BUSINESS
Amazon CEO Andy Jassy confirms to lay off 18,000 and employees
The Amazon CEO said in a statement that they were not done with the annual planning process as earlier mentioned, and "I expected there would be more role reductions in early 2023". "We typically wait to communicate about these outcomes until we can speak with the people who are directly impacted.
Walmart may have to pay $1 bn tax on PhonePe shift to India: Reports
According to reports, citing sources aware of developments, the tax is the result of PhonePe's relocation and it's rising valuation, after Walmart took majority share in it. The reports citing sources also said that PhonePe is raising funds at a $12 billion pre-money valuation from General Atlantic, Qatar Investment Authority, and others, resulting in the heavy tax. Investors like Tiger Global Management have now purchased shares of PhonePe in India at the new price, leading to tax implications of around Rs 800 crore for existing shareholders, the reports said.
Apple loses $1 trillion in market cap in one year
The fall meant that in just one year, the tech giant lost $1 trillion in market capitalisation. According to CNN, like many other tech companies, Apple has been hit by supply chain issues. Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.
Paris-bound Air India flight returns to Delhi after technical snag
Officials said that Air India's Delhi-Paris flight AI 143, carrying nearly 210 passengers, took off from the Indira Gandhi International Airport at 1.28 p.m. and was in the air for nearly 35 minutes when a full emergency was declared. It returned to Delhi safely at 2.25 p.m. Aviation regulator DGCA said: "On 04.02.2023, Air India B787-800 aircraft VT-AND operating flight AI143 (Delhi-Paris) was involved in Air turnback due to Slats Drive snag message." Earlier on Tuesday, an IndiGo flight from Delhi to Phuket returned to Delhi due to a technical snag shortly after takeoff.
Bridging India's edible oil gap with mustard oil
Just a couple of decades ago, India's edible oil imports were around 4 million tonnes a year. This figure has grown exponentially over the decades and now stands at 14.03 million tonnes (oil year ending October 31, 2022). This adds up to an import bill of INR 1.57 lakh crore, which represents an enormous depletion of our precious foreign exchange reserves.
Delhi govt not inclined towards payment of dues: DMRC to HC
The Delhi government has claimed that it is not inclined to offer Rs 3565.64 crore towards equity for payment of the arbitral sum with interest, according to the affidavit filed by the Delhi Metro Rail Corporation (DMRC). Before a single-judge bench Yashwant Sharma, the Central government and DMRC, represented by Attorney General R. Venkataramani, informed the court that the issue was being actively considered and deliberated by the relevant authorities, and that they anticipated a resolution by January 16.
Amazon secures $8 bn loan to safeguard against economic headwinds
In a filing with the US Securities and Exchange Commission (SEC), the company said that the loan will mature in 364 days (January 3, 2024), with an option to extend for another 364 days. "Upon funding, proceeds of the Term Loan will be used for general corporate purposes," it said in the filing."Upon an event of default that is not cured within applicable grace periods or waived, any unpaid amounts under the Term Loan may be declared immediately due and payable and the commitments may be terminated," it added.
US regulators issue their first-ever joint warning on cryptocurrency risks
The watchdogs told financial institutions to be wary of potential fraud, legal uncertainty and misleading disclosures by digital asset firms, The BBC reported. Banks were also cautioned over the "contagion risk" from the sector, The BBC reported. It comes just two months after the collapse of trading platform FTX sent shockwaves through the crypto industry. The US Federal Reserve, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency said they were closely monitoring the crypto activities of banking organisations.
Tesla fined $2.2 mn for false advertising on EV range in cold weather
The Korea Fair Trade Commission (KFTC) had an issue with the range drop in cold weather. According to Electrek, the electric-car maker has now added a disclaimer to its website in South Korea, saying "performance and mileage may vary by model". "The displayed drivable distance may vary depending on external factors such as speed, weather conditions and road conditions.," said Tesla.
CCI ruling on Google & digital bills key for a transparent ecosystem in India
In late August, the government released a draft of the Digital Personal Data Protection Bill, 2022, which is likely to be passed during the Monsoon session of Parliament in 2023. In October 2022, the Indian government announced changes to its information technology (IT) rules that will apply to social media businesses. The new regulations mandate that intermediaries like Twitter, Facebook, YouTube, and Instagram, among others, abide by the terms of the Indian Constitution and the country's domestic laws.
Don't Miss
Advertisement