BUSINESS
Sitharaman's marathon meeting sessions with US businesses continues in NY
As part of this, Sitharaman on Saturday met Scott Sleyster, Executive Vice President and Chief Operating Officer of Prudential Financial and Philip Vassiliou, Chief Investment Officer, Legatum, in New York. Her discussions with Sleyster revolved around the reforms towards capital bond market, investor charter and other initiatives.
No additional borrowing by Centre to meet GST compensation of states in FY22
Government officials said the current revenue position, where both direct and indirect tax kitty of the government had seen a sharp rise, will prevent it from additional borrowing even if it meets full GST compensation shortfall for states during FY22. The centre has pegged its gross borrowing target for FY22 at Rs 12.5 lakh crore in the Union Budget 2021-22, presented by Finance Minister Nirmala Sitharaman
Fuel rates hiked again, petrol at Rs 105.84/ltr in Delhi
The price of petrol in Delhi rose to its highest-ever level of Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of the state-owned fuel retailers. In Mumbai, diesel now comes for Rs 102.52 a litre; while in Delhi, it costs Rs 94.57. Diesel prices have now increased 19 out of the last 23 days taking up its retail price by Rs 5.95 per litre in Delhi.
We target 50 mn Indian crypto users in 2 years: CoinSwitch Kuber CEO
With more than 15 million users in India, CoinSwitch Kuber has become a new unicorn, and the most valuable crypto company in the country valued at $1.9 billion. Started in 2017 by Singhal, Govind Soni and Vimal Sagar, CoinSwitch launched its India operations in June 2020.
Chingari launches its first NFT marketplace, social token
Recently, the firm completed a funding round of over $19 million from more than 30 venture funds and individual investors. With the funds raised, the company will build features to enable creator monetisation and build utility of the gari token across interesting social media user cases.
Top 10 hackers behind $5.2 bn worth ransomware attacks in Bitcoin
The report, released by the US Treasury's Financial Crimes Enforcement Network (FinCEN) on Friday, found that ransomware-related transactions totalled around $590 million from January 2021 to June 2021, exceeding the $416 million reported for entire 2020.
HDFC Bank's Q2FY22 YoY net profit up 17.6%
The bank's net profit increased to Rs 8,834.3 crore during the period under review over the quarter ended September 30, 2020. Besides, the bank's net interest income (income earned less interest expended) rose 12.1 per cent from Rs 15,776.4 crore to Rs 17,684.4 crore for the corresponding quarter of the previous fiscal.
US DFC COO to visit India to boost global health investments
Marchick, along with a delegation, will arrive in India on October 24. The delegation will visit the office of Hyderabad-based vaccine manufacturer 'Biological E' and sign a Memorandum of Understanding (MoU) with the pharma major to open a new facility with substantial capacity for vaccine manufacturing.
Energy Crisis: China's loss is Indian steel, chemical industries gain
Notably, China's worsening energy situation has impacted its industrial segments and forced factories to cut production. It is also threatening to impact the growth of the country's vast economy and place increased strain on global supply chains. Globally, the increased coal prices, high logistics costs and logistical challenges have led to a rise in raw materials costs across sectors.
IMF commends India's 'swift, substantial' response to pandemic
"Directors commended the authorities' response to the pandemic which includes scaled-up support to vulnerable groups, monetary policy easing and liquidity provision, accommodative financial sector and regulatory policies, and continued structural reforms," the IMF said on Friday reporting on its executive board's consultations held with India to assess the state of its economy and finances. "The authorities' economic response, which was swift and substantial, has included fiscal support, including scaled-up support to vulnerable groups, monetary policy easing, liquidity provision, and accommodative financial sector and regulatory policies.
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