BUSINESS
Homegrown B2B marketplace Solv raises $40 mn to empower MSMEs
"Our investment in Solv is a reinforcement of our commitment to developing economies, especially India," said Yoshitaka Kitao, CEO, SBI Holdings. Solv clocked $260 million GMV run-rate in the first half of 2022 with about 60 per cent average repeated purchases. It now targets half a billion-dollar GMV run-rate and positive unit economics by December 2022 from the India market alone.
Windfall tax of $490bn on Covid profits could ease food crisis: Oxfam
A windfall tax of 90 per cent on the excess profits globally would yield about $490 billion that could be used to solve the food crisis, which is heading to "catastrophic levels" for hundreds of millions of people, and set the world on the path to a sustainable food system, the Guardian quoted Gabriela Bucher, executive director of Oxfam International, as saying.
India saw 9.36 bn transactions worth Rs 10.2 tn in Q1 2022, UPI leads
The UPI P2M (person to merchant) transactions emerged as the most preferred payment mode among consumers with a market share of 64 per cent in volume and 50 per cent in terms of value, according to the report by Worldline, a global leader in payments industry. In Q1 2022, UPI clocked over 14.55 billion transactions in volume and Rs 26.19 trillion in terms of value.
Indian non-banking finance sector's profit to be stable: Fitch Ratings
According to the credit rating agency, this status should support NBFI's performance amid a broadening economic recovery, although certain segments could still be vulnerable to higher-than-expected inflation. Fitch revised the Outlook on India's 'BBB-' sovereign rating to Stable from Negative in June 2022.
Nitin Gupta appointed as CBDT chairman
"The Appointments Committee of the Cabinet (ACC) has cleared the appointment of Nitin Gupta, IRS (IT:86), Member, Central Board of Direct Taxes (CBDT) as Chairman, Central Board of Direct Taxes (CBDT) from the date of assumption of charge of the post," an official notification by the Department of Personnel and Training said.
No direct 5G spectrum allocation anti-competitive for enterprises: BIF
BIF said in a statement that such an action, if taken, will provide a regulatory advantage to one side, more so since that side is already "overly strong and has the advantages of huge external market power of an incumbent network, which directly impacts the businesses of the weak non-telecom vertical players, i.e. enterprises".
RBI vision for PPI growth by 150% will be big for Paytm
The RBI expects more than 3x increase in digital payment transactions, increase in PPI (prepaid payment instruments) transactions by 150 per cent, increase of payment transaction turnover vis-a-vis GDP to 8, increase in debit card transactions at PoS by 20 per cent, card acceptance infrastructure to increase to 250 lakh, increase of registered customer base for mobile based transactions by 50 per cent CAGR and more.
Indian Banks to post larger increase in margins: Moody's
Moody's said the hike in policy rates in many G-20 emerging markets to curb inflation will improve the margins of the banks. The rating agency also said a more rapid acceleration of inflation would necessitate higher loan-loss provisions, erasing margin gains. The rating agency's focus is on banks in the ten G-20 emerging markets: Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey
Russia defaults on overseas debt for 1st time in over a century
Russia has the money to make a $100 million payment and is willing to pay, but sanctions have made it impossible to get the sum to international creditors, the BBC reported. The Kremlin had been determined to avoid the default, which is a major blow to the nation's prestige. The $100 million interest payment was due on May 27. Russia has said that the the money was sent to Euroclear, a bank which would then distribute the payment to investors.
VC firm Backstage Capital cuts workforce, stops new investments
The company is now down to three people from the earlier 12, managing partner and founder Arlan Hamilton said during a podcast on Sunday. The layoff came after Backstage Capital narrowed its investment strategy to only participate in follow-on rounds of existing portfolios, reports TechCrunch. The changes have "taken a toll; it's been a depressing, deflating time."
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