BUSINESS
CCI okays acquisition of METRO Cash, Carry by Reliance Retail Ventures
The proposed combination involves acquisition of 100 per cent of the issued and paid-up equity share capital of METRO Cash and Carry India Private Limited (Target) by the Reliance Retail Ventures Limited (Acquirer). The Acquirer is a subsidiary of Reliance Industries Limited. The Acquirer, through its subsidiaries and affiliates, is engaged in the wholesale and retail sale of products across categories such as food and groceries
Paytm UPI LITE crosses 2 mn users with over half a million daily transactions
The Bank recorded over half a million daily transactions for Paytm UPI LITE through the Paytm app, it said in a statement. "We have seen great adoption of Paytm UPI LITE, having crossed the milestone mark of over 2 million users within a short span of time," said a Paytm Payments Bank spokesperson. "With Paytm UPI, we bring lightning-fast payments that never fail, powered by the latest UPI LITE technology and the security of Paytm Payments Bank," the spokesperson added.
Moody's warns of more pain ahead for US banking system
Moody's cut its outlook for the sector to "negative" from stable, warning of "a rapid deterioration in the operating environment". The downgrade came as banking shares in the US and Europe rebounded following earlier losses, BBC reported. But Moody's said some other banks faced risks of customer withdrawals.
Developer most sought-after job role in India amid tech layoffs
Despite the layoffs, technology job roles still account for 15 of the top 20 titles in the country, according to data from job portal Indeed. The job roles that have seen the highest growth since pre-pandemic are data engineer (353 per cent), site reliability engineer (260 per cent), assistant engineer 254 per cent), application developer.
Bring back you money, new Silicon Valley Bank CEO urges depositors
In a Zoom meeting with select investors and limited partners (LPs), he also asked for new deposits, saying that both existing and new deposits will be protected by the Federal Deposit Insurance Corporation (FDIC), reports TechCrunch. There's no safer place in the United States, or any bank in the United States for deposits.
Toys 'R' Us shuts Hyderabad store within 24 hours
The over 4,000 square feet store was opened in Sarath City Capital mall on March 11 but closed the next day. The mall owners reportedly pulled the plug on Toys 'R' Us due to a no-compete clause with another global toy retailer, which already had a store in the same mall. Toys 'R' Us has been launched in India in two formats - Toys 'R' Us, which is the world's leading toy store, and Babies 'R' Us, a one-stop destination for baby essentials.
Govt realises disinvestment receipts of Rs 31,107 crore in FY23
The disinvestment of the government equity in central public sector enterprises (CPSEs) largely depends on market performance, investor interest and market valuation of CPSE stocks, the Centre said in a written reply to a question in the Rajya Sabha. During 2018-19 and 2020-21 disinvestment receipts increased as percentage of RE and during 2019-20, 2021-22 and 2022-23 disinvestment receipts declined as percentage of RE due to the Covid-19 pandemic and geo-political turmoil resulting in very volatile market conditions, it added.
Ukraine's GDP falls 29.2% in 2022
The economic decrease reflected depressed household consumption, a decline in investment activity, and negative pressure on export and import operations caused by the Russia-Ukraine war, the government-run Ukrinform news agency reported on Tuesday. Ukraine's GDP performance last year was better than the initially estimated.
Panic subsides on Wall Street as regional bank stocks rebound
Regional bank stocks rebounded Tuesday morning after being pummelled in a Monday selloff that was fuelled by a mix of contagion fears and a pile-on of short-sellers who profit when stocks lose value, CNN reported. Even after the federal government's intervention on Sunday to backstop deposits in two failed lenders, Silicon Valley Bank and Signature Bank, Wall Street had remained wary of smaller and midsize banks that are seen as having similar risks.
Vimal Kapur becomes CEO of US-based Honeywell as Indian-origin glory continues
Having graduated from the Thapar Institute of Engineering in Punjab's Patiala as an electronics engineer with a specialization in instrumentation, Kapur was also appointed to the company's board of directors, effective March 13. Adamczyk will continue to serve as Executive Chairman of Honeywell, said the company, adding that these moves ensure a seamless leadership transition and position Honeywell for continued outperformance versus peers.
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