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Business news and updates: India Inc sees 219 deals in August worth $ 8.4b

Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for September 14:

Petrol prices hit 20-month high

Despite the fact that cars are being used less due to coronavirus lockdowns, fuel prices have reached their highest level in 20 months. 

According to new data from the Australian Institute of Petroleum, the national pump price averaged 154.2 cents per liter in the previous week, up 3.6 cents from the week before. Concerns over US oil supplies have pushed up global oil prices in the past week.

Crypto group sues CBA over scam warning

The Commonwealth Bank has been accused of defaming a cryptocurrency-based Colombian-Australian remittance service after informing its customers that they were likely victims of a scam before shutting their accounts. 

According to the claim filed in the District Court of NSW, CBA defamed the company by writing letters to Colcambios Australia clients pushing them to notify the Colombian police because money put in their accounts seemed to be the profits of fraud.

Sydney Airport receives third takeover bid, valued at $23.6b

A group of infrastructure investors increased its non-binding offer to $23.6 billion, bringing Sydney Airport one step closer to being taken over. 

Sydney Airport recorded a $97 million half-year loss in late August. At $8.75 a share, a consortium led by IFM Investors has made its third takeover offer. Shareholders, the ACCC, and the Foreign Investment Review Board would all have to approve any deal. 

Government issues warning over new text scam targeting people in lockdown

Following the release of a fresh round of coronavirus business grants, the government has warned Victorians to be on the watch for fraud. Victims of the sixth lockdown in Victoria have been dealt even another blow after being targeted in a series of scam texts. 

The government launched the fourth phase of the Business Costs Assistance Program last week, with 175,000 eligible Victorian businesses receiving weekly payments of $2800, $5600, or $8400, based on their annual payroll.

U.S. consumers’ inflation expectations highest since 2013

According to a study released by the New York Federal Reserve, consumer estimates for how much inflation will change over the next year and the following three years reached their highest levels since 2013. 

Here’s what Apple is expected to announce at its iPhone 13 launch event

Apple will be attempting to refocus attention back on its technology with its next iPhone unveiling, following a court defeat in its dispute over App Store payment procedures. 

During its annual fall event on Tuesday, Apple is likely to announce its iPhone 13 series, as well as new smartwatches, headphones, and potentially more. 

The announcements will come only days after a federal judge decided that Apple may no longer prevent app developers from offering payment options other than Apple’s own in-app payment service, signaling a growing pushback against big tech’s dominance.

India Inc sees 219 deals in August worth $ 8.4 billion: Report

According to research, deal activity increased by $8.4 billion in August, owing to a healthy increase in both volumes and sizes. 

According to consultancy firm Grant Thornton Bharat, there were 219 deals in August, the most since 2005 and more than double the number in August 2020, when the country was emerging from a lockdown.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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