Business

Worrying Decline in the Health of Cybersecurity Enterprise IronNet
Business

Worrying Decline in the Health of Cybersecurity Enterprise IronNet

But is everything okay? Why do we see a worrying decline in the health of Cybersecurity Enterprise IronNet? The cybersecurity company IronNet (NYSE: IRNT) began trading on the NYSE on August 27, 2021. August 27, 2021. Thanks to IronNet's founder and co-CEO, Gen. Keith Alexander, a retired four-star general who previously led the National Security Agency (NSA), the Central Security Service (CSS), and the U.S. Cyber Command; the company grabbed a lot of attention, leading to a SPAC (special purpose acquisition company) merge. IronNet's shares debuted at $13.44 after the merger, soared to a record high of $41.40 in September of last year, and currently trade for just above $1. Let's examine five blatant red signs to comprehend why IronNet's stock plummeted. Misrepresentation of Ca...
ED Freezes Funds in Chinese Loan Apps; Raids PayTm & Others
Business, India

ED Freezes Funds in Chinese Loan Apps; Raids PayTm & Others

The Enforcement Directorate freezes cash totaling INR 46.67 crore stored in payment gateways like Paytm, Easebuzz, Razorpay, and Cashfree as part of a crackdown on loan apps and investment tokens controlled by the Chinese government. The Enforcement Directorate (ED) conducted searches against Chinese-controlled loan apps and investment tokens on September 14 in Delhi, Mumbai, Ghaziabad, Lucknow, and Gaya, all under the Prevention of Money Laundering Act (PMLA). The Indian federal investigative agency also raided 16 premises of banks and payment gateways in Delhi, Gurugram, Mumbai, Pune, Chennai, Hyderabad, Jaipur, Jodhpur and Bengaluru in search of HPZ app-based token as per a money laundering case reported from an October 2021 FIR filed by the cybercrime unit of Kohima Police in...
Category-I Banks to Follow Cross-Border Bill Payments per RBI
Business, India

Category-I Banks to Follow Cross-Border Bill Payments per RBI

On September 15, 2022, The Reserve Bank of India (RBI) instructed all Category-I authorized banks to implement the new Bharat Bill Payment System (BBPS) for cross-border bill payments. On August 31, 2016, RBI began piloting the BBPS service, and on October 17, 2017, the service went live for the general public. Transactions initiated through the Bharat Bill Payment System (BBPS) are cleared and settled by the National Payments Corporation of India (NPCI), the legally designated body for the Bharat Bill Payment Central Unit (BBPCU). Data from the NPCI shows that in August 2022, BBPS handled 87.46 million transactions worth roughly Rs 16,000 crore. When BBPS opened its doors in August 2021, it could handle 58.88M transactions worth roughly Rs 10,000 crore. Customers who use the ...
MeitY Startup Hub and Meta launches Grant for XR Tech Startups
Business, India

MeitY Startup Hub and Meta launches Grant for XR Tech Startups

MeitY Startup Hub (MSH) of the Ministry of Electronics and Information Technology in India and Meta (NASDAQ: META) have announced a new grant! This grant is the introduction of an accelerator programme to help and accelerate XR technology entrepreneurs in India. The XR startup programme will focus on training and developing technological capabilities for the Metaverse and will assist form the ecosystem for these emerging technologies, such as Augmented Reality (AR) and Virtual Reality (VR), in the country. The Minister of State for Electronics & Information Technology, Rajeev Chandrasekhar, stated that a significant milestone in realizing the Prime Minister's objective of making the next ten years of India's Techade a time of great opportunity for young Indians. The minist...
SoftBank Founder Masayoshi Son Discusses Third Vision Fund
Business

SoftBank Founder Masayoshi Son Discusses Third Vision Fund

According to the latest report by The Wall Street Journal, SoftBank Group Corp. (TYO: 9984) founder Masayoshi Son has decided to set up the third Vision Fund, weeks after apologizing for the disappointing performance of his first two funds. The 65-year-old entrepreneur has just raised billions of dollars in cash and views another startup fund as one of several possible uses for the funds, according to individuals who requested anonymity because the topic is confidential. They stated that it is not yet known how much capital Son might want to invest in a third fund. The first Vision Fund had foreign investors, including Saudi Arabia's Public Investment Fund, but the second contained nearly $40 billion and was funded completely by SoftBank. Son stated that he expected to raise mone...
Nykaa Closes 100% Acquisition of Little Black Book (LBB)
Business, India

Nykaa Closes 100% Acquisition of Little Black Book (LBB)

  In a press release on September 10, 2010, Nykaa stated that all required procedures had been fulfilled, including purchasing all of the equity shares in Iluminar Media Private Limited (Little Black Book). The lifestyle discovery content platform focusing on millennials has been around for ten years and is now acquired in a lucrative deal by Nykaa. Company officials claim that the purchase is consistent with Nykaa's policy of emphasizing content when communicating with its dedicated customer base. As a content powerhouse, LBB stands out due to its vast, discriminating user base, content generation capability, curating approach, and relationship with growing businesses. Nykaa's fashion, home, and beauty strengths align well with these focus areas. The CEO of NykaaMan, Nihir ...
An Overview of Toxic Leadership at Top Global Workplaces
Business

An Overview of Toxic Leadership at Top Global Workplaces

Enterprise leadership communication failure is not a myth perpetuated by disgruntled employees terminated for underperformance or behavioral misconduct. Leadership communication failure is real; no organization is free from this gluten. Some organizations lean on managed servers of reputation management, so they don't stick to public knowledge. Last year in May 2021, an email by the CEO of Shopify, Tobi Lütke, got viral. It was an immediate flight to an incident wherein a senior manager at Byju's miserably abused their sales executive. Of course, the CEO terminated the manager for ramifications, but how does it occur in the first place? A quick study informs us of how big enterprises manifest toxic work culture; how sometimes their CEOs, Human Resources, or tenured employees perpetuate...
In India, Chinese Loan Apps Rob INR 500 Cr, Trigger Deaths
Business, India

In India, Chinese Loan Apps Rob INR 500 Cr, Trigger Deaths

The Indian Congress party has claimed that Chinese loan apps are responsible for the theft of INR 500 Cr from Indian loan borrowers and the subsequent abandonment of these individuals. According to a PTI report, Congress criticized the Central administration led by PM Modi for lacking a strategy to combat these fake loan applications. The comment was made after the anti-money laundering agency Enforcement Directorate (ED) disclosed that 365 loan applications and associated NBFCs stole over 800 Cr from native applicants. During the investigation, the ED discovered that fintech loan apps disbursed over INR 4 trillion in credit. Meanwhile, loan applications generated nearly INR 700 billion in processing costs and INR 85 billion in interest and penalties. The Institute of Chartered A...
NASSCOM Reviews India’s Technology Sector 2021-2022
Business, India

NASSCOM Reviews India’s Technology Sector 2021-2022

NASSCOM issues the annual strategic review of India's technology sector, which experienced a massive boom in the last 10 years. The executive summary of progress titled "Think Digital, Think India, From Resilience to Resurgence" has a constructive foreword from the President of NASSCOM, Debjani Ghosh, highlighting the performance of India's technology sector in 2021 and 2022 with predictions for 2023. In FY2022, the technology industry in India reached $227 Billion in total revenue, exceeding the pre-pandemic FY2019 revenue level by more than double. Importantly, the sector added its most recent $100 billion in ten years, but the first $100 billion took thirty! The industry added a record-breaking 445,000 net new jobs in FY2021, surpassing the 5 million mark in total employment. The...
RBI Issues Discussion on UPI Payment Charges, Invites Feedback
Business, India

RBI Issues Discussion on UPI Payment Charges, Invites Feedback

The Reserve Bank of India (RBI) has issued a discussion paper on "Charges in Payment Systems" for public comment, as indicated in the Statement on Developmental and Regulatory Policies on December 08, 2021. On or before October 3, 2022, you can respond via email to any questions or comments posted there. This comes up as people question if India will have UPI payment charges! The Reserve Bank of India (RBI) has prioritized efforts to smooth out payment systems by addressing any hiccups caused by systemic, procedural, or revenue-related concerns. Consumers typically have issues with excessive or opaque fees and are concerned about UPI payment charges and parties involved in processing their payments. Users should pay fair and competitive rates for payment services, while intermediari...
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