Business News Live: India, Singapore to link their fast payments systems

10:45 A.M.

India, Singapore to link their fast payments systems

India and Singapore have decided to link their Fast Payment Systems –Unified Payments Interface and PayNow, says Reserve Bank of India.

The central bank added the linkage is targeted for operationalisation by July 2022.

The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system.

10:35 A.M.

Freshworks to raise up to $912 million

Tech firm Freshworks plans to raise up to $912 million via an initial public offering (IPO) in the US, PTI reported citing a regulatory filing.

In a filing with the US Securities and Exchange Commission (SEC), Freshworks said it looks to offer 28.5 million Class A common shares at proposed maximum price per share of $32.

“Freshworks Inc is offering 28,500,000 shares of our Class A common stock. This is our initial public offering, and no public market currently exists for shares of our Class A common stock. We anticipate that the initial public offering price will be between USD 28 and USD 32 per share,” the filing said.

10:15 A.M.

Banks call on government to ease pressure on Vodafone Idea

Banks led by State Bank of India (SBI) have called on the government to give Vodafone Idea more time to clear its tax dues and spectrum fees, Reuters reported citing two bankers and a government official familiar with the matter.

The court last year ordered the debt-laden firm to pay just over $8 billion to the government to settle long-standing dues. Vodafone has a stake of about 44% in the company and Aditya Birla owns nearly 27%.

In June, Vodafone Idea’s then non-executive chairman Kumar Mangalam Birla warned that if the government fails to come to the rescue of the mobile carrier, the “financial situation will drive its operations to an irretrievable point of collapse”.

9:45 A.M.

Retail inflation eases to 5.3% in Aug

Retail inflation fell for the third month in a row to 5.3% in August on account of subdued prices of food items like vegetables, PTI reported.

The Consumer Price Index (CPI)-based retail inflation declined to 5.3% in August as compared with 6.69% in the same month a year ago. Food inflation dipped at a much faster pace to 3.11% from 9.05% in August 2020.

The food inflation was also lower than 3.96% in preceding month of July.

9:25 A.M.

Sensex, Nifty open higher

The Indian benchmark equity indices, Sensex and Nifty opened higher after a flat start the previous day. At 9:15, Sensex opened 0.52% higher at 58482.62 while Nifty opened 0.37% higher at 17,420.35.

All sectors were in green with media, metals, banks and realty gaining the most.

9:15 A.M.

Oil extends gains

Oil prices extended gains on concerns that another storm could disrupt supply in Texas while the U.S. industry struggles to return to production after Hurricane Ira, Reuters reported. 

Brent crude rose 0.2% to $73.66 a barrel, while U.S. Texas Intermediate surged 0.3% to $70.68 a barrel, continuing their gains from the previous day.

“Concerns over Nicholas prompted buying as it is likely to hit the area devastated by Ida though the force is not expected to be as strong as Ida,” Hiroyuki Kikukawa, general manager of research at Nissan securities told Reuters.

9:00 A.M.

Asia shares mixed

Asian shares were mixed while Dollar was steady as investors await U.S. inflation data for update on whether Federal reserve will taper stimulus, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.13%, and Chinese blue chips fell 0.2%. Australia’a S&P/ASX 200 was down 0.31% and Hong Kong’s Hang Seng also fell in the negative territory.

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