Business

Adani shares nosedive again, wipeout crosses $92 billion


Mumbai: Shares in business tycoon Gautam Adani's flagship firm nosedived again on Wednesday as the conglomerate fought short-seller allegations of accounting fraud. Adani Enterprises stocks were down 30 per cent on the Bombay Stock Exchange minutes before the bourse's scheduled close, their fifth straight day of losses. The rout has wiped out around $92 billion of the...

Budget passes BJP’s political test ahead of 2024 elections


By Prashant Jha New Delhi: The political test of the final full budget of the Bharatiya Janata Party (BJP)-led government before the 2024 elections was based on a simple metric — would it be enough to sustain the party’s multi-class alliance or would budget measures fracture that wide alliance? On this yardstick, union finance minister Nirmala Sitharaman...

After mass layoffs, CEO Sundar Pichai to take salary cut


Alphabet CEO Sundar Pichai in a recent town hall meeting announced a 'significant reduction' in annual bonuses for all roles above the senior vice president level. Pichai himself is likely to see a reduction in salary, as his compensation is closely linked to the company's performance. While Pichai did not explicitly mention taking a salary...

India’s digital transactions in 2022 more than US, UK, Germany, France combined


In a major push to the Digital India initiative, the digital payment transactions of India in 2022 were more than the combined digital payments of UK, Germany, France and the US. This was stated by Union Minister of Railways, Communications, Electronics and Information Technology Ashwini Vaishnaw at the World Economic Forum in Davos. “India’s digital payments transactions...

Understand pressures of middle class: Nirmala Sitharaman


New Delhi: Finance Minister Nirmala Sitharaman has said that she is sensitive about the pressures faced by the middle class, as she too is from the same class of society. The finance minister said that being from the middle class herself, she was aware of the pressures on it and therefore the government has not imposed...

Microsoft sacks 11,000 employees


New Delhi: Microsoft Chairman and CEO Satya Nadella said that the company will be "making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of FY23 Q3 (third quarter)". Microsoft currently has more than 220,000 employees, and this round of layoffs affects around 5 percent of its workforce. Some...

India presents itself as resilient economy at WEF in Davos


New Delhi: India has reiterated its position as a resilient economy providing stable policy to the global investors at the World Economic Forum (WEF) at Davos. India's focus areas at WEF this year are investment opportunities, infrastructural landscape and its inclusive and sustainable growth story. Taking forward the strategy and presence of India during WEF Annual Meeting...

Cognizant appoints Infosys veteran Ravi Kumar as CEO


Nasdaq-listed Cognizant Technology Solutions appointed Ravi Kumar S as CEO and a member of the Board, effective immediately.  Kumar succeeds Brian Humphries in both roles. To facilitate a smooth transition, Humphries will remain with the company as a special advisor until March 15, 2023, the IT firm said  Previously, Kumar worked with Infosys. He was the president of...

Modi govt’s final full budget to focus on welfare spending


New Delhi: Wall Street major Goldman Sachs does not expect any significant reforms to be announced in this budget, but some details on incentives for 'Make in India', a roadmap on direct tax code implementation, and rationalization of subsidies, particularly fertilizers. The Indian Union budget will be presented on February 1 as the final full-year budget...