The Indian stock indices went up on Thursday with the BSE Sensex gaining 1,041.47 points and the NSE Nifty 287.80 points.
The Sensex closed at 56,857.79 points while the broader Nifty closed at 16,929.60 points.
On Wednesday, the BSE Sensex had closed at 55,816.32 points and the NSE Nifty at 16,641.80 points.
The gainers on the bourses were largely finance, banks and software companies.
Experts are of the view that the rally in the Indian bourses is owing to the less hawkish tone of US Federal Reserve Chairman on future hikes in the policy rates.
"US Fed hiked the policy rates by 75 bps which was on expected lines and largely factored in by the market. Moreover, the tone of Fed's chairman was less hawkish compared to previous statement which receded some fears and uplifted the sentiments," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said.
According to him, in the future, the rate hikes would be more data driven and would be determined by the behaviour of inflation.
Khemka pointed out the US Fed Chairman ruling out US recession possibility also at this juncture.
"We expect it to have positive rub off on the RBI MPC (Reserve Bank of India, Monetary Policy Committee) where the latter might slow down its aggression and hike rates by 25bps in its next MPC," he added.
Indian short-form apps are expected to double their monthly active user base to 600 million (67 percent of all smartphone users) by 2025 and have a monetisation opportunity of $19 billion by 2030, a new report has shown.
Indians now spend close to 156 minutes per day viewing entertainment content on their smartphones. In fact, on average, an Indian user consumes close to 38 minutes of short-form content each day.
According to the report by Bengaluru-based Redseer Strategy Consultants, the next wave of internet growth is likely to come from tier 2 cities and beyond, regions that have a higher propensity to view short form videos.
Additionally, rapidly improving the quality of content and algorithms for Indian short-form apps is another significant driver of growth.
The short-form app market is dominated by Moj, Josh, Roposo, MX TakaTak and Chingari, among others.
"Indian short-form apps are witnessing phenomenal growth as compared to other established platforms, this can be attributed to their low decision fatigue, language localisation, recommendations, genre variety and local creator influence," said Mohit Rana, a partner at Redseer.
The Indian apps are now poised to start monetising their large and engaged user base through advertising, video commerce and to a lesser extent, gifting.
The report said that by 2030, short-form can take close to 10-20 percent of the overall digital ad pie.
"Further, video-led commerce in short-form apps is another big opportunity, and China is a testimony to this given that in the last 4 years alone, video-led commerce in China grew 100 times," the report mentioned.
Despite posting $270 million net loss in its second quarter (Q2) this year, Twitter has reached 237.8 million users which is a significant growth amid the controversial Elon Musk takeover.
The micro-blogging platform, locked in a battle with the Tesla CEO over the presence of bots/spam accounts on its platform, said it now has 237.8 million monetisable daily active usage (mDAU), up 16.6 per cent compared to Q2 of the prior year.
"The increase was driven by ongoing product improvements and global conversation around current events," the company said late on Friday.
Average US mDAU was 41.5 million for Q2, up 14.7 per cent compared to Q2 of the prior year.
"Average international mDAU was 196.3 million for Q2, up 17.0 per cent compared to Q2 of the prior year," said the company.
Twitter defines mDAU as people, organisations, or other accounts who logged in or were otherwise authenticated and accessed Twitter on any given day through twitter.com, Twitter applications that are able to show ads, or paid Twitter products, including subscriptions.
When Musk scrapped the $44 billion Twitter acquisition deal, the micro-blogging platform revealed that it is suspending more than 1 million spam accounts a day.
The one million figure includes accounts that are weeded out as they attempt to join the platform and therefore are never counted as daily users.
The new figure represented a doubling of its previous update.
Agrawal had said in May that spam account suspensions were running at 500,000 a day.
Twitter has stated consistently in its quarterly results since 2014 that it estimates its spam account problem to represent less than 5 per cent of its daily active users, a figure Musk never believed.
The Musk-Twitter battle has now reached the court, with a US court ordering the trial to begin in October.
The trial will run for five days -- longer than Twitter asked for but shorter than Musk did. The exact dates have not yet been scheduled.
Leading cryptocurrency exchange Blockchain.com has laid off 25 per cent of its workforce, nearly 150 employees, amid the global economic meltdown.
The digital assets trading firm said it will shut its Argentina-based offices and halt its expansion plans globally, reports CoinDesk.
Severance benefits ranging from four weeks to 12 weeks will be offered to those who are laid off, said the crypto platform.
The company, which recently disclosed a $270 million shortfall from lending from now-bankrupt hedge fund Three Arrows Capital, said the decision to cut the workforce is taken amid "harsh bear market conditions and the need to absorb financial losses".
Nearly 44 per cent of the sacked employees are in Argentina, 26 per cent in the US, 16 per cent in the UK and the rest in other countries.
Blockchain.com is also downsizing its institutional lending business, halting all mergers and acquisitions and placing a pause on efforts to expand gaming and non-fungible token (NFT) marketplace.
Several crypto exchanges and lending platforms have downsized their workforce in recent months.
After terminating nearly 10 per cent of staff some time back owing to "turbulent market conditions'", crypto exchange Gemini earlier this week laid off more employees in the second round of layoffs.
Gemini is likely to lay off more employees in the next rounds.
Last week, non-fungible token (NFT) marketplace OpenSea's co-founder and CEO Devin Finzer announced that the platform is laying off about 20 per cent of its total employees.
Cryptocurrency lending company Celsius Network, which recently laid off 150 employees, has filed for bankruptcy in the US amid extreme market conditions.
The bankruptcy came as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown.
Last month, cryptocurrency exchange Vauld, which has frozen all activities on its platform, decided to reduce its headcount by about 30 per cent.
Aviation traffic in the country is growing continuously, with DGCA data showing that passengers carried by domestic airlines grew 66.73 per cent from 343.37 lakh to 572.49 lakh in the January to June period.
The Directorate General of Civil Aviation data said that this also shows a monthly growth of 237.65 per cent.
The passenger load factor (PLF) or occupancy rates for IndiGo was 78.6 per cent, 84.1 per cent for SpiceJet, 83.8 per cent for Vistara, 75.4 per cent for Air India, 75.8 per cent for Air Asia, 78.7 per cent for GoFirst, 66.9 per cent for Alliance Air, 54.2 per cent for Fly Big, and 81.8 per cent for Star Air in June.
The DGCA's June report said that the overall cancellation rate of the scheduled domestic airlines for the month has been recorded at 0.59 per cent.
IndiGo had the largest market share in the April-June period at 56.3 per cent, followed by Go First at 10.4 per cent, SpiceJet at 9.7 per cent, Vistara at A8.9 per cent, and Air India at 7.5 per cent.
As per the data, a total of 570 complaints were received by domestic airlines in June. "The number of complaints per 10,000 passengers carried for the month of June 2022 has been around 0.54," the report added. The highest number of complaints was received by Alliance Air, and the least by Vistara.
Tech giant Apple has released iOS 15.6 and iPadOS 15.6 that bring new live sports features, storage bug fixes and more.
The iOS 15.6 and iPadOS 15.6 can be downloaded for free and the software is available on all eligible devices over-the-air in the Settings app. To access the new software, go to Settings, General, then Software Update, reports MacRumors.
As Apple is wrapping up development on the iOS 15 and iPadOS 15 operating systems, iOS 15.6 is minor in scale and introduces a handful of new features and bug fixes.
The update includes an option to restart, pause, rewind, and fast-forward a live sports game that's in progress, plus it addresses an issue that could cause the Settings app to continue to display that device storage is full even when it's not.
The new iOS 15.6 update includes enhancements, bug fixes and security updates. It allows the TV app the option to restart a live sports game already in-progress and pause, rewind, or fast-forward.
It also fixes an issue where Settings may continue to display that device storage is full even if it is available.
The report mentioned that some features may not be available for all regions or on all Apple devices.
Meta-owned photo-sharing platform Instagram has announced that it will allow shoppers in the US to be able to pay for products directly in messages.
The company said it wants to help people start conversations with businesses they care about and help them find and buy products they love in an easy, seamless experience, right from the chat thread.
"We are introducing a new way to make a purchase on Instagram -- right where you chat," the company said in a blogpost.
"Finally, you will be able to use Meta Pay to complete purchases, making checkout even easier in just a few taps," it added.
Using this new feature, small business owners will be able to chat with customers in real-time to answer questions and confirm purchase details.
They can create a payment request with item description and price and request and collect payment.
And when businesses are ready to set up their digital storefront, they can use Shops on Instagram and Facebook, the company said.
A total of 7,813 complaints have been received against banks and NBFCs pertaining to digital lending apps and recovery agents under the Integrated Ombudsman Scheme of RBI during the period April 1, 2021 to March 3, this year.
Most of the complaints pertain to lending apps promoted by entities not regulated by the RBI such as companies other than NBFCs, unincorporated bodies and individuals.
Major concerns raised in such complaints were issues of exorbitant interest and charges levied by digital lending apps, and harassment of customers for loan repayments.
In a reply to a question in Lok Sabha on Monday, the Finance ministry said that RBI had cautioned the general public not to fall prey to unscrupulous activities of unauthorised digital lending platforms/ Mobile Apps and verify the antecedents of the company offering such loans.
The RBI has also issued advisories to state governments to keep a check on unauthorised digital lending platforms/ mobile apps through their respective law enforcement agencies.
The RBI has constituted a Working Group on digital lending including lending through online platforms and mobile apps, to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players.
The thrust of the report has been on enhancing customer protection and making the digital lending ecosystem safe and sound while encouraging innovation.
The Reserve Bank of India (RBI) has introduced "The Reserve Bank - Integrated Ombudsman Scheme, 2021" wherein complaints against Banks and Non-Banking Financial Companies (NBFCs) regarding digital lending can be lodged. Under the said scheme, the Ombudsman shall have power to pass an award for any consequential loss suffered by complainant up to Rs 20 lakh, in addition to, up to Rs 1 lakh for the loss of the complainant's time, expenses incurred and for harassment/mental anguish suffered by the complainant.
The Indian rupee will trade between Rs 79.50-Rs 80.50 against the US dollar next week, a senior official of LKP Securities said on Friday.
On Friday during the early trade, the Indian rupee gained seven paise to touch Rs 79.92 for a dollar.
According to Jateen Trivedi, Vice President, and Research Analyst at LKP Securities, the rupee range can be seen between 79.50-80.50 for the coming week.
"Rupee traded in a range between 79.80 and 79.98. As the dollar index is traded in a range, broadly the trend for dollar is positive till the time it is above $105... next hurdle for a dollar can be seen around $110, hence rupee can be seen as weak... the trend continues towards 80.50," Trivedi said.
He said the Rs 79.25 mark will act as resistance for the rupee and a break above Rs 79.25 will trigger short covering for the rupee.
Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has now filed for bankruptcy in the US amid extreme market conditions.
The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders.
Celsius said late on Wednesday that it has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process.
The platform, which last month paused all withdrawals, was last valued at $3.25 billion.
"Without a pause, the acceleration of withdrawals would have allowed certain customers -- those who were first to act -- to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery," said the company.
Alex Mashinsky, Co-Founder and CEO, Celsius, said that this is the right decision for its community and company.
"I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he said.
Meanwhile, the founders of another bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts.
The mega fund, founded by Credit Suisse traders Zhu Su and Kyle Davies, once managed an estimated $10 billion in assets.
The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors.
The bankruptcy came as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown.
3AC defaulted on a more than $650 million loan provided by crypto broker Voyager Digital, which has also filed for bankruptcy.
Chennai, July 12 (IANS) India's external debt of $620.7 billion need not be a concern as $490 billion is non-government and the share of government is only $130.8 billion, said experts.
According to the Reserve Bank of India (RBI), India's provisional external debt was put at $620.7 billion at the end of March 2022.
The non-government debt was $490 billion of which the share of non-financial corporations was about $250.2 billion.
Further, the total debt of $620.7 billion as a percentage of gross domestic product (GDP) was 19.9 per cent and the debt service ratio was 5.2 per cent.
Experts also said India cannot be compared with Sri Lanka which is in a severe economic crisis.
The share of the central government in short term debt - maturing in a year's time - is only $7.7 billion out of the total $267 billion.