Business

09 May

LinkedIn cuts over 700 jobs

Priyanka BhowmickBusiness, IndiaBusiness, india

LinkedIn will cut 716 jobs as demand waves and will also end China-focused job applications, the company, which focuses on business professionals, said Monday. The Microsoft Corp.-owned social media network with 20,000 employees has grown revenue every quarter over the past year, but it joins other big tech companies, including its parent, in laying off workers amid a weak global economic outlook. According to Layoffs.fyi, in the past six months, more than 270,000 technical jobs have been laid off worldwide, tracking fallouts.LinkedIn makes money through ad sales and charges subscriptions to recruiting and sales professionals who use the network to…

08 May

Coal India Q4 Profit Drops 18% On Wage Bill

Priyanka BhowmickBusiness, BUSINESS, IndiaBusiness, india

State-run Coal India Ltd missed street estimates and fourth-quarter net profit declined primarily due to increased provisions towards wages.Coal India posted a consolidated net profit of Rs 5,527.62 crore for the March quarter, down 17.7 percent from a year ago. Consolidated revenue for the quarter stood at Rs 35,161.44 crore, up 17.3 percent year-on-year. A Bloomberg poll estimated a net profit of Rs 7,752 crore and earnings of Rs 35,270 crore. The company has recommended a final dividend of Rs 4 per share. A total dividend of Rs 20.25 per share has already been paid in two installments earlier.CIL's total…

06 May

Rana Group announces Sourav Ganguly as brand ambassador

Priyanka BhowmickBusiness, IndiaBusiness, india

The Rana Group, which has diversified its business interests, on Friday said it will invest Rs 1,900 crore in the electric vehicle business in a phased manner, a top company official said on Friday.The group has also appointed cricketer Sourav Ganguly as the brand ambassador of its three affiliates Erica Agritech, Erisha E Mobility and Erisha Edu Support."We have signed two MoUs with the Uttar Pradesh government. We have to set up 100 EV charging hubs in PPP mode, and the investment will be around Rs 400 crore. Another MoU is to spread an EV park in Jhansi. More than…

05 May

Tata Power net profit rises 48% to Rs 939 cr

Priyanka BhowmickBusiness, BUSINESS, IndiaBusiness, india

Tata Power on Thursday jumped 48 percent to Rs 939 crore in its fourth quarter (Q4) profit for the financial year 2022-23 (FY23), compared to Rs 632 crore in the same period last year. The company said it would be the 14th consecutive quarter of profit after tax (PAT) hikes, adding that Q4 numbers are backed by strong performance in all businesses. Q4 FY23 revenue grew 6 percent to Rs 12,755 crore from Rs 12,085 crore in Q4 FY23 due to higher sales among distribution companies and capacity additions in renewable energy. In Q4, EBITDA (income before interest, tax, depreciation,…

04 May

Elon Musk has threatened to give away NPR’s handle unless it starts tweeting again

Priyanka BhowmickBusiness, IndiaBusiness, india

Twitter chief Elon Musk has "threatened" to redistribute national public radio's(NPR) Twitter account to another company, the US-based broadcaster informed on Tuesday. Musk suggested he redistribute the network's original account under the @NPR handle to another company or individual, NPR reported. NPR stopped posting content on its 52 official Twitter feeds last month in protest over a Twitter designation that suggested government involvement in its editorial content. Musk, in an email to an NPR reporter, asked about his engagement with Twitter, the public broadcaster said. "So is NPR going to start posting on Twitter again, or should we reassign @NPR…

04 May

Ajay Banga confirmed as the next President of World Bank

Priyanka BhowmickBusiness, BUSINESS, worldBusiness, india

Ajay Banga, who on Wednesday became the next President of the World Bank, becoming the first Indian-American to head a global financial institution, said he looks forward to working with him when developing countries are facing tracking the most difficult development challenges. "The Executive Directors of the World Bank today elected Ajay Banga as the President of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the United States would nominate 63-year-old Banga to lead the World Bank because he is "well-equipped" to lead…

03 May

Go First suspends flights from May 3-5

Priyanka BhowmickBusiness, BUSINESSBusiness, india

Cash-strapped Indian airline GoFirst has suspended flights from May 3 to May 5 to clear dues of oil marketing companies.The Wadia Group airline told the Directorate General of Civil Aviation that it would not be able to operate flights, sources said. Go First has been struggling with financial headwinds for a while. It has cash flow arrangements with oil companies.This means that the carrier has to pay for the fuel every day and is not getting any credit from the suppliers.At the heart of the crisis are Pratt & Whitney (P&W) engine problems and late lease payments that have resulted…

29 Apr

Swiggy starts charging Rs 2 platform fee on food orders

Priyanka BhowmickBusiness, IndiaBusiness, india

Process-backed food tech giant Swiggy has started charging all users a Rs 2 "platform fee" per order, regardless of cart value, as the company seeks to control its costs. The additional charge, initially introduced for users in cities like Bengaluru and Hyderabad, is currently being levied only on food orders and is yet to be introduced on quick-trade or Instamart orders. According to research, Swiggy is yet to introduce these charges in major cities like Delhi and Mumbai. The platform fee is for food delivery only. Whether they are Swiggy One customers or not, this is different from the handling…

29 Apr

Airtel Ads Business Head Vignesh Narayanan quits his job

Priyanka BhowmickBusinessBusiness, india

Vignesh Narayanan has stepped down as Business Head of Airtel Ads after holding the role for two years, a source familiar with the matter confirmed to Exchange4media. His last day is today, April 28. A replacement search has begun and third-party firms have been brought in to find a new CEOPreviously, Narayanan worked at MediaMath as Senior Director of International Media Partnerships at MediaMath. According to sources, he is moving to another media house.

25 Apr

Adani Ports starts $130 mln buyback of debt securities

Priyanka BhowmickBusiness, IndiaBusiness, india

Adani Ports and Special Economic Zones, a subsidiary of India's troubled Adani Group, on Monday announced a buyback program of certain debt securities. The move aims to partially repay the outstanding debt in 2024.Adani Ports disclosed in a filing to the stock exchange that it has issued a tender for outstanding loans of up to $130 million.The company is taking this step to boost investor confidence, as Adani Group shares were badly hit after a negative report by US short-sellers earlier this year.The report added, "The group is likely to start with the first tranche of anywhere between $250 million…