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<keyword id="6354418" type="General" weightage="20" keywordseo="oil-prices" source="Orion">Oil prices</keyword> rose on Monday following an agreement by the G7 group of nations and its allies to cap the price of <keyword id="81856" type="General" weightage="20" keywordseo="russian-oil" source="Orion">Russian oil</keyword> at $60 a barrel, BBC reported. Brent crude added around 1 per cent to above $86 in Asia trading. The move - which could come into force on Monday - raises Western pressure on Russia over the invasion of Ukraine. It comes after oil producers' group Opec+ agreed to stick to its policy to reduce production, amid slower global growth and higher interest rates, BBC reported. "This decision by Opec+ to keep the quota where it is... is by itself an implicit sort of support to the oil market," Kang Wu of S&amp;P Global Commodity Insights told the BBC. Opec+ is a group of 23 oil-exporting countries, including Russia, which meets regularly to decide how much crude oil to sell on the world market. Traders are also reacting to strong US jobs data and the easing of Covid restrictions in some Chinese cities. More cities in China, including Urumqi in the north west, have said they will loosen curbs after mass protests against the country's zero-Covid policy. "Belief that China may accelerate reopening plans has triggered some early morning optimism," said Stephen Innes, managing partner at SPI Asset Management. But he cautioned against "chasing oil higher with China's reopening as there will be a massive surge in Omicron cases, that could keep mobility on the downswing at least through the first quarter of next year". In a joint statement last week, the G7 and Australia said the $60 cap on Russian oil would come into force on Monday or "very soon thereafter", BBC reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-from-january-2023/articleshow/95941950.cms">Maruti Suzuki cars will get costlier from January 2023</a>

Oil prices rise after G7 nations cap the price of Russian crude at $60/barrel

<ul><li>The company said in a statement that it "had to take the tough decision to let go 150 of our team members".</li><li>The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup.</li><li>According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches.</li></ul>Leading AI health and fitness platform <keyword id="2698623" type="General" weightage="100" keywordseo="healthifyme" source="Orion">HealthifyMe</keyword> has sacked at least 150 employees as the company's growth did not "keep pace with expectations and hiring". The company has a physical presence in Bengaluru, Delhi, Mumbai, Chennai and Singapore. The company said in a statement that it "had to take the tough decision to let go 150 of our team members". "Like much of tech, growth hasn't kept pace with expectations and hiring," the company added. The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup. "As a part of our severance and support to those impacted, we will offer 2 months' salary severance with 2 weeks per year served at HealthifyMe, vested stocks till March 2023, and medical insurance continuance till June 2023, along with counseling and outplacement support," said the company. According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches. The <keyword id="2534058" type="General" weightage="20" keywordseo="healthtech" source="Orion">healthtech</keyword> platform in July this year raised $75 million (nearly Rs 560 crore) in a Series C round led by <keyword id="15700419" type="General" weightage="50" keywordseo="leapfrog-and-khosla-ventures" source="Orion">LeapFrog and Khosla Ventures</keyword>. The company aimed to use the funds to expand in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and <keyword id="53564" type="General" weightage="50" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword>, make inroads into <keyword id="6378080" type="General" weightage="50" keywordseo="north-america" source="Orion">North America</keyword> as well as to acquire relevant companies in the digital health and fitness space. "We are already the market leaders in India and Southeast Asia and by combining AI and human empathy, we can deliver results in weight and lifestyle disease management at a fraction of the cost possible today," Tushar Vashisht, Co-founder and CEO, HealthifyMe, had said in a statement. While HealthifyMe's base has been India, it has been expanding internationally and now nearly 25 per cent of its revenues come from outside the country like Malaysia and Singapore, it had said in July. The company had also said to hire over 1,000 trainers and coaches this year. "We are also undergoing an evolution with our new vision around metabolic health (HealthifyMe 2.0) which requires different resources. In view of this and changing market dynamics, it made sense for us to steer toward profitability, despite a comfortable runway," the company spokesperson said in the latest statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ayushmann-khurranas-doctor-g-set-for-ott-debut-on-netflix/articleshow/95995391.cms">Ayushmann Khurrana's 'Doctor G' set for OTT debut on Netflix</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/dharmaj-crop-guard-ipo-how-you-can-check-the-allotment-status/articleshow/95992589.cms">Dharmaj Crop Guard IPO : Here’s how you can check the allotment status</a>

HealthifyMe sacks about 150 employees, says growth didn't keep pace with hiring

New Delhi, Indian-Canadian billionaire Prem Watsa-backed <keyword id="20847043" type="General" weightage="20" keywordseo="fairfax-india" source="keywords">Fairfax India</keyword> on Wednesday announced its commitment to provide up to USD 200 million (about Rs 1,650 crore) liquidity support to IIFL Finance after the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> barred the non-bank lender to disburse gold loans. The RBI's embargo has raised liquidity concerns among the company's investors and lenders, Fairfax India Holdings Corporation said in a statement. In response to these concerns, Fairfax India has agreed to extend up to USD 200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any), it added. "We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI's compliance standards," said Fairfax India chairman <keyword id="20146567" type="General" weightage="20" keywordseo="prem-watsa" source="keywords">Prem Watsa</keyword>. Commenting on the development, IIFL Finance Managing Director Nirmal Jain said at this crucial juncture, Fairfax India's and Prem's generous offer to provide liquidity support is very timely and motivating. "We are committed to complying fully with RBI's directives and growing the business under the regulator's guidance on the strong foundation of compliance, risk management, and fair practices," Jain said. Earlier this week, the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> barred <keyword id="20849308" type="General" weightage="20" keywordseo="iifl-finance-ltd" source="keywords">IIFL Finance Ltd</keyword> from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. IIFL Finance offers a range of loans and mortgages. The latest directions from the RBI pertain to only the gold loan business. The RBI in a statement had said certain material supervisory concerns were observed in the gold loan portfolio of the company. The concerns include serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in loan-to-value ratio; significant disbursal and collection of the loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts.

Prem Watsa-backed Fairfax India commits up to $200 mn to IIFL Finance

<keyword id="6360722" type="PERSON" weightage="80" keywordseo="ratan-tata">Ratan Tata</keyword>’s investment in fashion portal for women's wear- Kaaryah- has highlighted how business tycoons are showing keen interest in start-ups and backing ideas and designs. 
 Nidhi Agarwal, founder of <keyword id="2741894" type="UNKNOWN" weightage="80" keywordseo="KAARYAH">Kaaryah</keyword>, said she had sought Tata’s investment after her father advised on it. 
 
It was only after her father pointed to a newspaper report about Tata funding eCommerce start-ups that Agarwal e-mailed on Tata's address. 
Three months on, her online fashion retail got the good news. 
 
So what does investment by Tata mean for her? "To begin with, your newspaper is calling me," the former Bain &amp; Company consultant told Economic Times, referring to media attention. 
 
She is one of the 10 entrepreneurs in India's fast growing start-up ecosystem who have received backing from Tata. 
 
Tata first invested in March 2014 in Altaeros Energies, a wind energy start-up founded by graduates of the Massachusetts Institute of Technology. 
 
“While instant fame is one of the advantages of having the 77-year-old former chairman as an investor, the aura of the Tata name can rub off on startups that need to stand out from the crowd,” Rajiv Srivatsa, cofounder of online furniture retailer Urban Ladder, told ET. 
 
Srivatsa’s company received an investment last November and since then Tata has discussed everything from furniture design to supply chains and customer experience in three half-day sessions. 
 
R Venkataramanan, a close associate of Tata who advises him with startup investments, did not reply to Economic Times for this story. 
 
Venture capital investor as Prashanth Prakash, a partner with Accel, told the financial daily that Tata's willingness to back entrepreneurs boldly stands out, and he is also able to fill the existing gaps in the industry. "It's really not about the money - he is willing to be upfront about associating with startups he picks, risking his own brand," Prakash who is a co-investor with Tata in online jewellery retailer Bluestone, told ET. 
 
So, what does it feel like to be making a pitch to Tata? ET reported that proposals are vetted by Venkataraman before they reach Tata, who usually has two questions to ask start-ups seeking an investment, the risk, and the opportunity. Founders usually have 30 minutes to make a pitch and a successful one will be valued as per the last funding round. 
 
(Image: Indiatimes)

If you want Ratan Tata to invest in your start-up, just ask him! Your wish might just get answered!

President Pranab Mukherjee who returned home after an unconventional visit to Finland has brought a Diwali bonanza. During his visit to the most picturesque nation, President Pranab Mukherjee signed a number of pacts, memorandum of understanding and agreements with the Finnish government. Major highlight of the trip would be the nuclear cooperation agreement the Indian President signed with government of Finland. 
 On the lighter side, Pranab Mukherjee was the first <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>n President to visit the long bearded man who wears red and brings cheer during Christmas, to children and elders alike. Pranab Mukherjee met the reindeer-riding ‘ho! Ho! Ho!’ man in person when he went to Santa Claus’ workplace in Finland. This made him the first-ever President of India to cross the Arctic Ocean. However, this ‘fun’ part unraveled at the second leg of his tour. 
 
The first part of the trip was about agreements and pacts along with high-level meetings. The pacts and agreements were about boosting mutual participation to encourage trade, education, energy sector, fishing and allied areas – with the key aspect being agreement on nuclear cooperation. 
 
The first visit to Finland by any Indian President happened over 26 years ago when Mr R Venkataraman visited the country in 1988. 
This visit for Mr Mukherjee is his second one, owing to the fact that he had represented India as a commerce minister in 1993. This is his maiden visit as the President of India. 
 
On this trip, Mr Mukherjee was accompanied by a delegate of high-level dilopmatic experts and officials led by Union Minister P Radhakrishnan, senior officials and senior representatives of educational and academic institutions from across the country. 
 
The two-day visit that started on October 14 had Mr Mukherjee landing back in India on October 17. The visit was completely packed with President’s participation in Finland parliament and meeting business delegations. 
 
As for the nuclear cooperation agreement is concerned, the atomic energy regulatory board of India and the Radiation and Nuclear Safety Authority of Finland will ensure cooperation in the field of nuclear energy between the two countries will stay rooted on several mutually beneficial factors. While cooperation in this field regarding radiation and safety regulation pertaining to exchange of information personnel and peaceful use of nuclear energy was the key objective, technology sharing and responsible use of nuclear energy has been the focus area of both countries. 
 
Finland for its part has been very supportive of India in IAEA on issues relating to the Nuclear Suppliers Group, on a host of things on UN Security Council reforms, and has been the most crucial voice on India’s entry into the Arctic Council. 
 
Another key aspect of his visit though was to attract investment in infrastructure and other areas in India. 
 
Earlier (just before his arrival in Finland) during his visit to Oslo, Norway, a host of pacts were signed about stepping up cooperation in science, technology and defence sectors between the two countries. 
 
Image: Indiatimes

President Home For Diwali; Gifts Nuclear Co-op Agreement With Finland

NEW DELHI: <keyword id="2540" type="POSITION" weightage="80" keywordseo="President">President</keyword> Pranab Mukherjee may not invite the single largest pre-poll combination to form the government unless it provides letters of support from more parties to prove that it has the required numbers. 
 
After extensive consultations on how to ascertain who is best suited to provide a stable government in a hung House scenario, Mukherjee seems to have concluded that the contenders for power ought to back up their claims of majority support by producing letters of support from their post-poll allies. 
 
“He wants to make sure that those who stake claim to form government actually enjoy majority support in the House,” said a source familiar with the details of the deliberations Mukherjee has been holding in order to ensure that the next regime turns out to be a stable one. 
 
He has been advised that this could be done only by seeking letters of support from post-poll alliance partners, as was done on an earlier occasion. 
 After Rajiv Gandhi refused to form government despite <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> emerging as the single largest party in 1989, the then president R Venkataraman invited V P Singh to form government as the leader of Janata Dal, which managed to cobble together a post-poll alliance. 
 
The precedent was followed by Shankar Dayal Sharma in 1996 to invite Atal Bihari Vajpayee-led BJP to form the government even though it had only 161 members and absolutely no chance of reaching the magic figure of 272. BJP was surprised by the invite, though it grabbed the opportunity to form the first-ever saffron regime at the Centre. With the “secular” parties combining against him, Vajpayee’s government quit after 13 days. 
 
Sharma’s successor KR Narayanan chose to play safe when Vajpayee staked his second claim two years later, and insisted on seeing letters of support even when the BJP-led NDA pre-poll alliance had won the majority. 
 The use of the same yardstick by Narayanan a year later resulted in huge embarrassment for Congress president Sonia Gandhi. The Congress president had claimed she had the support of 272 but with SP chief <keyword id="25541" type="PERSON" weightage="40" keywordseo="Mulayam-singh">Mulayam Singh</keyword> Yadav backing out at the last minute, came short when the President asked for letters of support. 
 
 
 
 
 
When contacted by TOI, noted constitutional expert and former attorney general Soli J Sorabjee suggested that producing letters of support may not be necessary if the President is satisfied that the single largest party or pre-poll coalition holds the prospect of providing a viable government after an election which fails to throw up an outright winner. 
 
“If the President is satisfied on that count, then there is no need to seek letters of support from post-poll alliance partners. After inviting the largest coalition or party to form government, he could given them reasonable time, say a week or two, to prove its majority on the floor of the House,” Sorabjee said. 
 “The President need not test the strength of the party or coalition in the <keyword id="6355187" type="ORGANIZATION" weightage="40" keywordseo="Lok-Sabha">Lok Sabha</keyword> before inviting it to form government. The test of strength is in the House and not in Rashtrapati Bhavan. Though, there is nothing in the Constitution which bars the President from seeking letters of support from post-poll alliance partners, it sounds a little unethical,” he added.

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Oil prices rise after G7 nations cap the price of Russian crude at $60/barrel

IANS

HealthifyMe sacks about 150 employees, says growth didn't keep pace with hiring

IANS

Prem Watsa-backed Fairfax India commits up to $200 mn to IIFL Finance

PTI

If you want Ratan Tata to invest in your start-up, just ask him! Your wish might just get answered!

BI India Bureau

President Home For Diwali; Gifts Nuclear Co-op Agreement With Finland

Preetam Kaushik

President To Seek Allies’ Support Letters If Nobody Gets Majority

Times Of India

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