
Fugitive Tycoon's Assets Offered for $58 Million at India Sale
Modi and his uncle, Mehul Choksi, are wanted in a $1.5 billion Indian fraud case, which stretches back to 2018. India's federal investigators have been pressing for their extradition.
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Gizmodo
2 minutes ago
- Gizmodo
Crypto Payments Are Coming to PayPal
PayPal will soon let businesses that use its digital payments platform accept more than 100 types of cryptocurrency. The fintech company announced today that it's rolling out a new 'Pay with Crypto' feature in the coming weeks, allowing merchants to accept popular digital currencies like Bitcoin, Ethereum, and XRP. The platform will support transactions from several major crypto wallets, including Coinbase, MetaMask, and Exodus. PayPal CEO Alex Chriss said the new feature will help businesses by speeding up transaction times and reducing fees, particularly for international purchases. 'Imagine a U.S.-based clothing maker received an order from someone in India for a handmade gown. They used to have to worry about long wait times to receive their money and high transaction rates eating into profits,' wrote Chriss in a post on X (formerly Twitter) today. 'Not anymore. Now they can offer users the ability to pay with crypto and receive their payment almost instantly.' When a customer pays with crypto, PayPal will instantly convert the payment into either traditional currency or its own stablecoin, PayPal USD (PYUSD), and deposit it in the merchant's account. Stablecoins are cryptocurrencies meant to maintain a stable value by being tied to a fiat currency like the U.S. dollar or a commodity such as gold or silver. PayPal's stablecoin is pegged to the U.S. dollar. PayPal says it will charge just a 0.99% transaction fee for crypto payments, at least until July 31, 2026. That's lower than the typical credit card processing fee, which ranges from 1.5% to 3.5%, according to NerdWallet — and can be even higher for international transactions. PayPal is also running a promotion to encourage merchants to store their funds in its stablecoin, offering 3.7% in annual rewards on holdings of PYUSD. This is the latest in PayPal's crypto bets. The company first started allowing users to buy and sell cryptocurrencies on its platform in 2020, and it launched its stablecoin in 2023. PayPal's current interest in crypto comes amid a wave of pro-crypto policies under the Trump administration. These moves have partly driven Bitcoin's surge to a record high of $123,000 on July 14. Earlier this month, President Donald Trump signed the Genius Act into law, which introduced some federal regulations on the use of stablecoins. The law requires stablecoins to be fully backed 100% by liquid reserve assets such as U.S. dollars or short-term Treasury bills, with issuers being required to make monthly public disclosures of their reserve holdings. It also imposes marketing rules to protect consumers from deceptive claims, prohibiting issuers from falsely suggesting their stablecoins are backed by the U.S. government, federally insured, or considered legal tender.
Yahoo
31 minutes ago
- Yahoo
Tide turns as TPG leads talks to lead digital bank fundraising
TPG, the American private equity giant, is in advanced talks to take a stake in Tide, the British-based digital banking services platform. Sky News has learnt that TPG, which manages more than $250bn in assets, is discussing acquiring a significant shareholding in the company. Sources said that Tide's existing investors were expected to sell shares to TPG, while a separate deal would involve another existing shareholder in the company acquiring newly issued shares. The two transactions may be conducted at different valuations although both are likely to see the company valued at at least $1bn, the sources added. The size of TPG's prospective stake in Tide was unclear on Monday. Earlier this year, Sky News reported that Tide had been negotiating the terms of an investment from Apis Partners, a prolific investor in the fintech sector, although it was unclear whether this would now proceed. Tide has roughly 650,000 SME customers in both Britain and India, with the latter market expanding at a faster rate. Morgan Stanley, the Wall Street bank, has been advising Tide on its fundraising. Tide was founded in 2015 by George Bevis and Errol Damelin, before launching two years later. It describes itself as the leading business financial platform in the UK, offering business accounts and related banking services. The company also provides its SME 'members' in the UK a set of connected administrative solutions from invoicing to accounting. It now boasts a roughly 11% SME banking market share in Britain. Read more:Wise set for resounding winTalkTalk's £100m windfallUS could lose, even if Trumps wins Tide, which employs about 2,000 people, also launched in Germany last May. The company's investors include Apax Partners, Augmentum Fintech and LocalGlobe. Chaired by the City grandee Sir Donald Brydon, Tide declined to comment on Monday. TPG also declined to comment.
Yahoo
31 minutes ago
- Yahoo
Nedia Fiber and Birla Cable Ltd. Form Exclusive Strategic Alliance to Boost Optical Fiber Cable Supply across the Americas
ASHBURN, Va., July 28, 2025--(BUSINESS WIRE)--Nedia Fiber, a U.S.-based optical fiber cable supplier, and Birla Cable Ltd., a publicly listed global leader in fiber optic cable manufacturing, have formed a strategic alliance to accelerate the delivery of high-performance fiber optic solutions across the Americas. This alliance aims to reduce lead times, and meet growing telecom and broadband infrastructure needs across the region. Nedia Fiber brings decades of expertise and understanding of the American market. With a focus on speed, responsiveness, and execution, the company is positioning itself as a leading supplier for ISPs, Telcos, and EPCs across the Americas. Birla Cable Ltd., part of the esteemed M.P. Birla Group, is one of India's most respected fiber optic manufacturers, offering a portfolio of fiber and cable products supported by cutting-edge production facilities and global certifications. "We are excited to launch this important alliance with Birla Cable Ltd., a company known worldwide for its manufacturing strength and product excellence," said Mr. Siby Pothen, President of Nedia Fiber. "Together, we are building a responsive supply model that aligns with the infrastructure needs of our customers across the Americas." "This important alliance is a key step in our global growth strategy," said Mr. R. Sridharan, CEO of Birla Cable Ltd. "Working with Nedia Fiber gives us direct access to the American market, backed by a team that understands how to move quickly, serve locally, and scale effectively." Mr. Luiz Fuschini, COO of Nedia Fiber, added: "Our alliance with Birla Cable is about execution. We are enabling the market with inventory flowing into the U.S. and strategic locations in South America. With a committed supply chain, we are ready to support projects with speed, precision, and trust. This is a bold step forward for both companies and for the industry across the Americas." About Nedia Fiber Nedia Fiber provides agile, customer-focused optical fiber cable supply solutions throughout the Americas. The company delivers fiber solutions with speed, technical support, and reliable execution. About Birla Cable Ltd. Birla Cable Ltd., part of the M.P. Birla Group, is a leading Indian manufacturer of optical fiber and cables. Publicly listed and globally recognized, operates with its state-of-the-art production facilities and a commitment to technological innovation and product excellence. View source version on Contacts Media Contact:pr@ / info@ +1 (571) 223-0200 / +91 22 4126 8855