

The production of inland fisheries in India increased from 0.50 million tonnes in 1980s to 1.80 million tonnes in 2020, a whopping increase of 360 per cent.

Citing a 2022 report by Food and Agriculture Organisation (FAO), we learn that the production got a massive boost post 2015 when the current dispensation took several measures to explore the untapped potential. This is a great step for India to tap into this global market.

Finance

Top crypto hedge fund Three Arrows Capital files for bankruptcy

Top crypto hedge fund Three Arrows Capital (3AC) has filed for bankruptcy in the US, days after its liquidation began in the British Virgin Islands.

The liquidation, and now Chapter 15 bankruptcy in New York, comes as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown.

According to court documents, crypto options and futures exchange Deribit claimed, "Three Arrows failed to repay $80 million, as financial woes have plagued the hedge fund. The company is or is likely to become unable to pay its debts as they fall due, and is therefore insolvent."

Its insolvency has forced major industry players to reshuffle operations and limit customer withdrawals amid a crypto selloff , according to The Verge.

RBI hits hard on Bitcoin, DeFi, crypto trading platforms

The Reserve Bank of India (RBI) has slammed unbacked crypto assets (such as Bitcoin), stablecoins, decentralised finance (DeFi) and crypto asset trading platforms, underscoring the need for regulatory guardrails ensuring financial stability and consumer and investor protection.

In its annual 'Financial Stability Report' (FSR) 2022, India's central bank and regulatory body said that the early ramifications are reflected in the crypto ecosystem with one stablecoin losing almost all its value and another depegging from the US dollar.

It referred to the collapse of TerraUSD and Luna cryptocurrencies that threw many investors into a panic in May. In a crash, the once bullish TerraUSD and sister coin Luna had lost almost all their value, sending shock waves across the world.

RBI Governor Shaktikanta Das said that cryptocurrencies are a clear danger to the financial systems, adding that the world must be mindful of the emerging risks on the horizon.

Business

Ola Electric slips to 4th spot as EV registrations fall amid fire fears

As customers delay purchasing electric two-wheelers amid fire incidents, Ola Electric again saw its registration dipping in the month of June, taking the company to fourth place in the overall category.

Ola Electric saw 5,869 electric scooters' registrations (as of June 30), according to the VAHAN data. The June tally for EV two-wheelers was led by Okinawa Autotech, at 6,976 vehicles.

Ola Electric was the top EV player in the country in April and since then, it has seen its position sliding continuously. Ola's registration numbers fell by more than 30 per cent on June 30, compared to May 30.

International

Inflation in Italy surges to highest level in 36 years

Prices in Italy were 8% higher in June than a year earlier, marking the highest one-month increase in prices in 36 years, the country's National Statistics Institute (ISTAT) said.

The year-on-year increase was far higher than in May, when prices rose 6.8%, a level that was itself the highest one-month increase since Italy adopted the euro currency in 1999.

The last time prices rose as much in one month as in June was in January 1986, when Italy still used the now-defunct lira as its national currency. On a month-to-month basis, prices in June were 1.2% higher than in May.

ISTAT said prices were victims of "widespread inflationary tensions" led by energy prices, which were 48.7% higher in June. The main factor pushing energy prices higher is the Russia-Ukraine war.

Technology

iPhone 14 series demand likely to be higher than its predecessor

The demand for Apple's much anticipated upcoming iPhone 14 series is expected to be higher than iPhone 13 series.

A survey carried out by reliable Apple analyst, Ming-Chi Kuo claims that suppliers and retailers are pre-paying significantly higher deposits for the first expected iPhone 14 units. In some regions the deposit is said to be double the amount.

The company is likely to launch the next generation smartphones- iPhone 14, 14 Pro, 14 Max and 14 Pro Max in September.

Leaks claim that the iPhone 14 and Pro models will come with 6.1-inch screens, while the Max and Pro Max models will be equipped with 6.7-inch screens.

Sports

ENG v IND, 5th Test: Bumrah claims world record of most runs hit in an over of Test cricket

Indian skipper Jasprit Bumrah claimed a world record in his debut Test match as captain. He scored 35 runs off English pacer Stuart Broad, in the 84th over on day two of the rescheduled fifth Test against England at Edgbaston.

Before Bumrah hammered Broad for four fours, two sixes, a single from the eight-ball over which also included a no-ball and five wides, India were 377/9.

In the process of inflicting a whirlwind carnage over Broad and England, Bumrah surpassed the previous record which was in the hands of Brian Lara, George Bailey and Keshav Maharaj at 28.