Business

Bernard Arnault returns as world’s richest man as Musk loses $18 bn-Telangana Today

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With a combined net worth of about $426 billion at the time, Musk and Arnault had lunch in Paris in June last year. They met at Cheval Blanc, a luxury hotel chain owned by Arnault’s LVMH.

Updated On – 29 January 2024, 09:27 AM


Bernard Arnault returns as world’s richest man as Musk loses $18 bn


San Francisco: Bernard Arnault, chairman and CEO of global luxury goods company LVMH, has returned as world’s richest man as Elon Musk lost more than $18 billion in his net worth after Tesla stock nosedived last week, wiping over $73 billion off the company’s market value.

According to Forbes’ real-time billionaire list, Arnault and his family’s net worth grew to $207.8 billion after a $23.6 billion increase, passing Musk’s $204.5 billion. LVMH shares were up over 13 per cent on their last close on Friday. The market cap of LVMH reached $388.8 billion, compared to Tesla’s $586.14 billion market cap. The 74-year-old Bernard Arnault first surpassed Musk in December 2022. In December last year, Tesla and SpaceX CEO returned as the world’s richest man, recapturing the title from French luxury tycoon Arnault.

With a combined net worth of about $426 billion at the time, Musk and Arnault had lunch in Paris in June last year. They met at Cheval Blanc, a luxury hotel chain owned by Arnault’s LVMH.

Meanwhile, Tesla shares plunged more than 11 per cent last Friday, wiping $73 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals. In an earnings presentation, the world’s most valuable automaker said its sales growth this year may be notably lower than last as it continued developing the next-generation vehicle, likely a lower-priced model.

While it reported a sizable 38 per cent increase in deliveries last year compared with 2022, Tesla had previously targeted a 50 per cent annual growth rate averaged over several years, CNN reported.

Business

Flipkart co-founder Binny Bansal officially exits board-Telangana Today

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Earlier this month, Binny announced a new venture called ‘OppDoor’, which will help e-commerce companies expand operations globally by providing them with end-to-end solutions.

Updated On – 27 January 2024, 03:35 PM


Flipkart co-founder Binny Bansal officially exits board

Binny Bansal

New Delhi: Flipkart co-founder Binny Bansal has officially exited the e-commerce platform’s board after more than 16 years. Sachin Bansal, the other co-founder, left the board in 2018.

After leaving Flipkart, Sachin founded Navi, a financial services firm. “Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,” Binny said in a statement. “I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business,” he added.

Flipkart Group CEO Kalyan Krishnamurthy said in a statement on Saturday that the company is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops. “We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem,” he added.

Earlier this month, Binny announced a new venture called ‘OppDoor’, which will help e-commerce companies expand operations globally by providing them with end-to-end solutions.

As per reports, OppDoor will initially focus on e-commerce companies in the US, Canada, Mexico, the UK, Germany, Singapore, Japan, and Australia. Last year, Bansal sold his remaining stake in Flipkart and received about $1-$1.5 billion from his shareholding in Flipkart. Binny, along with Sachin Bansal, exited Flipkart after selling it to Walmart in 2018 for around $16 billion. Binny has backed around 60 startups, like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others.

Business

Flipkart co-founder Binny Bansal officially exits board-Telangana Today

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“Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,” Binny said in a statement.

Published Date – 27 January 2024, 02:56 PM


Flipkart co-founder Binny Bansal officially exits board

Binny Bansal

New Delhi: Flipkart co-founder Binny Bansal has officially exited the e-commerce platform’s board after more than 16 years. Sachin Bansal, the other co-founder, left the board in 2018.

After leaving Flipkart, Sachin founded Navi, a financial services firm.

“Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,” Binny said in a statement.

“I wish the team the best as they continue to transform experiences for customers, and I remain a strong supporter of the business,” he added.

Flipkart Group CEO Kalyan Krishnamurthy said in a statement on Saturday that the company is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops.

“We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem,” he added.

Earlier this month, Binny announced a new venture called ‘OppDoor’, which will help e-commerce companies expand operations globally by providing them with end-to-end solutions.

As per reports, OppDoor will initially focus on e-commerce companies in the US, Canada, Mexico, the UK, Germany, Singapore, Japan, and Australia.

Last year, Bansal sold his remaining stake in Flipkart and received about $1-$1.5 billion from his shareholding in Flipkart. Binny, along with Sachin Bansal, exited Flipkart after selling it to Walmart in 2018 for around $16 billion.

Binny has backed around 60 startups, like Acko, Ather Energy, Curefoods, Cultfit, BrightChamps, Unacademy, Yulu and others.

Business

India’s forex reserves drop by USD 2.8 billion-Telangana Today

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The central bank’s weekly statistical data revealed a decline of USD 2.653 billion in India’s foreign currency assets (FCA), the largest segment of the forex reserves, bringing the total to USD 545.855 billion by the end of the week.

Updated On – 27 January 2024, 09:23 AM


India’s forex reserves drop by USD 2.8 billion


New Delhi: India’s foreign exchange reserves declined by USD 2.795 billion to USD 616.143 billion in the week that ended on January 19, 2023, the latest data released by the Reserve Bank of India showed.

During the week, India’s foreign currency assets (FCA), the biggest component of the forex reserves, declined by USD 2.653 billion to USD 545.855 billion, the central bank’s weekly statistical data showed.

Gold reserves during the week declined by USD 34 million to USD 47.212 billion.

In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India’s forex kitty slumped by USD 71 billion cumulatively.

Forex reserves or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority.

It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.

In October 2021, the country’s foreign exchange reserves touched an all-time high of about USD 645 billion. Much of the decline, though marginal on a cumulative basis, since then can be attributed to a rise in the cost of imported goods in 2022.

Also, the relative fall in forex reserves could be linked to the RBI’s intervention, from time to time, in the market to defend the uneven depreciation in the rupee against a surging US dollar.

Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, to prevent a steep depreciation in the rupee.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

Business

Sebi streamlines reporting requirements for designated depository participants, custodians-Telangana Today

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Sebi has provided the reporting requirements along with periodicity in the circular.

Published Date – 25 January 2024, 10:35 PM


Sebi streamlines reporting requirements for designated depository participants, custodians


New Delhi: Markets regulator Sebi on Thursday streamlined the reporting requirements for designated depository participants and custodians.

The decision has been taken after reviewing various reports submitted by the Designated Depository Participants (DDPs) and custodians in order to have uniform compliance standards, for ease of compliance reporting and for regulatory purposes.

In a circular, the Securities and Exchange Board of India (Sebi) said that reports about Foreign Portfolio Investors (FPIs) non-compliant with legal entity identifier requirements and FPIs who have not submitted granular beneficial ownership details should be submitted on a quarterly basis.

Various other reports also need to be submitted to the regulator.

Sebi has provided the reporting requirements along with periodicity in the circular.

The reports should be on monthly, quarterly, half-yearly and annual basis as specified by the regulator.

“The monthly and quarterly reports shall be uploaded within 15 calendar days from the end of each month and quarter, respectively,” the circular said, adding that the new provisions will be effective from the month ending February.

 

Business

Inshorts CEO Azhar Iqubal to make debut on ‘Shark Tank India 3’-Telangana Today

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Azhar, a visionary who has transformed news consumption, shares a passion aligned with the goals of ‘Shark Tank India 3,’ focusing on localized solutions that meet global standards

Published Date – 25 January 2024, 01:00 PM


Inshorts CEO Azhar Iqubal to make debut on ‘Shark Tank India 3’


Mumbai: The upcoming episode of the entrepreneurial reality show ‘Shark Tank India’ season 3, will mark the debut of Azhar Iqubal, the co-founder and CEO of Inshorts.

As a visionary, who significantly transformed the landscape of news consumption, Azhar’s passion aligns with the goals of ‘Shark Thank India 3’, aiming to bring localised solutions to problems that meet the global standards.

Expressing his perspective on this, Azhar said: “I want to tell the youth of India that where you come from and whether you have a degree does not matter. What matters is whether you have hunger, discipline, and focus.”

Inshorts is a news application that provides news in crisp 60 words summary for the users.

Meanwhile, in the previous episode, the audience have witnessed BOAT CMO Aman Gupta striking a Rs 60 lakh deal with the Delhi-based bakery ‘The Cinnamon Kitchen’ on ‘Shark Tank India 3’.

The other sharks in this season are — Aman Gupta, Anupam Mittal, Deepinder Goyal, Namita Thapar, Peyush Bansal, and Vineeta Singh.

’Shark Tank India 3’ streams on Sony LIV.

Business

Microsoft Surpasses $3 Trillion valuation, second only to Apple-Telangana Today

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In recent months, Microsoft’s stock has been surging, driven by its focus on artificial intelligence (AI) in collaboration with OpenAI

Updated On – 25 January 2024, 11:06 AM


Microsoft Surpasses $3 Trillion valuation, second only to Apple


San Francisco: Microsoft has reached the coveted $3 trillion mark and became the second company after Apple to achieve this feat.

Microsoft reached a $3 trillion market cap, the first time in its 48-year history.

The Satya Nadella-run company reached the milestone valuation after its stock climbed 1.5 per cent in trading on Nasdaq late on Wednesday.

Tim Cook-led Apple hit the $3 trillion market cap around two years ago.

Microsoft’s stock has been rallying in recent months, amid its artificial intelligence (AI) push along with OpenAI.

In the past five years, Microsoft’s stock price has moved from $107 to the current price of around $404.

Microsoft, under Nadella, has also acquired several AI companies and invested more than $10 billion into OpenAI, reports The Verge.

Nadella took charge of the company nearly 10 years ago, and acquired Minecraft developer Mojang, LinkedIn, GitHub, and Xamarin.

Earlier this month, Microsoft surpassed Apple’s market cap to become the world’s most valuable public company for a brief period.

Now, it has finally crossed the $3 trillion mark and stayed there.

The company’s stock saw a big bump after it announced a steep price on Copilot for Microsoft 365, its AI-powered Office documents.

Since then, the company has been announcing new AI features every now and then.

Business

Sony terminates merger agreement with Zee Entertainment-Telangana Today

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As per the deal, the merger was to be completed before December 21, 2023, including regulatory and other approvals with grace period of one month to complete the transaction.

Published Date – 22 January 2024, 02:47 PM


Sony terminates merger agreement with Zee Entertainment


New Delhi: Culver Max Entertainment, formerly known as Sony Pictures Networks India (SPNI), has terminated merger agreements with Zee Entertainment, which could have otherwise created a USD 10 billion media enterprise in the country.

“SPNI, a wholly-owned subsidiary of Sony Group Corporation, today issued a notice terminating the definitive agreements entered into by SPNI and Zee Entertainment Enterprises Ltd (ZEEL) relating to the merger of ZEEL with and into SPNI, which was…announced on December 22, 2021,” a statement by Sony Group Corporation said.

As per the deal, the merger was to be completed before December 21, 2023, including regulatory and other approvals with grace period of one month to complete the transaction.

If the merger did not close by 24 months after their signature date, the parties would be required to discuss an extension of the end date required to make the merger effective by a reasonable period of time, it said.

Such discussions were required to be held for a period ending 30 days after the end date.

“The definitive agreements further provided that if the parties are unable to agree upon such an extension by the end of the discussion period, any party could terminate the definitive agreements by providing written notice,” it said.

However, the merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by then, it said.

Sony sent a termination notice to Subhash Chandra family-promoted media and entertainment firm ZEEL after the end of one month grace period.

On December 17 last year, ZEEL sought an extension of the deadline from Culver Max and Bangla Entertainment Pvt Ltd (BEPL) under the 2021 agreement.

On December 19, SPNI had stated that it had not yet agreed to the deadline extension request by ZEEL. However, a day after it agreed to discuss the matter.

The proposed USD 10-billion merger had already received regulatory approvals from fair trade regulator CCI, NSE and BSE, shareholders and creditors of the company.

In August last year, the Mumbai bench of the National Company Law Tribunal (NCLT) also gave a go-ahead to the merger.

Business

Man gets ‘old discarded’ laptop instead of Rs 1.13 lakh model-Telangana Today

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Souro Mukherjee posted a video on X showcasing the delivery agent unboxing the laptop.

Published Date – 21 January 2024, 02:00 PM


Watch: Man gets ‘old discarded’ laptop instead of Rs 1.13 lakh model


New Delhi: A man who purchased a laptop worth Rs 1.13 lakh from Flipkart during its Republic Day sale has claimed that he received “some old discarded laptop” instead.

Souro Mukherjee has shared the video on X in which the delivery agent can be seen unboxing the laptop.

“I ordered a brand new Asus Laptop from Flipkart in this Republic Day sale and I received some old discarded laptop. Never trust products ordered from online platforms. @flipkartsupport @Flipkart #flipkartscam,” Mukherjee wrote while sharing the video.

Mukherjee ordered a black laptop, but when unboxed, it turned out to be a silver one.

“I had ordered a black laptop,” he said in the video. Even the delivery agent can be heard saying in the video, “This looks like a used one.”

Responding to his post on X, Flipkart said, “We’d never want you to get anything but what you ordered and are extremely sorry about this instance. You can count on us to sort this out. Please help us with the order details so that we can look into it and assist you further. Awaiting your response”.

“Please do not share your order-specific details or personal details on this social platform as they are visible to all. Kindly reach out to us via DM to ensure your details are secure. Please do not respond to fake social media handles impersonating our brand to safeguard your interactions,” it added.

Last year, a man who eagerly waited for Flipkart’s Big Billion Days sale to buy a Sony TV so that he could watch and enjoy the ICC Men’s ODI World Cup was left shocked when the TV turned out to be a low-priced TV from another brand when he opened the box.

“I had purchased a Sony tv from @Flipkart on 7th Oct, delivered on 10th Oct and sony installation guy came on 11th Oct, he unboxed the tv himself and we were shocked to see a Thomson tv Inside Sony box that too with no accessories like stand, remote etc,” he wrote on X.

Business

Amazon acknowledges CCPA notice on sale of ‘Ram Mandir prasad’-Telangana Today

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Amazon acknowledged that it has received a communication from the CCPA regarding misleading product claims by certain sellers and said it is “investigating them for violations”

Published Date – 20 January 2024, 03:03 PM


Taking action: Amazon acknowledges CCPA notice on sale of ‘Ram Mandir prasad’


New Delhi: After it received a notice from the Central Consumer Protection Authority (CCPA) for selling sweets as ‘Shri Ram Mandir Ayodhya Prasad’, e-commerce company Amazon on Saturday said it is taking appropriate action against such listings in line with its policies.

Amazon acknowledged that it has received a communication from the CCPA regarding misleading product claims by certain sellers and said it is “investigating them for violations”.

“In the interim, we are taking appropriate action against such listings as per our policies,” Amazon spokesperson said in a statement.

The CCPA has slapped a notice on Amazon for selling sweets under the name ‘Shri Ram Mandir Ayodhya Prasad’.

The CCPA has sought a response from Amazon within seven days, failing which necessary action will be initiated against them under the provisions of the Consumer Protection Act, 2019, according to an official statement on Friday.

The CCPA has “initiated action against Amazon Seller Services Pvt Ltd, concerning the sale of sweets on www.amazon.in under the name ‘Shri Ram Mandir Ayodhya Prasad’.” The action has been initiated based on a representation by the Confederation of All India Traders (CAIT), alleging that Amazon is engaging in deceptive trade practices involving the sale of sweets under the guise of ‘Shri Ram Mandir Ayodhya Prasad’.

The CCPA has observed that various sweets/food products are available for sale on Amazon e-commerce platform (www.amazon.in) claiming it to be ‘Shri Ram Mandir Ayodhya Prasad’.

“Enabling the sale of food products online that make false representations misleads consumers regarding the genuine characteristics of the product.

“Such practice falsely influences consumers to make purchase decisions they might not have otherwise taken, had the accurate attributes of the product been mentioned,” an official statement said.

As such, under Rule 4(3) of the Consumer Protection (e-commerce) Rules, 2020, no e-commerce entity shall adopt any unfair trade practice, whether in the course of business on its platform or otherwise.