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Motherhood Hospitals acquires Bengaluru-based Femiint Hospital

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Since 2016, Motherhood Hospitals had invested ₹200 crore in consolidating its presence in Bengaluru, and was planning to make an additional investment of ₹50 crore

Since 2016, Motherhood Hospitals had invested ₹200 crore in consolidating its presence in Bengaluru, and was planning to make an additional investment of ₹50 crore

Asia Healthcare Holdings (AHH), which owns Motherhood Hospitals, a chain of hospitals dedicated to women and children, acquired Bengaluru-based Femiint Hospitals on September 21.

Femiint Hospital, located in Whitefield, provides women and childcare services ranging from out-patient care in gynaecology, pediatrics & IVF pediatric care to comprehensive in-patient care in obstetrics, birthing, gynaecology surgery, fertility & IVF care, besides pediatric surgery.

Since 2016, Motherhood Hospitals had invested ₹200 crore in consolidating its presence in Bengaluru, and was planning to make an additional investment of ₹50 crore.

With this acquisition, Motherhood Hospitals would have a network of seven hospitals and two out-patient facilities in Bengaluru. The company has set up a chain of 18 hospitals across 8 cities in India, post the AHH investment in 2016. It also has a network of 200 Neonatal Intensive Care Unit (NICU) beds.

Vishal Bali, Executive Chairman, Asia Healthcare Holdings (AHH), said, “We have built the largest women’s health network in South Asia. We believe there is an opportunity to consolidate this space, and offer exceptional clinical services to Women, newborns and Children.”

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UK To Reverse Income Tax Cut That Sparked Market Turmoil,

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The government had stuck to the policy, even as the value of the pound and government bonds fell.

London:

The government of British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn, reversing plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.

Truss, and her finance minister Kwasi Kwarteng, announced a new “growth plan” on Sept. 23 that would cut taxes and regulation, funded by vast government borrowing to snap the economy out of years of stagnant growth.

But the plan triggered a crisis of confidence in the government, hammering the value of the pound and government bond prices and jolting global markets to such an extent that the Bank of England had to intervene with a 65 billion pound ($73 billion) programme to settle the gilt market.

“It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our country,” Kwarteng said in a statement.

“As a result, I’m announcing we are not proceeding with the abolition of the 45p tax rate. We get it, and we have listened.”

The decision to reverse course is likely to put Truss and Kwarteng under huge pressure, less than four weeks after they came to power. Britain has had four prime ministers in the last six politically turbulent years.

Truss, Britain’s 47-year-old former foreign minister who took office on Sept. 6 after winning a leadership contest among Conservative Party members, and not the country, admitted on Sunday that she should have done more to “lay the ground” for the policy.

While the removal of the top rate of tax was only expected to cost around 2 billion out of a 45 billion pound tax-cutting plan, it was the most eye-catching element of a fiscal package that was to be funded by government borrowing, with Kwarteng not explaining how it would be paid for in the long-term.

Truss has also not denied that it would require spending cuts for public services and on Sunday she refused to commit to increasing welfare benefits in line with inflation – a toxic combination that would be seized on by opposition parties.

The pound has clawed back all of its losses against the U.S. since Kwarteng delivered the mini-budget and was at $1.125 at 0617 GMT, up 0.8% on the day.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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WhatsApp Pay India Head Manesh Mahatme Quits Firm, Joins

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BENGALURU: The head of WhatsApp’s India payment business, Manesh Mahatme, has quit and is joining Amazon India, a source told Reuters on Thursday.

Mahatme has joined as director of product in the e-commerce division of Amazon in India, the source said.

He joined WhatsApp Pay in April 2021 after serving as a director. Mahatme was also on the board of Amazon Pay India between 2014 and 2021, according to his LinkedIn profile.

Amazon and Meta Platforms-owned WhatsApp were not immediately available for comment.

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Rupee plunges 49 paise to 81.89 against U.S. dollar as crude

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Forex dealers say a stronger greenback against key rivals and persistent foreign fund outflows also put pressure on the Indian currency

Forex dealers say a stronger greenback against key rivals and persistent foreign fund outflows also put pressure on the Indian currency

The rupee fell by 49 paise to close at 81.89 (provisional) against the U.S. dollar on Monday as heavy selling pressure in the domestic equities and a spike in crude oil prices weighed on the local unit.

Besides, a stronger greenback against key rivals and persistent foreign fund outflows put pressure on the domestic currency, forex dealers said.

At the interbank foreign exchange market, the local currency opened weak at 81.65, fell further to 81.98 against the American currency.

It finally ended at 81.89, down 49 paise over its previous close.

In the previous session, the rupee settled at 81.40 against the greenback.

On the domestic equity market front, the 30-share BSE Sensex dropped 638.11 points or 1.11% to end at 56,788.81, while the broader NSE Nifty fell 207 points or 1.21% to 16,887.35.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.30% to 112.45.

Global oil benchmark Brent crude futures surged 4.12% to USD 88.65 per barrel.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth ₹1,565.31 crore, as per exchange data.

After infusing funds in the last two months, foreign investors turned sellers again in September and pulled out ₹7,600 crore from the Indian equity markets amid a hawkish stance by the U.S. Fed and sharp depreciation in the rupee.

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