BUSINESS
eBay appoints Vidmay Naini to lead global emerging markets, including India
Vidmay Naini has been with eBay for 18 years and during his tenure, he played a central role on key projects such as eBay's strategic partnership and investment in Flipkart, India's leading e-commerce platform, as well as transforming eBay's business in the country.
Pakistanis' misery worsens as inflation surges to record high
Inflation, measured by the Consumer Price Index (CPI), clocked in at 36.4 per cent year-on-year in April. It was recorded at 35.4 per cent last month and 13.4 per cent in April 2022, Geo News reported. This is the highest inflation ever, according to data available since 1965, Arif Habib Limited said.
Go First cancels all flights on May 3-4 amid financial crunch
Adding to the uncertainty, the Mumbai-based airline has also stopped taking bookings for the next two days. The move came after Go First, which has around 5,000 employees, filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), as confirmed by its CEO Kaushik Khona.
Pocket FM raises $16 mn in debt funding from Silicon Valley Bank
The new funds will be utilised for expanding audio series library, augmenting creator community and accelerating revenue, Pocket FM said in a statement. The platform clocked 12 times revenue growth last year, surpassing $25 million ARR (annualised revenue run-rate) in October 2022.
M&M April sales boosted by utility vehicles
According to M&M, it sold 34,694 utility vehicles last month against 168 units in April 2022, while the sales numbers for cars and vans were 4 units (358 units in 2022). The total number of vehicles in the passenger segment sold was 34,698 units last month. The total number of vehicles in the passenger segment sold was.
Google pays entire Rs 1,338 cr penalty to CCI in Android case
Reliable sources told IANS on Tuesday that the entire penalty amount has been deposited in the Consolidated Fund of India, within the 30-day deadline given by the National Company Law Appellate Tribunal (NCLAT) in its order. The Indian market regulator had imposed the penalty on Google in October 2022 for allegedly exploiting its.
Sitharaman meets ADB chief, says India remains key partner
The Union Minister, who arrived in Incheon earlier in the day to attend the annual general meeting of ADB, met Asakawa on the sidelines of the event, official sources said. Sitharaman also expressed support to ADB for innovative financing mechanisms to enhance the lending capacity of the bank.
HSBC says profits got $1.5bn boost from purchase of SVB's UK business
Europe's biggest bank posted a pre-tax profit of $12.9 billion for the three months to the end of March, the BBC reported.That is more than three times the amount it made for the same time last year. In March, HSBC bought SVB UK for a nominal 1 pound ($1.25), in a deal led by the government and the Bank of England. The London-headquartered lender said the profit included a "provisional gain of $1.5 billion on the acquisition of Silicon Valley Bank UK Limited".
Pine Labs joins ICICI Bank to accept digital rupee on its PoS terminals
To begin with, Pine Labs will accept e-rupee across key retail outlets in Mumbai and Bengaluru via dynamic QR, built within its smart Android PoS terminals. "Central bank digital currency (CBDC) and digital rupee opens up exciting opportunities. Pine Labs is happy to partner with ICICI Bank in launching CBDC as a payment option under this pilot run by the RBI," said B Amrish Rau, CEO, Pine Labs.
Morgan Stanley may slash 3K jobs in 2nd job cut round: Report
According to a Bloomberg report, citing sources, senior managers are discussing plans to eliminate about 3,000 jobs or roughly 5 per cent of its global workforce by the end of this quarter. The job cuts will impact financial advisers and personnel supporting them within the wealth management division at Morgan Stanley, the report added. Morgan Stanley, which employs about 82,000 people, did not comment on the report.
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