BUSINESS
Crack down on OPPO, Vivo, Xiaomi can push them to leave India: Chinese state media
Since April 2020, out of 382 foreign direct investment (FDI) proposals the central government received from Chinese firms, India approved only 80 as on June 29. "The number presents the increasingly difficult business environment facing Chinese investment and companies doing business in India," the report said.
Alibaba lays off nearly 10K employees amid poor sales
According to South China Morning Post, more than 9,241 employees left Hangzhou-based Alibaba during the June quarter, as the company trimmed its overall headcount to 245,700. "That put the total decrease in employee numbers for Alibaba, owner of the South China Morning Post, to 13,616 over the six months to June, marking the firm's first drop in payroll size since March 2016," the report noted.
India's forex reserves rises after 4 weeks of fall
The country's foreign exchange reserves rose by $2.315 billion to $573.875 billion during the week ending June 29, according to the Reserve Bank of India's (RBI) weekly supplementary statistical data. "India's foreign exchange reserves, supplemented by net forward assets, provide insurance against global spillovers. Our umbrella remains strong," RBI Governor Shaktikanta Das said.
President Putin bans 'unfriendly' investors from making transactions in strategic enterprises, projects
The decree, published on the country's official portal for legal information, prohibits foreigners associated with "unfriendly countries" to carry out any kind of transactions with their shares and assets in strategic Russian enterprises and banks until December 31, reports Xinhua news agency. According to the decree, foreign investors are banned from carrying out transactions with shares in the Sakhalin-1 oil and gas project, and the Kharyaginskoye oil field project.
Crypto firm Binance says it doesn't own India's WazirX after ED raids
Changpeng Zhao, founder and CEO of Binance, said in a tweet thread late on Friday that the company "does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders. On 21 Nov 2019, Binance published a blog post that it had 'acquired' WazirX. This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX."
Paytm's revenue jumps 89% to Rs 1,680 crore in Q1 FY23
In addition to 89 per cent Y-o-Y revenue growth to Rs 1,680 crore, the company also saw EBITDA (before ESOP) reduce to Rs 275 crore, an improvement of Rs 93 crore Q-o-Q. As a result, the company's contribution profit grew 197 per cent Y-o-Y to Rs 726 crore, leading to an increase in contribution margin to 43 per cent of revenues in comparison to 35 per cent in Q4FY22. Paytm's payments services revenue grew by 69 per cent Y-o-Y (3 per cent Q-o-Q), supported by rapid growth in user engagement, merchant base, use cases on the Paytm super app and subscription revenue from payment devices.
President Biden's Inflation Reduction Act gets a major push
The Inflation Reduction Act, for which Sinema had held back support, now has the way clear as she has negotiated the removal of a provision to increase taxes on carried interests targeting wealthy investors, resolving a key difference that had held back , according to media reports. "Subject to the parliamentarian's review, I'll move forward," Sinema said in a statement. The Senate needs 51 votes to pass legislation with VP Kamala Hariss' tie breaking vote and avoid the threshold 60 votes needed to prevent a republican filibuster.
Today's 50 bps hike sign RBI more concerned about rupee, external situation: SBI Ecowrap
Even though the RBI may have frontloaded the rate hikes, it remains to be seen how it influences the trajectory of rupee over the medium term. While the rupee did witness a smart recovery after the policy announcement, it was unable to hold onto the gains. Research suggests that countries with low prior FX reserves are more likely to choose an interest rate defence than countries with high reserves. This is probability, not the case for India (FX reserves: $572 billion).
Benchmark bond yield rises just over 14 bps after repo rate hike
"The bond market sold off after the policy announcement with yields moving higher by 15-20 basis points across the curve. Given that the bond yields have come down significantly over the last month, there is a possibility of a further rise in bond yields in the short term," said Pankaj Pathak, Fund Manager - Fixed Income, Quantum AMC.
RBI to allow cross-border bill payments, bring Credit Info Cos under Ombudsman scheme: Governor
The Governor, who had announcing a policy rate hike of 50 basis points (bps) to 5.40 per cent, said: "It is now proposed to enable BBPS to accept cross-border inward bill payments. This will enable Non-Resident Indians (NRIs) to undertake bill payments for utility, education and other such payments on behalf of their families in India. This will greatly benefit the senior citizens in particular."
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