BUSINESS
Angel investor slams ex-Twitter India head of bullying at his startup
Founded by Maheshwari and Tanay Pratap just six months ago, the startup in February received $5 million in funding led by Arkam Ventures to build a metaverse of education and expand globally. In an email to investors, Gergely Orosz accused Maheshwari of wanting "more equity than vested".
GIC Re logs PAT of Rs 2,005 cr, cuts underwriting loss
The company's Board of Directors has declared an interim dividend of Rs 2.25 per equity share (on face value of Rs 5 each) for the year under review. During FY22, the GIC Re earned a gross premium income of Rs 43,208.46 crore as compared to Rs 47,014.38 crore for the year ended on March 31, 2021. Last fiscal the reinsurer had earned an after tax profit of Rs.2,005.74 crore as compared to Rs 1,920.44 crore logged in FY21.
Over 15K tech workers lose jobs in May globally
According to layoff aggregator layoffs.fyi, more than 15,000 tech workers have lost their jobs this month, reports TechCrunch. Since March 2020 when the Covid-19 pandemic started, 1.25 lakh employees have been laid off by around 718 startups globally. Tech companies are facing multiple issues like rising inflation, recession fear, Russia-Ukraine war.
Musk clarifies why he will not manufacture Tesla cars in India
On Starlink, he said that SpaceX is still waiting for the Indian government's approval. "Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars," Musk tweeted late on Friday. He responded to a user asking about the companya's manufacturing plans for India.
After two years, India-Myanmar border trade to resume soon
The External Affairs Ministry's Border Management (BM) Division earlier this week has sent an advisory to Manipur Chief Secretary Rajesh Kumar to resume India-Myanmar border trade. A senior official of the ICP, Moreh on Friday said that on the basis of the MEA advisory, which is available with the IANS, the Manipur government would soon issue a formal order to resume the trades between India and Myanmar.
Indo-Pacific Economic Framework Initiative - a game changer
The recently launched Indo-Pacific Economic Framework (IPEF) marks the beginning of a new phase of economic cooperation and integration in the region juxtaposed against China's ambitious Belt and Road Initiative (BRI) and Regional Comprehensive Economic Partnership (RCEP) led by it. There are genuine concerns regarding China's rise to power with regional and global implications.
Zilingo's ex-CEO Ankiti Bose seeks protection from abuse by Twitter user
In an Instagram post, Bose mentioned that her photos, chats, and documents were accessed and shared without her consent. "Today I obtained an Expedited Protection Order from the Singapore court against a Twitter user," she posted on the Meta-owned photo-sharing platform.
Tech Mahindra inaugurates 5G innovation lab in US
The innovation Lab in Bellevue, WA will curate vertical solutions in the telco space to help customers achieve their future business ambitions through 5G and related technology. The lab will combine an ecosystem of partners (both telecom and cloud) and help build end-to-end solutions for enterprises.
Sacked fund manager slaps legal notice on Axis MF
Joshi was first suspended and later relieved of his charge on May 18, as per a statement issued by the AMF on May 19, for his purported role against allegations of 'front-running' (or, tailgating) at the company which conducted an internal probe into the matter.
Reliance subsidiary SankhyaSutra unveils 'make in India' software at Drone fest
According to the company, achieving accurate simulation of turbulent flows often required in aerospace and defence designing is a challenging task due to the involvement of multiple scales of swirling motions, also known as vortices. SankhyaSutra Labs said it develops next-generation high-fidelity CFD tools that do not use approximate turbulence models.
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