BUSINESS
iRobot lays off 10% workforce amid $1.7 bn Amazon acquisition
The company said that to better align its cost structure with near-term revenue, it is in the process of initiating a "restructuring of its operations". "The actions are expected to result in a net reduction of approximately 140 employees, which represents 10 per cent of the company's workforce as of July 2, 2022," it said in its quarterly earnings report.
Singapore-based crypto lender Hodlnaut freezes withdrawals, deposits
The company has also informed the Monetary Authority of Singapore (MAS) to withdraw its licence application, no longer providing regulated digital payment token (DPT) services or token swaps. "To all users, we regret to inform you that we will be halting withdrawals, token swaps and deposits with immediate effect. We have reached this difficult decision due to recent market conditions," the company said in a statement.
Interest coverage ratio in FY23 is likely to deteriorate: Bank of Baroda study
Interest payments will also rise due to global financial conditions and inflationary pressure. Earlier, falling interest rate regime has helped in improving the debt servicing ability of companies. Thus interest coverage ratio have improved in FY22. But improvement is skewed in favour of large enterprises, with MSME sector still under pressure. Small industries continued to remain vulnerable in terms of interest coverage ratio.
Govt invites firms with Rs 100 cr net worth for private 5G network demand studies
Enterprises which are willing to set up Captive Non-Public Network (CNPN) by obtaining spectrum directly from DoT are invited to participate in this exercise, the Department of Telecommunication (DoT) said in a statement. The DoT has now launched a module on Saralsanchar portal for carrying out the demand studies from enterprises.
EU ban on Russian coal imports to take effect after transition ends
The embargo was part of the fifth sanctions package agreed by the EU in April and will be in full force from Thursday onwards, reports dpa news agency. EU countries had agreed on a transitional period of 120 days to give the industry time to adapt to the import ban. The aim is to weaken the Russian economy amid its invasion of Ukraine.
Snapchat brings paid subscription service to India amid layoffs, poor growth
The subscribers in India will receive a Snapchat+ badge for their profile with a Star designation.
The Snapchat+ arrives in India at a time when WhatsApp is also geared up to launch seven new features with its upcoming update. "India is an important market for Snap and investments in localizing the app experience has been key to our growth in the region. We're very excited about offering exclusive, experimental, and pre-release features to our Indian Snapchatter community who is eager to try our new products and features," said Lakshya Malu
Musk sells nearly $7 bn in Tesla shares: Report
Musk's transactions occurred between August 5 and August 9, the US Securities and Exchange Commission (SEC) filings revealed, following Tesla's 2022 annual shareholder meeting on August 4 in Austin, Texas, reports CNBC. Earlier this year, the tech billionaire said on social media that he had "no further Tesla sales planned" after April 28. That week, SEC filings revealed Musk had been selling a block of shares in his electric car maker worth about $8.4 billion.
CoinSwitch's Web3 Discovery Fund to empower up to 100 Indian startups
The CoinSwitch's Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe, the company said in a statement.
Banks write off Rs 10L cr in last 5 FYs
As per the written reply by Minister of State for Finance, Bhagwat K. Karad in Rajya Sabha, during 2019-20, the write-off was worth Rs 2,34,170 crore, down from Rs 2,36,265 crore, the highest in five years recorded in 2018-19. During 2017-18, the write-off by banks stood at Rs 1,61,328 crore.
Non-life insurers violate law offering premium discount on vehicle third party liability insurance
Eden had asked Finance Minister Nirmala Sitharaman whether the government is aware of the 'cut and pay' system practiced by some private non-life insurers in the case of vehicle third party insurance? The cut and pay system is one where the insurers collect a lower sum than what is stipulated but print the actual premium figure on the policy.
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