Business and Cryptocurrency News Today: Top Trending and Breaking News Updates - 22 June 2022

Cryptocurrency News Today: Daily Latest and Trending News Updates
Business and Cryptocurrency News Today: Top Trending and Breaking News Updates - 22 June 2022 

Accel launches $4 billion late-stage fund

In a blog post, venture capital firm Accel has announced the closing of a $4 billion global late-stage fund. Describing the fund as "a critical element in global strategy," the company said it plans to use the fund to provide expansion capital to its portfolio companies. Accel has been an early investor in companies like Swiggy, Freshworks, and Flipkart.

Musk's $44 billion deal in the 'best interests' of Twitter and its shareholders, its board says

Twitter's board has recommended that shareholders vote in favor of the company's proposed $44 billion sale to billionaire Elon Musk, a regulatory filing showed on Tuesday. The social media giant's board of directors unanimously determined that the merger deal is "advisable and in the best interests of Twitter and its shareholders," the document showed.

What debit and credit card tokenization rule will be implemented from July 1?

The card tokenization rule, which was issued by the RBI last year and is scheduled to be implemented from July 1, prohibits merchants from storing customer card data such as card number and CVV on their servers. Tokenizing a card means replacing the actual card details with an alternative unique code called a "token" on online platforms.

Our economy has completely collapsed: Sri Lankan Prime Minister

Sri Lankan Prime Minister Ranil Wickremesinghe said on Wednesday: "The country is facing a much more serious situation beyond mere shortages of fuel, gas, electricity and food. Our economy has completely collapsed." He added that Sri Lanka cannot buy imported fuel, even in cash, due to its oil corporation's heavy debts.

People who are not rich encouraged me to buy, support Dogecoin: Musk

The richest man in the world, Elon Musk, during the Qatar Economic Forum, said that he intends to continue supporting Dogecoin personally. “A lot of people who are not that rich…have encouraged me to buy and support Dogecoin…I am responding to those people,” Musk said. The 50-year-old CEO of Tesla was recently sued by a Dogecoin investor for $258 billion for allegedly running a pyramid scheme.

Zerodha, Upstox Restoration Services After Major Websites Suffered Brief Outage

Online brokerage firms Zerodha and Upstox said their services had been restored after they experienced a brief outage on Tuesday. The outage, which affected major websites around the world, was due to a technical failure at Cloudflare, an Internet infrastructure provider. Zerodha said all of their sites were back up and running, while Upstox said the issue has been resolved.

Biocon subsidiary executive booked for bribery to waive trial over insulin drug

The CBI has detained an official from the Central Medicines Standard Control Organization for allegedly receiving a bribe of ₹4 lakh to give up the phase 3 clinical trial of insulin aspart injection, a product under development by Biocon Biologics. An executive from Biocon Biologics, a company founded by Kiran Mazumdar-Shaw, was also booked. Shaw and Biocon Biologics have denied the bribery charges.

If Tatas can't make Air India work, no one else in India can: Emirates chairman

Emirates Chairman Tim Clark said Tata Group's acquisition of Air India is the best thing that could have happened to the airline. "It's not easy to operate in the Indian market... If Tatas can't make it work, no one... can make it work," he added. Asked how Air India's rise will affect Emirates, Clark said: "Go for it."

116-year-old Kellogg Co to split into 3 separate companies

US multinational food manufacturing giant Kellogg Company said it will split into three separate companies, focused on cereals, snacks and plant-based foods. The yet-to-be-named spin-off of the cereal and plant-based food companies is likely to be completed by the end of 2023. The 116-year-old firm's snack division earned $11.4 billion in 2021, while cereals accounted for $ 2.4 billion in sales. 

CBI Records Former DHFL Officials In India's Biggest Bank Fraud Worth ₹34,615 Crore

CBI has registered a new case against DHFL's Kapil Wadhawan and Dheeraj Wadhawan for allegedly cheating a consortium of 17 banks led by Union Bank of India out of ₹34,615 crore, making it the largest bank fraud investigated by the agency. CBI is conducting searches at 12 locations in Mumbai. The agency acted on a complaint from the bank on February 11.

Deadline for implementation of certain credit card related norms extended till October 1

RBI has extended the deadline for implementation of certain credit card related norms by three months to October 1. The norms state that card issuers have to obtain OTP-based consent before activating the credit card, if it has not been activated by the customer himself for more than 30 days. Further, they should ensure that the credit limit is not breached without obtaining explicit consent from the cardholder.

UK inflation rate hits new 40-year high of 9.1%

The UK inflation rate rose to 9.1%, the highest rate in 40 years, the UK government said. On a monthly basis, the consumer price index (CPI) increased by 0.7% in May 2022 compared to an increase of 0.6% in May 2021. The CPI, including owner-occupant housing costs, came to 7.9% in the 12 months to May 2022.

TerraUSD Issuer Staff Are On No-Fly List In South Korea After Token Crash

Multiple employees of Terraform Labs, the firm behind the TerraUSD stablecoin, have been placed on a no-fly list, an official with South Korea's Supreme Prosecutor's Office said. This comes after TerraUSD lost roughly $17.5 billion in value last month as it dragged its sister coin Luna down with it. TerraUSD has fallen from its high of $1.0098 in November 2021 to $0.0085.

Tether to launch a stablecoin pegged to the British pound in July

Crypto firm Tether said on Wednesday that it will launch GBP₮, a stablecoin pegged to the British pound sterling, in early July. Tether operates a stablecoin pegged to the dollar, the largest stablecoin by market cap, in addition to stablecoins pegged to the euro, Chinese yuan, and Mexican peso. “The creation of GBP₮…will provide a faster and less expensive option for asset transfers,” Tether said.

SoftBank's foreign trade chief resigns after 6 months in role

SoftBank has appointed Alex Clavel as chief executive of the SoftBank Group International unit, replacing Michelle Combs, who left after just six months in the role. Clavel spent 19 years at Morgan Stanley before joining SoftBank in 2015. He had participated in the restructuring of office space-sharing firm WeWork and the integration of Latin American funds into the Vision Fund.

GoM proposes removal of GST exemption on financial services, e-waste

The Group of Ministers (GoM) has proposed removing exemptions on several services, including services provided by the financial sector and hospital rooms above a tariff limit. The GoM further proposed to increase the GST rate on electronics waste from 5% to 18%. They also proposed an increase in rates for goods and services related to the exploration of petroleum and coal-bed methane.

Mutual funds can resume investing in international stocks: SEBI

Markets regulator SEBI has allowed mutual funds to re-invest in foreign stocks within an aggregate mandated limit of $7 billion. SEBI has also set a separate limit of $1 billion for investment in foreign exchange-traded funds. SEBI had asked mutual funds to stop investing in foreign stocks to avoid breaching the industry-wide foreign cap.

Can't load non-bank credit lines into prepaid payment instruments: RBI

The Reserve Bank of India (RBI) has issued a clarification saying that non-bank prepaid payment instruments (PPIs) such as wallets and prepaid cards cannot load credit lines in these devices. "If such practice is followed, it should be stopped immediately," RBI said in a notification. According to reports, RBI has sent a notification to non-bank PPI issuers including fintech startups.

Around 1,100 workers resume work at Ford India's TN plant: Report

According to reports, around 1,100 workers have resumed work at Ford India's Maraimalai Nagar plant in Tamil Nadu, though no agreement has been reached on the worker's severance package. An official of the employees union said that there has been no progress in talks with the management. The management of Ford India has reportedly said that we are ready to talk after the workers resume.