BUSINESS
DoT scraps 3% floor rate on 5G spectrum usage charge
As the government prepares for 5G spectrum allotment next month, the telcos had been demanding to scrap the SUC floor rate, equivalent to 3 per cent of adjusted gross revenue (AGR), to cut their 5G spectrum payouts. The DoT, in its latest SUC computation order that came out late on Tuesday, did not mention the 3 per cent floor rate, which means it has been scrapped, industry watchers said.
'Amount of financial aid to Ukraine since invasion stands at $30billion'
"Ukraine's partners also provide significant amounts of financial support directly to finance budget expenditures. The volume of loans from the IMF, the EU, the EIB, the World Bank, and foreign governments since the outbreak of the war as of mid-June exceeded $7 billion. In total, about $30 billion in financial assistance has been provided and announced," the statement reads.
Twitter board recommends $44 billion buyout by Elon Musk
In a fresh regulatory filing with the US Securities and Exchange Commission(SEC) on Tuesday, Twitter's board of directors recommended unanimously that shareholders approve the proposed $44 billion buyout of the micro-blogging platform to Tesla CEO Musk. The board "unanimously recommends that you vote (for) the adoption of the merger agreement," it said in the filing.
Americans to be in worse mood by November due to surging inflation
On June 30, the US Bureau of Economic Analysis will release the May personal savings rate numbers, which have steadily declined this year -- from 6 per cent in January to 5 per cent in March to 4.4 per cent in April, said the media on Tuesday. Seventy per cent of Americans are using their savings to cover rising prices, it said, citing a recent Forbes Advisor survey of 2,000 US adults, Xinhua news agency reported.
Dramatic slowdown ahead for Sweden's economy: Report
According to the government agency's latest prognosis on Tuesday, economic growth is projected to slow to 1.9 per cent this year and 1.2 per cent in 2023. This is considerably below the 3.3 per cent and 2.1 per cent gross domestic product growth figures the same agency forecast this March. Back then, the agency still expected an economic boom, albeit moderate, to start towards the end of the year, Xinhua news agency reported.
Amazon names Herrington as CEO of Worldwide Amazon Stores
Harrington has been at Amazon for 17 years. He joined the company in 2005 to build out the Consumables business, launched AmazonFresh in 2007, and in 2015, he took on leading all of Amazon's North American Consumer business. Jassy emphasised that Harrington will do great things for customers and employees alike.
RBI extends timeline for compliance of some card business directions
The Reserve Bank of India (RBI) on Tuesday extended the timeline for implementation of certain directions relating to credit and debit card business. The RBI, in a notification, said on receipt of representations from the industry stakeholders, the timeline for adherence to certain directions has been extended to October 1. It had issued the directions on April 21, and these were to come into effect from July 1.
'Market must count all costs in Russian oil flow upheaval'
Russian oil supply makes up some 13 per cent of total oil exports. The EU alone was importing about 2.3 million b/d of Russian crude before the war in Ukraine, which started on February 24. Europe is now weaning itself off Russian Urals and buying more crude from across the Atlantic and via the Middle East.
PwC India to acquire Venerate Solutions to boost advisory business
Venerate and its team of consultants and developers will integrate with PwC India's Salesforce practice post the acquisition, as PwC invests in the area of digital transformation and strategic alliances. "Venerate will augment our Salesforce consulting practice with significant end-to-end capabilities in the areas of platform engineering, and cloud and managed services, thereby bolstering our ambitions as a community of problem solvers," said Sanjeev Krishan, Chairman, PwC in India.
Neobanking platform Stashfin raises $270 mn to expand global footprint
The new round values Stashfin between $700-$800 million. The platform said it will use the funds to expand its footprint in Southeast and South Asia and upgrade its technology for new products. "The fundraise is a key milestone in this challenging macro environment.
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