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Pakistan Concludes Review with IMF, Set to Receive $1.1 Billion Tranche

After a stafflevel assessment of a $3 billion standby agreement, Pakistan and the International Monetary Fund IMF have decided to provide $1.1 billion

After a stafflevel assessment of a $3 billion standby agreement, Pakistan and the International Monetary Fund IMF have decided to provide $1.1 billion to the South Asian economy. This latest instalment comes after Pakistan rescued the country last summer at the last minute, preventing a sovereign debt default. The IMF team met in Islamabad during a fiveday tour to discuss budget consolidation standards. The second and last evaluation was finished by all parties on Tuesday, and the IMF is anticipated to announce on Wednesday. After the present agreement expires on April 11, Islamabad would likely seek another IMF bailout, according to Finance Minister Muhammad Aurangzeb. If Pakistan requests a mediumterm programme, the IMF will consider it. According to reports, Pakistans economy struggles with poor reserves, a balance of payment crisis, and high inflation. It is expected to seek additional funding, possibly around $6 billion. Read More..

B2B Tech News | 1 months ago        

Euronext CEO Stephane Boujnah No Plans for Crypto Trading Without Regulatory Support

According to CEO of Euronext Stephane Boujnah, the stock market operator wants to get involved in cryptocurrency trading with authorities unwavering b

According to CEO of Euronext Stephane Boujnah, the stock market operator wants to get involved in cryptocurrency trading with authorities unwavering backing. In light of Bitcoins rebound, other exchanges are entering the cryptocurrency field. Still, Euronext is being cautious—especially given the ambivalence of authorities in important nations like Italy, France, and the Netherlands towards crypto. Boujnah underlined the need for regulatory support and said that because of conceptual reservations and regulatory stances, Euronext has always been wary about cryptoassets. Despite this position, Euronext distinguishes between direct crypto asset trading and crypto underlying by providing professional investors in Amsterdam and Paris with cryptobacked exchangetraded products. Read More..

B2B Tech News | 1 months ago        

Grasim Industries Secures Rs 1,250 Crore Investment from IFC for Sustainability Initiatives

The International Finance Corporation IFC has invested Rs 1,250 crore in Grasim Industries Limited, the flagship business of the Aditya Birla Group, t

The International Finance Corporation IFC has invested Rs 1,250 crore in Grasim Industries Limited, the flagship business of the Aditya Birla Group, to support the companys sustainability efforts in the paint manufacturing sector. The investment will accelerate Grasims decarbonisation efforts, which will take the form of NonConvertible Debentures NCDs, emphasising water recycling and using renewable energy. Grasims managing director, H K Agarwal, thanked the investor and emphasised the companys dedication to a lowcarbon economy and compliance with the Sustainable Development Goals of the United Nations. The funding from IFC will help Grasim grow in a way that is kind to the environment and promotes the use of water and energysaving technology. Grasim also announced the debut of "Birla Opus," a new decorative paint brand that aims to use sustainable manufacturing techniques and ambitious revenue targets within the next few years. Read More..

B2B Tech News | 1 months ago        

Saudi Arabia Plans $40 Billion Fund for Investing in Artificial Intelligence

According to the New York Times, Saudi Arabia intends to create a $40 billion fund for AI investments. To open an office in Riyadh, the Public Investm

According to the New York Times, Saudi Arabia intends to create a $40 billion fund for AI investments. To open an office in Riyadh, the Public Investment Fund PIF of Saudi Arabia has discussed possible collaborations with American venture capital company Andreessen Horowitz and other firms. The fund seeks to assist AIrelated tech businesses like data centres and chip manufacturers. The project, anticipated to begin in the second half of 2024, reflects Saudi Arabias goal to use its resources and financial ability to establish itself as a centre for AI research. PIF and Andreessen Horowitz have yet to respond to requests for comment. Read More..

B2B Tech News | 1 months ago        

Federal Bank Reduces Bill of Lading Handover Time to 3 Hours with Digital Solution

By switching to a digital solution, Federal Bank successfully cut the lead time for transferring lading bills from up to a week to just three hours. T

By switching to a digital solution, Federal Bank successfully cut the lead time for transferring lading bills from up to a week to just three hours. This step reduces hazards like forgery, loss, and theft of paper copies in addition to doing away with reams of paper. Furthermore, lowering the amount of paper used and the carbon emissions related to courier services aligns with Environmental, Social, and Governance ESG principles. Senior Vice President of Federal Bank Rathna Mala L V noted that the bank was happy to be the first in India to successfully finish a pilot programme for digital export document collection through the use of the WaveBL platform, highlighting the advantages of digital transactions in terms of quicker response times and increased operational effectiveness. VP of Financial Institutions, Ofer Ein Bar at WaveBL, emphasized Federal Banks and WaveBLs shared commitment to drive innovation and sustainability in trade finance. Read More..

B2B Tech News | 1 months ago        

TCS Shares Drop Over 3% Amid Tata Sons Offer to Sell Stake

Tata Consultancy Services TCS saw a more than 3% decrease on March 19, with shares falling as low as Rs 4022 intraday. Tata Sons, which purportedly of

Tata Consultancy Services TCS saw a more than 3% decrease on March 19, with shares falling as low as Rs 4022 intraday. Tata Sons, which purportedly offered to sell 2.34 crore shares in Indias largest IT services company, is most likely the cause of this fall. During the day, almost 2.2 crore shares, or 0.6% of the stock, were exchanged at an average price of Rs 4,043. TCS shares were down about 3% at Rs 4,032.50 on the National Stock Exchange NSE as of 927 a.m. TCS is now Indias second most valuable listed business, having a market valuation of over Rs 15 lakh crore. As of December 31, 2023, promoters held 72.41% of the shares, while Tata Sons held 72.38%. Sharekhan made an offer to "buy" recommendation for TCS, setting a target price of Rs 4,750, citing the companys robust domain expertise, expansive geographical presence, and potential for sustained revenue growth driven by significant deal wins and rebounding demand in critical sectors such as BFSI. Read More..

B2B Tech News | 1 months ago        

Investor Interest Surges in AIThemed ExchangeTraded Funds ETFs

ExchangeTraded Funds ETFs with an Artificial Intelligence AI theme have become extremely popular due to the increased interest in AI. This has given i

ExchangeTraded Funds ETFs with an Artificial Intelligence AI theme have become extremely popular due to the increased interest in AI. This has given investors more opportunities to profit from this rapidly developing technology. The funds span from those with several prominent AI beneficiaries to others focusing on more specialised areas such as robotics and audio production. As of February, the total assets of AIthemed ExchangeTraded Funds ETFs in the US were $6.88 billion, a notable rise from $2.55 billion the previous year. This pattern is consistent with earlier waves of investor enthusiasm for disruptive technology. Notably, Nvidias shares are still attracting attention, making it a focal point in the AI investing environment. Smaller ETFs have also increased significantly, suggesting that investors interest in AIrelated assets is growing. Although some investors concentrate on established AI leaders like Nvidia, others seek exposure to emerging areas expected to benefit from AI t Read More..

B2B Tech News | 1 months ago        

Chinese and Angolan Presidents Meet in Beijing, Strengthen Bilateral Ties

During their meeting in Beijing, Chinese President Xi Jinping greeted Angolan President Joao Lourenco as an old friend of China. Xi emphasised that Ch

During their meeting in Beijing, Chinese President Xi Jinping greeted Angolan President Joao Lourenco as an old friend of China. Xi emphasised that China and Angola have a longstanding and mutually beneficial relationship and that their cooperation is an example of winwin and SouthSouth cooperation. The two presidents talked further about improving trade and economic cooperation while expressing thanks for the assistance. During the meeting, they also declared that the bilateral ties will now be elevated to a comprehensive strategic cooperative partnership. Read More..

B2B Tech News | 1 months ago        



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