BUSINESS
ED probes infusion of ill-gotten gains in real estate, entertainment industry
Among property documents seized, there are ownership deeds of several flats, some of them in the names of Chatterjee's relatives and associates. In most cases, the developers had ties with the suspended Trinamool Congress leader who wielded significant clout and was even considered No. 2 in the hierarchy after party supremo and Chief Minister Mamata Banerjee.
Android tablet market share drops below 50% in Q2
Tablet demand remains ahead of pre-pandemic levels in the face of inflation and supply constraints. However, mounting macro-economic pressures, lower consumer sentiment, the evolving threat of Covid, and a prolonged Russia/Ukraine conflict could turn the second half of the year much more challenging.
RBI may hike 25-50 basis points at monetary policy meeting next week
Economist and fund managers are of the mix view on the policy stance. Few are expecting stance will be change to 'Neutral', while some says 'Withdraw of accommodative stance could persist'. "We expect 40-50 bps hike in repo rate in August policy review. Withdraw of accommodative stance could persist," said Vivek Kumar, Economist, QuantEco Research.
Global smartphone shipments down 9% in Q2: Canalys report
The Q2 global smartphone figures are the lowest quarterly figure since Q2 2020, when the pandemic first hit. Samsung led the market with 61.8 million smartphones shipped and a 21 per cent market share. Despite the weak seasonality, Apple held on to second place, shipping 49.5 million iPhones for a 17 per cent market share.
Amazon reduces headcounts by 1 lakh, sees stabilisation in workforce
According to Brian Olsavsky, Chief Financial Officer, Amazon plans to become more cautious in its hiring at its headquarters and other facilities going forward. "I think it's right for people to step back and question their hiring plans. We're doing that, as well. I don't think you'll see us hiring at the same pace we did over the last year, or the last few years," he told reporters after the company declared its quarterly results.
Bhavish Aggarwal denies Ola planning merger with Uber
"Absolute rubbish. We're very profitable and growing well. If some other companies want to exit their business from India they are welcome to! We will never merge," Aggarwal posted. The Economic Times report, citing sources, said the Indian cab aggregator Ola and Uber Technologies are considering a potential merger.
India sees 5G spectrum bids worth Rs 1,49,855 cr, Reliance Jio leads
The bids for 5G airwaves are being led by Reliance Jio, followed by Bharti Airtel, Vodafone-Idea and a Gautam Adani company. According to Union IT Minister Ashwini Vaishnaw, the cumulative bid on Day 3 (Thursday) had reached Rs 1,49,623 crore. Vaishnaw said that the ongoing 5G spectrum auction indicates that the country's telecom industry has come a long way in 5G advancements.
Twitter-Musk court battle to start Oct 17 for 5 days
Judge Kathaleen McCormick in the Delaware Court of Chancery has issued an official schedule, with the high-profile trial starting from October 17 till October 21. Twitter wanted the trial to begin on October 10, but Musk said he wants it to start a week later, stressing that the extra week of preperation time would be crucial. "The parties shall work together in good faith on the scheduling and location of depositions.
HDFC Q1 net profit rises to Rs 3,669 crore
According to the company, it had posted an after tax profit of Rs 3,669 crore for the period ended June 30, 2022 up from Rs 3,001 crore logged during the previous year's corresponding period. The company said its average size of individual loans stood at Rs 35.7 lakh compared to Rs 33.1 lakh in FY22. As on June 30, 2022, the assets under management (AUM) stood at Rs 671,364 crore as against Rs 574,136 crore in the previous year.
AWS now has $79 bn annual sales run rate as top Cloud provider
The operating income of AWS was $5.7 billion in Q2. "Right now, we are at 84 availability zones, so that's 26 geographic regions and we've got plans to launch 24 more of those availability zones across eight regions -- Australia, Canada, India, Israel, New Zealand, Spain, Switzerland and the UAE," said Dave Fildes, Director of Investor Relations, Amazon's quarter earnings report.
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