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FTX assets: Lawyers located billions in cash and crypto located
Two months after FTX filed for bankruptcy, lawyers for the cryptocurrency exchange have begun to identify and put a value on its assets, as they determine how much they will be able to recover to repay lenders and customers who lost billions of dollars. In a court filing, lawyers from the New York firm of … Read more
GoMechanic to reduce workforce by 70%, says co-founder Amit Bhasin
Car workshop and auto spare parts platform, GoMechanic is going to let go of approximately 70% of its workforce. This was announced by co-founder Amit Bhasin in a long LinkedIn post. GoMechanic, which offers everything from mechanics to carwashing services on an app, bills itself as having India’s largest auto service center network. With its … Read more
Wholesale price inflation declines to 4.95% in December 2022
India’s wholesale price inflation slipped to a 22-month low of 4.95% in December 2022 from 5.85% in November, fostering hopes of further easing in the price rise faced by consumers, as producers may slow down the pass-through of input costs at the retail level. This is the second month in a row that wholesale inflation … Read more
IndiGo sees ‘huge pent up demand’ for domestic and international travel, says finance chief
InterGlobe Aviation’s IndiGo airline is seeing a “huge pent up demand” for domestic travel in India and increasing interest in flying abroad, news agency Reuters has reported citing its finance chief on Monday. While addressing the annual Airline Economics conference in Dublin, Riyaz Peermohamed said, “Overall we are seeing huge pent up demand coming in … Read more
Warren Buffett Bet $5 Billion on Bank of America in 2011, Made Fortune
Warren Buffett plowed $5 billion into Bank of America during the US debt-ceiling crisis in 2011. The famed investor and Berkshire Hathaway CEO had the idea to invest while taking a bath. Buffett’s Berkshire Hathaway counts Bank of America as its number-two holding after Apple. Warren Buffett struck one of the must lucrative deals of … Read more
Warren Buffett’s Prized World Book Became His ‘Most Difficult Problem’
The encyclopedia maker, which Buffett bought in 1986, was disrupted by online learning tools. “It is not the business it was five years ago,” Buffett told investors in 1996. One of Warren Buffett’s favorite businesses became his “most difficult problem” within a decade of him buying it. The billionaire investor and Berkshire Hathaway CEO acquired … Read more
Tesla Cuts Prices In US, Europe To Boost Demand
Tesla Inc. has reduced its electric vehicle prices in the United States and Europe, aiming to boost demand, Reuters reported. The move comes nearly one week after the luxury electric major slashed prices at its biggest international market in China. Following the news, Tesla shares were losing more than 4 percent in Frankfurt as well … Read more
China to allow Didi apps back online, in latest sign of regulatory thaw
Chinese authorities are set to allow Didi Global’s ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities’ approval to resume new user registrations and downloads of … Read more