BUSINESS
ShareChat lays off less than 5% of its workforce, shuts fantasy sports app Jeet11
"As a standard business practice, we periodically evaluate our strategies. We can confirm that we are ceasing operations of Jeet11 and have reorganised some of our functions, which meant movement of this talent within teams and a few employee exits," a ShareChat spokesperson told IANS.
Fintech platform KreditBee raises $80 mn, aims to diversify portfolio
KreditBee said it will use the funds used to diversify its product portfolio and strengthen its tech stack to serve more than 400 million Indians on its platform. The current investment saw active participation from existing investors Azim Premji's Premji Invest, Motilal Oswal Alternates, TPG-backed NewQuest Capital Partners, and Mirae Asset Ventures.
Pakistan's inflation climbs to 23.8% in November
According to the PBS, the CPI in November has also witnessed ease year on year as compared to an increase of 26.6 percent in the previous month of October, reports Xinhua news agency. On a month-on-month basis, the CPI increased by 0.8 per cent in November as compared to an increase of 4.7 per cent in the previous month and 3 per cent in November 2021, the PBS figures showed.
Global banks to rake in solid profits in 2023: Moody's
"Banks will report solid profits in 2023," said Edoardo Calandro, VP-Senior Credit Officer at Moody's. "Rising interest margins will enable continued capital generation o n top of already strong capital, while liquidity and funding will remain robust, even as gloomy economic conditions across much of the world cause loan performance to deteriorate. Bank creditworthiness will remain broadly stable," Calandro added.
State Bank of Pakistan's forex reserves fall by $327mn
During the week ending on November 25, the total foreign exchange reserves of the Pakistani central bank fell to around $7.49 billion, the SBP said in a statement on Thursday evening. The decrease was "due to external debt repayment", Xinhua news agency quoted the statement as saying. Net foreign reserves held by commercial banks came at $5.87 billion, the central bank said.
Finance Ministry officials hold negotiations with G20 troika members
India has assumed presidency of G20 Thursday onwards. G20 Finance Track discusses global economic and financial issues through meetings of finance ministers and Central Bank Governors, their deputies and various working group level meetings.
Nearly 300 predatory loan apps circulating on Google, Apple stores: Report
Some victims have reported that their loans were accompanied by hidden fees, high-interest rates, and repayment terms that were not as favourable as advertised. Lookout also found evidence that data exfiltrated from devices were sometimes used to pressure borrowers for repayment, which is a common threat tactic to disclose a borrower's debt to their networks.
S&P Global forecasts India's growth at 6% for 2023, 7% for 2022
In a research report S&P Global Ratings said India's forecast has been lowered by 0.5 percentage points for the next two fiscal years on slower global demand. Regional growth remains healthy overall. Meanwhile at global level, S&P Global Ratings said, global activity has held up surprisingly well so far despite a torrid pace of policy rate hikes and consistently high geopolitical uncertainties.
Six airbags, BS VI stage 2 may affect demand in lower end of car segment: Maruti Suzuki
The fitting of six airbags in some models and the implementation of BS VI stage 2 norms next year may have an impact on demand in the lower end of that vehicle segment, but the overall industry is expected to touch 4.1 million units, said Shashank Srivastava, Senior Executive Director, Marketing & Sales, Maruti India.
Independent valuers give liquidation value of Rs 13,000 cr for Reliance Capital
According to sources, Independent valuers Duff & Phelps and RBSA have given a Liquidation Value of Rs 13,000 crore for Reliance Capital. In comparison, four bidders have quoted merely 30 per cent of the Liquidation Value, making it imminent for Reliance Capital to be referred for liquidation.
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