Ola Electric likely to lay off 500 employees amid financial struggles: Report
Nov 22, 2024, at 07:57 pm
Bengaluru/IBNS: Ola Electric, currently facing controversies, a government investigation, and rising losses, is reportedly preparing to lay off around 500 employees as part of a restructuring initiative, reports Inc42.
Kenya cancels Adani airport and energy deals following US bribery indictment: Report
Nov 22, 2024, at 05:49 am
Nairobi: Kenyan President William Ruto announced on Thursday the cancellation of multimillion-dollar airport and energy deals with Indian tycoon Gautam Adani, following US bribery and fraud indictments against the billionaire, according to the Associated Press.
Why is US probing Gautam Adani over allegations of bribery in India?
Nov 21, 2024, at 11:34 pm
Mumbai: Adani Group chairman Gautam Adani, along with seven others, has been indicted by U.S. prosecutors for allegedly paying bribes amounting to Rs 2,029 crore ($265 million) to officials in India to secure solar power contracts across four states and one union territory.
Elon Musk's xAI raises $5 billion, doubling valuation to $50 billion
Nov 21, 2024, at 10:34 pm
California/IBNS: Elon Musk’s artificial intelligence (AI) startup xAI has secured $5 billion in a fresh funding round, boosting its valuation to $50 billion, according to a report by the Wall Street Journal on Wednesday (Nov. 20).
Byju Raveendran accused of trying to regain firm with hidden cash
Nov 21, 2024, at 08:23 pm
Bengaluru/IBNS: Byju Raveendran, the founder of the bankrupt Indian edtech company Byju’s, allegedly attempted to use hidden loan funds to secretly buy back a US-based software company under the control of an American trustee, according to new court filings.
'Baseless': Adani Group denies US charges of bribery and fraud against Gautam Adani
Nov 21, 2024, at 08:16 pm
New Delhi/IBNS: The Adani Group has denied the charges of bribery and fraud brought against its chairman, billionaire Gautam Adani, by the US Department of Justice and the US Securities and Exchange Commission.
Bitcoin surges past $97,000 for the first time amid optimism over Trump’s crypto-friendly policies
Nov 21, 2024, at 07:09 pm
New York/IBNS: Bitcoin reached an all-time high of $97,628 on Thursday (Nov. 21), fueled by expectations of a favourable regulatory environment for cryptocurrencies under President-elect Donald Trump.
Adani Group stocks plunge up to 20% after Gautam Adani charged with bribery and fraud in the US
Nov 21, 2024, at 06:22 pm
Mumbai/IBNS: Shares of Adani Group companies plummeted by up to 20 percent on Thursday (Nov. 21) following allegations against Gautam Adani and seven others in the United States for orchestrating a multibillion-dollar bribery and fraud scheme.
Ford to cut 4,000 European jobs, cites weak EV demand and competition
Nov 21, 2024, at 04:37 am
Berlin: Ford announced plans to cut around 14% of its European workforce, equating to 4,000 jobs, citing weak electric vehicle (EV) demand, limited government support, and competition from subsidized Chinese automakers, media reports said.
Nov 21, 2024, at 03:50 am
Bengaluru: The Indian government is reviewing a proposal to impose a temporary tax on Chinese steel imports, JSW Group Chairman Sajjan Jindal said, according to a Reuters report.
Donald Trump may impose 40% tariff on Chinese imports next year
Nov 21, 2024, at 03:44 am
Washington DC: The United States may impose tariffs of nearly 40% on Chinese imports early next year, Reuters reported, citing the outcome of a poll of economists it conducted.
Adani Group to build Mumbai’s largest international convention centre
Nov 20, 2024, at 10:58 pm
New Delhi: The Adani Group plans to invest around $2 billion to develop Mumbai’s largest international convention centre (ICC) near the international airport it operates, according to a report by Livemint.
India-UK FTA talks to resume early next year: Ministry of Commerce and Industry
Nov 20, 2024, at 09:38 pm
The Indian Ministry of Commerce and Industry on Wednesday said discussions over relaunching the Free Trade Agreement between India and the UK will commence in early 2025.
RBI alerts investors about 'deepfake videos' of Governor Shaktikanta Das circulating on social media
Nov 20, 2024, at 09:04 pm
Mumbai/IBNS: The Reserve Bank of India (RBI) on Tuesday (Nov. 19) issued a warning to investors regarding the circulation of deepfake videos featuring Governor Shaktikanta Das on social media.
Nokia secures 4G and 5G extension contract from Bharti Airtel for India operations
Nov 20, 2024, at 08:11 pm
Mumbai/IBNS: Nokia has signed a multi-year, multi-billion-dollar extension agreement with Bharti Airtel to deploy 4G and 5G equipment across key Indian cities, the telecom giant announced on Wednesday (Nov. 20).
Meta disagrees with CCI's Rs 213-crore penalty over WhatsApp policy, to file an appeal
Nov 20, 2024, at 06:42 pm
New Delhi/IBNS: WhatsApp parent Meta plans to contest the Rs 213.14 crore fine imposed by the Competition Commission of India (CCI) for alleged anti-competitive practices tied to WhatsApp’s 2021 privacy policy update, according to media reports.
Bitcoin soars past $94,000, hits record all-time high
Nov 20, 2024, at 06:08 pm
New York/IBNS: Bitcoin has surpassed the $94,000 mark for the first time, achieving a record all-time high, fueled by reports of potential crypto-friendly moves under US President-elect Donald Trump.
Tata Power and Druk Green Power sign MoU to develop 5,000 MW renewable energy in Bhutan
Nov 20, 2024, at 02:06 pm
Thimphu: Tata Power Company Ltd has entered into a strategic partnership with Druk Green Power Corporation Ltd (DGPC) to collaborate and develop at least 5,000 MW of clean energy generation capacity in Bhutan.
India's RE capacity to hit 250 GW by March 2026
Nov 20, 2024, at 01:06 pm
New Delhi: India's renewable energy capacity is projected to reach 250 GW by March 2026, supported by a robust project pipeline exceeding 80 GW, according to a report by ICRA on Tuesday.
Nestle announces $2.8 billion cost-cutting plan, ramps up marketing to boost growth under new CEO
Nov 20, 2024, at 05:44 am
Nestle plans to ramp up marketing efforts, cut costs by at least $2.8 billion by 2027, and reorganize its premium drinks and water businesses into a separate global unit to accelerate growth under new CEO Laurent Freixe, Reuters reported.
Indian govt mulling minority stake sale in four state-owned banks: Report
Nov 20, 2024, at 04:32 am
New Delhi: The Indian government is mulling offloading a minority stake in four state-owned banks to meet the public shareholding rules mandated by the country's markets regulator SEBI, a government source told Reuters.
WB govt to unveil IT infrastructure boosting policies: Min Babul Supriyo
Nov 20, 2024, at 03:55 am
Kolkata/IBNS: West Bengal Information Technology (IT) and Electronics Minister Babul Supriyo said the state government is hopeful of rolling out a slew of policies including that on GCC, semiconductor as well as drone to facilitate the development of IT infrastructure in Bengal.
Adani Infra to buy 30% stake in construction firm PSP Projects in Rs 6.85 billion deal
Nov 20, 2024, at 03:46 am
Adani Infra, a subsidiary of Gautam Adani's flagship Adani Enterprises, will buy a 30.07% stake in construction firm PSP Projects for Rs 6.85 billion ($81.2 million), Reuters reported, citing a company announcement by the latter.
IHCL plans to double hotel rooms, revenue by 2030 with Rs 5,000 cr capex
Nov 19, 2024, at 11:37 pm
Mumbai: Tata Group’s hospitality arm Indian Hotels Company Ltd (IHCL) has allocated capex of Rs 5,000 crore to increase its properties to over 700 by 2030, news agency PTI reported.
PE firm TA Associates' strategic investment in Vee Healthtek
Nov 19, 2024, at 10:36 pm
TA Associates, a global private equity firm, on Tuesday announced the completion of a strategic growth investment in Vee Healthtek, a prominent provider of technology-enabled solutions and services for healthcare organizations.
Indian aviation makes history as domestic airlines carry 5.05 lakh passengers in a single day
Nov 18, 2024, at 11:02 pm
New Delhi/IBNS: Indian aviation on Sunday (Nov. 17) achieved a historic milestone, surpassing 5 lakh domestic passengers in a single day for the first time.
Amazon India planning to relocate Bengaluru headquarters to save costs: Report
Nov 18, 2024, at 09:38 pm
Bengaluru/IBNS: Amazon India plans to shift its Bengaluru headquarters from the World Trade Centre (WTC) to a new office near the city’s airport, as reported by LiveMint.
Foxconn asks hiring agents to remove marital status in iPhone job ads: Report
Nov 18, 2024, at 08:17 pm
Chennai/IBNS: Apple supplier Foxconn has instructed its recruitment agencies in India to eliminate references to age, gender, marital status, and the company name in job advertisements, Reuters reported, citing its sources.
Indian-American CEO claims he got death threats after revealing 84-hour workweek policy
Nov 18, 2024, at 06:57 pm
San Francisco/IBNS: Daksh Gupta, Indian-origin CEO of the San Francisco-based artificial intelligence (AI) startup Greptile, recently ignited a fierce online debate after candidly sharing details about his company's intense work environment.
India to take centre stage for global fashion brands as Asian growth shifts: McKinsey report
Nov 18, 2024, at 05:01 am
India is set to become a major focus for high-street fashion brands as international players increasingly turn to Asian growth markets like India for manufacturing, ANI reported, citing McKinsey & Company’s latest study.