Paytm raises $300 million from Berkshire Hathaway
One97 Communications Ltd, the parent company of Paytm, has raised $300 million from Warren Buffett's Berkshire Hathaway Inc., according to regulatory documents, as reported by Mint. This will be Berkshire Hathaway's first investment in the country's startup ecosystem. This is being considered a boost for India's startup industry.
GST Council meet: National cess to help calamity-hit states on agendaThe Goods and Services Tax Council will reportedly consider an additional cess for a limited period of time when it meets on Friday. Funds raised from the cess are meant to be utilised for rehabilitation works going on states ravaged by natural calamities in the past few months. Earlier this month, Kerala Finance Minister Thomas Issac had met Union Finance Minister Arun Jaitley, demanding a 10 per cent cess on State Goods and Services Tax (SGST) on all commodities consumed in the state. The proceeds were to be utilised for rebuilding the flood-ravaged state.
India's IMPS rated best payments service in the world
India's real-time money transfer platform IMPS (Immediate Payment Service) has been rated the best global payments innovation by US-based research firm FIS (Fidelity National Information Services). In its fifth annual Flavors of Fast report, FIS identified 40 active real-time payment programs around the world. IMPS was adjudged the best fin-tech innovation, beating payment services from countries like US and China. IMPS took home the highest 5 rating for the second year in a row
Walmart to invest Rs 180 crore for farmer support
Walmart Foundation on Thursday announced that it will invest about Rs 180 crore ($25 million) to improve farmers' livelihoods in the country over the next five years. Separately, Walmart India is also planning to grow its direct sourcing from farmers to 25 percent of produce sold in its Best Price cash and carry stores over the same period, to accelerate market access improvements and cut transportation costs for producers
India will replace Japan to become the world's 3rd biggest economy by 2030
India will overtake Japan to become the world's third-biggest economy by 2030, according to a recent report by the HSBC Holdings Plc, which conducted a study of total 75 nations to understand global growth. China will clinch the top spot from the United States to become the world's largest economy at $26 trillion, way higher than the $14.1 trillion economy it is today, the study found.
Solar-powered Cochin International Airport wins UN environment award
Cochin International Airport Limited (CIAL), the first fully solar-powered airport in the world, has won the UN environment award for Entrepreneurial Vision. The first greenfield airport to be built under public private partnership got the award for using sustainable energy. Today, the capacity of CIAL is 29.5 megawatts of solar energy, providing 120,000 units of power every day
US regulator sues Musk for fraud, seeks to remove him from Tesla
The US Securities and Exchange Commission on Thursday accused Tesla Inc Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month. According to Reuters, the Department of Justice, which has the authority to press criminal charges, has also questioned the company about Musk's tweets, the company said this month. Tesla shares tumbled 12 percent in after-hours trading.
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