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News on Medial
EquiLend hack raised costs as traders flew blind, sources say
Reuters
·
1y ago
Medial
A recent ransomware attack on EquiLend, a market utility company, caused disruptions in the trading market, temporarily leaving Wall Street unaware of trading risks. EquiLend, which is primarily used for borrowing securities and post-trade services, experienced a blackout of its systems from January 22 to February 5. Without access to EquiLend's electronic trading systems, traders were unable to see who they had struck deals with, raising capital costs for banks and causing market disruptions. The incident highlights the risks of centralized market infrastructure and the need for more robust backup plans. Regulators are expected to scrutinize third-party firms providing critical financial infrastructure.
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Related News
Discount brokers board margin funding biz with revenue channels under lens
Economic Times
·
10m ago
Medial
Discount brokers in India are expanding their revenue channels by offering margin trade funding (MTF) to traders. MTF involves lending money to traders for purchasing more shares, with the financed shares serving as collateral. Traditionally, MTF has been dominated by bank-backed stockbrokers, but now discount brokers like Zerodha, Groww, and Fyers are entering the market. Early movers such as Mstock, Angel One, and 5Paisa have already seen significant revenue growth from their MTF books. Discount brokers are diversifying their product offerings as other revenue sources come under regulatory scrutiny.
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WazirX seeking capital to return funds stolen in ₹1,965-cr hack
Internet
·
11m ago
Medial
WazirX is seeking capital to return users' funds that were lost after the crypto exchange suffered a ₹1,965-crore hack. WazirX said in a virtual press conference that restructuring of its crypto balances will take at least six months and 55% of users' balances will be returned to them. "About 45% [funds] will be required as restructuring costs," the exchange said.
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India queries Apple, Xiaomi in ecommerce probe of Amazon, Flipkart, sources say
Economic Times
·
3m ago
Medial
India's financial crime agency is seeking sales data from Apple and Xiaomi as part of an investigation into Amazon and Flipkart. This probe examines allegations of breaching laws that prevent foreign e-commerce companies from controlling goods they list online. These inquiries occur amid trade talks between India and the U.S. India's small traders criticize these practices for disrupting local businesses, despite assurances of compliance from Amazon and Flipkart. The inquiry aims to gather information without accusing smartphone companies.
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Lenders say AI to fintech startups for debt collection
Economic Times
·
4m ago
Medial
Amid rising stress on unsecured consumer loans, lenders are increasingly turning to fintech startups for debt collection solutions. These startups, such as SpoctoX, CreditNirvana, and Rezolv, are leveraging AI and advanced data analytics to predict borrower behavior, mitigate defaults, and optimize collection strategies, reducing costs and enhancing efficiency. The sector sees significant investment, as AI-driven models offer real-time data and predictive insights, highlighting a growing market for innovative debt resolution approaches within India's fintech ecosystem.
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Ola Electric fires 500 staff to boost profits amid share price drop
The Arc Web
·
8m ago
Medial
Ola Electric has laid off between 340 and 500 employees over the past few months, according to two sources who are aware of the matter. The cuts are part of a restructuring effort to lower costs as the EV maker faces pressure from public markets to enhance its margins
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Who pays for AI’s power?
The Verge
·
12d ago
Medial
Big Tech companies are increasingly required to sign long-term electricity contracts and pay for surplus power as utility companies seek to avoid the costs of powering new data centers needed for AI development. These demands aim to prevent the financial burden of additional infrastructure costs from impacting consumer energy bills. Tech giants are turning to various power sources, like nuclear and coal, to meet energy demands, underscoring the ongoing energy challenges posed by AI advancements.
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Tesla layoffs hit high performers, some departments slashed, sources say
TechCrunch
·
1y ago
Medial
Tesla recently announced layoffs that affected some high-performing employees and resulted in department cuts. The layoffs were attributed to poor financial performance, with Tesla's profit margin narrowing due to an ongoing electric vehicle price war. Over 10% of the workforce, which amounts to around 14,000 employees worldwide, were laid off as part of the company-wide restructuring. The layoffs were made to reduce costs and improve productivity. The move comes as Tesla prepares for its next phase of growth and focuses on building fully self-driving cars. Notably, top executives such as Drew Baglino and Rohan Patel have also left the company.
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Bitcoin slides under $90000, erasing some of gains made under Trump
Economic Times
·
5m ago
Medial
Bitcoin's price fell below $90,000, reversing some gains since Trump's pro-crypto tenure began. Bitcoin dropped from $106,000 amid declining consumer confidence. Despite volatility, some see it as a buying opportunity. Recent events include regulatory shifts, major exchange hacks, and controversies, like Argentina's president's meme coin scandal. A $1.5 billion hack linked to North Korea and meme coins’ speculative nature have raised industry concerns. Solana and other coins also dropped significantly in value.
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Indian GCCs dial up fresher hiring to build talent pool
Economic Times
·
8m ago
Medial
Global capability centres in India, known as GCCs, are increasing their hiring of fresher and entry-level talent from both colleges and off-campus sources. These centres, which traditionally hire between 85,000 and 100,000 freshers annually, are expected to increase their hiring to 114,000-133,000 this fiscal year. Off-campus hiring is also on the rise, with nearly 40% of entry-level hires expected to come from off-campus sources by 2025. GCCs are seeking to build a diverse talent pool and lower their costs by hiring a mix of experienced professionals and freshers.
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Zerodha Success Story - The Largest Stock Broker in India
StartupTalky
·
1y ago
Medial
Zerodha is an online discount broking company based in Bangalore, India. Founded in 2010 by brothers Nithin and Nikhil Kamath, Zerodha aims to provide brokerage facilities to stock market traders at lower costs. The company operates on a low margin and high volume model, charging a minimal fee per transaction. It has gained popularity for its innovative ideas and unique strategies, and currently has a client base of over 6.3 million. Zerodha also offers other services such as currency and commodity trading, mutual funds, and bonds.
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