BUSINESS
PhonePe's decision to shift domicile from Singapore to India cost its investors Rs 8,000 Cr in taxes: CEO Sameer Nigam
Nigam further stated that the challenges for startups shifting domicile to India are high, and that the move resulted in a loss of approximately $900 million dollars of accumulated losses, as it is treated as a restructuring event. Nigam also stated that at least 20 existing unicorns have expressed interest in shifting domicile to India if regulations become easier.
Kishore Biyani steps down as 'Executive Chairman and Director' of Future Retail
The resignation will be placed before the Committee of Creditors, as per the Insolvency and Bankruptcy Code, 2016. The resolution professional of Future Retail received the intimation through an e-mail on January 24, 2023. Biyani has "tendered a letter of his resignation from the position of the 'Executive Chairman and Director' of the Company," said Future Retail in a regulatory filing.
PhonePe envisions massive opportunity ahead across UPI, lending, insurance, ONDC
"General Atlantic is a really good blue chip global investor that has a long view on companies, which gives us the flexibility to be able to actually do at-scale investments in new sectors like insurance, lending, broking or ONDC," Sameer Nigam, Co-Founder & CEO, PhonePe, said.
DGCA amends rules, airlines to reimburse up to 75% of ticket cost to flyers if downgraded involuntarily
The amendment will allow the passenger, who is downgraded involuntarily and is carried in a class lower than that for which the ticket is purchased, to be reimbursed by the airline. For the domestic sector, the reimbursement will be 75 per cent of the cost of the ticket including taxes.
'Should I keep working hard?': Google layoff survivors ask top bosses
As Google's parent company Alphabet chopped six per cent of its workforce globally, an employee based in the UK told management that "psychological safety is paramount", the New York Post reported. The employee, who had trouble processing the news like many of his colleagues, said: "How are we supposed to ever feel safe again?"
RBI to auction green bonds worth Rs 8,000 cr today
The Central government's new SGrB 2028 and SGrB 2033 are going to be auctioned. These are part of the Rs 16,000 crore sovereign green bond auction that the RBI will conduct in the current fiscal. The second round of green bonds auction will be conducted on February 9.
Budget 2023: Health sector needs eco-system for infra & technological growth, say Experts
As per experts, the healthcare sector needs commercially low capital-intensive projects at district and taluka levels to address large patient volume and access with affordable pricing for quality services. The healthcare industry is eagerly waiting as the experts believe that the government should enhance its budgetary support in increasing healthcare and insurance penetration following the pandemic.
Tesla invests $3.6 bn in Nevada, will add 3k new team members
The company also said that it will add two new factories -- a 100 GWh 4680 cell factory (with a capacity to produce enough batteries for 1.5 million light-duty vehicles annually), as well as its first high-volume Semi factory. "Semi is our fully electric combination truck, with 500 miles of range and energy consumption of less than 2 KWh per mile," said Tesla in a blogpost.
Status of 2-day nationwide bank strike will be known on Jan 27
"The strike call for January 30 and 31 stands. At the conciliation meeting held by Deputy Chief Labour Commissioner in Mumbai on Tuesday, no concrete assurance on resolution of our demands emerged. On the other hand, the Indian Banks' Association (IBA) said it was ready to hold discussion with the United Forum of Bank Unions (UFBU) within 15 days," C.H. Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA) told IANS.
Microsoft logs slowest quarter growth in 6 years, PC sales nosedive
Revenue was $52.7 billion and increased 2 per cent while net income was $16.4 billion, decreased 12 per cent for the quarter that ended December 31. Revenue in the 'More Personal Computing' was $14.2 billion and decreased 19 per cent. While Windows OEM revenue decreased 39 per cent, Xbox content and services revenue decreased 12 per cent and devices revenue decreased 39 per cent.
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