A severe escalation of the Israel-Hamas conflict and the war in Ukraine could boost gold prices as investors flock to safety, but cryptocurrencies may pose a long-term threat to gold’s dominance. Format: News article summary, original analysis Citation: ET Bureau. “‘Wars may Add Sheen to Gold, But Crypto to Cast a Shadow’.” The Economic Times, […]
The Enforcement Directorate (ED) has issued show cause notices to edtech giant Byju’s for alleged violations of the Foreign Exchange Management Act (FEMA) amounting to ₹9,362.35 crore. The company is accused of failing to realize proceeds of exports, delaying the filing of documents against foreign direct investment (FDI), failing to file documents against remittances, and
Byju’s Faces Probe for ₹9,362 Crore FEMA Violations Read More »
OpenAI’s board of directors attempted to sell the company to rival Anthropic and merge the two AI startups. However, Anthropic’s CEO declined the offer. This news could have significant implications for the AI industry and retail investors. Summary: OpenAI’s board of directors approached Anthropic’s CEO about replacing Sam Altman as CEO and potentially merging the
OpenAI’s Board Tried to Sell OpenAI to Anthropic, Deal Fell Through Read More »
The US Supreme Court has rejected Tata Consultancy Services’ (TCS) appeal against a $140-million penalty in a trade secret lawsuit filed by Epic Systems. This news could have implications for investors in TCS and other IT companies. Summary: The US Supreme Court has dealt Tata Consultancy Services (TCS) a significant blow by rejecting its appeal
TCS Suffers Blow as US Supreme Court Rejects Plea in Epic Systems Case Read More »
China’s major state-owned banks are actively buying the yuan, helping to boost the currency’s value against the US dollar. This move could have implications for industries that rely on cross-border trade and investment. Summary: China’s major state-owned banks have been actively buying the yuan in recent days, helping to strengthen the currency against the US
Summary Jindal Power, the sole bidder for the bankrupt Indian airline Go First, has decided not to submit a financial bid for the company. This decision comes after a month-long due diligence process and ahead of the November 22 deadline for bids. The decision is likely due to the recent regulatory changes in the Insolvency
Jindal Power Drops Plan to Submit Financial Bid for Troubled Go First Read More »
On November 22, 2023, the bankruptcy court in Mumbai approved the dissolution of CG Power Solutions. The company failed to revive due to lack of any underlying assets and was subsequently acquired by Chennai-based Murugappa Group through a Swiss challenge mechanism. Citation: Vyas, M. (2023, November 22). Court accepts plea to dissolve CG Power. Economic
Indian Infrastructure Company CG Power Solutions Dissolves After Failure to Revive Read More »
Sarovar Hotels & Resorts plans to launch 70 new hotels in the next five years across India and international markets, adding 5,000 rooms to its portfolio. The company expects a turnover of ₹1,500 crore this year, up 12% year-on-year. Citation: Chaturvedi, A. (2023, November 22). Sarovar Hotels Looks to Expand Footprint in India and Abroad.
Sarovar Hotels to Expand Footprint with 70 New Hotels in India and Abroad Read More »
Anheuser-Busch InBev (AB InBev), the world’s largest beer company, believes that India’s stable business environment and strong economic growth have made it a more attractive investment destination. However, the company also believes that India needs to lower taxes on beer in order to spur demand. AB InBev has invested $1.5 billion in India over the