BUSINESS
PayU to acquire homegrown BillDesk for $4.7 bn
The proposed acquisition will see PayU, the payments and fintech business of Prosus that operates in more than 20 high-growth markets, become one of the leading online payment providers globally by total payment volume.The transaction, which is subject to approval from the Competition Commission of India, builds on previous successful acquisitions by PayU in India.
Global growth rebound solidifies while risks broaden away from pandemic: Moody's
According to the credit ratings agency, G-20 economies are expected to grow by 6.2 per cent as a whole in 2021, after a 3.2 per cent contraction last year, followed by 4.5 per cent growth in 2022. In the grouping, advanced economies will grow by 5.6 per cent collectively in 2021 and by 4.2 per cent in 2022, while emerging markets will collectively expand by 7.2 per cent in 2021, and slow to 5.1 per cent growth in 2022
OMCs keep petrol, diesel retail prices unchanged for a week
Accordingly, in the national capital, petrol continues to be sold for Rs 101.49 per litre and diesel Rs 88.92 a litre on Tuesday. This is the seventh consecutive day or one full week when fuel prices have escaped any revision. Across the country as well fuel prices remained unchanged on Tuesday, but their retail rates varied depending on the level of local taxes in each state.
Era of leaded petrol finally over globally: UN
Since 1922, the use of tetraethyllead as a petrol additive to improve engine performance has been a catastrophe for the environment and public health. By the 1970s, almost all petrol produced around the world contained lead. When the UN Environment Programme began its campaign to eliminate lead in petrol in 2002, it was one of the most serious environmental threats to human health.
India's rice bowl states see deficient Aug rainfall, farmers worried
Cumulative data rainfall for the month till Monday (i.e. between August 1 to 30) shows that Madhya Pradesh, Chhattisgarh, Jharkhand, Odisha, Maharashtra, Telangana, Goa and Karnataka in central peninsular India, Punjab, Himachal Pradesh, Haryana, and Delhi in the northwest India, and Nagaland, Manipur, and Mizoram in the northeast have received deficient rainfall.
NTPC gears up electricity generation as power demand rises
"The country is witnessing a sharp increase in power demand and NTPC is making all efforts for meeting demand as per the grid requirement," it said. "NTPC has geared up to meet the increasing demand and the generation from NTPC group stations have registered a 23 per cent growth compared to the previous year." Under flexible utilisation of coal policy, NTPC is arranging coal at the stations.
Record highs: Global cues, hopes of healthy macros boost equities
Initially, both the key indices opened on a gap-up not and swiftly rose in the early part of the day. After a brief sideways move, they again resumed the upward march and ended almost at the intra-day high levels. Globally, Asian shares perked up after US Federal Reserve Chairman Jerome Powell struck a dovish tone at the central bank's long-awaited symposium.
Ex-SBI chief Rajnish Kumar joins HSBC Board in Asia
Kumar had retired as Chairman of the State Bank of India (SBI) in October 2020. "In addition to his extensive background with regulatory authorities, investors and businesses in India, Kumar has strong experience of global business and financial markets from his work with the SBI in the UK and Canada," said an HSBC statement. During his tenure as Chairman of the SBI, he also led the strengthening of the bank's digital banking platform.
Disinvestment of NINL likely to be completed by Dec
"The disinvestment process for NINL is going on very fast. The government has received a very good response. Many big bidders have come forward and they want to take over the company," said NINL managing director, RK Jha. "We are at the advanced stage of disinvestment. Most probably by December, this company will be disinvested," Jha said.
Aluminium industry stares at critical coal shortage
Aluminium is a metal of strategic importance and an essential commodity for diversified sectors, crucial for the nation's economy. Aluminium smelting requires uninterrupted and high-quality power supply for production which can be met only through in-house CPPs. Such drastic curtailment of coal supplies will bring the industry to a standstill as it has been left with no time to devise any mitigation plan to continue sustainable operations.
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