BUSINESS
With vision to serve India, Reliance contributes Rs 1,185 cr as CSR in FY22
The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani. The works included in areas such as rural transformation, health, education, disaster response along with sports for development initiatives.
Governments, companies own 8% of all Bitcoin worth $46 billion in the world
"The cryptocurrency market has changed dramatically since Bitcoin first launched in 2009. At the time, few people knew about it, and even fewer understood it. But now, many have invested billions of dollars in it. The skepticism that surrounded it has given way to a growing belief in its worth," said Jonathan Merry, CEO, BanklessTimes.com.
Elon Musk's net worth drops below $200 bn
According to Teslarati, Musk has lost about $77.6 billion of his net worth year-to-date. Tesla stock has been under immense pressure as of late, with shares dropping about 40 per cent since the start of the year. Musk's net worth has taken a substantial hit as a result. As per the Bloomberg Billionaires Index, Musk's net worth stands at $193 billion, as of May 25. This means that Musk had seen $77.6 billion of his wealth sheared off since the start of the year.
Russia-Ukraine war could cause global recession: World Bank chief
Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2 per cent. Malpass also said that many European countries were still too dependent on Russia for oil and gas. That's even as Western nations push ahead with plans to reduce their dependence on Russian energy.
Time to cut costs as funding winter can last up to 18 months: Unacademy CEO
In a letter to employees, Unacademy's co-founder and CEO Gaurav Munjal said that "we must learn to work under constraints and focus on profitability at all costs". "Winter is here. We must change our ways. We will focus on organic growth channels instead," he wrote. Backed by SoftBank and Tiger Global, online learning platform Unacademy last week announced its foray into opening physical tuition centres across the country, following BYJU's footsteps.
Bad news for vehicle owners as third party premium hiked from June 1
From June 1, 2022 onwards, the motor third party liability insurance premium has been jacked up by the central government despite the portfolio being hugely profitable for the insurers. The central government has also withdrawn the 15 per cent discount on the base premium for electric vehicles (EV) perhaps due to EVs going up in flames in recent times or without any basic claims experience data.
Russia-Ukraine war increases financial stability risks: ECB
The ECB warned in a report on Wednesday that "vulnerabilities may increase" due to the uncertainties of the conflict and the shifting expectations of policy normalisation in advanced economies, reports Xinhua news agency. The war in Ukraine has brought "immense human suffering", ECB Vice President Luis de Guindos said.
Indices rise in opening deals on global cues
Indices in the US rose overnight after minutes from the Federal Reserve's latest meeting revealed a strong possibility of two more policy rate hikes in the coming months. At 9.53 a.m., Sensex was up 164 points at 15,393 points, whereas Nifty 29 points at 16,054 points.
Import duty waiver to moderate steel prices, reduce inflation: Omega Seiki Mobility
Also, this initiative by the Centre will boost demand for the automotive industry, he said. Omega Seiki Mobility is an end-to-end mobility solutions provider which is revolutionising the electric vehicle industry in India.
BEL sees 9% turnover growth despite Covid challenge, profit Rs 2,349 cr
The defence public sector unit registered a turnover of Rs 15,044 crore in 2021-22 against Rs 13,818 crore in 2020-21, and Rs 2,349 crore profit after tax for this year against Rs 2,065 crore in the previous year.
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