BUSINESS
Insurance CEOs to meet IRDAI Chairman to press further regulatory relaxations
Pushing for further regulatory relaxations in the insurance sector, the captains of life and non-life insurers will be meeting Debasish Panda, Chairman of Insurance Regulatory Authority of India (IRDAI) on June 30 and July 1 at Hyderabad. The meeting is part of Panda's earlier promise of meeting the industry captains every two months, a senior industry official not wanting to be quoted told IANS.
Crypto exchange FTX acquiring stake in BlockFi: Report
According to Wall Street Journal, FTX is currently in discussions with BlockFi regarding the stake in the firm. The acquisition talks came as BlockFi secured a $250 million line of credit from FTX, which the crypto industry largely recognised as a "bailout." "BlockFi does not comment on market rumours. We are still negotiating the terms of the deal and cannot share more information at this time. We anticipate sharing more on the terms of the deal with the public at a later date," a BlockFi spokesperson told Cointelegraph.
Russia on the brink of its first debt default since 1998
Russia has the money and is willing to pay, but sanctions make it impossible to get the payments to international creditors, reports the BBC. The Kremlin has been determined to avoid a first default since 1998, and a major blow to the nation's prestige. Russia has seemed on an inevitable path to default since sanctions were first imposed by the US and EU following the invasion of Ukraine. These restricted the country's access to the international banking networks which would process payments from Russia to investors around the world.
Pak varsities asked to promote local drinks in light of financial crisis
In a circular, HEC acting chairperson Shaista Sohail drew the VCs' attention to the financial crisis confronting Pakistan and asked them to take a "leadership role and think of innovative ways to provide relief to the lower-income groups and the economy as a whole", Geo News reported. The suggestions include promotion of local tea plantations and also traditional drinks which are locally manufactured and healthy, like lassi and sattu.
Indian space sector's first half eventful outside the launch pad
Later European Space Agency Arianespace's Ariane 5 rocket orbited India's communication satellite GSAT-24 while ISRO with its PSLV rocket is expected to orbit three foreign satellites on June 30. These apart, Indian Space Research Organisation (ISRO) got S. Somanath as its new Chairman, the inauguration of the Indian National Space Promotion and Authorisation Centre (IN-SPACe) - the regulator for private sector space players-office in Gujarat, are the other notable events.
Bitcoin heading to zero, China warns investors
The warning came as the cryptocurrency market continued to face meltdown with Bitcoin hovering around $21,000 per digital coin on Saturday -- a substantial drop from its record high of $68,000 in November last year. "Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high," the newspaper said.
Ola shuts used car biz, winds up Q-commerce platform Ola Dash
Ola has so far shut down Ola Cafe, food panda, Ola Foods, and now Ola Dash. "Ola has reassessed its priorities and decided to shut down Ola Dash - its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for Ola Electric," the company said in a statement.
Investor group acquires SaaS firm Zendesk for $10.2 billion
Under the terms of this agreement, Zendesk shareholders will receive $77.50 per share. The offer represents a premium of approximately 34 per cent over Zendesk's closing stock price on June 23. Zendesk will become a privately held company upon completion of the transaction. Zendesk started the customer experience revolution in 2007 by enabling any business around the world to take their customer service online.
Zomato acquires 15-minute delivery platform Blinkit for Rs 4,447 cr
Zomato already owned more than 9 per cent stake in Blinkit (earlier Grofers). While the earlier Blinkit deal value was around $700 million, the drop in Zomato's share price reduced it to $568 million. "This foray into the next big category is timely as our existing food business is steadily growing towards profitability," said Zomato CEO Deepinder Goyal.
Electricity used to mine bitcoin decreased sharply as crypto crisis widens
The electricity consumption of the bitcoin network has fallen by a third from its high of June 11, down to an annualised 131 terawatt-hours a year, according to estimates from the crypto analyst Digiconomist, The Guardian reported. That still equates to the annual consumption of Argentina, with a single conventional bitcoin transaction using the same amount of electricity that a typical US household would use over 50 days.
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