BUSINESS
Amazon 'faces' US FTC antitrust investigation over market practices
According to a report in The Wall Street Journal citing sources, the FTC could challenge an array of the e-commerce giant's business practices as anticompetitive. FTC Chair Lina Khan had argued in an influential academic paper that Amazon had "amassed too much market power" and that antitrust law had failed to restrain it.
Elon Musk cleared of fraud charges in 'Tesla funding secured' case
The jurors deliberated for about two hours before reaching the verdict, called a "disappointed" one by Nicholas Porritt, partner at Levi & Korsinsky, the firm representing the Tesla shareholders in the class action, reports CNBC. Musk tweeted that he is "deeply appreciative of the jury's unanimous finding".
Centre asks Vodafone Idea to convert Rs 16,000 dues into equity
"It is hereby informed that the Ministry of Communications has [directed] the company to convert the NPV of the interest related to deferment of spectrum auction instalments and AGR dues into equity shares to be issued to the government of India," the company said in a filing. The government will take 33 per cent equity in Vodafone Idea after converting all interest related to payments for spectrum and other dues into equity.
Paytm Founder announces operating profitability, says free cash flow generation is next
Paytm's revenue from operations increased to Rs 2,062 crore (no UPI incentive recorded this quarter), a growth of 42 per cent YoY and 8 per cent QoQ. The growth was driven by increased adoption by consumers and subscription services by merchant partners along with sustained growth seen in loan distribution and commerce business, said the company.
Pakistani rupee continues speedy crash against USD, suffers another big fall
According to the State Bank of Pakistan (SBP), the latest fall came during trading on Friday, reports Xinhua news agency. The US dollar closed at 271.36 PKR on Thursday. On the last working day of the week, the local currency depreciated by 5.22 PKR, or about 1.89 per cent, against the US dollar, official figures showed.
S&P Global revises Adani Electricity, Adani Ports ratings to 'negative'
"The negative outlook reflects the risk of a deterioration in the credit profile of Adani Ports and Adani Electricity Mumbai due to governance risks and funding challenges for the larger Adani Group," it said. The rating agency said a short-seller report alleging significant governance issues for the Adani Group, many of which relate to disclosures and actions at the shareholder level, has triggered a sharp fall in Adani Group entities' equity and bond prices.
Amid Adani group row, RBI says banking sector remains resilient
"There have been media reports expressing concern about the exposures of Indian banks to a business conglomerate. As the regulator and supervisor, the RBI maintains a constant vigil on the banking sector and on individual banks with a view to maintain financial stability," the central bank said in a statement.
Budget allocated Rs 10K cr for railway sector in Odisha: Ashwini Vaishnaw
Speaking to mediapersons in Delhi, Vaishnaw said the Odisha government had demanded Rs 8,400 crore for development of railways in the state. However, Prime Minister Narendra Modi has allocated Rs 10,012 crore to the state, he said. The minister also announced that the 'Bande Metro' train will be introduced soon between Bhubaneswar and Puri.
DGCA orders probe as Indigo passenger reaches Udaipur instead of Patna
The incident took place on January 30 when passenger Afsar Hussain had to board an Indigo flight to Patna from Delhi airport. However, he boarded the Indigo flight to Udaipur by mistake and he realised this only after reaching there. Sources said that it is a matter of investigation that why his credentials were not checked properly while he was boarding the wrong flight.
ITC logs Q3 PAT of Rs 5,031 crore, declares interim dividend of Rs 6
The company's board declared an interim dividend of Rs 6 per share for FY24. According to ITC, for the quarter ended December 31, 2022 it had earned an operational revenue of Rs 17,265.48 crore (Q3FY22, Rs 16,806.89 crore) and a net profit of Rs 5,031.01 crore (Rs 4,156.20 crore).
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