BUSINESS
Indian Banks to post larger increase in margins: Moody's
Moody's said the hike in policy rates in many G-20 emerging markets to curb inflation will improve the margins of the banks. The rating agency also said a more rapid acceleration of inflation would necessitate higher loan-loss provisions, erasing margin gains. The rating agency's focus is on banks in the ten G-20 emerging markets: Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey
Russia defaults on overseas debt for 1st time in over a century
Russia has the money to make a $100 million payment and is willing to pay, but sanctions have made it impossible to get the sum to international creditors, the BBC reported. The Kremlin had been determined to avoid the default, which is a major blow to the nation's prestige. The $100 million interest payment was due on May 27. Russia has said that the the money was sent to Euroclear, a bank which would then distribute the payment to investors.
VC firm Backstage Capital cuts workforce, stops new investments
The company is now down to three people from the earlier 12, managing partner and founder Arlan Hamilton said during a podcast on Sunday. The layoff came after Backstage Capital narrowed its investment strategy to only participate in follow-on rounds of existing portfolios, reports TechCrunch. The changes have "taken a toll; it's been a depressing, deflating time."
100 more employees quit Trell as creators demand delayed money
At least 100 more employees have left the video commerce platform as several creators and influencers wait for their dues to be cleared, sources told IANS on Monday. The Instagram community page of Trell was full of complaints from the creators who requested the company to clear their pending payments. "How about you clear the pending payments of your creators," one such affected creator wrote.
Concerns grow that India being used as potential 'back door' into Europe for Russian oil
The huge blue and red hull of the SCF Primorye came into port at Vadinar in western Gujarat earlier this month. The 84,000-tonne oil tanker, built in 2009 and sailing under the Liberian flag, had arrived from the port at Ust-Luga, a settlement in Russia near the border with Estonia, The Guardian reported. Until 2017, the Vadinar oil refinery was controlled by Essar the Indian owner of the Stanlow refinery in Ellesmere Port.
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.
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