BUSINESS
India looking to process and resell Russian wheat to boost its own exports
This is reportedly seen as a way for India to increase its own exports, RT reported. New Delhi previously bought wheat from Ukraine, Russia, and Australia but has currently stopped importing grain, according to the source. The decision to halt the purchases was said to have nothing to do with the ongoing military conflict.
Udaan raises $120 million in funding winter, plans IPO in 12-18 months
"The journey of right business design and unit economics has translated into over 60 per cent reduction in burn. Continued focus on customer-first thinking and initiatives on strengthening our value proposition for them have resulted in monthly buyer repeat rates increasing by more than 500 bps in the last 2 quarters," he added.
Ford, Volkswagen-backed driverless startup Argo AI to shut down
As reported by TechCrunch, Argo AI employees were told during an all-hands meeting on Wednesday that some would receive offers from the two automakers. "In coordination with our shareholders, the decision has been made that Argo AI will not continue on its mission as a company. Many of the employees will receive an opportunity to continue work on automated driving technology with either Ford or Volkswagen, while employment for others will unfortunately come to an end," Argo was quoted as saying.
JioMart on WhatsApp a big opportunity for us: Zuckerberg
During the company's Q3 earnings call, Zuckerberg said that paid messaging is another opportunity that we are starting to tap into. "We launched JioMart on WhatsApp in India, and it's our first end-to-end shopping experience that shows the potential for chat-based commerce through messaging," Zuckerberg told analysts.
61% Indians wary of revealing salary to co-workers, friends: LinkedIn
Just one in 10 professionals said they would discuss their salaries with coworkers they trust (13 per cent) and peers they trust in other companies (9 per cent). According to LinkedIn's Workforce Confidence Index, India's overall workforce confidence has dwindled slightly.
Meta logs another revenue decline amid concerns over metaverse plans
In the third quarter (Q3), Meta's revenue declined 4 per cent year over year to hit $27.7 billion. The company posted a net income of $4.395 billion, down from $9.194 billion year over year. This decline is owing to Meta's huge losses in Reality Labs, Meta's virtual reality division, which lost $3.672 billion in Q3.
Musk visits Twitter HQ, with a sink in his hand
Reports earlier mentioned that Musk will fire 75 per cent, or 5,600 employees, from the Twitter staff globally. Musk, who visited Twitter headquarters in San Francisco with a sink in his hands late on Wednesday, cleared to the employees that he will not sack so many people, reports TechCrunch. Musk has casually mentioned laying off Twitter staff in his tweets, without sharing any figure.
Samsung logs sharp drop in profits, reaffirms no production cut
The world's largest memory chip and mobile phone maker said in a regulatory filing its third-quarter net profit declined 23.6 per cent from a year earlier to 9.38 trillion won ($6.6 billion), reports Yonhap news agency. Its operating profit for the July-September period fell 31.4 per cent on-year to 10.85 trillion won. Revenue increased 3.8 per cent to 76.78 trillion won, a record for a third quarter.
IRDAI allows foreign reinsurance branches, Lloyds India to repatriate excess capital
The Indian insurance regulator has allowed repatriation of excess capital by FRBs and Lloyd's India with prior permission and subject to the following provisions. The request to repatriate the assigned capital shall be submitted by the foreign reinsurer, who is engaged in reinsurance business through a branch established in India, justifying the reasons for such request.
CBDT extends deadline for filing returns till Nov 7
The extension was given as extra time of up to October 7 was granted for filing various audit reports in the case of these entities, a circular issued by the CBDT said. The extension is applicable to those entities and persons as well as partners of firms whose books of accounts need to be audited.
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