Economy News-Daily Digest: 4 Key Updates
1. Apple becomes first trillion dollar company
Apple became the first $1 trillion publicly listed U.S. company as a rise in its share price pushed it past the landmark valuation. The company hit a $1trillion market capitalisation 42 years after Apple was founded and 117 years after US Steel became the first company to be valued at $1bn in 1901.
2. Swiggy acquires on-demand delivery platform Scootsy
Food ordering and delivery platform Swiggy has acquired Scootsy, an intracity delivery service provider in an all-cash deal. The value of the transaction was not disclosed.
Scootsy provides delivery services for restaurants, toys, beauty products and electronics items among others.
3. RBI bars Fino Payments Bank from enroling new customers
Fino Payments Bank, one of India’s first payments banks, has been barred by the Reserve Bank of India from adding new customers since the end of May.
The central bank in its auditing of payments banks in May found Fino Payments non-compliant with the operational guidelines laid down by it.
According to RBI’s operating guidelines for payments banks, a customer can make deposits of up to ₹1 lakh per account in a year. Such banks cannot accept deposits beyond this limit. The payments bank was asked to immediately stop enrolling new customers until it takes corrective actions.
RBI imposed similar restrictions on Paytm Payments Bank which is also not able to on-bard new customers.
Paytm stopped enrolling new customers on 20 June following an audit by RBI, which made certain observations about the process the company follows in acquiring new customers and its adherence to know-your-customer (KYC) norms.
4. Facebook announces $4.5 mn investment to help news publishers
Facebook will invest an additional $4.5 million towards helping the news industry globally. It will give $3.5 million towards ‘Facebook Membership Accelerator’, a three-month pilot programme designed to help news organisations with membership models.
Facebook also announced that it would contribute $1 million to the 2018 ‘NewsMatch’ campaign, which matches individual donations to more than 100 non-profit newsrooms around the country.
The ‘Facebook Membership Accelerator’ will help non-profit news organisations and local, independent publishers with membership models build sustainable businesses, by providing supporters access to exclusive content and experiences through memberships.