BUSINESS
IT sleuths raid MG Motor's office in Gurugram
A team of officials reached the office of MG Motor India in Gurugram on Friday afternoon and started the search operation. MG Motor, a British brand, was acquired by Shanghai Automotive Industry Corporation (SAIC Motor Corp). The brand launched its first car in India in 2019. The firm has four models -- Hector, Astor, Gloster and ZS EV, which they sell in India.
FTX bankruptcy filing reveals staggering mismanagement
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," FTX's new CEO, John J. Ray III, wrote in a court filing on Thursday. In the court filing, numerous nefarious findings came out.
Zomato co-founder Mohit Gupta resigns
In May 2020, Gupta became Zomato's co-founder after building the segment's operations from scratch. In a message that Gupta sent to his team, he stated "deciding to move on from Zomato to seek the other unknown adventures that life holds for me".
Crypto exchange doesn't see viable business in India, says Binance chief
According to TechCrunch, Zhao is not the only person with such a grim view of the Indian market. Zhao's comment is noteworthy because no other person of Zhao's stature has publicly expressed a similar opinion, despite the fact that dozens of investors and startup entrepreneurs have privately voiced comparable concerns.
How a Company from Bangalore is Solving the Issues in the Indian Relocation Industry.
AssureShift (www.Assureshift.in) is an online platform that seeks to mordernise the moving industry and solve the inherent issues of the industry along the way. Less than a decade old, the company has expanded to pretty much every tier I city in the country and a few tier II cities as well.
India saw sales worth Rs 76,000 cr in festive month: Report
According to Bengaluru-based Redseer Strategy Consultants, the tier 2 and above cities drove this growth and contributed 57 per cent of festive GMV (gross merchandise value). The growth was largely driven by the fashion category, led by unbranded fashion.
UK Chancellor announces tax hikes, spending cuts to restore finances
To raise further funds, the threshold at which higher earners start to pay the top 45 per cent rate will be reduced from 150,000 pounds to 125,140 pounds, while the income tax, inheritance tax and national insurance thresholds will be frozen for a further two years until April 2028, Xinhua news agency quoted the Chancellor as saying.
Your client is trying to be too clever by half', Supreme Court to Future Group
Expressing concern, a bench headed by Chief Justice D.Y. Chandrachud told senior advocate K.V. Viswanathan, representing the Future Group, that the intention of his client is to defeat the arbitration, and that it is stultifying the order of this court.
ED Director Sanjay Kumar Mishra gets fifth extension
Sanjay Kumar Mishra four-year-long tenure in the ED was to be completed in November 18 this year but he has been given another stint as head of the Central anti-money-laundering probe agency. Last year, the Central government had brought an ordinance to amend the Central Vigilance Commission Act, through which Mishra's tenure was extended till November 18, 2022.
Amazon CEO confirms more layoffs coming in early 2023
The e-commerce giant publicly confirmed some layoffs on Wednesday and now, Jassy has said more layoffs are coming as Amazon's annual planning process extends into the new year. "Those decisions will be shared with impacted employees and organisations early in 2023," he said in a statement late on Thursday.
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