Friday, July 19, 2024

Weekly News Roundup: Supreme Court’s Take on Electoral Bonds, Extensions for Paytm, Farmers’ Conflict, and More

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Top News This Week: Scrapping of Electoral Bonds, Paytm Saga, Adani Firms Ratings Improved and More

This week has been eventful, with major developments spanning from the judiciary to the corporate sector. Here’s a roundup of this week’s top stories.

Supreme Court Orders Scrapping of Electoral Bonds Scheme

The Supreme Court has delivered a significant verdict by scrapping the electoral bonds scheme and ordered the publication of transaction details, bringing an end to the controversial funding model. This scheme was initially introduced as a means to cleanse political campaign finance. However, it faced widespread criticism over the lack of transparency it brought into the funding of political parties.

Extension for Paytm Payments Bank Deposits

The Reserve Bank of India (RBI) has given customers of Paytm Payments Bank an extended deadline till 15 March for deposit transactions. This move impacts account, wallets, FASTags, and prepaid card users, aiming to provide them with additional time to manage their deposits effectively.

Farmers’ Clash at Haryana Border

In a significant turn of events, thousands of farmers headed towards the national capital, leading to a confrontation with the Haryana police at the Shambhu border. The clash involved teargas, water cannons, and rubber bullets as farmers demanded legally guaranteed minimum support prices (MSP) for their produce.

Moody’s Upgrades Adani Group Firms

US-headquartered ratings firm Moody’s upgraded the outlook of two green energy firms and two electricity generation and distribution firms belonging to the Adani Group. The upgrade was a result of improved financials, timely debt repayments, and a capital infusion by the group over the past year.

EY Forensic Audit on Bandhan Bank

A forensic audit is being conducted by the accounting firm EY on a segment of Bandhan Bank’s loan book backed by government guarantees, indicating heightened scrutiny on the bank’s lending practices.

Adani Realty Wins Mumbai Land Redevelopment Project

Adani Realty has been awarded the contract for the redevelopment of a significant 24-acre land parcel in Mumbai, marking a notable achievement for the conglomerate in the real estate sector.

No Restrictions on INC’s Bank Accounts Despite Tax Dues

Despite an alleged income tax dues of ₹115 crore, the Indian National Congress (INC) faces no restrictions on operating its bank accounts. However, the dues will be transferred to the exchequer, following standard procedures applied in such cases.

Hyundai Motor’s Planned IPO in India

Aiming for expansion in one of the world’s fastest-growing markets, Hyundai Motor has announced a planned $3 billion IPO in India. This strategic move is expected to address the so-called “Korea discount” while boosting the company’s valuation.

Cybersecurity Attack on Infosys McCamish

A cybersecurity breach at Infosys McCamish resulted in the data of 57,028 Bank of America customers being compromised. The breach was detected in October 2023, illustrating the growing concerns over cybersecurity in major corporations.

Reddit’s Contract with AI Firm

Reddit has entered into a contract with an Artificial Intelligence company to train its AI models using the content from the social media platform. This partnership hints at the increasing integration of AI in content moderation and other applications.

Instacart Foresees Growth and Announces Job Cuts

Instacart has forecasted a positive outlook for its first-quarter gross transaction value and core profit, attributed to a surge in grocery orders. However, the company plans to reduce 7 percent of its workforce to concentrate efforts on promising initiatives.

Indian Navy Veterans Released from Qatar

In an uplifting conclusion, Indian Navy veterans previously sentenced to death in Qatar on charges of espionage have been released and returned to India. Their release marks the end of a tense period for them and their families, as well as for Indo-Qatar diplomatic relations.

This week’s news cycle has been filled with impactful stories that have the potential to influence various sectors and the lives of many. Each development carries weight in its respective field, highlighting the diverse range of events shaping the current global landscape.

Alex Sterling
Alex Sterlinghttps://www.businessorbital.com/
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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