BUSINESS
US investment firm Vanguard slashes Ola's valuation by 35%
According to a report in TechCrunch, Vanguard cut the valuation of Ani Technologies, Ola's holding firm, by 35 per cent and disclosed this in its report to investors. "It reduced the holding of its Ola shares to $33.8 million from the $51.7 million purchase price, according to an analysis of its filings," the report noted.
IMF warns of risks to Israeli economy posed by judicial reform, external factors
An IMF delegation visiting Israel submitted the report to the country's Finance Minister Bezalel Smotrich and the Governor of the Bank of Israel Amir Yaron on Wednesday, Xinhua news agency reported. The report, which analyses the Israeli economy in 2022 and includes forecasts and recommendations, stated that continued uncertainty around the judicial reform presents a notable downside risk to growth.
Nirmala Sitharaman leaves for Japan to take part in G7 Finance Ministers' meeting
During her visit, Finance minister Nirmala Sitharaman will also have multilateral and bilateral engagements with her counterparts, besides a roundtable meeting with business leaders and investors, official sources said.
Around 250 LMT of wheat procured during current Rabi season
According to estimates released by the Department of Food and Consumer Affairs, the current wheat procurement crossed last year's total procurement of 188 LMT. More than 20 lakh farmers have benefitted from the current season's procurement, with more than Rs 47,000 crore payment of minimum support price (MSP).
Mauritius minister says no shell companies in country, rejects allegations by Hindenburg Research
The Mauritius minister gave this reply in response to a question about Hindenburg Research's allegations against Adani Group.
After a Mauritius MP asked the minister about Hindenburg's allegation of use of Mauritius-based entities for money laundering and share price manipulation for the Adani Group, the minister said shell companies are not allowed in Mauritius.
Cisco CEO meets PM Modi, doubles down on local manufacturing
Cisco has announced strategic investments in Indian manufacturing capabilities as the next step in delivering cutting-edge technologies to our customers in India and across the globe. "Thank you for your leadership, Honorable PM of India, @narendramodi! Thrilled to announce @Cisco is investing in manufacturing in India, with an aim to drive over $1B in combined domestic production and exports," Robbins tweeted.
Mineral production index for mining sector rose 4.6% to 129 in February
Important minerals which showed positive growth during February 2023 over the previous year were phosphorite (60.2 per cent), coal (8.3 per cent), iron ore (7.4 per cent), lead concentrate (7.3 per cent), natural gas (3.2 per cent), zinc concentrate (1.1 per cent), limestone (0.9 per cent) and copper concentrate (0.5 per cent).
Declined other job offers and master's programme: Sacked LinkedIn worker
Lea Schuhmacher, who had previously worked as an intern at LinkedIn in Ireland, wrote in her post: "Being laid off before even starting a job? Welcome to my (and many other's) world. Today, LinkedIn announced not only its "difficult decision to lay off hundreds of employees, but also to discontinue the Business Leadership Program that I was supposed to be a part of".
Cisco eyes over $1 bn in exports, domestic production with India manufacturing
The company will start manufacturing routers and network switches in India to begin with, to create an even more diverse and resilient global supply chain and support India's vision of becoming a global manufacturing hub. The manufacturing move is aligned with the government's 'Make in India' initiative. We are bullish on the India market.
Paytm beats PhonePe, GooglePay as India's highest revenue earner in mobile payments, financial services
Just inches away from a billion dollars, Paytm's revenue puts it the leading spot in the Indian fintech space and miles ahead of the likes of PhonePe or GooglePay. To put it into perspective, Paytm's Q4 revenues of Rs 2,334 crore were still ahead of PhonePe's revenues of Rs 1,912 crore for the first nine months of the calendar year 2022.
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