India's ultra-rich prefer investing in equities, bonds over real estate, gold: Report

Agencies
March 7, 2019

Mumbai, Mar 7: India's "ultra-high net worth individuals" (UHNWI) -- with assets worth $30 million and more -- prefer investing in equities and bonds rather than real estate and gold, a Knight Frank report said on Wednesday.

According to the data provided by The Wealth Report 2019, around 30 per cent of investments by Indian UHNWIs went to equities and 28 per cent to bonds, followed by 24 per cent in properties. Investment in gold was just 4 per cent.

"For the year 2018, Indian respondents gave a thumbs-up to equities and bonds where respondents to the survey said that their clients preferred these high-return investment assets," it said.

In the year ahead, the report projects wealthy Indians would get more inclined towards equities and bonds, while globally investors are likely to go for investments into property and the most liquid asset of cash.

In the Indian market, there is a strong bend towards equities (34 per cent) and private equities (37 per cent), it said on the outlook for 2019. Private equity, which saw only about 4 per cent of wealth allocation in 2018, is set to see a significant rise in 2019, it said.

"Bucking the global trend, Indian UHNWI showed least preference for the most liquid of all assets, i.e. cash, which registered a negative sentiment. A strong trend was also witnessed in bonds investment for which sentiments saw a rise of 20 per cent," said the report.

Commenting on the report, Shishir Baijal, Chairman and Managing Director, Knight Frank India, said: "While globally UHNWIs are showing affinity towards more liquid investments as it is the most risk-averse asset, Indian counterparts on the other hand are increasing their exposure in the equity and bonds."

"There is a sense of confidence amongst Indian UHNWIs on the strength of the country's economic growth, which is pushing them to invest in higher risk assets for shorter periods of time. Real estate and luxury investments, which are the most illiquid assets, remain largely stable," Baijal said.

Further, the report predicts that India would have the highest growth in the number of ultra-high net worth individuals with a likely 39 per cent growth during 2018-2023, followed by the Philippines (38 per cent) and China (35 per cent).

"Despite the election uncertainties of 2019, India's wealth is expected to charge ahead over the next five years with the number of UHNWIs rising to 2,697. Starting from a low base, the Philippines is projected to have 296 UHNWIs by 2023, less than 2 per cent of the projected ultra-wealthy population of Japan, the most prominent Asian wealth hub," it said.

India's UHNWI population grew by 24 per cent during 2014-18 and accounts for 1,947 UHNWIs whose net worth was over $30 million in 2018. It grew by 7 per cent in 2017-2018, well above the global average (4 per cent) and the Asia average (3 per cent).

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Agencies
March 8,2020

Consumer watchdog Which? has claimed that more than one billion Android phones and tablets are vulnerable to hackers as they no longer supported by security updates.

According to the research report, the most at-risk phones are any that run Android 4 or older and those smartphones running Android 7.0 which can not be updated are also at risk.

Based on data from Google analysed by Which?, two in five android device users around the world are no longer receiving the important updates. Currently, those devices are unlikely to have issues, but the lack of security leaves them open to attack.

"It is very concerning that expensive Android devices have such a short shelf life before they lose security support, leaving millions of users at risk of serious consequences if they fall victim to hackers," Kate Bevan editor Which? said in a statement.

"Google and phone manufacturers need to be upfront about security updates with clear information about how long they will last and what customers should do when they run out. The government must also push ahead with planned legislation to ensure manufacturers are far more transparent about security updates for smart devices and their impact on consumers," Kate added.

Android phone released around 2012 or earlier, including popular models like the Samsung Galaxy S3 and Sony Xperia S, are particularly at risk to hackers.

Which? has made suggestions to Android users on what to consider if they have an older phone that may be at risk.

Any Android device which is more than two years old, check whether it can be updated to a newer version of the operating system. If it is on an earlier version than Android 7.0 Nougat, try to update via Settings> System>Advanced System update.

In case a user is not able tto update the phone, the device could be at risk of being hacked if it is running a version of Android 4 or lower.

A user also need to be careful about downloading apps outside the Google Play store and should also install a mobile anti-virus via an app.

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Agencies
June 13,2020

The Brazilian government said that the Amazon rainforest witnessed deforestation of a record 829 sq km in May, the highest monthly level since 2015.

On Friday, the National Institute for Space Research (INPE) said that deforestation in the Amazon increased by 91 sq km compared to the same period last year, reports Xinhua news agency.

Between January and April, destruction of the forest by illegal loggers and ranchers rose 55 per cent, or a total of 1,202 sq km was wiped out, it said.

The Real-time Deforestation Detection system, a federal project created to monitor human activity in the Amazon, alerted authorities to the increase in the rate of destruction of the rainforest.

A recent study by the Amazon Environmental Research Institute (IPAM) warned that deforestation in 2020 could reach 11,900 sq km if the pace of May, June, and July follows the historical average.

Deforestation in the region has soared since President Jair Bolsonaro took office last year, according to conservation groups.

He has argued that more farming and mining in protected areas of the forest were the only way to lift the region out of poverty.

Bolsonaro's environmental policies have been widely condemned but he has rejected the criticism, saying Brazil remains an example for conservation.

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Agencies
July 18,2020

New Delhi, Jul 18: India's national cybersecurity agency CERT-in, has warned people of credit card skimming spreading across the world through e-commerce platforms.

Attackers are typically targeting e-commerce sites because of their wide presence, popularity and the environment LAMP (Linux, Apache, MySQL, and PHP), the Computer Emergency Response Team (CERT-In) said in a notice on Thursday.

Recently, attackers targeted sites which were hosted on Microsoft's IIS server running with the ASP.NET web application framework, it said.

Some of the sites affected by the attack were found to be running ASP.NET version 4.0.30319, which is no longer officially supported by Microsoft and may contain multiple vulnerabilities, CERT-In said.

The notice also included a list of best practices for website developers including the use of the latest version of ASP.NET web framework, IIS web server and database server.

The advisory is based on research by Malwarebytes which found that this skimming campaign likely began sometime in April this year.

Credit card skimming has become a popular activity for cybercriminals over the past few years, and the increase in online shopping during the pandemic means additional business for them, too, Malwarebytes said in a blog post, adding that attackers do not need to limit themselves to the most popular e-commerce platforms.

Researchers from global cybersecurity and anti-virus brand Kaspersky had warned in December last year that more cybercriminal groups will target online payment processing systems in 2020. 

It said that over the past couple of years, so-called JS-skimming (the method of stealing of payment card data from online stores), has gained immense popularity among attackers. 

Kaspersky researchers in their report said they are currently aware of at least 10 different actors involved in these type of attacks.

Their number will continue to grow during the next year, the report said, adding that the most dangerous attacks will be on companies that provide services such as e-commerce as-a-service, which will lead to the compromise of thousands of companies.

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