BUSINESS
IEA member nations to release 60 million barrels of oil
The 31 member countries of the governing board of the International Energy Agency (IEA) on Tuesday agreed to release 60 million barrels of oil from their emergency reserves to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia's invasion of Ukraine.The extraordinary governing board meeting, held at the ministerial level, was chaired by US Secretary of Energy, Jennifer Granholm, in her capacity as the chair of this year's IEA ministerial meeting.
Brent crude breaches $100 per barrel mark again
The rise in crude oil prices comes after negotiations failed to resolve the Russian-Ukrainian conflict. The Brent-indexed crude oil prices had risen by 5 per cent to over $98 per barrel on Monday. Russia is the third largest producer of crude oil in the world. It is feared that sanctions against Russia will start to curtail global supplies and stifle growth.
Russia-Ukraine crisis to widen India's CAD
Geopolitical risks emanating from the Russia-Ukraine conflict is expected to push India's import bill higher. Consequently, the trend will widen the country's Current Account Deficit. The crisis is expected to increase prices of mineral fuels and oils, gems and jewellery, edible oils and fertilisers. At present, India has a significant import dependence for these items.
CryptoWire pacts with Bitbns to commence trading on crypto index IC15 from April
CryptoWire, a global crypto super app, on Tuesday announced that it has entered into an agreement with Bitbns exchange, one of the leading crypto-currency exchanges of the country, to commence trading on India's first global crypto index IC15 next month.With the commencement of trading on IC15, around 4 million users of Bitbns will get the benefit of trading on IC15.
Indian founder on the run in global $2.4 bn crypto ponzi schem
A federal grand jury in San Diego last week indicted Kumbhani with orchestrating a global Ponzi scheme. BitConnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalisation of $3.4 billion.In total, Kumbhani, facing 70 years in prison if convicted, and his co-conspirators obtained approximately $2.4 billion from investors.
Feb GST collection rises 18% YoY to over Rs 1.33 lakh cr
India's GST collection rose 18 per cent in February 2022 on a year-on-year basis to Rs 133,026 crore, official data showed on Tuesday.However, on sequential basis, last month's collections were slightly lower than those of January 2022. In January 2022, the collection had stood at Rs 138,394 crore. Notably, this is the fifth time that the GST collection has crossed the Rs 1.30 lakh crore mark.
Fintech platform Volopay raises $29 mn, to expand to India
Singapore-based fintech platform Volopay on Tuesday said it has raised $29 million from Winklevoss twins -- Cameron and Tyler -- along with a global decacorn and others to enter the Indian market. The Y Combinator-backed corporate cards and payable management start-up raised funds in Series A in a mix of equity and debt. Volopay said that it will now expand in the entire APAC region, along with the MENA expansion, after firmly placing itself into the Singaporean and Australian markets.
Being forced to bid adieu the company I founded: Ashneer
Ending months-long saga that kept the fintech platform BharatPe in headlines for all the wrong reasons, its Co-founder and Managing Director Ashneer Grover has finally quit minutes after receiving the agenda for upcoming Board meeting, saying that he was being forced to bid adieu to a company he had founded.
Ex-Turkish Airlines Chief declines Air India's CMD position
Last month, the Tata Group-led Air India's announced the appointment of Ayci as the new Chief Executive Officer and Managing Director of the airline. He was expected to take the charge on or before April 1. Ayci (51) until recently was the Chairman of Turkish Airlines and was also on its Board of Directors prior to that.
Paytm Payments Bank issues 7 mn Visa cards in FY21, aims to ramp up card offerings to drive financial inclusion
India's homegrown Paytm Payments Bank has announced that it has issued seven million Visa debit cards through its platform in FY'21. The Bank has overachieved its target of issuing one million Visa cards in FY'21, driven by the strong adoption of innovative products developed by the bank and the acceptance of digital payments in India.With this, the Bank continues to drive financial inclusion in India by enabling users with digital payments and access to financial services.
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