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EA to lay off 5% of workforce, affecting nearly 670 employees-Telangana Today

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The CEO, Andrew Wilson, stated that the decision aims to “streamline our company operations to deliver deeper, more connected experiences for fans everywhere.”



Updated On – 29 February 2024, 11:43 AM


EA to lay off 5% of workforce, affecting nearly 670 employees


San Francisco: Popular video gaming company EA (Electronic Arts) is laying off 5 per cent of its workforce, or nearly 670 employees.

The company’s CEO Andrew Wilson said that the move is to “streamline our company operations to deliver deeper, more connected experiences for fans everywhere.”

EA had about 13,400 employees as of 2023, according to media reports.

“We are also sunsetting games and moving away from development of future licensed IP that we do not believe will be successful in our changing industry,” Wilson wrote in a memo to staff.

The job cuts will support EA’s “strategic priorities and growth initiatives.”

“We are continuing to optimize our global real estate footprint to best support our business,” Wilson said.

In March last year, EA had laid off around 6 per cent of its workforce amid global macro-economic uncertainties.

At the time, Wilson had told employees that as the company drives greater focus across its portfolio, “we are moving away from projects that do not contribute to our strategy, reviewing our real estate footprint, and restructuring some of our teams”.

Earlier this week, Sony announced to lay off about 900 employees in its PlayStation division, or 8 per cent of its workforce.

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Indian ultra-rich individuals projected to rise 50 per cent by 2028-Telangana Today

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Individuals with a net worth of USD 30 million and above are considered ultra-high-net-worth individuals

Published Date – 28 February 2024, 08:11 PM


Indian ultra-rich individuals projected to rise 50 per cent by 2028

Representational Image

New Delhi: The number of Indian ultra-high-net-worth individuals is expected to increase to as high as 19,908 by 2028 from 13,263 in 2023, leading to a 50.1 per cent growth in their numbers.

Individuals with a net worth of USD 30 million and above are considered ultra-high-net-worth individuals.

These numbers, as projected by global consultancy firm Knight Frank, would be the highest growth in number of ultra-high-net-worth individuals for any country, in the next five years.

During the same period, the consultancy, in its flagship report, ‘Knight Frank Wealth Report 2024’, expects the number of wealthy individuals globally is expected to surge by 28.1 per cent to 802,891.

In 2023, the number of such individuals globally rose by 4.2 per cent, 626,619 from 601,300 a year earlier. India, however, saw an annual rise of 6.1 per cent in UHNWI population in 2023 over the previous year.

According to the Attitude Survey that is part of the Wealth Report 2024, 32 per cent of India’s ultra-high-net-worth individuals, wealth is allocated towards the residential real estate asset class.

According to the Knight Frank report, 90 per cent of Indian UHNWIs are expecting an increase in their wealth this year. Almost 63 per cent of these UHNWIs expect a significant increase of more than 10 per cent in their wealth.

“In a transformative era of wealth creation, India stands as a testament to thriving prosperity and burgeoning opportunities in the global economic spectrum,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.

“While global uncertainty prevails, easing domestic inflationary risks and likelihood of rate cuts will further accentuate the growth of Indian economy, and the reflection of this sentiment is echoed by wealthy Indians,” said Baijal.

Liam Bailey, global head of research at Knight Frank, said outside Asia, strong growth is focused on the Middle East, Australasia and North America, with Europe lagging and Africa and Latin America likely to be the weakest regions.

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AI Express aims 40 pc increase in flights; plans services to Nepal, Bangladesh, Sri Lanka-Telangana Today

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In this case, another source in the know said the planes that are being taken by Air India Express were originally for a foreign carrier, which decided not to go ahead with the order amid pandemic woes.

Published Date – 28 February 2024, 05:10 PM


AI Express aims 40 pc increase in flights; plans services to Nepal, Bangladesh, Sri Lanka


Mumbai: Low cost carrier Air India Express plans to operate 40 per cent more flights in the next financial year as well as start services to Nepal, Bangladesh and Sri Lanka, sources said on Wednesday.

The Tata Group-owned airline — which is in the process of merging AirAsia India, now rebranded AIX Connect — is expanding its fleet and expects to complete the acquisition of 50 white tail Boeing 737 Max aircraft by December this year, the sources close to the development said.

At least 13 of these 50 planes have already been inducted into its fleet. Currently, it operates 350 flights daily and has a fleet of 69 planes. Generally, a white tail aircraft means that it was actually meant to be delivered to another carrier by the manufacturer.

In this case, another source in the know said the planes that are being taken by Air India Express were originally for a foreign carrier, which decided not to go ahead with the order amid pandemic woes.

Going forward, the sources said the airline will focus more on consolidating its operations on the domestic routes and will not be adding many destinations locally.

Services will be introduced in few international routes, including Nepal, Bangladesh and Sri Lanka. In the next fiscal, the carrier plans to operate 40 per cent more flights as the fleet will also be expanded, the sources said.

More number of flights and services to new destinations will be introduced during the upcoming summer and winter schedules. Summer schedule starts from late March to late October and winter schedule commences from late October to late March.

At present, the airline has around 1,300 pilots, including 400 from AirAsia India. About 400 pilots are under training, they added. Regarding the progress on merging AIX Connect with Air India Express, the sources said the merger is expected to be completed by the second quarter of the next financial year.

Once the merger is fully complete then all the planes of AIX Connect will be under the air operator permit of Air India Express. Currently, three A320neo planes of AIX Connect are under Air India Express’ air operator permit.

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Sensex, Nifty tumble over 1 pc due to selling in Reliance, bank stocks-Telangana Today

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The 30-share BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88 with 26 of its constituents ending in the red and four in the green.

Published Date – 28 February 2024, 05:02 PM


Sensex, Nifty tumble over 1 pc due to selling in Reliance, bank stocks


Mumbai: Benchmark Sensex tanked more than 1 per cent while Nifty declined below the 22,000 level on Wednesday due to selling in index heavyweight Reliance Industries and bank stocks amid weak global market trends.

The 30-share BSE Sensex fell by 790.34 points or 1.08 per cent to settle at 72,304.88 with 26 of its constituents ending in the red and four in the green.

During the day, it tanked 872.93 points or 1.19 per cent to a low of 72,222.29. The Nifty slumped 247.20 points or 1.11 per cent to settle at 21,951.15.

As many as 46 Nifty shares closed with losses while four advanced. Among the Sensex firms, Power Grid fell the most by 4.43 per cent due to profit booking by investors. Reliance Industries dropped around 2 per cent, contributing 185.59 points to the slide.

IndusInd Bank, Maruti, Wipro, Tata Steel, JSW Steel, Asian Paints, Mahindra & Mahindra and UltraTech Cement were the biggest laggards. Hindustan Unilever, Infosys and Tata Consultancy Services and Bharti Airtel were the gainers. “Indian markets were jittery mirroring weak global markets.

Global investors are awaiting the key US economic data like personal consumption expenditure, in anticipation of good forecast there is a fear that Fed rate cut maybe delayed.

Turmoil in China’s property sector further impacted the Asian market trend,” said Vinod Nair, Head of Research, Geojit Financial Services. In the broader market, the BSE smallcap gauge declined by 1.94 per cent and midcap index went lower by 1.82 per cent.

All the indices ended lower. Utilities fell by 2.82 per cent, oil & gas declined 2.19 per cent, realty tanked 2.12 per cent, telecommunication dipped 1.92 per cent, services (1.89 per cent) and commodities (1.85 per cent).

Shares of debt-laden Vodafone Idea plummeted around 14 per cent after the fundraising announcement by the company failed to lift investors’ sentiment. Shares of One97 Communications Ltd, the owner of the Paytm brand, fell 5 per cent to hit a lower circuit limit.

A total of 2,963 stocks declined while 881 advanced and 77 remained unchanged. In Asian markets, Seoul settled with gains while Tokyo, Shanghai and Hong Kong ended lower. European markets were trading mostly lower. The US markets ended mostly higher on Tuesday.

The BSE benchmark climbed 305.09 points or 0.42 per cent to settle at 73,095.22 on Tuesday. The Nifty ended 76.30 points or 0.34 per cent up at 22,198.35. Global oil benchmark Brent crude declined 0.90 per cent to USD 82.90 a barrel. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,509.16 crore on Tuesday, according to exchange data.

Business

Samsung gives closer look of ‘Galaxy Ring’, confirms launch-Telangana Today

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The Galaxy Ring was earlier teased at the Galaxy Unpacked Even in January, when the Galaxy S24 series was launched.

Published Date – 28 February 2024, 03:46 PM


Samsung gives closer look of ‘Galaxy Ring’, confirms launch

Samsung Galaxy Ring

Hyderabad: Tech giant Samsung has unveiled the Galaxy Ring at the Mobile World Congress (MWC) 2024 in Barcelona. The Galaxy Ring will be Samsung’s first smart ring offering, which will track  heart rate, monitor and much more.

The Galaxy Ring was earlier teased at the Galaxy Unpacked Even in January, when the Galaxy S24 series was launched.

According to reports in some sections of media, the company is planning to launch the Galaxy Ring in the second half of this year. Chances are, the ring could be launched along with Samsung’s next gen foldable phones which are expected to be launched around the same time.

What features will the Samsung Galaxy Ring have?

Available in 9 ring sizes, from US 5-13, the Galaxy Ring boasts of loads of features that are aimed at monitoring users’ health. Heart rate tracker, breathing rate tracker, sleep pattern monitors, sleep apnea detectors among other features are provided got comprehensive insights into one’s health.

Although details on the time of launch and some features are out, Samsung is tight-lipped about the pricing of the product at this moment. Meanwhile gizmo freaks are eagerly waiting for more details about this product.

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Dailyhunt in talks to acquire microblogging platform Koo: Report-Telangana Today

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According to TechCrunch, citing sources, the deal is expected to be finalised “within weeks” and involves a share-swap agreement.

Published Date – 28 February 2024, 12:46 PM


Dailyhunt in talks to acquire microblogging platform Koo: Report


New Delhi: Media firm Dailyhunt is in the advanced stages of talks to acquire homegrown microblogging platform Koo, a media report said on Wednesday.

According to TechCrunch, citing sources, the deal is expected to be finalised “within weeks” and involves a share-swap agreement.

Founded in 2020, Koo is owned by Bengaluru-based Bombinate Technologies.

The company was founded by Aprameya Radhakrishna and Mayank Bidawatka and is often considered to be India’s version of Elon Musk’s X.

When reached, Dailyhunt did not immediately comment.

In September last year, Bidawatka said that the company is looking to “partner with someone who has the distribution strength to give Koo a massive user impetus and help it grow”.

In a LinkedIn post, he mentioned that the next phase for Koo is to “build scale and that will happen with either funding or through a strategic partnership with someone who already has scale” in the “current reality of a slow investor market”.

In April last year, Koo said that it had let go of 30 per cent of its workforce over the course of the year amid the current global meltdown.

The company had told IANS that it is important for businesses of all sizes to adopt efficient and conservative approaches to see this period through.

Business

Bill Gates visits Microsoft India Development Centre in Hyderabad-Telangana Today

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“It was rewarding to watch Bill address some of India’s brightest engineering minds at IDC, our biggest asset,” Rajiv Kumar, Managing Director, Microsoft IDC, and CVP, Experiences + Devices India, said in a statement.

Published Date – 28 February 2024, 12:54 PM


Bill Gates visits Microsoft India Development Centre in Hyderabad


New Delhi: Microsoft co-founder Bill Gates on Wednesday visited the Microsoft India Development Centre (IDC) in Hyderabad, a centre of innovation that he envisioned in 1998.

IDC is celebrating its 25th year of groundbreaking research, engineering, and development, marking its pivotal role in shaping world-class products such as Azure, Windows, Office, Bing, Copilot, and other AI applications.

“It was rewarding to watch Bill address some of India’s brightest engineering minds at IDC, our biggest asset,” Rajiv Kumar, Managing Director, Microsoft IDC, and CVP, Experiences + Devices India, said in a statement.

“Echoing his optimism over the opportunity for an AI-powered India, IDC is excited to drive innovation from India for Microsoft – from AI and cloud to security and gaming,” he added.

Earlier this week, Gates announced his plans to visit India in a LinkedIn post, saying, “I can’t wait to learn about how India is finding innovative new ways to advance health, digital public infrastructure, and climate to improve the lives of billions.”

In his blog, the Microsoft co-founder mentioned that he is visiting this week to learn about “how we can continue working with India to help its ideas and inventions reach everyone who needs them, no matter where they live.”

“This will be a main topic when I meet with Prime Minister Narendra Modi this week,” Gates added.

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Rupee holds steady at 82.89 against US dollar in early trading-Telangana Today

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Forex analysts note that the rupee was influenced by crude oil prices remaining above USD 83 per barrel. Nevertheless, the rupee found support from positive equity markets, limiting its decline.

Updated On – 28 February 2024, 11:41 AM


Rupee holds steady at 82.89 against US dollar in early trading


Mumbai: The rupee turned flat at 82.89 against the US dollar in early trade on Wednesday, resisting pressure amid unabated outflow of foreign funds and increased month-end demand of the American currency.

According to forex analysts, crude oil prices hovering above USD 83 per barrel also weighed on the domestic currency, however, positive equity markets provided cushion and capped a steep fall in the rupee.

Investors were also awaiting cues from US GDP data to be released later in the day and domestic GDP (Gross Domestic Product) numbers later this week, they said.

At the interbank foreign exchange, the local currency opened at 82.90 and then inched up to trade at the previous day’s closing level of 82.89 against the greenback.

On Tuesday, the rupee settled 1 paisa lower at 82.89 against the US dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was 0.09 per cent higher at 103.92.

Gaurang Somaiya, forex and bullion analyst Motilal Oswal Financial Services, said the dollar index traded neutral against its peers after the US data showed the consumer confidence index for February dropped lower than anticipated.

Also, the data on durable goods orders revealed a contraction.

“Currently, Fed watch tool suggests that market participants are pricing rate cuts to begin no time before June, and the upcoming core PCE (Personal Consumption Expenditures) price index tomorrow and GDP figures today will be heavily watched for,” he said, adding that the USD-INR (Spot) is expected to trade “sideways and quote in the range of 82.80-83.20”.

Brent crude futures, the global oil benchmark, were trading 0.49 per cent lower at USD 83.24 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 17.46 points or 0.02 per cent higher at 73,112.68 points.

The broader NSE Nifty rose 10.10 points or 0.05 per cent to 22,208.45 points.

Foreign institutional investors (FIIs) were net sellers in the capital markets on Tuesday as they sold shares worth Rs 1,509.16 crore on a net basis, according to exchange data.

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Stock markets maintain stability amidst volatile trading-Telangana Today

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In early trading, the 30-share BSE Sensex rose 83.06 points to reach 73,178.28, while the Nifty increased by 27.95 points to 22,226.30. However, both indices later experienced fluctuations, swinging between highs and lows.

Published Date – 28 February 2024, 11:45 AM


Stock markets maintain stability amidst volatile trading


Mumbai: Equity benchmark indices Sensex and Nifty started the trade on an optimistic note on Wednesday but later quoted flat in a highly volatile trade amid mixed global market cues.

Derivatives expiry on Thursday also fuelled volatility in the domestic market, traders said.

The 30-share BSE Sensex climbed 83.06 points to 73,178.28 in early trade. The Nifty went up by 27.95 points to 22,226.30. But, later both the benchmark indices were oscillating between highs and lows.

Among the Sensex firms, Bharti Airtel, Tata Motors, State Bank of India, Tata Steel, Reliance Industries and Kotak Mahindra Bank were the major gainers.

Asian Paints, UltraTech Cement, Wipro and Larsen & Toubro were among the laggards.

In Asian markets, Seoul quoted with gains while Tokyo, Shanghai and Hong Kong traded lower.

The US markets ended mostly higher on Tuesday.

“Market is likely to be in a range-bound zone in the near term. The present range-bound consolidation phase is likely to continue for some time in the absence of strong positive or negative triggers,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark climbed 305.09 points or 0.42 per cent to settle at 73,095.22 on Tuesday. The Nifty ended 76.30 points or 0.34 per cent up at 22,198.35.

Global oil benchmark Brent crude declined 0.40 per cent to USD 83.30 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,509.16 crore on Tuesday, according to exchange data.

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Apple cancels self-driving EV project, to lay off workers: Report-Telangana Today

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According to a TechCrunch report, the company is likely “cutting hundreds of employees from the team and all work on the project has stopped”.

Updated On – 28 February 2024, 08:49 AM


Apple cancels self-driving EV project, to lay off workers: Report


San Francisco:  Apple has reportedly shelved its autonomous electric car project permanently and is likely to lay off “hundreds of employees” from the division, the media reported on Wednesday.

According to a TechCrunch report, the company is likely “cutting hundreds of employees from the team and all work on the project has stopped”.

Some employees will be shifted to Apple’s generative AI (GenAI) projects. The Apple car project had around 1,400 employees.

Apple first started working on its car project called “Project Titan” way back in 2014.

In 2021, it hired Ulrich Kranz, a former BMW executive who helped run the i3 programme.

In December last year, Apple delayed the launch of its electric vehicle, referred to as the ‘Apple Car’, until 2026 which was expected to be priced under $1,00,000.

The tech giant also scaled back its vision for the self-driving electric vehicle.

Initially, the iPhone maker intended to create an automobile with no steering wheel or pedals, allowing passengers to sit facing one another in a limousine-style vehicle.

Later, the project was reduced in scope and was set to have a more traditional design with a driver’s seat, steering wheel and pedals, according to earlier reports.