business

General Motors cuts over 1,000 jobs to streamline operations and boost efficiency

General Motors’ recent layoffs, impacting over 1,000 employees, are part of a cost-cutting strategy amid software issues, leadership changes, and program cancellations. This reflects broader tech sector downsizing trends in 2024.

Hindenburg Research accuses Sebi chief of cover up in probing ‘Adani money siphoning scandal’

Karnataka welcomes Foxconn’s ₹22,000 crore investment and job creation

Cisco slashes 6,000 employees in latest cost-cutting move

Dunzo's financial woes continue as its funding faces roadblocks, CEO asks employees with unpaid dues to avoid legal action

Founded in 2014, Dunzo has faced severe cash flow problems, high losses, and difficulties managing expenses and payroll, leading it to shift focus from quick commerce to B2B services. Reliance, which holds over 25% of Dunzo and invested $200 million, might acquire the startup at a reduced valuation.

Madhabi Puri Buch, Chairperson of the SEBI | Image: PTI

SEBI chairperson dismisses Hindenburg’s allegations as baseless character assassination

Hindenburg Research's latest report alleges SEBI Chairperson Madhabi Puri Buch and her husband, Dhaval Buch, were involved in offshore funds tied to the Adani financial scandal. The report also highlights past ties between IIFL, involved in Wirecard’s scandal, and the Buchs’ investments. The SEBI chairperson has expressed willingness to provide financial documents and criticized the report as baseless. Political reactions include calls for a Joint Parliamentary Committee investigation into the allegations and SEBI's handling of the Adani case.

RBI holds repo rate at 6.5%, markets react negatively

Despite stock market declines and some economic uncertainties, the Reserve Bank of India (RBI) aims to manage inflation and support growth, projecting a 7.2% increase for the year. The stable rate benefits borrowers by keeping Equated Monthly Instalments (EMIs) steady, though loans tied to the marginal cost of funds-based lending rate (MCLR) might still see rate hikes. Future Monetary Policy Committee (MPC) meetings are scheduled for Oct 7-9, Dec 4-6, in 2024, and Feb 5-7, 2025.

Hasina’s exit cripples India-Bangladesh trade, halts border activity

The resignation and departure of Bangladesh Prime Minister Sheikh Hasina amid violent protests have significantly disrupted India-Bangladesh trade, halting truck movement at key border points. The crisis has led to an estimated $300 million loss in export trade and nearly stalled exports. Businesses in Indian border states report over 80% decline. The situation might also delay a potential free trade agreement between the two nations.

IndiGo, Air India bring back over 400 people through special flights from Dhaka

A special Air India flight brought 205 people, including 6 infants, from Dhaka to New Delhi on Aug 7 morning, an official said. Meanwhile, IndiGo said its special flight flew from Dhaka to Kolkata on Aug 6 to bring back Indian nationals from Bangladesh.