Author: News Desk

Distributed Technologies Research Limited (DTR), an Abu Dhabi Global Market (ADGM) – based decentralised finance (DeFi) startup, has launched an UAE dirham-backed stablecoin called DRAM. The aim of issuing a dirham-backed stablecoin was to establish a foothold in the $130 billion market, currently dominated by US dollar-backed stablecoins, adding that it is attempting to leverage the more liberal approach of the UAE to cryptocurrencies and the Web3 ecosystem compared to other jurisdiction. Akshay Naheta DTR will licence its stablecoin technology to Hong Kong-based DRAM Trust, which will hold the reserves backing the tokens. Every DRAM token will be backed by…

In a significant development, the Reserve Bank of India’s core banking solution for the government, known as E-Kuber, is set to become fully functional on March 31, 2024, which coincidentally falls on a Sunday. E-Kuber plays a pivotal role in handling government transactions, and this move to include Sundays as working days for the system highlights its importance in streamlining financial operations. In this article, we will explore what E-Kuber is and delve into its expanded functionality in the context of government financial transactions. Understanding E-Kuber E-Kuber is the Reserve Bank of India’s (RBI) core banking solution designed to facilitate…

With the excitement of cricket taking hold of the nation, Disney Star is poised to generate a staggering ₹3,500 crores in advertising revenues from the 2023 Cricket World Cup, say industry insiders. The ICC Men’s Cricket World Cup is all set to commence this Thursday, starting with the opening clash between England and New Zealand. Disney Star has labeled this tournament as a harbinger of “the highest viewership and the largest number of advertisers.” Akin to the IPL’s Ad Success: If Disney Star manages to meet the revenue projections, it will mirror the advertising revenues of the recent Indian Premier…

The data analytics and consulting firm GlobalData has recently revealed that Indian startups witnessed a massive fall in venture capital (VC) funding in the first eight months of 2023. The report noted that from January to August 2023, the startup-focused VC funding in India plunged 71.5%, compared to the same period a year ago. The first eight months of 2023 saw $4.9 billion raised in funding, compared to the $17.1 billion funding raised during the same period last year. An analysis of GlobalData’s Financial Deals Database also revealed that VC funding deal volume recorded a 42% YoY decline over 1,266 VC funding…

Meta reportedly announced its planning to lay off employees on Wednesday in the unit of its Metaverse-oriented Reality Labs division focused on creating custom silicon. Employees were informed of the layoffs in a post on Meta’s internal discussion forum Workplace on Tuesday. The post said they would be notified about their status with the company by early Wednesday morning, as per reports citing the close sources aware of the matter. According to available sources, roughly around 600 employees are laid off in this round. Take on Lay Off Meta has already undergone a significant reduction in its workforce. Few months back, post…

The Indonesian government announced the new regulation, which prohibits social media companies from facilitating sales of products on their platforms, in a bid to protect small businesses from e-commerce competition, accusing the popular apps and websites of predatory pricing. Announcing the measures, Indonesia’s trade minister Zulkifli Hasan said, “Now, e-commerce cannot become social media. It is separated.” He further told social media platforms, they had a week to comply with the new rules or risk losing their licence to operate in the country. The announcement came after Indonesia’s President Joko Widodo said last month, “We need to be careful with…

Union Railway Minister Ashwini Vaishnaw recently took to social media to provide travelers with a glimpse of the forthcoming Vande Bharat sleeper trains and what they can expect. These exciting additions to India’s railway network are expected to make their debut in early 2024, offering an alternative to the renowned Rajdhani trains. Revolutionary Collaborations: These sleeper trains are the result of collaborative efforts between Indian Rail Vikas Nigam Limited (RVNL) and Russia’s TMH Group, which secured the contract to supply 120 out of the 200 new Vande Bharat sleeper trains. The remaining 80 trains will be manufactured by a consortium…

The Hyundai Verna sedan has emerged as the latest “Made-in-India” car to achieve a prestigious 5-star Global NCAP rating, signaling a significant leap forward in adult and child occupant safety. This accolade underscores the commitment to safety in the Indian automotive industry and arrives as part of the ongoing #SaferCarsForIndia campaign. Setting the Safety Standard The #SaferCarsForIndia campaign, aimed at promoting vehicular safety, has brought about voluntary tests that lead up to Bharat NCAP’s activation later this year. These tests, conducted by Global NCAP, subject vehicles to rigorous crash test protocols evaluating frontal and side impact protection, along with Electronic…

Climate change has become one of the most significant challenges for economies and societies in the upcoming decade. Achieving the transition to net-zero emissions by 2050 requires substantial climate mitigation investment in emerging markets and developing economies, which currently emit around two-thirds of greenhouse gases. The private sector has an enormous role to play in this sector, undertaking the investment and technological innovation that will underpin low carbon growth, providing finance for mitigation and adaptation, adopting lower carbon production processes, and encouraging and facilitating more climate conscious purchasing decisions by consumers. IMF’s Role In Climate Change The International Monetary Fund publishes research on economic implications of climate change and provides policy advice to…

WhatsApp, a global messaging platform with 2 billion users, is at the forefront of Meta’s strategy to monetize messaging, particularly in India. With more than 450 million users in India alone, WhatsApp is increasingly becoming a central hub for communication and commerce. In this article, we explore how Meta, the parent company of WhatsApp, is working to supercharge WhatsApp’s capabilities and establish it as a leading super app in the Indian market. WhatsApp’s Dominance in India India holds a special place in WhatsApp’s global user base, with 22.5% of its users residing in the country. The platform sees over 600…