Saturday, August 13, 2022

Business

LinkedIn lays off entire global events marketing team: Report

NEW DELHI: As we hear sobbing stories on LinkedIn about employees being fired amid the global meltdown, the Microsoft-owned professional networking platform itself has laid off workers from its global events marketing vertical, the media reported.

India ranks 3rd in global startup ecosystem & number of unicorns, says Minister

NEW DELHI: India ranks third in the global Startup ecosystem and also in terms of the number of Unicorns. As per the latest data, there are currently 105 unicorns out of which 44 were born in 2021 and 19 in 2022.

49% Indian startups now from tier 2, 3 cities: Dr Jitendra Singh

NEW DELHI: While India ranks third globally in the startup ecosystem, after the US and China, the country now has close to 49 per cent of startups coming from the tier 2 and 3 cities, Union Minister Dr Jitendra Singh said on Friday.

Huawei's revenue loss slows down amid Cloud push

SHENZHEN: Chinese conglomerate Huawei on Friday posted nearly 6 per cent loss in revenue for the first six months of the year and its device business, which includes smartphones, fell 25.4 per cent amid US sanctions on chip technology.

Samsung boss expected to solidify leadership after receiving pardon

SEOUL: Samsung's Vice Chairman Lee Jae-yong was given a presidential pardon on Friday, in a move widely expected to help him consolidate his leadership and speed up business decision-making in the country's biggest conglomerate.

Hyundai to spend $424 mn to build AI research centre in US

SEOUL: Hyundai Motor said on Friday it will spend $424 million to build an artificial intelligence (AI) research centre in the US to bolster its edge in robotics technology, an area it cites as a key future growth driver.

Page Industries stock hit Rs 50,000 apiece on multi-fold jump in net profit

MUMBAI: Shares of Page Industries hit a more than Rs 50,000 apiece in the early trades on BSE on Friday after the company reported a multi-fold jump in its net profit in April-June quarter.

Calcutta HC turns down ED plea to freeze Rashmi Metaliks' assets

KOLKATA: A single judge bench of the Calcutta High Court turned down the plea from the Enforcement Directorate (ED) to freeze the assets of Rashmi Metaliks Limited and also gave a clean chit to the company in a money laundering case filed against it by the central agency.

300 TikTok, ByteDance employees worked for Chinese state media: Report

SAN FRANCISCO: At least 300 employees of TikTok and its parent company ByteDance employees worked for the Chinese state media publications, and more than a dozen still do, the media reported.

Internet gambling in India - what you should know

The question of whether or not internet gambling is legal in India depends on the state. Gambling in the country is regulated by a law from 1857, but each state is allowed to come up with its own laws in regards to internet gambling. But at the same time internet gambling is not illegal in the country. 

IMFL maker Radico Khaitan's net falls marginally in Q1

CHENNAI: Liquor maker Radico Khaitan Ltd closed the first quarter of FY23 with a lower net profit of Rs.58.28 crore on higher income as compared to the corresponding period of the previous year.

Benchmark indices up post below estimate US inflation data

MUMBAI: Benchmark indices ended up on Thursday on improved sentiments of investors after US inflation data for July came below estimates, raising hopes that US Fed will be slow on rate hike.

ICICI Bank market-cap hit Rs 6 lakh cr, stock rises record high

MUMBAI: The market capitalisation of the ICICI Bank touched Rs 6 lakh crore mark in the afternoon trade due to which shares of the bank hit record high of Rs 865.55.

British investments in India continue since East India Company

CHENNAI: The British investments in India that began in early 1,600 CE with the entry of East India Company have continued to grow even 75 years after India gained Independence.

IPO-bound OYO acquires Denmark's holiday home chain Bornholmske Feriehuse

LONDON: In line with its commitment to the 'Invest in Denmark' initiative, online hospitality major OYO has acquired Europe-based holiday homes operator Bornholmske Feriehuse, which aims to accelerate the growth of travel and tourism in the market.

Foreign investors pour over Rs 12,000 cr in Indian equity in last 10 days

MUMBAI: Foreign Institutional Investors (FII) have invested Rs 12,190 crore in last 10 days in the Indian equity market after remaining sellers in the last few months. However, Domestic Institutional Investors (DII) in the same period have sold stocks worth Rs 2,677 crore.

Eupheus Learning partners with AWS to launch 'NEP STAR School' initiative

NEW DELHI: With an aim to enable schools to implement digital solutions seamlessly, Eupheus Learning, India's largest school-focussed distribution platform with a reach of over 20,000 schools, has announced a new initiative 'NEP STAR School' along with Amazon Web Services (AWS).

Rupee gains 14 paise to close at 79.52 against US dollar

MUMBAI: The Indian rupee appreciated by 14 paise on Wednesday to close at 79.52 against the US dollar due to fall in crude oil prices and inflows of foreign investors.

People have embraced Riya for its unique fragrance in the last 25 years: Aditya Vikram Daga

NEW DELHI: A leading company in the perfume industry, Riya has become a well-known name in the country today. Established in 1997, Riya's journey to becoming the No. 1 perfume brand in India has been a unique one.

US startup Autonomy buys EVs worth $143 mn from Hyundai, Kia

SEOUL: US electric vehicle subscription company Autonomy will buy 3,140 EVs from Hyundai Motor and its affiliate Kia to strengthen its fleet lineup.

Corporate bond issuances rise over 16% on-month in July

MUMBAI: Issuances of corporate bonds rose more than 16 per cent month-on-month in July to Rs 58,452 crore due to softening of yields on these instruments.

Snapchat brings paid subscription service to India amid layoffs, poor growth

NEW DELHI: Photo-sharing platform Snapchat on Wednesday launched its paid subscription service in India for Rs 49 per month, as it aims to increase revenue amid slowed growth and layoffs globally.

Govt invites firms with Rs 100 cr net worth for private 5G network demand studies

NEW DELHI: The government on Wednesday announced to undertake demand studies for the direct assignment of spectrum to enterprises with net worth more than Rs 100 crore which are willing to set up private captive 5G networks.

CoinSwitch's Web3 Discovery Fund to empower up to 100 Indian startups

NEW DELHI: India's largest Crypto investing app CoinSwitch has announced a Web3 Discovery Fund, which will invest in and incubate early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape.

Global Investors' Meet: K'taka govt proposes separate Japanese township

BENGALURU:The Karnataka delegation led by Minister for Large and Medium Industries Minister Dr. Murugesh R. Nirani has proposed a separate 'Japanese township' on the nearly 600-acre plot in Tumakuru, the neighbouring district of Bengaluru.

Future is 'Made in America': Biden after signing $280 bn CHIPS & Science Act

WASHINGTON:US President Joe Biden on Tuesday signed the historic $280 billion CHIPS and Science Act into law that includes $52 billion to boost domestic semiconductor manufacturing.

Banks write off Rs 10L cr in last 5 FYs

NEW DELHI: A recent Parliament reply disclosed that scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years.

Rajinder Gupta steps down as chairman cum managing director of Trident Limited

LUDHIANA: Trident Limited announces that its Founder and Chairman has expressed his intention to the Board to step down as Director & Non-Executive Chairman of the Company due to his persistent health issues and family commitments.

Machine Learning top skill-set for data scientist jobs in India: Report

NEW DELHI: For 84 per cent professionals in the country, machine learning (ML) followed by statistics are the two most in-demand skills that recruiters are looking for in data science professionals, a report said on Tuesday.

Aircraft operators to share info on int'l travellers with NCTC

NEW DELHI: Aircraft operators will have to share travel-related information about passengers who are going to travel in and out of India at least 24 hours before their flight departure time. The information will be shared with the Central Board of Indirect Taxes and Customs (CBIC)-established agency, National Customs Targeting Centre-Passenger (NCTC-P) for conducting "risk analysis of passengers".

Tractor industry sales down to 59,586 units in July 2022

CHENNAI: The Indian tractor industry sold 59,586 units last month down from 80,980 units sold during July 2021, said Tractor Junction, a digital marketplace for tractors and farm equipment.

Indian fintech market to reach $1tn in AUM, $200 bn in sales by 2030

MUMBAI: The Indian fintech market is expected to log 10 times growth to achieve $1 trillion in assets under management (AUM) and $200 billion in revenue by 2030, a new report showed on Tuesday.

Jeff Bezos, Bill Gates funding massive treasure hunt in Greenland

WASHINGTON: Some of the world's richest men, including Jeff Bezos and Bill Gates, are funding a massive treasure hunt, complete with helicopters and transmitters, on the west coast of Greenland.

Royal Enfield launches the refreshingly new and stylish Hunter 350, priced at Rs.1,49,000

AMRITSAR: Royal Enfield, the global leader in the mid-sized (250cc-750cc) motorcycle segment, today launched the new Hunter 350, a ‘two-wheeled double-espresso’ of motorcycling. Engineered and designed for the urban hustle, the new Hunter 350 is a remixed roadster with the character of a Royal Enfield reimagined in a stylish, compact-yet-muscular geometry, that can tackle crowded city streets, suburban backroads and beyond, with aplomb.

Long, harsh funding winter ahead for unicorns: SoftBank's Masayoshi Son

NEW DELHI: Masayoshi Son, Founder and CEO of Japanese investment group Softbank, on Monday warned unicorns and startups to prepare for a harsh and longer funding winter ahead, as the company posted disastrous results for the second straight quarter this year.

Deficient rainfall, Kharif sown area decline in some areas: Bank of Baroda

CHENNAI: The sown area of pulses, oilseeds and rice have declined this Kharif season owing to deficient monsoon rain in some areas, a report by Bank of Baroda states.

Ford India to sell its Gujarat plant for Rs 725.7 cr to Tatas

CHENNAI: In line with the earlier announcement, the Tata Passenger Electric Mobility Limited and Ford India Private Limited have inked the Unit Transfer Agreement for the acquisition of the latter's plant in Gujarat for Rs 725.70 crore.

Recent struggles are sign that Netflix is becoming a more traditional media company

NEW YORK: Netflix has had a terrible 2022. In April, it said it lost subscribers for the first time since 2011 and its stock has tumbled more than 60 per cent so far this year, the media reported.

Reliance builds technology & innovation portfolio for Green Energy foray through partnerships, acquisitions, R&D

NEW DELHI:In his letter to shareholders, Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said "we entered into a series of partnerships, including equity investments, with local and international corporates with unique technological and execution capabilities, with a strong track record of innovation and a growing number of patents and IPRs across the Green Energy value chain".

Prudent financial management helps Reliance Jio reduce running costs

NEW DELHI: Reliance Jio Infocomm Limited prepaid entire deferred liabilities pertaining to spectrum acquired in auctions of year 2014, 2015, 2016 and the spectrum acquired in year 2021 through trading of right to use with Bharti Airtel Limited aggregating to Rs 30,791 crore (including accrued interest) in FY2021-22.

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