BUSINESS
Bitcoin falls to record-low of $21K over worrying inflation data
It was hovering around Rs 20,000-Rs 21,000 per BTC as the global crypto market crashed owing to the weak macroeconomic environment and systemic risk from within the crypto space. Bitcoin has fallen for nearly 12 straight weeks, from nearly $49,000 in March to around $21,000. It showed some signs of bottoming out in mid-May but worrying US inflation data did "little to cushion falling sentiment", reports Coindesk.
Sequoia India and Southeast Asia raise $2.85 billion to empower founders
"This fundraise, which comes at a time when markets are starting to cool after a very long bull run, signals our deep commitment to the region and the faith our Limited Partners have in the long-term growth story of India and Southeast Asia," the company said in a statement on Tuesday. The region's startup ecosystem has grown rapidly in the last decade, thanks to the acceleration of digital adoption and rising consumer incomes.
Indices extend losses, moderation in domestic inflation arrests steep downside
At 9.41 a.m., sensex was down 0.3 per cent at 52,672 points, whereas nifty 0.3 per cent or 15,732 points. Equity indices across the board witnessed a massive selloff on Monday after the US reported 40-year high inflation reading. However, the steep fall in the indices back home in India this morning was arrested due to a moderation in retail inflation in the month of May.
Encouraged by discussion between key stakeholders in food ecosystem: Swiggy
"We welcome the initiative by the Department of Consumer Affairs to discuss the grievances by consumers with regard to online food ordering. We are encouraged by the discussion between the key stakeholders in the food ecosystem. As participants, we agreed that food manufacturers and restaurants will have to work together to holistically address different aspects of the grievances raised.
Over 3K complaints later, govt directs Swiggy, Zomato to furnish resolution framework
The direction to furnish the current framework as well as a proposal on improving the consumer grievance redressal mechanism within 15 days was given during a meeting chaired by Secretary, Consumer Affairs, Rohit Kumar Singh with the major e-commerce food business operators, to discuss pertinent issues which affect consumers in this sector.
Crypto lender Celsius blocks withdrawals due to 'extreme market conditions'
The controversial company -- which has lent out more than $8 billion and managed nearly $12 billion in assets as of May -- has not announced a timeline for when the withdrawals will resume. "Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts," the firm wrote in a memo to clients, Daily Beast reported. Some are now concerned about the solvency of the company, which made a name for itself by offering above-average interest rates on deposits.
Qualcomm acquires Cellwize to boost 5G adoption
The acquisition will boost Qualcomm's as a leader in 5G Radio Access Networks (RAN) innovation and adoption. "The addition of Cellwize's best-in-class RAN automation technologies strengthens Qualcomm Technologies' ability to drive the development of the modern 5G network," said Durga Malladi, SVP and general manager, cellular modems and infrastructure, Qualcomm.
May retail inflation moderates but still above RBI's tolerance band for fifth month
The retail inflation stayed well above the RBI's tolerance limit due to high fuel and food prices amidst the war in Ukraine. In April, the retail inflation was at 7.79 per cent. Retail inflation tracked by the Consumer Price Index (CPI) measures the changes in prices from a retail market perspective.
Bloodbath in equities as US high inflation triggers selloff, Sensex down 1,457 pts
The rising inflation in the US also leads to the possibility of an even more aggressive policy tightening by the US central bank in the upcoming policy review meeting. With Monday's slump, the domestic indices declined for six out of the past seven sessions. Sensex closed at 52,846.70 points, down 1,456.74 points or 2.68 per cent, whereas Nifty closed at 15,774.40 points, down 427.40 points or 2.64 per cent.
Rupee touches fresh record low against US dollar, closes at 78.04
The rupee closed Monday's trade at Rs 78.04 per US dollar, after depreciation as low as Rs 78.29 in intra-day deal. "There is no fresh trigger to predict if the rupee will be 79 or 80 unless and until there is a conflict between US and China with regards to Taiwan, other than that there shouldn't be any correction towards 77 or 77.50 in the spot," said Emkay Global Financial Services in a note.
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