BUSINESS
Sri Lanka increases key rates to 21-yr high to fight inflation
The central bank said that they had noted a higher-than-expected increase in headline inflation recently. The high inflation is expected to remain in the period ahead, thus the Monetary Board was of the view that a further monetary policy tightening would be necessary to contain any build-up of adverse inflation expectations.
India sees 33% dip in startup funding at $6.9 billion in April-June
In Q2, 121 new startups closed their first funding rounds, four startups turned unicorns, 62 startups got acquired, and five filed their IPOs, according to data intelligence platform Tracxn Technologies. The Indian startups raised $6.9 billion in Q2 in 409 funding rounds and the top startups were VerSe ($805 million), Delhivery ($304 million), and udaan ($275 million).
RBI's measures to boost forex inflows may not increase inflows, but prevent speculative attacks'
Reacting to RBI's moves on Wednesday, Emkay Global in a report said: "While these measures to boost capital account are helpful, they may not have a material impact on flows. Nonetheless, they will still ease the pressure of the RBI to intervene to some extent."
ED raids at Vivo, other firms 'chill investment confidence': China
As the ED raided 44 locations in 22 states on Tuesday and Wednesday, the directors of some of the companies associated with Vivo fled India. According to sources, two of the Chinese directors of Solan, a Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of money laundering case.
Chinese directors of firm associated with Vivo flee as ED continues raids
According to sources, two of the Chinese directors of Solan, Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of money laundering case. The Chinese nationals were made directors in the Indian entities with fake documents. The enforcement agency has so far received information about money laundering worth Rs 10,000 crore during the raids, according to ED sources.
ED attaches assets of fintech firms having Chinese links
The ED is conducting a money laundering investigation against a number of NBFCs which are in the business of instant personal micro loans. "It was revealed that various fintech companies backed by Chinese funds have made agreements with these NBFCs for providing instant personal loans of term ranging from seven to 30 days.
Reliance Retail to bring Gap brand to India
Through the long-term franchise agreement, Reliance Retail has become the official retailer for Gap across all channels in India, Reliance Retail said. Reliance Retail will introduce Gap's latest fashion offerings to Indian consumers through a mix of exclusive brand stores, multi-brand store expressions, and digital commerce platforms.
Essar Oil (UK) posts higher Q1 sales, stops importing from Russia
The company also said that it has successfully replaced any shortfall from not importing from Russia by maximising indigenous diesel production as well as sourcing non-Russian diesel. According to Essar Oil (UK), during the first quarter of the current fiscal, its sales volume increased by 10 per cent to 1.72 million tonne as compared to 1.57 million tonne the previous year.
RBI relaxes regulations to boost forex inflows
The central bank said that it has taken the steps in order to further diversify and expand the sources of forex funding so as to mitigate volatility and dampen global spillovers. India's foreign exchange reserves stood at $593.3 billion as on June 24, 2022, supplemented by a substantial stock of net forward assets, it said. This will be effective from the reporting fortnight beginning July 30, 2022 with reference base date of July 1.
Now top crypto broker Voyager Digital files for bankruptcy
It had significant investments in Singapore-based hedge fund 3AC, which failed to make payments on a loan of 15,250 Bitcoins and $350 million USDCs -- that makes the loan worth more than $650 million. "This comprehensive reorganisation is the best way to protect assets on the platform and maximize value for all stakeholders, including customers," said Stephen Ehrlich, CEO of Voyager.
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