BUSINESS
Edtech major BYJU's sacks thousands, and then hires Lionel Messi
The long-term engagement, which begins as Messi embarks on his final campaign to win the World Cup as captain of Argentina, will see him feature in campaigns promoting BYJU'S 'Education For All'. Abhishek Desai, Founder, CricHeroes, told IANS that it does sound like an irony that where you are laying off people on one side and hiring Messi as your global brand ambassador.
Noise sells 2 mn smartwatches in India in festive season, logs 200% growth
According to Counterpoint Research, India's smartwatch market grew 312 per cent (year-on-year) in Q2 2022. Noise captured the second spot with a 26 per cent share and registered 293 per cent (year-on-year) growth. The brand has ramped up its domestic production in the second quarter and contributed 3/4th of the locally manufactured smartwatches.
Reliance Capital COC divided on Challenge Mechanism
The COC failed to arrive at a decision on how the Challenge Mechanism process shall work. Instead, the Committee recommended the Black Box approach, which means that the modalities of the Challenge Mechanism process will be decided by the COC, and not communicated to the bidders right now. It will be communicated to them at a later date.
Elon Musk's job cut hits Twitter India, unaffected employees living in constant fear
In Twitter's Slack and group chat groups, employees earlier complained about the lack of internal communication from their senior executives, after Musk took over as the new CEO last week. "It is one of the most inhumane ways to get rid of us. After spending so many years at Twitter India, we were left without any communication since Musk took over," the affected workers told IANS.
Amazon freezes corporate hirings amid rough economic conditions
Beth Galetti, Amazon's senior vice president of people experience and technology, confirmed the move in a memo that the company had already begun pausing or slowing hiring in various corporate departments in "recent weeks".
Apple leads India premium smartphone segment with 40% share
Apple reached its highest ever share of 5 per cent in India's smartphone market during the quarter driven by a strong channel push ahead of the festive season. For the first time ever, an iPhone (iPhone 13) topped the overall India smartphone quarterly shipment rankings, according to Counterpoint Research.
Germany's largest gas importer posts $39billion net loss
This figure contains "10 billion euros of realized costs for replacement volumes, and roughly 31 billion euros of anticipated future losses from valuation effects on derivatives and provision built-ups related to the Russian gas curtailments as of September 30", the company said in a statement on Thursday.
Bank of England warns of longest recession in 100 years
A 0.75 per cent increase, the latest in a series of eight interest rate rises since last year, would not be enough to guarantee victory in the war against double-digit inflation, the Bank said, as it cautioned further action would be needed. The UK economy faces a "very challenging outlook", with a recession that began this summer now expected to last until the middle of 2024, the Guardian reported.
'Canada might enter mild recession'
The Department of Finance has developed a "downside scenario" that considers the impact of more persistent inflationary pressures and further tightening in monetary policy, leading to a "hard landing" in the economy, Xinhua news agency reported, citing the statement. In the downside scenario, CPI inflation stays above 3 per cent until the first quarter of 2024, about six months longer than in the September 2022 survey, before reaching 2 per cent by the end of 2024.
India smartphone market declines 11% to reach 45 mn units in Q3
According to the latest research from Counterpoint's 'Market Monitor service,' the decline, which is the first ever for a Q3, can be attributed to the high base last year due to the pent-up demand during Q3 2021, as well as lower consumer demand in the entry-tier and budget segments in Q3 2022.
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