WION Business Wrap | Iran’s convert cash trail, Paytm’s regulatory storm and more

WION Business Wrap | Iran’s convert cash trail, Paytm’s regulatory storm and more

An aerial view shows cars for export at a port in Yantai, Shandong province, China May 3, 2023.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.

Iran's Covert Cash Trail: Lloyds and Santander implicated in global sanctions-evasion scandal

Documents obtained by the Financial Times (FT) have exposed how Iran illicitly utilised Lloyds and Santander UK to move money worldwide, forming a vast sanctions-evasion scheme supported by Tehran's intelligence services.

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Paytm's Peril: CEO Vijay Sharma battles regulatory storm as valuation plummets

Vijay Shekhar Sharma, the visionary CEO of Paytm, is facing one of the most challenging periods in his entrepreneurial journey. This comes after the central bank of India ordered Paytm's banking arm to halt most of its operations due to "persistent non-compliances" and "supervisory concerns."

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Turkey's new central bank chief vows to maintain tight monetary policy amid inflation concerns

In a change of leadership, Fatih Karahan took the helm as the new governor of Turkey's central bank, replacing Hafize Gaye Erkan. Karahan, a 42-year-old economist with a University of Pennsylvania economics PhD, emphasised his commitment to a stringent monetary policy aimed at curbing inflation.

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China's exporters on the brink as prolonged deflation threatens survival

China's exporters, particularly smaller enterprises, find themselves at a crossroads as prolonged factory deflation takes a toll on profit margins.

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Samsung's Lee Jae-yong acquitted in stock and accounting fraud case: Report

Samsung's top executive, Lee Jae-yong, popularly known as Jay Y. Lee, was acquitted by a South Korean court on Monday, with charges of stock price manipulation and accounting fraud.

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Meta Platforms shatters records with a $196 bn surge in stock market value

In a historic turn of events on Friday, Meta Platforms, the parent company of Facebook, experienced an unprecedented surge, adding a staggering $196 billion in stock market value.

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Canada extends ban on foreign ownership of housing amid housing affordability crisis

In response to growing concerns about housing affordability, Canada has taken a significant step by extending the ban on foreign ownership of Canadian housing for an additional two years.

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Jeff Bezos plans to offload 50 mn Amazon shares valued at $8.6 bn by January 2025

Amazon's founder, Jeff Bezos, has revealed plans to sell up to 50 million shares of the e-commerce and cloud services giant by January 31, 2025, as per a company filing on Friday.

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Federal Reserve Chair Powell signals prudence in considering rate cuts amid strong economy

Federal Reserve Chair Jerome Powell conveyed a message of caution in deciding when to cut the benchmark interest rate, emphasising the importance of prudence in a Sunday night interview with CBS's "60 Minutes."

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