The Times Of India Business
Musk loses $12 billion in a day as he tweets politics, slams ESG
Musk, 50, remains the world's richest person, with a fortune of $209.9 billion, according to the Bloomberg Billionaires Index. He's shaved $60.4 billion off his wealth this year, trailing only Binance's Changpeng Zhao, who's down $81 billion, and Jeff Bezos's $62 billion drop.
Top executives may get 9% hike: Survey
Top executives in India are expected to receive an increment of 8. 9% this year, the highest in six years, according to a survey. The meatiest hikes are expected to be witnessed in sectors such as manufacturing, technology and ITeS, followed by life sciences and finance.
Gautam Adani, Mukesh Ambani reap windfall from surging oil, coal
Gautam Adani and Mukesh Ambani are profiting from a surge in global commodity prices triggered by Russia’s invasion of Ukraine, burnishing their fossil-fuel credentials even as Asia’s richest men publicly push their pivots toward greener energy.
Govt shelves BPCL privatisation for now as bidders exit
India has stalled the privatisation of state-owned refiner Bharat Petroleum Corporation Limiter (BPCL) as most bidders walked out of the process, according to an official with direct knowledge of the matter. There was only one potential buyer left in the fray for purchasing the government’s 53% holding in the company.
India better placed to face global challenges: CEA
Chief economic adviser (CEA) V Anantha Nageswaran on Wednesday said amid global uncertainties caused by the ongoing Russia-Ukraine war, India is still better placed among the large economies because of an improved financial system and a robust corporate health.
ITC Q4 net profit up 11.60% at Rs 4,259.68 crore
ITC Ltd on Wednesday reported an 11.60 per cent rise in its consolidated net profit to Rs 4,259.68 crore for the fourth quarter ended in March 2022.The company had posted a net profit of Rs 3,816.84 crore during the January-March quarter of the previous fiscal, ITC said in a regulatory filing.
'RBI opted for off-cycle rate hike to avoid tougher action in June'
Waiting for the scheduled monetary policy meet in June would have meant losing time and opting for a stronger action, RBI governor Shaktikanta Das told members of the MPC before they unanimously decided to go for an off-cycle hike in interest rate on May 4.
Sri Lanka can’t find cash to pay even one ship for petrol
Sri Lanka asked citizens not to queue for gasoline as the nation on the verge of default has no dollars to pay for a fuel shipment. “There is a petrol ship in our waters,” energy minister Kanchana Wijesekera told parliament Wednesday. “We do not have the forex.” Sri Lanka “hopes” to release the ship “today or tomorrow,” the minister said. The nation also owes the same supplier $53 million for an earlier shipment of gasoline, he added, without elaborating.
Edtech platform Vedantu lays off 424 more employees
Education technology firm Vedantu laid off 424 more employees on Wednesday, the company said in a blog post. Citing scarcity of capital for the upcoming quarters, the firm it will be laying off 7 per cent of its workforce.
India to press ahead with strict cybersecurity rules despite concerns
India will not change upcoming cybersecurity rules that force social media, technology companies and cloud service providers to report data breaches swiftly, despite growing industry concerns, the government said on Wednesday.