Dubai's Emirates signs preliminary deal to add crypto to payments
Tired of too many ads?
Remove Ads
Emirates has signed a preliminary deal with Crypto.com that will allow its customers to make payments through the crypto trading platform 's payment service, the Gulf carrier's parent company said in a statement on Wednesday.The partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies ", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a statement.The United Arab Emirates has been emerging as a key hub for crypto companies in recent years, with several setting up shop or seeking to expand, and has enabled payments via cryptocurrencies in areas like real estate, school fees and transportation.In Dubai, which set up watchdog VARA in 2022 to regulate the emerging virtual asset sector, one of the city's largest free zones, the DMCC, hosts more than 650 crypto firms.Other airlines have in recent years adopted cryptocurrencies as payment options. In the Gulf, Dubai-listed Air Arabia said in May it would accept UAE dirham-backed stablecoin AE Coin for flight bookings.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 hours ago
- Time of India
BW LPG India secures $215 million loan to refinance debt and fund purchase of two VLGCs
Advt Advt By , ETInfra MUMBAI: BW LPG India , the Indian unit of Oslo and New York-listed BW LPG Ltd, the world's top owner and operator of LPG vessels, including Very Large Gas Carriers ( VLGC ), has secured a $215 million term loan to refinance existing debt and support the acquisition of two modern VLGCs as part of a plan to renew fleet on the back of growing demand for cooking $215 million loan was finalised with a significantly improved margin compared to the previous facility, BW LPG India said, adding that it received strong backing from five banks' lending through their branches in the Gujarat International Finance Tec-City (GIFT City), helping the fleet owner cut overall financing costs and also benefit from the withholding tax exemptions on interest payments, it said.'This reaffirms the robust and ongoing support of our global banking network and enhances our liquidity through dynamic markets ahead of us,' said Kristian Sorensen, CEO of BW March 31, BW LPG Ltd said it has signed a Memorandum of Agreement (MOA) with BW LPG India to sell two vessels acquired in the recent Avance Gas transaction – ' BW Pampero ' and ' BW Chinook ' to BW LPG India at a price of about $75 million per vessel. The delivery of the two vessels is expected in Q3 LPG India currently owns and operates India's largest fleet of VLGCs. Following the acquisition of these two vessels, BW LPG India will own nine transaction will renew and grow the fleet and further enlarge BW LPG India's footprint. Taking over two vessels built in 2015 will not only result in fleet expansion but also in fleet renewal which comes at an opportune time with continued growth in India's LPG demand, the Company LPG India's fleet is Indian-flagged and Indian-operated to facilitate business transactions in alignment with the Atma Nirbhar Bharat scheme. It is the youngest and largest fleet in India, accounting for imports of approximately 20 per cent of LPG into LPG India was established as a joint venture in 2017 between BW LPG Ltd and Global United Shipping based in Chennai. In 2021, Maas Capital Shipping B.V. acquired a minority stake of 42 per cent in BW LPG India, with BW LPG currently holding 52 per cent of the shares.'With 'BW Pampero' and 'BW Chinook' we are adding modern quality tonnage and more capacity to our Indian-flagged fleet. We see tremendous potential in the country and are proud to participate in the continued growth of the Indian LPG market,' Sorensen transaction of 'BW Pampero' and 'BW Chinook' reflects BW LPG's strategy to right-size and renew its fleet in growing markets. BW LPG leverages on its strong commercial platform and continues to grow its Indian fleet to support the country's energy transition while weathering any geopolitical uncertainties, the Company two ships will be the youngest VLGCs under the Indian flag.'We look forward to long term cargo support from Indian oil marketing companies and extension of subsidy support scheme beyond 2026 for Indian flag ships. The government should remove the 5 per cent IGST on import of ships. Further, the government should consider removal of income tax on Indian crew wages, making it a level playing field for Indian ship owner's vis a vis foreign flag ships,' a BW LPG India official said.
&w=3840&q=100)
Business Standard
7 hours ago
- Business Standard
Sensex, Nifty face worst fall in a month, marking 4th straight weekly loss
Domestic equities fell on Friday, with benchmark indices posting their biggest weekly loss in nine months. Earnings disappointment, sustained selling from foreign portfolio investors (FPIs), and uncertainty surrounding the trade deal with the US weighed on sentiment. The Sensex ended the session at 81,463, with a decline of 721 points, or 0.9 per cent. The Nifty 50 index ended the session at 24,837, down 225 points, or 0.9 per cent. This was the biggest single-day fall for both indices since June 19. For the week, the Sensex declined by 0.4 per cent, and the Nifty fell by 0.5 per cent, marking the fourth consecutive weekly loss for both indices. The last time both indices posted a four-week losing streak was in the week ended October 25, 2024. The total market capitalisation of BSE-listed firms declined by Rs 6.4 trillion, reaching Rs 452 trillion. Infosys, which declined by 2.4 per cent, and Bajaj Finance, which fell by 4.7 per cent, were the biggest contributors to the Sensex decline. Bajaj Finance, which posted its biggest single-day fall since April 30, was also the worst-performing Sensex stock, as concerns over its worsening asset quality and high credit costs overshadowed strong loan growth. Other Bajaj group stocks also posted sharp losses. The decline in Infosys was attributed to the broader sell-off in the IT sector, amidst disappointment over tepid revenue and profit growth, making current valuations unjustifiable. The sell-off did not spare the beneficiaries of the India-UK trade deal, with many stocks in the textile, aquaculture, and automotive sectors declining. "A favourable deal with the UK was expected and priced in, so the signing was not a surprise. Moreover, the India-UK deal is only part of the puzzle. One has to see how the India-US trade deal shapes up and what kind of concessions India's export competitors get from the US and EU," said Chokkalingam G, co-founder of Equinomics. FPIs continued to be net sellers of equities worth Rs 1,980 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,139 crore. So far this month, FPIs have pulled out over Rs 20,000 crore from domestic markets, while DIIs have pumped in nearly Rs 40,000 crore. The market breadth was weak, with 2,969 stocks declining and 1,061 advancing. The broader Nifty Midcap 100 fell by 1.6 per cent, and the Nifty Smallcap 100 dropped by 2.1 per cent. "There is a bit of profit booking after the recovery from the April lows. However, the delay in the trade deal with the US is causing the biggest jitters in the markets. Investors are concerned about whether IT services will be impacted by tariffs," said Chokkalingam. In the future, corporate results and the trade deal with the US are expected to determine the market trajectory. "Elevated valuations in large-cap stocks, coupled with significant net short positions held by FPIs, added to the downward pressure. Moderation in DII inflows after the strong buying of the last 2-3 months, due to a muted earnings season and persistent FPI selling, continues to impact the current market," said Vinod Nair, head of research at Geojit Investments.
Time of India
9 hours ago
- Time of India
Tata Sons profit falls due to lower other income, chairman Chandra earns Rs 156 crore, among highest-paid chiefs
Tata Sons profit falls due to lower other income, chairman Chandra earns Rs 156 crore, among highest-paid chiefs MUMBAI: Tata Sons' profit and revenue were affected in FY25 due to a sharp drop in non-operating income. Profit fell 24% to Rs 26,232 crore, and revenue declined 12% to Rs 38,835 crore. The revenue from core operations, coming from dividends, interest, and brand royalty fees, grew 62% to Rs 38,710 crore. Other income, which mainly consists of gains from TCS share buybacks, plummeted 99% to Rs 125 crore in FY25 from a significant Rs 20,036 crore in FY24. When adding up both revenue from core operations and other income, Tata Sons' total revenue was Rs 38,835 crore in FY25. In its annual report, Tata Sons explained that FY24's total revenue included a profit of Rs 9,376 crore from selling investments. Expenses fell nearly 30% to Rs 1,946 crore. At the same time, cash and bank balances rose 61%, reaching Rs 1,866 crore compared to Rs 1,154 crore in FY24. The company also said in its report that it paid off all its borrowings during FY25, a move that will help Tata Sons remain private. There are now no preference shares on its books, unlike in FY24 when there were preference shares worth Rs 262 crore. In FY24, Tata Sons applied to the Reserve Bank of India (RBI) for voluntary surrender of its registration as a core investment company (CIC) and to continue as an 'unregistered CIC'. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Seniors Are Snapping Up This TV Box, We Explain! Techno Mag Learn More Undo The application was submitted after the RBI introduced rules requiring CICs like Tata Sons to list themselves on stock exchanges. In its FY25 report, Tata Sons mentioned that the banking regulator is still reviewing its request. Dividend and chairman remuneration Although profits fell, Tata Sons increased dividends for shareholders and raised the compensation for its chairman, N Chandrasekaran. The dividend per share is Rs 64,900, almost twice the Rs 35,000 given in FY24. Tata Trusts, owning about 66% of Tata Sons, will receive about Rs 1,615 crore, while the Shapoorji Pallonji Group, holding about 18%, will get Rs 482 crore. Chandrasekaran's compensation rose 15%, reaching Rs 156 crore in FY25, making him one of the highest-paid professional chieftains in India Inc, earning over Rs 150 crore annually. His remuneration in FY24 was Rs 135 crore. Since taking on the role of Tata Sons chairman in February 2017, Chandrasekaran's pay has significantly grown, especially compared to his initial compensation of Rs 55 crore in FY18. In FY25, Chandrasekaran also earned around Rs 20 lakh in sitting fees from seven Tata-listed entities he chairs. He also owns stocks in these entities worth Rs 179 crore. CMS Info Systems' vice-chairman Rajiv Kaul earned Rs 181 crore in FY24, Persistent Systems' CEO Sandeep Kalra took home Rs 148 crore in FY25. Several executives are part of the Rs 100-crore remuneration club, including Bajaj Finance's Rajeev Jain, who made Rs 102 crore in FY25. Invests over Rs 21,500 crore in operating cos Tata Sons, which had 323 subsidiaries as of March 31, 2025, invested Rs 21,591 crore in both new and existing businesses to help them grow and deleverage their balance sheets. Most of this amount, about 95%, went into unlisted companies. Only Rs 1,082 crore was invested in listed companies, mainly Tata Consumer Products. Among unlisted and new companies, Tata Digital received the largest funding, with Rs 3,960 crore. Air India was close behind, with Rs 3,225 crore. Tata Electronics got Rs 3,000 crore, while Panatone Finvest, which owns Tejas Networks, received Rs 1,500 crore. Agratas was also funded with Rs 1,149 crore. Older businesses also got funding. Tata AutoComp received Rs 2,122 crore. Tata Capital got Rs 1,432 crore before its IPO. Tata Projects received Rs 1,500 crore, and Tata International was given Rs 1,000 crore. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
