As per an expert in the matter, central would make any lending decision based on the borrower’s ability to offer a long-term contract. The borrower could assure demand for the coal mine, added the person. The bank is preferring a loan tenor of about five years.
Indian banks have curbed in loans to corporate borrowers as the pandemic situation puts a threat on the assets which may take away the capital.
Coal-loan Policy after India Decides to auction-off its Coal Mines.
There are certain speculations about the demand for coal among lenders. It is seen as a dirty fuel globally. However, the coal is still among the most prominent source to generate electricity in India. Several banks in Japan and Europe have declared their plans to reduce lending to coal projects.
In India, the majority of the power plants utilize coal as its primary fuel. It is under operations at approximately 46.2% in this quarter’s capacity compared to 63.2% in the previous year.
India is planning to auction its 41 coal mines and an annual production capacity of 225 million tons. The person further added that the loans’ viability would also depend on the price at which the coal is sold to the potential buyers. The biggest bank in India will determine how much exposure it will have to the sector.
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China launches “historic” mission to the unvisited area of the moon, marking the beginning of a new era of space race
While the United States is still the only country to have successfully conducted crewed missions to the Moon, China formally launched a “historic” mission to Moon this week to collect and bring back rocks samples from the unvisited area. In what […]
While the United States is still the only country to have successfully conducted crewed missions to the Moon, China formally launched a “historic” mission to Moon this week to collect and bring back rocks samples from the unvisited area.
In what many experts said could mark the beginning of another era of “space races,” China officially launched an unmanned spacecraft this week to bring back lunar rocks in the first attempt by any nation to retrieve samples from Earth’s natural satellite since the 1970s, Reuters said.
According to the report, the Long March-5, China’s largest carrier rocket, blasted off at 4:30 a.m. Beijing time (2030 GMT on Monday) in a launch from Wenchang Space Launch Center on the southern Chinese island of Hainan carrying the Chang’e-5 spacecraft, named after the ancient Chinese goddess of the moon.
The China National Space Administration (CNSA) called the launch a success and said in a statement that the rocket flew for nearly 37 minutes before sending the spacecraft on its intended trajectory.
China said the Chang’e-5 mission will seek to collect lunar material to help scientists understand more about the moon’s origins and formation. The mission will test China’s ability to remotely acquire samples from space, ahead of more complex missions.
The goal of the mission to collect 4.5 pounds of samples in a previously untouched area called Oceanus Procellarum, or “Ocean of Storms”. The U.S. Apollo missions had previously landed 12 astronauts and brought back a total of 842 pounds of rocks and soil. The Soviet Union’s Luna missions had brought 6 ounces of samples in the 70s.
If China succeeds, it will be only the third country to have retrieved samples from the moon – behind the U.S. and Soviet Union.
Below is a video of the launch.
FinTech bank startup Current raises $131M in funding to serve Americans overlooked by traditional banks
According to a 2019 survey conducted by FDIC, 5.4 percent of U.S. households (approximately 7.1 million households) were unbanked. Another data tells a different story. In a piece published in Forbes, 88 million Americans are either unbanked or underbanked. To address […]
According to a 2019 survey conducted by FDIC, 5.4 percent of U.S. households (approximately 7.1 million households) were unbanked. Another data tells a different story. In a piece published in Forbes, 88 million Americans are either unbanked or underbanked. To address this problem, Current is a fintech bank startup founded in 2015 to help millions of Americans overlooked by traditional banks.
Today, Current announced it has raised $131 million in Series C funding to expand on its product offerings in order to continue to meet the financial needs of its core demographic and improve even more financial lives. The round, which brings Current’s total funding to over $180 million and a valuation of $750 million, was led by new investor Tiger Global Management, with participation from Sapphire Ventures and Avenir, Foundation Capital, Wellington Management Company, and QED Investors.
The new capital follows a year of exponential growth for Current, which has doubled its member base in less than six months to surpass 2 million members. Revenue has also increased over 500 percent year over year to firmly establish the challenger bank as an industry leader in the U.S.
Current founder and CEO Stuart Sopp founded the company with the belief that banking should be accessible and affordable for everyone. We are bringing premium financial services to everyone with a variety of modern lifestyles to help improve their financial outcomes.
“We have seen a demonstrated need for access to affordable banking with a best-in-class mobile solution that Current is uniquely suited to provide,” said Stuart Sopp, CEO, and Founder, Current. “We are committed to building products specifically to improve the financial outcomes of the millions of hard-working Americans who live paycheck to paycheck, and whose needs are not being properly served by traditional banks. With this new round of funding, we will continue to expand on our mission, growth, and innovation to find more ways to get members their money faster, help them spend it smarter, and help close the financial inequality gap.”
Unlike traditional banks, Current gives its members up to two days faster direct deposit paychecks, free overdrafts up to $100 with Overdrive, points on purchases redeemable for cash back, access to 55,000 free ATMs worldwide as well as 24/7 member support 365 days a year.
“We’re proud of our ability to deliver on our promises to our members, especially at times many needed it most this year,” Sopp said. “Our growth this year highlights the need for so many Americans for faster access to money, the trust we’ve built with them and we look forward to accelerating into 2021.”
Italian tech startup Shampora closes €3M in funding to let consumers create and buy customized personal care products online
In 2018, the global haircare market is estimated to be worth about $90 billion, according to the latest data from research firm Statista. Haircare is one of the least appealing verticals for technology startups. However, it’s becoming increasingly difficult for […]
In 2018, the global haircare market is estimated to be worth about $90 billion, according to the latest data from research firm Statista. Haircare is one of the least appealing verticals for technology startups. However, it’s becoming increasingly difficult for consumers to find affordable hair care products that meet their unique needs.
Enter Shampora, an Italian tech startup that provides a platform to let consumers create and buy tailor-made hair care products online, according to your hair characteristics and needs. The startup operates in Italy, France, and Spain.
Today, Shampora announced it has closed a new €3 million funding round. Backers include CDP Venture Capital Sgr, the partners of Italian Angels for Growth (IAG), Finbeauty, Gisev Family Office, and LVenture Group.
Shampora was founded in 2018 by Manuel Corona, Irene Gullotta, and Mirco Peragine to create, produce and buy completely customized personal care products online. Directly from its website, users can take a quick questionnaire of about 30 specific questions about the customer’s hair, skin, lifestyle, habits, and needs. Shampora’s proprietary algorithm analyzes the data and creates a personalized list of ingredients, tailored to the person. Eventually, the information is processed by the system and sent to the laboratory for products that meet all the best quality standards.
In June 2018, Shampora completed the Acceleration Program of LVenture Group LUISS EnLabs. The startup is developing a platform that allows you to create tailor-made personal care products, initially focusing on hair products. A virtual assistant analyzes your data (hair characteristics, as well as the specific needs and lifestyle), and processed it in real-time through the proprietary algorithm, transmitting the information to the laboratory where shampoos, conditioners, and other hair treatments are created: each product is unique, your personal solution out of millions of possible combinations.
In just two years after its launch, the startup has sold over 100,000 customized products in Italy alone, significantly increasing sales in recent months, reaching peaks of 2,000 orders per day. Online shopping recently experienced a boom as an effect of the Covid-19 pandemic (from January to October there were almost 2 million new e-commerce customers, with an estimated sector’s annual growth of 26% ) and the customization of products is highly trending in the beauty market, thanks to new digital technologies.
“The digitalization of sales channels and the product customization are fundamental assets of the evolution of consumption all over the world, since e-commerce, during this health emergency we are experiencing, is often a necessity rather than an option. – comments Stefano Molino, Head of the Accelerators Fund of CDP Venture Capital SGR – Fondo Nazionale Innovazione – With this investment, we are happy to support, together with the other venture capital operators, the growth of an innovative company such as Shampora. Thanks to its technology, it has been able to seize the opportunities in a deeply changing market”.
“Shampora is much more than simple e-commerce: it has a competent and enthusiastic team, it relies on solid foundations, combining digital, research, product development, and industrial innovation. It is time to broaden the horizons and take the market. As IAG members, we are very pleased to provide the startup not only with our capital but also with our network’s different skills, experiences, and relationships, to support Shampora in its ambitious growth path”, said Roberto Serafini and Marco Graziani, who coordinated the investment of Italian Angels for Growth (IAG).
“Making tailor-made beauty products affordable for everyone is our challenge and we are very satisfied with the great enthusiasm of our partners and new investors. We want to strengthen our position as an end-to-end company of personalized hair products: right from the beginning research and development, manufacturing, direct-to-consumer marketing, and logistics are all part of an integrated process. We could even come all the way to each customer’s home to apply the products directly to their hair if you ask to do so” said Manuel Corona, CEO of Shampora.
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