BUSINESS
Elon Musk’s Tesla sued for racial discrimination of Black employees in US
According to the EEOC’s suit, since at least 2015 to the present, Black employees at Tesla’s Fremont, California manufacturing facilities have routinely endured racial abuse, pervasive stereotyping, and hostility as well as epithets such as variations of the N-word, “monkey”, “boy”, and “black b***h”.
China's Evergrande chairman put under police surveillance for illegal crimes
Evergrande said its shares would remain suspended until further notice, the BBC reported. It marks another low for the heavily indebted property giant which defaulted in 2021, triggering China's current real estate market crisis, the BBC reported. In August, it filed for bankruptcy in the US in a bid to protect its American assets as it worked on a deal.
Zerodha’s valuation at Rs 30,000cr more reasonable: Nithin Kamath
“Stockbroking and capital market businesses are cyclical and high-risk. Almost every bull run in the markets creates the illusion that somehow participation and activity will keep going up forever." Kamath said that given the uncertainties in the markets, sustaining high revenue growth is not a given.
Music label giant Saregama acquires stake in Pocket Aces
In a stock exchange filing, Saregama mentioned that is paying about $20 million for a 51.82 per cent stake in Pocket Aces and plans to invest an additional $1.8 million in the startup.
Neobanking startup Fi cuts 10% of its staff in restructuring exercise
The company will offer departing employees comprehensive support, including multiple months of severance, extended healthcare provisions, and extended ESOP vesting, reports Entrackr.
Money laundering via illicit trade hovering at 5% of India’s GDP: FICCI study
A report released by the FICCI on Thursday based on data from international agencies states that the impact of India’s illicit financial flows works out to around 5 per cent of the country’s GDP.
India sees marked improvement in Global Terrorism Index: FICCI CASCADE report
Addressing the inaugural of the two-day 9th edition of ‘MASCRADE 2023’, organised by FICCI CASCADE, Agarwal said: “Illicit trade undermines national security, risks legitimate manufacturing, leaks government revenue, jeopardises public health and safety, and erodes the trust of consumers and investors alike.
Nifty falls 165 points on selling pressure as oil prices surge
Nifty fell by 165 points (-0.8 per cent) to close at 19,551 levels, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said.
ICICI Lombard stock reacts after company receives GST show cause notice of Rs 1728 crore
Additionally, Coforge also received a tax demand notice for Rs. 82.9 billion for FY2019–20, he said.
India’s external debt edges past $629 billion
"The external debt to GDP ratio declined to 18.6 per cent at end-June 2023 from 18.8 per cent at end-March 2023," RBI said.
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