Fortnite blacks out ahead of the launch of its new season. Total buys 37.4% stake in Adani Gas. World Bank slashes India GDP growth forecast. WeWork stares at collapse. Could SoftBank come to its rescue?
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Saving You Softly: Three weeks after Adam Neumann stepped down as CEO and on the heels of its botched IPO and steep valuation drop, WeWork’s parent company is reportedly facing imminent collapse. In dire need of cash, the We Company is apparently talking to “approximately 60” financial sources for capital infusion. These include JPMorgan Chase and SoftBank, the latter of which owns a third of the company and whose bid would involve billions in equity and debt. TechCrunch
Totally Adani’s: French oil and gas giant Total SA has secured joint control of Adani Gas, which is promoted by the Adani Group. Total, which is the world’s second-largest liquefied natural gas company, will purchase 37.4% stake in Adani Gas. The Adani Group will own 37.4% while the remaining 25.2% will be held by public shareholders. This acquisition is the largest foreign direct investment in the country’s city gas distribution sector. Livemint
From China, With Love: As per a report by the Economic Times, a bunch of newer and smaller technology-focused Chinese investment banks, including Fusion Capital, Fanzhou Capital, and Index Capital have been working with early-stage startups in India, such as Bengaluru-based lifestyle community platform Trell, HR tech startup Kredily and salary-linked loan provider PerkFinance.
The Chinese banks not only help these early-stage startups to raise funds, but also to assist them with go-to-market strategies and help them explore potential M&A opportunities. ET Tech
It’s All About the Money, Honey!: For most startups, Venture Capital (VC) funding plays a monumental role in their success story. But the question remains...How do you reach out to them? Here
Hurry Up!: In a bid to quicken the process of paying out paying out provident fund (PF) and pension (EPS), the Employees’ Provident Fund Organization (EPFO) has launched a e-nomination facility.
Filing an e-nomination will help one file online pension claim in a seamless manner. Moreover, filing an e-nomination would allow nominees to easily file online composite claim in the event of demise of the EPFO member
The e-Nomination facility can be availed only by the EPF account holders who have an active UAN and mobile number linked and verified with Aadhaar. Here’s all you need to know about the newly-launched service. Financial Express
Hold or Let Go?: The last couple of months have not boded well for the Indian economy with the GDP growth rate hitting a 5-yr low and domestic consumption slumping. With the exception of the corporate tax rate cut and the brief period that followed, stock markets have been in stumbling in general. SIPs started a few years ago are in the red, prompting many investors to redeem funds at a loss. However, before you hit the sell button, here’s a useful checklist, which will help you figure out whether an exit is really the right thing to do. ET
The Cruelty of Numbers: In its latest edition of the South Asia Economic Focus, the World Bank had some sobering numbers on the Indian economy. The ongoing slowdown plaguing multiple sectors of the economy is dragging growth down. The World Bank has thus revised its growth projection to 6%. In 2018-19 the growth rate was 6.9% while in 2017-18 it stood at 7.2%. India Today
Reflecting a worsening trade balance, the current account deficit in 2018-19 has widened to 2.1% of GDP from 1.8% the previous year. Furthermore, while poverty has continued to decline, the rate of alleviation has slowed.
Widely popular Battle Royale game, Fortnite has crashed ahead of the launch of its new season and is expected to return with a rebooted version featuring a brand new map.
Lights, Camera, Action: Everything started when the meteor, which had been static in the middle of the island since its appearance at the beginning of season X, started to act up, eventually obliterating the entire map at around 2:00PM EST.
Since then, players have been unable to do little more than stare at a black hole. The Verge
Back At It: Meanwhile, Elon Musk earlier today retweeted a fake news article titled, "Elon Musk buys Fortnite and deletes it". @elonmusk
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