BUSINESS
Snapchat brings paid subscription service to India amid layoffs, poor growth
The subscribers in India will receive a Snapchat+ badge for their profile with a Star designation.
The Snapchat+ arrives in India at a time when WhatsApp is also geared up to launch seven new features with its upcoming update. "India is an important market for Snap and investments in localizing the app experience has been key to our growth in the region. We're very excited about offering exclusive, experimental, and pre-release features to our Indian Snapchatter community who is eager to try our new products and features," said Lakshya Malu
Musk sells nearly $7 bn in Tesla shares: Report
Musk's transactions occurred between August 5 and August 9, the US Securities and Exchange Commission (SEC) filings revealed, following Tesla's 2022 annual shareholder meeting on August 4 in Austin, Texas, reports CNBC. Earlier this year, the tech billionaire said on social media that he had "no further Tesla sales planned" after April 28. That week, SEC filings revealed Musk had been selling a block of shares in his electric car maker worth about $8.4 billion.
CoinSwitch's Web3 Discovery Fund to empower up to 100 Indian startups
The CoinSwitch's Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe, the company said in a statement.
Banks write off Rs 10L cr in last 5 FYs
As per the written reply by Minister of State for Finance, Bhagwat K. Karad in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore.
Non-life insurers violate law offering premium discount on vehicle third party liability insurance
Eden had asked Finance Minister Nirmala Sitharaman whether the government is aware of the 'cut and pay' system practiced by some private non-life insurers in the case of vehicle third party insurance? The cut and pay system is one where the insurers collect a lower sum than what is stipulated but print the actual premium figure on the policy.
Economic bodies concerned over freebies, economic impact assessment essential, SC told
Senior advocate Vijay Hansaria, on behalf of the petitioner, advocate Ashwini Upadhyay, said: "It is submitted that two highest economic bodies of the country have expressed concern and long-term impact on the distribution of freebies by the states without proper fiscal and budgetary management. It is submitted that before distribution and/or promise of freebies, an 'Economic Impact Assessment' is essential for a sustainable economy."
Fintech platform Mswipe gets RBI nod for Payment Aggregator license
With this approval, Mswipe will be able to develop an in-house online payment gateway. The PA License will allow the company to bridge the gap between merchants and customers by accepting and processing digital payments. "MSMEs are the backbone of the Indian business ecosystem, and the PA License will enable us to provide them with simpler, affordable and integrated digital payment solutions," said Ketan Patel, the CEO of Mswipe.
Aircraft operators to share info on international travellers with NCTC
The CBIC (Central Board of Indirect Taxes and Custom), which comes under the Union Finance Ministry, issued a gazette notification in this regard on Monday titled 'Passenger Name Record Information Regulations, 2022'. Every aircraft operator is now required to register and provide passenger details in a prescribed format to NCTC-P "not later than twenty four hours before the departure time; or at the departure time - wheels off," said the notification.
Tractor industry sales down to 59,586 units in July 2022
According to Tractor Junction, five states - Uttar Pradesh, Rajasthan, Maharashtra, Karnataka and Gujarat- accounted for the majority of tractor sales last month. The decline is largely due to a high base of the previous year and an uneven spread of the monsoon season. The month of July witnessed floods, water logging, and heavy rains throwing normal life out of gear for days in various parts of the country.
Jeff Bezos, Bill Gates funding massive treasure hunt in Greenland
The climate crisis is melting Greenland down at an unprecedented rate, which -- in a twist of irony -- is creating an opportunity for investors and mining companies who are searching for a trove of critical minerals capable of powering the green energy transition, CNN reported. The band of billionaires, which also include Michael Bloomberg, among others, is betting that below the surface of the hills and valleys on Greenland's Disko Island and Nuussuaq Peninsula there are enough critical minerals to power hundreds of millions of electric vehicles.
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