BUSINESS
ED raids BYJU's; claims it remitted Rs 9754 cr to foreign jurisdictions
The company runs a popular online education portal by the name of BYJU's. During the searches, various incriminating documents and digital data were seized. "FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore between 2011 and 2023. Further, the company has also remitted Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment," said the official.
India's foreign exchange reserves fall to $584.24 billion
In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion. Incidentally in October 2021, the country's forex reserves had reached an all-time high of $645 billion. In the period under review, the reserves fell mainly due to foreign currency assets (FCAs) shrinking by $2.146 billion to $514.489 billion.
British-Indian businessman jailed for Covid loan fraud
Rajesh Dhirajlal Vaghela was caught through new powers granted to the Insolvency Service in December 2021, which allow it to investigate directors of dissolved companies who are suspected of closing their business to avoid repaying Covid-19 support loans.
Swiggy begins charging Rs 2 'platform fee' per food order from users
The company told IANS that the additional charges are being levied only on food orders on the main platform and does not apply on Instamart users. "The platform fee is a nominal flat fee charged on food orders. This fee helps us operate and improve our platform and enhance app features to deliver a seamless app experience," a Swiggy spokesperson said in a statement.
Zuckerberg's net worth surges over $10 bn after strong results, 2 layoff rounds
Zuckerberg now has a net worth of $87.3 billion and is the 12th richest person in the world, according to the Bloomberg Billionaires Index. Meta (formerly Facebook) posted revenue of $28.65 billion, an increase of 3 per cent year-over-year and beating Wall Street expectations in its March quarter.
Core industries index rises 3.6% in March
However at the same time output of cement, electricity, and crude oil declined during the period under review. ICI measures combined and individual performance of production of eight core industries namely coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
We'll continue to evaluate what we're seeing in our business: Amazon CEO on layoffs
Addressing the analysts after declaring a robust March quarter result, Jassy said while the company has taken several actions to streamline costs, "we've been able to do so while still pursuing the key strategic long-term investments". This past year has seen us do a fair bit of cost streamlining. In some cases, it led.
Significant irregularities in reporting to investors led to Zilingo's failure: Investor Burda
Burda Principal Investments (BPI), a division of Europe-based Hubert Media Group, said in a statement that "signficiant irregularities in reporting to investors" led to Zilingo's failure. Kroll Inc was jointly hired by the main investors to examine this case and the investigations on financial irregularities have been completed.
Russia to slash oil supply to Europe
Russia exported around 40 million ton of crude oil and oil products to Asia and some 180 million ton to Europe in 2022, Novak told reporters on the sidelines of an energy event on Thursday as quoted by Xinhua news agency report. This year, 140 million ton of oil and oil products will go to the East. About 80-90 million ton will remain.
Cloud storage giant Dropbox sacks 500 employees amid slowing growth
Dropbox CEO Drew Houston said that he takes full ownership of this decision. "If you've been impacted, you'll be sent a calendar invitation for a one-on-one with a leader on your team and a member of the People team to go through details of your departure, package, and to ask any questions you may have," he informed.
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