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Domestic stock market indices, Sensex and Nifty gave up gains to end Friday's volatile session marginally higher. Broader markets outperformed the benchmarks as the midcap and smallcap indices ended 1 per cent higher each. Gains were seen in pharma, IT, metals and auto stocks, while bank and realty indices ended in the red.&nbsp;

At close, the Sensex was up 28.35 points or 0.06% at 48,832.03, and the Nifty was up 36.40 points or 0.25% at 14,617.90. About 1617 shares have advanced, 1230 shares declined, and 152 shares are unchanged. &nbsp;&nbsp;

Wipro, Hindalco Industries, Cipla, Asian Paints and UltraTech Cement were among major gainers on the Nifty, while losers were JSW Steel, ICICI Bank, Bajaj Finance, Larsen and Toubro and Tata Steel.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty gave up gains to end Friday's volatile session marginally higher. Broader markets outperformed the benchmarks as the midcap and smallcap indices ended 1 per cent higher each.

Domestic stock market indices, Sensex and Nifty gave up gains to end Friday's volatile session marginally higher. Broader markets outperformed the benchmarks as the midcap and smallcap indices ended 1 per cent higher each. Gains were seen in pharma, IT, metals and auto stocks, while bank and realty indices ended in the red. At close, the Sensex was up 28.35 points or 0.06% at 48,832.03, and the Nifty was up 36.40 points or 0.25% at 14,617.90. About 1617 shares have advanced, 1230 shares declined, and 152 shares are unchanged. Wipro, Hindalco Industries, Cipla, Asian Paints and UltraTech Cement were among major gainers on the Nifty, while losers were JSW Steel, ICICI Bank, Bajaj Finance, Larsen and Toubro and Tata Steel. (With inputs from agencies)

Sensex gives up 49,000, ends flat, Nifty below 14,650

Brent crude futures rose US$2.91, or 4.6%, to settle at $66.58 a barrel. U.S. West Texas Intermediate (WTI) crude ended $2.97, or 4.9%, higher at $63.15 a barrel.

Oil price climbs nearly 5% on signs of increasing crude demand

Walmart-owned Flipkart said on Thursday that it will acquire Cleartrip, one of India's oldest online travel technology companies. Flipkart will acquire 100 per cent of Cleartrip's shareholding, it said in a statement.

Cleartrip will continue to operate as a separate brand. However, its operations will be acquired by Flipkart. All employees of Cleartrip will be retained.

The value of the deal has not been disclosed.

"The Flipkart Group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers," Flipkart Group CEO Kalyan Krishnamurthy said.

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He added that the Cleartrip team, with its deep industry knowledge and technology capabilities, will help Flipkart Group provide deeper value and travel experiences for customers.

Stuart Crighton, CEO and co-founder of Cleartrip, said the company has been a pioneer in capitalising on technology to simplify the travel experience for our customers.

"This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region," he added.

The deal closing will be subject to applicable regulatory approvals.

(With inputs from agencies)

Walmart-owned Flipkart said on Thursday that it will acquire Cleartrip, one of India's oldest online travel technology companies. Flipkart will acquire 100 per cent of Cleartrip's shareholding, it said in a statement.

Walmart-owned Flipkart said on Thursday that it will acquire Cleartrip, one of India's oldest online travel technology companies. Flipkart will acquire 100 per cent of Cleartrip's shareholding, it said in a statement. Cleartrip will continue to operate as a separate brand. However, its operations will be acquired by Flipkart. All employees of Cleartrip will be retained. The value of the deal has not been disclosed. "The Flipkart Group is committed to transforming customer experiences through digital commerce. Cleartrip is synonymous with travel for many customers, and as we diversify and look at new areas of growth, this investment will help strengthen our wide range of offerings for customers," Flipkart Group CEO Kalyan Krishnamurthy said. Also Read | Over 20 Chinese tech giants make public pact to abide by anti-monopoly guidelines He added that the Cleartrip team, with its deep industry knowledge and technology capabilities, will help Flipkart Group provide deeper value and travel experiences for customers. Stuart Crighton, CEO and co-founder of Cleartrip, said the company has been a pioneer in capitalising on technology to simplify the travel experience for our customers. "This product-driven focus has enabled us to become the preferred travel partner of choice for consumers in a wide range of markets in the region," he added. The deal closing will be subject to applicable regulatory approvals. (With inputs from agencies)

Walmart-owned Flipkart to acquire Cleartrip

Stock market indices, Sensex and Nifty ended Thursday's volatile session higher led by gains in metals and pharma stocks. Midcap and smallcap indices ended flat. Auto and FMCG indices ended in red. &nbsp;

The BSE barometer Sensex ended 259.6 points, or 0.5 per cent, higher at 48,803.7 levels while the NSE's Nifty50 settled at 14,581 levels, up 76.6 points or 0.5 per cent supported by gains in heavyweights like TCS, HDFC Bank, ICICI Bank, TCS, HDFC, Reliance Industries, ONGC, and Axis Bank. These stocks gained in the range of 1 per cent to 4 per cent.

Among sectoral indices, gains were witnessed in metals, pharma, IT, Financial Services and Private Banks, while the Nifty Auto, Nifty FMCG and Nifty PSU Bank indices ended in the red. TCS, Wipro, Cipla, ONGC and ICICI Bank were the top Nifty50 gainers, Grasim Industries, Eicher Motors, Maruti Suzuki, Infosys and IndusInd Bank were the top losers.

Global markets

Asian shares slipped on Thursday dragged down by Chinese stocks as recent upbeat economic data raised fears of monetary policy tightening. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent while New Zealand's benchmark index fell 0.9 per cent. Japan's Nikkei, however, finished 0.07 per cent higher.

Chinese shares stumbled with the blue-chip CSI300 index down 0.9 per cent and Hong Kong's Hang Seng index dropping 0.8 per cent.

On the other hand, European shares hit a record peak on rising commodity prices. The pan-European STOXX 600 index and UK’s commodity-heavy FTSE 100 gained 0.3 per cent each.

(With inputs from Reuters)

Stock market indices, Sensex and Nifty ended Thursday's volatile session higher led by gains in metals and pharma stocks. Midcap and smallcap indices ended flat.

Stock market indices, Sensex and Nifty ended Thursday's volatile session higher led by gains in metals and pharma stocks. Midcap and smallcap indices ended flat. Auto and FMCG indices ended in red. The BSE barometer Sensex ended 259.6 points, or 0.5 per cent, higher at 48,803.7 levels while the NSE's Nifty50 settled at 14,581 levels, up 76.6 points or 0.5 per cent supported by gains in heavyweights like TCS, HDFC Bank, ICICI Bank, TCS, HDFC, Reliance Industries, ONGC, and Axis Bank. These stocks gained in the range of 1 per cent to 4 per cent. Among sectoral indices, gains were witnessed in metals, pharma, IT, Financial Services and Private Banks, while the Nifty Auto, Nifty FMCG and Nifty PSU Bank indices ended in the red. TCS, Wipro, Cipla, ONGC and ICICI Bank were the top Nifty50 gainers, Grasim Industries, Eicher Motors, Maruti Suzuki, Infosys and IndusInd Bank were the top losers. Global markets Asian shares slipped on Thursday dragged down by Chinese stocks as recent upbeat economic data raised fears of monetary policy tightening. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent while New Zealand's benchmark index fell 0.9 per cent. Japan's Nikkei, however, finished 0.07 per cent higher. Chinese shares stumbled with the blue-chip CSI300 index down 0.9 per cent and Hong Kong's Hang Seng index dropping 0.8 per cent. On the other hand, European shares hit a record peak on rising commodity prices. The pan-European STOXX 600 index and UK’s commodity-heavy FTSE 100 gained 0.3 per cent each. (With inputs from Reuters)

Sensex ends 260 points up, tops 48,800, Nifty at 14,581

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The wholesale price-based inflation shot up to over an eight-year high of 7.39 per cent in March on rising crude oil and metal prices.

Also, the low base of March last year, when the data was computed with a low response rate due to the nationwide lockdown, contributed to a spike in inflation in March 2021.

The WPI inflation was 4.17 per cent in February and 0.42 per cent in March 2020.

This is the third straight month of up-tick seen in the wholesale price index (WPI) based inflation.

"The annual rate of inflation stood at 7.39 per cent (provisional) for March 2021 over March 2020," the Commerce and Industry Ministry said.

Such a high level of WPI was last recorded in October 2012, when inflation was 7.4 per cent.

Inflation in food articles in March was 3.24 per cent as prices of pulses, fruits and paddy hardened.

In vegetables, the rate of price rise was (-) 5.19 per cent, compared to (-) 2.90 per cent in the previous month.

Inflation in pulses was 13.14 per cent in March, while in fruits it was 16.33 per cent.

Inflation in the fuel and power basket was 10.25 per cent in March, against 0.58 per cent in February, mainly on account of rising prices of petrol and diesel.

"The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year. Also, due to nationwide lockdown, the WPI index for March 2020 was computed with a relatively low response rate," the commerce ministry said while releasing the data.

Retail inflation, as per data released earlier this week, rose to a 4-month high of 5.52 per cent in March.

The RBI in its monetary policy earlier this month kept policy rates unchanged and said it will maintain an accommodative monetary policy stance to support growth and keep inflation at the targeted level.

It projected retail inflation at 5.2 per cent in the June quarter.

The wholesale price-based inflation shot up to over an eight-year high of 7.39 per cent in March on rising crude oil and metal prices. Also, the low base of March last year, when the data was computed with a low response rate due to the nationwide lockdown, contributed to a spike in inflation in March 2021.

The wholesale price-based inflation shot up to over an eight-year high of 7.39 per cent in March on rising crude oil and metal prices. Also, the low base of March last year, when the data was computed with a low response rate due to the nationwide lockdown, contributed to a spike in inflation in March 2021. The WPI inflation was 4.17 per cent in February and 0.42 per cent in March 2020. This is the third straight month of up-tick seen in the wholesale price index (WPI) based inflation. "The annual rate of inflation stood at 7.39 per cent (provisional) for March 2021 over March 2020," the Commerce and Industry Ministry said. Such a high level of WPI was last recorded in October 2012, when inflation was 7.4 per cent. Inflation in food articles in March was 3.24 per cent as prices of pulses, fruits and paddy hardened. In vegetables, the rate of price rise was (-) 5.19 per cent, compared to (-) 2.90 per cent in the previous month. Inflation in pulses was 13.14 per cent in March, while in fruits it was 16.33 per cent. Inflation in the fuel and power basket was 10.25 per cent in March, against 0.58 per cent in February, mainly on account of rising prices of petrol and diesel. "The prices of crude oil, petroleum products and basic metal substantially increased in March 2021 as compared to the corresponding month of last year. Also, due to nationwide lockdown, the WPI index for March 2020 was computed with a relatively low response rate," the commerce ministry said while releasing the data. Retail inflation, as per data released earlier this week, rose to a 4-month high of 5.52 per cent in March. The RBI in its monetary policy earlier this month kept policy rates unchanged and said it will maintain an accommodative monetary policy stance to support growth and keep inflation at the targeted level. It projected retail inflation at 5.2 per cent in the June quarter.

India wholesale price-based inflation spikes to over 8-year high of 7.39% in March

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Last week was historic for the Indian corporate sector, especially the technology industry. 
 
Just in four days, the country minted at least six new startups with a valuation of $1 billion or more—what techies call unicorns because they’re supposed to be such rarities.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-fat-pay-cheques-massive-profits-in-a-pandemic-year-377386/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

 
India had a total of seven new unicorns in all of 2020, according to market researcher CB Insights. In 2019, it had six. 
 
Despite the lockdowns, India continued to produce more start-ups. 
 
1,600 new ones were registered in the year 2020 and existing ones saw their evaluations explode. 
 
Paytm is now worth 16 billion dollars. 
 
BYJU'S has hit 15 billion dollars. 
 
Walmart is looking to value Flipkart at 35 billion. 
 
Start-ups entered the pandemic tentatively but they are emerging from it as multi-billion dollar entities. 
 
How exactly did this happen? 
 
2020 was a year of crisis and crisis is where innovation thrives. 
 
Start-ups used the lockdowns to their advantage. 
 
The biggest example is Zoom. It became so popular that people weren't video-calling anymore, they were on Zoom call. 
 
If you look at India's new unicorns, the same trend persists. 
 
Among the six companies are a social commerce startup,&nbsp;a digital pharmacy, and a fintech provider. 
These start-ups were tailor-made for pandemic life. 
 
And it's obvious why India emerged as a favourite destination. Investors pumped in 11.8 billion dollars into the Indian startup market. This is nowhere close to what was invested in China and the US. But the trajectory suggests India is on the ascendency. 
 
So we have a strange situation where the economy crashed but businesses survived. Where companies slashed budgets but CEOs enjoyed bonuses. 
 
How did this happen? 
 
The pandemic deepened existing inequalities. The corporate world was always unfair, 2020 just made the gap starker. 
 
When the supply chains failed, companies responded with cuts. They trimmed the workforce, close to 25 million jobs were lost. 
 
But the top bosses barely felt the pinch. They still had their stock options, their company resorts and customary trips to the golf course. 
 
So these trends shouldn't come as a surprise. Corporates have always milked disasters. From building tanks for wars to vaccines for pandemics. The crises may change but corporate playbooks don't.

&nbsp;

Last week was historic for the Indian corporate sector, especially the technology industry. Just in four days, the country minted at least six new startups with a valuation of $1 billion or more—what techies call unicorns because they’re supposed to be such rarities.

Last week was historic for the Indian corporate sector, especially the technology industry. Just in four days, the country minted at least six new startups with a valuation of $1 billion or more—what techies call unicorns because they’re supposed to be such rarities. India had a total of seven new unicorns in all of 2020, according to market researcher CB Insights. In 2019, it had six. Despite the lockdowns, India continued to produce more start-ups. 1,600 new ones were registered in the year 2020 and existing ones saw their evaluations explode. Paytm is now worth 16 billion dollars. BYJU'S has hit 15 billion dollars. Walmart is looking to value Flipkart at 35 billion. Start-ups entered the pandemic tentatively but they are emerging from it as multi-billion dollar entities. How exactly did this happen? 2020 was a year of crisis and crisis is where innovation thrives. Start-ups used the lockdowns to their advantage. The biggest example is Zoom. It became so popular that people weren't video-calling anymore, they were on Zoom call. If you look at India's new unicorns, the same trend persists. Among the six companies are a social commerce startup, a digital pharmacy, and a fintech provider. These start-ups were tailor-made for pandemic life. And it's obvious why India emerged as a favourite destination. Investors pumped in 11.8 billion dollars into the Indian startup market. This is nowhere close to what was invested in China and the US. But the trajectory suggests India is on the ascendency. So we have a strange situation where the economy crashed but businesses survived. Where companies slashed budgets but CEOs enjoyed bonuses. How did this happen? The pandemic deepened existing inequalities. The corporate world was always unfair, 2020 just made the gap starker. When the supply chains failed, companies responded with cuts. They trimmed the workforce, close to 25 million jobs were lost. But the top bosses barely felt the pinch. They still had their stock options, their company resorts and customary trips to the golf course. So these trends shouldn't come as a surprise. Corporates have always milked disasters. From building tanks for wars to vaccines for pandemics. The crises may change but corporate playbooks don't.

6 new unicorns in 4 days: How startups thrived during the pandemic

The increase in its consumer price index followed a 0.4% increase in February and was the biggest one-month gain since a 0.6% rise in August 2012

Consumer prices jump 0.6% in March, biggest gain since 2012

The central bank adjusts its policy via three levers: the slope, mid-point and width of the policy band, known as the Nominal Effective Exchange Rate, or S$NEER.

Singapore’s central bank leaves policy unchanged

Schools have reopened and non-essential retail is expected to re-open from 12 April. Hospitality is to follow from 17 May, with remaining restrictions removed from 21 June.

UK's Economy to expand 5% in 2021, 5.5% in 2022

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency.

MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars.

While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29.

"HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement.

HSBC InvestDirect is available to customers in countries including Canada and Britain.

The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to.

The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates.

Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class.

MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury.

MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product".

HSBC has banned customers of its online share-trading platform from buying or moving into their accounts MicroStrategy Inc stock, a message seen by Reuters showed, calling it a "virtual currency product". The bank will not facilitate the buying or exchange of products related to or referencing the performance of virtual currencies, the message to an HSBC InvestDirect client said. Bitcoin is the largest and best-known virtual currency. MicroStrategy declined to comment. The U.S. business software firm is led by bitcoin proponent Michael Saylor and owns bitcoin worth billions of dollars. While HSBC will allow the holding, sale and outgoing transfer of MicroStrategy shares, it will forbid new purchases or incoming transfers, said the message dated March 29. "HSBC has no appetite for direct exposure to virtual currencies and limited appetite to facilitate products or securities that derive their value from VCs (virtual currencies)," HSBC said in a statement. HSBC InvestDirect is available to customers in countries including Canada and Britain. The bank said its policy towards cryptocurrencies had been in place since 2018 and is kept under review. It could not immediately say which countries the ban applied to. The move comes amid a growing embrace of cryptocurrencies by large financial firms, companies and investors seeking yield in a world of ultra-low interest rates. Goldman Sachs Group Inc said last month it would offer investments in bitcoin and other digital assets to its wealth management clients. Morgan Stanley has also started offering clients investments to the emerging asset class. MicroStrategy has along with Tesla Inc and payments firm Square Inc become one of several publicly listed U.S. companies to buy large amounts of bitcoin for its treasury. MicroStrategy said last week it owns around 91,579 bitcoins. Its holdings, worth around $5.5 billion according to a Reuters calculation, are equal to around 80% of its $6.8 billion market capitalisation.

HSBC bans customers from buying bitcoin-backer MicroStrategy shares

China has imposed a sweeping restructuring on Jack Ma's&nbsp;Ant&nbsp;Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants.

The overhaul, in the works for several months, includes&nbsp;Ant&nbsp;turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses.

It comes two days after Ma's Alibaba&nbsp;Group&nbsp;Holding Ltd, of which&nbsp;Ant&nbsp;is an affiliate, was hit with a record $2.75 billion&nbsp;antitrust penalty as China tightens controls on the booming "platform economy".

The overhaul, directed by China's central bank, subjects&nbsp;Ant&nbsp;to tougher regulatory oversight and capital requirements, and requires it to cut links between its hugely popular payments app Alipay and its other businesses - which had been viewed as a big advantage due to Alipay's vast trove of customer data.

"This restructure effectively splits&nbsp;Ant&nbsp;into a few independent businesses to stop Alipay from being a super app capable of controlling the day to day lives of the Chinese people," said Lightstream Research analyst Oshadhi Kumarasiri, who publishes on the Smartkamra platform.

"We believe it will limit&nbsp;Ant's growth prospects and also open up the market for competition."

Ant, based in the eastern city of Hangzhou, was positioned as a tech firm in 2018 when it raised $14 billion at a valuation of about $150 billion in the world’s largest single fundraising. At its planned IPO pricing, that soared to about $315 billion.

Sources told Reuters last month that some global investors valued&nbsp;Ant&nbsp;at over $200 billion based on its 2020 performance, offering a more sober estimate after the shelving of its IPO and expectations for its forced restructuring.

New York-listed shares of e-commerce giant&nbsp;Alibaba were up 8% after Monday's announcement, tracking a similar gain for its Hong Kong shares earlier in the day, with investors cheering the end of uncertainty for Alibaba after the&nbsp;antitrust fine.

'STRICTER THAN EXPECTED'

Ant, which began as Alibaba's payments arm, sits on an enormous cache of consumer data. That is the backbone of China's internet platforms, with companies offering financial products from consumer loans to investment products via smartphones.

Alipay has more than 730 million monthly users in China and handles more transactions a year than Mastercard or Visa.

The People's Bank of China said that under a "comprehensive and feasible restructuring plan,"&nbsp;Ant&nbsp;would cut the "improper" linkage between Alipay, virtual credit card business Jiebei and consumer loan unit Huabei.

The central bank also asked&nbsp;Ant&nbsp;to break its "monopoly on information and strictly comply with the requirements of credit information business regulation."

As part of the restructuring,&nbsp;Ant&nbsp;said it would set up a personal credit reporting company, which will comply with relevant&nbsp;laws and strengthen the protection of personal information, and effectively prevent the abuse of data.

Ant&nbsp;will apply for a licence for the credit reporting company, it said.

"The restructuring plan is stricter than expected," said Dong Ximiao, chief analyst at Zhongguancun Internet Finance Institute, who said&nbsp;Ant&nbsp;would need at least 200 billion yuan ($31 billion) in registered capital to comply with the capital adequacy rule for financial holding companies.

"There's less uncertainty now as the restructuring plan finally lands, but we still need to wait and see how&nbsp;Ant&nbsp;implements all those requirements during the process."

Reuters reported in February that&nbsp;Ant&nbsp;planned to spin off its consumer-credit data operations, as hiving off its treasure trove of data on more than 1 billion people was a key part of its business overhaul in response to the regulatory crackdown.

Ant's revamp comes against a backdrop of uncertainty over Ma's empire that has extended to the billionaire himself, who disappeared from public view for three months before briefly emerging in January.

The restructuring sets "an example" for financial regulation of the platform economy, the state-backed Economic Daily newspaper said in a Monday commentary.

China has imposed a sweeping restructuring on Jack Ma's Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants.

China has imposed a sweeping restructuring on Jack Ma's Ant Group, the fintech conglomerate whose record $37 billion IPO was derailed by regulators in November, underscoring Beijing's determination to rein in its internet giants. The overhaul, in the works for several months, includes Ant turning itself into a financial holding firm, a move expected to curb its profitability and valuation by curtailing some of its freewheeling businesses. It comes two days after Ma's Alibaba Group Holding Ltd, of which Ant is an affiliate, was hit with a record $2.75 billion antitrust penalty as China tightens controls on the booming "platform economy". The overhaul, directed by China's central bank, subjects Ant to tougher regulatory oversight and capital requirements, and requires it to cut links between its hugely popular payments app Alipay and its other businesses - which had been viewed as a big advantage due to Alipay's vast trove of customer data. "This restructure effectively splits Ant into a few independent businesses to stop Alipay from being a super app capable of controlling the day to day lives of the Chinese people," said Lightstream Research analyst Oshadhi Kumarasiri, who publishes on the Smartkamra platform. "We believe it will limit Ant's growth prospects and also open up the market for competition." Ant, based in the eastern city of Hangzhou, was positioned as a tech firm in 2018 when it raised $14 billion at a valuation of about $150 billion in the world’s largest single fundraising. At its planned IPO pricing, that soared to about $315 billion. Sources told Reuters last month that some global investors valued Ant at over $200 billion based on its 2020 performance, offering a more sober estimate after the shelving of its IPO and expectations for its forced restructuring. New York-listed shares of e-commerce giant Alibaba were up 8% after Monday's announcement, tracking a similar gain for its Hong Kong shares earlier in the day, with investors cheering the end of uncertainty for Alibaba after the antitrust fine. 'STRICTER THAN EXPECTED' Ant, which began as Alibaba's payments arm, sits on an enormous cache of consumer data. That is the backbone of China's internet platforms, with companies offering financial products from consumer loans to investment products via smartphones. Alipay has more than 730 million monthly users in China and handles more transactions a year than Mastercard or Visa. The People's Bank of China said that under a "comprehensive and feasible restructuring plan," Ant would cut the "improper" linkage between Alipay, virtual credit card business Jiebei and consumer loan unit Huabei. The central bank also asked Ant to break its "monopoly on information and strictly comply with the requirements of credit information business regulation." As part of the restructuring, Ant said it would set up a personal credit reporting company, which will comply with relevant laws and strengthen the protection of personal information, and effectively prevent the abuse of data. Ant will apply for a licence for the credit reporting company, it said. "The restructuring plan is stricter than expected," said Dong Ximiao, chief analyst at Zhongguancun Internet Finance Institute, who said Ant would need at least 200 billion yuan ($31 billion) in registered capital to comply with the capital adequacy rule for financial holding companies. "There's less uncertainty now as the restructuring plan finally lands, but we still need to wait and see how Ant implements all those requirements during the process." Reuters reported in February that Ant planned to spin off its consumer-credit data operations, as hiving off its treasure trove of data on more than 1 billion people was a key part of its business overhaul in response to the regulatory crackdown. Ant's revamp comes against a backdrop of uncertainty over Ma's empire that has extended to the billionaire himself, who disappeared from public view for three months before briefly emerging in January. The restructuring sets "an example" for financial regulation of the platform economy, the state-backed Economic Daily newspaper said in a Monday commentary.

China expands crackdown on Jack Ma's empire with forced revamp of Ant Group

The US government's budget deficit surged to an all-time high of USD 1.7 trillion for the first six months of this budget year.

US budget deficit jumps to an all-time high

Hawley’s bill tackles some of the same problems as an antitrust bill introduced by Democratic Senator Amy Klobuchar in February and contains some similar measures.

Republican senator wants to ban Big Tech from buying anything ever again

The governments in Kampala and Dodoma joined oil companies Total of France and CNOOC of China in signing a series of accords Sunday that pave the way for the construction of a pipeline to carry crude from Uganda to a Tanzanian port on the Indian Ocean, official sources said.

The $3.5 billion (3 billion euros) project led by Total and CNOOC provides for the management of oilfields in the Lake Albert region in Uganda's west and proposes pumping the crude to the coast across Tanzania via the East African Crude Oil Pipe Line (EACOP).

The discovery of the crude reserves in 2006 sparked hopes in Uganda that the country could become an oil Eldorado, but drilling and pipeline projects failed in the face of commercial and tax disputes.

A joint press release says the agreements signed on Sunday by Uganda president Yoweri Museveni and his Tanzanian counterpart Samia Suluhu Hassan mean "all outstanding issues related to the EACOP Project have been amicably resolved".&nbsp;

It also stipulated that a shareholding agreement had been reached and that companies could now award construction contracts.

Beneath the waters and on the banks of Lake Albert, a 160 kilometre natural border separating Uganda from the Democratic Republic of the Congo, lie some 6.5 billion barrels of crude, of which about 1.4 billion barrels are currently accessible.&nbsp;

The Uganda reserves could last 25 to 30 years with a peak production of 230,000 barrels per day. 
The EACOP is a heated pipeline stretching 1,400 kilometres (900 miles), including a 300 km (180 mile) stretch within Uganda, that will carry the crude to the Tanzanian port of Tanga.

On March 1, more than 250 local and international organisations addressed major banks in a letter calling upon them to refrain from financing "the longest heated crude oil pipeline in the world".

The letter cites "extensively documented risks" including "impacts to local people through physical displacement ... risks to water, biodiversity and natural habitats; as well as unlocking a new source of carbon emissions".

The governments in Kampala and Dodoma joined oil companies Total of France and CNOOC of China in signing a series of accords Sunday that pave the way for the construction of a pipeline to carry crude from Uganda to a Tanzanian port on the Indian Ocean, official sources said.

The governments in Kampala and Dodoma joined oil companies Total of France and CNOOC of China in signing a series of accords Sunday that pave the way for the construction of a pipeline to carry crude from Uganda to a Tanzanian port on the Indian Ocean, official sources said. The $3.5 billion (3 billion euros) project led by Total and CNOOC provides for the management of oilfields in the Lake Albert region in Uganda's west and proposes pumping the crude to the coast across Tanzania via the East African Crude Oil Pipe Line (EACOP). The discovery of the crude reserves in 2006 sparked hopes in Uganda that the country could become an oil Eldorado, but drilling and pipeline projects failed in the face of commercial and tax disputes. A joint press release says the agreements signed on Sunday by Uganda president Yoweri Museveni and his Tanzanian counterpart Samia Suluhu Hassan mean "all outstanding issues related to the EACOP Project have been amicably resolved". It also stipulated that a shareholding agreement had been reached and that companies could now award construction contracts. Beneath the waters and on the banks of Lake Albert, a 160 kilometre natural border separating Uganda from the Democratic Republic of the Congo, lie some 6.5 billion barrels of crude, of which about 1.4 billion barrels are currently accessible. The Uganda reserves could last 25 to 30 years with a peak production of 230,000 barrels per day. The EACOP is a heated pipeline stretching 1,400 kilometres (900 miles), including a 300 km (180 mile) stretch within Uganda, that will carry the crude to the Tanzanian port of Tanga. On March 1, more than 250 local and international organisations addressed major banks in a letter calling upon them to refrain from financing "the longest heated crude oil pipeline in the world". The letter cites "extensively documented risks" including "impacts to local people through physical displacement ... risks to water, biodiversity and natural habitats; as well as unlocking a new source of carbon emissions".

Uganda, Tanzania, oil giants open way for pipeline construction

China on Saturday imposed a record 18 billion yuan (USD 2.75 billion) fine on Alibaba amid a crackdown on technology conglomerates, signalling a new era after years of laissez-faire approach.

Alibaba says to lower entry barriers after record antitrust fine

Guzman will travel to Germany, France, Italy and Spain, where he will meet his counterparts and other officials to outline Argentina’s restructuring plans during a five-day trip.

Argentina’s economy minister Martin Guzman heads to Europe

“At the end of 2022 the economy will have barely bridged the gap opened in 2020 by the pandemic,” Confindustria said as it announced its latest economic forecasts.

Italy's economy seen growing 4.1% this year

Equity benchmark Sensex plummeted 1,708 points on Monday following an across-the-board selloff as spiking COVID-19 cases in the country spooked investors.

The 30-share BSE index sank 1,707.94 points or 3.44 per cent to end at 47,883.38.

Similarly, the broader NSE Nifty plunged 524.05 points or 3.53 per cent to finish at 14,310.80.

IndusInd Bank was the top loser in the Sensex pack, tanking over 8 per cent, followed by Bajaj Finance, SBI, ONGC, Titan, M&amp;M, Bajaj Finserv, ICICI Bank and Axis Bank. Dr Reddy’s was the sole gainer, climbing over 4 per cent.

"Domestic equities reminded the bloodbath of March 2020 as record rise in COVID-19 cases in the country and possibility of lockdowns in several states dented investors’ sentiments," said Binod Modi, Head - Strategy at Reliance Securities.

Concerns of a possible reversal in economic momentum and earnings recovery made investors risk-averse and huge selloff led to the erosion of nearly Rs 9 lakh crore in investor wealth, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were in the red, while Seoul ended with mild gains.

Stock exchanges in Europe were largely trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.57 per cent higher at USD 63.31 per barrel.

Equity benchmark Sensex plummeted 1,708 points on Monday following an across-the-board selloff as spiking COVID-19 cases in the country spooked investors. The 30-share BSE index sank 1,707.

Equity benchmark Sensex plummeted 1,708 points on Monday following an across-the-board selloff as spiking COVID-19 cases in the country spooked investors. The 30-share BSE index sank 1,707.94 points or 3.44 per cent to end at 47,883.38. Similarly, the broader NSE Nifty plunged 524.05 points or 3.53 per cent to finish at 14,310.80. IndusInd Bank was the top loser in the Sensex pack, tanking over 8 per cent, followed by Bajaj Finance, SBI, ONGC, Titan, M&M, Bajaj Finserv, ICICI Bank and Axis Bank. Dr Reddy’s was the sole gainer, climbing over 4 per cent. "Domestic equities reminded the bloodbath of March 2020 as record rise in COVID-19 cases in the country and possibility of lockdowns in several states dented investors’ sentiments," said Binod Modi, Head - Strategy at Reliance Securities. Concerns of a possible reversal in economic momentum and earnings recovery made investors risk-averse and huge selloff led to the erosion of nearly Rs 9 lakh crore in investor wealth, he added. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were in the red, while Seoul ended with mild gains. Stock exchanges in Europe were largely trading on a positive note in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 0.57 per cent higher at USD 63.31 per barrel.

Sensex nosedives 1,708 points amid massive selloff; Nifty plunges below 14,350

India`s total domestic passenger vehicle sales rose 115.2% in March, data from an auto industry body showed on Monday, but it warned that the COVID-19 pandemic had set back an already bruised auto industry by many years. 
 
The Indian auto sector was already facing a demand slowdown when the government imposed a nationwide lockdown in March last year to curb the spread of the coronavirus. 
 
"On the sales front, a deep structural slowdown in the industry even before the pandemic, combined with the impact of COVID-19 in 2020-21, has pushed all vehicle segments back by many years," Kenichi Ayukawa, president of the Society of Indian Automobile Manufacturers (SIAM) said. 
 
India`s COVID-19 cases continue to rise relentlessly, overtaking Brazil on Monday to become the second-worst affected country globally. 
 
The state of Maharashtra, home to the country`s financial capital Mumbai, is considering a lockdown and could take a final decision this week, a senior government official said. 
 
Ayukawa also warned of uncertainty in the value chain due to a shortage of semiconductors, lockdowns and high raw material costs. 
 
Sales of passenger cars, sport utility vehicles (SUVs) and vans rose to 290,939 units in March from 135,196 units a year ago, SIAM data showed. 
 
Two-wheeler sales, considered an indicator of the health of the rural economy, rose nearly 73% to 1.5 million units in March, data showed. 
 
But for the financial year April-March, passenger vehicles sales fell 2.24% to 2.7 million units.

India`s total domestic passenger vehicle sales rose 115.2% in March, data from an auto industry body showed on Monday, but it warned that the COVID-19 pandemic had set back an already bruised auto industry by many years.

India`s total domestic passenger vehicle sales rose 115.2% in March, data from an auto industry body showed on Monday, but it warned that the COVID-19 pandemic had set back an already bruised auto industry by many years. The Indian auto sector was already facing a demand slowdown when the government imposed a nationwide lockdown in March last year to curb the spread of the coronavirus. "On the sales front, a deep structural slowdown in the industry even before the pandemic, combined with the impact of COVID-19 in 2020-21, has pushed all vehicle segments back by many years," Kenichi Ayukawa, president of the Society of Indian Automobile Manufacturers (SIAM) said. India`s COVID-19 cases continue to rise relentlessly, overtaking Brazil on Monday to become the second-worst affected country globally. The state of Maharashtra, home to the country`s financial capital Mumbai, is considering a lockdown and could take a final decision this week, a senior government official said. Ayukawa also warned of uncertainty in the value chain due to a shortage of semiconductors, lockdowns and high raw material costs. Sales of passenger cars, sport utility vehicles (SUVs) and vans rose to 290,939 units in March from 135,196 units a year ago, SIAM data showed. Two-wheeler sales, considered an indicator of the health of the rural economy, rose nearly 73% to 1.5 million units in March, data showed. But for the financial year April-March, passenger vehicles sales fell 2.24% to 2.7 million units.

India's March passenger vehicle sales jump, industry body warns of uncertainty

Domestic stock market indices, Sensex and Nifty plunged on Monday with all sectors witnessing broad-based selling as concerns over rising COVID-19 cases in the country and fears of lockdown in certain states weighed on sentiment. Losses in banks, autos and metal stocks dragged the most.&nbsp;

Along with the surging Covid cases, the subdued trend in the Asian markets also weighed on the Indian indices.

Around 12.10 p.m., Sensex was trading at 47,834.84, lower by 1,756.48 points or 3.54 per cent from its previous close of 49,591.32.

It opened at 48,956.65 and has so far recorded an intra-day high of 48,956.65 and a low of 47,813.60 points.

The Nifty50 on the National Stock Exchange was trading at 14,304.00, lower by 530.85 points or 3.58 per cent from its previous close.

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty plunged on Monday with all sectors witnessing broad-based selling as concerns over rising COVID-19 cases in the country and fears of lockdown in certain states weighed on sentiment.

Domestic stock market indices, Sensex and Nifty plunged on Monday with all sectors witnessing broad-based selling as concerns over rising COVID-19 cases in the country and fears of lockdown in certain states weighed on sentiment. Losses in banks, autos and metal stocks dragged the most. Along with the surging Covid cases, the subdued trend in the Asian markets also weighed on the Indian indices. Around 12.10 p.m., Sensex was trading at 47,834.84, lower by 1,756.48 points or 3.54 per cent from its previous close of 49,591.32. It opened at 48,956.65 and has so far recorded an intra-day high of 48,956.65 and a low of 47,813.60 points. The Nifty50 on the National Stock Exchange was trading at 14,304.00, lower by 530.85 points or 3.58 per cent from its previous close. (With inputs from agencies)

Sensex skids 1,700 points, Nifty around 14,300 on lockdown concerns

India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official.

The International Monetary Fund Deputy Chief Economist, Petya Koeva Brooks, in an interview to PTI on Friday also made a strong case for an additional economic stimulus to address the impact of the pandemic on the country's economy.

"When it comes to India there was a major collapse of output last fiscal year and the number as you mentioned is eight.

"So, we are very glad to see the strong rebound this year with projected growth of 12.5 for fiscal year 21-22 and we are seeing also high-frequency indicators including PMI (Purchasing Managers' Index), and trade and more mobility indicators which give us a sense that there is a continued recovery in the first quarter of this year," she said.

That said, there are some recent emergencies of the new variants in the localised lockdowns that are seen as one of the threats to this recovery, Brooks noted.

On the recovery itself, when it comes to the level in terms of the level of output, we are expecting that level to return to the pre-crisis one from 2019 to this fiscal year. That is what we have in our projections.

"However, if you look at a concept of scarring, which just compares what the level of output would have been hadn't there been a crisis in 2024, which is the measure which we are using. Then at and compare where our current growth trajectory is for India that gap is much larger, Brooks said.

The gap, she said, which is eight per cent of GDP is significantly larger than what it is for the world as a whole.

"For the world as a whole it's about three (per cent), which is another way of saying that even though in the near term we have this real rebound, there's still scope in the coming years to see higher growth which would reduce and hopefully, eliminate that scarring, which we are currently expecting, the top IMF official said in response to a question.

"If we were to just think about the level of output that it was prior to being a pandemic then that catch happens this year, which is not surprising also given the very high level of the underlying high level of growth which India has. But again, if we compare it to the path of what it would have been without the pandemic then we are getting too many larger gaps there, she said.

Noting that the Indian government took several steps to address the COVID-19 crisis, Brooks said, We have seen policy responses, which have been coordinated and in several areas. We have seen that the fiscal support, the monetary easing as well as the liquidity and regulatory measures that were taken."

What makes sense is to maintain the focus on having that coordinated policy response because this is what's going to prevent long-term damage to the economy. Providing that support to small and medium-sized firms as well as vulnerable houses would be particularly important, she said.

Brooks said the IMF very much welcomes the measures that were announced by India during its budget. It is particularly supportive of maintaining the accommodative fiscal stance and also emphasising expenditures on health and infrastructure.

We estimate that the positive impact of the measures for this fiscal year is going to be of the order of point six percentage points on growth, she said, adding that several measures announced in the budget were in line of the IMF's advice.

Prominent among them are that there would not be a withdrawal of fiscal stimulus at the general government level and also that state governments would be given the temporary flexibility to go over their budget ceilings. And last, but not least, the fact that some of the other budget items on food subsidies were actually brought into the budget. Overall, the IMF is very supportive of this focus on growth.

At the same time, Brooks made a strong case for an additional economic stimulus.

We do think that additional fiscal stimulus would be helpful. Focusing that stimulus again on the most vulnerable is something that makes sense to us. We note that some of the income support schemes were not extended beyond November 2020 and such, she said.

Taking measures in that area would be particularly helpful as well as making sure that there's priority spending on education, the economist noted.

Last, but not least, also ensuring that there is a very concrete medium-term fiscal framework is an area where we can see some room for more work in that area, she said.

Now when it comes to monetary policy, we think that given the underlying slack in the economy, maintaining the accommodative monetary policy stance makes sense. This is what we understand is being planned at the moment.

This has been our long-standing recommendation that we see scope for additional policy measures to address the weaknesses in the financial sector, in the banking part in the non-bank part of the financial sector. We think that this is going to be particularly important as we come out of the crisis to have that efficient credit intermediation, which is going to allow the economy to grow, the IMF official said.

Responding to a question on the stimulus package, Brooks underscored the need to essentially have targeted support for households and for the firms that have been most affected is the most efficient and sensible way to provide that support.

India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official.

India, which is projected to grow at an impressive rate of 12.5 per cent this year, needs to grow at a much faster pace to make up for the unprecedented contraction of eight per cent that it clocked during the COVID-19 pandemic in 2020, according to a senior IMF official. The International Monetary Fund Deputy Chief Economist, Petya Koeva Brooks, in an interview to PTI on Friday also made a strong case for an additional economic stimulus to address the impact of the pandemic on the country's economy. "When it comes to India there was a major collapse of output last fiscal year and the number as you mentioned is eight. "So, we are very glad to see the strong rebound this year with projected growth of 12.5 for fiscal year 21-22 and we are seeing also high-frequency indicators including PMI (Purchasing Managers' Index), and trade and more mobility indicators which give us a sense that there is a continued recovery in the first quarter of this year," she said. That said, there are some recent emergencies of the new variants in the localised lockdowns that are seen as one of the threats to this recovery, Brooks noted. On the recovery itself, when it comes to the level in terms of the level of output, we are expecting that level to return to the pre-crisis one from 2019 to this fiscal year. That is what we have in our projections. "However, if you look at a concept of scarring, which just compares what the level of output would have been hadn't there been a crisis in 2024, which is the measure which we are using. Then at and compare where our current growth trajectory is for India that gap is much larger, Brooks said. The gap, she said, which is eight per cent of GDP is significantly larger than what it is for the world as a whole. "For the world as a whole it's about three (per cent), which is another way of saying that even though in the near term we have this real rebound, there's still scope in the coming years to see higher growth which would reduce and hopefully, eliminate that scarring, which we are currently expecting, the top IMF official said in response to a question. "If we were to just think about the level of output that it was prior to being a pandemic then that catch happens this year, which is not surprising also given the very high level of the underlying high level of growth which India has. But again, if we compare it to the path of what it would have been without the pandemic then we are getting too many larger gaps there, she said. Noting that the Indian government took several steps to address the COVID-19 crisis, Brooks said, We have seen policy responses, which have been coordinated and in several areas. We have seen that the fiscal support, the monetary easing as well as the liquidity and regulatory measures that were taken." What makes sense is to maintain the focus on having that coordinated policy response because this is what's going to prevent long-term damage to the economy. Providing that support to small and medium-sized firms as well as vulnerable houses would be particularly important, she said. Brooks said the IMF very much welcomes the measures that were announced by India during its budget. It is particularly supportive of maintaining the accommodative fiscal stance and also emphasising expenditures on health and infrastructure. We estimate that the positive impact of the measures for this fiscal year is going to be of the order of point six percentage points on growth, she said, adding that several measures announced in the budget were in line of the IMF's advice. Prominent among them are that there would not be a withdrawal of fiscal stimulus at the general government level and also that state governments would be given the temporary flexibility to go over their budget ceilings. And last, but not least, the fact that some of the other budget items on food subsidies were actually brought into the budget. Overall, the IMF is very supportive of this focus on growth. At the same time, Brooks made a strong case for an additional economic stimulus. We do think that additional fiscal stimulus would be helpful. Focusing that stimulus again on the most vulnerable is something that makes sense to us. We note that some of the income support schemes were not extended beyond November 2020 and such, she said. Taking measures in that area would be particularly helpful as well as making sure that there's priority spending on education, the economist noted. Last, but not least, also ensuring that there is a very concrete medium-term fiscal framework is an area where we can see some room for more work in that area, she said. Now when it comes to monetary policy, we think that given the underlying slack in the economy, maintaining the accommodative monetary policy stance makes sense. This is what we understand is being planned at the moment. This has been our long-standing recommendation that we see scope for additional policy measures to address the weaknesses in the financial sector, in the banking part in the non-bank part of the financial sector. We think that this is going to be particularly important as we come out of the crisis to have that efficient credit intermediation, which is going to allow the economy to grow, the IMF official said. Responding to a question on the stimulus package, Brooks underscored the need to essentially have targeted support for households and for the firms that have been most affected is the most efficient and sensible way to provide that support.

India needs to grow faster to make up for contraction during Covid-19: IMF

TAE Technologies, a California-based firm building technology to generate power from nuclear fusion, said on Thursday it had raised $280 million from new and existing investors, including Google and New Enterprise Associates.

The company, which did not disclose its latest valuation, was valued at $2.6 billion after raising funds in May 2019, according to data platform PitchBook. Including the latest funding, TAE has raised $880 million till date.

The fresh capital will mostly be deployed to commercialize TAE`s power management technology, which is used for electrical grid applications and faster charging of electric vehicles, the company said.

Founded in 1998 and formerly known as Tri Alpha Energy, TAE Technologies kept a low profile for years and operated in stealth mode. Over the years, it has drawn the interest of investors including Venrock, brokerage Charles Schwab and the Kuwait Investment Authority.

The company is also working on producing baseload power from the Hydrogen-Boron fuel cycle, which is an environment-friendly fuel source. Baseload power refers to the minimum amount of power that needs to be supplied to an electrical grid at any given point in time.

Prior to the latest funding round, TAE had raised about $130 million earlier this year.

TAE Technologies, a California-based firm building technology to generate power from nuclear fusion, said on Thursday it had raised $280 million from new and existing investors, including Google and New Enterprise Associates.

TAE Technologies, a California-based firm building technology to generate power from nuclear fusion, said on Thursday it had raised $280 million from new and existing investors, including Google and New Enterprise Associates. The company, which did not disclose its latest valuation, was valued at $2.6 billion after raising funds in May 2019, according to data platform PitchBook. Including the latest funding, TAE has raised $880 million till date. The fresh capital will mostly be deployed to commercialize TAE`s power management technology, which is used for electrical grid applications and faster charging of electric vehicles, the company said. Founded in 1998 and formerly known as Tri Alpha Energy, TAE Technologies kept a low profile for years and operated in stealth mode. Over the years, it has drawn the interest of investors including Venrock, brokerage Charles Schwab and the Kuwait Investment Authority. The company is also working on producing baseload power from the Hydrogen-Boron fuel cycle, which is an environment-friendly fuel source. Baseload power refers to the minimum amount of power that needs to be supplied to an electrical grid at any given point in time. Prior to the latest funding round, TAE had raised about $130 million earlier this year.

Google-backed nuclear energy firm TAE Technologies raises USD 280 million