BUSINESS
US-based Invesco further slashes Swiggy's valuation to $5.5 bn
According to regulatory filings with the US Security and Exchange Commission (SEC), Invesco valued Swiggy's shares at $3,305 (as of January 31, 2023) -- down from $4,759 in October 2022. In October last year, Invesco had already reduced the valuation of its holding in Swiggy to about $8 billion. Swiggy had reached a $10.7 billion valuation in a round led by Invesco in January last year.
Yellen calls CEOs with warning on US debt ceiling
The calls come on the heels of Yellen's message to Congress that the US could default on its obligations as soon as June 1, if lawmakers don't address the debt limit before then -- an accelerated timeline that increased pressure on President Joe Biden and House Republican lawmakers to ramp up their talks, CNN reported. The Congressional Budget Office has also forecast that there is a "significantly greater risk that the Treasury will run out of funds in early June" because of weaker-than-expected tax collections.
Fitch Ratings affirms India's Long Term Foreign Currency Issuer Default Rating
According to Fitch, India's rating reflects strengths from a robust growth outlook compared with peers and resilient external finances, which have supported India in navigating the large external shocks over the past year. These are offset by India's weak public finances, illustrated by high deficits and debt relative to peers, as well as lagging structural indicators, including World Bank governance indicators and GDP per capita.
Dedollarisation a gradual journey, likely to face geopolitical challenges: Expert
The reported decision of India and Russia to suspend talks to settle bilateral trade in rupees is a big setback for the exporters, said an exporter. Simply put, dedollarisation means lesser reliance on the US dollar as a medium of exchange in international trade. "Lot of geopolitical angles would come into play in respect of dedollarisation. It depends on the kind of pressure India could face," Rakesh Shah, Director Nipha Group and former Chairman of Engineering Export Promotion Council of India (EEPC) told IANS.
Overall connected vehicle tech grows 60% in India in Q1
The connected 2-wheeler (C2W) vehicles grew around 92 per cent YoY, with its market share increasing to nearly 60 per cent, according to data from market research firm CMR. The electric 2-wheeler (E2W) market grew by 44 per cent YoY. The electric 3-wheeler (E3W) market grew steadily covering around 50 per cent share within the segment.
Accel unveils Atoms 3.0 with sector-focused thematic cohorts for early stage firms
The programme was launched 21 months ago, and since then, Atoms has invested in 24 companies across two cohorts. These companies have since raised a total of over $160 million in funding. Applications for Atoms 3.0 will open by the end of May. Atoms is constantly evolving and looking to improve the programme for founders. With this new approach, the programme aims to foster a community of like-minded founders in the same domain who can collaborate and help each other succeed.
NSA Ajit Doval meets counterparts from US, UAE in Saudi Arabia
The meeting was held "to advance their shared vision of a more secure and prosperous Middle East region interconnected with India and the world," according to a statement issued by the White House. The statement further said that US NSA Jake Sullivan also held bilateral meetings with the crown prince, Doval and the UAE's NSA Sheikh Tahnoon bin Zayed Al Nahyan to deliberate on "bilateral and regional matters".
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FEMA 'violation': ED seizes properties worth Rs 41.64 crore of Zavareh Poonawalla
The properties are located at Ceejay house, Worli in Mumbai.The ED is investigating a case of misuse of Liberalized Remittance Scheme (LRS) under the provisions of the FEMA against Zavareh Soli Poonawalla and his family. His name was found in the Panama Papers revelations regarding off-shore entities
Dublin-based Aircastle seeks insolvency proceedings against SpiceJet
Aircastle is seeking to initiate insolvency resolution proceedings against the low-cost airline. The matter is listed for hearing on May 17. The notice was issued by a two-member bench of the NCLT led by its President Ramalingam Sudhakar, which directed SpiceJet to attend the hearing on the given date.
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