One windy night at Elon Musk’s SpaceX facility in McGregor, Texas, Lonnie LeBlanc and his co-workers realised they had a problem. They needed to transport foam insulation to the rocket company’s main hangar but had no straps to secure the cargo. LeBlanc, a relatively new employee, offered a solution to hold down the load: He sat on it. After the...
Business
Prithvi Raj Singh Oberoi, Oberoi Group Chairman Emeritus, passes away at 94
Prithvi Raj Singh Oberoi, Chairman Emeritus of the Oberoi Group of hotels and resorts, passed away on Tuesday morning at the age of 94. In 2002, he took over as the Chairman and Director of EIH Limited after the death of his father and founding chairman of the Oberoi Group Mohan Singh Oberoi. He remained the CEO of EIH Limited till...
WeWork, Once A $47 Billion Giant, Files For Bankruptcy In US
Former high-flying startup WeWork Inc. filed for bankruptcy, marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019. The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed in New Jersey. The filing...
Amazon layoffs: New round of job cuts confirmed by e-commerce giant
Amazon.com has confirmed that it has started laying off employees in its Music division, marking the latest in a series of job cuts that have affected over 27,000 employees in the past year. According to a report by Reuters, the layoffs were announced on Wednesday and have impacted employees across Latin America, North America, and Europe. The report cites an Amazon...
Gold prices expected to reach Rs 63,000 during Diwali: MOFSL Report
Gold and silver prices have swung sharply this year due to fundamental changes like central bank policies, geopolitical uncertainties, debate between hard and soft landing, higher buying interest in riskier assets and volatility in the Dollar Index and bond yields. Of the above, geopolitics and the central banks’ policy position have taken centre stage. The volatility until now has been...
Markets snap 3 days of rally; settle marginally lower
Equity benchmark indices snapped three days of rally to settle marginally lower on Tuesday amid weak trends in Asian and European markets along with unabated foreign fund outflows. The 30-share BSE Sensex dipped 16.29 points or 0.03 per cent to settle at 64,942.40. During the day, it declined 320.59 points or 0.49 per cent to 64,638.10. The Nifty slipped 5.05...
Jio launches Jio Motive to turn normal car to ‘smart car’ at Rs 4,999
Reliance Jio has launched JioMotive, a device designed to transform conventional cars into smart vehicles. Priced at Rs 4,999, the device gets features such as location tracking and theft alerts. This is expected to provide a connected-car experience, even for cars that do not have fancy features built-in. Many modern and expensive vehicles come equipped with internet connectivity. The same features...
Saudi Arabia eyes up to $5-bn investment in IPL at $30-bn valuation
Saudi Arabia is reportedly interested in buying a stake in the Indian Premier League. Crown Prince Mohammed bin Salman’s advisers have reportedly discussed the possibility of moving IPL into a holding company, valued as much as $30 billion. According to Bloomberg, if this passes through, Saudi Arabia could take a significant, multibillion-dollar stake. The report stated that the talks were...
Mumbai gets new luxury Destination as Jio World Plaza open doors
New Delhi: Reliance Industries Ltd. (RIL) is set to open the Jio World Plaza (JWP) on 1 November in Mumbai, marking a fresh hotspot for upscale shopping. This new mall will showcase luxury labels including Balenciaga, Tory Burch, YSL, and Versace, catering to India’s expanding affluent consumer base. Situated in the prime Bandra Kurla Complex (BKC), the JWP will seamlessly...
Mamaearth IPO: Honasa Consumer off to a slow start
The initial public offering (IPO) of Honsa Consumer, the parent company of Mamaearth, saw a dull response from the investors during the first few hours of the bidding process on the day one. The issue, which kicked-off for bidding on Tuesday, October 31, mostly drew retail and employee investors for the bidding. Honansa Consumer is selling its shares in the...
Sajjan Jindal endorses Narayan Murthy’s ‘70-hour work week’ idea, says PM Modi works 14-16 hrs
After Ola CEO Bhavish Aggarwal supported Infosys co-founder Narayana Murthy’s idea that youngsters must work for at least 70 hours a week, industrialist Sajjan Jindal on Friday said he wholeheartedly endorsed Murthy’s statement. He said a five-day week culture is not what a rapidly developing country like India needs right now, where Prime Minister Narendra Modi himself works for 14-16...
All-round show delivers 27.4% net profit surge for RIL
Mukesh Ambani-promoted Reliance Industries Limited (RIL) on Friday reported a 27.4 per cent year-on-year (Y-o-Y) rise in its consolidated net profit for the September quarter (Q2FY24). While revenue growth of the company was flattish Y-o-Y, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as...