Canada to allow international students to work off-campus for up to 20 hrs per week

By

-

October 7, 2022

Canada allowed international students with off-campus work authorization on their study permits to work 20 hours per week while courses are in session.

From November 15 until December 31, this temporary measure will be in effect. This significant change was introduced on Friday by Immigration Minister Sean Fraser.

Foreign nationals who have already applied for a study permit as recently as Friday are now included in the temporary measure that Canada has extended.

If Immigration, Refugees and Citizenship Canada approve an international student’s application, they also will be eligible for this policy’s advantages.

Canada is facing a labour shortage and a historically low unemployment rate. According to Statistics Canada, the country’s jobless rate decreased from 5.4 per cent in August to 5.2 per cent in September.

Currently, international students who apply to study in a Canadian educational programme are permitted to work off-campus for up to 20 hours per week while enrolled in the programme.

To allow international students to support themselves financially, this limit is lifted during pre-scheduled periods such as the summer and winter breaks.

Due to the approximately one million open positions, the Canadian government temporarily relaxed this rule.

According to research by the Canadian Bureau for International Education, most international students are interested in remaining in Canada as permanent citizens after completing their studies.

Canada is among the leading destinations for international students. In 2021 alone, it hosted over 620,000 international students.

Between January and August of 2022, Canada processed over 452,000 applications for study permits, a 23% increase over the 367,000 applications processed during the same time in 2021.

DPIIT notifies credit guarantee scheme for startups

By

BRL Editor

-

October 7, 2022

0

The Department for Promotion of Industry and Internal Trade (DPIIT) on 7 October notified the credit guarantee scheme for startups to provide them collateral-free loans up to a specified limit.

In a notification, it was stated that loan/debt facilities approved to an eligible borrower on or after 6 October would be eligible for coverage under the scheme.

“The Central Government has approved the ‘Credit Guarantee Scheme for Startups (CGSS) for the purpose of providing credit guarantees to loans extended by member institutions (MIs) to finance eligible borrowers being startups,” it said.

It added that this scheme would help provide much-needed collateral-free debt funding to startups.

MIs include financial intermediaries (banks, financial institutions, NBFCs, AIFs) engaged in lending/investing and conforming to the eligibility criteria approved under the scheme.

To be eligible for this program’s benefits, startups must be recognised, have a stable revenue stream that is amenable to debt financing as determined by audited monthly financial statements covering 12 months, be in good standing with all lending and investing institutions, and not be considered a non-performing asset as defined by the RBI.

“Maximum guarantee cover per borrower shall not exceed ₹10 crore. The credit facility being covered here should not have been covered under any other guarantee scheme,” the Department said.

For this scheme, the Indian government will establish a trust or fund, overseen by the Board of National Credit Guarantee Trustee Company Ltd as the Fund’s Trustee, to guarantee payment against default in loans or debt to eligible borrowers.

Additionally, it stated that lending institutions must examine credit applications using prudent banking judgement, apply business discretion and due diligence to choose commercially viable proposals, and manage borrower accounts with ordinary banking prudence.

These institutions should be required to monitor the borrower account closely.

The DPIIT will also establish a Management Committee to manage the trust’s affairs.

The committee will be in charge of reviewing, supervising, and monitoring how the trust is operating. It will also be required to give the trust the necessary guidance on broad policy issues about the scheme.

The Emergency Credit Line Guarantee Plan (ECLGS) had its scope increased by the finance ministry on 5 October to increase the maximum credit available under the scheme. To help the Covid-affected sector get through the liquidity crisis, the lending maximum under the plan was increased from 400 crores to 1,500 crores.

Pandan Club, a modern Peranakan restaurant, opens in Chennai

By

BRL Editor

-

October 7, 2022

0

India’s modern Peranakan restaurant, Pandan Club, is now open in Chennai. Master chefs Sashi Cheliah and Manoj Padmanaban of Big Bandha will spearhead the United Fork Pvt Ltd team in curating unique culinary experiences for food lovers.

With whispers of exotic ingredients that highlight the culinary influences of Chinese, Malay, Eurasian, and even Indian culture, the Peranakan menu is a symphony of flavours and spices that Indians find oddly familiar and that pique their palates.

Peranakan cuisine is a delicious culinary expression of cultural fusions, often referred to as Nyonya cuisine. The origins of the Peranakan people can be traced to early Chinese settlements in the 15th century. As a result, their philosophy is closely entwined with Malaysian culture and food.

The interior design is reminiscent of a contemporary interpretation of Singapore’s eastern, culturally rich Joo Chiat heritage site. The iconic Peranakan shades of jade and turquoise are contrasted with modern, warm pink and red tones in fabrics and wall accents, handmade ceramic tiles that were common in the area at the turn of the 20th century, rattan frames that resemble an oriental prayer wheel, and the ubiquitous glass panels that reflect rather than divide.

The space is divided into three distinct zones: the communal dining, which is defined by the high tables that surround the cocktail bar, and the cosy banquette seating, which is warmly lit by a canopy of South-East Asian traditional lanterns. And the private dining area has quite pink walls and is guarded by Baba and Nyonya, just like in traditional Peranakan homes.

WeWork India leases 3.62 lakh sq ft office space in Bengaluru

By

BRL Editor

-

October 6, 2022

0

WeWork India, a flexible workspace provider, has signed lease agreements for two new buildings: Embassy One & Kalyani Roshni Tech Hub in Bengaluru. According to a media release from the company, more than 6,000 desks will be spread across the 362,000 sq ft of workspaces.

The 310,000 sq ft workspace at Kalyani Roshni Tech Hub will open this year in December. Together with the Kalyani Group, the center has been leased.

Over 600 desks may be accommodated in Embassy One, which spans two floors and is more than 52,000 sq ft. In addition, WeWork India has adopted an operator model at Embassy One.

Arnav S Gusain, Head of Real Estate – Product and Procurement at WeWork India, said, “As India Inc marches towards a hybrid working model, flexibility has become paramount for today’s workforce.”

WeWork India has over five million sq ft of assets acquired in 40 locations across NCR, Mumbai, Bengaluru, Pune, and Hyderabad.

Magna invests $120mn to open new innovation centre in Bengaluru

By

BRL Editor

-

October 6, 2022

0

Magna International, a major supplier of auto parts, is investing more than USD 120 million to establish and run a new engineering centre in Bengaluru, India, to promote e-mobility. The Brigade Tech Garden is home to the new centre, Magna Innovation Campus Bengaluru, which will act as a vital hub for Magna in developing software-defined vehicles, electronics, and electrified vehicles powertrains.

By the end of 2023, the company plans to hire 1,000 engineers and technical specialists, with room to add up to 250 more as needed, according to a press statement from the company.

According to the company, the 240,000 sq ft facility will employ engineers and technical experts who will work on software and system development, simulation, testing, vehicle integration, and digital, data, and cloud solutions for electric vehicle programs. The facility is anticipated to open in the first quarter of 2023.

“Vehicles and their systems are becoming more electrified and software-defined, which changes the architecture and how we need to develop them. With this new engineering centre, we can further strengthen our vehicle systems development and IP creation, especially in the areas of e-mobility,” Anton Mayer, Executive Vice President, and Chief Technology Officer, Magna International, said.

The release said a ground-breaking ceremony is scheduled for October 17 at the Innovation Center with Magna executives.

Magna has 12 manufacturing divisions and three product development centres in India.

Deutsche Bank private banking head foresees more deposit rate increases – report

By

BRL Editor

-

October 6, 2022

0

Deutsche Bank’s head of private banking, Lars Stoy, expects deposit interest rates to increase further after the European Central Bank turns to raise rates, the Frankfurter Allgemeine Zeitung quoted the executive as saying on Thursday.

“A few weeks ago, we at Deutsche Bank began to raise the deposit rates for our customers,” the newspaper cited him as saying. “But I assume that further steps will follow next year, for the Deutsche Bank brand as well as Postbank.”

Competition among banks for deposits will increase again, Stoy told the newspaper. “We are already thinking about deposit campaigns.”

Following a significant rate increase in July, the ECB last month increased its deposit rate to 0.75% from zero, the highest level since2011. Additional rate increases are expected at upcoming meetings.

Visa commits $1 million to empower women-focused businesses in India

By

BRL Editor

-

October 5, 2022

0

Visa has pledged $1 million to United Way Mumbai (UWM) to empower women-owned and women-focused businesses over the next three years. The goal of the project, which will be carried out in 170 villages and towns throughout the Indian states of Uttar Pradesh, Assam, Maharashtra, and Karnataka, is to equip participants with long-lasting, sustainable skills for entrepreneurship. The project intends to educate over 8,500 women and provide them with access to financial services beneficial to their businesses and communities.

Sandeep Ghosh, group country manager, India & South Asia, Visa, said, “At Visa, we have strongly advocated and supported the growth of small businesses particularly those focused on women. Our partnership with United Way Mumbai will impart financial and entrepreneurship skills to women from communities that do not enjoy the same access and privileges as many others. As women get empowered, so do the communities they represent. We look forward to this partnership making meaningful contributions to deserving communities in times to come.”

The Visa-UWM project will target three core impact areas: access to knowledge and services for financial inclusion, entrepreneurship development, and formation of sustainable self-help groups.

George Aikara, CEO, United Way Mumbai, said, “We at United Way Mumbai, strongly believe that India’s growth story is incomplete without the equal participation of women. Our efforts aim to address the barriers that exist to women’s participation in the social and economic spheres. We are elated to work with Visa as they share our commitment to democratizing the financial ecosystem by bringing women into it and we look forward to the support of this partnership in bringing that to fruition.”

Visa has previously helped women-owned businesses in India by offering grants through its iFundWomen programme. Recent initiatives include empowering female micro-entrepreneurs nationwide in the wake of the pandemic and pledging to support 50 million small and medium-sized businesses globally in going online and future-proofing their operations. In order to help 75% of women-owned businesses, Visa teamed with Hand in Hand International to donate $2.4 million over three years as part of its mission to support the growth of enterprises. In order to support female entrepreneurs, Visa also unveiled its ‘She’s Next’ campaign for women-owned small businesses in 2019.

Spinny announces the introduction of stock option plan for all employees

By

BRL Editor

-

October 4, 2022

0

Spinny, a used car retailing platform in India, has launched the Spinny – stock option plan for all employees. The company has announced stock options for all employees for the first time. Earlier, it had given some employees with ESOPs, and in December 2021, Spinny helped to facilitate the first ESOP buyback. According to a press release issued by the company, the buyback had a $12 million total value.

According to the statement, several team members, including those in entry-level blue-collar roles, could make handsome incomes and home purchases, among other things. This prompted the company to establish a policy whereby all team members, regardless of their position or title, would receive ESOPs.

“The ESOP pool was constituted to ensure that team members are rewarded for their belief in Spinny’s vision, and relentless hard work that goes behind turning the vision into reality,” stated the release.

“Since the inception, we have focussed on nurturing a healthy working environment and a robust value system where we work to build a trusted relationship amongst all team members,” Niraj Singh, founder & CEO of Spinny, said. “Our reward philosophy is centered around modern thinking fuelled by compassion, team-work, and shared ownership. Nothing is more important to us than bringing the right solutions for our customers and creating value for the team members.”

Other employee-friendly benefits that the company has recently implemented include salary advances, loans, and the Spinny Education Sponsorship Program, which offers education assistance to staff members looking to further their education to enhance their careers. The company offers Term Life Insurance, Employee Referral Insurance, Parental Medical Insurance, Group Personal Accident Insurance, and Flexi Basket Insurance. In their employee assistance programme, they also provide free specialized doctor consultations and mental wellness sessions.

Incofin makes climate-centric NBFC investment in Mufin Green Finance

By

BRL Editor

-

October 4, 2022

0

Mufin Green Finance announced its Series A funding from Incofin India Progress Fund (IPF). Founded in 2016, Mufin Green Finance is the first of its kind pure-play listed (BSE) NBFC catering to the Climate focused EV sector. The company, founded to nurture the Indian EV ecosystem, has funded EVs totaling more than INR 160 crore across nine states in a relatively short period. While promoting a clean and green environment, the company has reduced 100,000-plus tonnes of carbon footprints.

Delighted to partner with world-renowned impact investor, Incofin, Kapil Garg, co-founder, and managing director of Mufin Green Finance, said, “This Funding has put us in the forefront of the organized EV financing sector. As India’s first listed NBFC dedicated to Climate- EV financing, we are planning to disburse income-generating loans worth INR 5,000 crore in the next 5 years, resulting in an overall reduction of 4 million tonnes of carbon emission.“

Aditya Bhandari, the partner, and co-head of Asia, Incofin, said, “We are proud to make our first climate-centric NBFC investment in Mufin Green Finance. This investment clearly stands high on our vision of financial inclusion and climate efforts. Mufin thrives on its diversified business model and strong balance sheet structure. Given their strategic tie-ups with EV ecosystem players, we firmly believe that they will play a crucial role in boosting the Indian EV penetration and create a positive economic and environmental impact.”

Rajat Goyal, the co-founder of Mufin Green Finance, said, “EV is a fast evolving market and there’s strong push from various stakeholders. The investment from Incofin is a solid validation on our climate focused financing mission. We are focused on catering to the underserved or low-income segment and create a meaningful social and climate impact.”

Being a pure-play EV and climate-focused NBFC, Mufin Green Finance has expanded its range of financing products to include electric 2,3, and 4-wheelers as well as other elements of the EV ecosystem, including EV chargers, charging stations, swappable and non-swappable batteries, and battery top-up loans for its clients.

TCS carves out two new telecom, 5G business Units

By

BRL Editor

-

October 3, 2022

0

Tata Consultancy Services has carved out two new business units dedicated to telecom and 5G solutions led by industry veterans, according to sources. To facilitate the rollout of 5G and engineering solutions led by Vimal Kumar, the company established the network solutions and services unit (NSS) within the communications and media vertical.

Additionally, the enterprise growth group has established the cognitive enterprise network unit (CEN) under the guidance of Satya Pitta to provide intelligent network management solutions.

TCS, the largest IT services company in India by revenue, has been vocal about industry access to the 5G spectrum and optimistic about the 5G prospect.

The development occurs as TCS nears completion of a potential $2 billion (around $16,000 crore) 4G network rollout deal with state-run telecom operator BSNL. The agreement would also assist the Tata Group partnership between TCS and Tejas Networks in bringing their 5G rollout solutions to global telecom operators.

CONNECT WITH US