BUSINESS
Balance in $800 mn round 'expected soon', Aakash payments closed: BYJU'S
In March, BYJU'S announced to raise $800 million from Sumeru Ventures, Vitruvian Partners and BlackRock. Byju Raveendran, Founder and CEO of BYJU'S, was also part of the funding round and made a personal investment of $400 million. Reacting to a report by The Morning Context, the company said that "its fundraising efforts are on track and majority of the $800 million has been already received".
Europe at risk of recession due to rising oil and gas prices
Europe's economy will be hit by a variety of factors including falling demand in the US � its biggest export market, the continued fallout from Russia's invasion of Ukraine and related increases in food and energy prices, according to Nomura, a Japanese investment bank with significant operations in London, The Guardian reported.
Chinese tech firms pledge to ban NFTs, cryptocurrency marketplaces
According to the South China Morning Post, Tencent and Ant Group joined a self-driven industry initiative to ban cryptocurrency and fight speculation. Platforms that sell digital collectibles "shall require real-name authentication of those who issue, sell and buy" the assets and "only support legal tender as the denomination and settlement currency", according to the document signed by China's biggest tech firms.
Telecom industry cautions against fake mobile tower installation before 5G rollout
The Cellular Operators Association of India (COAI) and the Digital Infrastructure Providers' Association (DIPA) said that people must observe caution against certain companies, agencies, or individuals who are fraudulently approaching them, asking to deposit money in their personal or company accounts in the name of government tax for leasing their premises for installation of mobile towers.
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts
The Indian insurance regulator should move cautiously while making changes to the over two decade old regulations that seems to have prevented companies going belly up like several finance companies, said experts. The Insurance Regulatory and Development Authority of India (IRDAI) has made some regulatory changes and is also mulling more.
Sri Lanka's petrol stocks about to run dry: Minister
On Sunday, Wijesekera told reporters that the country had 12,774 tonnes of diesel and 4,061 tonnes of petrol left in its reserves, reports the BBC. "The next petrol shipment is expected between the 22nd and 23rd (of July)," he added. A shipment of diesel is expected to arrive at the weekend, however Wijesekera warned that the country does not have enough money to pay for planned fuel and crude oil imports.
'Windfall taxes not to impact RIL majorly, brings windfall for government'
The experts also said the additional duties will more than compensate the government which had cut the excise duty on petrol and diesel in May. "With fuel export tax for refiners being reviewed every fortnight, we see limited impact on RIL's earnings, with above mid-cycle margins achievable despite the tax. However, stock implies cap at single-digit margins," said Morgan Stanley in a research report.
Iron Pillar to raise $400 mn to empower Indian tech startups: Report
Iron Pillar provides growth capital to help Indian startups expand their global footprint. According to Deal Street Asia, citing sources, the VC firm is in advanced talks with limited partners (LPs) to raise about $400 million in its second fund. The VC firm has startups like FreshToHome, Uniphore, Curefoods and others in its portfolio. According to a recent report by Iron Pillar, India is likely to have more than 250 unicorns by 2025.
Bangladesh's exports hit all-time high of over $52 billion in FY 2021-22
According to data released on Sunday by the Export Promotion Bureau (EPB) under the Ministry of Commerce, Bangladesh achieved the highest export earnings in the 2021-22 fiscal year with the final months recording robust income growths. "In the 2021-22 fiscal year, exports reached $52,082.66 million, setting a new record," said the EPB.
Public sector banks shut down 2,044 branches in FY22: AIBEA
On the other hand, the number of branches of private banks went up by 4,023 to 34,342 branches in 2022 as compared to 2021, the All India Bank Employees' Association (AIBEA) said. Private banks had a staff strength of 534,022 at the end of FY21, while in FY22, the number was 357,346 with the staff numbers of several banks not available on their websites, it added. According to the AIBEA, public sector banks had 88,265 branches at the end of FY21 and the number came down to 86,221 in FY22.
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