BUSINESS
Adani Group hires US accountancy firm for independent audit of its companies: Report
The appointment follows a report by Hindenburg Research on January 24th which accused Adani Group of using offshore tax havens and stock manipulation. Adani Group has denied the allegations, but its stocks and bonds have taken a hit, with its listed subsidiaries collectively losing $120 billion in market value in the last three weeks. Last week, Adani Group had stated.
InsuranceDekho raises $150 mn, largest-ever Series A funding in India
Touted as the largest-ever series A round by an Indian insurtech company, the fresh funding, a mix of equity and debt, also saw participation from Investcorp, Avataar Ventures and LeapFrog Investments. "The fundraising will enable us to deploy scalable Insurtech solutions in the areas of data analytics, artificial intelligence, last mile servicing and claims management.
Retail inflation at 6.5% in January, worrisome, shocker: Economists
The workers' remittances recorded an inflow of 1.894 billion US dollars in January, as compared to the previous month's figure of 2.102 billion dollars, and marked a decrease of 13.1 percent year-on-year, showed the bank's newly released data on Monday, Xinhua News Agency reported. With a cumulative inflow of 16 billion dollars during the first seven months of the ongoing 2022-2023 fiscal year (from July 2022 to June 2023), the remittances decreased by 11 per cent as compared to the same period last year, the figures showed.
Retail inflation at 6.5% in January, worrisome, shocker: Economists
"CPI inflation moved to 6.5 per cent in January is higher than our expectations and is worrisome. Sequentially, inflation has snapped a two-month contractionary streak as food inflation and core inflation remained firm," Rajani Sinha, Chief Economist, CARE Ratings told IANS. "Today's inflation shocker led by food as well as consistently higher core inflation momentum has depicted.
UPI transactions registered in FY 21-22 were 45 b, show 8 times growth in last 3 yrs
For promotion of digital payments, the Ministry of Electronics and Information Technology (MeitY) has introduced the Incentive Scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions for the current financial year. This was stated by Union Minister of State for Finance Bhagwat Kisanrao Karad in a written reply to a question in the Lok Sabha on Monday.
Remittances sent by Pakistani workers fall to 31-month low
Data released by the State Bank of Pakistan (SBP) showed that remittances fell to $1.9 billion in January 2023, compared to $2.1 billion in December 2022 and $2.18 billion in January 2022. In May 2020, remittance stood at $1.865 billion, Geo News reported. Remittances dropped 9.9 per cent month-on-month and 13.1 per cent year-on-year, the central bank data showed.
Too early to gauge spillovers of central bank digital currency: Sitharaman
"Reserve Bank of India has come up with a pilot project in terms of retail and wholesale use of digital currencies for which there are several sandboxes created, so that user cases can be tested. It is only during this process and immediately after that can there be any kind of understanding on how the retail or the wholesale use of digital currencies will have any spill overs for which any action has to be planned. It has been introduced since last December. We will wait for the outcomes from there," the Finance Minister said in her reply.
Aero India 2023: Dassault Systemes to showcase virtual twin experiences
It will demonstrate how the platform facilitates transformative and digital business processes, captures insights and expertise from across the aerospace ecosystem, and integrates multiple aspects of the value chain including design, engineering, manufacturing, marketing, maintenance and repair.
India talking with G20 nations to build norms for regulating crypto mining: Finance Minister Sitharaman
Replying to a question on crypto mining regulation in the Lok Sabha during Question Hour, she said that under its G20 presidency, India is "raising this issue and having detailed discussion with the members so that a standard operating protocol emerges after the discussions in the G20 so that there is a coherent, and comprehensive approach in bringing some regulation into this whether it is mining or whether it is transacting".
Indian-American judge slaps $1 mn fine on Facebook
The San Francisco judge said that Facebook relied on "delay, misdirection, and frivolous arguments" to make the litigation unfairly difficult and expensive. "Perhaps realizing they had no real argument for withholding these documents, Facebook and Gibson Dunn contorted various statements" of opposing lawyers and the court acebeyond recognition," Chhabria wrote, according to Bloomberg.
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