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Paytm Money Might Apply For Stockbroker License, Instagram Co-Founders Resign et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Sep 25, 2018 12:57 PM 3 min read
Editorial

Good evening reader, 

 

Unlike any other day, this day began with Facebook and Instagram. Let that sink in. 

 

Instagram co-founders CEO Kevin Systrom and CTO Mike Krieger are leaving the company eight years after launching Instagram, and six years after being acquired by Facebook for $1 billion. This follows departure of WhatsApp's (another Facebook company) co-founders, Jan Koum and Brian Acton recently, albeit under bleaker terms. So, while the conspiracy theory hat is well and truly out, lets just sweep this one under the rug for now and perhaps wait for The Social Network 2.

 

Moving from two high profile departures to one eminent arrival - Facebook India has roped in Hotstar CEO Ajit Mohan to run the India operations as Managing Director and Vice-President, Facebook India. Ajit's appointment is a testament to Hotstar's rise to home-grown hero status but also perhaps yet another endorsement to the relevance of 'video content' in Facebook's multifaceted investment and growth strategy in India.   

 

A couple of guys 'unfriended' and a new guy is 'now a friend' at Facebook. With that being said, and now that you have spent more time on Facebook than it warrants (let that also sink in), lets move to the top 6 Business stories through our End of Day Wrap Up:

 

INDIA

 

IL&FS moves to National Company Law Tribunal to seek more time to repay its debt.

IL&FS, along with its 40 subsidiaries has moved to the NCLT to buy more time to pay off its creditors. The petition has been filed under Section 230 of the Companies Act, which deals with ‘Compromises, Arrangements and Amalgamations’.

 

OYO raises $1bn from four existing investors including SoftBank; now valued at $5bn.

Four investors, led by SoftBank, have backed OYO with $1bn, making it the most valued Indian startup, after Paytm parent, One97 Communications. This round of funding will allow the company to grow in other emerging markets, like China, Nepal and UK.

 

Finance Minister to meet with PSU banks’ heads today for financial performance review.

Arun Jaitley will meet the chiefs of public sector banks to discuss their financial performances, credit growth, along with the issue of thinning non-performing assets (NPAs) on their books. In the second meeting of its kind, the progress made under government-backed schemes like PM Jan Dhan Yojna and Atal Pension Yojna will also be discussed.

 

Paytm Money might apply for a stockbroker license; wants to start trading.

After the addition of mutual funds to its list of offerings through Paytm Money app, the company may apply for a stockbroker license to trade shares, derivatives and other financial commodities, as per sources. Paytm Money will be able to attract more sophisticated investors, by offering direct equities in addition to mutual funds.

 

US/INTERNATIONAL

 

Instagram Co-founders resign from Facebook.

Kevin Systrom and Mike Krieger, co-founders of the photo sharing app Instagram, owned by Facebook, stepped down as chief executive officer and chief technical officer, releasing a statement on the company’s website. Their exit came after reports of increasing clashes with Facebook’s Mark Zuckerberg.

 

Michael Kors closing in to acquire Versace after Jimmy Choo in 2017.

The American luxury brand, Michael Kors is closing the deal to buy the Italian fashion brand, Versace for $2.35 billion, to gain a sturdier position in the luxury brand industry, against its French counterparts.

 

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