BUSINESS
Jio Financial Services could be 5th-largest financial services company
Reliance Industries (RIL) recently made an announcement to demerge its financial services business and rename it Jio Financial Services (JFS). RIL would transfer 6.1 per cent RIL shares held by its wholly owned subsidiary to JFS. This clearly shows the grand ambitions the group has in financial services. RIL would transfer 6.1 per cent RIL shares held by its wholly owned subsidiary to JFS. This clearly shows the grand ambitions the group has in financial services.
Wheat prices being closely monitored: Government
Food Secretary Sanjeev Chopra said while addressing media persons that the ban on wheat exports has led to a rise in stock availability. Wheat prices, Chopra said, have gone up only by 7 per cent in retail. However, he added that if the hike in MSP is considered then the price rise is only around 5 per cent. He further said that wheat and rice stocks position is comfortable and much above the government's buffer requirements. Government had banned exports of wheat in May this year to boost domestic supplies and control prices.
Tax collections to cross budget estimates in current fiscal, says government
Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance. Tax collection target for the current fiscal is pegged at Rs 27.50 lakh crore. Bajaj also that the direct tax collections consisting of personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal.
Why Prosus' $578 mn fair value doesn't put BYJU'S valuation at $6 bn
In its September quarter results, Prosus classified BYJU's as a non-controlling financial investment rather than an associate, as its shareholding dropped below 10 per cent. Prosus told IANS in a statement on Wednesday that the investment group has changed the accounting treatment for BYJU's and in the subsequent reporting periods, "the company will be accounted for as an investment".
SC dismisses Tata Power's plea against Rs 7,000 cr transmission contract awarded to Adani
A bench, headed by Chief Justice D.Y. Chandrachud and comprising Justices A.S. Bopanna and J.B. Pardiwala directed the state power regulatory commissions to frame regulations for determination of tariff within three months to effectuate a balance for creating a sustainable model of electricity regulation in the states.
Tax-filing websites sending users' financial data to FB: Report
Users of the well-known service TaxAct, for example, are required to provide personal information in order to calculate their returns, such as their income and investment information. A pixel on TaxAct's website sends some of that information to Facebook, including users' filing status, adjusted gross income, and refund amount.
FTX collateral crashed down to $8 bn from $60 bn as CEO 'froze up in face of pressure'
In a letter to FTX employees, accessed by CoinDesk, the former CEO Sam Bankman-Fried apologised to them, saying he is "deeply sorry about what happened". "I didn't mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family," he wrote in the letter.
Paytm Payments Bank supports UPI market cap, maintains leadership as PSP & Issuer Bank
The Bank continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions and as a remitter bank, it has registered more than 362 million transactions in October 2022.
Macquarie's comparison of Jio Financial Services with Paytm an assumption made too early
To date, Paytm has seen competition from the likes of WhatsApp, Amazon Pay, PhonePe and Google Pay but so far, none of them have managed to usurp the company's leadership across payments and financial services. Even Macquarie, in its note, said that it is "too early" to understand Jio's current financial services entry, but was quick to make an early comparison with leaders like Bajaj Finance and Paytm.
Bengaluru-based tech firms raised record $7.5 bn in 2022: Report
Bengaluru and London feature among the top 10 cities globally for most amount of VC investment over the last five years, according to the report from London & Partners in partnership with Dealroom. The two major funding rounds for Bengaluru-based companies this year include Swiggy's $700 million round in January and $55.7 million Series D for Ather Energy.
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