BUSINESS
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.
India saw 9.36 bn transactions worth Rs 10.2 tn in Q1 2022, UPI leads
The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry. In Q1 2022, UPI clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value.
Indian non-banking finance sector's profit to be stable: Fitch Ratings
According to the credit rating agency, this status should support NBFI's performance amid a broadening economic recovery, although certain segments could still be vulnerable to higher-than-expected inflation. Fitch revised the Outlook on India's 'BBB-' sovereign rating to Stable from Negative in June 2022.
Nitin Gupta appointed as CBDT chairman
"The Appointments Committee of the Cabinet (ACC) has cleared the appointment of Nitin Gupta, IRS (IT:86), Member, Central Board of Direct Taxes (CBDT) as Chairman, Central Board of Direct Taxes (CBDT) from the date of assumption of charge of the post," an official notification by the Department of Personnel and Training said.
No direct 5G spectrum allocation anti-competitive for enterprises: BIF
BIF said in a statement that such an action, if taken, will provide a regulatory advantage to one side, more so since that side is already "overly strong and has the advantages of huge external market power of an incumbent network, which directly impacts the businesses of the weak non-telecom vertical players, i.e. enterprises".
RBI vision for PPI growth by 150% will be big for Paytm
The RBI expects more than 3x increase in digital payment transactions, increase in PPI (prepaid payment instruments) transactions by 150 per cent, increase of payment transaction turnover vis-a-vis GDP to 8, increase in debit card transactions at PoS by 20 per cent, card acceptance infrastructure to increase to 250 lakh, increase of registered customer base for mobile based transactions by 50 per cent CAGR and more.
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