Taking the stand Monday as the first witness in a trial over the propriety of paying Elon Musk some $55 billion, Ira Ehrenpreis’s testimony, which aimed to establish that it was the board rather than Musk that determined the compensation deal, underscored a continuing concern about the Tesla CEO.
Alibaba Group announced a major revamp, splitting into six units, exploring fundraisings or listings for most of them. The Chinese e-commerce giant's shares rose 8% after the news, as founder Jack Ma returned home after a year-long absence. Beijing is looking to spur private sector growth after a two-year-long regulatory crackdown, and the restructuring is seen as a sign of regulatory worries clearing.
The Indian stock markets ended in the red on Tuesday, with the BSE Sensex closing at 57,614 and the NSE Nifty settling at 16,952. This was due to losses in banking, IT and auto stocks.
Air India Express and AirAsia India have merged their websites, reservation systems and customer support channels, enabling passengers to manage bookings and check-in for both domestic and international flights. The move marks a milestone in Air India Group's transformation journey, bringing revenue, cost and operational benefits to customers, employees and Indian aviation.
The Centre has extended the deadline for linking Permanent Account Number (PAN) and Aadhaar to June 30. Those who fail to link their Aadhaar by then will have their PAN inoperative from July 1, 2023, resulting in no refunds and higher tax deductions. The PAN can be made operational again in 30 days by paying a fee of Rs.1,000.
Nestle's CEO Mark Schneider said the food group is examining its banking relationships following the planned takeover of Credit Suisse by UBS, which Nestle had been a client of for many decades. Schneider said the Swiss government's intervention had stabilized the situation, and price rises by Nestle were likely to offset inflation of raw material costs. Schneider added that Nestle was also working on savings to reach its goal for a full-year underlying trading operating profit margin target of between 17% and 17.5%.
Freshworks, a Nasdaq-listed SaaS firm, has laid off 114 employees, 90 due to performance-related issues and 24 due to eliminated roles. CEO Girish Mathrubootham attributed the job cuts to 'tight macroeconomic conditions' and indicated that 'worst is yet to come'. The latest layoffs come three months after the firm laid off 90 staff members globally.
Gold and silver prices are down on Tuesday compared to Monday. 22-carat (K) gold per gram is ₹5,450, 8 and 10 grams of 22K gold are at ₹43,600 and ₹54,500 respectively. 24K gold is priced at ₹2,400 per 100 grams. Rates are without GST and other levies.
The Employees' Provident Fund Organisation's apex decision-making body Central Board of Trustees has decided to provide 8.15 per cent rate of interest on EPF deposits for 2022-23. This is the lowest since 1977-78 and will be sent to the Ministry of Finance for concurrence before being credited into the accounts of over five crore EPFO subscribers.
From April 1, the new financial year 2023-24 will bring into effect new income tax rules announced by the Union Budget, including default tax regime, higher tax rebate limit, standard deduction, income tax slabs, LTA, LTCG tax benefits, MLDs, life insurance policies, senior citizen benefits and physical gold conversion.
The Indian stock market opened on a positive note, with the Sensex rising to 57,838 and the Nifty crossing the 17,000 mark. Both indices opened higher, with strong gains across sectors.
Google's parent company Alphabet has asked a US federal judge to dismiss a Justice Department lawsuit alleging that the search giant illegally abused its dominance of online advertising. The government had argued that Google should be forced to sell its ad manager suite, which Google denies. This follows a separate lawsuit filed in 2020 accusing Google of violating antitrust law to maintain its dominance in search. The Biden administration is seeking to toughen antitrust enforcement.
Petrol and diesel prices in India have remained steady for nine months. Prices differ depending on local taxes, VAT and freight charges. Mumbai has petrol at ₹106.31 and diesel at ₹94.27 per litre, Delhi petrol at ₹96.72 and diesel at ₹89.62, Kolkata petrol at ₹106.03 and diesel at ₹92.76, and Chennai petrol at ₹102.63 and diesel at ₹94.24. Some states have decreased VAT or introduced cess on petrol and diesel. Crude prices moved in a narrow range in early Asian trade on Tuesday.
The CAG report presented in Parliament on Monday said the Department of Financial Services had given Rs 8,800 crore to State Bank of India as part of recapitalisation exercise without the lender asking for it in FY18. DFS did not assess the capital requirement and infused Rs 7,785.81 crore in excess. It also infused Rs 831 crore into Bank of Maharashtra against the bank's demand of Rs 798 crore.
The World Bank warned Monday that global growth could slow to its lowest level this century due to an anticipated economic slow-down in China. Factors such as Covid-19, the war in Ukraine and financial risks in Europe and the US are contributing to the expected 1.7% growth rate. China's 5% growth rate this year will help keep the global economy afloat, however its ability to do so will wane over time. The World Bank suggests solutions to capitalize on structural changes to boost potential growth.
Saudi Aramco has agreed to buy a 10% stake in a Chinese oil complex for $3.6 billion, and will supply 480,000 barrels of crude oil per day to Rongsheng Petrochemical Co's refinery in Zhejiang over 20 years. Aramco will also provide a $800 million credit to Rongsheng for the purchase. The deal follows an agreement to build a refining and petrochemical complex in China’s northeast.