BUSINESS
India rising in world order with significant positive macro and market implications
These include supply-side policy reforms such as a build up in infrastructure, formalisation of the economy via GST and IndiaStack, massive change in real estate regulations, digitalisation of social transfers making them leak proof, a new bankruptcy law coupled with a sharp decline in corporate balance sheet leverage.
US SEC sues Binance, its CEO over lying to regulators, mishandling funds
In a federal lawsuit, the regulator filed 13 charges against the defendants. "Defendants unlawfully solicited US investors to buy, sell, and trade crypto asset securities through unregistered trading platforms available online at binance.com and Binance.US," the lawsuit read.
Linda Yaccarino takes over as Twitter CEO while ad sales plunges 59%
Yaccarino, former Chairman of Global Advertising and Partnerships at NBC Universal, updated her bio as Twitter CEO on LinkedIn, before welcoming Joe Benarroch at the micro-blogging platform, who worked with her as executive vice president at NBC Universal. "Welcome to the flock, Benarroch, from one bird to the next. Let's get to work @Twitter," she posted.
Make customers' rights charter enforceable, says RBI panel
The RBI had formed the seven member committee under the chairmanship of former RBI Deputy Governor B.P. Kanungo on May 23, 2022 to evaluate the efficacy, adequacy and quality of customer service in entities regulated by the RBI vis-a-vis the existing RBI guidelines on customer service and identify gaps, if any.
Apt time to address governance gaps in banks, says RBI deputy governor
"The banking sector in India at this juncture is sound, resilient, and financially healthy. So, the time is perhaps right to improve the plumbing by addressing the gaps in governance frameworks, assurance functions and strategise for better times ahead," RBI's deputy governor Rajeshwar Rao said.
Govt engaging with Vedanta to facilitate its residual stake sale in BALCO
Sources aware of the development said that the Mines Ministry is said to have requested the Department of Investment and Public Asset Management (DIPAM) to engage with Vedanta to withdraw the arbitration case, as the government plans to take the initial public offer (IPO) route to sell a part of its 49 per cent stake in BALCO.
Market momentum signal possibility of new highs this week
Markets gained on the first two days followed by Friday, while they lost on Wednesday and Thursday. BSESENSEX was sort of flattish for the week gaining 45.42 points or 0.07 per cent to close at 62,547.11 points while NIFTY gained 34.75 points or 0.19 per cent to close at 18,534.10 points.
Less than 1 in 3 startups that attract seed funding manage to raise follow-on funding
Out of the over 2,500 startups that had raised seed funding between 2015 and 2022, only 29 per cent (i.e., 734 companies) managed to raise a Series A round (typically the first round of institutional Venture Capital funding), the study titled 'Series A Landscape Report' found.
Experience Apple like never before: Bengaluru gets Grand Imagine Store at Nexus Koramangala Mall
At over 2,500 sq.ft. the store offers the entire range of Apple products and a massive array of accessories on display, and services such as in-store repair. Ironically, it's the same location where Imagine opened India's first exclusive premium reseller store for Apple products in 2004.
Wall Street cashing in on the ultra-wealthy
In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day, Mary Erdoes, head of asset and wealth management at the bank, told investors last week.
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