Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate. The Nifty 50 index was down 1.09% at 17,697 as of 11.25 am IST, whileContinue Reading
As the workers of online retail giant Amazon hold strikes in the United Kingdom over pay, some have shared their ordeal of working in “severe” conditions at the company, with shocking claims that even their toilet breaks are timed. A BBC report cited workers at the company’s Coventry warehouse inContinue Reading
Reuters | | Posted by Ritu Maria Johny Private equity firms Accel and Tiger Global, two early backers of Indian e-commerce firm Flipkart, are in talks to sell their remaining stake in the company to parent Walmart Inc for about $1.5 billion, the Economic Times reported on Thursday. The stake,Continue Reading
Short-seller Hindenburg Research disclosed on Wednesday short positions in India’s Adani Group, citing potential stock manipulation and accounting fraud in a report. The allegations sent bonds and shares in the conglomerate’s companies down. Hindenburg has a track-record of finding corporate wrongdoings and placing bets against the companies. What is HindenburgContinue Reading
Investment research firm Hindenburg hit back at Gautam Adani-led Adani Group after the business conglomerate said it would seek ‘remedial and punitive action’ against it over accusations of improper use of offshore tax havens. “In the 36 years since we released the report, Adani hasn’t addressed a single substantive issueContinue Reading
Google, after the recent legal battle, is finally moving ahead with compliance according to the directives of the Competition Commission of India (CCI); at least compliance with some of what the CCI mentioned in its report late last year. Google India now says they are keeping the legal options open,Continue Reading
The California-based employees, who were retained by Google after its biggest layoff in 25 years, may now have to forgo free massages onsite. After Google’s parent company Alphabet announced slashing around 12,000 jobs, a CNBC report stated that at least 27 massage therapists were also among the sacked staff. AccordingContinue Reading
Tata Motors has posted ₹3,043 as net profit for the quarter ended December 2022. The automobile firm had been incurring loss for seven consecutive quarters, it has been learnt. Read here: Tata Motors delivers 50,000th electric car Its revenue went up 22.5 per cent to ₹88,500 crore, the company said,Continue Reading
IBM Corp on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter. Chief Financial Officer James Kavanaugh told Reuters that the company was still “committed to hiring for client-facing research and development”. TheContinue Reading
All eyes are on finance minister Nirmala Sitharaman’s Budget 2023 on February 1. A financial statement of the government’s expected receipts and expenses for the upcoming fiscal year, the union budget offers a bird’s eye view of the state of the economy. The first budget of Independent India was presentedContinue Reading