BUSINESS
Significant irregularities in reporting to investors led to Zilingo's failure: Investor Burda
Burda Principal Investments (BPI), a division of Europe-based Hubert Media Group, said in a statement that "signficiant irregularities in reporting to investors" led to Zilingo's failure. Kroll Inc was jointly hired by the main investors to examine this case and the investigations on financial irregularities have been completed.
Russia to slash oil supply to Europe
Russia exported around 40 million ton of crude oil and oil products to Asia and some 180 million ton to Europe in 2022, Novak told reporters on the sidelines of an energy event on Thursday as quoted by Xinhua news agency report. This year, 140 million ton of oil and oil products will go to the East. About 80-90 million ton will remain.
Cloud storage giant Dropbox sacks 500 employees amid slowing growth
Dropbox CEO Drew Houston said that he takes full ownership of this decision. "If you've been impacted, you'll be sent a calendar invitation for a one-on-one with a leader on your team and a member of the People team to go through details of your departure, package, and to ask any questions you may have," he informed.
Tech Mahindra posts lower net for FY23
According to the company, for FY23, it had earned a revenue of Rs 53,290 crore (FY22 Rs 44,646 crore) and a net profit of Rs 4,857 crore (Rs 5,630 crore). The Board, at its meeting on Thursday, has recommended a final dividend of Rs 32 per share, taking the total dividend for FY23 to Rs 50 per share.
Godrej Consumer to buy KamaSutra, Park Avenue brands from Raymond for Rs 2,825 crore
The brands that Godrej Consumer would be acquiring from Raymond Consumer are: Park Avenue (for the FMCG category), KS, KamaSutra and Premium, through a slump sale. According to Godrej Consumer, for FY23, Raymond Consumer had reported a revenue of Rs 622 crore.
A resilient bank must be financially and organisationally strong: RBI Governor
Addressing the global conference on financial resilience organised by the College of Supervisors here, Das said that in order to be resilient, a bank should have adequate capital buffers and should be able to generate earnings even in times of severe macroeconomic shocks.
Hinduja group offers to infuse Rs 300 crore in Reliance General Insurance
Reliance General Insurance, a unit of Reliance Capital, needs cash infusion to maintain solvency levels. IndusInd International Holdings Ltd (IIHL), which is owned by Hinduja, made the highest bid of Rs 9,650 crore for Reliance Capital in a second auction on Wednesday.
Wipro revenues touch Rs 231.9 bn in Q4, YoY bookings up by 28%, income drops by 0.4%
However, with net income for the quarter pegged at a,30.7 billion, even as the company's income increased 0.7 per cent QoQ, there was a 0.4 per cent decrease YoY. As per the financial results announced, the company reported a QoQ revenue decrease of 0.2 per cent even as it registered a year on year (YoY) revenue increase of 11.2 per cent.
BRICS currency to pose threat to dollar's dominance
De-dollarization moment might finally be here, Joseph Sullivan, former special advisor and staff economist at the White House Council of Economic Advisers during the Trump administration, wrote in Foreign Policy.Talk of de-dollarization is in the air. Last month, in New Delhi, Alexander Babakov, deputy chairman of Russia's State Duma, said that Russia is now spearheading the development of a new currency.
LG Electronics Q1 profit down 23% on slow demand
The South Korean tech company posted a first-quarter operating profit of 1.49 trillion won ($1.1 billion), down 22.9 per cent from a year earlier but 20.6 per cent higher than the average estimate by Yonhap Infomax, the financial data firm of Yonhap News Agency. Sales decreased 2.6 per cent to 20.41 trillion won. Net profit came to 546.5 billion won, down 61 per cent from a year earlier.
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