- A + A NEW YORK (May 19): Last fall, on the advice of a friend, Odosa Iyamuosa invested his life savings of US$4,000 in a cryptocurrency called Luna. The 28-year-old, who lives in Abuja, Nigeria, researched the coin himself online, and what he found seemed promising. Luna’s price was soaring, thanks to the success of another coin with which it was deeply intertwined, TerraUSD. Some of the crypto industry’s biggest names had already invested, including Galaxy Digital Holdings Ltd, the high-frequency-trading firm Jump Trading, and venture investment arms of the exchanges Coinbase Global Inc and Binance. For Iyamuosa, it seemed like his best hope to get out of Abuja, where he says many jobs pay just US$2 a day, or less. He’d scraped together a little money selling knockoff Nike and Adidas sneakers to local buyers he found on Instagram. He wanted to increase his savings to US$16,000 and enroll in a data-analytics programme at a college in Toronto so he could get a job … [Read more...] about A US$60 bil crypto collapse reveals a new kind of bank run
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As eMudhra IPO opens tomorrow, here are 10 things to know before subscribing
Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × eMudhra , the largest licensed certified authority (CA) in the digital signature certificates market in India, will be launching its initial public offering (IPO) on May 20. Here are 10 key things to know before subscribing to the public issue: 1. IPO Dates The offer will open for subscription on May 20 (Friday) and close on May 24 (Tuesday). 2. Price Band Close The price band for the offer has been fixed at Rs 243 - 256 per share of face value Rs 5 each. 3. Offer Details The IPO, sized at Rs 413 crore, comprises fresh shares of Rs 161 crore and an offer for sale worth Rs 252 crore by shareholders and promoters. After the issue, the promoter shareholding will decline 18.16 percent to 61.03 percent. Of the total offer size, 50 percent will be reserved for … [Read more...] about As eMudhra IPO opens tomorrow, here are 10 things to know before subscribing
Cabinet allows PSU boards to suggest disinvestment, closure of subsidiaries, units
File image of Prime Minister Narendra Modi chairing a Union Cabinet meeting. (Image: PIB) The Union Cabinet on May 18 approved a proposal to allow the board of directors of public sector undertakings (PSU) to recommend and undertake the disinvestment or closure of their subsidiaries, units, or stakes in joint ventures (JV). Until now, while the boards could make equity investments to set up financial JVs and wholly-owned subsidiaries and undertake mergers and acquisitions subject to certain conditions. They largely had no control over the disinvestment and closure of their subsidiaries, units, or JV stakes. "In line with the spirit of the new PSE (public sector enterprise) policy, 2021 to minimise the presence of government PSEs and for functional requirement, further delegation in this matter has been provided through this decision," the government said in a statement. As per the public sector enterprises policy announced in 2021, central PSUs will maintain … [Read more...] about Cabinet allows PSU boards to suggest disinvestment, closure of subsidiaries, units
Congress Should Repeal The Durbin Amendment, Not Expand It To Credit Cards
Share to Twitter Share to Linkedin Americans have been using credit to buy things for just about as long as America has existed, but the consumer goods market has undergone massive changes. So, it’s very easy to forget how the plastic cards that we rely on became so prevalent. Unfortunately, forgetfulness won the day in last week’s Senate Judiciary Committee hearing . Supposedly a fact-finding mission about the fees that retailers pay when customers swipe their cards to make a purchase, much of the discussion made it seem like Visa V and MasterCard recently swooped into America and took over the card network business. Obviously, that’s not what happened, and the way the industry has developed should inform public policy . Nonetheless, the proceedings made it quite clear that Senator Dick Durbin (D-IL) wants to extend price controls and routing mandates to the credit card market. (For those who don’t remember, Durbin was the author of … [Read more...] about Congress Should Repeal The Durbin Amendment, Not Expand It To Credit Cards