BUSINESS
Bike taxi platform Rapido raises $180 mn led by Swiggy, TVS Motor
The Series D round also saw investment from TVS Motor Company, along with existing investors Westbridge, Shell Ventures and Nexus Ventures. "We look forward to learning from Swiggy's experience to scale up throughout the country and enhance our captains/customers' experience, who are the backbone of our business. TVS Motor will help us in further expansion," said Aravind Sanka, Co-founder, Rapido.
Twitter adopts "poison pill" after Musk's acquisition intent
The Rights Plan, often called the "poison pill", will reduce the likelihood that any entity, person or group gains control of Twitter through open market accumulation without paying all shareholders an appropriate control premium or without providing the board sufficient time to make informed judgments and take actions that are in the best interests of shareholders, according to the announcement made on Friday.
The long road to Sri Lanka's $52 billion debt default
Sri Lanka began its Sinhala and Tamil New Year celebrations on a sombre note. In his new year message on Thursday, President Gotabaya Rajapaksa said: "The current economic and global crises have become the biggest challenge faced by us Sri Lankans in our recent history. We should overcome this challenge with unity and better understanding".
Alliance Air becomes Centre's independent business unit
Alliance Air was an esrtwhile part of Air India prior to the latter's divestment. At present, it is operated as a division under the Air India Asset Holdings Pvt Ltd (AIAHL). It was founded in 1996 as a wholly-owned subsidiary of then Indian Airlines, which later merged with Air India. The airline mainly operates on domestic regional routes as part of the government's Regional Connectivity Scheme.
Twitter considering 'poison pill' strategy to fight back Elon Musk
According to The Information, Twitter's board of directors view Musk's hostile takeover offer as "unwelcome", and are ready to "fight the bid". The "poison pill" strategy is used by a firm to prevent or discourage a potential hostile takeover. It allows existing shareholders the right to purchase additional shares at a discount, effectively diluting the ownership interest of a new and hostile party.
Putin eyes south, east as Russian energy supplies to west wane
Putin ordered to increase supplies of energy to Russian consumers, adding that price reductions are possible in order to stimulate domestic demand, Xinhua news agency reported. He also instructed the government to boost the development of deep processing of oil and gas as quickly as possible.
IMF to downgrade forecast for over 140 economies amid Russia-Ukraine conflict
"To put it simply: we are facing a crisis on top of a crisis," IMF Managing Director Kristalina Georgieva said on Thursday in a curtain raiser speech ahead of the 2022 spring meetings of the IMF and the World Bank scheduled next week. "In the past seven weeks, the world has experienced a second major crisis -- a war on top of a pandemic. This risks eroding much of the progress we have made over the past two years, climbing back from Covid," Georgieva added.
Central, state intelligence probing cyber-attack on OIL network
The hacker has demanded $75,00,000 as a ransom. "The Central and Assam's intelligence agencies are now investigating the major cyber-attack in the field headquarters of OIL," a senior OIL official told IANS, refusing to disclose further details. OIL's Manager, Security, Sachin Kumar, had filed an FIR with the police on Tuesday night, complaining that their server, network, and other related services.
PLI scheme boosts production of over 35 products in India: Mandaviya
PLI scheme has led to initiate production of more than 35 products in India, said Union Health Minister Mansukh Mandaviya on Thursday. Mandaviya said the pharmaceutical industry has a vital role to play in realising the vision of 'Atmanirbhar Bharat'.
Alliance Air no longer a subsidiary: Air India
In a tweet, the airline said: "Passengers holding tickets of Air India with a 4-digit flight number starting wiith '9' or 3-digit flight number starting with '9I' may please be informed that these bookings belong to Alliance Air. "Bookings or Queries related to Alliance Air will not be handled by Air India from 15 April, 2022."
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