BUSINESS
Layoffs despite startups being flush with funds leave workforce enraged
The blockbuster startup party, that started in the pandemic years, appears to be over as thousands have been fired from startups ranging from edtech to e-commerce and healthtech verticals. Professional networking platforms like LinkedIn are full with raging posts from employees who have been asked to leave.
When a Zomato share is priced lower than a kilo of tomatoes
Share prices of tech startups such as Zomato, Nykaa and Paytm have caused huge wealth destruction for investors. Ravi Singh, Vice President and head of Research Share India said following the market slump due to the geopolitical crisis and interest rate hikes in developed economies, share prices of tech startups such as Zomato, Paytm and Nykaa have failed, erasing a large part of investors wealth.
Mobile gaming set to surpass $136 billion in 2022
The overall gaming market is set to hit $222 billion in 2022, according to data.ai (formerly App Annie) and the International Data Corporation (IDC). Globally, users downloaded 45 per cent more mobile games per week in Q1 2021 from pre-pandemic levels, clocking in at over 1.1 billion games per week.
Angel investor slams ex-Twitter India head of bullying at his startup
Founded by Maheshwari and Tanay Pratap just six months ago, the startup in February received $5 million in funding led by Arkam Ventures to build a metaverse of education and expand globally. In an email to investors, Gergely Orosz accused Maheshwari of wanting "more equity than vested".
GIC Re logs PAT of Rs 2,005 cr, cuts underwriting loss
The company's Board of Directors has declared an interim dividend of Rs 2.25 per equity share (on face value of Rs 5 each) for the year under review. During FY22, the GIC Re earned a gross premium income of Rs 43,208.46 crore as compared to Rs 47,014.38 crore for the year ended on March 31, 2021. Last fiscal the reinsurer had earned an after tax profit of Rs.2,005.74 crore as compared to Rs 1,920.44 crore logged in FY21.
Over 15K tech workers lose jobs in May globally
According to layoff aggregator layoffs.fyi, more than 15,000 tech workers have lost their jobs this month, reports TechCrunch. Since March 2020 when the Covid-19 pandemic started, 1.25 lakh employees have been laid off by around 718 startups globally. Tech companies are facing multiple issues like rising inflation, recession fear, Russia-Ukraine war.
Musk clarifies why he will not manufacture Tesla cars in India
On Starlink, he said that SpaceX is still waiting for the Indian government's approval. "Tesla will not put a manufacturing plant in any location where we are not allowed first to sell & service cars," Musk tweeted late on Friday. He responded to a user asking about the companya's manufacturing plans for India.
After two years, India-Myanmar border trade to resume soon
The External Affairs Ministry's Border Management (BM) Division earlier this week has sent an advisory to Manipur Chief Secretary Rajesh Kumar to resume India-Myanmar border trade. A senior official of the ICP, Moreh on Friday said that on the basis of the MEA advisory, which is available with the IANS, the Manipur government would soon issue a formal order to resume the trades between India and Myanmar.
Indo-Pacific Economic Framework Initiative - a game changer
The recently launched Indo-Pacific Economic Framework (IPEF) marks the beginning of a new phase of economic cooperation and integration in the region juxtaposed against China's ambitious Belt and Road Initiative (BRI) and Regional Comprehensive Economic Partnership (RCEP) led by it. There are genuine concerns regarding China's rise to power with regional and global implications.
Zilingo's ex-CEO Ankiti Bose seeks protection from abuse by Twitter user
In an Instagram post, Bose mentioned that her photos, chats, and documents were accessed and shared without her consent. "Today I obtained an Expedited Protection Order from the Singapore court against a Twitter user," she posted on the Meta-owned photo-sharing platform.
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