BUSINESS
Pallonji Mistry, father of Cyrus Mistry, passes away at 93
Pallonji Mistry, was 93 and is survived by his sons Shapoorji and Cyrus P. Mistry -- latter who was in the limelight for the huge corporate tussle with the Tata Group a few years ago, and two daughters, Laila and Aloo -- the latter wedded to Noel Tata, half-brother of Ratan Tata. The Shapoorji Pallonji Group is renowned in the realty and engineering sectors and constructed several landmark buildings like the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong & Shanghai Bank and others in south Mumbai.
Crypto exchange FTX denies it is acquiring Robinhood
A TechCrunch report said that FTX is "excited" about Robinhood's business prospects but is not talking about acquiring the platform. "We are excited about Robinhood's business prospects and potential ways we could partner with them, and I have always been impressed by the business that Vlad and his team have built," FTX CEO Sam Bankman-Fried was quoted as saying in the report.
India continues to grapple with 'severe and protracted power crisis' after surge in coal prices
The global price pressure eroded India's import volumes and reduced its power plant stockpiles to critically low levels just as an unrelenting heat wave pushed demand to unprecedented levels. The country generates more than 75% of its power from coal, and is the world's third-largest producer of electricity at 1,383 TWh/year.
Over a quarter of MSMEs lost over 3% market share due to Covid: Crisil
According to Crisil Research's SME Report 2022, half of them suffered a contraction in their earnings before interest, tax, depreciation and amortisation (Ebitda) margins because of a sharp rise in commodity prices last fiscal, compared with the pre-pandemic (fiscal 2020) level.
Intel offers tech-based solutions to tackle road safety issues in India
The collaboration, part of the Safety Pioneers Conference that was inaugurated by Union Road Transport and Highways Minister Nitin Gadkari here, aims to serve as a platform to introduce pioneering road safety initiatives and technologies such as Internet of Things (IoT), ADAS, and other emerging technologies that can bring impact at scale.
Stablecoins not stable, have 'no role' as money, warns top banker
In a South China Morning Post report, Tiwari said that stablecoin name does not suggest that these are "stable" investments. "Recent events show that stablecoin fails to achieve the full network effect we would normally expect of money. But the innovation that they bring is important for us, and could be useful for the design of central bank digital currencies," he was quoted as saying in the report.
Bajaj Auto to buyback shares at Rs 4,600 per share
In a regulatory filing, Bajaj Auto said that its board has approved the buyback of equity shares with a face value of Rs 10 each for a price not exceeding Rs 4,600 per share and the aggregate amount not to exceed Rs 2,500 crore. The share buyback represents 9.61 per cent and 8.71 per cent of the aggregate of the total paid-up share capital and free reserves (including securities premium account), Bajaj Auto said.
Hyderabad Airport sees highest passenger recovery in 2021-22
According to GMR Hyderabad International Airport Ltd (GHIAL), the airport witnessed steady increase in passenger footfall and Air Traffic Movements (ATMs) over the last few months. With the ease of international travel restrictions as well as the gradual recovery of the Covid-19 pandemic, air travel has been steadily increasing with domestic and international travel picking up across India.
Homegrown B2B marketplace Solv raises $40 mn to empower MSMEs
"Our investment in Solv is a reinforcement of our commitment to developing economies, especially India," said Yoshitaka Kitao, CEO, SBI Holdings. Solv clocked $260 million GMV run-rate in the first half of 2022 with about 60 per cent average repeated purchases. It now targets half a billion-dollar GMV run-rate and positive unit economics by December 2022 from the India market alone.
Windfall tax of $490bn on Covid profits could ease food crisis: Oxfam
A windfall tax of 90 per cent on the excess profits globally would yield about $490 billion that could be used to solve the food crisis, which is heading to "catastrophic levels" for hundreds of millions of people, and set the world on the path to a sustainable food system, the Guardian quoted Gabriela Bucher, executive director of Oxfam International, as saying.
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