Elon Musk offloaded $6.9 billion worth of stock in Tesla Inc. to accumulate cash ahead of a trial that could force the billionaire to follow through on an agreement to acquire Twitter Inc. Tesla’s chief executive officer sold about 7.92 million shares during the last three days of trading, according to regulatory filings. Musk, who … Read more
According to a regulatory filing, AU Small Finance Bank has raised about ₹2,000 crore from qualified institutional investors, falling short of its goal of up to ₹2,500 crore. Among those that participated in the qualified institutional placement (QIP) were DSP, the Singaporean government, Goldman Sachs, and ICICI Prudential Life. The bank reported that on Tuesday, … Read more
Ronnie Screwvala-led edtech unicorn upGrad said it has raised a funding of $210 million from marquee investors and Family Offices who join the company cap-table. This round has witnessed participation from ETS Global (world’s largest TOEFL & GRE Test Leader), Bodhi Tree (a JV of James Murdoch & Uday Shankar), Singapore’s Kaizen Management Advisors Pvt. … Read more
The U.S. Senate narrowly passed President Joe Biden’s Inflation Reduction Act on Sunday, aiming to cut government deficits and consumer medical bills while boosting climate-change spending, increasing corporate income taxes and creating a new 1% levy on stock buybacks. The measure passed on a party-line 51-50 vote, with all Democrats and Democratic-leaning independents in the … Read more
With Citibank’s credit card spends share falling to 3.9% in June from 4.8% a year ago, analysts said may have overpaid for the Citi retail assets deal. During the same period, Axis Bank’s market share has increased to 9.3% from 8.3%, according to Reserve Bank of India data. “We remain concerned about the steady decline … Read more
Starbucks CEO Howard Schultz said a new web3 initiative for rewards is coming. The changes will be revealed at Starbucks Investor Day in September. Other chains like McDonald’s, Wendy’s, and Chipotle have ventured into web3 via the metaverse. Something is loading. Starbucks is planning some changes to its iconic rewards program, the coffee chain announced … Read more
Netflix insiders, creators, and other Hollywood stakeholders told Insider the company’s culture has shifted amid challenges. Former employees described less ‘candor’ and more ‘fear-based’ decisions. Layoffs in the spring affected departments across the company; the indie film team lost 8 of 11 members. In March, hundreds of Netflix’s highest-ranking executives congregated for a quarterly business … Read more
Prime Minister Narendra Modi launched NSE IFSC-SGX Connect on July 29, 2022 at the International Financial Service Centre (IFSC) in GIFT City, in Gujarat’s Gandhinagar. During the launch, Modi said, “India is now integrating with the global supply chain and GIFT City is one of the major gateways.” What is NSE IFSC-SGX Connect? To … Read more
GST collections rose 28% to Rs 1. 49 lakh crore in July, making it the second highest monthly collection since the new tax regime kicked in a little over five years ago. The July numbers, which represent transactions in June, were bolstered by buoyant imports with revenues from that segment increasing 48%, compared to a … Read more