BUSINESS
E-commerce company Wayfair CEO Niraj Shah lays off 870 people
In a memo, Wayfair CEO Niraj Shah said that the US-based company was "seeing the tailwinds of the pandemic accelerate the adoption of ecommerce shopping, and I personally pushed hard to hire a strong team to support that growth".
'Chinese economy struggling, policy rate cut could impact global financial markets'
According to the Monthly Economic Review published by the DEA, the lowering of policy rate in China could trigger risk aversion in financial markets around the world that have begun celebrating, perhaps, prematurely, the easing of inflation pressures in the near-term in the developed world.
Akasa Air operates its maiden flights on Bengaluru-Mumbai route
Further expanding its operations on the Bengaluru-Mumbai route, the airline will commence one additional daily flight from August 30, and another from September 19. In addition, strengthening its pan-India network connectivity, the airline has also added a new route between Bengaluru and Chennai, which will commence from September 10.
US economy looks up as supply chains ease following President Biden's recent measures
The so-called runaway inflation would have meant more and more rate hikes by the Federal Reserve, and if that institution did not manage a very slim tightrope act, the country could have fallen into a recession. Much of what happens in Washington D.C., and throughout the nation is dependent upon perception, and the stock market swings up and down upon emotion.
Adani Power to acquire DB Power for Rs 7,000 cr
Adani Power Ltd and DB Power Limited (DBPL) has signed an agreement for the all cash deal on Friday afternoon. The initial term of the MOU shall be till completion of the acquisition on October 31, 2022, which may be extended by mutual agreement. DB Power has 2 units of 600 MW each of thermal power in Janjgir-Champa district, Chattisgarh.
Fintech Uni suspends card services over RBI digital lending norms
The startup said that is proactively suspending services Uni Pay 1/3rd Card and the Uni Pay 1/2 Card, which will impact millions of users. "This process will begin in phases for our customers starting today and will be concluded by Monday, August 22. While it is a decision taken with a heavy heart, we are always committed to being compliant and want to be on the right side of the regulations," the startup said in a statement.
Spotlight on Rakesh Jhunjhunwala's RARE Enterprises transition
Jhunjhunwala was among the most influential market voices in Asia's third-biggest economy, with an intense following among the nation's growing horde of retail investors. His investing success earned him a cult-like following, with news of his trades occasionally sparking stocks to move by their daily limits, Bloomberg reported.
India's smartwatch market grows highest ever at 312%, Fire-Boltt leads
Noise was second with a 26 per cent share (best-selling brand in online channels) and boAt, together with its sub-brands, maintained the third place with a 19 per cent share, according to Counterpoint Research. Online channels contributed 67 per cent to the total shipment volume with Amazon as the leader. "India's Smartwatch shipments grew by 4 times annually in Q2 2022, with Fire-Boltt leading.
India probes may adversely affect operating results or cash flows: Xiaomi
The company, which registered around 20 per cent drop in its global sales at $10.31 billion in the June quarter (Q2), said that "it is not practical to quantify" related financial effects (of India probes) "at this stage". "The management assessed the aforesaid matters related to Xiaomi India, taking into consideration opinions from professional advisors and concluded Xiaomi India has valid grounds to respond to the relevant Indian authorities," the group said in its quarterly financial statement.
Fugitive diamantaire Nirav Modi's HCL House to be auctioned on Sep 23
As per the Mumbai DRT-I's order, HCL House in Marol shall be put up for e-auction on September 23, with a reserve price of Rs 52 crore, against the massive amounts outstanding since nearly five years to the PNB and 15 more banks.
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