BUSINESS
Why Prosus' $578 mn fair value doesn't put BYJU'S valuation at $6 bn
In its September quarter results, Prosus classified BYJU's as a non-controlling financial investment rather than an associate, as its shareholding dropped below 10 per cent. Prosus told IANS in a statement on Wednesday that the investment group has changed the accounting treatment for BYJU's and in the subsequent reporting periods, "the company will be accounted for as an investment".
SC dismisses Tata Power's plea against Rs 7,000 cr transmission contract awarded to Adani
A bench, headed by Chief Justice D.Y. Chandrachud and comprising Justices A.S. Bopanna and J.B. Pardiwala directed the state power regulatory commissions to frame regulations for determination of tariff within three months to effectuate a balance for creating a sustainable model of electricity regulation in the states.
Tax-filing websites sending users' financial data to FB: Report
Users of the well-known service TaxAct, for example, are required to provide personal information in order to calculate their returns, such as their income and investment information. A pixel on TaxAct's website sends some of that information to Facebook, including users' filing status, adjusted gross income, and refund amount.
FTX collateral crashed down to $8 bn from $60 bn as CEO 'froze up in face of pressure'
In a letter to FTX employees, accessed by CoinDesk, the former CEO Sam Bankman-Fried apologised to them, saying he is "deeply sorry about what happened". "I didn't mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family," he wrote in the letter.
Paytm Payments Bank supports UPI market cap, maintains leadership as PSP & Issuer Bank
The Bank continues to lead UPI payments as the largest beneficiary bank and a leading remitter bank. According to the latest report by NPCI, as a beneficiary bank PPBL has registered over 1,614 million transactions and as a remitter bank, it has registered more than 362 million transactions in October 2022.
Macquarie's comparison of Jio Financial Services with Paytm an assumption made too early
To date, Paytm has seen competition from the likes of WhatsApp, Amazon Pay, PhonePe and Google Pay but so far, none of them have managed to usurp the company's leadership across payments and financial services. Even Macquarie, in its note, said that it is "too early" to understand Jio's current financial services entry, but was quick to make an early comparison with leaders like Bajaj Finance and Paytm.
Bengaluru-based tech firms raised record $7.5 bn in 2022: Report
Bengaluru and London feature among the top 10 cities globally for most amount of VC investment over the last five years, according to the report from London & Partners in partnership with Dealroom. The two major funding rounds for Bengaluru-based companies this year include Swiggy's $700 million round in January and $55.7 million Series D for Ather Energy.
Union Labour Ministry summons Amazon over layoffs
"You (Amazon) are therefore requested to attend this office with all relevant records in the matter either personally or through an authoriSed representative on the aforesaid date and time without fail," the Ministry's notice issued on Tuesday read. The development comes after a complaint filed by the employee union Nascent Information Technology Employees Senate (NITES) in which it has alleged Amazon of violating labour laws.
Under India-Australia trade pact, duties on tariff lines to be eliminated: Goyal
The Ind-Aus ECTA was earlier ratified by the Australian parliament for its implementation. Addressing a press conference, Goyal said that the agreement will come into force soon on a mutually convenient date once both the sides have completed their domestic processes. He said that the ECTA would give a big boost to several sectors of the economy, especially textiles, gems and jewellery and pharmaceutical
Air India tops list in on-time performance, Go First at bottom
As per data from the Directorate General of Civil Aviation, On-time performance of Air India flights was 90.8 per cent followed by Vistara and AirAsia recording on-time performance of 89.1 per cent during October. Similarly, Indigo airline recorded an on-time performance of 87.5 per cent while Spicjet had an on-time performance of 68.9 per cent. Go First was at the bottom with on-time performance of 60.7 per cent during the month.
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