BUSINESS
Telecom industry cautions against fake mobile tower installation before 5G rollout
The Cellular Operators Association of India (COAI) and the Digital Infrastructure Providers' Association (DIPA) said that people must observe caution against certain companies, agencies, or individuals who are fraudulently approaching them, asking to deposit money in their personal or company accounts in the name of government tax for leasing their premises for installation of mobile towers.
IRDAI should exercise caution, be customer friendly while relaxing regulations: Experts
The Indian insurance regulator should move cautiously while making changes to the over two decade old regulations that seems to have prevented companies going belly up like several finance companies, said experts. The Insurance Regulatory and Development Authority of India (IRDAI) has made some regulatory changes and is also mulling more.
Sri Lanka's petrol stocks about to run dry: Minister
On Sunday, Wijesekera told reporters that the country had 12,774 tonnes of diesel and 4,061 tonnes of petrol left in its reserves, reports the BBC. "The next petrol shipment is expected between the 22nd and 23rd (of July)," he added. A shipment of diesel is expected to arrive at the weekend, however Wijesekera warned that the country does not have enough money to pay for planned fuel and crude oil imports.
'Windfall taxes not to impact RIL majorly, brings windfall for government'
The experts also said the additional duties will more than compensate the government which had cut the excise duty on petrol and diesel in May. "With fuel export tax for refiners being reviewed every fortnight, we see limited impact on RIL's earnings, with above mid-cycle margins achievable despite the tax. However, stock implies cap at single-digit margins," said Morgan Stanley in a research report.
Iron Pillar to raise $400 mn to empower Indian tech startups: Report
Iron Pillar provides growth capital to help Indian startups expand their global footprint. According to Deal Street Asia, citing sources, the VC firm is in advanced talks with limited partners (LPs) to raise about $400 million in its second fund. The VC firm has startups like FreshToHome, Uniphore, Curefoods and others in its portfolio. According to a recent report by Iron Pillar, India is likely to have more than 250 unicorns by 2025.
Bangladesh's exports hit all-time high of over $52 billion in FY 2021-22
According to data released on Sunday by the Export Promotion Bureau (EPB) under the Ministry of Commerce, Bangladesh achieved the highest export earnings in the 2021-22 fiscal year with the final months recording robust income growths. "In the 2021-22 fiscal year, exports reached $52,082.66 million, setting a new record," said the EPB.
Public sector banks shut down 2,044 branches in FY22: AIBEA
On the other hand, the number of branches of private banks went up by 4,023 to 34,342 branches in 2022 as compared to 2021, the All India Bank Employees' Association (AIBEA) said. Private banks had a staff strength of 534,022 at the end of FY21, while in FY22, the number was 357,346 with the staff numbers of several banks not available on their websites, it added. According to the AIBEA, public sector banks had 88,265 branches at the end of FY21 and the number came down to 86,221 in FY22.
A case for private investment in Colombo Airport
It would be critical to revive this revenue stream as early as possible, especially because the inflows will be immediate and easily accessible. Maldives adopted a very effective and innovative strategy to sustain tourism flows during the pandemic by focusing on the Indian market. It entered into an Air Bubble agreement with India as early as September 2020.
Over 22K techies lose jobs in US, more than 12K in Indian startups
Startups, especially the ones who benefited from a pandemic boom, are feeling the pressure as valuations, particularly at the late stage, have started to dip, according to Crunchbase. Startups now say it is much more difficult to raise new funding in this gloomy environment. Globally, companies like Netflix, financial services company Robinhood and several crypto platforms have tripped their workforce.
After terrible first half, 2022 may bring more bad news for US markets
The first six months were full of surprises: Inflation, the biggest selloff in bonds in four decades, a plunge in tech stocks rarely matched in history, and the implosion of crypto, the Wall Street Journal reported. The looming risk that investors ignored for months is recession. But whether the economy will slump or be just fine remains unknown.
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