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Bloomberg Quint
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Tragedy In The Air, Tension On The Ground — The Week That Was
- A deadly plane crash in Ahmedabad claimed 241 lives, with a sole survivor currently in hospital.
- Tensions rose in West Asia after Israel attacked Iran's nuclear sites, affecting global markets.
- India's retail inflation dropped to a six-year low, driven by significant decreases in food prices.
- Rapido plans to enter food delivery with a flat-fee model, challenging existing commission structures.
- India is transitioning to competitive tendering for defence projects to promote fair price discovery.
- Regulatory approvals are pending for Elon Musk's Starlink launch in India, affecting the timeline.
- The week also saw discussions on Air India crash claims, economic growth, and mutual fund choices.
- Global players like Starlink and Amazon's Project Kuiper are seeking opportunities in India's satellite internet market.
- India's economic development is drawing parallels to China's growth trajectory of 35 years ago.
- Quant Mutual Fund's unique exposure to silver instead of gold has sparked interest and discussions.
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Bloomberg Quint
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City Union Bank Targets To Surpass Industry Growth Rate By 2-3% In FY26
- City Union Bank's CEO N Kamakodi aims for the bank to outperform the industry growth by 2-3% in FY26.
- Kamakodi expressed confidence in sustaining a growth rate of 13% to 15% over the next five years.
- The bank follows a cautious growth strategy to ensure sustainability and profitability.
- City Union Bank has historically maintained profitability and efficiency over its 120-year history.
- The bank focuses on steady growth rather than rapid expansion to mitigate risks.
- The loan portfolio of City Union Bank is diversified, with significant exposure to MSME and agricultural sectors.
- The bank aims to reduce its cost-to-income ratio and stabilize it around 45% within five years.
- Strategic investments in capacity expansion, including retail banking, are expected to contribute to profitability from 2026-27.
- City Union Bank's shares were trading higher on the NSE amidst these growth projections.
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Bloomberg Quint
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FIFA Club World Cup 2025: Full Schedule, Dates, Timings, Groups, Live Streaming And More
- The FIFA Club World Cup 2025 will feature 32 teams playing 63 matches across various venues in the United States from June 14 to July 13.
- Inter Miami, led by Lionel Messi, will face Al Ahly in the tournament opener at Florida's Hard Rock Stadium on June 15, with the final scheduled for July 14 at MetLife Stadium in New Jersey.
- Matches will be held in 11 US cities including Atlanta, Los Angeles, Miami, New York, and others.
- The tournament format includes a group stage from June 14 to 26, followed by the round of 16, quarterfinals, semifinals, and the final.
- 32 teams are divided into eight groups, with teams like Palmeiras, Paris Saint-Germain, Bayern Munich, Flamengo, River Plate, Manchester City, Real Madrid, and others participating.
- Live streaming for all 63 matches will be available on DAZN.com, the official broadcasting partner of the tournament, while Indian fans can watch select games on Eurosport India and Fancode.
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The Robot Report
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Sojo Industries raises $40M to scale mobile manufacturing lines
- Sojo Industries raises $40 million to scale its mobile manufacturing lines that focus on food and beverage products.
- The funding will be used to scale Sojo Flight deployments, enhance the Sojo Shield platform, and expand automation.
- Sojo Industries delivers advanced robotics, mobile manufacturing, and modular packaging solutions for the food and beverage industry.
- Their technology aims to meet the demand for high-speed, high-throughput, variety-pack production in a more efficient manner.
- Sojo's systems serve Fortune 500 companies and various sectors within the food and beverage industry.
- S2G Investments provided the financing for this round, emphasizing the need for innovative solutions in the supply chain.
- Sojo Flight offers mobile manufacturing lines that can be operational in one hour, enabling variety-pack production on-site for customers.
- The company's Sojo Shield platform provides real-time geolocation, analytics, and operational insights across the supply chain.
- Customers have saved over 5 million freight miles with impactful emissions savings and increased efficiency through Sojo's solutions.
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Siliconangle
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Flying taxi developer Archer Aviation raises $850M more in funding
- Archer Aviation Inc. raised $850 million in funding for its flying taxi development.
- The funding was structured as a direct offering, with Archer selling 85 million shares at $10 each.
- This marks Archer's third significant funding round in under a year, totaling approximately $1.58 billion.
- With the latest funding, Archer's total liquidity is around $2 billion.
- Archer is developing a flying taxi named Midnight, designed to carry four passengers on 100-mile trips at a top speed of 150 mph.
- Midnight operates using electric rotors that adjust midflight and are quieter than helicopters, making them suitable for urban areas.
- The successful first piloted test flight of Midnight in May has increased investor confidence.
- Archer plans to use the funds to develop an AI-based aviation software platform and the necessary infrastructure for flying taxi networks.
- The company has secured deals for flying taxi networks in the U.S., United Arab Emirates, India, and South Korea.
- Archer also has a contract for air taxi services during the 2028 Summer Olympics in Los Angeles.
- A partnership with United Airlines includes multiple flying taxi routes, including one from Manhattan to Newark Liberty International Airport.
- United Airlines pre-ordered hundreds of Midnight flying taxis amounting to about $1.5 billion.
- Archer's founder, Adam Goldstein, emphasizes that with this funding, the company has the resources to execute its plans globally.
- The aircraft, Midnight, completed its first successful test flight reaching altitudes of over 1,500 feet.
- The continuous backing from investors reflects confidence in Archer's development roadmap for its flying taxi technology.
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Bloomberg Quint
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Sun Pharma Elevates Kirti Ganorkar As Managing Director
- Sun Pharmaceutical Industries has appointed Kirti Ganorkar as the Managing Director of the company, effective Sept. 1, 2025, succeeding Dilip Shanghvi.
- As part of the restructuring, Kirti Ganorkar will oversee the entire business and all functions within the Mumbai-based drug major.
- Dilip Shanghvi will continue to serve as the Executive Chairman, chairing the company's Board.
- Abhay Gandhi, President and Chief Executive Officer of North America, has decided to leave Sun Pharma, with Richard Ascroft taking over as CEO for North America.
- Kirti Ganorkar's appointment is subject to the approval of shareholders at the upcoming annual general meeting.
- The succession planning process at Sun Pharma highlights the organization's commitment to leadership continuity and strategic governance.
- Ganorkar has been instrumental in driving Sun Pharma's growth in India and played a key role in the company's expansion into specialty products.
- With a background in chemical engineering and an MBA, Ganorkar joined Sun Pharma in 1996.
- Dilip Shanghvi expressed confidence in Ganorkar's leadership abilities and emphasized the importance of in-house talent for Sun Pharma's success.
- Shanghvi will focus on strengthening the company's specialty portfolio and contributing to long-term strategic planning.
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Bloomberg Quint
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ED Completes Restoration Of Assets Worth Rs 7,000 Crore Duped From Investors In Agri Gold Fraud
- The Enforcement Directorate has completed the restoration of assets worth Rs 7,000 crore duped from investors through an alleged Ponzi scheme by the Agri Gold group of companies.
- Properties have been restored to the Andhra Pradesh government for further restitution to the victims of the Agri Gold fraud.
- The ED initiated the process in February and has now restituted assets worth Rs 611 crore.
- Investors were allegedly duped by the Agri Gold group under the guise of real estate investment with promises of high returns or residential plots.
- Restitution of assets is provided under the Prevention of Money Laundering Act to help victims of investment fraud.
- The court has allowed the restitution petition by the ED, enabling the restoration of attached assets to the victims.
- The assets include agricultural land, residential and commercial plots, and apartments mostly located in Andhra Pradesh.
- The Agri Gold group ran a fraudulent investment scheme, collecting deposits without providing promised plots, amounting to around Rs 6,380 crore from over 32 lakh investor accounts.
- The ED has arrested the promoters of the company and filed charge sheets against 36 accused individuals.
- This restitution exercise is a significant step in returning proceeds of crime to the affected individuals, according to the ED.
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Pymnts
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Funding Rounds and Walmart’s Credit Card Push Mark Busy Week for FinTech
- Circle and Chime dominated FinTech headlines with a focus on Wall Street.
- Banks are supporting early-stage FinTech platforms reshaping lending and back-office processes.
- The merger of retail and financial services through FinTechs was highlighted this week.
- Walmart partnered with Synchrony for a new credit card program through OnePay.
- J.P. Morgan Chase began accepting applications for a UK FinTech accelerator program.
- Citigroup and Carlyle Group joined forces to invest in FinTech startups.
- GrailPay raised $6.7 million to enhance its platform for secure bank payments.
- Berlin-based Payrails secured $32 million to expand payment solutions across regions.
- FinanceKey raised $3.4 million to expand its AI-powered enterprise treasury system.
- Tebi, founded by an Adyen co-founder, raised 30 million euros in Series B funding.
- Fintechs are seeing increased investments in platform businesses.
- The entrenchment of FinTechs in daily financial activities was emphasized.
- Various financial firms are supporting FinTech innovation through partnerships and funding rounds.
- The week underscored the growing importance of FinTechs in modern financial landscapes.
- Overall, the week highlighted Walmart's foray into financial services and various FinTech funding rounds.
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TechCrunch
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Startups Weekly: No sign of pause
- Startups Weekly provides a recap of important startup news with no slowdown in June, despite WWDC.
- Neobank Chime went public in a highly anticipated IPO, despite facing near-death in 2016.
- Genetics testing startup Nucleus Genomics faced criticism for a controversial new product called Nucleus Embryo.
- Automattic, owner of WordPress.com, acquired startup Clay, specializing in relationship management apps.
- Brad Menezes, CEO of Superblocks, advises founders to explore system prompts used by AI unicorns for billion-dollar ideas.
- Multiverse Computing raised €189 million in a Series B round to reduce the size of LLMs for AI cost reduction.
- Glean, an enterprise AI company, secured $150 million in Series F, valuing it at $7.2 billion.
- Fervo Energy received $206 million in funding for a geothermal power plant in Utah.
- Proxima Fusion secured a €130 million Series A round, and Coco Robotics, backed by Sam Altman, raised $80 million.
- Canary, a hotel guest management platform, closed an $80 million Series D funding round.
- Tebi, a new fintech startup, raised $34 million led by Alphabet's CapitalG.
- Definely, an AI legal tech startup, raised $30 million Series B to streamline contract reviews.
- Landbase, an AI sales startup, closed a $30 million Series A round.
- Collab Capital, led by Jewel Burks Solomon, closed a $75 million Fund II for seed and Series A investments.
- The U.S. Navy welcomed new startup partnerships, with insights shared on working with startups in the Navy.
- The startup ecosystem continues to see vibrant activity, with acquisitions, fundings, and impactful launches.
- Eligible for Web Story
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Bloomberg Quint
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FPIs Stay Net Sellers For Third Session
- Foreign portfolio investors (FPIs) were net sellers of Indian equities for the third consecutive session, offloading stocks worth Rs 1,263.52 crore.
- Domestic institutional investors remained net buyers for the 21st consecutive session, acquiring equities worth Rs 3,041.44 crore.
- FPIs had bought equity worth Rs 19,860 crore in May but have been net sellers in 2025 so far, with a total of Rs 97,893 crore sold.
- India's benchmark equity indices, Nifty 50 and BSE Sensex, closed lower on Friday, with Nifty down by 0.68% and Sensex down by 0.70%.
- NSE Nifty 50 ended at 24,718.60, while BSE Sensex closed at 81,118, marking a second consecutive session of losses.
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TechCrunch
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Zevo’s EV-only car-share fleet is helping Tesla owners make money
- Hebron Sher, inspired by Elon Musk, started Zevo, a peer-to-peer EV car-sharing startup.
- The Dallas-based Zevo raised $6 million in funding after operating for around 10 months.
- Zevo focuses on electric vehicles, attracting gig workers for services like Uber and Lyft.
- Sher claims Zevo has a unique approach to car sharing, offering benefits for both hosts and renters.
- The company's 'contactless' process simplifies car sharing using EVs and tech integration.
- Zevo's seamless processes attract gig workers, providing easier access to car rentals.
- Hosts on Zevo can potentially make back 35-65% of their car's cost in a year.
- Sher feels confident in Zevo's success with predominantly Tesla vehicles on the platform.
- While Tesla plans a robotaxi service, Zevo remains focused on disrupting car-sharing.
- Sher believes there is room for both Zevo and Tesla in the market, with potential growth for all.
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Bloomberg Quint
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Pilot Checklist, Reaction Time, And Altitude Challenges: Insights From Experts On Air India Crash
- Experts conducted flight simulations to analyze challenges faced by the crashed Air India flight that was heading to London from Ahmedabad.
- The lower altitude of the Air India aircraft posed maneuverability and reaction time challenges for the pilot in a critical situation.
- The crash resulted in the loss of all persons on board except one, including passengers of various nationalities.
- Initial assessments pointed towards a possible technical fault as the cause, although official investigation results are awaited.
- Commercial pilot licenses require a minimum of 200 flying hours, with specific hours varying based on aircraft types.
- The Air India flight issued a 'Mayday' call after take-off, indicating an emergency situation to air traffic control.
- Air traffic control reported that the aircraft made a 'Mayday' call but did not respond to subsequent communications.
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Bloomberg Quint
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Moody's Upgrades Yes Bank Rating On Improved Credit Profile
- Moody's has upgraded Yes Bank's Baseline Credit Assessment (BCA) by one notch to Ba2 from Ba3, attributed to an improved credit profile.
- The upgrade is driven by enhancements in the bank's credit profile, including capital and loan loss reserves, providing buffers against asset risks and modest profitability.
- Yes Bank's Ba2 deposit ratings are slightly higher than its Ba3 BCA due to an anticipated moderate government support within contingencies.
- Yes Bank's gross non-performing loan ratio decreased to 1.6% in March 2025 from 13.9% in March 2022, with provision coverage rising from 71% to 80% during this period.
- Despite improvements, Yes Bank's asset quality still faces risks from its growing retail and SME portfolios, focus on riskier retail segments, and third-party sourcing reliance.
- Yes Bank's shares closed 1.3% lower at Rs 20.16 apiece on the BSE, contrasting with a 0.7% drop in the Sensex.
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Bloomberg Quint
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Singapore Airlines Shares Drop After Air India Plane Crash In Ahmedabad
- Shares of Singapore Airlines (SIA) dropped on the Singapore Exchange after the Air India plane crash in Ahmedabad.
- SIA holds a 25.1% stake in Air India.
- Shares of SIA settled at SGD 6.94 on Friday, showing a 1.28% decrease from the previous close.
- Air India's Boeing 787-8 Dreamliner crashed during a flight from Ahmedabad to London Gatwick, resulting in a single survivor out of 242 individuals on board.
- The Directorate General of Civil Aviation (DGCA) ordered enhanced safety inspections of Air India's Boeing 787 Dreamliner fleet powered by GEnx engines following the crash.
- The DGCA directed Air India to conduct additional maintenance actions on its Boeing 787-8 and 787-9 planes equipped with Genx engines immediately.
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Bloomberg Quint
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FM To Review GST, Customs, Direct Tax Administration; Focus On Refunds, Litigation And Accountability
- Finance Minister Nirmala Sitharaman is conducting high-level review meetings with tax officials focusing on refund delays, litigation, and accountability.
- Meetings with CBIC officials will assess delays in GST and Customs refund processing, cargo clearance dwell times, and investigations pending with DGGI.
- The FM will review the Income Tax Department's performance on taxpayer service delivery, litigation reduction, and transparency.
- Focus areas include appeal pendency, refund delays, and vigilance or disciplinary cases.
- The strategic push aims to build a taxpayer-centric, technology-enabled, and accountable tax ecosystem.
- The government's commitment is towards compliance, trade facilitation, and improving ease of doing business.
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