BUSINESS
Mukesh Ambani steps down from Reliance Jio, son Akash named Chairman
In regulatory filing, Reliance Jio, the telecom arm of the Reliance group, said the Board of Directors at its meeting held on Monday "approved the appointment of Akash Ambani, Non-executive Director, as the Chairman of the Board of Directors of the company".
VC firm Bertelsmann to invest $500 mn in Indian startups
The venture capital arm of German media company Bertelsmann, BII will steps up investment activity to six-eight new investments per year in the country and expand focus to make selective Series A investments. "Bertelsmann India Investments will benefit from Bertelsmann's Boost programme, which is being carried out based on our high investment capacity. It will help Bertelsmann continue to increase its growth momentum significantly," said Carsten Coesfeld, CEO of Bertelsmann Investments.
Indian rupee slips to 78.68 against US dollar
The Indian rupee opened at Rs 78.50 and went down to touch a fresh record low of 78.68 against the dollar. As crude prices increase, the rupee may further slip down, analysts said. The Reserve Bank of India (RBI) intervened by selling dollars to stabilise the rupee rate but the demand for the US currency was high.
87% of Indian firms to hike their AI spend by 10% in 3 years: Report
Within providers, too, 64 per cent have AI/ML as a core element for many of their products, as against 56 per cent of their global counterparts, according to the report by Bain & Company's, in collaboration with Microsoft and the Internet and Mobile Association of India (IAMAI).
BYJU's rejigs global team as part of expansion plan as edtech space shrinks
Vedati, Co-Founder and CEO of Tynker, will report to BYJU's Co-Founder and CEO Byju Raveendran. Srinivas Mandyam, Co-Founder and CTO of Tynker, will replace Vedati as Tynker's CEO, and Kelvin Chong, Tynker Co-Founder and Chief Architect, now takes on the expanded role of Chief Technology Officer (CTO), the company said in a statement.
Pallonji Mistry, father of Cyrus Mistry, passes away at 93
Pallonji Mistry, was 93 and is survived by his sons Shapoorji and Cyrus P. Mistry -- latter who was in the limelight for the huge corporate tussle with the Tata Group a few years ago, and two daughters, Laila and Aloo -- the latter wedded to Noel Tata, half-brother of Ratan Tata. The Shapoorji Pallonji Group is renowned in the realty and engineering sectors and constructed several landmark buildings like the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong & Shanghai Bank and others in south Mumbai.
Crypto exchange FTX denies it is acquiring Robinhood
A TechCrunch report said that FTX is "excited" about Robinhood's business prospects but is not talking about acquiring the platform. "We are excited about Robinhood's business prospects and potential ways we could partner with them, and I have always been impressed by the business that Vlad and his team have built," FTX CEO Sam Bankman-Fried was quoted as saying in the report.
India continues to grapple with 'severe and protracted power crisis' after surge in coal prices
The global price pressure eroded India's import volumes and reduced its power plant stockpiles to critically low levels just as an unrelenting heat wave pushed demand to unprecedented levels. The country generates more than 75% of its power from coal, and is the world's third-largest producer of electricity at 1,383 TWh/year.
Over a quarter of MSMEs lost over 3% market share due to Covid: Crisil
According to Crisil Research's SME Report 2022, half of them suffered a contraction in their earnings before interest, tax, depreciation and amortisation (Ebitda) margins because of a sharp rise in commodity prices last fiscal, compared with the pre-pandemic (fiscal 2020) level.
Intel offers tech-based solutions to tackle road safety issues in India
The collaboration, part of the Safety Pioneers Conference that was inaugurated by Union Road Transport and Highways Minister Nitin Gadkari here, aims to serve as a platform to introduce pioneering road safety initiatives and technologies such as Internet of Things (IoT), ADAS, and other emerging technologies that can bring impact at scale.
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