BUSINESS
Now Zilingo fraud saga threatens India's great startup run
After the long-drawn Ashneer Grover-BharatPe saga that put corporate governance on top of the stakeholders' minds, Singapore-based fashion-tech startup Zilingo asked Bose - who co-founded Sequoia Capital-backed Zilingo as a 23-year-old in 2015 -- to stay out of office till May 5, accusing her of inflating revenues.
Axis Mutual Fund sacks fund manager facing charges of front running
On 4 May, Axis AMC had suspended Joshi and another fund manager. Axis MF, in an official statement, said, "Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this investigation."
Intel to invest $700 mn on R&D in innovative data centre tech
Additionally, the company introduced the technology industry's first open intellectual property (open IP) immersion liquid cooling solution and reference design. "The future of the data centre and data centre design is based on innovative and sustainable technologies and practices," said Sandra L Rivera, Intel executive vice president and general manager of Datacenter and AI Group.
Musk sees net worth shrink by $12 billion amid ESG fiasco
Musk's decline in net worth also comes amidst his announcement that he would no longer be voting for a candidate from the Democratic Party in the next elections, reports Teslarati. Despite having over $12 billion lopped off his net worth, Musk still stands as the world's richest person with $210 billion to his name.
SpaceX sex scandal story meant to 'interfere with' Twitter acquisition: Musk
The Tesla CEO found himself in another controversy as a Business Insider report claimed that his spacecraft company SpaceX paid a flight attendant $250,000 to make sure she didn't sue the company after Musk allegedly "propositioned her for sex". The alleged victim, working as a crew member on a SpaceX corporate flight, claimed Musk touched her inappropriately and asked for an erotic massage, according to the report.
Vintage Mercedes sells for nearly Rs 1,100 cr, becomes world's most expensive car
Canada-based RM Sotheby's announced that it has auctioned off a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe, earlier this month, for 135 million euros, or about $143 million, reports CNBC. The sale smashed the previous record for the most expensive car sold at auction by more than $95 million and topped the $70 million record for a car sold privately.
'Double-digit wholesale inflation to deteriorate MSMEs' working capital'
"MSMEs are badly hurt by rising commodity prices," he said, against the backdrop of India's wholesale inflation, gauged by the Wholesale Price Index, rose to 15.08 per cent in April 2022 from 14.55 percent in March - and has been in double digits for over a year now. Kutty was speaking at a panel discussion on 'Impact of commodity price inflation on MSMEs' organized jointly by WTC Mumbai and All India Association of Industries (AIAI).
Over 33 lakh cheque bounce cases pending, Supreme Court to set up special courts
A bench of Justices L. Nageswara Rao, B.R. Gavai and S. Ravindra Bhat said: "The pilot study shall be conducted for a duration of 1 year from September 1, 2022 to August 31, 2023. The pilot study shall be conducted in 25 special courts in total. One special court shall be established in each of the 5 judicial districts which have been identified as having the highest pendency by each of the five High Courts of the states, with the highest pendency of NI Act cases."
Equity benchmarks up in opening deals
The excessive volatility in the market is broadly due to two reasons. One, the market has discounted severe monetary tightening by the Fed which is likely to take the Fed funds rate to around 3 per cent in 2023. Two, the market has not fully discounted the probability of the US economy slipping into recession in 2023.
Pakistan bans import of non-essential luxury items to stabilise economy
Pakistan will have to reduce its dependency on imports to put the country on the path of economic stability and progress, she said, adding that the government has been working to introduce an export-oriented policy, which will benefit local industry and producers, and generate employment, Xinhua news agency reported.
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