BUSINESS
CARS24 asks 600 employees to leave on basis of 'poor performance'
Calling it "business as usual", the company. which has nearly 9,000-strong workforce, and is in the process of hiring more globally, said its business is actually growing in India, the Middle East, Australia and Southeast Asia. "This is business as usual as these are performance-linked exits that happen every year," the company said in a statement shared with IANS.
Google's Russia subsidiary plans to file for bankruptcy as can't pay salaries
"Russian authorities' seizure of Google Russia's bank account has made it untenable for our Russia office to function, including employing and paying Russia-based employees, paying suppliers and vendors, and meeting other financial obligations,a the company said in a statement to The Registrar on Thursday.
SC: GST council's recommendations not binding on Centre, state governments
A bench headed by Justice D.Y Chandrachud said GST Council recommendations only have a persuasive value as India is a cooperative federalism, and the Centre and states have simultaneous powers to legislate on Goods and Service Tax (GST). The bench emphasised that the GST council must work in a harmonious manner to achieve a workable solution between Centre and state governments.
BharatPe launches investment platform for merchants after Ashneer saga
In the first phase, the company is going live with peer-to-peer (P2P) investments and bank-deposit products with its partners on the platform. The P2P investment product is being powered through RBI regulated non-banking financial companies (NBFCs) LenDenClub and Liquiloans.
Global stock markets fall amid concern over rising prices
The US shares saw their biggest one-day drop since 2020 after downbeat earnings reports from some of America's biggest retailers. Target said unexpectedly high fuel and freight costs had cut into profits, which halved compared with a year ago. That followed a similarly downbeat update from rival Walmart earlier, BBC reported.
Tata vs Cyrus Mistry: SC dismisses review petitions by Mistry against March 2021 judgment
A bench headed by Chief Justice N.V. Ramana dismissed the review petitions. In a separate application for expunging remarks, the top court agreed to expunge certain remarks made against Mistry, but has also directed that certain offensive paragraphs directed against the court made in the application for expunction be deleted/withdrawn.
Indices slump in opening deals on weak overnight cues from US
"Indian benchmark indices are set to face heavy turbulence today amid negative global market cues. US markets saw the worst sell off since June 2020 as inflation fear looms," said Mohit Nigam, Head - PMS, Hem Securities just before the market opened. Indian economy is set to face jitters due to rising inflation in the US thus, making further interest rate hikes all the more important, Nigam added.
Walmart to Target to FAANGM to crypto - the bears rule for now
After notching its worst month since 2008 in April, the tech-heavy index continues to deflate this month too, with many in danger of seeing their gains from the pandemic's earlier phases, boosted by the remote-everything boom, getting wiped out. The S&P500 was no exception. Sitting at 4,462 a month back, the index bled 12.65 per cent at 3,924 by Wednesday.
Pakistani rupee touches 200 against US dollar in open market
Meanwhile, in the interbank market, the local currency continues to be on slippery ground, and with a fresh decline of Rs 2.1, it plunged to yet another historic low of Rs 199 against the greenback during intraday trading, despite suspected intervention by the Central bank. Investors are concerned as there is speculation in the market that the IMF may not agree to resume the loan programme, following the government's reluctance to implement the prerequisite conditions.
World Economic Forum to tackle geo-economic challenges in Davos
The meeting, called "History at a Turning Point: Government Policies and Business Strategies," will be held in Davos, Switzerland, on May 22-26, Xinhua news agency reported. After a two-year gap due to the Covid-19 pandemic, followed by the Ukraine crisis and other geo-economic challenges, the meeting is taking place at a crucial point in time, the WEF said on Wednesday.
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