Nirav Modi-style fraud detected at PNB, why airlines keep bleeding money, and more top news

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The CBI has unearthed another fraud at Punjab National Bank that’s similar to the Nirav Modi scam but smaller in size. It has arrested two directors of Chandri Papers Allied Products and eight officials from PNB’s Brady House branch (Mumbai) for fraudulent Letters of Credit worth ?9 crore issued to an SBI branch in Belgium. The details were unearthed during a forensic audit of the Brady House branch — the nerve centre of the Nirav Modi scam. The diamantaire is accused of swindling PNB of $2 billion.

Airfares in India are 10-15% lower than breakeven levels, a Boeing executive told Reuters. “Double-digit growth coupled with losses is what I’m concerned about,” Dinesh Keskar of Boeing Commercial Airplanes said, adding it was judicious to forego 2-3% growth than fill up aircraft at rock-bottom prices. Jet Airways, IndiGo and SpiceJet posted huge losses in the September quarter on account of high fuel prices, a weak rupee and intense price competition. Despite the margin pressure, Boeing forecasts Indian carriers to order as many as 2,300 new planes (worth $320 billion) till 2037 as passenger traffic grows at a fast pace.

India is among the five deadliest countries for journalists, according to a report by non-profit Reporters Without Borders. As many as six journalists have been slain this year even as several others were targets of murder attempts, physical attacks, threats and online hate campaigns, the report says. Earlier, data from the Committee to Protect Journalists showed one in nine journalists murdered on the job in 2018 was an Indian. India also a shabby record of letting journalists’ killers off scot-free – CPJ’s Global Impunity Index ranks the country among 14 nations with the worst track record of punishing the murderers.

Is the freedom of India's press is under threat? Will instances of violence deter young people from pursuing journalism? Share your thoughts in the comments.

Facebook gave members' personal data to some of the world’s largest tech companies for years, says New York Times. Netflix and Spotify were given the ability to read Facebook users’ private messages, and Microsoft’s [LinkedIn Parent] Bing search engine was allowed to see the names of virtually all Facebook users’ friends without consent. Facebook says none of the partnerships violated users’ privacy or a 2011 consent agreement with the Federal Trade Commission.

India has inched closer to banning commercial surrogacy. Yesterday, the Lok Sabha passed a bill that bars the commercial renting of wombs and prescribes a jail term up to 10 years and a fine of ?10 lakh for violators. It essentially ends surrogacy as an option for foreigners, NRIs, same-sex and live-in couples and single parents. Only legally married couples that are childless and infertile can go in for “altruistic surrogacy” from a “close relative.” Experts expect the move to boost adoption.

This article has been updated: From earlier: It might get easier for high-skilled Indians to migrate to the UK after Brexit, as the country could do away with its annual immigration cap of 20,000 for skilled non-EU workers.

Idea of the Day: Social media has increased society’s propensity for change, says Jamie Bolding, founder and CEO of Jungle Creations.

“Today, thanks to the internet, social media and the constant access we have to information, change takes hold much quicker, which is fantastic for the advancement of society.”

— Abhigyan Chand and Mandar M Bakre/Share this using #DailyRundown

Wednesday's #DailyRundown saw engaging conversations around Ola’s move to enter the scooter rental space. Top commentator Pankaj Pandey talked about the need for scooter sharing in large cities but pointed out the challenges Ola could face from public transportation providers. Join the conversation here.