INTERNATIONAL NEWS
India beats UK, creates third-highest number of unicorns in 2021Adding 33 'unicorns' in a single year has helped India displace the United Kingdom to be third in the list of countries that are home to such enterprises valued at over $1 billion each, according to a report released. India was placed fourth when it comes to the number of unicorns last year.
- However, the US and northern neighbour China, who occupy the first two ranks, are way ahead, according to the data compiled by Hurun Research Institute.The US added 254 unicorns and now totals 487 companies in the coveted list, while China added 74 to take its tally to 301 start-ups having a valuation of over $1 billion.
- The Indian unicorns list is led by edtech start-up Byju's with a valuation of $21 billion and followed by Inmobi ($12 billion), Oyo ($9.5 billion) and Razorpay ($7.5 billion)
- Bengaluru is home to the highest number of unicorns among Indian cities, it said, adding that the financial capital, nearby cities of Pune and Thane, and Gurugram also have candidates.
BANKING & FINANCE
Agra Metro Rail Project: India, EIB sign contract for €250 million loanTo boost urban public transport connectivity in Agra the Indian and European Investment Bank (EIB) signed a finance contract for the first tranche loan of Euro 250 million for the metro rail project.
- Last year in December, Prime Minister Narendra Modi had inaugurated the construction work of the Agra Metro project. And, the EIB had approved a total loan of Euro 450 million to fund the metro project.
Paytm Payments Bank, an associate entity of Paytm, and Nasdaq-listed MoneyGram, a global leader in digital P2P payments, have entered into a partnership to enable MoneyGram customers globally to send money in real-time to a Paytm Wallet user in India.
- With this partnership, MoneyGram users abroad can now conveniently transfer money to full KYC Paytm wallet users in India from the comfort of their homes.
- This is MoneyGram’s first mobile wallet partnership in India and is an important development as the country’s evolution to digital receives is occurring rapidly.
BUSINESS & ECONOMY
Akasa Air reveals its symbol and tagline 'inspired by the sky'Akasa Air, which is set for launch next year, revealed its symbol and tagline that the airline said is inspired by elements of the sky.
- The symbol, ‘The Rising A’, signifies the warmth of the rising sun, the effortless flight of a bird, and the dependability of an aircraft wing, said the airline, operated by of SNV Aviation and backed by billionaire Rakesh Jhunjhunwala.
- Akasa’s tagline ‘It’s Your Sky’ highlights the brand’s promise to embrace everyone and to create an inclusive environment for all Indians regardless of their socio-economic and cultural backgrounds.
SPORTS
Asian Champions Trophy: India beat Pakistan to win consolation bronzeOlympic bronze medallist India defeated arch-rival Pakistan 4-3 in a pulsating third-place playoff match to win the bronze medal at the Asian Champions Trophy men's hockey tournament.
- India, which was the defending champion along with Pakistan in the last edition of the tournament in Muscat, will return with a consolation prize after having lost to Japan 3-5 in the semifinal.
- India took the lead in the very first minute through vice-captain Harmanpreet Singh before Sumit (45th), Varun Kumar (53rd) and Akashdeep Singh (57th) struck a goal each.
Bangladeshi girls continued their domination in the regional football as they became champions in the Saff U-19 football championship by beating India in the final at Bir Shresta Shaeed Sipahi Mustafa Kamal Stadium, Kamalapur.
- Bangladesh beat the South Asia powerhouse by a solitary goal from Anai Mogini in the 80th minute, but the hosts dominated the game and the margin would be greater had goalposts and goal-line save did not come as blocks against them.
Anahat Singh bagged the Junior US Open Squash Championship title in the U-15 girls' category, becoming the first Indian in any age division to win the title. Still only 13, the Delhi girl defeated Jayda Marei of Egypt 11-9, 11-5, 8-11, 11-5 to end the season on a high.
- The 13-year-old girl from Delhi overcame powerhouse Egypt’s Jayda Marei in the final match 11-9, 11-5, 8-11, 11-5 played at the Arlen Spectre Centre. More than 850 squash junior players, representing 41 countries, participated in the World’s largest junior individuals squash tournament.
APPOINTMENTS
IFFCO Tokio General Insurance appoints H O Suri as MDIFFCO-TOKIO General Insurance announced the appointment of HO Suri as its new managing director and chief executive officer.
- Suri was the financial advisor, head, internal audit & legal, at the company and the new position took effect from October 1.
- Suri, who was the Financial Advisor, head, internal audit & legal at the insurer, began his professional journey in 1982 with Indian Farmers Fertiliser Cooperative Limited (IFFCO). A chartered accountant by profession, he is one of the founder-members of IFFCO-TOKIO General Insurance Company in 2000.
AWARDS
Vayana Network and Federal Bank bag 'Most Effective Bank-Fintech Partnership'Vayana Network, one of India’s largest trade finance platform, and Federal Bank, a leading Private Sector Bank have been awarded the ‘Most Effective Bank-Fintech Partnership: Agile and Adaptable’ at the IBSi-Global Fintech Innovation Awards 2021.
- The award was conferred in recognition of Vayana Network’s partnership with Federal Bank, for automating and simplifying Supply Chain Finance. This year, the Innovation Awards attracted global attention with over 190 participants from 48 countries.
- Federal Bank partnered with Vayana Network to provide a seamless on-boarding experience to dealers through their unique ‘Full Stack’ tech infrastructure – that facilitates end to end digital solution including client supply chain account set up, monitoring, digital authentication of documents on the transaction platform and notification to customers at every step.
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