Meta, Amazon, Microsoft and Alphabet’s severance packages will cost up to $4.7 billion. The tech giants have collectively laid off tens of thousands of workers over the past few months. Google parent company Alphabet will have the highest severance cost, at a maximum of $2.3 billion. Big tech firms are accruing billions in costs from … Read more
The rating agency CRISIL, the Indian arm of Standard and Poor’s (S&P), today said that it keeps all outstanding ratings, including that of Adani group entities under continuous surveillance. Any adverse regulatory or government action in the wake of the research report, emerging issues around corporate governance will be key monitorable, CRISIL said in a … Read more
The Narendra Modi government on Wednesday slashed its fertiliser and food subsidies by 22% and 31% each for the upcoming fiscal. India’s expenditure on overall subsidy and subsidy-related schemes has seen a cut of around 28% at Rs 4.03 lakh crore. While the Centre had estimated an expenditure of Rs 3.56 lakh crore, it has … Read more
Seeking to widen the tax base, the government on Wednesday proposed to tax income distributed by business trusts like REITs and InVITs in the form of debt repayments at the hands of unitholders. “It is proposed to tax distributed income by business trusts in the hands of a unit holder (other than dividend, interest or … Read more
Gautam Adani’s beleaguered empire is spiraling into crisis, as the fallout from a short-seller’s fraud allegations leads to a worsening meltdown in the indebted conglomerate’s securities. Bonds of the Indian billionaire’s flagship firm plunged to distressed levels in US trading, and the company abruptly pulled a record domestic stock offering after the Adani group suffered … Read more
South Korea’s Samsung Electronics Co on Tuesday indicated it has no plan to cut investment in chips this year, even as a weak global economy condemns the industry to its worst downturn in over a decade. The guidance bucks a broader industry trend to scale back spending and output, fanning concern that the world’s biggest … Read more
Now consumers and businesses are holding off on big purchases as they cope with inflation and rising interest rates. This time was supposed to be different. The memory-chip sector, famous for its boom-and-bust cycles, had changed its ways. A combination of more disciplined management and new markets for its products — including 5G technology and … Read more
Baidu Inc. is planning to roll out an artificial intelligence chatbot service similar to OpenAI’s ChatGPT, according to a person familiar with the matter, potentially China’s most prominent entry in a race touched off by the tech phenomenon. China’s largest search engine company plans to debut a ChatGPT-style application in March, initially embedding it into … Read more
Dehumanizing. Gut-wrenching. Slap in the face. Betrayed. Tech workers are using all sorts of emotional phrases to describe the layoff wave that has gripped the industry and become the talk of the business world. “I’m shocked and hurt and still processing,” Katie Olaskiewicz, a former human-truths strategist at Google, wrote on LinkedIn last week shortly … Read more