BUSINESS
Trade between Hong Kong, mainland China surges more than sixfold in 25 yrs
From 1997 to 2021, the value of trade increased 6.1 times from $50.77 billion to $360.33 billion, an average annual hike of 8.5 per cent, Xinhua news agency quoted China's Ministry of Commerce as saying. By the end of 2021, investment from Hong Kong into China had topped $1.4 trillion, the data showed.
Reliance Brands ties up with global fresh food chain Pret A Manger
With this long-term master franchise partnership, RBL will open the food chain across the country starting with major cities and travel hubs. Pret A Manger, French for ready to eat', first opened in London in 1986 now has 550 shops in nine markets including the UK, US, Europe, and Asia. The chain offers organic coffee, sandwiches, salads and wraps freshly made each day.
US charges Indian-origin virtual-world tech entrepreneur in $45mn investment fraud
US Assistant Attorney General Kenneth Polite announced on Wednesday the filing of charges in a federal court in Nebraska against Neil Chandran, who owned several companies under the banner of ViRSE. The Justice Department said that Chandran was arrested in Los Angeles. The Department added that Chandran, 50, falsely promised investors an extremely high rate of returns by claiming that a consortium of wealthy persons, including two billionaires, was about to acquire one or more of his companies.
OPEC+ stays course on oil output boost in August
At its last meeting in early June, OPEC+ decided to advance the planned output increases of 432,000 barrels per day (bpd) for September and redistribute it equally to the previous two months, thus raising production by 648,000 bpd in July and August. The 30th OPEC and non-OPEC Ministerial Meeting on Thursday confirmed the plan to increase production by 648,000 bpd in August.
Cryptocurrencies are clear danger to financial systems: RBI Governor
In the RBI's annual 'Financial Stability Report' (FSR) 2022, he wrote in the foreword that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. "While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against," Das stressed.
Lenskart takes majority stake in Japanese eyewear firm Owndays for $400 mn
This will take the merged firm to reach 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia and Japan. Owndays Co-founders, CEO Shuji Tanaka and COO Take Umiyama, will continue to be shareholders and lead the management team which will continue to operate as a separate brand.
Hyundai to create new US affiliate after $10.5 bn investment pledge
The new affiliate, tentatively named HMG Global, will be established in Delaware state in the US and funded by Hyundai's three flagship arms -- Hyundai Motor, Kia and Hyundai Mobis, according to regulatory filings posted by the companies.Hyundai Motor and its smaller affiliate Kia will together inject a combined $578 million in the new American unit, reports Yonhap news agency.
Vedantu follows BYJU's, Unacademy to offset online losses, launches tuition centre
The tuition centre will primarily cater to students preparing for IIT-JEE and NEET exams. "These hybrid centres are well equipped with hi-tech technology, the teaching model offers learning from the most inspiring master teachers across the country enabled by innovation to offer best-in-class live and interactive features in tier 3 and tier 4 cities," said Vamsi Krishna, CEO and Co-Founder, Vedantu.
Swiggy initiates ESOP liquidity worth $23 mn, all employees now eligible
Swiggy announced the next round of ESOP liquidity to be held in July 2023. This enables employees holding ESOPs to create wealth alongside the growth and success of the brand, the company said in a statement. "We are happy seeing the wealth created for employees from the recent ESOP liquidity event," said Girish Menon, Head of HR at Swiggy.
Over 60K startup employees stare at job loss as India prepares for 200 unicorns
As thousands more brace themselves for being laid off, led by edtech and e-commerce platforms, the 'ASK Private Wealth Hurun India Future Unicorn Index 2022' list highlights that nearly 122 startups from 25 cities are on the path to become unicorns (with a valuation of $1 billion and above). The irony is that while funding still flows in the Indian startup ecosystem, the ratio of laying off employees is growing exponentially.
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