BUSINESS
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.
SpiceJet failed to establish safe air service, safety margin degraded: DGCA
Tweeting the show cause notice, Civil Aviation Minister Jyotiraditya M Scindia said: "Passenger safety is paramount. Even the smallest error hindering safety will be thoroughly investigated & course-corrected". Pointing to several instances of SpiceJet's aircraft returning to its originating station or landing at the destination with degraded safety margin, the DGCA, in its notice, said these are due to "poor internal safety oversight and inadequate maintenance actions".
TikTok drops e-commerce expansion plans in Europe, US: Report
TikTok has been testing live shopping in the UK since late last year, starting with a multi-brand event called "On Trend" last December. But the Financial Times reported that those shopping live streams have not drawn big audiences or sparked many sales, and some of the creators involved in early TikTok Shop projects have dropped out altogether.
Ukraine's economy to shrink by at least 35% in 2022
While addressing the Ukraine Recovery Conference in Switzerland, Shmyhal said that the Ukrainian economy has started recovering from the "shock coma" of the first weeks of the conflict. The government carried out a "relatively successful" grain sowing campaign and resumed logistics across the western border, Shmyhal said, noting that the economy still faces many challenges, Xinhua news agency reported.
Google India to guide 10K startups in tier 2 & 3 cities
Startup School is a series of guided online trainings designed to equip early-stage startup founders with the tools, products, and knowledge that growing companies need. The curriculum will feature instructional modules on subjects like shaping an effective product strategy, deep dives on product user value, roadmapping and product requirements document development, building apps for next billion users in markets like India, driving user acquisition and many more.
Maruti Suzuki not to have pure petrol cars in a decade
As a result, pure petrol powered cars may not figure in the company's portfolio of cars in a decade. Already the company has stopped rolling out diesel powered cars. Maruti Suzuki is also focusing on growing its sport utility vehicle portfolio and the market share in that segment.
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