Elon Musk, known for his combative testimony testimony before Chancellor Kathaleen McCormick comes as he is struggling to oversee a chaotic overhaul of Twitter Inc, the social media platform he was forced to buy for $44 billion in a separate legal battle before the same judge after trying to back out of that deal. The world's richest person, Musk, tweeted this week that he was remaining at Twitter's San Francisco headquarters around the clock until he fixed the company's problems.
Amazon announced Monday that 9,000 more employees will be laid off due to the uncertain economy. The majority of the cuts will take place in the AWS, PXT, Advertising, and Twitch segments. CEO Andy Jassy said the decision to re-prioritise according to consumer needs has led to reductions, internal job transfers and even new positions. Terminations are expected to be completed by late April, with those impacted receiving a separation payment, transitional health insurance benefits, and external employment.
The Indian stock markets ended in the green on Tuesday, with the Sensex gaining 445 points to close at 58,074 and the Nifty ending above 17,100. This was the sixth consecutive session of gains for the Sensex.
The IMF has put pressure on Pakistan to secure financing support before unlocking a $6.5 billion loan. The government has taken tough measures to restart the loan package, however, a fuel subsidy scheme has caused the IMF to seek more details. The IMF program has been delayed multiple times, raising concerns over the nation slipping into a recession.
The government has allowed Indian airlines to use foreign pilots for a short period due to a shortage of pilots to operate the Boeing 777 aircraft. Civil Aviation Secretary Rajiv Bansal also highlighted the expansion of aviation infrastructure in the country, and the need for Maintenance Repair and Overhaul (MROs) scale in India. The government is in the process of disinvesting Air India Engineering Services Limited (AIESL) to benefit the Indian civil aviation industry.
Sri Lanka secured an IMF bailout of nearly $3bn on Monday and is expected to access up to $7bn in overall funding. However, a senior economist at Moody's Analytics warned that the country still faces a difficult road ahead and that fiscal prudence and debt sustainability will be key.
The IMF has approved a $3 billion bailout for Sri Lanka, unlocking up to $7 billion from other lenders. The country is facing its worst economic crisis in 75 years, with protests, clashes, a power tariff hike and a resignation of Prime Minister Mahinda Rajapaksa. The bailout will allow an immediate disbursement of $333 million to help Sri Lanka recover, with India and China providing financing assurances.
The Nokia X30 5G has a mid-range Qualcomm Snapdragon 695 processor and 8GB RAM, a 6.43-inch display, 4,200mAh battery and 33-watt wired charging. It is made of recycled aluminium and plastic, and has a 50-megapixel main sensor and 13-megapixel ultrawide sensor. Its price tag of ?48,999 makes it an overpriced mid-range Android phone with no outstanding specs or features.
Fuel prices in India remained unchanged on Tuesday, with Oil Marketing Companies (OMCs) revising prices based on market trends. The Central government regulates prices with excise duty, base prices and cap prices. India plans to extend restrictions on export of diesel and gasoline after the current fiscal year ends this month to ensure domestic availability. In May 2022, Finance Minister Nirmala Sitharaman decreased excise duty on petrol and diesel by ₹8 and ₹6 per litre, respectively.
Shares of First Republic tumbled nearly 50% on Monday, as investors fear a second rescue may be needed despite large U.S. banks pumping $30 billion into the midsized lender. JPMorgan Chase & Co is leading talks on new efforts to stabilize First Republic, while UBS Group's takeover of Credit Suisse has relieved some banking stress and boosted sentiment in banking stocks globally.
Domestic stock market opened positive on Tuesday as global equities rose and Reliance Industries and ICICI Bank gained. The BSE Sensex jumped 334.32 points and NSE Nifty rose 94.9 points. Asian markets were also trading higher. US markets had closed up on Monday, while Brent crude slipped 1.03 per cent. Foreign Portfolio Investors sold Rs 2,545.87 crore worth of stocks.
Oil prices have fallen 41% since June 2022, bringing relief to state-run oil refiners, as international crude prices have plunged to a 14-month low due to US banking crisis and fears of global recession. Domestic petrol and diesel prices have not been revised for 11 months, but the Union Budget does not make any assumptions about crude oil prices. Natural gas prices may become 24% cheaper from April 1 due to a new pricing formula. Windfall tax on petroleum items was revised to zero on petrol and ATF and 50 paise per litre on diesel exports.
Google employees have penned an open letter to CEO Sundar Pichai demanding that the company halt new hiring and ask for voluntary redundancies before implementing mandatory layoffs, give priority to recently laid-off workers during rehire processes, respect scheduled time off, and provide enhanced protection and support for workers from conflict-ridden countries. The letter also seeks a commitment from Alphabet to not discriminate during layoffs.
RBI imposed a penalty of Rs 2.27 crore on RBL Bank Ltd for non-compliance with norms related to recovery agents, and Rs 3.06 crore on Amazon Pay (India). It also imposed penalties on several cooperative banks for contravention of its different norms. The penalties are based on the deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
Amazon has announced 9,000 job cuts due to the uncertain economy, following in the footsteps of tech giants such as Microsoft and Meta Platforms. The cuts are concentrated in its cloud services, advertising and Twitch units. This comes after Amazon said operating profits may continue to slump in the current quarter, hit by the financial impact of consumers and cloud customers cutting down on spending.
UK Prime Minister Rishi Sunak's spokesman Max Blain has said the country's banking system is "safe and well-capitalized" despite the collapse of Swiss giant Credit Suisse. Sunak has faith in the country's "strong regulatory system" and has been in regular contact with the Swiss president. The Bank of England is largely responsible for the issue.