The Enforcement Directorate (ED) has issued a notice to edtech major Byju’s, asking it to pay ₹ 9,000 crore for allegedly violating foreign funding laws, sources have said. The company has, however, denied receiving any such communication from the authorities. According to sources in the ED, Byju’s received foreign direct investment (FDI) of around ₹ 28,000 crore between 2011...
Sunil Bharti Mittal-led Bharti Airtel is reportedly exploring a fundraise of around $1 billion (around Rs 8,330 crore) to prepay a bulk of its remaining dues relating to the spectrum bought in 2015. This fundraise could also include a potential bonds issue. According to a report in The Economic Times, the telco giant is expected...
The rupee slipped by 2 paise to 83.25 against the US dollar on Friday as a firm greenback in the overseas markets weighed on investor sentiments. At the interbank foreign exchange market, the rupee opened flat at 83.23 against the US currency following overnight losses in crude oil prices. However, a firm US dollar and...
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...
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...
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...
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....
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...
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...
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...