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Posted On:
10-09-2024

Kenyan court suspends govt plan to allow Adani to operate main airport

A Kenyan court suspended a government plan to allow India’s Adani Airport Holdings Ltd. to operate its main airport for 30 years until it rules on the matter. The High Court issued the order prohibiting any person from implementing or acting on the privately initiated proposal by Adani until the matter is determined, according to Faith Odhiambo, president of the Law Society of Kenya, an applicant in the case. Adani didn’t immediately respond to a request for comment when contacted outside office hours. The lawyers’ body and the Kenya Human Rights Commission, a non-governmental organisation, are challenging the government’s right to lease the Jomo Kenyatta International Airport in the capital, Nairobi, to Adani Airport as it breaches the constitution.
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Posted On:
11-09-2024

iPhone exports from India surge 54% to $5 bn for first 5 months of FY25

Apple’s export of iPhones from India touched the $5-billion mark for the first five months (April-August) of FY25 — a heady growth of 54 per cent over $3.2 billion during the same period last year, the company’s vendors informed the government. With Apple deciding to make the iPhone 16 Pro and iPhone Max in India, it is set to give a fillip to the value of its exports from the country this financial year. An Apple spokesperson, however, did not respond to queries on the issue.
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Posted On:
11-09-2024

PhonePe, Liquid Group tie up to expand UPI QR payment service in Singapore

Walmart group's fintech firm PhonePe on Tuesday said it has partnered with cross-border payment solutions provider Liquid Group to expand its merchant acceptance network in Singapore. The collaboration will allow PhonePe users travelling to Singapore to scan and pay using the app at Liquid Group's merchant base. "We are thrilled to partner with Liquid Group to bring the convenience of UPI payments to Indian travellers visiting Singapore. This popular destination is a favourite among Indian tourists, and we are excited to empower them to pay quickly and easily at their favourite food, shopping, and sightseeing spots making their travel experience even more enjoyable," Ritesh Pai, CEO of International Payments at PhonePe, said. The QR codes will be widely available at tourist-centric locations, including Changi Airport, duty-free shops, restaurants, bars, retailers like The Cocoa Trees, Hard Rock caf, sightseeing spots, and transportation services, the statement said.
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Posted On:
12-09-2024

Axis MF front-running case: ED conducts searches in Mumbai, Kolkata

The Enforcement Directorate (ED) has seized properties and foreign currencies worth almost Rs 13 lakh in connection with the front-running investigation at c. The seizures were made during searches conducted on September 9 at various locations in Mumbai and Kolkata under the Foreign Exchange Management Act (Fema). The ED found and seized movable properties, including foreign currencies (GBP/Euro/AED), incriminating documents related to overseas immovable properties and bank accounts, and digital devices. The investigation stems from a Securities and Exchange Board of India (Sebi) order in 2023, which barred former Axis MF fund manager Viresh Joshi and 20 other entities from the securities market for alleged front-running trades. Sebi had ordered disgorgement of Rs 30.55 crore in the matter. The ED probe is ongoing, while Joshi has moved the Securities Appellate Tribunal (SAT) for relief. Front-running involves using confidential information on institutional trades to make investment decisions, potentially impacting stock prices.
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Posted On:
12-09-2024

Nibe shoots for stars with Earth observation satellite constellation

Nibe Space (NSPL), a subsidiary of Nibe, announced on Monday its vision to establish India’s first multi-sensor, all-weather, high-revisit Earth observation satellite constellation during an event held at The Leela, Mumbai. Aiming to strengthen India’s self-reliance in the strategically crucial defence-space sector, NSPL signed memoranda of agreement with Indian and global partners, including Larsen & Toubro, Centum, AgniKul, Skyroot Aerospace, SpaceFields, SISIR Radar, CYRAN AI Solutions, and Thales Alenia Space as a technology partner. With committed funding and strong research and development (R&D) investments, NSPL is dedicated to addressing the space-based Earth observation needs of Indian stakeholders
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