BUSINESS
BYJU's says Aakash acquisition process on track, to be completed by August
For the layoff at Toppr which it acquired last year for $150 million, BYJU's confirmed the development, saying it has completed "the integration of Toppr and has absorbed almost 80 per cent of its talented workforce into the BYJU'S ecosystem". After the acquisition was completed, Toppr's employees from the sales and marketing division were retained while those in other departments were asked to go.
Japan's Renesas joins Tata Motors to build chips for India, global markets
The aim is to enhance innovation across electronics systems for the Indian and emerging markets. Renesas will collaborate with Tejas for implementing next-generation wireless network solutions, including design and development of semiconductor solutions for radio units (RU) used in telecom networks, from 4G, 5G, to open radio access network (O-RAN) for the 5G era.
BYJU's-owned WhiteHat Jr lays off 300 employees in latest churn
In a statement, the company said that "to realign with our business priorities, we are optimising our team to accelerate results and best position the business for long-term growth". The edtech sector has been hammered by the global macroeconomic conditions and reopening of schools, colleges and physical tuition centres.
Bitcoin investor Roger Ver owns us $47 mn: CoinFlex CEO
CoinFlex froze crypto withdrawals on June 27, saying that it would restart withdrawals on June 30 with a condition that it needs to sell tokens related to a debt owed by a "certain high net worth individual". It then did not name Ver, also known as Roger "Bitcoin Jesus" Ver. Now, in a tweet late on Tuesday, Lamb revealed his name.
US sues Walmart for facilitating money transfer scams worth $197 mn
In its lawsuit, the FTC alleged that for years, the company turned a blind eye while scammers took advantage of its failure to properly secure the money transfer services offered at Walmart stores. "The company did not properly train its employees, failed to warn customers, and used procedures that allowed fraudsters to cash out at its stores", according to the FTC's complaint. The FTC is asking the court to order Walmart to return money to consumers and to impose civil penalties for Walmart's violations.
Adani Ports moves SC challenging Bombay HC order against tender disqualification
The firm has also challenged the Rs 5 cost imposed by the high court. Senior advocate Abhishek Manu Singhvi mentioned the plea before a vacation bench of Justices Surya Kant and J.B. Pardiwala, and sought urgent hearing on the matter. The tender was issued by the JNPA for upgradation of its container terminal in Navi Mumbai.
Tata Motors to increase CV prices from July 1
The percentage of hike will depend upon the individual model and variant. "While the company takes extensive measures to absorb a significant portion of the increased input costs, at various levels of manufacturing, the steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike," the company said.
Mukesh Ambani steps down from Reliance Jio, son Akash named Chairman
In regulatory filing, Reliance Jio, the telecom arm of the Reliance group, said the Board of Directors at its meeting held on Monday "approved the appointment of Akash Ambani, Non-executive Director, as the Chairman of the Board of Directors of the company".
VC firm Bertelsmann to invest $500 mn in Indian startups
The venture capital arm of German media company Bertelsmann, BII will steps up investment activity to six-eight new investments per year in the country and expand focus to make selective Series A investments. "Bertelsmann India Investments will benefit from Bertelsmann's Boost programme, which is being carried out based on our high investment capacity. It will help Bertelsmann continue to increase its growth momentum significantly," said Carsten Coesfeld, CEO of Bertelsmann Investments.
Indian rupee slips to 78.68 against US dollar
The Indian rupee opened at Rs 78.50 and went down to touch a fresh record low of 78.68 against the dollar. As crude prices increase, the rupee may further slip down, analysts said. The Reserve Bank of India (RBI) intervened by selling dollars to stabilise the rupee rate but the demand for the US currency was high.
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