Tuesday, April 20

Author: Vista

Amazon signs ULA rockets to launch Bezos’ Kuiper internet satellites

Amazon signs ULA rockets to launch Bezos’ Kuiper internet satellites

investment
Rendering of a United Launch Alliance' Atlas V rocket carrying Amazon satellites.ULA/AmazonAmazon is preparing to send its first Project Kuiper internet satellites into orbit, with Jeff Bezos' company announcing on Monday that it signed a contract with United Launch Alliance for nine launches.ULA, a joint venture of Boeing and Lockheed Martin, will use its Atlas V series of rockets to launch the Kuiper missions. Amazon's planned constellation would include 3,236 satellites in low Earth orbit. The company has said it will invest $10 billion in to bring high-speed broadband to consumers, businesses and governments."We're determined to make affordable broadband a reality for customers and communities around the world," Bezos said in a statement. "ULA is a fantastic partner that's successfull...
HC raps IRDAI for turning blind eye to non-implementation of Mental Healthcare law

HC raps IRDAI for turning blind eye to non-implementation of Mental Healthcare law

Finance
The Delhi High Court on Monday pulled up insurance regulator IRDAI for "turning a blind eye" towards non-implementation of Mental Healthcare Act by insurance companies, saying the day was not far when action will be taken against it. Justice Prathiba M Singh said that the Insurance Regulatory and Development Authority of India (IRDAI) was supposed to supervise the insurance companies and ensure they comply with the law. "(I am) clearly getting the feeling that IRDAI is not taking action against insurance companies and only taking steps once court issues notice," Justice Singh said. "It is very unfair what is going on. IRDAI cannot become blind to what is happening. You (IRDAI) cannot be blind," the court said and added "the day is not far when action will have to be taken against IRDAI"...
Images and video of NASA helicopter Ingenuity flying on Mars

Images and video of NASA helicopter Ingenuity flying on Mars

investment
The shadow of NASA's Ingenuity is seen on the surface of Mars as the helicopter hovered during its first flight on April 19, 2021.NASA/JPL-CaltechHere's a look at NASA's historic flight of an aircraft on Mars, a feat the space agency called a "Wright brothers moment."NASA rover Perseverance captured imagery of the flight after rolling a short distance away, with one of its navigation cameras showing a sequence before, during and after the helicopter's flight.Video from NASA rover Perseverance shows helicopter Ingenuity spinning up its rovers, hovering, and then landing on Mars.NASA/JPL-CaltechIngenuity, which weighs 4 pounds, successfully flew autonomously for 39 seconds.NASA's Perseverance rover captured helicopter Ingenuity on the surface of Mars on April 18, 2021 before its first fligh...
Muthoot MD shines a light on how gold loan business works, with Covid as a backdrop

Muthoot MD shines a light on how gold loan business works, with Covid as a backdrop

Finance
George Alexander, MD, explains why lockdowns didn't land any noticeable blow on the gold loan business, with special focus on his company. Edited excerpts: ET Now: What is the outlook on demand for gold loans, given the cash crunch people might be facing during these lockdowns? George Alexander: Many people including some of our employees have got Covid, but otherwise footfalls etc. have not seen any drastic reduction. Gold loan is a business where customers need to come to the branch to take the loan. Customers have to come to the branch to bring the gold and also to get back their gold. That is still happening despite Covid. We are of course seeing more people using the online way now instead of the physical process. They are going online to pay the interest as well as part of capita...
HDB Financial Services reports 17% drop in net profit in March quarter

HDB Financial Services reports 17% drop in net profit in March quarter

Finance
HDB Financial Services (HDB) the non-banking finance company (NBFC) subsidiary of HDFC Bank reported a 17% drop in net profit in the quarter ended March 2021 due to higher provisions indicating the challenging economic environment facing the company which focuses on the risky unsecured personal loans, new to credit loans consumer durable loans, used car loans, credit card balance transfer and loans to small enterprises. Net profit fell to Rs 285 crore in March 2021 from Rs 342 crore a year ago due to a rise in provisions. Total provisions increased to Rs 613 crore from Rs 393 crore a year earlier. TheThe challenging macro economic environment was also reflected in HDFC Bank's results which though registering a 18% growth in net profit, reported check an increase in cheque bounce rates in ...
SpaceX’s Starship sole winner in NASA’s HLS Moon lander program

SpaceX’s Starship sole winner in NASA’s HLS Moon lander program

investment
SpaceX CEO Elon Musk raises his arms in celebration beneath a Starship rocket prototype under construction in Boca Chica, Texas.Steve Jurvetson on flickrElon Musk's SpaceX beat out teams led by Jeff Bezos' Blue Origin and Leidos subsidiary Dynetics to win a nearly $3 billion contract to build NASA's next crewed lunar lander."It is one more step, in an exciting group of steps, that will get us to a sustainable human landing system to the moon," Kathy Lueders, the leader of NASA's human spaceflight program, said in the agency's announcement.SpaceX's contract is worth $2.89 billion. The Washington Post first reported SpaceX's win on Friday.NASA last year awarded the three teams with $967 million and 10-month contracts to begin work on the lunar lander concepts under its Human Landing Systems...
Why do so many MNC banks give up pursuit of retail El Dorado in India?

Why do so many MNC banks give up pursuit of retail El Dorado in India?

Finance
(This story originally appeared in on Apr 17, 2021)Mumbai: For decades, multinational banks have sought to tap the continent-sized Indian market. Unlike other multinational entities, banks are not able to sweep the market as authorities in India and elsewhere grant branch licences very judiciously. Yet, over half a dozen multinational banks have pumped in billions of dollars to grow their retail business across India, only to sell them and exit in the last two decades (see graphic). It started with ANZ Grindlays, then the largest foreign bank in India. ANZ Grindlays, which was to banking what Hindustan Lever was to FMCG, sold its business to StanChart and exited the country in 2000. A few years later in 2007, ABN Amro, which had acquired Bank of America’s retail business in 1998, sold
An activist investor calls for a slate of new directors at apparel retailer Genesco

An activist investor calls for a slate of new directors at apparel retailer Genesco

investment
Friends spending the weekend in the shopping mallmartin-dm | E+ | Getty ImagesCompany: Genesco Inc. (GCO)Business: Genesco is a retailer and wholesaler of branded footwear, apparel and accessories that operates through four business segments: (i) Journeys Group, comprised of retail footwear chains and e-commerce operations; (ii) Schuh Group, which includes the Schuh retail footwear chain and e-commerce operations; (iii) Johnston & Murphy Group, which encompasses the Johnston & Murphy retail operations, e-commerce operations and wholesale distribution of products under the J&M brand and (iv) Licensed Brands, comprised of licensed brands like Dockers and Levi's, as well as other brands licensed for footwear. As of September 6, 2019, the company operated approximately 1,490 retai...
HDFC Bank takes conservative stance, hikes provisions, conserves capital

HDFC Bank takes conservative stance, hikes provisions, conserves capital

Finance
HDFC Bank has refrained from declaring an annual dividend for shareholders for the second consecutive year as it chose to conserve capital due to the heightened uncertainties of the Covid 19 pandemic. "The board ...has considered it prudent to currently not propose dividend for the financial year ended March 31 2021. The board shall reassess the position based on any further guidelines from the RBI in this regard," HDFC Bank said. Last fiscal the Reserve Bank of India (RBI) had barred banks from declaring dividend in order to conserve capital due to heightened economic risks posed by Covid 19. Taking a conservative stance in its accounting the bank also hiked total provisions to ensure it has enough buffer to manage an adverse economic environment in the near future. Total provision incre...
‘Roaring Kitty’ forgoes quick GameStop options payday in the millions, raises stake

‘Roaring Kitty’ forgoes quick GameStop options payday in the millions, raises stake

investment
Keith Gill, the Reddit trading crowd's favorite and the man who inspired the epic GameStop short squeeze,, just doubled down on his bet on the video game retailer, forgoing millions of dollars in quick profit to ramp up his stake.The investor, who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube, exercised his 500 GameStop call options contracts as they expired on Friday, giving him 50,000 more shares at a strike price of just $12. If he had sold the options at Friday's price, he could have made more than $7 million on the bet.On top of exercising these options contracts, Gill bought 50,000 more GameStop shares, bringing his total investment to 200,000 shares worth more than $30 million.While he gave up the quick payday on this options trade, his long investment is now even...