BUSINESS
SoftBank Vision Fund loses massive $32 bn as tech startups bleed
As tech startups valuations continue to dip, the Vision Fund vertical posted a 4.3 trillion Japanese yen (about $32 billion) loss for its fiscal year."The fair value of a wide range of private portfolio companies also decreased, reflecting markdowns of weaker-performing companies and share price declines among market comparable companies," the company said in its earnings report on Thursday.
Multiple factors gives nuke power major push in APAC region: Moody's
"Decarbonisation and fuel diversification will drive the nuclear power sector's share of the energy mix in Asia Pacific," said Ada Li, a Moody's Vice President, and Senior Credit Officer. "Recent disruptions, such as a spike in fuel fossil prices because of the Russia-Ukraine war, and less stable solar and wind performance due to climate conditions, also underpin a greater role for nuclear power in the region's long-term carbon transition plans," added Li.
Delhi Police file FIR against BharatPe ex-MD Ashneer Grover
The FIR, which was registered on the basis of a complaint filed by the company BharatPe, also mentions the name of his wife Madhuri Jain Grover, and three relatives -- Deepak Gupta, Suresh Jain and Shwetank Jain.
US investment firm Vanguard slashes Ola's valuation by 35%
According to a report in TechCrunch, Vanguard cut the valuation of Ani Technologies, Ola's holding firm, by 35 per cent and disclosed this in its report to investors. "It reduced the holding of its Ola shares to $33.8 million from the $51.7 million purchase price, according to an analysis of its filings," the report noted.
IMF warns of risks to Israeli economy posed by judicial reform, external factors
An IMF delegation visiting Israel submitted the report to the country's Finance Minister Bezalel Smotrich and the Governor of the Bank of Israel Amir Yaron on Wednesday, Xinhua news agency reported. The report, which analyses the Israeli economy in 2022 and includes forecasts and recommendations, stated that continued uncertainty around the judicial reform presents a notable downside risk to growth.
Nirmala Sitharaman leaves for Japan to take part in G7 Finance Ministers' meeting
During her visit, Finance minister Nirmala Sitharaman will also have multilateral and bilateral engagements with her counterparts, besides a roundtable meeting with business leaders and investors, official sources said.
Around 250 LMT of wheat procured during current Rabi season
According to estimates released by the Department of Food and Consumer Affairs, the current wheat procurement crossed last year's total procurement of 188 LMT. More than 20 lakh farmers have benefitted from the current season's procurement, with more than Rs 47,000 crore payment of minimum support price (MSP).
Mauritius minister says no shell companies in country, rejects allegations by Hindenburg Research
The Mauritius minister gave this reply in response to a question about Hindenburg Research's allegations against Adani Group.
After a Mauritius MP asked the minister about Hindenburg's allegation of use of Mauritius-based entities for money laundering and share price manipulation for the Adani Group, the minister said shell companies are not allowed in Mauritius.
Cisco CEO meets PM Modi, doubles down on local manufacturing
Cisco has announced strategic investments in Indian manufacturing capabilities as the next step in delivering cutting-edge technologies to our customers in India and across the globe. "Thank you for your leadership, Honorable PM of India, @narendramodi! Thrilled to announce @Cisco is investing in manufacturing in India, with an aim to drive over $1B in combined domestic production and exports," Robbins tweeted.
Mineral production index for mining sector rose 4.6% to 129 in February
Important minerals which showed positive growth during February 2023 over the previous year were phosphorite (60.2 per cent), coal (8.3 per cent), iron ore (7.4 per cent), lead concentrate (7.3 per cent), natural gas (3.2 per cent), zinc concentrate (1.1 per cent), limestone (0.9 per cent) and copper concentrate (0.5 per cent).
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