BUSINESS
Hindenburg Research now targets Jack Dorsey, Block co-founder's net worth drops by 11%
According to the Bloomberg Billionaires Index, Dorsey's fortune decreased by $526 million on Thursday, resulting in his worst single-day decline since May. With an 11% drop, Dorsey's net worth now stands at $4.4 billion. Hindenburg's report accused Block of inflating user metrics and claimed that the stock had a downside of 65% to 75% "on a purely fundamental basis.
Russian economy returns to growth: PM
Last year was a "difficult adaptation period," Mishustin added on Thursday while delivering the government's annual report to the State Duma, the country's lower house of parliament, Xinhua news agency reported. Let's be realistic -- external pressure is unlikely to ease. Nevertheless, we expect that as early as in 2024, the period of.
Develop mechanism for online audit of GST: Parliamentary Panel on Finance
The Parliamentary Standing Committee on Finance in its report on demands for grants for Finance Ministry's Revenue Department, which was presented in Parliament on Thursday, has recommended that government should prepare a white list of documents that would be necessarily required for conducting an audit and would thus become a guidance note for the officers as well as the assessees.
New capital gains tax rules to come into effect from April 1
From April 1, converting physical gold to electronic gold receipts won't be considered as a transfer and therefore will not attract any capital gains tax. Similarly converting electronic gold receipt to physical gold also will not attract any capital gains tax. Electronic gold receipts are depository gold receipts that can be traded on the stock exchanges.
Credit Suisse bailout creates a bank twice the size of Swiss economy
Worries that Credit Suisse's downfall would spark a broader banking meltdown left Swiss regulators with few good options, CNN reported. A tie-up with its larger rival, UBS, offered the best chance of restoring stability in the banking sector globally and in Switzerland, and protecting the Swiss economy in the near term.
Jack Dorsey-run Block misleads investors, facilitates fraud: Hindenburg Research
Block, formerly known as Square, is a $44 billion market cap company that claims to have developed a "frictionless" and "magical" financial technology with a mission to empower the "unbanked" and the "underbanked". "Our 2-year investigation has concluded that Block has systematically taken advantage of the demographics it claims to be helping," said Hindenburg Research in its report, taking its latest short position on Block.
Offer for sale of Hindustan Aeronautics Limited's shares gets good response
A tweet by the department of investment and public asset management (DIPAM), said, "Offer for Sale of Govt shares in HAL got great response on day one. Issue subscribed 4.5 times of base size at a clearing price above the floor price by non-retail investors. Govt has decided to exercise the green shoe option. Retail investors get chance to bid tomorrow."
BYJU's set to close $250 mn funding round soon at a lower valuation
BYJU's declined to immediately comment on the development. However, the $250 million round comes at a lower valuation and according to sources, it cannot be at a "flat valuation" and this is why the edtech company is unable to raise funds it was widely expected to (to the tune of $500 million as reported earlier).
Sitharaman to meet public sector banks chiefs on March 25
This would be the first meeting of the Finance Minister with banks' chiefs after the presentation of the budget, where, according to sources, the discussion is likely to be on the areas highlighted by the budget. Sitharaman is also likely to review the credit flow to key sectors like agriculture, sources in the know of things said.
Cash use decline as UPI to drive India's e-com market to reach $150 bn in 2026
UPI recorded the biggest year-on-year growth of 74.1 per cent in transaction volume as of January 2023 and digital wallets grew from 5 per cent in 2019 to 35 per cent of POS value in 2022 stimulated by UPI, according to the '2023 Global Payments Report' by global financial technology leader FIS. With cash use declining from 71 per cent.
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