BUSINESS
US bails out SVB customers
In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days, CNN reported. Signature's customers will receive a similar deal, ensuring that even uninsured deposits will be returned to them on Monday. In a joint statement, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg said the FDIC will make SVB and Signature's customers whole.
After Silicon Valley Bank, US state regulators shut down New York-based Signature Bank
The Federal Deposit Insurance Corporation (FDIC) took control of Signature Bank, which had over $110 billion in assets and almost $89 billion in deposits as of the end of last year. However, the U.S. Treasury Department and other bank regulators were quick to assure depositors that they would be fully reimbursed and that no losses would be borne by taxpayers.
Hyundai Motor considering buying GM India's Talegaon plant assets
According to Hyundai Motor India, a Term Sheet has been signed for the potential acquisition of identified assets of the plant like land and building, certain machinery and equipment situated at the General Motors India's plant in Talegaon. The Hyundai Motor India said the proposed acquisition is subject to the signing of the 'Definitive Asset Purchase Agreement'.
Paytm monthly transacting users surge to 89 mn, leads offline payments with 6.4 mn devices
Consumer engagement on the Paytm Super App continues to see robust growth with the average Monthly Transacting Users (MTU) for the two months at 89 million, registering a growth of 28 per cent (year-on-year). The company said it is seeing consistent growth in merchant payments volume with the total merchant.
Iran says oil exports reach highest level since US reimposed sanction in 2018
Owji on Sunday added that Iran's crude exports have increased by 83 million barrel from the beginning of the current Iranian calendar year, which started on March 21, 2022, to February 19, 2023, compared to the same period in 2021-2022, reported the official news agency IRNA.
Saudi oil giant Aramco reports record profit of $161.1 bn for 2022
In 2022, Saudi Aramco's net income saw a 46.5-per cent increase compared to that of 2021, which stood at around $110 billion, Saudi Press Agency (SPA) reported. The company also declared a fourth-quarter dividend of $19.5 billion, to be paid in the first quarter of 2023, the SPA reported. The increase in Saudi Aramco's net income is mainly driven by higher crude oil prices.
US Treasury Secretary Yellen rules out bailout for Silicon Valley Bank
"During the financial crisis, there were investors and owners of systemic large banks that were bailed out," Yellen said in an interview, CBS News reported. "And the reforms that have been put in place means that we're not going to do that again. But we are concerned about depositors and are focused on trying to meet their needs."
Adani fully prepays share backed promoter financing, increases equity in Ambuja Financing
In addition, promoters have also prepaid $500 million facility taken for Ambuja acquisition financing. This is in line with the promoters' commitment to increase equity contribution and promoters have now infused $2.6 billion out of total acquisition value of $6.6 billion for Ambuja and ACC.
'Shark Tank India 2': Vineeta Singh gets deal worth Rs 5cr from fellow sharks
During the show, she talked about how the beauty industry is expanding in the country, and also as women are becoming more independent their choices for cosmetics are also changing. She also added about how society puts so much pressure on girls and how they look.
Saudi oil giant Aramco posts record profit of $161 billion
It represents a 46.5 per cent rise for the state-owned company, compared with last year, BBC reported. It is the latest energy firm to report record profits, after energy prices spiked following Russia's full-scale invasion of Ukraine in February 2022. America's Exxon Mobil made $55.7 bn, and Britain's Shell reported $39.9 bn, BBC reported.
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