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Nirav Modi Confirmed to be in UK, China Tightens Grip on Cryptocurrency et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 26, 2018 1:48 PM 2 min read
Editorial

End of Week Wrap-up (August 20, 2018 - August 26, 2018) #WhatsApp #FakeNews #ChrisDaniels #IT #RaviShankarPrasad #UIDAI #Aadhaar #AirIndia #FinanceMinistry #NiravModi #PNBScam #PNB #China #Cryptocurrency #Bitcoin #Litecoin #Ripple #Ethereum #Musk #ElonMusk #Tesla #Transfin

Editor's Comment: WhatsApp says it cannot build a software to trace the origin of a message to deter spread of fake information. Disclosure comes a day after the visit of WhatsApp CEO Chris Daniels with India's IT Minister Ravi Shankar Prasad to discuss the fake news issue.

 

UIDAI makes facial recognition mandatory for all services requiring Aadhaar authentication incl. banking and mobile operators and government welfare schemes. Additional measure to complement existing authentication procedures of iris and fingerprint scans.

 

Finance Ministry turns down an infusion proposal of INR30,000cr for Air India. Asks for a clear turnaround plan incl. transfer of non-core assets and subsidiaries to a Special Purpose Vehicle.

 

Nirav Modi, fugitive diamantaire wanted in the INR13,500cr PNB scam, confirmed to be in the UK. Home Ministry to move extradition request via MEA to the UK authorities. Interpol had earlier issued a red corner notice against Nirav Modi under money laundering charges leveled by the ED.

 

China cracks down further on cryptocurrencies, an year after imposing a wide-ranging ban on local exchanges and fundraising. Officials issued warnings to stores, hotels, and offices not to host any cryptocurrency related speeches, events, or activities. Sheng Songcheng, an adviser to the People's Bank of China, said government regulation will become even stricter.

 

Tesla CEO Elon Musk says he is giving up the plan to take the company private in light of shareholder objections. Announcement comes this Friday, 17 days after he tweeted his intentions to take the company private. He mentioned "it's clear that (going private) would be even more time-consuming and distracting than initially anticipated."