BUSINESS
Lyft, Deloitte announce layoffs amid global meltdown
According to a report in the Financial Times, the job cuts at Deloitte will cut 3 per cent of total workforce at its Risk and Financial Advisory division. Later on Friday, ride-hailing firm Lyft announced to significantly reduce the size of the team "as part of a restructuring to focus on better meeting the needs of riders and drivers".According to reports, the layoffs at Uber rival may affect 30 per cent of its 4,000 employees.
Sundar Pichai took home $226 mn in 2022 amid layoffs at Google
According to the tech giant's filing with the US Securities and Exchange Commission (SEC), Pichaia's compensation included stock awards of about $218 million. Pichai's salary, however, has remained steady at $2 million for the past three years, according to reports. On January 20, Google CEO confirmed in a letter to employees that about 12,000 people will be laid off globally, accounting for more than 6 per cent of the total workforce.
'Promotion a smoke screen against protection...': Pilots body sends legal notice to AI
"You are called upon to ensure that no such unilateral change is attempted, nor any of the so-called individual agreements are implemented, failing which, I am instructed by My Client to take all steps open to My Client to proceed against Air India, which shall be at Air India's risk and cost," the legal notice sent to the airline's Chief Human Resources Officer, Suresh Dutt Tripathi.
Reliance's initiatives in digital connectivity driving greater efficiencies in the economy: Mukesh Ambani
Commenting on the results, Ambani said Jio continues to digitally empower millions of citizens across the nation, extending True 5G reach to 2,300+ cities and towns in a short span of 6 months. With steady growth in mobility and FTTH subscriber base and an expanding bouquet of content and digital services, the Jio business continues to deliver impressive growth in operating profits.
RIL posts record annual consolidated revenues at Rs 9.76 lakh cr for FY 2022-23
Reliance's annual EBITDA crossed the benchmark of Rs 1.5 lakh crore for the first time, as the record high EBITDA stood at Rs 1.54 lakh crore ($18.8 billion), up 23.1 per cent Y-o-Y. Reliance also posted record annual consolidated profit after tax at Rs 74,088 crore ($9.0 billion), up 9.2 per cent Y-o-Y.
'Be humane': Sitharaman to SBI after video of old barefoot woman going to collect pension
The woman in the video, identified as Surya Harijan, lives in Odisha's Nabrangpur district, and stays with her younger son, who grazes other people's cattle. Her elder son is a migrant labourer in another state. The family lives in a hut and doesn't own any land, as per reports.
India's GDP to grow at 6.2% in FY24, RBI to cut rate in Q1 2024: Morgan Stanley
The report also said the inflation in India is likely to be below 5 per cent in the second quarter of calendar year 2024. According to Morgan Stanley, the key for sustained domestic demand is a pickup in capex, which will help create more jobs, thus leading to a virtuous cycle of more jobs-to-higher income-higher savings-higher investment. The headline consumer price index (CPI) print for March was in line with expectations.
News outlet Insider to lay off 10% of its workforce
The digital publication, however, denied that its experiments with AI chatbot ChatGPT for writing assignments is behind the job cut move, reports The Daily Beast. The layoffs reflect a media market still adjusting to a struggling economy. The staff members affected by the layoffs would receive 13 weeks of base pay.
Global VC market falls to $57.3 bn in Q1, expected to remain weak in Q2
Every region saw VC investment fall to levels not seen in years during Q1 2023. The $33.1 billion raised in the Americas was the lowest level since Q1 2018, while the $9.8 billion raised in Europe was the lowest since Q3 2018, and the $13.5 billion raised in Asia was the lowest since Q2 2015, according to the 'Venture Pulse' report.
Akshaya Tritiya may present a pleasant surprise for gold buyers
For the past one week before Akshaya Tritiya, gold price has been holding near Rs 60,000 per 10 gm, down from Rs 61,350 odd levels in MCX. Thus, investors buying the yellow metal on the auspicious occasion of Akshaya Tritiya shall keenly expect prices to drop somewhat for getting a bargain, said Jateen Trivedi, Vice President (Research), LKP Securities.
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