BUSINESS
HSBC says profits got $1.5bn boost from purchase of SVB's UK business
Europe's biggest bank posted a pre-tax profit of $12.9 billion for the three months to the end of March, the BBC reported.That is more than three times the amount it made for the same time last year. In March, HSBC bought SVB UK for a nominal 1 pound ($1.25), in a deal led by the government and the Bank of England. The London-headquartered lender said the profit included a "provisional gain of $1.5 billion on the acquisition of Silicon Valley Bank UK Limited".
Pine Labs joins ICICI Bank to accept digital rupee on its PoS terminals
To begin with, Pine Labs will accept e-rupee across key retail outlets in Mumbai and Bengaluru via dynamic QR, built within its smart Android PoS terminals. "Central bank digital currency (CBDC) and digital rupee opens up exciting opportunities. Pine Labs is happy to partner with ICICI Bank in launching CBDC as a payment option under this pilot run by the RBI," said B Amrish Rau, CEO, Pine Labs.
Morgan Stanley may slash 3K jobs in 2nd job cut round: Report
According to a Bloomberg report, citing sources, senior managers are discussing plans to eliminate about 3,000 jobs or roughly 5 per cent of its global workforce by the end of this quarter. The job cuts will impact financial advisers and personnel supporting them within the wealth management division at Morgan Stanley, the report added. Morgan Stanley, which employs about 82,000 people, did not comment on the report.
Several Twitter users logged out from desktop accounts globally
Several users took to Twitter (via mobiles) to complain they were randomly logged out from their desktop accounts.The Downdetector website also showed a sharp increase in user complaints about the website.
Some Twitter users claimed they were logged out repeatedly. Twitter was yet to acknowledge the issue On Monday, legacy Blue tick owners on Twitter were in for a surprise when a minor edit in their bio resulted in getting their Blue badge back, albeit briefly.
Bizman Amandeep Dhall gave false statements, created fake evidence: ED
It also accused Dhall of destroying four cellphones in the span of two years out of which only one phone was retrieved by them. The recovered phone was being used by him from June 15, 2022, after the media started reporting him in the matter, it said. The device used during the period of the scam and used till June 9.
Nepali businesses bleed as Indian pilgrims keep away from Chinese border-crossing during Yatra
The religious travelers would fill the hotels and restaurants close to the border point. Sensing the big business opportunity, Bishnu Shrestha, opened a 25-room hotel named Small Heaven in 2013, targeting basically the Indian pilgrims. Before he recovered his investment of NPR 40 million spent to build the hotel, Nepal was hit by a deadly earthquake in 2015, which not only damaged roads, building and other infrastructure around Tatopani areas but also across the border on the Chinese side too.
India-UAE bilateral trade under CEPA sees 16% rise between 2021-22 & 2022-23
CEPA is a full and deep agreement which was signed on February 18, 2022, during a virtual summit between Prime Minister Narendra Modi, and President of the UAE and the ruler of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan. The CEPA came into force from May 1, 2022.
India's coal production rises 8.6% to 73 mn tonnes in April 2023
The government has paved the way for releasing additional coal in the market through greater utilisation of mining capacities of captive and private blocks, which has led to increase in dry fuel production by 17.52 per cent to 9.88 million tonnes in April 2023, as compared to 8.41 million tonnes recorded during the corresponding period of last year.
Nirmala Sitharaman to attend AGM of ADB in South Korea
The Indian delegation, consisting of officials from the department of Economic Affairs, is scheduled to depart on Monday itself. The meetings will be attended by official delegations of ADB members, observers, non-governmental and civil society organisations, media, financial institutions and banks and other private sector companies.
GST collections for April rose 16.8% to stand at Rs 1,87,035 cr
The gross GST collection in April 2023 is also an all-time high and is Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore, which was recorded in April 2022. Also for the first time, gross GST collections have crossed Rs 1.75 lakh crore mark, official sources said.
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