Business
Jio network down: users are facing problems
Some Jio users in Mumbai are experiencing network outages, causing the issue to trend on Twitter. According to reports on social media, the disruptions have affected specific areas in the city. One user claimed that the Reliance Jio IDC Data Centre caught fire, potentially causing service interruptions. The user tweeted, “Reliance Jio IDC Data Centre caught fire, some services down due to that.
The network of Reliance Jio, one of the leading telecom companies in India, has been down for the last 1 hour. So users are facing a lot of problems. Many have posted about this on social media and tagged Reliance Jio. Reliance Jio network is down since last 1 hour.
Due to this, many works of Jio users have been stopped. A user posted on X and informed that the Jio service has been shut down due to a fire in the IDC (data center). Repair work is going on here. The network will be restored soon. But Reliance Jio has not given any official information about this yet. Therefore, users are asking when the network will be restored.
Reliance Jio service has been discontinued. Most of the users have no signal in their mobiles. 20 percent reported internet connectivity disruption on Down detector. 14 percent people are facing problems in running Jio fiber. Reliance Jio’s website is also not working properly and users are unable to access the Jio app.
There are more than 10 thousand complaints on Downdetector around 12 noon. More outage issues have been reported from cities like Delhi, Lucknow and Mumbai. Users across the country are complaining about Jio service being down. Jio on X is also trending down. People are sharing memes for Jio.
Reliance Jio services have once again been suspended in many parts of the country. Today i.e. on 17th September it started from Mumbai, the financial capital of the country and now Jio is down in all the cities of the country. Earlier in May and June 2024 also, Jio services were suspended in Mumbai. Users are constantly complaining on social media about Jio being down but there is no concrete solution and assurance from the company yet.
Users on social media claim that Jio services have been suspended across Mumbai. There is a network problem for several hours. Many users have also complained about the broadband service. Outage tracker Downdetector has also confirmed Jio’s outage. According to Downdetector’s map, it has stopped in New Delhi, Lucknow, Nagpur, Cuttack, Hyderabad, Chennai, Patna, Ahmedabad, Kolkata, Guwahati.
More than 10 thousand people have complained on Downdetector in just 1 hour. On this site, 67 percent people complained about lack of signal, 20 percent about mobile internet and 14 percent about Jio Fiber.
Business
MAS Slaps Penalty Of SGD 2.4 Million On JP Morgan Chase Bank For Misconduct By Relationship Managers In 24 Bond Transactions
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of SGD 2.4 million on JPMorgan Chase Bank, N.A. (JPM), according to a media release issued by the central bank of Singapore. The penalty was for JPMorgan Chase Bank failing to prevent and detect misconduct committed by its relationship managers (RMs).
The media release said: “In 24 over-the-counter (OTC) bond transactions, the RMs had made inaccurate or incomplete disclosures to clients, resulting in the clients being charged spreads that were above the bilaterally agreed rates.” These transactions took place between November 2018 and September 2019, said MAS.
Explaining that the RMs of JPMorgan Chase Bank had misled the clients into paying more than what they should have paid, MAS said that “JPM did not establish adequate processes and controls to ensure that its RMs adhered to pre-agreed spreads with clients when executing OTC bond transactions on their behalf”.
The central bank “sampled OTC bond transactions conducted by JPM’s RMs” and found that in the 24 transactions, the RMs had “either misrepresented the price components or omitted material information that the spreads charged were above the agreed rates”. The phrase “price components” refers to the executed interbank price and/or spread charged.
MAS said that this misrepresentation and omission by the RMs was “in contravention of sections 201(c) and 201(d) of the Securities and Futures Act (SFA)”.
Informing that the private bank had accepted these violations and its responsibility for what the relationship managers did, MAS said: “JPM has admitted liability under section 236C of the SFA for its failure to prevent or detect the misconduct by its RMs and has paid MAS the civil penalty. The bank has refunded the overcharged fees to affected clients.”
At the same time, JPMorgan Chase Bank has taken measures to prevent a repeat of this. “The bank has also enhanced its pricing frameworks and internal controls to prevent the recurrence of such misconduct,” said MAS. “Separate reviews into the individual RMs involved in the misconduct are ongoing.”
What is the MAS civil penalty?
“A civil penalty action is not a criminal action and does not attract criminal sanctions. The civil penalty regime, designed to complement criminal sanctions and provide a nuanced approach to combat market misconduct, became operational at the beginning of 2004,” said the MAS media release.
“Under section 232 of the SFA, MAS may enter into an agreement with any person for that person to pay, with or without admission of liability, a civil penalty for contravening any provision of Part 12 of the SFA. The civil penalty may be up to three times the amount of the profit gained or loss avoided by that person as a result of the contravention, subject to a minimum of USD 50,000 (if the person is not a corporation) or $100,000 (if the person is a corporation).”
Under section 201(c) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any capital market products, make any statement he knows to be false in a material particular.
● Section 201(d) of the SFA
Under section 201(d) of the SFA, no person shall, directly or indirectly, in connection with the subscription, purchase or sale of any capital market products, omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.
● Section 236C of the SFA
Under section 236C of the SFA, a corporation which fails to prevent or detect a contravention of any provision in Part 12 of the SFA that is committed by an employee or officer for its benefit and attributable to its negligence, commits a contravention and shall be liable to an order for a civil penalty.
Business
Zypp Electric Crosses 20.5 Million Zero-Emission Deliveries Milestone
Zypp Electric, a leading EV-as-a-service platform in India, has reached a significant milestone by completing over 20.5 million zero-emission deliveries in the last year. With a focus on sustainable logistics, Zypp plays a key role in reducing the carbon footprint of last-mile delivery and currently handles 15-20% of quick commerce orders in the Delhi-NCR region.
The quick commerce sector in India, valued at $60-70 billion, is witnessing rapid growth and is expected to expand to $25-55 billion by 2030. Companies like Zypp Electric are driving this transformation by improving delivery efficiency, lowering business churn rates, and promoting eco-friendly logistics solutions to meet the demands of this booming market.
Zypp Electric has significantly reduced carbon emissions through its strategic partnerships with major quick commerce players like Zepto, Blinkit, Big Basket Now, and Instamart. The company has helped cut 2.5 million kilograms of carbon emissions over the past year. With Zepto, Zypp completed 10.4 million deliveries, saving 11.95 lakh kg of carbon, while Blinkit achieved 7.19 million deliveries, reducing emissions by 8.29 lakh kg.
Big Basket Now contributed 2.76 million deliveries, resulting in a 4.22 lakh kg reduction in carbon, and Instamart’s 2.15 lakh deliveries helped cut over 72,000 kg. Zypp is not only advancing eco-friendly logistics but also providing substantial earning opportunities for delivery partners, with top earners during the festive season reaching Rs 99,949 per month, demonstrating the platform’s impact on both the quick commerce and gig economy sectors.
Akash Gupta, Co-Founder & CEO of Zypp Electric, said, “I remember when we had our 1st meeting with all our amazing quick commerce partners Zepto, Blinkit, BB Now & Swiggy Instamart, we were sure that this sector will revolutionize the delivery market. This achievement is not just a number; it signifies our relentless pursuit of sustainability in quick commerce. At Zypp Electric, we believe that quick and sustainable logistics is the future of e-commerce. Our partnerships have shown that we can break the myth that speed and sustainability are mutually exclusive. As we move forward, we are excited to lead the charge in making electric deliveries the norm in India, and I would personally cherish delivering the 21st million delivery landmark myself with my leadership team.”
Business
NSE & BSE To Remain Close For 10 Days In December: All You Need To Know About Stock Market Holidays
Stock market investors are busy figuring out how many trading sessions there are left in 2024 just before the start of a new month. For these investors, the total number of stock market holidays remaining in 2024 is crucial.
There will only be one stock market holiday in December 2024, per the list of stock market holidays for 2024. This is on Christmas Day, December 25, 2024.
As a result, on December 25, 2024, the only stock market holiday in 2024, trading will not be conducted. Also, on Saturday and Sunday, the Indian stock markets stays closed.
Last trading session of the month of november
Dalal Street heavyweights drew heavy buying on the final session of November 2024, despite the US stock market holiday, and helped frontline indices close higher.
The BSE Sensex closed 699 points higher at 79,743, on the hand Nifty 50 index ended 208 points higher at 24,122 after opening marginally higher, and the Nifty Bank index gained 117 points to close at 52,023.
10 market holidays in December
Given the December 2024 calendar, four Saturdays would fall on the 7th, 14th, 21st, and 28th of the month, while five Sundays would fall on the 1st, 8th,15th, 22nd, and 29th.
The BSE and NSE will not be tradind on 10 of the 31 days in December 2024 if we include the one stock market holiday that falls in that month. Just 21 training sessions remain in 2024, according to stock market holidays on exchange website.
Movement of the market
On the BSE, the advance-decline ratio was 1.44 for six consecutive days, during which time dwindling shares outnumbered declining shares. Stocks of the Adani group, including Adani Green Energy, Adani Energy Solutions, and Adani Total Gas, surged up to 23 per cent after being added to the F&O segment on November 29, 2024.
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