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Rishi has what the job requires: UK ex-min endorses Sunak in PM race

A senior Conservative Party MP and former minister on Saturday issued a ringing endorsement of Rishi Sunak to succeed Boris Johnson as the Tory leader and the British Prime Minister, saying the former Chancellor has what the top job requires. Read more

Twitter employees may see a 50% cut in annual bonuses

Amid the economic uncertainty, microblogging site Twitter Inc has warned its employees that they might receive only half of their typical annual bonuses. The social media company, which is fighting a legal to complete a $44 billion sale to Elon Musk, made the announcement in an email to employees and blamed its financial performance for the potential bonus reduction. Read more

Upcoming stock splits to watch in August: Do you hold any?

Investors keeping an eye on the stock market for approaching stock splits should be aware that the four stocks Rama Steel Tubes Ltd, PDS Ltd, Alfavision Overseas (India) Limited, and Kritika Wires Ltd will all have stock splits in the coming and remaining days of August. Read more

After Wipro, TCS delays variable pay for select employees

Tech giant Tata Consultancy Services (TCS) has likely delayed variable compensation payments to select employees by about a month for the June 2022 quarter. TCS is not alone who has delayed their employees' variable payment. Read more

Wipro's Rishad Premji calls moonlighting by employees 'cheating'

Wipro chairman Rishad Premji has called moonlighting practice in the tech industry 'cheating'. The former Nasscom chairperson expressed his views on Twitter regarding the growing trend of moonlighting- a concept of a second job, typically secretly, in addition to regular employment. Read more

Flashfloods in Himachal

Incidents of flashfloods and landslides were reported from areas of Himachal Pradesh after heavy rains on Saturday. Six people are killed and thirteen are feared dead in multiple incidents. Read more

India's mineral production up by 7.5% in June

Mineral production in India showed a growth of 7.5% in June this year, according to latest data of index of mineral production of mining and quarrying sector for June, 2022. Moreover, as per the provisional data released by the Indian Bureau of Mines (IBM), the cumulative growth in mineral production has increased by 9% in the first quarter of this fiscal year. Read more

MPC backs front-loading rate hikes to bring down inflation

The majority of the Reserve Bank of India’s monetary policy committee members were in favour of front-loading rate increases to bring inflation within the 2-6% target range and reduce the need for aggressive rate hikes in future, minutes of its August policy meeting released on Friday showed. Read More Here.

RBI clarifies on recent bulletin article on privatisation of public sector banks

The Reserve Bank of India (RBI) on Friday clarified on a recent bulletin article on privatisation of public sector banks. Adopting a “big bang" approach to privatisation of PSBs would do more harm than good, said the article published by the RBI on Thursday, instead batting for a more gradual withdrawal of state control. Read More Here.

Adani Power to acquire DB Power for 7,017 crore

Adani Power Ltd has agreed to acquire DB Power in a cash transaction at an enterprise value of 7,017 crore as India’s largest private thermal power producer seeks to expand its capacity. Read More Here.

Paytm on track to become profitable next year: CEO Vijay Shekhar Sharma

Financial services platform Paytm has no plans to expand internationally or make any acquisitions, the company’s management told shareholders on Friday, even as it reiterated its plan to turn operationally profitable by September-end 2023. Read More Here.

India's first indigenous monkeypox test kit launched

India has developed the first indigenously-developed RT-PCR kit for testing monkeypox disease. Developed by Transasia Bio-Medicals, the kit was unveiled by Principal Scientific Adviser to the Centre Ajay Kumar Sood. Read More Here.

Partial return of rail concessions for elderly likely

Indian Railways is willing to restore fare concessions for senior citizens in select classes after a parliamentary panel recommended restoring benefits for the neediest, two persons aware of the development said. Read More Here.

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