BUSINESS
PNB declares Rs 2,060 cr fraud at IL&FS Tamil Nadu Power
The Punjab National Bank (PNB) has reported a borrowal fraud of Rs 2060.14 crore in the NPA account of IL&FS Tamil Nadu Power at the Extra Large Corporate Branch in Delhi zonal office. "A fraud of Rs 2060.14 crore is being reported by the bank to the RBI in the accounts of the company. The bank has already made provisions amounting to Rs 824.06 crore, as per prescribed prudential norms," PNB said in a disclosure.
Chinese tech stocks tank over geopolitical risks, Covid lockdowns
Covid-19 lockdowns and China's position on the Ukraine conflict led to tech shares rout on Tuesday, slashing billions of dollars from the likes of Alibaba Group Holding and Tencent Holdings in Hong Kong, media reports said. According to South China Morning Post, Hang Seng Index hit a new six-year low as more than $460 billion of market value from tech stocks evaporated this year and Alibaba crashed by a record 12 per cent.
No plan to introduce cryptocurrency, says Govt
There is no plan to introduce a cryptocurrency and currently it is unregulated in India, Minister of State for Finance Pankaj Chaudhary told the Rajya Sabha in a written reply. In reply to a question, the minister informed the upper house that the RBI is currently working towards a phased implementation strategy for introduction of CBDC and examining use cases which could be implemented with little or no disruption.
Indices snap 5-day winning streak, Sensex & Nifty fall over 1%
India's key equity indices -- Sensex and Nifty -- closed the session deeply in the red as investors' focus shifted to the US Fed's FOMC meeting to be concluded on Wednesday. With Tuesday's losses, the benchmark indices snapped their five-day bull run. After reducing policy rates in wake of Covid, market participants widely expect the US Fed to tighten monetary policy rates.
IndiGo commences flights to Thailand after 2 yrs
Airline major IndiGo on Tuesday commenced flights to Thailand after two years. Accordingly, the airline will operate these flights under air bubble agreement till March 26, 2022, and thereafter as part of its scheduled commercial international operations. Besides, the flights will connect Bangkok with Delhi, Mumbai, Kolkata, Chennai and Bengaluru and Phuket with Delhi and Mumbai.
Bazaar raises $70 mn, proves startups can make it big in Pakistan
Bazaar aims to build what it calls an "operating system for traditional retail" in Pakistan to address a $170 billion market, Fortune reported.Existing investors are Indus Valley Capital, Defy Partners, Acrew Capital, Wavemaker Partners, B&Y Venture Partners and Zayn Capital. Bazaar has raised over $100 million to date. The startup's B2B e-commerce marketplace uses 'Easy Khata' app that helps them maintain bookkeeping.
Current Russia-Ukraine crisis an opportunity to internationalise Indian Rupee for trade: SBI
The State Bank of India (SBI) on Monday said that the current Russia-Ukraine crisis and the subsequent decoupling of Russia from the global economy is an opportunity for the internalization of the Indian Rupee (INR). Even though the US Dollar will continue to be the denomination of global trade, an alternative settlement mechanism for international payments can boost the trade between select countries in the INR.
Ukraine conflict spreads panic waves through world of commodities
Commodity prices were already on a steady rise in 2021 and early 2022 thanks to the loose monetary policies several leading countries adopted during the Covid-19 pandemic. However, the Ukraine–Russia conflict that broke out on February 24 has spread panic waves through the world of commodities and resulted in an all-out commodity price shock globally.
RBI banned Paytm Payments Bank from taking new customers as it was leaking data to Chinese firms: Report
The Paytm Payments Bank Limited (PPBL) has been barred from onboarding new customers by the RBI as it allowed data to flow into servers of Chinese-based entities. This violation was found by the RBI during an annual inspection, as per a report by Live Mint. The PPBL also failed to properly verify its customers, the report further says.
US restaurant chain sues Google for directing customers away
The Florida-based restaurant group called Left Field Holdings, that runs Lime Fresh Mexican Grill franchises, alleged in the lawsuit that Google employs "bait-and-switch" tactics by placing its "Order Online" button at the top of restaurants' profile panels on the search engine, reports Ars Technica. The large blue button redirects users to a food.google.com page where they can select items from a restaurant's menu and then place an order through a variety of food delivery companies.
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