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Zomato acquires Blinkit for ₹4,447 crore in an all-stock deal
short by Hiral Goyal / on 24 Jun 2022,Friday
Homegrown food delivery startup Zomato's board on Friday approved the acquisition of quick commerce company Blinkit, formerly known as Grofers, for ₹4,447 crore in an all-stock deal. Prior to the acquisition, Zomato held a more than 9% stake in the startup. Notably, Blinkit became a unicorn after Zomato invested $100 million last year at a valuation of over $1 billion.
short by Hiral Goyal / 07:35 pm on 24 Jun
The government has appointed retired IAS officer Parameswaran Iyer as the CEO of NITI Aayog. Iyer is a 1981 batch IAS officer who led the Swachh Bharat Mission. He has been appointed as NITI Aayog's CEO for a period of two years or until further orders. He'll be succeeding Amitabh Kant, whose tenure is scheduled to end on June 30.
short by Hiral Goyal / 04:45 pm on 24 Jun
The Indian rupee slipped by 1 paisa to close provisionally at a new all-time low of 78.33 against the US dollar on Friday. The rupee initially gained during opening trade on Friday, but ended the day at a new low, marking the third consecutive day of record low closes. On Thursday, rupee settled at record low of 78.32 against dollar.
short by Hiral Goyal / 04:14 pm on 24 Jun
In an email sent to its employees, Google has allowed them to relocate to another state "without justification" after US Supreme Court rolled back abortion rights. Google’s Chief People Officer Fiona Cicconi reiterated that the company’s benefits plan and health insurance in the US cover "out-of-state medical procedures that are not available where an employee lives and works."
short by Ridham Gambhir / 11:53 am on 26 Jun
Netflix fires 300 employees citing slower revenue growth
short by Ridham Gambhir / on 24 Jun 2022,Friday
Netflix has fired about 300 employees or 4% of its workforce, mostly based in the US, in the second round of job cuts after losing subscribers for the first time in over a decade. "We made these adjustments so that our costs are growing in line with our slower revenue growth," said Netflix. It had cut 150 jobs last month.
short by Ridham Gambhir / 08:52 am on 24 Jun
Terraform Labs Founder Do Kwon told The Wall Street Journal he lost nearly all of his wealth after the cryptocurrency firm's tokens LUNA and UST collapsed. Kwon said he was probably a billionaire earlier this year when LUNA was trading near $100. In May, LUNA crashed 99% after stablecoin UST, designed to maintain its value at $1, lost its peg.
short by Hiral Goyal / 04:52 pm on 25 Jun
Tesla's new factories in Texas and Berlin are "losing billions of dollars" as they struggle to increase production due to battery shortages and supply disruptions in China, said CEO Elon Musk recently. He added, "Both Berlin and Austin factories are gigantic money furnaces right now." Musk remarked, "This is...going to get fixed real fast, but requires a lot of attention."
short by Ridham Gambhir / 09:51 am on 24 Jun
India's Russian oil imports surged over 50 times since April: Official
short by Ridham Gambhir / on 24 Jun 2022,Friday
India's imports of Russian crude oil have jumped over 50 times since April and now account for 10% of all crude bought from overseas, said a government official. Prior to the Ukraine war, Russian oil made up 0.2% of all oil imported by India. The official said 40% of the Russian oil was bought by Reliance Industries and Nayara Energy.
short by Ridham Gambhir / 09:21 am on 24 Jun
Long queues and a huge crowd was seen at the newly opened IKEA store in Bengaluru over the weekend. The outlet which opened in Nagasandra, saw a waiting time of around three hours for people to enter the store. Several users took to Twitter to share visuals of the overcrowded store. Reportedly, around 25,000 people visited the store on Saturday.
short by Ridham Gambhir / 01:25 pm on 26 Jun
Parameswaran Iyer, who has been appointed NITI Aayog's next CEO, voluntarily retired from IAS to join the World Bank in 2009. In 2016, PM Narendra Modi chose Iyer to lead the flagship Swachh Bharat Mission. The 63-year-old resigned from his post at Department of Drinking Water and Sanitation in 2020 and returned to US to join the World Bank.
short by Hiral Goyal / 06:54 pm on 24 Jun
The world’s fourth-richest man and Microsoft Co-founder Bill Gates took to Twitter to react to US Supreme Court’s decision to roll back abortion rights. Gates tweeted, "This is a sad day. Reversing Roe vs Wade is an unjust and unacceptable setback...It puts women's lives at risk, especially the most disadvantaged." His ex-wife Melinda French Gates also criticised the ruling.
short by Ridham Gambhir / 09:06 am on 26 Jun
Two Dutch lawmakers are proposing legalisation to establish work-from-home as a legal right. If this is to be passed, the Netherlands would become one of the first countries to grant remote working flexibility by law. The legislation will be introduced by Steven van Weyenberg, a member of the pro-European D-66 Party, and Senna Maatoug, a lawmaker from the Green Party.
short by Ridham Gambhir / 01:49 pm on 26 Jun
This is a huge setback: Sheryl on US Supreme Court's abortion ruling
short by Ridham Gambhir / on 26 Jun 2022,Sunday
Outgoing Meta COO Sheryl Sandberg criticised US Supreme Court's decision to overturn a nearly 50-year-old ruling that legalised abortion. Taking to Instagram, she wrote, "The ruling jeopardizes the health and the lives of millions of girls and women...It'll make it harder for women to achieve their dreams...This is a huge setback. For ourselves, our daughters, and every generation that follows."
short by Ridham Gambhir / 08:36 am on 26 Jun
Air India offers to re-hire pilots for 5 years after their retirement
short by Ridham Gambhir / on 24 Jun 2022,Friday
Air India has offered to re-hire pilots after their retirement for a five-year period amid reports of it acquiring 300 single-aisle planes, according to internal communication. The airline is considering to re-hire them as commanders. Prior to the pandemic, Air India used to re-hire its retired pilots on contract but the practice was discontinued after late March 2020.
short by Ridham Gambhir / 10:17 am on 24 Jun
The RBI has extended the deadline to tokenise debit and credit cards by three months to September 30, 2022. It said that the number of transactions processed using tokens is yet to gain traction. The central bank added that an alternate system where cardholders enter the card details manually at the time of transaction hasn't been implemented by industry stakeholders.
short by Hiral Goyal / 06:50 pm on 24 Jun
Sri Lankan entrepreneur Thushara Karunaratne, who is the CEO of Sui Generis and has Vitiligo, took to LinkedIn to share his picture. He wrote, "I was desperate to update my profile picture for a long time. Since I'm becoming Dichromatic due to Vitiligo...Wasn't too sure...whether my contacts would be comfortable...Just wanted to let you know...same self, lives inside."
short by Ridham Gambhir / 11:33 am on 24 Jun
Gautam Adani, Asia's richest person, has pledged to donate ₹60,000 crore to social causes to mark his 60th birthday, which falls on June 24, as well as his father's 100th birth anniversary. "Adani Family is gratified to commit ₹60,000 crore...towards healthcare, education and skill-development across India," he tweeted. "Contribution to help build an equitable, future-ready India," Adani added.
short by Daisy Mowke / 10:58 pm on 23 Jun
Toblerone will lose the "of Switzerland" label from its front packaging after its new production site is set to open in Slovakia. The triangular chocolate bar, Toblerone, was first launched in 1908 and has been exclusively produced in Switzerland since the early 1990s. The new production line is in response to "growing demand", said Toblerone's owner Mondelez.
short by Ridham Gambhir / 10:44 am on 26 Jun
Social media influencers and doctors are among those who will have to pay 10% Tax Deducted at Source (TDS) on freebies they get for sales promotions, as per new government guidelines. The TDS, applicable from July 1 onwards, will apply to freebies retained by the persons. TDS will not apply if the benefits availed don't exceed ₹20,000 in a year.
short by Sakshita Khosla / 08:54 pm on 24 Jun
Gautam Adani's wife Priti shares his old picture on his 60th birthday
short by Ridham Gambhir / on 24 Jun 2022,Friday
On the occasion of Asia's richest person Gautam Adani's 60th birthday, his wife Priti Adani shared an old picture of him. She tweeted, "More than 36 years back, I put aside my career and began a new journey with Gautam Adani. Today, when I look back, it is only with immense respect and pride for the person he is."
short by Ridham Gambhir / 12:37 pm on 24 Jun
Dubai-based Emaar Properties' Group CEO Amit Jain was briefly detained on arrival at Delhi's Indira Gandhi International Airport on Friday and handed over to police, as per reports. Responding to the reports, Emaar said, "The issue has now been resolved and we have no further comments at this time." Emaar is the developer of the world's tallest tower, Burj Khalifa.
short by Hiral Goyal / 03:47 pm on 25 Jun
Viresh Joshi, a former fund manager at Axis Mutual Fund, has filed a lawsuit alleging wrongful termination in connection with a suspected front-running case and demanded ₹54 crore in damages from the firm. Assistant fund manager Deepak Agarwal is also being probed in the same case. Joshi had also sent a legal notice to Axis MF on May 20.
short by Ashley Paul / 10:53 pm on 23 Jun
Sportswear brand Nike is making a full exit from Russia, the company said in a statement on Thursday. Nike had said on March 3 that it would temporarily suspend operations at all its Nike-owned and operated stores in Russia in response to Russia's invasion of Ukraine. Nike said it will be scaling down operations over the coming months.
short by Ashley Paul / 06:17 pm on 23 Jun
Fintech firms seek 6 months to comply with RBI's PPI lending directive
short by Aishwarya Awasthi / on 25 Jun 2022,Saturday
In a meeting arranged by the Digital Lenders Association of India, fintech firms have sought a six-month extension for RBI's recent mandate on PPI lending. Earlier, RBI barred non-bank wallets and pre-paid cards from offering credit lines on fintech platforms. The DLAI said it hopes to work with the RBI to safeguard the needs of all existing fintech customers.
short by Aishwarya Awasthi / 04:48 pm on 25 Jun
Market capitalisation (m-cap) of nine of the top 10 most valued firms rose by ₹2.51 lakh crore in the last week, with Tata Consultancy Services (TCS) emerging as the biggest gainer. Of the top 10 firms, Reliance Industries was the sole firm whose valuation dropped. While TCS' m-cap rose by ₹74,534.87 crore, Reliance Industries' m-cap fell by ₹59,901.07 crore
short by Ashley Paul / 03:00 pm on 26 Jun
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