BUSINESS
How Google-CCI fight becomes India's digital opportunity
In the ruling earlier this week, a Supreme Court bench said the findings by the CCI cannot be said to be "without jurisdiction or with manifest error" and affirmed the NCLAT order, declining to grant interim relief to Google. The bench directed the NCLAT to dispose of Google's appeal by March 31, and granted Google seven days to deposit 10 per cent of the Rs 1,337.76 crore penalty imposed by the CCI.
Wipro lays off over 400 freshers for poor performance
The company has issued termination letters to all the affected employees and stated that despite adequate training, they have failed to perform. Sources explained the termination letter maintained that the employees were liable to pay Rs 75,000 of the training cost which company has spent on them. But, the amount is being waived off.
Export promotion capital goods scheme norms relaxed for Covid-affected sectors
The sectors that are eligible for this relief are the hotel, healthcare and educational sectors. For 2020-21 and 2021-22, these sectors will not be required to maintain average export obligation for EPCG authorisations issued to them. These sectors will also have the option to extend the export obligation period for a longer duration, without having to pay any additional fees.
India may be the primary bright spot among several large economies: Gautam Adani
In his remarks at the WEF event in Davos, Adani said: "Our multi-vector, non-partisan approach has ensured that we are well-respected and have become one of the leading voices batting for the emerging economies. The growing prominence was very visible during the forum, with widespread participation by Indian companies and government officials."
Retail business got a boost with more Indians choosing to shop at Reliance Retail stores: Mukesh Ambani
Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited, said, "Our performance during the quarter demonstrates the underlying strengths and efficiencies of our business model that enable us to serve our customers with excellence at all times. We remain steadfast in offering the best shopping experience across all our stores and digital platforms to deepen our bond with our customers and vendor partners."
Consumer business boosts Reliance Industries' consolidated revenues to Rs 2.40 lakh crore in Q3 FY23
Reliance posted quarterly consolidated EBITDA at Rs 38,460 crore ($4.6 billion), up 13.5 per cent YoY led by consumer businesses and upstream. Consolidated net profit for the quarter was Rs 17,806 crore ($2.2 billion), up 0.6 per cent YoY. RIL's capital expenditure for the quarter ended December 31, 2022 was Rs 37,599 crore ($4.5 billion).
Crypto lending platform Genesis files for bankruptcy
According to bankruptcy documents, the company listed over 1,00,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion, reports CNBC. Genesis is part of the US-based venture capital firm Digital Currency Group (DCG), which also owns cryptocurrency asset manager Greyscale and crypto-focused news outlet CoinDesk.
AI pee-gate: Shankar Mishra's lawyers oppose committee's findings
"We respect the authority and mandate of the Internal Inquiry Committee, but we disagree with their findings and are already in the process of appealing this decision in accordance with the Directorate General of Civil Aviation's Civil Aviation Requirements for Unruly Passengers," Shankar Mishra's lawyers said.
'Deeply sorry': Sundar Pichai after announcing 12K job cuts at Alphabet
In an email to employees, Pichai said the company has already sent a separate email to employees in the US who are affected by the layoffs. "In other countries, this process will take longer due to local laws and practices," he added. The roles the company is eliminating cut across Alphabet, product areas, functions, levels, and regions.
63 moons, others win AT1 bonds case against Yes Bank in Bombay HC
The Bombay High Court set aside an order from the administrator of Yes Bank and a letter by the Reserve Bank of India (RBI) to write off additional tier 1 (AT1) bonds sold by Yes Bank to ineligible investors. The order was passed in a batch of petitions filed by bond-holders, including financial institutions as well as individual retail investors.
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