Platform Financial News

Revenue secretary Sanjay Malhotra Wednesday said government decision to impose a 28% tax on funds that online gaming companies collect from their customers will not need further consultation and an early review is unlikely, reported Reuters. Shares of casino operator Delta Corp and other online gaming companies plunged in Wednesday's trade after government, late Tuesday, announced to impose a 28% tax on fund that online gaming companies collect from their customers.

Take Google and Facebook. The two aggregate and distribute news and content that others create, and directly or indirectly monetise the resulting traffic, while the publisher gets little or inadequate share. This lopsided system has sparked a debate worldwide on whether and how revenue should be shared between the original producers and distributors of content.

GST) Council to impose a 28% tax on the entire entry fee rather than just the platform fee. Industry associations and companies argue that this move will not only restrict cash flow, but also diminish players’ motivation to participate on legitimate sites, driving them towards illegal offshore betting companies. An analysis by Mint reveals that while the tax on the entire entry fee may not directly impact the companies’ revenue from platform fees, it will lead to a smaller pool size and, subsequently, fewer players.

Bharti Airtel has bought an additional 20.6% stake in Bengaluru-based technology startup Lavelle Networks, taking its holding to 45.6%. The company did not share financial details of the deal. In January last year, Airtel acquired around 25% equity stake in Lavelle Networks. «Agreement has been entered for acquisition of additional 20.6% stake on the basis of price determined by the valuation report. The said valuation has not been disclosed due to the reasons of confidentiality,» Airtel said in a regulatory filing Wednesday. Founded in 2015, Lavelle Networks is a networking software startup that delivers next generation cloud powered technology to optimize, secure and manage enterprise branch networks. Airtel, through its startup accelerator program, aims to support growth of early-stage Indian tech startups and partner with them in building significant scale to achieve its vision.

₹11,567.44 crore and the highest-ever deliverable quantity of 33.8 million shares, indicating that investors and traders took delivery ahead of the record date on 13 July to be eligible for receiving the merged HDFC Bank shares. In addition to fresh buying, those holding derivatives positions on NSE would have also opted for delivery as all derivatives contracts remaining open by the end of trade on 12 July would result in compulsory delivery, given the attractive swap ratio, said analysts. This enabled the HDFC share to top the list of 25 most traded shares on Wednesday on the NSE.

Rarely has Goldman Sachs Group worked so hard to unimpress.

Nvidia will invest $50 million to speed up training of Recursion's artificial intelligence models for drug discovery, the companies said on Wednesday, sending the biotech firm's shares surging about 83%. Recursion, whose advisers include AI pioneer Yoshua Bengio, will use its biological and chemical datasets exceeding 23,000 terabytes to train AI models on Nvidia's cloud platform. Nvidia, seen as a big winner of the boom in artificial intelligence, could then license those models to biotech firms through BioNeMo, a generative AI cloud service for drug discovery that it rolled out earlier this year.

retailers are exploring entering the Open Network for Digital Commerce (ONDC), with around 50 of them looking to open storefronts on the government-backed ecommerce network that they expect will help them reduce cost and reach more consumers. A pan-India retailer association met top ONDC officials to understand how the platform works, and how they could be a part of it. Discussions are still in the early stages.

Netflix has made a significant acquisition at the Cannes Film Festival, securing the rights to the upcoming movie "May December" starring Natalie Portman and Julianne Moore. The streaming giant paid an impressive $11 million for the US rights to the film, set to premiere in December 2023. Directed by Oscar-nominee Todd Haynes («Far From Heaven,» «The Velvet Underground») and written by Samy Burch, the script for «May December» was featured on 2020's The Black List. This collaboration of acclaimed talent has already garnered attention and anticipation. «May December» premiered at the Cannes Film Festival and currently holds an impressive 89% rating on Rotten Tomatoes based on 35 critic reviews. The Independent described it as a character study enriched by exceptional performances from Portman and Moore, delving into realms untouched by more conventional dramas. The Times praised the film as a compelling exploration of Hollywood vanity, sadism in relationships, and the complexities of self-deception. The movie was filmed in Savannah, Georgia, over the course of October and November 2022, resulting in a runtime of 113 minutes. The location and duration contribute to the atmospheric storytelling envisioned by Haynes.

GST Council's decision to levy a 28% tax on online gaming is a huge blow to India's goal to become a USD 1 trillion digital economy by 2025, industry body IAMAI said on Wednesday. The Internet and Mobile Association of India (IAMAI), which represents internet based companies, said that the net effect of 28% GST (Goods and Services Tax) levy will result into around 1,000% increase in tax on the industry, cause irreversible damage to the USD 2.5 billion investments in the Indian online gaming startup ecosystem, and lead to a complete halt on any prospective foreign direct investment (FDI).

Fox News host Tucker Carlson gave Tate a platform during the two-and-a-half-hour-long interview that was uploaded on Twitter. Soon after the interview, which marked the debut episode of Carlson's new show, titled Tucker on Twitter, it garnered millions of views, sparking both outrage and criticism. In the interview, Tate said, while expressing gratitude to Putin, stating, "We should all give Putin credit for curing Covid.

Cathie Wood founded ARK Investment Management back in 2014. She chose the name «ARK» because it stands for Active Research Knowledge and also alludes to the Ark of the Covenant, as she is a devout Christian.

Billionaire venture capitalist Tim Draper is standing by his Bitcoin (BTC) price prediction of $250,000 per coin - but he’s pushed it forward to 2025.

Credit card usage has surged to a record, but what is driving it is not consumption, but the reward points and freebies associated with card spend that is driving it. Thanks to the mushrooming of fintechs, the gen-next is paying almost everything from house rent to groceries through their cards tied to some apps. Average monthly spending through credit cards has doubled in three years from Rs 60,000 crore a month in FY'19-20 to Rs 1.2 lakh crore a month in FY'22-23, the Reserve Bank of India data indicates.

Solana's native token, $SOL, is signaling positive market sentiment and has increased above the $18 price level. 

Amazon Prime Video on Wednesday announced a reality web series, Mission Start Ab, to showcase and support early-stage startups by putting them through a series of challenges resulting in scaling up of their businesses while also securing funding. “The series brings together three renowned investors who will search for India’s next unicorn, by putting 10 early-stage founders through a series of intense exercises and simulations that will test their entrepreneurial, management, communication and crises-management skills,” the company said in a news release.

funding, led by Iron Pillar. Other participating investors included Iora Health founder and former CEO Dr Rushika Fernandopulle, National Quality Forum former president and CEO Dr Christine Cassel, Aetna former board member Dr Molly Coye, Cigna former chief growth officer Sridhar Krishnan, and Perot Jain managing partner Anurag Jain. The capital infusion will be used to continue scaling the San Francisco- and Pune-headquartered startup's platform and hire talent.

Sorting out travel money often involves a mad dash to the currency exchange at the airport - or simply swallowing the astronomic prices charged by your debit card issuer.

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India's decision to impose a 28% tax on funds that online gaming companies collect from their customers, will not need further consultation and an early review is unlikely, the country's revenue secretary told local television channels on Wednesday. The government's decision, announced late on Tuesday, created an uproar in the $1.5 billion industry, with shares of casino operator Delta Corp and other online gaming firms plunging in Wednesday trade.

Iran’s president has begun a rare visit to Africa as his country under heavy U.S. economic sanctions seeks to deepen partnerships around the world