News Archives for Business & Finance - 2021-02-27

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Business & Finance - 2021-02-27

Industry

India's Reliance partners with Google, Facebook for digital payment network bid

Digital payments in India could rise to $135.2 billion in 2023, according to an Assocham-PWC India study in 2019.
Facebook and Google are already partnered with Reliance and own stakes in Jio Platforms - the unit which houses Reliance's music, movie apps and telecoms venture.

Updated 27 Feb, 2021 09:09pm

Industry

Hormuud Telecom awarded Somalia's first mobile money licence

Hormuud Telecom began operating in Somalia in 2002 and has some 3.6 million subscribers among the country's population of more than 15 million people.
The mobile money sector in Somalia has never been regulated, which added to the perceived risk of the financial sector in Somalia.

Updated 27 Feb, 2021 09:09pm

Money & Banking

Nigeria seeks asset managers for $2.6bn new infrastructure firm

The asset managers will originate and manage infrastructure projects, generating return from investments, the bank said on Saturday. The deadline for submission of proposals is March 16.
Initial capital will come from the central bank, the Nigerian Sovereign Investment Authority (NSIA), and the Africa Finance Corporation, the central bank has said.

Updated 27 Feb, 2021 09:09pm

Industry

Berkshire Hathaway profit rises, helped by stock gains

Fourth-quarter operating income rose to $5.02 billion from $4.42 billion a year earlier, it said.
Net income, reflecting the stock gains, rose 23% to $35.84 billion from $29.16 billion a year earlier.

Updated 27 Feb, 2021 09:08pm

India's Reliance partners with Google, Facebook for digital payment network bid: ET

Set up in 2008, NPCI is a not-for-profit company, which as of March 2019 counted dozens of banks as its shareholders, including the State Bank of India, Citibank and HSBC.
A spokesperson for Infibeam declined comment on the report, saying the company was bound by the confidentiality of process, while Reliance, Google and Facebook did not immediately respond to a request for comment.

Published 27 Feb, 2021 05:58pm

Pakistan, KSA agree to cooperate in the field of Tax & Customs

It was agreed at the meeting that the two countries would take steps to promote cooperation on bilateral relations related to customs and taxes and the relevant institutions of the two countries would adopt each other's best practices.

Published 27 Feb, 2021 04:02pm

Govt to build multi-billion modern train structure from Islamabad to Murree

The minister was replying to a twitterati who called for modern trains similar to what we see in Europe and the developed world to enjoy the scenic beauty, especially of the northern areas.

Published 27 Feb, 2021 02:58pm

Banks weigh up home working - the new normal or an aberration?

HSBC and Lloyds are getting rid of as much as 40% of their office space as an easy way to make savings when bank profits have been crunched by the pandemic.

Published 27 Feb, 2021 01:48pm

Pakistan’s economic growth prospects showing signs of improvement

Taking all these observations into account, YoY inflation for next month may remain between 5.5−7.5 percent.
The Monthly Economic Indicator (MEI), which is based on combining monthly data of indicators that are proven to be correlated with GDP at constant prices shows continued strong growth in January, in continuation with what was observed in the previous seven months.

Published 27 Feb, 2021 12:59pm

World Bank provide $12mn grant for FATA temporarily displaced

Minister for Economic Affairs, Makhdum Khusro Bakhtyar witnessed the signing ceremony of Additional Grant Agreement of “FATA Temporarily Displaced Persons Emergency Recovery Project” worth $12 million with the World Bank.

Published 27 Feb, 2021 12:04pm

This financial expert told us about the Pakistan, Qatar LNG deal weeks ago

He said that the deal would be a long-term contract for 2 cargos per month at 20-25 percent discount to the existing deal.

Published 27 Feb, 2021 11:16am

SoftBank reaches settlement with former WeWork CEO Neumann

SoftBank, the new owner of the office-sharing firm, did not disclose terms of the settlement. Media reports earlier this week indicated the deal includes a nearly $500 million cut in Neumann’s payout from SoftBank.

Published 27 Feb, 2021 10:43am

AMC Entertainment approves millions in bonuses to top executives

In a regulatory filing on Friday, the company said Chief Executive Officer Adam Aron would receive $3.75 million as bonus, while other top executives are entitled to bonuses of $173,000 to $507,000.

Published 27 Feb, 2021 10:33am

Robinhood plans confidential IPO filing as soon as March - Bloomberg News

The California-based brokerage has held talks in the past week with underwriters about moving forward with a filing within weeks, Bloomberg said.

Published 27 Feb, 2021 10:29am

Deutsche Telekom posts record revenues in 2020

BERLIN: German telecoms operator Deutsche Telekom said Friday it had defied the coronavirus pandemic to post record...