Digital Financial News

China will back firms in the smart vehicle supply chain to form groups dedicated to spreading innovation, state media said on Monday, as it races to hammer out standards for assisted and autonomous driving functions by 2025. The world's largest auto market, which set the target for such standards in July, has made so-called intelligent connected vehicles (ICVs) a long-term strategic focus in a drive to become the leading global player in the still nascent industry.

DTR), a 10-month-old decentralised finance startup founded by former SoftBank top executive Akshay Naheta, on Monday announced the launch of its UAE dirham-backed stablecoin, DRAM. In an interaction with ET, Naheta said that the aim of issuing a dirham-backed stablecoin was to establish a foothold in the $130 billion market, which is currently dominated by US dollar-backed stablecoins.

Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd. says the verticals which are getting demerged now would provide opportunity to the lenders to take control of such verticals immediately, as a result of which, further unlocking of values can happen including sale of some of the verticals, which would probably satisfy the creditors or the lenders who have given money to them What is your first take on Vedanta because the stock has been reeling under pressure very near to its 52-week low on the concerns of the debt level? Do you believe the restructuring and demerger into six different separate listed entities will help Vedanta garner investor interest of investors, how are you looking at it? Let us look at it from different perspectives; the first perspective is from the creditors who have lent to this group. At the current level, they probably want to see the securitization of assets, currently in the existing structure because all the assets are merged into one and because the resultant structure which is a pyramid structure, is getting created. It becomes impossible for the creditors to take a view on the subject and as a result, more comfortable when the individual vertical is demerged.

Varun Goel, Head- Equity AIF, Nippon India MF, says “that the wires and cables and the building material companies are riding the real estate growth spurt which may continue for the next few years. As such, the growth will definitely be strong though the valuations in some of these names have run up, especially on the wires and cables and some of the ancillary space. One needs to be a little careful in terms of incremental buying from this point onwards.” What is your take on the home improvement theme? A lot of those stocks are doing well, whether it is consumer durables or whether it is the specialized names or the cable companies. How do you justify the valuations? Our sense is that we are looking at a revival in the residential real estate cycle.

Sunil Subramaniam, MD & CEO, Sundaram Mutual, says from an economic news perspective, I do not see any surprises. We are in a festival season and this time we have a slightly elongated festival season with Diwali coming in around mid-November. That is good news from the consumer section, consumer durables and auto and housing sectors and that is good news for the markets. At the same time, the state assembly elections in key Hindi belt states will provide a little bit of a clue in terms of the next coming parliamentary election. While they will not have a significant impact because voters behave differently in parliament, the markets will be a bit sensitive if those elections do not go the way of the ruling party at the Centre. What is your view on the market? Right now we were cruising around that 20,000 mark headed for higher levels and then suddenly back to 19,500? Yes, it is just a reflection of stuff happening outside India in terms of oil prices strengthening as well as the US Fed being hawkish in terms of the interest rate outlook and their actions. These two tended to be a bit negative for emerging market flows and India especially is very sensitive to oil. We import 85% of our crude and hence any movement trend around oil makes a big impact.

The global cryptocurrency exchange platform market is poised for substantial growth, with projections indicating a rise from $45 billion in 2023 to $110.12 billion by 2028. This represents a Compound Annual Growth Rate (CAGR) of 16.08% over the period from 2022 to 2028, according to the «Cryptocurrency Exchange Platform Market — Global Outlook & Forecast 2023-2028» report by ResearchAndMarkets.com.

Key Takeaways

Citi Treasury and Trade Solutions (TTS) has launched its new digital asset service, Citi Token Services, aimed at enhancing cash management and trade finance for institutional clients. This innovative service leverages blockchain and smart contract technologies, integrating tokenized deposits and smart contracts into Citi's expansive global network.

Rosbank, one of Russia’s biggest banks, has spent around $1.6 million on digital ruble integration – despite the fact that the CBDC pilot is less than two months old.

Dunzo, cofounder Dalvir Suri is leaving the embattled instant delivery startup, according to multiple people aware of the matter. His departure comes after discussions on the issue with cofounder and chief executive Kabeer Biswas over the last couple of months at least, they added. In recent weeks, Suri — who joined the Bengaluru startup as a cofounder six years ago — was closely involved in the company’s business-to-business delivery arm, Dunzo Merchant Services (DMS). The vertical had emerged as Dunzo’s core business driver as it scaled down consumer-facing operations across the seven geographies it was earlier present in.

Over the past few months, the company has been changing its user acquisition model to focus mainly on credit-worthy customers as it seeks to double down on the credit card and personal loan business, at least four people aware of the matter told ET.

Akash Tripathi is set to take over as CEO of the India Semiconductor Mission (ISM) from October 9, official sources said. The addition to his portfolio of duties was notified by the ministry of electronics and IT on September 22.

Google's generative AI chatbot and ChatGPT rival Bard might get a new «Memory» feature that will remember important details about you and your preferences, media report said. According to an early version of Bard's UI viewed by 9to5Google, the feature will let the AI chatbot keep track of specific details you share with it and use them to improve future results.

Click here! Sebi rules mandate every listed firm to maintain a list of thresholds, above which any news would be considered a material development. For example, any acquisition worth over ₹ 100 crore, or a plant shutdown if the facility contributes 10% or more to the company’s revenues.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com .

Blockchain-based financial instruments called crypto synthetic assets imitate the value and behavior of actual assets or financial instruments.

Defence Minister Rajnath Singh said on Sunday while underlining the need for effective utilisation of financial resources by the three services. Singh made the remarks after launching several digital initiatives of the Defence Accounts Department (DAD) during its 276th annual day celebrations at Delhi Cantonment. Describing the DAD as the «guardian of defence finance», he emphasised the need to bolster the internal vigilance mechanism so that any suspicious activity can be detected and reviewed immediately.

For the uninitiated a cryptocurrency is a decentralised form of virtual asset based on a network scattered across a huge network of computers outside the control of the central government or authorities. Over the past decade or so, while the process has been slow, retail investors and institutions are slowly waking up to the positive aspects of cryptocurrency and are exploring ways to harness its benefits. The latest Chainalysis’ report, ‘Global Crypto Adoption Index 2023’, ranks India first amongst 154 nations in grassroots crypto adoption or the extent to which ordinary people in a country are adopting cryptocurrency for utilization in daily life.

Apple on Saturday said it has identified a few issues which can cause new iPhones to run warmer than expected, including a bug in the iOS 17 software which will be fixed in an upcoming update. After complaints that the new phones are getting very warm, Apple has said that the device may feel warmer in the first few days «after setting up or restoring the device because of increased background activity.»

The increasing number of job seekers reflects their concerns about the GST’s potential effects on their future. Experts from over half-a-dozen staffing firms told ET that this trend has become particularly pronounced in recent weeks.

Walmart corporate staff are getting new titles and pay packages in the coming weeks to manage labor costs and simplify the structure of the company's workforce, the Wall Street Journal reported on Saturday. Starting in November, many corporate workers at Walmart and Sam's Club, its warehouse chain, will be reclassified into fewer groups of possible titles and pay.