BUSINESS
DotPe raises $58 mn, plans to foray into financial services
The platform, which "plans to foray into financial services", currently serves over 7.5 million brands across the country. The funding round saw participation from existing investors PayU, the payments and fintech business of Prosus, and InfoEdge Ventures while Mitsubishi & Naya Capital joined as new investors.
Pakistan's forex reserves depleting again despite IMF assistance
The country's central bank said that the fall in foreign exchange reserves was due to external debt and other paymentWhile latest data published by the State Bank of Pakistan revealed that the much required reserves are still above the $8 billion mark, the worry for policymakers is that they have started to deplete. In January, this year, the reserves held by SBP was more than $16 billion.
Starlink is now active on all continents: Elon Musk
On the microblogging site Twitter, Musk wrote, "Starlink is now active on all continents, including Antarctica". He also said "another batch with lasers reaches orbit" after the deployment of 54 Starlink satellites was confirmed by the company. Recently, a report said that the McMurdo Station in Antarctica has nearly 1,000 people living and working there during the summer and they already have satellite internet, which is not reliable in rough conditions.
Samsung logs record chip market share, Intel at distant second
Samsung's chip revenue for the April-June period came in at a record quarterly high of $20.3 billion on the back of solid server demand, taking up 12.8 percent of the global total of $158.1 billion, according to research firm Omdia. Samsung's Q2 share was slightly up from the 12.5 per cent it logged the previous quarter, reports Yonhap news agency.
Gross direct tax collections rise 30% in 2022-23, net direct tax collections up 23%
Net direct tax collections stood at Rs 7.01 lakh crore for the current fiscal till September 17, showing a 23 per cent rise over the corresponding period of last year. Cumulative advance tax collections were at Rs 2.95 lakh crore till September 17 in 2022-23, a growth of 17 per cent over the corresponding period of last year, according to the data released by the Finance Ministry.
IDBI Trustee asks Reliance Capital administrator to withdraw allegations of breach of confidentiality
In a letter to Rao, IDBI Trusteeship Services said the allegations have been made on the basis of a media article which said IDBI Trustee has alleged that RCap CoC minutes do not accurately reflect discussions. "At the outset we are surprised to note the contents of your email which are baseless, unsubstantiated and far from the truth. We deny the same," IDBI Trustee said in the letter to Reliance Capital administrator.
Bangladesh eyes 100 billion USD export earnings by 2026
Addressing a meeting with the Overseas Correspondents Association of Bangladesh (OCAB) at the National Press Club in Dhaka on Saturday, he said the government has planned an export target of 100 billion US dollars by 2026. "We're planning an export target of 80 billion US dollars by 2024 and 100 billion US dollars in 2026," Xinhua news agency reported quoting the minister.
Markets awaiting FED hike
BSESENSEX lost 952.39 points or 1.59 per cent to close at 58,840.79 points while NIFTY lost 302.50 points or 1.70 per cent to close at 17,530.85 points. The broader markets saw BSE100, BSE200 and BSE500 lose 1.48 per cent, 1.44 per cent and 1.41 per cent respectively. BSEMIDCAP lost 1.46 per cent while BSESMALLCAP lost 1.12 per cent.
China's chip output shrinks as India, US ramp up local manufacturing
According to the South China Morning Post, the production of integrated circuits (ICs) slumped 24.7 per cent year on year to 24.7 billion units, marking the largest single-month decrease since 1997. This is also the second consecutive month of decline for chip manufacturing. In July, the output nosedived 16.6 per cent to 27.2 billion units.
How private 5G, satellite internet services can cost dearly to companies
"However, due to high capital expenditures and user costs, the business model and pricing will be a challenge for scaling up networks as LEO connectivity cannot fully serve as a substitute for terrestrial networks for all use cases that rely on cost-efficiency, energy consumption, or overall performance," according to 'McKinsey Technology Trends Outlook 2022'.
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