Month: November 2022

RBI authorises Tamilnad Mercantile Bank to undertake government business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Private sector lender Tamilnad Mercantile Bank (TMB) on Wednesday said it has been authorised by the Reserve Bank of India to undertake government business on behalf of the banking regulator.

An agreement in this connection was signed by the bank with RBI in Mumbai for appointing TMB as an ‘agency bank’ of RBI to undertake government agency business.

“On getting listed in the stock exchanges, Tamilnad Mercantile Bank Ltd is back to enrich our vision in expanding the network pan India with added features in the products and services,” the bank’s managing director and CEO S Krishnan said in a press release.

Also Read: RBI to launch the first pilot of retail digital Rupee on December 1

“It gives me immense pleasure in sharing this appointment by RBI to all our stakeholders,” he added.

TMB is one of the oldest private sector banks with a history of over 100 years, having been established in 1921 as Nadar Bank. The bank offers a wide range of services primarily to micro, small and medium enterprises, agricultural and retail customers.

The bank had reported 37.1 percent rise in net profit at Rs 262 crore for the July-September quarter for FY23 on growth in income and fall in bad loans. The bank had earned a net profit of Rs 191 crore for the last year’s period.

Also Read: CII urges RBI to moderate pace of interest rates hikes

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Canada v Morocco, FIFA World Cup 2022: The Voyageurs look to end Qatar sojourn on a high with a win over The Atlas Lions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Canada’s generational players who came together to take the nation to a FIFA World Cup finals for the first time in 36 years will bid farewell to FIFA World Cup 2022 after the team’s final Group F fixture against Morocco on Thursday.

Canada got a chance to be in Qatar as the team qualified for a FIFA World Cup finals since 1986 and the team held much promise. It looked like the players would live up to the expectations when they made the European powerhouse toil hard in their tournament opener. Although The Red Devils eventually scrapped their way to a 1-0 win thanks to goalkeeper Thibaut Courtois saving the penalty of Alphonso Davies and then Michy Batshshuayi scoring the winner. In their next outing against Croatia, Davies netted this World Cup’s quickest goal and for a while, it felt like Canada would pull off an upset win over the 2018 finalists. But the Luka Modric-led side bounced back from conceding an early goal to score four to round off a comfortable win.

Also Read: Red Devils face early exit as they take on 2018 Runners Up

Losses against Belgium and Croatia meant that Canada’s chances to progress to the next round ended as early after two matches. Now Canada have a chance to salvage pride and end their Qatar sojourn with a consolation win.

But Canada’s search for solace won’t come easy as they will be up against a buoyant Morocco. The North African nation has sprung surprises by first holding Croatia for a down and then drowning Belgium 2-0.

With only Canada’s fate decided ahead of the kick-off of the final round of matches in Group F, Morocco stand on the cusp of qualifying for the last 16.

Also Read: FIFA World Cup 2022 Points Table

Form Guide (last five matches)

Canada: L-L-W-D-L

Morocco: W-D-W-D-W

Head to head

Matches played: 3

Canada wins: 0

Draws: 1

Morocco wins: 2

Team News 

Canada team news

No injury concern for Canada.

Morocco team news

Morocco midfielder Abdessamad Ezzalzouli has been ruled out of this match following a hamstring injury.

Possible starting XIs

Canada possible starting XI

Formation (3-4-3)

Borjan, Miller, Vitória, Johnston, Davies, Eustáquio, Hutchinson, Hutchinson, Laryea, Hoilett, David, Buchanan

Morocco possible starting XI

Formation (4-1-4-1)

Bounou, Hakimi, Siass, Aguerd, Mazroui, Amrabat, Ziyesh, Ounahi, Amallah, Boufal, En-Nesyri

Betting odds (bet365)

Canada win: 5/2

Draw: 12/5

Morocco win: 11/10

Predictions

Morocco’s confidence from the matches against Croatia and Belgium should help them pull off another win in the group. The match should end Canada 1, Morocco 3. 

Where to watch and kick-off time:

The match will kick off at 8.30 pm IST on Thursday, December 1, and will be telecast live on Sports18 and Sports18 HD. Fans can also stream the action online on the JioCinema app.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FIFA World Cup 2022, Australia vs Denmark: Mathew Leckie fires Socceroos into last 16 as Danes fly back early

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Australia reached the World Cup last 16 for the first time since 2006 after Mathew Leckie’s strike earned them a gritty 1-0 upset win over Denmark in their final Group D match on Wednesday, November 30.

After a goalless first half in which Denmark looked lively and had more possession, Australia scored on the counter in the 60th minute when Leckie got past the Danish defence and twisted into space before slotting the ball home.

Australia finished second with six points, level with group winners France after the world champions lost 1-0 to Tunisia. Denmark were bottom on one point with Tunisia third on four.

Also Read | FIFA World Cup 2022 Analysis: Defensive solidity is squeezing creative players out of the game at Qatar

“I’m proud, exhausted, everything really. It’s hard to describe the emotions right now,” Leckie told Australian broadcaster SBS.

“We always knew we could do it as a group. We had our doubters but our spirit, our belief, our work ethic and how close we are as a group shows on the pitch.

“The last 15, 20 minutes we battled until the end. It didn’t matter what they threw at us, we weren’t conceding. We’ll make the most of it tonight, but then it’s all about recovery.”

Graham Arnold’s side next face the Group C winners. Poland led the standings after two rounds and they face Argentina later on Wednesday in their final group match.

The Australians have qualified for the knockout rounds for only the second time, having also done so 16 years ago when they lost 1-0 to Italy in the last 16.

Also Read | Race for Golden Boot: Rashford and Gakpo score to draw level with Mbappe on goals at Qatar World Cup 2022

Denmark created chances in the first half and could have taken an early lead but Jesper Lindstrom’s shot from close range was blocked before Australia goalkeeper Mat Ryan parried away an attempt from Mathias Jensen.

The Australian defence was guilty of gifting space to Joakim Maehle on the left in the 19th minute as the defender drilled the ball into the box, but Ryan once again came to Australia’s rescue, kicking the ball away.

Australia began creating chances and threatening the Danish defence as forward Duke Mitchell took aim from range, while Riley McGree had a shot saved by Kasper Schmeichel.

They finally broke the deadlock at the hour mark as Leckie timed his run perfectly and sent the ball through Maehle’s legs before beating Schmeichel.

Denmark thought they had been handed a lifeline 10 minutes later when the referee awarded a penalty for a foul on Kasper Dolberg, but it was quickly overturned after the flag was raised for offside.

Australia defended strongly in the closing stages to secure consecutive victories at the World Cup for the first time.

“We’ve been working on this for four-and-a-half years, and I could see in their eyes they were ready tonight,” coach Arnold said.

“No celebrations tonight! That’s why we won after a great win against Tunisia, no celebrations, no emotion, sleep and no social media.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Alipay Singapore sells 3% stake in Zomato for ₹1,631 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Alipay Singapore, an arm of chinese e-commerce giant Alibaba, on Wednesday sold 3.07 percent stake in online food delivery aggregator Zomato for Rs 1,631 crore through an open market transaction.

According to the bulk deal data available with the National Stock Exchange (NSE), Alipay Singapore Holding Pte offloaded a total of 26,28,73,507 shares, amounting to 3.07 percent stake in the company.

The shares were offloaded at an average price of Rs 62.06 apiece, taking the transaction value to Rs 1,631.39 crore.

On Wednesday, Camas Investments Pte, an wholly-owned subsidiary of Singaporean sovereign wealth fund Temasek acquired 9.80 crore shares of the company.

As of quarter ended September, Alibaba through its affiliates — Antfin Singapore Holding and Alipay Singapore Holding — owned nearly 13 percent stake in the company, data with the bourse showed.

Shares of Zomato closed 3.54 percent higher at Rs 65.80 per scrip on NSE.

Also read: Essar to set up £360-million carbon capture plant at Stanlow refinery in UK

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Startup Digest: Zetwerk acquires Unimacts, Google& YouTube invest $13.2 mn to help fight misinformation, Anicut Capital gets Sebi nod for Rs 1,500 crore debt fund

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zetwerk acquires US-based Unimacts for $39 million

B2B manufacturing service unicorn Zetwerk has acquired US-based industrial manufacturing firm Unimacts for a total deal size of $39 million. This is the first overseas acquisition of Zetwerk and the fourth within six months.

The company is planning to clock more than $1 billion of revenue for the financial year ending 2023. The company’s gross merchandise value grew six-fold, to $770 million from $130 million, and the operating revenue expanded to $670 million from $110 million in 2020-2021.

“This acquisition will immediately expand our presence in North America and position Zetwerk for additional expansion in the coming months. We are excited to usher in a new era of intelligent manufacturing for our customers, partners, and our planet,” said Amrit Acharya, co-founder and CEO of Zetwerk.

US startup Perfect Day says acquisition of Sterling Biotech will double production capacity

The US-based food technology startup Perfect Day has said the acquisition of Sterling Biotech will enable the firm to scale up the production of animal-free milk proteins to cater to both domestic and export markets.

The company has received approval from the Food Safety and Standards Authority of India for its animal-free milk proteins, opening the door for commercialisation in India.

In the near-term, Perfect Day will export animal-free protein produced in India to meet increasing global customer demands while it works on building a roadmap for domestic commercial opportunities.

In a statement, the company noted that the acquisition of Sterling Biotech will double its production capability in the near-term with the addition of four high-value assets, including two operational manufacturing facilities in Masar, Gujarat – more than returning on the company’s immediate investment of 1.5 times the winning auction price of Rs 638 crore, it added.

Google, YouTube to invest $13.2 million to help fight misinformation

In a bid to further fight misinformation, Google and YouTube have announced a $13.2 million grant to the International Fact-Checking Network (IFCN) at the nonprofit Poynter Institute to launch a new Global Fact Check Fund.

The new fund, to open in early 2023, will support its network of 135 fact-checking organisations from 65 countries, covering over 80 languages.
“Building on our previous work to address misinformation, this is Google and YouTube’s single largest grant in fact-checking,” the company said in a statement.

Also Read: Essar to set up £360-million carbon capture plant at Stanlow refinery in UK

Google said that fact-checking organisations can use the funding to incorporate new technologies, create or expand digital footprints, optimise verification tools, and increase their capacities to deepen audience engagement through innovative storytelling formats such as audio, video or podcasts.

Fintechs say ready to comply with new RBI digital lending rules

Fintech lenders are gearing up to comply with the Reserve Bank of India’s new rules on digital lending, with the deadline ending on Wednesday. While some expect disruption in the short term, and compliance costs to increase initially, fintech says they are prepared to adhere to the new regime.

The guidelines focus on consumer protection against unethical recovery practices and frauds by unregulated entities amid the increasing penetration of digital loans.

“More than 50 percent of our fintech members (non-NBFCs/Banks) were required to change their workflows due to these guidelines. But from our discussion with the membership base, no one faces any existential risk following these new rules.

There will naturally be changes and some discomfort, but nothing serious,” said Anurag Jain, founding member of the Digital Lenders Association of India (DLAI) and founder and executive director at KredX.

“I believe these guidelines are a shift in the digital lending industry that will encourage banks, NBFCs and FinTechs for more data clarity that were earlier masked and also allows boost consumer sentiment.

Though the industry at large will be required to change their operations, leading industry players made the requisite tweaks way ahead of the deadline to stay compliant with the norms,” added Prashant Muddu, managing director and CEO of Jocata.

Anicut Capital gets Sebi nod for Rs 1,500 crore debt fund

Debt and equity investment firm Anicut Capital has received market regulator Securities and Exchange Board of India (SEBI) approval for a Rs 1,500-crore debt fund.

Anicut Capital’s third debt fund, Grand Anicut Fund 4, includes a green shoe option of Rs 500 crore, the firm said. The asset management company plans to launch the fund in the January-March 2023 quarter and aims first close by the end of the same quarter.

Anicut invested upwards of Rs 550 crore across 15 investments through the second debt fund, and in 25 equity raise rounds across early-stage as well as growth-stage startups, the firm said.

Seedstars launches investment platform to support emerging VC fund managers

Global investment and education company Seedstars has launched Seedstars Capital, an investment platform for emerging VC fund managers, with the support of Swiss-based investment holding company xMultiplied.

Seedstars Capital will look for the sector and industry-specific strategies in regions and countries like Brazil, Nigeria, Indonesia and India. It is looking for funds that target pre-seed to Series A companies.

Also Read: Agritech startup investment increases by two times to $4.6 billion in FY22

The platform will incubate, accelerate and invest in new venture capital funds in emerging markets like Latin America, Africa, the Middle East, Central and Eastern Europe and Southeast Asia, it said in a statement.

With the platform, Seedstars expects to drive over $500 million of new funding into emerging and diverse managers, who will create more than 10,000 new jobs and generate over $20 billion of additional GDP across emerging markets in the next ten years.

Urban Company grants shares worth Rs 5.2 crore to 497 gig workers

Online home services marketplace Urban Company has awarded stocks worth Rs 5.2 crore to 497 service partners under the Partner Stock Option Plan (PSOP) programme.

Of the total recipients, about 30 percent were female service partners from the beauty and wellness vertical, the firm said in a statement. Bengaluru had the highest number of partner shareholders with 26 percent, followed by Delhi-NCR with 22 percent, it added.

The company in March announced the PSOP programme for its service providers, where it will award stocks worth Rs 150 crore at near zero cost to thousands of service partners over the next 5-7 years.

The company has already received board approval for the first tranche of Rs 75 crore worth of stocks, to be disbursed over the next few years. Seven partners, who were part of the first cohort of stock recipients in March, received it again for the second time, due to their consistently high performance, it informed.

Melorra clocks ARR of $100 million in six years

D2C startup Melorra said it has clocked an annual recurring revenue of $100 million. This catapults the jewellery brand into becoming one of the fastest-growing D2C brands in terms of revenue in India, placing it among the top 7 in the D2C segment list, the firm said in a statement.

“We look forward to continuing to bring the lightweight, trendy gold jewellery to our customers and grow further, reaching $1 billion in revenue by 2026. Our customers are in every nook and corner of India. We put in all efforts to make modern jewellery, which is lightweight and easy on the pocket, available to everyone,” Melorra founder and CEO Saroja Yeramilli said.

Melorra currently has 23 new-age brand experience centres across India and plans on increasing this number to 350 by FY26. The company recorded a revenue of $10 million in the financial year FY21 which grew to $50 million in FY22.

Arya.ag clocks 4x increase in H1 profits at Rs 14.38 crore

Grain commerce platform Arya.ag has reported a 4x jump in net profits for the first half of the current financial year as more farmers used the company’s services such as warehousing, market linkage and post-harvest finance.

Arya.ag reported a profit of Rs 14.38 crore on gross revenues of Rs 622 crore during H1FY23 as compared to a net of Rs 3.86 crore on revenues of Rs 107 crore in the same period last year.

The digital lending arm of Arya crossed the Rs 350-crore mark in disbursals with negligible non-performing assets (NPAs), almost doubling on a yearly comparison. Its subscriber base grew to over 15,000 cumulatively for its three integrated services, namely intelligent warehousing, digital lending, and digital market linkages.

actyv.ai partners with Axis Bank to offer supply chain finance solutions for MSMEs

actyv.ai, an AI-powered Enterprise SaaS platform, today announced its partnership with Axis Bank to offer the Bank’s Supply Chain Finance solutions to MSME customers. This partnership will enable corporate anchors, downstream dealers and trading partners to avail the Bank’s Supply Chain Finance solutions.

“Small and medium enterprises in India often face challenges in accessing sustainable credit. We at actvy.ai, in partnership with Axis Bank, aim to leverage our technology prowess to reach MSME customers. We are certain that our digital platform, access to technology tools and affordable credit will help drive growth for this segment,” said Raghu Subramanian, Founder and Global CEO, actyv.ai.

Indian agrifood startups get record $4.6 billion investment in FY22: AgFunder-Omnivore report

Indian agrifood startups received a record $4.6 billion in investment in FY 2021-22, up 119 percent year-over-year, as the country overtook China as Asia-Pacific’s biggest funder of agrifood-tech innovation, a report showed.

Farmtech startups raised $1.5 billion across 140 deals, a 185 percent year-over-year increase, according to the report by VC firms AgFunder and Omnivore. Restaurant marketplaces and e-grocery startups secured close to $3 billion, around 66 percent, of the total investment.

Also Read: Govt aims to create more than 1 crore job from digital economy in next 2 years: Vaishnaw

The deal activity also increased to 234 in FY2022 compared to 189 deals in FY2021. Downstream startups raised $3.8 billion, a 115 percent increase from $1.77 billion in FY2021.

This significant growth is due to Swiggy, which raised $1.2 billion accounting for 38 percent of total investment in Indian agrifood startups. eGrocery startups raised $934 million across 42 deals, a 4x jump from $244 million across 25 deals in FY2021.

MPL bans over a million accounts in 2022 to promote fair gameplay

Gaming platform MPL has banned over a million user accounts in order to provide a secure and fair gaming experience to users. “The step has been taken by the company to remove players who did not comply with the rules and resorted to unfair means to manipulate gameplay results in their favour,” the company added.

Some of the key reasons that led to the user accounts getting blocked include using multiple accounts by the same user to access the platform, uploading fake or doctored KYC documents, using any unauthorised payment means like stolen cards and cheating during the gameplay by using any hacks or collusion techniques, according to MPL.

Arkam Ventures onboards Vishnuhari Pareek as head of finance

Early-Stage VC Fund Arkam Ventures appointed Vishnuhari Pareek as the head of finance for the company. According to the firm, Pareek will guide startup journeys up close and build a portfolio of winning ideas for Middle India and Software-as-a-Service (SaaS).

“As we look to double down on our mission to empower opportunities and innovation for Middle India, his experience with helping build early-stage startups ground-up makes him a valuable asset for our portfolio teams and our investors,” Rahul Chandra, managing director of Arkam Ventures, said.

Prior to his current appointment, Pareek was leading finance for the used car business at CarDekho. Additionally, he has held key finance positions at ITC and KPMG which Arkam claims is favourable as it looks to expand its early-stage portfolio across fintech, Agri, skilling, SaaS, healthcare and logistics.

GLOBAL TECHNOLOGY & STARTUP NEWS

DoorDash cuts 1,250 jobs to rein in costs

Food delivery service DoorDash said it is cutting about 1,250 jobs in a bid to reduce costs in the face of a global economic slowdown. The company joins a list of multinational American firms that have laid off employees in recent weeks due to rising operating costs amid decades-high inflation.

“We were not as rigorous as we should have been in managing our team growth… That’s on me. As a result, operating expenses grew quickly,” said chief executive officer Tony Xu in a message to employees posted on the company’s website.

Twitter blue verified set to launch on Apple’s iOS app: Report

Twitter’s Blue verified service is scheduled to roll out on Friday, but only on Apple’s iOS mobile software, the Information reported. As Twitter plans to launch the subscription offering via an update to Twitter’s iOS app, it needs Apple’s approval as part of the standard app review process, the report said, adding that the company would update its Android app later.

This comes a day after new owner Elon Musk accused Apple of threatening to block Twitter from its app store without saying why in a series of tweets that also said the iPhone maker had stopped advertising on the social media platform.

Binance buys Japanese crypto exchange Sakura

The world’s largest cryptocurrency platform Binance on Wednesday announced its first licence in East Asia with the acquisition of Japan’s officially regulated Sakura Exchange BitCoin.

The terms of Binance’s 100-percent purchase of the Tokyo-based Sakura Exchange BitCoin were not disclosed in a joint statement. But Binance said it “aims to support a responsible global environment for cryptocurrencies” by offering Japanese-regulated services.

“The Japanese market will play a key role in the future of cryptocurrency adoption,” Takeshi Chino, general manager of Binance Japan, said in a statement. “We will actively work with regulators to develop our combined exchange in a compliant way for local users.”

Airbnb launches service allowing American renters to host apartments

Airbnb is introducing a new listing service in the United States that will help renters find an apartment where they can host part-time. The move comes at a time when people are looking to earn additional income as higher food, transportation, and housing expenses continue to squeeze household budgets, deepening the cost-of-living crisis in the country.

“As the cost of living continues to rise, renters can use the extra income earned by hosting part-time on Airbnb to contribute to their rent, save for a home, or pay for other living expenses,” Airbnb co-founder Nathan Blecharzyck said. The short-term rental firm has partnered with more than 175 buildings in 25+ cities across the United States, the company said in a blog post.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Achanta Sharath Kamal — Table tennis legend who won the Khel Ratna 2022

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Achanta Sharath Kamal, the table tennis legend and Commonwealth medalist was bestowed with the Major Dhyan Chand Khel Ratna by President Droupadi Murmu on Wednesday. President Droupadi Murmu felicitated the 40-year-old table tennis veteran with the highest sporting honour of India in the National Sports Awards ceremony at the Rashtrapati Bhavan in New Delhi.

Sharath Kamal who became the second TT player after Manika Batra to receive the honour was the only sportsperson to get the Khel Ratna award this year.  While receiving the award amid overwhelming applause from the distinguished guests present at the Durbar Hall, Sharath was the highlight of the programme.

Honoured to be conferred the Major Dhyan Chand Khel Ratna Award. Thank you to everyone sending in their good wishes and their support! 🙏🏽🙏🏽 pic.twitter.com/YTyIPKJZzg

— Sharath Kamal OLY (@sharathkamal1) November 15, 2022

Born on July 12, 1982, in Chennai, Tamil Nadu, Sharath began his professional career in table tennis at the age of 16, and took part in many state-level competitions. He became the National Champion for the first time in 2003, at the National Table Tennis Championships. He won the senior nationals five times consecutively from 2006 to 2010.

Breaking the record of eight-time National Champion Kamlesh Mehta, Sharath is the first Indian table tennis player ever to become ten times Senior National Champion. In 2004, he was awarded with the Arjuna Award and received India’s fourth highest civilian award, Padma Shri in 2019.

In 2004, Sharath represented India in Olympics in Athens and represented the country in the 2006 Asian Games in Qatar. He became the first Indian to win the Pyongyang Invitational Tournament held in North Korea in the year 2007.  He was also the only Indian Men’s Table Tennis player to be selected for the Beijing Olympics in 2008.

Earlier this year in August, Sharath clinched three gold medals and a silver and became the most decorated Indian athlete to have participated in the Commonwealth Games held in Birmingham. The table tennis legend won gold medals in Men’s Singles, Men’s Team and Mixed doubles and Silver in Men’s Doubles.

Ahead of the award ceremony on Wednesday, Sharath said in an interview with ANI that receiving the Major Dhyan Chand Khel Ratna award would be the best way for him to end a historic 2022 .

“It is a fantastic moment. Not just for me but for the whole Table Tennis fraternity because of the kind of performances that I have had over the last three-four years. I am slowly starting to peak now in my career and the way I played the 2022 Birmingham Games. I got these three medals. Three gold and one silver. I can’t ask for more 2022 has been fantastic and this is the best way to finish 2022 with the Khel Ratna award.”

“I am really happy that it has finally come now after 30 years of being in sports I have come to the stature and the best sportsperson in the country. Initially, I was the best sportsperson in Table Tennis. Slowly over the years, I have scaled up to the height where I am the best spokesperson in the country. I am really happy to get the award now,” he said.

The national sports awards selection committee in India has only put forth Sharath as a candidate for the highest honour given to a sportsperson this year. Last year the committee recommended 11 players while in 2020, five players were recommended.

The Khel Ratna is awarded for a sportsperson’s most remarkable and outstanding exploits over the course of the past four years. It comes with a medal, a scroll of honour, and a monetary award of Rs. 25 lakh. It is India’s highest sporting honour given by the Ministry of Youth Affairs and Sports. It was rechristened from Rajiv Gandhi Khel Ratna to the Major Dhyan Chand Khel Ratna award last year.

Also Read: National Sports Awards 2022: Sharath Kamal conferred with Khel Ratna award, full list here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SEBI introduces mechanism of net settlement of cash, Futures and Options segment upon expiry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Securities and Exchange Board of India (SEBI) on Wednesday introduced the mechanism of net settlement of cash and Futures and Options (F&O) segment upon expiry of stock derivatives. The move is aimed at providing better alignment of cash and derivatives segment, mitigation of price risk in certain cases and netting efficiencies for market participants, the Capital markets regulator SEBI said in a circular.

Under the mechanism, the obligations arising out of cash segment settlement and physical settlement of F&O segments, upon expiry of stock derivatives, would be settled on a net basis as against the current approach of settling such obligations separately.

The benefit of netting (merged settlements) would be available to investors who trade and clear through the same TM-CM (trading member-clearing member) combination in cash and F&O segment.

Also Read: SEBI reduces timeline for listing of debt securities issued on private placement basis

However, investors whose TM clears trades through different CM/Clearing Corporation (CC) will not be able to avail the benefit of netting.

SEBI said that netting of settlement obligations of cash segment and physical settlement of F&O segment would not be available for the institutional investors including Foreign Portfolio Investors as the regulatory framework specifies that all transactions by the institutional investors in the cash market should be backed by delivery.

Further, netting of delivery obligations would be only for the purpose of settlement. Therefore, Securities Transaction Tax (STT) and Stamp Duty would continue to be computed, levied and reported segment-wise.

The new guideline would come into force from March 2023 expiry of F&O contract. In September, the board of SEBIB approved a proposal in this regard.

Also Read: SEBI issues operational guidelines on ‘scheme of arrangement’ for entities with listed debt securities

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indo-Australia trade agreement to come into force from December 29

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The free trade agreement between India and Australia will come into force from December 29 giving duty free access to thousands of domestic goods in that market, which will help in almost doubling the bilateral commerce to USD 45-50 billion in around five years.

The Economic Cooperation and Trade Agreement (ECTA), which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors, including textiles, leather, furniture, jewellery and machinery in the Australian market.

Labour-intensive sectors which would gain immensely include textiles and apparel, few agricultural and fish products, leather, footwear, furniture, sports goods, jewellery, machinery, and electrical goods.

Also read: India’s maiden G20 Presidency: How to ensure ‘fair play’ in global taxation game?

Commerce and industry minister Piyush Goyal said the trade pact will come into effect from December 29 this year.

“India and Australia consolidate their long-standing partnership. ECTA, realised under the guidance of leaders on both countries, comes into effect from December 29, 2022. It is the dawn of a whole new era for our businesses and people.” Goyal said in a tweet on Wednesday.

Both the countries have completed their domestic requirements to enable implementation of the ECTA.

In a statement, Australian Minister for Trade and Tourism Don Farrell said: “The ECTA’s two tariff cuts in quick succession intensify the up-front benefits of this agreement for our exporters”.

Under the pact, Australia is offering zero-duty access to India for about 96.4 percent of exports (by value) from day one. This covers many products that currently attract 4-5 percent customs duty in Australia.

India’s goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22.

The statement said that from 29 December, tariffs on 85 percent of Australia’s exports to India will be eliminated and high tariffs on a further 5 percent of goods will be phased down.

“Entry into force of the agreement before the New Year delivers a double bonus of two tariff cuts in quick succession: one as the agreement comes into effect and a second on 1 January 2023,” it said.

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It added that ECTA will save Australian exporters around USD 2 billion a year in tariffs, while consumers and businesses will save around USD 500 million in tariffs on imports of finished goods, and inputs to “our manufacturing sector”.

The tariff commitments provided by India in the agreement will open up access for Australia’s exporters of products including critical minerals, pharmaceuticals, cosmetics, lentils, seafood, sheepmeat, horticulture and wine, it said.

Further, it said that Australian service suppliers will benefit from full or partial access across more than 85 Indian services sectors and subsectors. Australian suppliers across 31 sectors and subsectors will be guaranteed the highest standard of treatment that India grants to any future free trade agreement partner.

ECTA will also support tourism and workforce needs in regional Australia by making 1,000 work and holiday programme places available to young Indians, it said adding the pact maintains opportunities for Indian students graduating in Australia to undertake post-study work, with a bonus year of stay for high-performing STEM (science, technology, engineering, or mathematics) graduates.

The statement also said that both the countries are now progressing a comprehensive economic cooperation agreement to build on ECTA.

“The Australian Government is pursuing further opportunities in goods and services, in addition to new commitments in areas such as digital trade, government procurement, and new areas of cooperation,” it added.

Australian Prime Minister Anthony Albanese said that the agreement is the next step in elevating our relationship with India, the world’s fastest growing large economy.

“Austrade can assist existing and potential exporters benefit from the lowering of trade barriers into the Indian market,” Farrell said.

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Commenting on the development, Gems and Jewellery Export Promotion Council (GJEPC) said that the pact would help boost bilateral gems and jewellery trade to USD 2 billion.

In 2021-22, the bilateral trade in the sector was USD 1.3 billion.

Key commodities exported to Australia are plain gold jewellery, studded jewellery and cut & polished diamonds. The main commodities imported from Australia are precious metals – gold and silver bars.

India’s gems and jewellery exports to Australia grew 21 percent to USD 183.86 million during April–October 2022.

“We expect Australia to benefit from access to areas where India is a world leader, such as diamonds. Australia is one of our large suppliers of gold bullion, and until recently, it was also a key supplier of diamonds,” it added.

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FIFA World Cup 2022, Croatia vs Belgium Preview: Red Devils face early exit as they take on 2018 Runners Up

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The 2018 World Cup Runners-Up Croatia are sitting pretty on top of Group F as they prepare for their final group stage outing against the No. 2 ranked team in world, Belgium at the Ahmed bin Ali Stadium on Thursday, December 1. Croatia can qualify with a draw while Belgium are in desperate need of victory to keep their fate of making the FIFA World Cup 2022 Round of 16 in their own hands.

Belgium find themselves in a spot of bother as they occupy third spot in Group F with just three points from their first two games. The Red Devils need to win to progress to the knockouts. They can also qualify with a draw, provided Morocco, who are second with four points, lose by three or more goals against bottom-side Canada.

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Belgium managed to clinch a tight 1-0 victory against Canada in their opening fixture courtesy a 44th-minute strike from Michy Batshuayi. However, the wheels came off in the second game as they were stunned by Morocco.

Late goals from Romain Saiss and Zakaria Aboukhlal handed Belgium a 2-0 defeat and left them facing the embarrassing prospect of an early group-stage exit just four years after Roberto Martinez’s team finished third at Russia 2018, their best-ever World Cup finish.

Croatia meanwhile started their campaign with a dull 0-0 draw against Morocco and were then woken up from their slumber by an early strike from Alphonso Davies who scored Canada’s first-ever World Cup goal in their second outing.

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The 2018 runners-up responded to that strike from Davies with four goals of their own in the final hour to grab a 4-1 victory. Andrej Kramaric was the star of the show as he grabbed a brace against Canada.

Croatia now only need to avoid defeat in order to guarantee qualification, but could also progress if Morocco are beaten by Canada in the other game.

Croatia vs Belgium Team News:

Ivan Perisic came off with an injury in the game against Canada and is a doubt for this game, however he should start again if deemed fit.

Romelu Lukaku has not played much football since the end of October due to an injury, but he came off the bench against Morocco. Lukaku looked a shade of himself as Belgium lose 2-0 but this time he could be risked from the start in a must-win game.

Amadou Onana meanwhile is suspended after picking up two yellow cards in his first two games. Youri Tielemans should come into the midfield in his place.

Croatia vs Belgium Head-To-Head: The two teams have faced each other nine times in the past with just two of these games being International friendlies. The head-to-head record is even at the moment, with three wins apiece for both Belgium and Croatia and two games ending with scores level.

Croatia vs Belgium Form Guide: (Last five matches, most recent first)

Croatia form guide: W-D-W-W-W

Belgium form guide: L-W-L-L-W

Croatia vs Belgium Predicted Starting 11s:

Croatia Possible Starting XI (4-3-3): Livakovic, Juranovic, Lovren, Gvardiol, Sosa; Brozovic, Kovacic, Modric; Kramaric, Livaja, Perisic.

Belgium Possible Starting XI (3-4-3): Courtois, Dendoncker, Vertonghen, Alderweireld; Meunier, Witsel, Tielemans, Castagne; De Bruyne, Batshuayi, (Eden) Hazard.

Betting odds (bet365)

Croatia win: 2.62

Draw: 3.40

Belgium win: 2.62

Croatia vs Belgium Prediction: While the Red Devils haven’t been at their best so far in the tournament we expect them to come alive with qualification at stake. Belgium should win this tie with a 2-1 scoreline against Croatia.

Where to watch and kick-off timing: The match will kick off at 8:30 PM IST on Thursday, December 1 and will be beamed live on Sports18 and Sports18 HD. Fans can also stream the action online on JioCinema’s official website and Jio Cinema app.

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FIFA World Cup 2022, Japan vs Spain: Samurai Blue eye another upset on D-Day as they face La Roja

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The footballing world was in disbelief in the final quarter of Japan’s opening game against Germany. Ilkay Gundogan’s penalty fired the four-time world champions in front in the first half. Kai Havertz put the ball in the net in first-half stoppage time but that was disallowed for offside by VAR. It looked like Die Mannschaft would register an easy win over the Asian giants. However, in the 75th minute, Ritsu Doan restored parity before Takuma Asando turned the game on its head in the 83rd minute. Germany huffed and puffed in the final few minutes, but the Samurai Blue held on and kicked their campaign off with a stunning victory.

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Japan’s second game was against Costa Rica, providing a topsy-turvy twist. In the opening game, Los Ticos received a 7-0 drubbing from Spain, while the Samurai Blue stunned Germany. The odds were heavily stacked against Costa Rica as spectators thought Japan would confirm Round of 16 qualification with an easy win. However, it was anything but a cakewalk for Japan as they were stung in the 81st minute via a Keysher Fuller goal that snatched all available points away from them, making their encounter with Spain a must-win.

Coach Hajime Moriyasu will be eager to break Japan’s alternate last-16 qualifying pattern. A fully fit squad will be at his disposal as he looks to keep the prolific La Roja at bay. Schalke’s Maya Yoshida and Borussia Monchengladbach’s Ko Itakura are expected to start in defence with Ao Tanaka and Hidemasa Morita ahead of them in midfield. A lot will rest on the shoulders of these players as they will look to intercept the Spanish tiki-taka in the central part of the pitch.

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Spain could not have asked for a better start to the tournament, as they ran rampant against Costa Rica. La Roja displayed their attacking prowess by having six different goal scorers on the sheet as they finished the game with a staggering 7-0 scoreline. The 2010 World Cup winners were already three up at the break against Los Ticos with goals from Dani Olmo, Marco Asensio, and a Ferran Torres penalty. Torres scored again in the other half before Gavi, Carlos Soler and Alvaro Morata completed the decimation.

A goalfest was not on the cards for La Roja’s second game against Germany and that was reflected in the full-time score as well. The two European giants cancelled each other out till the hour mark. Morata broke the deadlock after coming on from the bench as the Spanish inched closer to a win and last-16 qualification. However, the spot was thrown back into contention in the 83rd minute of the game when Niclas Fullkrug slotted squared the game up, keeping all sides alive in the race for the Round of 16.

Coach Luis Enrique will not let complacency sneak into his side as they face Japan next, needing just a point to qualify. La Roja will aim for the jugular to propel themselves into the next round. After scoring two goals in two games, Morata could get his first start of the tournament and Koke could also come into the side in midfield.

Team News: There are no injury concerns for either side.

Form Guide: (Last five matches, most recent first)

Japan: L – W – L – D – W

Spain: D – W – W – W – L

Head-to-Head

Games Played: 1

Japan Wins: 0

Spain Wins: 1

Draw: 0

Betting Odds: (Bet365)

Japan: 8.50

Spain: 1.40

Draw: 4.50

Predicted Line-Ups:

Japan Possible Starting 11 (4-2-3-1): Gonda; Yamane, Itakura, Yoshida, Nagatomo; Tanaka, Morita; Doan, Kamada, Kubo; Maeda.

Spain Possible Starting 11 (4-3-3): Simon; Carvajal, P. Torres, Laporte, Alba; Koke, Rodri, Pedri; F. Torres, Morata, Olmo.

Prediction:

Japan 1 – 3 Spain

Where to watch and match timing: The match will kick off at 12:30 AM IST on Friday, December 02, and will be beamed live on Sports18 and Sports18 HD. Fans can also stream the action online on JioCinema’s official website.

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