Reserves

The Central Bank of Nigeria (CBN) on Wednesday announced it has cleared all ‘valid’ foreign exchange backlogs. This move, announced by the bank’s Acting Director of Corporate Communications, Hakama Sidi-Ali, comes as a decisive step towards restoring confidence in Nigeria’s economy. According to her, the CBN recently completed the payment of $1.5 billion, effectively settling the remaining balance of the FX backlog owed to bank customers. She said the process underwent meticulous scrutiny by independent auditors…

Byju’s and a group of its investors have been given three days by the National Company Law Tribunal to file written submissions on a plea about the edtech firm’s rights issue. This and more in today’s ETtech Morning Dispatch. Also in the letter:■ All about ‘Startup Mahakumbh’■ ETtech Done Deals■ India’s internet usage NCLT reserves order on Byju’s investors’ pleaThe National Company Law Tribunal (NCLT) on Tuesday provided three days to Byju’s and a group of its investors to file written submissions and reserved its orders…

The National Company Law Tribunal (NCLT) on Tuesday asked Byju’s and a group of shareholders opposing the cash-strapped edtech firm’s $200 million rights issue to file written submissions within three days, and reserved its order on a plea for interim relief.The tribunal will also seek the views of the Ministry of Corporate Affairs and Registrar of Companies on petition, NCLT’s Bengaluru bench led by judicial member K Biswal said.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian…

Satellite-to-phone connectivity provider Lynk Global will head to the public markets via a merger with a shell company led by former professional baseball player Alex Rodriguez. The two companies confirmed the deal on Monday after announcing a non-binding LOI with Rodriguez’s special purpose acquisition company (SPAC), Slam Corp, in December. According to an investor presentation filed with regulators, the deal could give Lynk a $913.5 million post-money valuation. Much of the capital from the transaction will not…

A study on temperature variations in 12 caves worldwide indicates that climate change could endanger key freshwater reserves and the ecosystems within. The research, highlighting the correlation between surface and cave temperatures, raises concerns about the stability of these vital subterranean environments.A global study examining temperature changes in 12 caves across the world indicates that a significant portion of the Earth’s readily available freshwater supplies may be endangered by climate change.Caves allow…

Vale Telheiro, the Portuguese cave which was part of this study and is a global hotspot of underground biodiversity. Credit: Ana Sofia Reboleira An international study of temperature variations in 12 caves around the world shows that a large part of the Earth's freshwater reserves available for immediate consumption can be at risk due to climate change. …

ESA’s Mars Express has provided new insights into Mars’s Medusae Fossae Formation, revealing deep layers of water ice, the largest such discovery in the region. This ice could significantly impact our understanding of Mars’s climate history and is crucial for future human exploration. Credit: Planetary Science Institute/Smithsonian InstitutionRecent Mars Express data reveals the Medusae Fossae Formation contains extensive water ice layers, offering new clues about Mars’s past and supporting future exploration.Windswept…

As emergency managers in southern Ukraine evacuate people there from disastrous flooding caused by this week’s mysterious breach of a major dam, conservation scientists are pondering the effects on the region’s plants and animals. The collapse of a section of the Kakhovka hydroelectric dam has released a torrent that is only beginning to subside, leaving downstream nature reserves underwater and vast mudflats emerging from an emptying reservoir. The dam has been…

Howdy, I’m your host, Austin Knoblauch. Let’s get right to the news.From Dan Woike: Austin Reaves had just scored his ninth consecutive point in the fourth quarter Sunday, 100 or so miles from his Arkansas hometown, when he locked eyes with his teammates celebrating on the bench.“I’m him,” he shouted. “I’m him.”Things like this don’t just happen. These moments are built over lifetimes, from the hoop on the Reaves’ family farm in Newark, Ark., to on-court arguments with LeBron James, a player who has openly embraced…

Social Security won’t have enough money to pay all beneficiaries the amount they are entitled to starting in 2034, according to the latest report by the program’s trustees. Unless Congress takes action to shore up the program, beneficiaries would receive about 80% of their scheduled benefits after that point. Lower birthrates over the past few decades combined with a wave of retiring baby boomers have challenged the long-term solvency of Social Security, which pays benefits to retirees, their survivors and people with…