BUSINESS
Amazon secures $8 bn loan to safeguard against economic headwinds
In a filing with the US Securities and Exchange Commission (SEC), the company said that the loan will mature in 364 days (January 3, 2024), with an option to extend for another 364 days. "Upon funding, proceeds of the Term Loan will be used for general corporate purposes," it said in the filing."Upon an event of default that is not cured within applicable grace periods or waived, any unpaid amounts under the Term Loan may be declared immediately due and payable and the commitments may be terminated," it added.
US regulators issue their first-ever joint warning on cryptocurrency risks
The watchdogs told financial institutions to be wary of potential fraud, legal uncertainty and misleading disclosures by digital asset firms, The BBC reported. Banks were also cautioned over the "contagion risk" from the sector, The BBC reported. It comes just two months after the collapse of trading platform FTX sent shockwaves through the crypto industry. The US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations.
Tesla fined $2.2 mn for false advertising on EV range in cold weather
The Korea Fair Trade Commission (KFTC) had an issue with the range drop in cold weather. According to Electrek, the electric-car maker has now added a disclaimer to its website in South Korea, saying "performance and mileage may vary by model". "The displayed drivable distance may vary depending on external factors such as speed, weather conditions and road conditions.," said Tesla.
CCI ruling on Google & digital bills key for a transparent ecosystem in India
In late August, the government released a draft of the Digital Personal Data Protection Bill, 2022, which is likely to be passed during the Monsoon session of Parliament in 2023. In October 2022, the Indian government announced changes to its information technology (IT) rules that will apply to social media businesses. The new regulations mandate that intermediaries like Twitter, Facebook, YouTube, and Instagram, among others, abide by the terms of the Indian Constitution and the country's domestic laws.
Gaming platform MPL logs $149.3 mn losses in FY22, 3 times higher than FY21
According to an Inc42 report, M-League Pte Ltd, the Singapore-based parent company of MPL, saw its revenue from operations increasing just 29 per cent, to $65.6 million in FY22 from $50.8 million in FY21. Total expenses at the gaming company MPL spiked 116.2 per cent to $215 million as advertising and promotional expenses went up 81 per cent (on-year), the report mentioned. Founded in 2018, MPL hosts hundreds of millions of tournaments a month and is trusted by over 90 million registered users across India, Indonesia, Europe, and the US.
Torrent stalls Reliance Capital resolution process
Legal advisors, AZB & Partners for the administrator and Luthra & Luthra for the COC, observed that Torrent and IIHL resolution plans are legally non-compliant with the IBC and other laws. Financial advisors, Deloitte, and KPMG's comparison observed that the upfront cash of Torrent was only Rs 3,750 crore, as against the IIHL's offer of Rs 9,000 crore cash upfront. Torrent's deferred payment of 3 to 5 years is without Torrent Investment's corporate guarantee offered in the first round and at zero interest. Torrent also wants the COC to allow it a charge on the Reliance Capital assets for deferred financing.
Cinemas private property, movie goers carrying outside food, drinks can be regulated: SC
A bench, headed by Chief Justice D.Y. Chandrachud said a cinema hall owner has the right to regulate the entry of food and beverages into the movie hall. The bench, also comprising Justice P.S. Narasimha, said whether to consume what is available is entirely upon the choice of the movie goer and pointed out that viewers visit the hall for entertainment.
Reliance Consumer Products forms JV with 100-yr-old beverage maker Sosyo Hajoori Beverages
The existing promoters, Hajoori family, will continue to own the remaining stake in SHBPL. Sosyo is a heritage Indian brand with around 100 years of legacy in carbonated soft drinks (CSD) and juices. Established in 1923 by Abbas Abdulrahim Hajoori, the company is one of the leading players in the domestic soft drinks market.
Ashneer exhibited 'unruly, threatening behaviour' in AGM: BharatPe
"Ashneer Grover and his wife, Madhuri Jain Grover, joined the AGM with the clear intent to disrupt the proceedings. Throughout the three-hour long meeting, Ashneer exhibited unruly, intimidating and threatening behaviour towards the authorised representatives and employees of BharatPe who were doing their best to fulfil the statutory obligations of the Company," the company spokesperson said in a statement.
Amit Jain offers Rs 5 crore for a pitch on 'Shark Tank India'
But what has grabbed eyeballs of viewers is a pitch for which the sharks offered Rs 5 crore. The promo has raised curiosity levels by not showing the pitch, but one of the judges, CarDekho.com co-founder and CEO Amit Jain, saying: "5 crore 5 per cent." Shaadi.com founder and CEO Anupam Mittal heightens the excitement by adding: "Biggest offer on 'Shark Tank India'."
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