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India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global

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India showed impressive numbers in merger and acquisition (M&A) deals in the Asia-Pacific region’s financial sector in the first quarter (Q1) of 2024, with 27 deals closed. This outpaced other countries in the region, such as Japan with 13 deals, Australia with 12, South Korea with 11, and Mainland China with nine, according to S&P Global Market Intelligence. The number of deals in India in Q1 2024 was one more than the previous year, while other countries saw a decline or stagnation in deal volumes. Overall, deal volumes in the region fell by 14% year-on-year, ending March 31, 2024, due to economic uncertainties, higher funding costs, and increased volatility from geopolitical risks. Leigh Howard, Chief Executive Officer of AsiaLink Business, highlighted India as a bright spot with a strong forecast and resilience, suggesting a reasonable expectation for continued robust deal-making. China experienced a significant drop in deal numbers, falling to nine in Q1 2024 from 24 the previous year. Australia saw a decrease to 12 deals from 26 a year ago. Four of the top 10 deals in value were closed in India, with a combined deal value of $845.79 million. The largest was Sumitomo Mitsui Financial Group’s (SMFG) acquisition of SMFG India Credit for $700 million. Other notable deals included Piramal’s acquisition of Annapurna Finance, Rajiv Rattan’s purchase of a stake from Lonestar Americas in RattanIndia Finance, and Muthoot Finance’s investment in Belstar Microfinance.

India Leads Asia-Pacific Region’s M&A Deals in Q1 2024: S&P Global Read More »

Spring Health’s Valuation Jumps to $3.3 Billion After $100 Million Series E

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Mental health funding has been as hot as the weather these past few weeks. Spring Health became the latest startup in the sector to raise big, locking up a $100 million Series E at a $3.3 billion valuation — a 65% increase from the $2 billion valuation it received in 2021 after a $190 million Series C. The new round was led by Generation Investment Management, with participation from existing investors including Kinnevik, The William K Warren Foundation, RRE Ventures, and Northzone. Founded in 2016, the company has raised nearly $467 million, per Crunchbase. New York-based Spring Health partners with employers to provide mental health services to their employees. The company also uses artificial intelligence to help members get care faster. “Our continued growth trajectory means more people are getting the care they need and this new funding allows us to double down on our strengths, increase access, scale our impact, and continue to deliver even greater ROI to employers,” said co-founder and CEO April Koh in a release. Mental Health Funding Ticking Up Just in the past several weeks, mental health has seen its biggest raises of the year. Along with Spring Health, New York-based Talkiatry, a psychiatric care startup, picked up $130 million in mid-June. The round consisted of a combination of Series C equity financing led by Andreessen Horowitz, and debt financing from Banc of California. Then just last week, mental healthcare platform Headway closed a $100 million Series D led by Spark Capital. The new funding values the company at $2.3 billion — a 130% increase just from October when it raised a $125 million Series C at a $1 billion valuation. While well off its 2021 high, mental health funding has remained relatively stable this year.

Spring Health’s Valuation Jumps to $3.3 Billion After $100 Million Series E Read More »

Crescent Finalises $2.1 Billion Acquisition of SilverBow Resources

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US oil company Crescent Energy has completed its $2.1 billion acquisition of SilverBow Resources, becoming the second-largest operator in the Eagle Ford. After integration, the combined entity’s production capacity is expected to be around 250,000 barrels of oil equivalent per day (boepd). The cash and stock deal, announced in May this year, concluded ahead of schedule. This acquisition enhances Crescent’s status as a leading mid-cap exploration and production company with a diverse, high-quality asset portfolio. The merger is expected to yield substantial free cash flow and has been structured with a disciplined capital allocation framework. Crescent noted that this move will facilitate further growth through accretive, returns-driven mergers and acquisitions. Following the integration, the combined entity’s production capacity is estimated to reach around 250,000 boepd. SilverBow shareholders have received approximately $358 million in total cash consideration, with Crescent issuing around 52 million shares of Class A common stock to cover the non-cash portion of the transaction. Post-acquisition, former SilverBow shareholders now hold about 23% of the combined company on a fully diluted basis. Crescent CEO David Rockecharlie said, “Today is an exciting day for Crescent. We are well positioned to create value, and I am grateful for the trust from our original Crescent and new SilverBow shareholders, each of whom voted with an overwhelming majority to approve our merger and to take equity consideration and participate in the go-forward company.” “Through disciplined investing and operations, we have delivered profitable growth, tripling the size of our business over the last four years. We have created a premier growth through acquisition platform by executing on our cash flow and returns-oriented strategy. Today, we are focused on rapidly integrating our new assets and personnel and continuing to deliver on the significant synergies we’ve identified to strengthen returns.” Crescent has announced plans to provide pro forma guidance for the second half of 2024 to reflect the acquisition’s impact. Additionally, the company is set to issue its financial and operating results for the second quarter of 2024 after the market closes on August 5, 2024. Source: Offshore Technology

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State Government Sanctions ₹4,194 Crore Relief Package for Cotton and Soybean Farmers

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The state government has sanctioned substantial financial assistance for cotton and soybean farmers adversely affected by price declines in the preceding year. To alleviate the repercussions of these losses, the government unveiled a financial relief package intended to aid cotton and soybean cultivators for the kharif marketing season 2023-24. This relief package encompasses a grant of ₹5,000 per hectare, with a ceiling of two hectares per farmer. The government has sanctioned a proposal to extend financial assistance in two strata: ₹1,000 per hectare for areas under 0.2 hectares and ₹5,000 per hectare for areas exceeding 0.2 hectares, up to a maximum of two hectares. As the GR was issued on July 29, the precise amount expended for Vidarbha farmers remains unascertained, according to officials. “Nevertheless, the process has commenced at district levels across both divisions in Vidarbha. We will have to initiate from the very beginning, which entails compiling a list of eligible farmers, among other tasks,” an official said. The government has allocated a total expenditure of ₹4,194.68 crore to effectuate this financial assistance scheme. Of this, ₹1,548.34 crore is apportioned for cotton farmers, while ₹2,646.34 crore is earmarked for soybean growers. The funding will be deployed during the additional budget presented on July 5, underpinning the special action plan formulated to augment the productivity and value chain of cotton, soybean, and other oilseed crops. Eligibility for this financial support is clearly delineated: Cotton and soybean farmers who cultivated their crops during the 2023 kharif season are entitled to get ₹1,000 per hectare for areas under 0.2 hectares and ₹5,000 per hectare for areas up to 2 hectares. The scheme is anticipated to buttress the growth of the agricultural sector, reinforcing the government’s dedication to addressing the exigencies of the farming community.

State Government Sanctions ₹4,194 Crore Relief Package for Cotton and Soybean Farmers Read More »

WHO Teams Up with IOC and France to Support Healthy Paris Olympics

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The World Health Organization (WHO) is collaborating with the International Olympic Committee (IOC) and France to ensure the Paris Olympics, starting this Friday, are healthy and safe for both spectators and athletes. “Just as athletes and fans around the world have been preparing for the Paris Olympics, WHO has been working with the IOC and the Government of France to make sure these Games are healthy and safe for everyone involved,” said WHO Director-General Dr. Tedros Adhanom Ghebreyesus. “From promoting physical activity to protecting people from a range of health threats, WHO has been proud to play its part in making the Paris Olympics a success.” WHO and the IOC, partners since a 2020 memorandum of understanding renewed this year, have launched the “Let’s Move” campaign. This initiative promotes physical activity, leveraging the Paris Olympics to motivate sports stars and the global public to move for better health. In support of this campaign, the French Government has introduced a program mandating 30 minutes of daily physical activity for school students to ensure a lasting, healthy legacy from the Paris Olympics. WHO’s health security experts at its Geneva headquarters and European Regional Office in Copenhagen have been actively supporting national and regional authorities. Their efforts include preparing for potential health scenarios like heatwaves, infectious disease outbreaks, food and water safety hazards, terrorism, and crowd management. Public health advice has been developed in collaboration with the European Centre for Disease Prevention and Control (ECDC) and France for travelers attending the Paris Olympics and Paralympics, starting on August 28. Guidance includes recommended vaccines, protection against various illnesses, and tips for staying cool and hydrated. WHO has participated in IOC Paris 2024 simulation exercises to test public health plans, established Olympics-specific health event-based surveillance, and is producing daily situation reports with ECDC. These reports aim to capture early signals of any health events and support timely responses, providing information to the IOC and other partners. Dr. Tedros will participate in the Olympic Torch Relay on Friday, following his speech at the Paris Summit on Sports for Sustainable Development, hosted by the French Presidency and the IOC. At the Summit, WHO will commit to mobilizing for nutrition ahead of next year’s Nutrition for Growth Summit in Paris and expand support to countries to improve diets, promote physical activity, and manage obesity, aiming to reduce obesity prevalence in targeted countries by 5% by 2030.

WHO Teams Up with IOC and France to Support Healthy Paris Olympics Read More »

Uttar Pradesh Government to Present Supplementary Budget of Rs 30,000 Crore in Assembly

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The Yogi Adityanath-led Bharatiya Janata Party (BJP) government will present a supplementary budget of approximately Rs 30,000 crore in the Uttar Pradesh Legislative Assembly on Tuesday. This presentation will take place on the second day of the monsoon session of the UP Vidhan Sabha, which will also include discussions on various bills presented in the House. The supplementary budget is expected to gain cabinet approval and will allocate funds for several key projects and initiatives, including the Kumbh Mela, the purchase of buses, industrial projects, and the construction of new bridges. In addition to the budget presentation, the Uttar Pradesh government introduced the UP Prohibition of Unlawful Religious Conversion (Amendment) Bill in the Assembly on Monday. This bill proposes life imprisonment for offenses related to ‘love jihad’ and aims to double the punishments for certain crimes listed under it. Samajwadi Party leader Fakhrul Hasan Chand criticized the amendments, accusing the BJP of engaging in negative politics instead of addressing issues like unemployment and paper leaks. In a self-made video, Chand stated, “The BJP government, which has brought the ordinance on Love Jihad, already has a law on it. If someone traps someone in his/her love trap with some motive, then there is a law for it, but the BJP only wants to do negative politics.” During the Assembly session, Uttar Pradesh Chief Minister Yogi Adityanath introduced four new ministers to his cabinet: OP Rajbhar, Anil Kumar, Dara Singh Chauhan, and Sunil Sharma. “These four cabinet ministers were part of this Assembly. I introduce them as part of the Cabinet in this House,” Adityanath said. Additionally, Uttar Pradesh Assembly Speaker Satish Mahana welcomed Samajwadi Party leader Mata Prasad Pandey, who has been appointed as the Leader of the Opposition in the House.

Uttar Pradesh Government to Present Supplementary Budget of Rs 30,000 Crore in Assembly Read More »

Karnataka Government Introduces Welfare Bill Imposing Cess on TV Channels, OTT Platforms, and Multiplexes

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The Karnataka government has passed the Karnataka Cine and Cultural Activists Welfare Bill on July 26, 2024, aimed at supporting the entertainment sector by introducing a new cess on TV channels, OTT platforms, and multiplexes operating within the state. The bill, as reported by CNBC-TV18, seeks to provide financial aid to cine and cultural activists, thereby enhancing the welfare of individuals working in Karnataka’s cultural industries. The legislation imposes a cess of up to 2% on the revenues of TV channels and OTT services derived from Karnataka. This cess will be applied to cinema tickets and subscription fees, ensuring that it is paid based on the revenue generated within the state. Companies are required to remit the cess by the 9th of every month, as mandated by the bill. The primary objective of this initiative is to bolster financial support for the state’s cultural sector. By directing the collected funds towards cine and cultural activists, the Karnataka government aims to improve the livelihoods of those involved in the cultural and entertainment industries. The introduction of this cess marks a significant step in recognizing and addressing the financial challenges faced by individuals in the cultural sector. It is expected to provide much-needed relief and support, ensuring the continued growth and sustainability of Karnataka’s vibrant cultural landscape.

Karnataka Government Introduces Welfare Bill Imposing Cess on TV Channels, OTT Platforms, and Multiplexes Read More »

IIT Roorkee Awards Degrees to 2,513 Students at 24th Convocation

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IIT Roorkee celebrated its 24th convocation, awarding degrees to 2,513 students—1,931 male and 582 female—in various disciplines. The convocation highlighted a significant increase in the proportion of graduating female students, rising from 18.84% in 2022 to 23.16% in 2024, demonstrating IIT Roorkee’s commitment to gender diversity and inclusion. A total of 1,277 students received undergraduate degrees, 704 were awarded postgraduate degrees, and 442 students earned doctoral degrees. The institute also recognized outstanding achievements with the President’s Gold Medal and the Director’s Gold Medal. Achintya Nath, a BTech graduate in Computer Science and Engineering, received the President’s Gold Medal for achieving the highest CGPA among undergraduate students admitted through JEE Advanced. Parth Sarthi Mishra, a BTech graduate in Electronics and Communication Engineering, was awarded the Director’s Gold Medal for his exceptional all-round performance among undergraduate students. The convocation was attended by Debjani Ghosh, President of NASSCOM, as the Chief Guest. The event was presided over by BVR Mohan Reddy, Chairperson of the Board of Governors.

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Haryana Govt Doctors Call Off Strike After Key Demands Addressed

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The Haryana Civil Medical Services Association (HCMSA) has called off its strike after the state government agreed to meet three critical demands. The strike, which had severely impacted health services in state-run hospitals, ended after the government assured that these demands would be implemented by August 15. The key demands addressed include: Grade Pay Anomalies: The government has agreed to rectify grade pay discrepancies. Specialist Cadre: The government will notify the establishment of a specialist cadre at the earliest. This move aims to address the career progression concerns of doctors. Emergency Visit Allowance: Doctors will receive an allowance for visits to hospitals during odd or off-duty hours to handle emergencies. This allowance, up to ₹7,200 per month, is designed to compensate doctors for additional responsibilities and is modeled after central government provisions. Top government officials, including Haryana Chief Principal Secretary Rajesh Khullar, Additional Chief Secretary (Health) Sudhir Rajpal, and Additional Principal Secretary Amit Kumar Agarwal, held extensive discussions with HCMSA representatives to resolve the deadlock. These talks spanned over two days and concluded successfully early Saturday morning. The HCMSA had also demanded the reduction of bond amounts for postgraduate courses, stopping direct recruitment of senior medical officers, and aligning allowances with those of central government doctors. The government had already issued a notification to reduce the bond amount for postgraduate courses, addressing another significant concern. With the specialist cadre soon to be notified, most career progression issues for doctors will be resolved. This development marks a significant step towards improving the working conditions and morale of doctors in Haryana’s government hospitals.

Haryana Govt Doctors Call Off Strike After Key Demands Addressed Read More »

Paris 2024 Welcomes the World in Groundbreaking Opening Ceremony on the Seine

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Paris has witnessed numerous memorable moments in history, and the Paris 2024 Opening Ceremony added another unforgettable event to the list. On Friday, July 26, the City of Lights transformed into a sports stadium as the River Seine hosted an extraordinary display of athleticism and artistry. In a historic first, the Opening Ceremony took place outside a traditional stadium setting. The Seine became the track, the quays transformed into spectator stands, and the city’s iconic landmarks stood as silent witnesses to the celebration. The event featured 85 boats carrying 6,800 athletes from 205 National Olympic Committees (NOCs), sailing towards the Eiffel Tower. The ceremony culminated with the Olympic flame ascending into the sky in a cauldron attached to a hot air balloon. Artistic director Thomas Jolly orchestrated the four-hour extravaganza, which was filled with flags, feathers, and raindrops. Despite the pouring rain, athletes danced on boat decks, spectators lined the quays and bridges, ballet dancers performed on rooftops, and Parisians cheered from their balconies. The river parade and artistic performances journeyed through the heart of Paris towards the Trocadero, where French President Emmanuel Macron officially declared the Paris Olympic Games open. “Some may say, we in the Olympic world, we are dreamers. But we are not the only ones,” said International Olympic Committee President Thomas Bach. “And our dream is coming true tonight: a reality for everyone to see. Olympians from all around the globe, showing us what greatness we humans are capable of. So I invite everybody: dream with us. Like the Olympic athletes, be inspired with the joy that only sport can give us. Let us celebrate this Olympic spirit of living life in peace, as the one and only humankind, united in all our diversity.” The Paris 2024 Opening Ceremony was not only a celebration of sports but also a testament to the city’s ability to bring people together in unity and diversity, setting the stage for an unforgettable Olympic Games.

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