Espresso: SpaceX's latest mission, Airtel's rights issue
Your daily dose of news in business and technology.
SpaceX sends 23rd cargo resupply mission
Pioneering space transportation company SpaceX began its 23rd mission to resupply cargo to the International Space Station (ISS) on Sunday from NASA's Kennedy Space Center in Florida.
Watch the Falcon 9 rocket lift-off and, spacecraft Dragon separate from the rocket here. The Dragon had become the first commercial spacecraft to deliver cargo to and from the ISS in 2012.
In its 23rd commercial resupply services mission, the Dragon is carrying scientific research and technology demonstrations to the ISS. These include an investigation into protecting bone health with botanical byproducts, testing a way to monitor crew eye health, demonstrating improved dexterity of robots, exposing construction materials to the harsh environments of space, and mitigating stress in plants.
It will also deliver materials including concrete, fiberglass composites, and substances that can offer protection against radiation to investigate how they respond to the harsh space environments.
The Dragon is scheduled to dock at the ISS today at 11 am Eastern Daylight Time (8:30 pm IST).
Airtel to raise capital via rights issue
Bharti Airtel informed stock markets on Sunday that its board has approved a Rs 21,000-crore rights issue at Rs 535 per share of fully paid-up equity share, including a premium of Rs 530 per equity share. Every shareholder will be eligible up to one equity share for every 14 equity shares held.
Further, the company has constituted a Special Committee of Directors to decide on the terms and conditions of the issue, including issue period and record date.
Terms of payment of issue price will be 25 percent on application, and the balance in two more additional calls will be decided by the Board from time to time based on the company’s requirements in a time horizon of 36 months, Bharti Airtel said in the exchange filing.
Future Retail files SLP in apex court
Future Retail filed a special leave petition (SLP) against ecommerce giant Amazon in the Supreme Court of India on Saturday, following the Supreme Court judgement on August 6 that the Singapore's Emergency Arbitrator award to restrain Future Retail's $3.4 billion asset sale to Reliance Industries is valid.
Future Retail, which owns retail chain Big Bazaar, has been in dispute with Amazon since October 2020 over its deal with Reliance Retail Ventures.
Future Retail subsequently faced arbitration proceedings for emergency interim relief filed by Amazon in Singapore. The Supreme Court of India ruled in favour of Amazon.com NV Investment Holdings, which has a stake in Future Coupons.
App Store concerns unresolved: Spotify
Apple's recent "changes" do not address the core concerns Spotify and other apps on the App Store have with Apple, tweeted Spotify on Saturday.
Apple’s proposed concessions fail to address the most basic aspect of its anti-competitive and unfair App Store practices, said Horacio Gutierrez, Head of Global Affairs and Chief Legal Officer of Spotify, in the Twitter post. “They are attempting to distract policymakers and regulators, and slow down the momentum that’s building around the world to address their behaviour,” he added.
Spotify had filed a complaint against Apple to the European Commission in 2019 for its 30 percent fee levied on app developers to use its in-app purchase system.
Nazara to acquire OpenPlay
Gaming and sports media platform Nazara Technologies has acquired skill-gaming company OpenPlay for Rs 186.4 crore.
OpenPlay, a company in Hyderabad, has an annualised gross gaming revenue run rate of Rs 80 crore, and is operating on positive EBITDA margins. It operates a multi-game consumer gaming platform under the “Classic Games” brand, said Nazara Technologies, in a stock exchange filing.
OpenPlay will become a part of the “Friends of Nazara” network, an established gaming company in which Nazara holds majority stakes, and works with them to scale them. Companies like Nodwin Gaming, Sportskeeda in Esports Next Wave Multimedia, Paper Boat Apps, Kiddopia, are a part of the network.
Unified Payments Interface in UAE
National Payments Corporation of India’s international arm has partnered with Mashreq Bank, the oldest private bank in the United Arab Emirates (UAE), to offer its mobile-based real-time payment system, Unified Payments Interface (UPI), in the UAE.
The partnership is timely for Mashreq as the bank has witnessed 20 percent month-on-month growth in pick-up rate, as young and tech-savvy customers seek to use the mobile payment systems along with a growing number of retailers across the UAE that accept such transactions.
The partnership between the two entities will provide a considerable boost to the digital payment ecosystem in the UAE.
Edited by Kunal Talgeri
