BUSINESS
Lenovo elevates Shailendra Katyal to lead India biz
Katyal will succeed Rahul Agarwal who has decided to move on after 20 years at Lenovo, the company said in a statement. Katyal is currently Executive Director at Lenovo India PC and Smart Devices Group, leading the consumer business.
Walmart, Flipkart mobilise resources to help India get oxygen
These are being sourced globally and will be donated to hospitals and NGOs in India for distribution as the country gasps for oxygen amid the lethal second Covid wave. Walmart, the Walmart Foundation, Flipkart and PhonePe, along with Walmart's Global Technology and Sourcing hubs, are collaborating to counter oxygen shortages.
At $54B annual run rate, AWS driving Amazon's Cloud dreams
According to Brian Olsavsky, Chief Financial Officer at Amazon, the enterprises see that partnering with AWS and moving to the cloud gives them better cost, better capability and better speed of innovation.
Sensex down 400 points, banking stocks fall
Heavy selling pressure was witnessed in banking and finance stocks. However, buying in metal and oil and gas stocks restricted the losses. Around 10.15 a.m., Sensex was trading at 49,335.39, lower by 430.55 points or 0.87 per cent from its previous close of 49,765.94. It opened at 49,360.89 and has so far touched an intra-day high of 49,569.42 and a low of 49,229.51 points.
Amazon's profits soar as online shopping surges amid pandemic
Net income increased to $8.1 billion in the March quarter, compared with net income of $2.5 billion in the first quarter of 2020, showing how millions of people now shop on the platform as pandemic continues to ravage the retail sector. Amazon shares climbed more than 3 per cent in extended trading on Thursday. Amazon said that in the second quarter (April-June), it expects to post revenue between $110 billion and $116 billion.
ECOWAS suffered economic contraction in 2020 due to Covid-19
Unlike the average growth of 3.5 per cent in its Gross Domestic Product (GDP) before 2020, the sub-region recorded a 2.0-per cent contraction last year due to the pandemic, said Jean-Claude Kassi Brou, President of the Economic Community of West African States (ECOWAS) Commission.
IBM to acquire enterprise software firm Turbonomic for up to $2B
With the acquisition of Turbonomic, IBM will help companies overcome the high costs associated with managing performance and availability for multiple applications sharing an increasingly complex hybrid cloud environment. IBM continues to reshape its future as a hybrid cloud and AI company," said Rob Thomas, Senior Vice President, IBM Cloud and Data Platform.
RBI to conduct OMOs worth Rs 10K cr on May 6
The OMO session will see simultaneous purchase and sale of government securities worth Rs 10,000 crore. Under this OMO, the RBI will sell short-term securities worth Rs 10,000 crore maturing in the current band next year and purchase long-term securities of an equal amount maturing between 2026 and 2030.
Ageas Federal Life earns Rs 1,959 cr premium in FY21
According to the insurer, formerly IDBI Federal Life Insurance Company Ltd, despite the Covid-19 challenges, the total premium rose by six per cent to Rs 1,959 crore in 2020-21 from Rs 1,843 crore in 2019-20. The growth was driven by a 24 per cent rise in individual new business premium to Rs 504 crore and four per cent rise in renewal premium to Rs 1,327 crore.
LG delivers record Q1 earnings on robust home appliance biz
Its operating profit spiked 39.1 percent to 1.51 trillion won in the first three months of 2021, while sales jumped 27.7 percent on-year to 18.8 trillion won over the cited period. Both sales and operating profit were record highs in the company's history, beating revenue of 18.78 trillion won in the fourth quarter of 2020 and operating income of 1.24 trillion won in the second quarter of 2009.
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