BUSINESS
CARS24 sees high-profile exits as global CTO, business head move on
In a LinkedIn post, Agrawal who joined the company in July 2021, said he will be moving on from CARS24 in the next few months. "I joined CARS24 with a specific goal to help the team scale multiple countries at once - a particularly challenging task because, as an eCommerce company with complex execution, we built each country like an independent startup.
Rupee just whisker away from 80 per dollar
"USD-INR spot closed 9 paise higher 79.97, a whisker away from all time high near 79.99. Today rupee brushed aside all positive cues by way of strong equities and weaker dollar index. Strong demand for oil marketing companies kept the pressure on. Over the near term, bias continues to be upward.
Morgan Stanley revises India's GDP growth to 7.2% in FY23
In its latest research report, Morgan Stanley said it sees three aspects -- slower trade growth, tighter financial conditions and changes in commodity prices. While there are signs of moderation in exports, Morgan Stanley said the domestic demand will provide a partial offset with the support from government's supply side response and the reopening vibrancy to help the informal sector.
Oil price rises after Biden fails to secure agreement on increasing Saudi supply
Biden had hoped to secure a promise from Saudi Arabia to increase its output of oil, which could lead to easing of global supply pressures. But Brent crude rose 2.6 per cent to $103.88 on Monday after Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al Saud, quelled speculation over an output increase, The Guardian reported.
Pakistan rupee plunges to all-time low after by poll results
The rupee depreciated against the greenback by Rs 4.3 during the intraday trade on Monday. It remains to be seen where the local currency will settle at the end of the day's trading. The dollar is currently being sold for Rs 215.25 in the interbank market, bringing the local currency to an all-time low. On June 21, the rupee had closed at a record low of 211.48 against the greenback and since then the currency has remained volatile.
Tokenised payment transactions to cross 1 trillion globally by 2026
The report attributed this growth to the rise of ‘one-click’ solutions, such as Click-to-Pay, using card-on-file tokenisation to store a customer’s payment credentials; enabling them to auto-fill their checkout details and complete transactions via a single click.
Sri Lanka crisis is warning to other Asian nations like Pakistan, Bangladesh, Maldives
"Countries with high debt levels and limited policy space will face additional strains. Look no further than Sri Lanka as a warning sign," said IMF Managing Director Kristalina Georgieva on Saturday. She said developing nations had also been experiencing sustained capital outflows for four months in a row, putting their dreams of catching up with advanced economies at risk.
Curd, Paneer turn costlier by 5%, issues for retailers and manufacturers remain
"The GST falls at the time of sale. The problem now will be with the old stock sporting the Maximum Retail Price (MRP). A retailer cannot sell at a price that is more than MRP nor he can alter the retail price by pasting a sticker," L.S. Karthikeyan, GST Consultant in Bengaluru told IANS. He also said the retailers selling the old stock will not get the input tax credit.
CAIT to start movement for new GST law
The CAIT said the existing GST Act and its rules should be reviewed and bring in radical change. The CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said the government and the traders have had many experiences in the last five years, so on the basis of those experiences, it is necessary to streamline the GST tax system to make compliance easy.
Online interior design startup Modsy shuts down, lays off employees
San Francisco-based Modsy has abruptly ceased offering design services, laid off its designers and left its customers in disarray, reports TechCrunch. The startup returned some service order charges and promised to refund furniture deliveries to those who filled an online form. "But more than two weeks later, tweets show that many Modsy customers are still awaiting updates," the report said late on Sunday.
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