Entertainment giant Disney said Wednesday it was laying off 7,000 employees, in CEO Bob Iger’s first major decision since he was asked back to lead the company late last year. The layoffs follow similar moves by the US tech giants that have laid off thousands of workers as the economyContinue Reading
In his monetary policy address, Reserve Bank of India (RBI) governor Shaktikanta Das on Wednesday announced a pilot project wherein a QR code-based coin vending machine will be launched for customers to draw coins through UPI payment instead of physical tendering of banknotes. The project will be launched in 12Continue Reading
Adani Power on Wednesday reported a 96% fall in third-quarter profit on rising fuel costs, and joined other group companies in saying it saw no material adverse impact from a possible independent review following a U.S. short-seller’s critical report on its businesses. The company, part of a larger conglomerate ledContinue Reading
Most Adani Group stocks rose, extending their rebound from the rout sparked by US short-seller Hindenburg Research’s report, as the indebted Indian conglomerate takes steps to address investor concerns over leverage. Eight of the group’s 10 stocks were up in Wednesday’s morning session, with flagship Adani Enterprises Ltd. rallying moreContinue Reading
In its first Monetary Policy statement of 2023, the Reserve Bank of India (RBI) on Wednesday hiked the policy repo rate by 25 basis points to 6.5%. This was the sixth straight hike to the repo rate, which, in December last year, was raised by 35 basis points to 6.25%.Continue Reading
The Indian banking sector, including NBFCs (non-banking financial corporations), ‘continues to be resilient… strong’, Reserve Bank of India governor Shaktikanta Das said Wednesday, in an apparent reference to concerns over lenders’ exposure to the embattled Adani Group. Announcing monetary policy recommendations, which include a policy repo rate hike of 25Continue Reading
Indian shares were trading higher on Wednesday after the Reserve Bank of India delivered a widely expected smaller interest rate hike. The Nifty 50 index was up 0.72% at 17,849.85, as of 10:06 a.m. IST, while the S&P BSE Sensex rose 0.68% to 60,695.09. Watch live: Monetary Policy statement ofContinue Reading
EBay Inc. is cutting about 500 employees — or 4% of its workforce — as the e-commerce company continues to face slower consumer spending after a brief pandemic boom. The reductions are in response to the “macroeconomic situation around the world,” Chief Executive Officer Jamie Iannone said Tuesday in aContinue Reading
PhonePe has introduced ‘UPI International,’ a facility with which PhonePe users travelling to international destinations can pay foreign merchants via UPI, and in the currency of that country. With ‘UPI International,’ PhonePe, the most widely used UPI app in India, has become the first Indian fintech company to enable paymentsContinue Reading
A former Coinbase Global Inc product manager pleaded guilty on Tuesday in what U.S. prosecutors have called the first insider trading case involving cryptocurrency, his defence lawyer said in a court hearing. Ishan Wahi, 32, pleaded guilty to two counts of conspiracy to commit wire fraud, after initially pleading notContinue Reading