The Signal - Foreign honchos are talking up India
Foreign honchos are talking up IndiaAlso in today’s edition: Waiting for the Truss plan; Startups are scrambling for funds; Only BUSD @ Binance; VW hopes for a Porsche boosterGood morning! The Hindu BusinessLine has reported that Matrimony.com has launched matchmaking app RainbowLuv for the LGBTQIA+ community. In an effort to make it inclusive, the app will extend to about 45 gender identities, 122 orientation tags, and 48 pronouns. We are stoked about it. 🎧Cyrus Pallonji Mistry's untimely death has put the spotlight on India's track record with road accidents. It's not looking good. The Signal Daily is available on Spotify, Apple Podcasts, Amazon Music, and Google Podcasts, or wherever you listen to your podcasts. If you enjoy reading us, why not give us a follow at @thesignaldotco on Twitter and Instagram. The Market Signal*Stocks: Airport lounge access monopoly Dreamfolks made a strong debut on D-Street, with shares climbing 56% from its IPO price. Tamilnad Mercantile Bank IPO was fully subscribed on the second day of the three-day window. Shares in Adani group companies have added $66.2 billion to their valuation this year, making promoter Gautam Adani the third richest man in the world. The seven listed Adani firms also made up 79% of market cap gains this year, says The Economic Times. Early Asia: The SGX Nifty (-1.12%), Hang Seng Index (-1.22%), and Nikkei 225 (-1.13%) were lagging at 7.30 am India time. POLITICSUneasy Lies The Head“Politicians like to panic. They need activity; it’s their substitute for achievement,” Sir Humphrey Appleby wryly observed in the episode The Economy Drive of the British comedy Yes Minister. For Liz Truss, the newly-minted British Prime Minister, the hectic activity of winning the duel is over. It’s now time to panic. Twin tasks: Truss has to reduce the cost of living of British citizens and prepare the Conservative Party for the next general elections. A £100 billion plan is in the works to reduce energy bills for homes and businesses. Truss is yet to spell out details of other plans, including for taxes. Upshot: Truss’ cabinet has no white men in top positions and certainly no Rishi Sunak supporters. Tory worry: MPs are most worried about re-election prospects. Outgoing PM Boris Johnson has pretty much destroyed the party’s credibility and political verve. Whatever Truss does, her position in the party will be shaky until she proves she can win elections. 🎧 Liz Truss, the newly crowned UK Prime Minister has a long to-do list. The Signal Daily is available on Spotify, Apple Podcasts, Amazon Music, and Google Podcasts, or wherever you listen to your podcasts. STARTUPFunding Winter Comes For StartupsThe Good Glamm Group's growth story has met with a road bump. The content-to-commerce unicorn has investors looking the other way. Macroeconomic headwinds are putting a spanner in the works given that the funding winter is still on. What's happening? According to a report in The Economic Times, private equity fund TPG Growth backed out from a fundraising round a few months ago. Plans to acquire Raymond’s consumer care business, including Park Avenue and KamaSutra, were put on hold since. The company was on a shopping spree of late, having acquired The Moms Co, ScoopWhoop, PopXo, and Baby Chakra, among others. What does this say about Thrasio-style roll-up? Not too many good things, we reckon. Not an exception: Insurance firm Acko, e-commerce platform Meesho, and business-to-business e-commerce firm Udaan have suffered a similar fate. Unicorn makers Tiger Global and SoftBank too changed their strategies to accommodate early-stage startups. GLOBALISATIONMNCs Are Courting IndiaHigh-profile corporate visitors made a beeline to India in the past week and made it a point to talk the country up. “It’s not India’s decade, it’s India’s century,” gushed Bob Sternfels, CEO, McKinsey and Co, adding that his firm is making a “disproportionate commitment” to India. Microsoft Vice-Chairman and President Brad Smith termed the Indian government’s rethink on data protection law as “an act of wisdom”. Digitisation and simpler tax structures are helping unlock the Indian economy and it would benefit from “re-globalisation” as companies shuffle supply chains, according to Noel Quinn, Group CEO of HSBC. US | India is a big part of what Adobe is all about. To hear about ambitious ideas from India in terms of commerce & economy is inspiring. We've been expanding dramatically in India. Ease of doing business & focus on digitisation appeals to us: Shantanu Narayen, CEO, Adobe
CRYPTOCURRENCIESBuy The Dip, Desktop LoyalistsGamers rejoice. The time is ripe to upgrade or build the rig you’ve always wanted. Prices of graphic processing units (GPUs) are down by up to 45% thanks to slowing PC sales and the decline in crypto mining. Ethereum’s upcoming Merge has much to do with the latter. Explain: Ethereum is upgrading its blockchain from a proof-of-work (POW) to a proof-of-stake (POS) protocol. POW rigs use significant computing power, in turn, provided by multiple GPUs that run 24x7. The Merge will render these mining farms obsolete. Crypto’s bull run escalated GPU prices to obscene levels. That’s now changed– to the point where even Nvidia chief Jensen Huang may be relieved. In other news: In a bid to prop up its own stablecoin, BUSD, Binance will no longer support USDC and other stablecoins on its platform. And the Islamic State is turning to NFTs to raise funds and spread propaganda. IPOPorsche To Untangle Itself From VWAfter months of IPO talk, Volkswagen has finally decided to spin off Porsche by early October. Despite the stock market turbulence in the region, it is expecting to raise about $84 billion. Expectations: The mega IPO will give the Porsche-Piëch family more control of the company. This listing will help raise funds for VW’s ambitious plan of building more EVs. Scepticism: Even though big investors such as Qatar Investment Authority, T Rowe Price Group, the founder of Red Bull and the Chairman of LVMH have shown interest in the iconic sports carmaker, others are wary. With no voting rights for public shareholders, investors fear they will not have any say in decision making. CEO Oliver Blume’s control over both VW and Porsche is also a matter of concern. FYICuffed: Former NSE MD and CEO Ravi Narain was arrested by the Enforcement Directorate in a money laundering case. This is related to the alleged illegal phone tapping of NSE employees. Pocket it: Reliance Industries has bought a US-based solar systems management company, SenseHawk, for $32 million. Wheel to ladle: Uber founder Travis Kalanick has reinvented himself as a Latin American kitchen mogul. Clean-up: Credit Suisse will sell its scandal-ridden global trusts business for wealthy clients. One stone, two…: What can kill the iPhone 14 and Elon Musk’s sat phone together? A Bullitt. It’s a British smartphone maker’s fantasy. And then, there’s one: Online pharmacy 1mg has raised $41 million from Tata Digital, its 62% owner, at a $1.25 valuation. FWIWLiving the life: This Japanese man is living everyone's dream. Shoji Morimoto is paid to do nothing. That's literally it. He makes money by accompanying strangers as a plus-one. One request included accompanying a sari-clad woman to a restaurant for tea. We all know how awkward that can get. Lights, camera, action: Going to the movies is still a popular pastime, as theatre owners found out last weekend. They decided to slash their movie ticket rates to $3 on National Cinema Day in an effort to get people to the halls. It worked. About 8.1 million people went to the movies and made Jaws a smash hit for the second time, 47 years after its release. We see a win-win here. Enjoy The Signal? Consider forwarding it to a friend, colleague, classmate or whoever you think might be interested. They can sign up here. We recently got funded. For a full list of our investors, click here. Want to advertise with us? We’d love to hear from you. Write to us here for feedback on The Signal. If you liked this post from The Signal, why not share it? |
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Tata Neu has a Nano hangover
Tuesday, September 6, 2022
Also in today's edition: Apple, the ad company; Will love & joy keep Archies going? Indian baubles for Stateside X'mas; Recession took my singing voice
Brand endorsements are going south
Monday, September 5, 2022
Also in today's edition: Smart TVs turn home hubs; Regulators frown on doctor freebies; RIP Cyrus Mistry; GPS rogues roam international waters
Cracked farms and bent forks
Saturday, September 3, 2022
The late economist, Abhijit Sen, tried to help reform India's farm to fork policies. It remains unfinished business. If unchanged, the dining tables of both farmers and consumers will remain frugal
Coffee star bucks up
Friday, September 2, 2022
Also in today's edition: Ambani takes a fizzy turn; Meta's (kinda) done with ads; SpiceJet's cup of woes brims over; Disney apes Amazon
Hardik Pandya has forgotten Koffee
Wednesday, August 31, 2022
Also in today's edition: Pakistan's angry water omen; Reliance goes for the grain; J&J to exit Indian powder room; China's chip woes are Taiwan's gain
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