BUSINESS
ED arrests NSE's former CEO and MD Ravi Narain in phone tapping case
An ED official said that there was need to arrest Narain so that he could be interrogated. "Money was laundered in the phone tapping matter. The payments made in the phone tapping is alleged proceeds of crime. There are shell companies. We want to know who was handling the entire operation," the ED had said. NSE's former CEO and MD Chitra Ramkrishna and former Mumbai Police Commissioner Sanjay Pandey were placed under arrest in the case by the agency in July. The ED has claimed that Pandey received Rs 4.54 crore to tap the MTNL line to help Ramakrishna.
Apple set to produce 85% iPhones in India in big push for govt's local push
The import of iPhones to India is likely to come down to 15 per cent this year (from 50 per cent in 2019), while domestic manufacturing by the Cupertino-based tech giant is set to go up substantially to 85 per cent, according to market intelligence firm CyberMedia Research (CMR). "Driven by a conducive policy environment and deepening manufacturing ecosystem in India, Apple's Made-in-India iPhones will potentially account for close to 85 per cent of its total iPhone production this year," Prabhu Ram, Head-Industry Intelligence Group (IIG), CMR, told IANS.
Flipkart forays into hospitality sector, opens hotel bookings
"We are excited to launch Flipkart Hotels on the Flipkart app, which will provide access to affordable hotel stays convenient for the customers. Flipkart Flight is on a steady path of growth in the travel industry since we entered this space," Adarsh Menon, Senior Vice President, Flipkart, said in a statement.
Binance to cease support for 3 top stablecoins from Sep 29
The company said the move, to be effective from September 29, is to enhance liquidity and capital-efficiency for users. As a result, Finance will cease spot, future and margin trading with USDC, USDP and TUSD stablecoins. "Binance is introducing BUSD auto-conversion for users' existing balances and new deposits of USDC, USDP and TUSD stablecoins at a 1:1 ratio," the crypto exchange said in a statement late on Monday.
Moody's retains India's sovereign credit ratings
The release also said that the ratings agency could upgrade the rating if India's economic growth potential increased materially beyond their expectations, supported by the effective implementation of economic and financial sector reforms that led to a significant and sustained pickup in the private sector investment.
Homegrown Twitter rival Koo says laid off 15 employees, not 40
In a fresh statement to IANS, the Twitter rival said that 15 positions "have been made redundant or removed due to performance issues". "This is completely aligned with the industry standards of hiring and retrenchment. At the same time, Koo continues to hire talent in its monetisation, product and engineering teams," a company spokesperson said.
Coal production rose 8.2% in Aug to 58.33 mn tonnes
According to Coal Ministry data, Coal India Limited (CIL) as well as other captive mines recorded a growth of 8.49 and 27.06 per cent respectively by producing 46.22 million tonnes and 8.02 million tonnes, respectively. Coal dispatch went up by 5.41 per cent to 63.43 million tonnes in August 2022 compared to 60.18 million tonnes recorded in August 2021.
Reliance Industries to acquire US SenseHawk for $32 mn
The turnover of SenseHawk for FY 2022, FY 2021 and FY 2020 was $2,326,369, $1,165,926, and $1,292,063, respectively. The transaction is subject to certain regulatory and other customary closing conditions and is expected to be completed before end 2022. The California-based SenseHawk is a developer of software based management tools for the solar energy generation industry.
Surpassing UK as 5th largest economy is a pleasure to behold: PM Modi
Highlighting the appreciation received by the National Education Policy, the Prime Minister said that it is a step in the right direction. Emphasising the need to go through the National Educational Policy more than once, he Agave the analogy of Mahatma Gandhi where he read the Bhagavad Gita again and again and each time he found a new meaning.
Rupee has held its own despite sharp depreciation in other currencies: RBI Governor
"The recent commentary from the US Fed at Jackson Hole on the future trajectory of US monetary policy has infused substantial volatility into global financial markets, with large spillovers and knock-on effects on emerging market economies (EMEs)," RBI Governor Das said while delivering a speech during the annual event of Fixed Income Money Market and Derivatives Association of India (FIMMDA).
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