Digital Financial News

Amit Shah on Tuesday said that from «need to know» to «duty to share» is the need of the hour for developing a resilient cyber infrastructure as India accounts for 46% of world's digital transactions. Addressing the gathering at the first foundation day of Indian Cyber Crime Coordination Centre (I4C), he said cybersecurity is an integral part of national security. Cybercrime has no boundaries, he said, and hence, it is imperative that all stakeholders come together to deal with the menace. The home minister said the government is planning to train 5,000 cyber commandos over the next five years to deal with cybercrimes in India.

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Air India Express, which is set to complete the merger of AIX Connect with itself next month, will phase out business class seats in its aircraft in 2025, according to a senior airline official. Currently, the carrier, part of Tata Group, has a fleet of 85 aircraft — 25 A320 family planes and 60 Boeing 737s. By year-end, the total number is expected to be around 100. The airline has 34 white tail Boeing 737-8 aircraft and out of them, 29 have business class seats of varying numbers. Their count will rise to 50 by the end of this year. Generally, white tail planes are those that were originally manufactured for a particular airline and later taken by another airline.

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Volkswagen gave IG Metall notice on Tuesday it was scrapping a range of labour agreements including a guarantee of jobs until 2029 at six German plants, the union said. Europe's top carmaker is cancelling the decades-old employment guarantees as part of cost-cutting drive that has triggered a showdown with workers as Volkswagen struggles to compete against cheaper Asian rivals. «These cancellations arrived seconds ago,» IG Metall said in an emailed statement.

Under this collaboration, IBM and L&T Semiconductor Technologies said they anticipate focusing on innovation, functionality, and performance to enable reliable, secure, and scalable compute for a range of applications. They said this work would be supportive of India’s ambition to create semiconductor technologies that are competitive in the global market. “This is one of the most exciting times in the history of technology, specifically India's semiconductor tech ecosystem. Semiconductors are changing how all industries operate and reimagining how conventional architecture is being designed and used. The goal of our work with IBM is to harness our cutting-edge semiconductor design technology and IBM’s advanced processors to forge next-gen technology products,” Sandeep Kumar, CEO, L&T Semiconductor Technologies said in a statement.

Hindustan Unilever (HUL) which comes with a large market share as it assesses the prospects of its ice-cream business. HUL sells ice-cream brands such as Kwality Wall's, Cornetto and Magnum. The companies eyeing HUL's business expect the consumer goods market leader would not just spin off the business but also eventually sell it, ET has reported. RJ Corp that operates quick-service chains KFC and Pizza Hut, handles bottling for PepsiCo and sells the Cream Bell ice-cream, the MMG Group which runs McDonald's in North and East India and is also a franchise bottler for Coca-Cola, as well as the local unit of Nestle SA are among the companies open to evaluating HUL's ice-cream business, depending on the independent committee's decision, as per an ET report based on information from people familiar with the matter. On Friday, the company said it was setting up an independent committee to evaluate «the way forward» for the ice-cream business.

Competition Comission of India on Tuesday announced that it had approved the merger of Tata Motor Finance with Tata Capital. The merger, announced in June, will see Tata Capital issue its equity shares to the shareholders of Tata Motor Finance resulting in Tata Motors effectively holding a 4.7% stake in the merged entity. «CCI approves the proposed merger of Tata Motors Finance Limited with and into Tata Capital Limited,» the industry body posted on X. In a filing to the exchanges on June 4, Tata Motors said that the Board of Directors of Tata Motors, Tata Capital and Tata Motors Finance have approved a merger of Tata Motor Finance with Tata Capital through an NCLT scheme of arrangement.

Honda Motorcycle & Scooter India is looking to enter the electric vehicle segment this fiscal and eyes one-third of its overall sales to accrue from the segment by 2030. Speaking to reporters on the sidelines of 64th SIAM annual session here, HMSI Director (Sales and Marketing) Yogesh Mathur said the company will be entering the EV segment this fiscal. He noted that the contribution of electric two-wheelers in overall two-wheeler sales was continuing to grow. «And what we understand is that by 2030 there will be a major shift towards EVs and we have announced that by 2030 in our lineup also..one-third at least will be coming only from EV models,» Mathur said.

DoT) has simplified the approval process for issuance of experimental and demonstration licenses with introduction of fixed timelines. Further, companies will be able to get approvals for license-exempt wireless devices on a self-certification basis. The changes are part of DoT’s efforts to enhance ease of doing business in the telecom sector with an aim to reduce delays and simplify regulatory requirements. The changes have been incorporated based on the recommendations of Telecom Regulatory Authority of India (Trai). As per the latest rules, for experimental licenses (radiating category), the license will be deemed issued after 30 days of application if no decision is conveyed for cases where no inter-ministerial consultation is needed. In cases requiring inter-ministerial consultation, the DoT will seek comments within seven days of receiving a complete application. If no comments are received, a provisional license will be granted after 60 days, which will be converted to a regular license after 90 days, provided there are no adverse comments.

OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group's second consecutive downward revision. The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024, down from growth of 2.11 million bpd it expected last month. There is a wider than usual split between forecasters on the strength of oil demand growth in 2024, partly due to differences over China and more broadly over the pace of the world's transition to cleaner fuels. The reduction still leaves OPEC at the top end of industry estimates.

Ukraine conflict cannot be resolved on the battlefield, External Affairs Minister S Jaishankar said on Tuesday that Russia and Ukraine have to negotiate, and if they want advice, India is always willing to give. Jaishankar made the comments while responding to questions at the Annual Ambassadors' Conference of the German Foreign Office in Berlin, a day after he held a «useful conversation» with his Russian counterpart Sergey Lavrov on the margins of the India-Gulf Cooperation Council (GCC) foreign ministers' meeting in the Saudi capital. «We don't think this conflict is going to be resolved on the battlefield. At some stage, there's going to be some negotiation. When there is a negotiation, the main parties — Russia and Ukraine — have to be at that negotiation,» he said. Recalling Prime Minister Narendra Modi's visits to Russia and Ukraine, he said that the Indian leader has said in Moscow and Kyiv that this is not an era of war.

SIP contribution crossed Rs 23,000 crore mark for the second consecutive month in August and stood at Rs 23,547 crore against Rs 23,332 crore in July.

EU antitrust chief Margrethe Vestager scored two major wins on Tuesday as Europe's top court backed her crackdown against Apple's Irish tax deal and Google's anti-competitive practices in two landmark cases.

low-carbon transition can create potential distortions and trade tensions, the World Trade Organization (WTO) has said.

Adani Airports Holdings Ltd, the Adani group firm that operates seven airports in the country, has launched 'aviio' digital platform to provide passengers real-time data on variety of airport accesses — from wait times to gate change and bags on belt. Aviio aspires to bring the aviation community together to collaborate and serve passengers better, a top official said.

Here is our weekly collection of digital asset listing and delisting, trading pair-related announcements by crypto exchanges that we found last week and today.

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wealth management in India to tackle the intensely competitive environment, ET has reported based on information from sources.

plasma bubbles ever recorded, covering regions as far apart as the Egyptian pyramids and the Midway Islands. These bubbles, which interfere with satellite communications and GPS, were detected using the Low Latitude Long Range Ionospheric Radar (LARID), a new radar system developed by the Institute of Geology and Geophysics under the Chinese Academy of Sciences. The detection, caused by a solar storm in November, spans from North Africa to the central Pacific Ocean.