BUSINESS
Russia would not supply gas to Europe for free
Russia does not intend to engage in charity and export gas to Europe for free, Kremlin spokesperson Dmitry Peskov said while commenting on statements by representatives of Western countries that they will not pay for deliveries in rubles. Peskov also stressed that Moscow was not the initiator of such a development of the situation, since it was the Western states that unleashed an economic war against Russia.
Global 5G mobile subscriptions to cross 4.39 billion by 2027
As the fifth generation technology witnesses great adoption, 5G mobile subscriptions globally are expected to cross 4.39 billion by 2027, a new report said on Tuesday. North-East Asia is likely to have the highest number of subscriptions of over 1 billion, with Central and Eastern Europe expected to record the least number of subscriptions at 230 million, according to data obtained by Stockapps.com.
Noida-based edtech startup Classplus raises $70 mn
B2B edtech startup Classplus on Tuesday said it has raised $70 million in a Series D round co-led by Alpha Wave Global and Tiger Global.Founded in 2018 by Mukul Rustagi and Bhaswat Agarwal, Classplus is a mobile-first SaaS (software-as-a-service) platform that allows educators and content creators to build their online presence, digitise their offline tuition centres and sell their courses online.
Indian-American Raj Subramaniam takes over as FedX President, CEO
Subramanian would replace Frederick W. Smith, chairman and CEO, who will step down on June 1. "As we continue to transform as a company and reimagine what's next, we will keep our people-service-profit philosophy at our core," said Subramaniam. Smith will become Executive Chairman, the company announced late on Monday.
Biden proposes 20% minimum tax on wealthiest
"This minimum tax would apply only to the wealthiest 0.01 per cent of households, those with more than $100 million, and over half the revenue would come from billionaires alone," Xinhua news agency quoted a White House fact sheet on Biden's budget for Fiscal Year 2023 as saying on Monday. The White House estimates that the proposed tax, which focuses on taxing unrealised capital gains, would raise around $360 billion in revenue over the next decade.
Ex-Google CEO funneled money into Biden's science office, paid salaries
In a startling revelation, a report has claimed that former Google CEO Eric Schmidt's foundation poured money into the White House Office of Science and Technology Policy, including paying salaries of key employees. Politico reports that Schmidt had a close relationship with the president's former science adviser, Eric Lander, and other Biden appointees.
Equities rise on global cues, extend gains; Sensex up over 250 pts
India's key equity indices -- Sensex and Nifty -- extended their gains from the previous to rise marginally in the opening session on Tuesday. Strong global cues and retreating crude oil prices buoyed the Indian indices. At 9.56 a.m., Sensex was 0.5 per cent or 272 points up at 57,865 points, whereas Nifty 0.5 per cent or 79 points up at 17,301 points.
Income Tax Act must be replaced by Direct Tax Code: Chidambaram
The government must replace the Income Tax Act by the Direct Tax Code as it claims that it has dumped all old legacies, former Finance Minister P. Chidambaram said on Monday. Participating in the debate on the Appropriation Bill and the Finance Bill 2022 in the Rajya Sabha, he said that the IT Act has 298 sections if one does not count the suffixes like ABC to the sections and 14 schedules and many amendments have been made to the earlier provisions.
Aurobindo Pharma acquires domestic formulations biz of Veritaz Healthcare
Global pharmaceutical company Aurobindo Pharma on Monday said it has acquired the domestic formulation business of Veritaz Healthcare on a slump sale basis. According to the company, the transaction is agreed at a consideration of Rs 171 crore on a debt-free cash-free basis. "The transaction comes into effect from April 1, 2022 and is expected to close by May 2022," Aurobindo Pharma said in a statement.
Huawei's sales dip 28.5% in 2021, says 'readjusting' for 5G, digital era
Despite a revenue decline in 2021, "our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty", said Meng Wanzhou, Huawei's CFO. The company said it is "readjusting" its business portfolio to tap new digital and 5G opportunities. Its 2021 revenue came in at $100.01 billion, down from nearly $140 billion in 2020.
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