BUSINESS
Indo-Canadian charged with laundering bitcoin worth over $24 mn in US
The order for Firoz Patel, 48, came on Wednesday, shortly before he reported to prison in another case in 2021. The two-count indictment, unsealed on May 17, charged Firoz with money laundering and engaging in monetary transactions in property derived from specified unlawful activity.
India sees 4% spike in high-net-worth individuals amid sharp global drop
"Agility and adaptability are going to be key for high-net-worth individuals as their attention gears towards wealth preservation. The industry will need to fortify value, empower relationship managers, and unlock new growth opportunities to remain relevant," said Nilesh Vaidya, Global Head of Banking and Capital Markets, Capgemini.
Meta threatens to block news on FB, Instagram if California bill passes
Once the bill is cleared, big tech companies will need to pay a "journalism usage fee" whenever they distribute local news content on their respective platforms. "If the Journalism Preservation Act passes, we will be forced to remove news from Facebook and Instagram rather than pay into a slush fund that primarily benefits big, out-of-state media companies under the guise of aiding California publishers," Meta said in a statement.
Govt's fiscal deficit moderates to 6.4% of GDP in 2022-23
The Controller General of Accounts (CGA) said that the fiscal deficit in absolute terms was Rs 17,33,131 crore (provisional), which was marginally down from the amount projected in the revised estimates (RE) in the budget.
Growth of eight key infrastructure sectors slides to 6-month low of 3.5% in April
The core sector growth was 9.5 per cent in April 2022, though in March 2023, the key infrastructure sectors had recorded a growth rate of 3.6 per cent. The growth rate in April 2023 is the lowest since October 2022 when the sectors had witnessed a growth of 0.7 per cent.
Go First case: Lessors' applications shown 'rejected' due to technical glitch, DGCA to Delhi HC
In a major blow to its passengers, the low-cost airline stopped flying on May 3 and is undergoing voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT). The DGCA said it was not processing such requests after a moratorium on financial obligations and transfer of assets of the crisis-hit airline post insolvency resolution proceedings.
Government to offload 3% stake in Coal India via OFS route
The offer will open on June 1 for non-retail investors, while retail investors can bid for it on June 2. The divestment of Centre's 3 per cent equity also includes a Green Shoe option of 1.5 per cent. The size of the OFS is around Rs 4,000 crore, and its floor price is set at Rs 225 per share. This is at a discount of nearly 7 per cent from Coal India's current market price.
GDP forecast of 6.5% for current fiscal looks possible, says government
"We are now prepared to say that risks to our GDP growth forecast of 6.5 per cent for 2023-24 are now more evenly balanced than a few months ago when downside risks to the forecast were greater," Chief Economic Adviser (CEA) V. Anantha Nageswaran told reporters after GDP data for the fourth quarter of 2022-23 and for the entire fiscal was released.
PM Modi hails 2022-23 growth figures, says they show Indian economy's resilience
"The 2022-23 GDP growth figures underscore the resilience of the Indian economy amid global challenges," he tweeted. He added that "this robust performance along with overall optimism and compelling macro-economic indicators exemplify the promising trajectory of our economy and the tenacity of our people".
German brand Blaupunkt to invest Rs 100 cr in TV manufacturing in India, eyes 10% market share
The investment will be aimed towards new launches, manufacturing plant, sound technology, marketing and expansion plan.
The company will also introduce 5 new Dolby-enabled Android/Google TVs on June 5, including 75 QLED, 65 4K(GTV), 50 4K(GTV), 43 FHD, 40 FHD and 32 HD, starting from Rs 10,888.
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