Several exchanges are facing a cash crunch with committed investment not coming from venture capital funds and trading activity seeing a sharp decline, reports Rajesh Bhayani.
India's exports may have touched an all-time high of $422 billion in 2021-22 but recession in key western markets and geo-political crisis due to the Russia-Ukraine war are expected to impact the growth of the country's outbound shipments in 2023. All the global trade promoting factors like political stability, movement of goods, adequate availability of containers and shipping lines, demand, stable currency and smooth banking systems are in disarray. Adding to the woes, COVID cases have again started rising in countries like China, Japan, South Korea and the US.
About 300 fintech firms are under investigation by the ED for allegedly partnering 38 non-banking financial companies for predatory lending practices to charge borrowers high interest rates.
If you are a budding developer and interested in Web3, chances are that you will be headed to one of India's largest-ever meetings of Web3 developers, being held by Polygon, a Web3 platform. The company's ongoing "Web3: Made in India Tour" is expected to see close to 4,000 developers coming together at the inaugural Polygon Connect event in Bengaluru on December 1. The event highlights the growing dominance of Web3 developers from India, as well as the sector's rising interest to investors, who continue to invest in startups despite a funds crunch.
Security agencies on Tuesday identified the terrorists they believed were behind the civilian killings in Srinagar last week, and the attackers included their 25-year-old kingpin Basit Ahmed Dar, a resident of Kulgam in South Kashmir, officials said.
A round-up of Ranji matches played on Sunday
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
Choosing the right wallet is crucial, alerts Bindisha Sarang.
'The markets have corrected almost 8-9 per cent from their highs, so one can accumulate quality stocks at reasonable prices.'
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
Similarly, FDI from Cyprus too increased by about three-times to $879 million in the last financial year from $296 million in 2018-19.
A woman has miraculously survived the accident.
Timely, proactive, and graded strategy initiatives for effective coronavirus infection management in the country, led by the Centre and implemented by the states and Union Territories, have ensured that the actual COVID-19 caseload remains manageable.
Addressing a press briefing, health ministry Joint Secretary Lav Agarwal said currently there are no approved therapies for COVID-19 and there is not enough evidence to claim that plasma therapy can be used for treatment of the disease.
In the 66th year of the Indian Republic, eight people died of cold every night in the nation's capital.
Near-term movements of INR will continue to be shaped by the capital flows situation, which in turn will be influenced by developments in Europe.
'In the short term, we may see some disruptions due to Covid, but in the medium-to-long term, we should keep an eye on US inflation and 10-year bond yields.'
While a coordinated aggressive monetary easing from the central banks is most likely to offer some respite in the near-term, it is unlikely to improve the sentiments.
Bitcoin has been on fire ever since Musk announced that Tesla had bought $1.5 billion of the cryptocurrency, and that his electric-vehicle company would accept bitcoin from buyers.
Bengal snatched an exciting one wicket win against Tamil Nadu to earn six points in a Ranji Trophy Group B match at the M A Chidambaram stadium in Chennai on Saturday.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
At stumps on the penultimate day, Karnataka skipper R Vinay Kumar (19) and Shreyas Gopal (1) were batting at the Eden Gardens.
Karnataka pacer Abhimanyu Mithun picked a five-wicket haul in their Group B match against UP. While Delhi's Ricky Bhui put his team in a good position against Andhra. A round-up of Day 2 of the Ranji Trophy matches played on Wednesday.
Average salary has grown faster than average business income for three of the last five years. This has implications in a country like India. Most people in India are self-employed, with 51.4% of the population falling in that bracket.
With these states imposing lockdowns anew, the health ministry emphasised that the restrictions should be utilised to focus on containment, surveillance and testing in the containment and buffer zones as the key strategy for early detection of cases and fatality management.
'Investors should reduce cash gradually and look for value investing.'
A round-up of Ranji matches played on Monday
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
What stocks will gain from a normal monsoon?
Even as rising crude oil prices, trade war fears and a sliding rupee cast a shadow on market sentiment, Nischal Maheshwari, chief executive officer for institutional equities and advisory at Centrum Broking, tells Puneet Wadhwa that in the next one year, the outcome of the 2019 general election is a bigger challenge for the market.
Punjab seamer Siddarth Kaul returned with an impressive six-wicket haul to dismiss Delhi for 107 in their first innings on the opening day of the Ranji Trophy Group B match.
Kerala hit back to reduce Gujarat to 97 for 4 after being bowled out for 185 on the opening day of the Ranji Trophy quarter-finals.
Close on the heels of Parveez Rasool's selection in the Indian team for the Zimbabwe tour, another Jammu and Kashmir cricketer Shubham Khajuria was on Wednesday selected in the India Under-19 squad for the tour of Sri Lanka.
Mumbai opener Prithvi Shaw, who had played his first game in first class cricket after serving a eight-month ban for doping, smashed a quick 66 off 62 balls against Baroda. A round-up of Day 1 of the Ranji Trophy matches played on Monday.
Former captain Vinay Kumar hit an unbeaten 83 and shared a crucial 97-run stand for the last wicket Ronit More (10) to help Karnataka take a 39-run first innings lead against Rajasthan in the Ranji Trophy quarterfinal, in Bengaluru, on Wednesday.
Vidarbha piled up a mammoth 511 in their first essay and then reduced Mumbai to 169 for six on the second day of their Elite Group A Ranji Trophy Game in Nagpur on Monday.
'He is like a pillar and the whole team bats around him.' 'In today's world, everyone likes to play their strokes while Pujara is someone who will tire out the bowlers.' 'If you have one batsman who can play out the new ball or play out a spell from a good bowler, then it helps the whole team, it helps the other batsmen.'
A round-up of Ranji matches played on Sunday
EM asset classes could rally if the pace of US Federal Reserve rate increases moderates.
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