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Rajasthan Royals beat Delhi Capitals by 12 runs

March 28, 2024 - 11:45pm
Categories: Business News

Hines partners with Pioneer for Gurugram office

March 28, 2024 - 11:40pm
Categories: Business News

Chinese firm shuts shop on Pak project

March 28, 2024 - 11:05pm
A Chinese company has halted civil works and let go of hundreds of workers at a hydropower project in Pakistan following a deadly suicide attack that claimed the lives of five Chinese nationals. The incident occurred at the Dasu hydropower project in the Khyber Pakhtunkhwa province, where a vehicle laden with explosives targeted a bus carrying personnel, killing six people. This was the second suicide attack on individuals associated with a China-backed project in the region since 2021.Power Construction Corporation of China (PCCC), the company overseeing the Tarbela 5th Extension Hydropower Project in the same province, took the decision to suspend operations and lay off over 2,000 workers in light of the security concerns arising from the recent attack, Dawn reported quoting government sources.Despite the suspension of work, the general secretary of the Awami Labour Union at the project assured that the delay in the project's completion timeline would be minimal. The Tarbela extension project (T5) is scheduled for completion by May 2026, with financial support from the World Bank and the Asian Infrastructure Investment Bank. The workers affected by the layoffs are entitled to receive half of their salaries until they are called back to resume their duties, as per labour laws.The Dasu hydropower project, where the fatal attack occurred, is situated approximately 300 km north of Islamabad and is being developed by China Gezhouba with funding from the World Bank. The Chinese nationals working on this project have been targeted previously, with a similar attack in July 2021 resulting in casualties among both Chinese and Pakistani workers.Meanwhile, China strongly condemned a suicide bomb attack and demanded probe into the incident.Pakistan Prime Minister Shehbaz Sharif has ordered a thorough joint investigation to identify the perpetrators and ensure the safety of Chinese personnel working on various projects in the country. The presence of Chinese workers in Pakistan is part of the China-Pakistan Economic Corridor (CPEC), a multi-billion dollar initiative aimed at enhancing connectivity and economic cooperation between the two countries.(With inputs from TOI)
Categories: Business News

India Inc hires more transgender workers

March 28, 2024 - 10:09pm
Tata Steel, RJ Corp, Publicis Sapient and other big companies in India Inc. are ramping up hiring of transgender workers. Although the numbers are small, there’s a clear momentum towards increasing their participation in regular office work.Several companies have begun hiring and revising their policies as they look to be more inclusive. Some are also skilling trans employees, offering higher stipend for hormone therapy and even identifying more roles for transgenders. Tata Steel will soon be hiring at least 50 transgender persons. “Tata Steel currently has 106 transgenders who are working across all locations,” a company spokesperson said in an emailed response.108859654The steel maker received more than 300 applications in a special drive last month to recruit transgenders. “The recruitment is still in process,” the spokesperson said.Publicis Sapient, one of the world’s largest advertising companies, has hired trans workers in India through programmes like the Rainbow Internship. “The trans profiles we are looking for are not restricted to one area, but extend across different fields including operations, HR, marketing, engineering, and product management,” said Vieshaka L Dutta, senior director, diversity, equity, inclusion, for India and APAC at Publicis Sapient.ESL Steel, part of the Vedanta Group, is planning to hire transgender employees in its administration/security functions to begin with.“We are looking forward to hiring two transgender employees at ESL in the upcoming financial year of 2024-25,” said Khirod Kumar Barik, deputy CHRO at ESL Steel. The company has no transgender employees at present.Most companies are now offering health insurance benefits to transgender employees which include gender reaffirmation surgery along with hormone replacement therapy.“Our stipend for skill enhancement training programmes is definitely higher for trans people than the other stipends that we offer to other industrial trainees…by almost 300%,” said Akshay Tyagi, head-diversity, equity, inclusion, The Lalit Suri Hospitality Group. “Because a lot of trans people are on hormone therapy.”Companies are also strengthening their policies around transgenders.In 2022, InHarmony, a diversity, equity and inclusion consultancy firm, was working with only one manufacturing company on transgender inclusion. Today, it is working with four large organisations, said its founder partner, Anupama Easwaran.According to Easwaran, most companies were earlier conducting sensitisation programmes sporadically, mostly during the pride month. “Today, the same companies have monthly sensitisation programmes,” she said.Companies are also providing insurance coverage for live-in and same-sex live-in partners, employee assistance programmes, and internal mental health helplines to all, including LGBTQ+ employees. Other initiatives include gender-neutral bathrooms in offices and gender-neutral policies.“In 2023, we embarked on a journey to actively create employment opportunities for transgender community and foster an inclusive workplace environment,” said Varun Jaipuria, executive vice chairman of Varun Beverages Ltd, Pepsico’s largest franchise outside the US.“As we look ahead to 2024, we are eager to build upon our progress and open more doors for employment within our manufacturing and sales functions for transgender individuals,” he said.InHarmony’s Easwaran said, “The government’s equal opportunities policy is motivating companies that had not done any work on trans inclusion to start having conversations.”In February, the Centre formulated India's first equal opportunities policy for the transgender community. It prohibits disclosure of the gender identity of a transgender without consent.
Categories: Business News

Sam Bankman-Fried apologizes to ex-colleagues

March 28, 2024 - 8:55pm
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Swiggy records $200 mn loss, doc shows

March 28, 2024 - 8:10pm
Indian food delivery giant Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company, which is looking to list on the stock market. The SoftBank-backed company could list by the end of this year, sources previously told Reuters. India's stock market is booming although domestic and foreign investors have become more circumspect about IPOs by Indian startups amid concerns of unrealistically high valuations of companies still making losses. For the full fiscal year 2022-23 Swiggy made a loss of 41.8 billion rupee ($500 million), according to the document. But the company's lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24, a source with direct knowledge of the matter said, without wishing to be identified. The document showed that losses stood at 17.3 billion rupees $207 million during April to December 2023 - the first nine months of fiscal year 2023-24. That loss was on a revenue of $1.02 billion during the same period, compared with fiscal year 2022-23 revenue of $1.05 billion, the document showed. Swiggy did not respond to queries seeking comment. India's stock market has surged 28% over the past year and many companies plan listings, but they facing discerning investors. Digital payments firm Paytm, still loss-making, has seen its shares drop by 80% since its 2021 listing, with the company facing criticism from analysts at the time for valuing itself too high. Swiggy's rival Zomato also saw its shares nosedive after a 2021 listing but they have surged 45% this year after posting two successive quarterly profits. Swiggy was valued at $10.7 billion by investors in 2022. It started with meal deliveries but has gradually expanded into delivering groceries and also provides restaurant bookings.
Categories: Business News

Many people and companies have made millions on Trump media's stock

March 28, 2024 - 7:19pm
Shares of former President Donald Trump's social media company continued to surge Wednesday, extending the gains on its first official trading session on the Nasdaq the day before. After another double-digit percentage gain, the parent of Truth Social approached $9 billion in market value, a windfall for insiders awarded shares in the company. The biggest beneficiary is Trump, the company's largest shareholder, whose stake is worth more than $5 billion, on paper. No other shareholder comes close, according to regulatory filings, but many of Trump Media's executives have seen their net worth swell this week, in some cases by many millions of dollars. Devin Nunes Trump Media stake: More than $7 million The former Republican congressman from California who became CEO of Trump Media in 2022. Phillip Juhan More than $30 million A former fitness company executive who serves as Trump Media's chief financial officer and has the biggest holding among the company's leaders. Vladimir Novachki About $3 million The company's chief technology officer, formerly an executive at Cosmic Development, a Canadian IT support services company. Andrew Northwall More than $1 million The chief operating officer who was a previous executive at Parler, a social networking service. Scott Glabe More than $1 million The general counsel, previously an acting undersecretary for policy at the Department of Homeland Security serving Trump. Eric Swider More than $12 million The CEO of the public shell company known as Digital World that merged with Trump Media this week; he is now a member of Trump Media's seven-member board of directors. The bullishness around Trump Media has been driven by the enthusiasm of individual investors and Trump supporters, rather than investment firms and hedge funds. The company's lofty valuation stands in contrast to its relatively small operations, with $3.3 million in revenue in the first nine months of last year. Other major shareholders include the earliest promoters of the merger deal. The original sponsor of Digital World and its initial public offering, investment firm ARC Global, holds a stake worth more than $700 million. ARC Global is headed by Patrick Orlando, a former CEO of Digital World. ARC Global has a mix of investors, none of whom have been publicly disclosed. But a regulatory filing in August by Digital World showed that non-U.S. citizens had a roughly 17% stake in the firm. The filings noted that ARC Global includes investors from Guatemala, El Salvador, Brazil, Peru and Mexico. Orlando, for a time, had been a senior adviser to ARC Group, a Hong Kong-based financier that had been an adviser to Digital World when the special purpose acquisition company was being established. It is not clear if any of the principals of ARC Group has a financial interest in ARC Global. United Atlantic Ventures holds a stake in Trump Media worth about $500 million. The firm is controlled by Wes Moss and Andy Litinsky, former contestants on Trump's reality television show "The Apprentice," who approached the former president in early 2021, shortly after he left the White House, about starting a social media company. They were early participants in talks that ultimately led to the merger of Trump Media and Digital World. Orlando, Litinsky and Moss are in court fighting over their stakes in Trump Media. Orlando has said that he and the shell company's sponsor group are entitled to more shares. Litinsky and Moss have filed a lawsuit claiming Trump Media is trying to diminish their stake. Both lawsuits are pending in Delaware Chancery Court. Trump and other major Trump Media shareholders are barred from selling their shares for at least six months, or pledging them as collateral for loans. Trump Media's board, which is filled with loyalists to Trump, including his eldest son, Donald Trump Jr., could waive those restrictions. Any significant selling of shares by Donald Trump or other big shareholders has the potential to depress Trump Media's share price and cut the value of the sellers' holdings. Major investors or institutions that own less than 5% of a public company are not required to disclose stock sales and purchases until 45 days after the end of a quarter. That means any major institutions that traded shares of Digital World or Trump Media over the past few weeks would not be required to publicly disclose their holdings until the middle of May. At the end of December, the biggest institutional investor in shares of Digital World was Susquehanna International Group, a Wall Street trading firm owned by Jeffrey Yass, a billionaire investor and major Republican donor. His firm owned about 2% of Digital World's shares at the end of last year. It is unclear whether Susquehanna still owns shares in the company that became Trump Media. Susquehanna has said that it serves as a market maker -- facilitating the trading of stocks -- and "has zero economic interest in Trump Media." This article originally appeared in The New York Times.
Categories: Business News

Tech View: Nifty forms long wick candle. What should traders do on Monday

March 28, 2024 - 5:58pm
Nifty on Thursday ended 203 points higher to form a reasonable bull candle with a long upper shadow on the daily chart, reflecting selling pressure near all-time highs around 22,500 levels.The near-term uptrend of the Nifty remains intact with high volatility. The next upside levels to be watched are around 22,500-22,600 in the next week. Immediate support is at 22,250-22,200 levels, said Nagaraj Shetti of HDFC Securities.Today’s session marks the end of the financial year 2023-24 for traders as the market would be shut on Friday on account of the Good Friday holiday.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesNifty has rallied significantly, surpassing the 22,500 mark after maintaining momentum beyond 22,100. Furthermore, there's a clear breakout in consolidation on the daily timeframe, signaling rising optimism. Nevertheless, Nifty encountered initial resistance near its previous swing high of 22,526. Consequently, to sustain a continued rally, it must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support.Tejas Shah, Technical Research, JM Financial & BlinkXNifty continued to exhibit outperformance and closed above the crucial resistance zone of 22,200-250, which is a positive sign. A level of 22,200 is an immediate support to watch out for in the Nifty, while the bigger support zone stands at 21,950-22,000. On the higher side, immediate resistance for Nifty is at 22,400-425 levels and the next crucial resistance zone is at 22,500-550 levels. Overall, Nifty is likely to remain volatile within the 22,000 – 22,500 range in the near term with a positive bias and the bulls should continue to have the upper hand going forward.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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