Financial Services

Jenny Ng and Jian Lim fell victim to a sophisticated scam where scammers mimicked HSBC's text messages about fraudulent activity, leading the couple to unknowingly disclose sensitive information, resulting in a loss of $138,000. Despite efforts to combat scams, Australians reported a record amount of scam incidents in 2023, prompting calls for increased consumer protection measures.

A report by the Universities Accord Panel found that nearly 3 million Australians are carrying tens of thousands of dollars in HECS debt, with a total of $78 billion owed to the government. This debt is having a significant impact on young people's lives, making it difficult for them to buy a home or save for the future.

India's projected rise to become the world's third-largest economy by 2029 should not be celebrated as the country remains poor with a large population and low per capita income. Former Reserve Bank Governor D Subbarao emphasizes the need to focus on equitable distribution of wealth and development, along with becoming a developed nation by 2047, requiring strong institutions and accountability.

Rashmi Saluja, executive chairperson of Religare Enterprises, is facing a fierce challenge to her leadership from the Burman family, the leading shareholder of the company. The Burmans, who have gradually increased their stake in Religare over the past five years, have accused Saluja of insider trading and corporate governance lapses.

The Institute of Chartered Accountants of India (ICAI) has taken action against three EY affiliates and a retired partner for violating the Chartered Accountants Act by circumventing provisions through their arrangements with a multinational entity. Additionally, ICAI has also taken action against another firm and its partner for similar reasons, citing professional misconduct.