BUSINESS
Creditors seek part-repayment of $1.2 bn loan given to BYJU's
Renegotiating the terms of the debt, including faster repayment are unlikely to be accepted since these lenders make up a minority and can't sway the previously agreed terms, sources said. The demand from creditors comes at a time when BYJU's is in the process to restructure the loan, amid mounting losses.
Days lost to strikes in UK highest since 2011
This winter's widespread strikes are expected to increase this figure further, reports Xinhua news agency. Some of the strikes were suspended in September for the funeral of Queen Elizabeth II, but the number of working days lost rose again in October, Sam Beckett, head of economic statistics at the Office for National Statistics (ONS), said on Tuesday.
Only about 13% recovery in written-offs loans during last five years: Govt
Government data showing details of loans written off by scheduled commercial banks (SCBs) disclosed that total Rs 10,09,510 crore were written off during the last five financial years (FYs), the Finance Minister told the Rajya Sabha in a written reply. The data on recovery of the written off loans said that Rs 1,32,036 have been recovered during the period.
Paytm board unanimously approves buyback of its equity shares from open market
The company will undertake a buyback of up to Rs 850 crore (excluding buyback taxes and other transaction costs) at a maximum price of Rs 810 per share and has opted for the open market route through stock exchanges method, which is to be completed within a maximum period of 6 months.
Elon Musk loses world's richest man's title to Bernard Arnault
According to the Bloomberg Billionaires Index, Musk, 51, is now worth $168.5 billion (as of Tuesday), less than the $172.9 billion net worth of Arnault, 73. Last week, Arnault and his family for the first time logged personal wealth of $185.4 billion, ahead of Musk which recorded a net worth of $185.3 billion, before jumping again to $190 billion.
US charges former FTX CEO with defrauding investors
The SEC report said that Bankman-Fried promoted FTX as a safe, responsible crypto asset trading platform, specifically mentioning the platform's sophisticated, automated risk measures to the investors. However, the complaint claims Bankman-Fried allegedly orchestrated a years-long fraud to conceal from FTX's investors.
Indian rupee records 6.9% depreciation in current FY
Exchange rate depreciation, other factors remaining unchanged, is likely to put upward pressure on prices of imported commodities and as a result, imported items becoming costlier, Minister of State for Finance Pankaj Chaudhary told the Rajya Sabha in a written reply.
Piyush Goyal, UK Trade Secretary discuss resumption of FTA negotiations
UK Trade Secretary Badenoch is in India to restart the India-UK FTA negotiations, which got stalled in July this year. The negotiations would aim to cut tariffs and facilitate financial and legal services by the UK in India. Badenoch will also meet business leaders to seek their feedback regarding the trade pact.
Cross selling, operational synergies exist with merger of 4 PSU general insurers with LIC
Industry experts had earlier told IANS that the five companies can be merged into one under the composite insurance regime. According to Jefferies, the global experience in favour of the composite insurer are: better cross-sells, operational expense synergies and diversification.
Reliance Industries tops charts on Wizikey Newsmaker Ranking
State Bank of India (SBI), ICICI Bank Limited, Bharti Airtel Limited, and One 97 Communications Limited are in the top 5 corporates on the ranking. The rankings are based on Wizikey's News Score which measures news visibility for brands & individuals by analyzing the volume of news, headlines presence, and the reach of publications.
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