BUSINESS
Banking fears spread across global markets
Shares of embattled Swiss lender Credit Suisse were down by more than 20 per cent after its biggest shareholder chose not to increase funding. That comes after the bank cited "material weakness" in its financial reporting Tuesday and got rid of executive bonuses, CNN reported.
Hero Electric launches 3 new 2-wheeler EVs
"Our core philosophy has been designing bikes that are safe and super-efficient. The extensive feedback from our 6 lac bikes over 15 years has helped us design our new range of power trains that converts almost every drop of battery power into useful km," Sohinder Gill, CEO, Hero Electric, said in a statement.
Slump in Credit Suisse's shares hits European bank stocks
Trading in Credit Suisse's shares was halted a number of times by the stock exchange operator on Wednesday, as volumes soared and the stock plummeted 20 per cent, The Guardian reported. Credit Suisse's shares fell below 2 Swiss francs for the first time ever on Wednesday morning, as anxiety over the banking sector drove European stock markets deeper into the red.
India at G20 showcases its strength in research, innovation
The event brought together delegates from the G20 Education Working Group to discuss the future of work and innovation, with a focus on building bridges across nations for equitable development. Rajeev Ahuja, Director, IIT Ropar, welcomed the participants and highlighted India's opportunity to establish itself as a leader in research and innovation globally.
IT ministry working with industry to implement mobile security guidelines: ICEA
The statement from ICEA, which is apex industry body for the mobile and electronics industry, came after a media report said that the government is planning security testing for smartphones and crackdown on pre-installed applications on mobile devices -- a claim vehemently denied by Union Minister of State for Electronics and IT, Rajeev Chandrasekhar.
India's electronic goods export rose 22.39% in 5 years
According to data released by the ministry of electronics and IT, the country's electronics export is expected to reach Rs 1.76 lakh crore in 2022-23. The global exports of electronic goods from major manufacturing economies (including China, Vietnam, Mexico, Taiwan, Korea, Japan, the US and Germany) is approximately $1.5 trillion out of the global exports of $2.5 trillion, which includes a lot of re-exports.
Indian startups able to withdraw up to $300mn from SVB: Report
The Financial Express reported, citing sources, that homegrown startups have processed fund transfers "worth $250-300 million in the past 24 hours". Industry players said that for funds transfer, firms need to first open new business bank accounts in the US as SVB still hasn't resumed direct foreign transfers.
Garment producers demand Rs 2 bn dues from Kishore Biyani's Future Group
The AIGMVA, comprising around 350 members from Maharashtra, Gujarat, Madhya Pradesh, Rajasthan Punjab, Karnataka, Tamil Nadu, Andhra Pradesh, Telangana and Kerala, has warned Biyani of legal action if he fails to clear their dues. In a statement, the AIGMVA advisor and Trade Union Joint Action Committee (TUJAC) Convenor Vishwas Utagi said that the producers and suppliers had supplied the garments as ordered by Biyani's group of companies between 2019-2022.
CCI nod to acquisition of 100% equity share capital of L&T IDPL and KTL
As per the CCI, the Proposed Combination envisages the acquisition of 51 per cent and 49 per cent of equity share capital of L&T IDPL from Larsen and Toubro Limited and CPPIB India Private Holdings Inc., respectively, by ECPL; and 100 per cent of the equity share capital of KTL (a wholly-owned subsidiary of L&T IDPL) by IYP II.
Early-stage investment in India to grow as gaming, EVs & AI top picks: Report
The interest in early-stage startups is due to the fact that overall funding saw a drop in 2022 led by a drop in late-stage large deals, according to a report by Bain & Company. 2023 will likely see the emergence of a more resilient ecosystem as stakeholders remain cautiously optimistic. SaaS and fintech will remain significant while regulatory oversight may have some impact on Fintech,
Don't Miss
Advertisement