BUSINESS
Bengaluru now 5th on global tech VC investment map
According to the latest 'Global Startup Ecosystem' report from innovation policy advisory and research firm Startup Genome, tech firms in Bengaluru have raised $7.5 billion in tech venture capital investment so far in 2022 -- more than any other year previously. San Francisco Bay Area tops the list, followed by New York, London, Greater Boston, and Bengaluru.
Google Maps rolls out estimated toll charges for your journey in India
According to the company, the feature is available for "nearly 2000" toll roads in the US, India, Japan and Indonesia for its iOS and Android apps, and it plans to add support in more countries "soon." Google in April announced to roll out toll prices on Maps in India, the US, Japan and Indonesia that will help users make the choice between toll roads and regular roads.
India's fuel demand up 22% YoY in May: S&P Global Commodity Insights
The demand for May was some 80,000 barrel higher than its growth forecast, partly due to stronger-than-expected demand for transportation and the government's announcement of a cut in excise duty on patrol by Rs 8 per litre and Rs 6 per litre on diesel, which provided some support for demand. On a year-on-year basis, demand growth was driven by diesel, petrol and other minor products, which were up 416,000 barrels per day, 282,000 barrels per day and 161,000 barrels per day, respectively.
Essar Power strengthens commitment towards health, environment, safety
The company has achieved a remarkable feat of 6,948 Lost Time Accident (LTA) free days in FY22. It has also taken several initiatives across all its plants to reduce its carbon footprint and transition the existing businesses towards greener and cleaner alternatives. A Lost Time Accident is essentially an incident that has resulted in an employee needing to miss work due to sustaining an injury while working.
Automaker Geely acquires ailing Chinese smartphone brand Meizu
Meizu's market share has since fallen to just 0.1 per cent in China. "Mobile phones and devices have quickly evolved into mobile terminals and application platforms, which not only allow users to enjoy the fruits of innovation in the quickest manner possible, they also act as a pathway to greater automotive applications," Geely said in a statement.
Equity indices settle marginally low amid volatile trade
With Tuesday's slump, the indices declined for the seven out of the past eight sessions. Sensex closed at 52,693.57 points, down 153.13 points or 0.29 per cent, whereas Nifty closed at 15,732.10 points, down 42.30 points or 0.27 per cent. Any steep fall in the indices during the session was arrested due to a moderation in retail inflation in India in the month of May.
Rupee expected to remain under pressure in near-term: Report
However, the central bank RBI is likely to intervene in the forex exchange market to support the rupee and prevent any sharp depreciation in the exchange rate. On Monday, the Indian rupee slipped to a fresh record low of 78.04 per US dollar amidst a resurgence in strength in the dollar primarily on account of expectations of aggressive policy tightening by the US Fed this week at the monetary policy meeting.
Adani and Total Energies to create world's largest green hydrogen ecosystem
The new partnership, centered on green hydrogen, is expected to transform the energy landscape both in India and globally. Both Adani and Total Energies are pioneers in energy transition and clean energy adoption, and this joint energy platform further strengthens the public ESG commitments made by both companies.
Bitcoin falls to record-low of $21K over worrying inflation data
It was hovering around Rs 20,000-Rs 21,000 per BTC as the global crypto market crashed owing to the weak macroeconomic environment and systemic risk from within the crypto space. Bitcoin has fallen for nearly 12 straight weeks, from nearly $49,000 in March to around $21,000. It showed some signs of bottoming out in mid-May but worrying US inflation data did "little to cushion falling sentiment", reports Coindesk.
Sequoia India and Southeast Asia raise $2.85 billion to empower founders
"This fundraise, which comes at a time when markets are starting to cool after a very long bull run, signals our deep commitment to the region and the faith our Limited Partners have in the long-term growth story of India and Southeast Asia," the company said in a statement on Tuesday. The region's startup ecosystem has grown rapidly in the last decade, thanks to the acceleration of digital adoption and rising consumer incomes.
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