Boeing suspended maintenance and technical support for Russian airlines and U.S. energy firm Exxon Mobil said it would exit Russia, joining a growing list of Western companies spurning Moscow over its invasion of Ukraine. U.S. tech giant Apple said it had stopped sales of iPhones and other products in Russia, while Ford Motor joined other … Read more
The relationship “marks a strong beginning of Adani Group’s foray into media”, the statement said. India’s Adani Group is taking a minority stake in local digital business news platform Quintillion, the companies said in statement on Tuesday, marking billionaire Gautam Adani’s first bet in the news industry. The relationship between Adani Media Ventures and Quintillion … Read more
The invasion of Ukraine is causing a mass exodus of companies from Russia, reversing three decades of investment by Western and other foreign businesses there following the collapse of the Soviet Union. The list of those cutting ties or reviewing their operations is growing by the hour as foreign governments ratchet up sanctions against Russia, … Read more
BitConnect founder Satish Kumbhani, charged in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials told a New York judge. In September, before the criminal charges were filed, the U.S. Securities and Exchange Commission had sued Kumbhani, claiming he fraudulently raised more than $2 billion from investors … Read more
Biopharmaceutical company Biocon on Monday announced that the board of directors of Biocon Biologics Limited, a material subsidiary of Biocon Limited, has approved the proposed acquisition of biosimilars assets of Viatris Inc. The transaction is subject to necessary regulatory and other approvals. Viatris will receive consideration of up to $3.335 billion, including cash up to … Read more
The Cabinet approved on Saturday a policy amendment allowing foreign direct investment of up to 20% in Life Insurance Corp of India (LIC), a government source said, a change aimed at easing the listing of the state-run insurer. India’s biggest insurance company plans to float a stake of 5% to raise about $8 billion next … Read more
India Ratings and Research on Friday maintained a neutral sector outlook and a stable rating outlook for non-banking finance companies (NBFCs) in FY23. It believes that FY23, in absence of any negative event, would see normalization of business activities, after facing challenges in the past few years following the default by Infrastructure Leasing and Financial … Read more
The Department of Telecommunications (DoT) has written to sectoral regulator TRAI to expedite submitting its recommendations on spectrum auctions. This follows a request from the Prime Minister’s Office to work towards the initial launch of 5G by August 15. “In reference to decision/action points emanating from deliberations of a monitoring group, the PMO has requested … Read more
Electric vehicles have made major gains in terms of how far a single charge will take you. A new analysis finds EVs still lag behind gas cars in terms of retail cost per mile of range. If trends of recent years continue, EVs could catch up around 2025, but major challenges remain. Something is loading. … Read more