BUSINESS
PM Modi describes UPI-Pay Now link as gift for India, Singapore
The facility was launched through token transactions by Reserve Bank of India (RBI) Governor Shaktikanta Das and managing director of the Monetary Authority of Singapore, Ravi Menon, using the UPI-PayNow linkage. "With this facility, a cheap and real-time option of remittance transfer between the two countries will be possible. This will especially benefit our overseas brothers and sisters, professionals, students and their families," Modi further said.
'Bank mergers in India has resulted in increased efficiency'
"The expected benefits of mergers and acquisitions (M&As) in financial institutions worldwide, including in India, are cost reduction, profit maximisation, and gains through portfolio or geographical diversification," the paper, authored by Snehal S. Herwadkar, Shubham Gupta, and Vaishnavi Chavan, notes.
Hindustan Petroleum's Barmer greenfield refinery to reduce India's import reliance: Hardeep Puri
The minister, who was in Barmer on a visit to the refinery complex, said that it will process 9 metric million tonnes per annum of crude and produce more than 2.4 million tonnes of petrochemicals, which will reduce import bill on account of petrochemicals. This project will act as an industrial hub not only for western Rajasthan but will also steer India to its vision of achieving 450 metric million tonnes per annum refining capacity by 2030, he added.
India's TWS shipments up 85% in 2022, boAt leads: Report
According to Counterpoint Research, boAt registered 89 per cent (year-on-year) growth, contributing two-fifths of the total shipments. The Airdopes 131 remained the top-selling model for the second consecutive year with a 10 per cent share of the total TWS market shipments. Moreover, for the first time, the top five spots in the India TWS market were captured by local brands.
Adani group firm repays Rs 1,500 crore to SBI Mutual Funds, plans to repay another Rs 1,000 crore in March
The company's move to repay the loan and commit to further repayment is a part of its plan to rebuild confidence among investors and lenders after a sellout was triggered by a report by US-based Hindenburg Research, alleging accounting fraud and stock manipulation by the conglomerate. The PTI report quoted a company spokesperson as saying that the prepayment was made from the existing cash balance and funds generated from business operations.
Nation needs to embrace compassionate capitalism, says Narayana Murthy
Murthy, who was here to participate in the All India Management Association's (AIMA) foundation day celebrations, said on the sidelines of the event that compassionate capitalism should be embraced universally. Addressing a question on loss of human resources due to brain drain, he said it can only happen if leaders of the country ensure that Indian youngsters are not put to any inconvenience.
Chinese city pours $29 bn to build chips as India, US eye semiconductor dominance
Guangzhou's Industry Investment Fund of Funds (FoF) will focus on activities involving semiconductors, renewable energy and advanced manufacturing, reports the South China Morning Post. Meanwhile, the city's Innovation Investment Fund of Funds will target financing for early-stage hi-tech companies. "The city's funding effort would appear to raise the stakes for China.
EV charging revenue likely to exceed $300 bn globally by 2027
According to Juniper Research, the total number of plug-in vehicles will surpass 137 million globally by 2027, up from 49 million in 2023. As the adoption grows, "charging vendors must differentiate their services in a highly fragmented market," the report said. "It is important for EV charging vendors to target consumers as early as possible to build brand loyalty.
Indian banks improving performance good for intrinsic creditworthiness: Fitch
Fitch also said a sustained improvement in the financial performance of Indian banks bodes well for the sector's intrinsic risk profiles. The capital buffers are broadly in line with its projections, Fitch said. The sector's impaired-loan ratio declined to 4.5 per cent in the first nine months of the financial year ending March 2023 (9MFY23), from 6 per cent at FY22 which is nearly 60 basis points (bp) of its FY23 estimate, Fitch said.
Ed-tech company NxtWave raises $33 mn to upskill Indian youth
NxtWave said it plans to utilise the funds to further enhance the learning experience by investing in its product and content. "We'll bring high-quality, employability-focused education to India's youth and equip them for the jobs of the future at scale. With National Education Policy 2020, the government has created a highly supportive environment for skill-based learning.
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