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Exclusive: India's Paytm gets government panel nod to invest in payments arm, sources say

NEW DELHI, July 9 (Reuters) - India's beleaguered Paytm (PAYT.NS), opens new tab has secured approval from a government panel that oversees investments linked to China to invest 500 million rupees ($6 million) in a key subsidiary, three sources with direct knowledge of the matter said.

The approval, which still has to be vetted by the finance ministry, will remove the main stumbling block to the unit, Paytm Payment Services, resuming normal business operations.

Paytm Payment Services is one of the biggest remaining parts of the fintech firm's business, accounting for a quarter of consolidated revenue in the financial year ended March 2023.

A separate unit, Paytm Payments Bank, was wound down this year by order of the central bank due to persistent compliance issues, triggering a meltdown in Paytm's stock.

The government panel had earlier held back approval due to concerns about the 9.88% stake in Paytm held by China's Ant Group. India has intensified scrutiny of Chinese businesses since a 2020 border clash between the two countries.

All in all, Paytm has been waiting for the nod from the government panel for about two years and without it, it would have had to also wind down its payment services business, which was forbidden from taking on new customers in March 2023.

Once the approval has been formalised, it will be able to seek a so-called "payment aggregator" licence from the Reserve Bank of India.

The sources, two of whom are government sources, declined to be identified as the decision has not been formally announced.

India's foreign, home, finance and industries ministries, whose representatives sit on the panel, did not reply to emails seeking comment.

A Paytm spokesperson said the company does not comment on market speculation. "We will continue to make disclosures in compliance with our obligations under the SEBI Regulations, and will inform the exchanges when there is any new material information to share," the spokesperson said.

Former British PM Sunak appoints Conservative Party shadow cabinet
On July 8, local time, former British Prime Minister Sunak announced the appointment of the Conservative Party Shadow Cabinet, which is the first shadow cabinet of the Conservative Party in 14 years. Several former British cabinet members during Sunak's tenure as prime minister were appointed to the Conservative Party Shadow Cabinet, including James Cleverly as Shadow Home Secretary and Jeremy Hunt as Shadow Chancellor of the Exchequer. But former Foreign Secretary Cameron was not appointed as Shadow Foreign Secretary. In addition, the new leader of the Conservative Party will be elected as early as this week. On July 4, the UK held a parliamentary election. The counting results showed that the British Labour Party won more than half of the seats and won an overwhelming victory; the Conservative Party suffered a disastrous defeat, ending its 14-year continuous rule.
Wto: Members have more trade promotion measures than restrictions
The latest trade monitor released recently by the World Trade Organization shows that between mid-October 2023 and mid-May 2024, WTO members continued to introduce more trade promotion measures than trade restrictive measures. The WTO said it was an important signal of members' commitment to keep trade flowing amid the current geopolitical uncertainty. According to WTO statistics, during the monitoring period, WTO members adopted 169 trade promotion measures on commodities, more than the 99 trade restrictive measures introduced. Most of the measures are aimed at imports. Commenting on the findings, WTO Director-General Ngozi Okonjo-Iweala said that despite the challenging geopolitical environment, this latest trade monitoring report highlights the resilience of world trade. Even against the backdrop of rising protectionist pressures and signs of economic fragmentation, governments around the world are taking meaningful steps to liberalize and boost trade. This demonstrates the benefits of trade on people's purchasing power, business competitiveness and price stability. The WTO monitoring also identified significant new developments in economic support measures. Subsidies as part of industrial policy are increasing rapidly, especially in areas related to climate change and national security.
World's deepest diving pool opens in Poland, 45.5 meters deep
The world's deepest diving pool, Deepspot, opened this weekend near the Polish capital Warsaw. The 45.5-meter pool contains artificial underwater caves, Mayan ruins and a small shipwreck for scuba divers and free divers to explore. Deepspot can hold 8,000 cubic meters of water, more than 20 times the capacity of a normal 25-meter swimming pool. Unlike ordinary swimming pools, Deepspot can still open despite Poland's COVID-19 epidemic prevention restrictions because it is a training center that provides courses. The operator also plans to open a hotel where guests can observe divers at a depth of 5 meters from their rooms. "This is the deepest diving pool in the world," Michael Braszczynski, 47, Deepspot's director and a diving enthusiast, told AFP at the opening yesterday. The current Guinness World Record holder is a 42-meter-deep pool in Montegrotto Terme, Italy. The 50-meter-deep Blue Abyss pool in the UK is scheduled to open in 2021. On the first day of Deepspot's opening, about a dozen people visited, including eight experienced divers who wanted to pass the instructor exam. "There are no spectacular fish or coral reefs here, so it can't replace the ocean, but it is certainly a good place to learn and train safe open water diving," said 39-year-old diving instructor Przemyslaw Kacprzak. "And it's fun! It's like a kindergarten for divers."
Adult Film Star Jesse Jane's Cause of Death Revealed
New details about Jesse Jane’s death have emerged. More than six months after the former adult film star was found dead alongside her boyfriend Brett Hasenmueller in her Moore, Oklahoma, home from a suspected overdose, authorities confirmed what led to the tragedy. Jane and Hasenmueller reportedly died of an accidental fentanyl and cocaine overdose according to TMZ, citing the Oklahoma City Medical Examiner’s Office. E! News has reached out to the Examiner’s Office for comment but had not yet heard back. In late January, local outlet KFOR reported that Moore Police found Jane and Hasemueller’s bodies while performing a wellness check after the couple had not been heard from in several days. Moore PD's Lt. Francisco Franco told The New York Times at the time that it was believed Jane died from a drug overdose, but that both deaths remained under investigation. Jane, who was 43 at the time of her passing, acted in a number of adult films starting in 2003 before transitioning to other projects, including an appearance in Baywatch: Hawaiian Wedding and 2004's Starsky and Hutch, as well as season two of Entourage. Pretty Pastel Please, YouTuber, Instagram By 2007, Jane had officially retired from the adult film industry, pivoting into making her own line of sex toys. At the time of her death, BSG Public Relations President Brian Gross shared in a statement to E! News, "Jesse Jane was a vivacious person who had an absolute and ultimate love for life. During her time in the adult industry, of which I was able to spend wonderful moments with her, she was an incredible professional who cheered everyone on and brought sunshine to every film set she worked on." "There is not one person in the adult industry who didn't spend time with her, whether onset or in a social setting, that she didn't make smile, laugh or both. She would light up a room as soon as she walked in," he continued, "I will personally miss her very much for the reasons above. Her smile was everything."
Porsche AG reports sharp fall in China deliveries
July 9 (Reuters) - German sportscar maker Porsche (P911_p.DE), opens new tab said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China. Porsche, majority-owned by Volkswagen (VOWG_p.DE), opens new tab, is highly exposed to the EU-China tariff tensions, with deliveries to China accounting for nearly 20% of global deliveries. An HSBC analyst pointed to weakness in the European car market, saying that "the market is, understandably, worried about China pricing weakness and the prospect of needing to pay dealer compensation." Overall, Porsche delivered 155,945 cars worldwide during the first six months of the year. In North America, deliveries were down 6% year-on-year. Meanwhile, in Porsche’s home market of Germany, deliveries increased by 22% to 20,811 vehicles.