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Apple has confirmed the layoff of 614 employees in California, marking the first major job cut at Apple's since the onset of the pandemic.<o:p></o:p>

According to a notice posted by the state of California, the affected employees were based across eight different facilities in Santa Clara, CNBC reported.<o:p></o:p>

They were formally notified about the job cuts on March 28, with the changes set to take effect on May 27. <o:p></o:p>

Notably, none of the impacted locations are at Apple's main Cupertino headquarters. <o:p></o:p>

Instead, they are at smaller, satellite offices that are more likely to be associated with secretive projects.<o:p></o:p>

The reduction in workforce comes after Apple decided to terminate a long-standing project focused on the development of an electric, self-driving car. <o:p></o:p>

This project was being managed by a team known as the Special Projects Group. <o:p></o:p>

Although the official notice did not specify which projects the job cuts are related to, sources indicate that positions like machine shop managers, hardware engineers, and product design engineers have been affected.<o:p></o:p>

Despite the job cuts, Apple has managed to avoid extensive downsizing compared to some of its tech counterparts. <o:p></o:p>

The company's slower growth during the pandemic has been attributed as a factor that spared it from more severe job cuts.<o:p></o:p>

Apple representatives are yet to provide a statement on the matter.<o:p></o:p>

Apple has confirmed the layoff of 614 employees in California, marking the first major job cut at Apple's since the onset of the pandemic. According to a notice posted by the state of California, the affected employees were based across eight different facilities in Santa Clara, CNBC reported.

Apple has confirmed the layoff of 614 employees in California, marking the first major job cut at Apple's since the onset of the pandemic. According to a notice posted by the state of California, the affected employees were based across eight different facilities in Santa Clara, CNBC reported. They were formally notified about the job cuts on March 28, with the changes set to take effect on May 27. Notably, none of the impacted locations are at Apple's main Cupertino headquarters. Instead, they are at smaller, satellite offices that are more likely to be associated with secretive projects. The reduction in workforce comes after Apple decided to terminate a long-standing project focused on the development of an electric, self-driving car. This project was being managed by a team known as the Special Projects Group. Although the official notice did not specify which projects the job cuts are related to, sources indicate that positions like machine shop managers, hardware engineers, and product design engineers have been affected. Despite the job cuts, Apple has managed to avoid extensive downsizing compared to some of its tech counterparts. The company's slower growth during the pandemic has been attributed as a factor that spared it from more severe job cuts. Apple representatives are yet to provide a statement on the matter.

Apple announces layoffs of 614 employees in California following car project shutdown

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. <o:p></o:p>

According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam.<o:p></o:p>

What is ‘Pig Butchering’?<o:p></o:p>

The scam, characterised by its cunning approach, involves perpetrators engaging victims in online conversations, gradually gaining their trust, and then coaxing them into investing in counterfeit cryptocurrency schemes. <o:p></o:p>

Victims, often lured through random text messages, dating sites, or WhatsApp groups, are promised heavy returns on their investments. <o:p></o:p>

However, when attempts are made to withdraw funds, they encounter several obstacles, leading to the loss of their entire investment.<o:p></o:p>

What happened to the Brooklyn victims?<o:p></o:p>

The Brooklyn-based victims have reported losses amounting to $5 million. <o:p></o:p>

The ABC news report cited one of the victims, a 51-year-old woman, who recounted her ordeal after being introduced to the scam through online chat groups discussing crypto investments. <o:p></o:p>

Swayed away by promises of heavy returns, she made several deposits via an app from coinformat.com, believing her investment had grown to nearly $400,000. <o:p></o:p>

However, her hopes were torn apart when her attempts to withdraw funds were met with demands for taxes. <o:p></o:p>

Subsequent complaints led to her expulsion from the chat group, with no news about her funds.<o:p></o:p>

What are officials saying?<o:p></o:p>

According to the ABC news report, Brooklyn District Attorney Eric Gonzalez, said that public awareness and education was needed to prevent these fraudulent activities. <o:p></o:p>

By seizing and shutting down associated online infrastructure, authorities are trying to disrupt these schemes and prevent further victimisation. <o:p></o:p>

Gonzalez cautioned against investments offering unrealistic returns, strongly holding that such promises are often deceptive.<o:p></o:p>

Investigations have revealed that the reach of this scam stretch beyond Brooklyn, with victims identified in California, Pennsylvania, and Illinois. <o:p></o:p>

Those targeted particularly included Chinese and Russian communities in Brooklyn.<o:p></o:p>

The report notes that the funds were traced through multiple crypto addresses and eventually cashed out, possibly in China.<o:p></o:p>

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam.

Victims in Brooklyn have lost millions of dollars after falling prey to a sophisticated crypto scam known as ‘pig butchering’. According to a report by ABC7 NY News, the Brooklyn district attorney's office, has seized about two dozen web domains associated with this scam. What is ‘Pig Butchering’? The scam, characterised by its cunning approach, involves perpetrators engaging victims in online conversations, gradually gaining their trust, and then coaxing them into investing in counterfeit cryptocurrency schemes. Victims, often lured through random text messages, dating sites, or WhatsApp groups, are promised heavy returns on their investments. However, when attempts are made to withdraw funds, they encounter several obstacles, leading to the loss of their entire investment. What happened to the Brooklyn victims? The Brooklyn-based victims have reported losses amounting to $5 million. The ABC news report cited one of the victims, a 51-year-old woman, who recounted her ordeal after being introduced to the scam through online chat groups discussing crypto investments. Swayed away by promises of heavy returns, she made several deposits via an app from coinformat.com, believing her investment had grown to nearly $400,000. However, her hopes were torn apart when her attempts to withdraw funds were met with demands for taxes. Subsequent complaints led to her expulsion from the chat group, with no news about her funds. What are officials saying? According to the ABC news report, Brooklyn District Attorney Eric Gonzalez, said that public awareness and education was needed to prevent these fraudulent activities. By seizing and shutting down associated online infrastructure, authorities are trying to disrupt these schemes and prevent further victimisation. Gonzalez cautioned against investments offering unrealistic returns, strongly holding that such promises are often deceptive. Investigations have revealed that the reach of this scam stretch beyond Brooklyn, with victims identified in California, Pennsylvania, and Illinois. Those targeted particularly included Chinese and Russian communities in Brooklyn. The report notes that the funds were traced through multiple crypto addresses and eventually cashed out, possibly in China.

Brooklyn victims lose millions to a ‘Pig Butchering’ crypto scam

Boeing's 737 MAX jetliner production has experienced a decline recently, attributed to increased scrutiny from US regulators and efforts to address outstanding issues in assembly, according to industry insiders. <o:p></o:p>

Sources familiar with the matter told Reuters that the Federal Aviation Administration (FAA) has imposed a production cap of 38 jets per month, but the output rate has fluctuated well below this benchmark, dropping to single digits by late March.<o:p></o:p>

Boeing's Chief Financial Officer, Brian West, said that the company was making several efforts to address quality concerns and enhance confidence among stakeholders. <o:p></o:p>

West added that the FAA had been involved in rigorous audits, saying that it was "undertaking a tougher audit than anything we've ever been through before".<o:p></o:p>

The aerospace giant has been trying to reduce the amount of "travelled work" -- incomplete tasks remaining on planes as they move down the assembly line. <o:p></o:p>

This endeavour, aimed at improving overall quality, has inadvertently slowed production and subsequent deliveries. <o:p></o:p>

Boeing's stock saw a 1.7 per cent decline after increased scrutiny, including the loss of a door plug on an Alaska Airlines jetliner in January.<o:p></o:p>

Boeing's production slowdown is expected to have ripple effects throughout the airline industry, which may cause carriers to adjust flight schedules or extend existing jet leases to meet demand. <o:p></o:p>

Traditionally, production rates correlate closely with deliveries, but disruptions from the MAX grounding and the pandemic have complicated this relationship.<o:p></o:p>

To gauge Boeing's production pace, independent experts analysed the number of first test flights conducted for new jets each month. In March, Boeing flew 13 MAXs, compared to 11 in February. <o:p></o:p>

However, this figure is a far cry from the peak rate of around 38 jets per month recorded in mid-2023. <o:p></o:p>

In contrast, Airbus is maintaining a comparatively strong production rate for its A320neo-family jets, flying an average of 46 per month in the first quarter.<o:p></o:p>

While Airbus faces its own supply constraints, it has extended a comfortable lead in the single-aisle jet market amid Boeing's production challenges. <o:p></o:p>

CFM International, the sole engine supplier for the MAX, is closely monitoring the situation. <o:p></o:p>

GE Aerospace CEO Larry Culp noted that Boeing continued to receive deliveries for LEAP-1B engines at the contracted rate. <o:p></o:p>

However, questions remain about the sustainability of this arrangement and the potential accumulation of engine surpluses.<o:p></o:p>

The extended production slump at Boeing poses significant implications for CFM International and its stakeholders. <o:p></o:p>

In previous crises, such as the 2019 MAX grounding, agreements were reached to maintain engine supply to Boeing at a minimum level to cover costs. <o:p></o:p>

However, the duration of the current production slowdown remains uncertain, raising concerns about the accumulation of surplus engines.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Boeing's 737 MAX jetliner production has experienced a decline recently, attributed to increased scrutiny from US regulators and efforts to address outstanding issues in assembly, according to industry insiders.

Boeing's 737 MAX jetliner production has experienced a decline recently, attributed to increased scrutiny from US regulators and efforts to address outstanding issues in assembly, according to industry insiders. Sources familiar with the matter told Reuters that the Federal Aviation Administration (FAA) has imposed a production cap of 38 jets per month, but the output rate has fluctuated well below this benchmark, dropping to single digits by late March. Boeing's Chief Financial Officer, Brian West, said that the company was making several efforts to address quality concerns and enhance confidence among stakeholders. West added that the FAA had been involved in rigorous audits, saying that it was "undertaking a tougher audit than anything we've ever been through before". The aerospace giant has been trying to reduce the amount of "travelled work" -- incomplete tasks remaining on planes as they move down the assembly line. This endeavour, aimed at improving overall quality, has inadvertently slowed production and subsequent deliveries. Boeing's stock saw a 1.7 per cent decline after increased scrutiny, including the loss of a door plug on an Alaska Airlines jetliner in January. Boeing's production slowdown is expected to have ripple effects throughout the airline industry, which may cause carriers to adjust flight schedules or extend existing jet leases to meet demand. Traditionally, production rates correlate closely with deliveries, but disruptions from the MAX grounding and the pandemic have complicated this relationship. To gauge Boeing's production pace, independent experts analysed the number of first test flights conducted for new jets each month. In March, Boeing flew 13 MAXs, compared to 11 in February. However, this figure is a far cry from the peak rate of around 38 jets per month recorded in mid-2023. In contrast, Airbus is maintaining a comparatively strong production rate for its A320neo-family jets, flying an average of 46 per month in the first quarter. While Airbus faces its own supply constraints, it has extended a comfortable lead in the single-aisle jet market amid Boeing's production challenges. CFM International, the sole engine supplier for the MAX, is closely monitoring the situation. GE Aerospace CEO Larry Culp noted that Boeing continued to receive deliveries for LEAP-1B engines at the contracted rate. However, questions remain about the sustainability of this arrangement and the potential accumulation of engine surpluses. The extended production slump at Boeing poses significant implications for CFM International and its stakeholders. In previous crises, such as the 2019 MAX grounding, agreements were reached to maintain engine supply to Boeing at a minimum level to cover costs. However, the duration of the current production slowdown remains uncertain, raising concerns about the accumulation of surplus engines. (With inputs from Reuters)

Boeing faces production slowdown as quality checks, FAA audits intensify

General Electric (GE) has finalised its three-way split, signifying a major shift for the industrial giant.&nbsp;

After 132 years, GE has transitioned into three independent companies: GE Aerospace, GE Vernova (energy), and GE HealthCare (spun off in 2023).

This strategic move aims to enhance focus and performance within each sector.&nbsp;

GE Aerospace and GE Vernova began trading separately on the New York Stock Exchange.&nbsp;

GE Aerospace retains the iconic GE symbol, while GE Vernova trades under GEV.

The split is the result of CEO Larry Culp's multi-year transformation plan.

Since taking charge in 2018, Culp has steered GE through financial challenges by focusing on debt reduction, asset sales, and operational efficiency.&nbsp;

These efforts have significantly increased GE's market cap from $92 billion to $192 billion.

GE Aerospace remains a powerhouse in the aviation industry, boasting a market value exceeding $100 billion.&nbsp;

Analysts forecast strong growth for the company due to rising demand for aftermarket services, partly driven by delays in jet deliveries from Boeing and Airbus.&nbsp;

Analysts believe this split would pave the way for a future focused on innovation and growth within each independent entity.

General Electric (GE) has finalised its three-way split, signifying a major shift for the industrial giant. After 132 years, GE has transitioned into three independent companies: GE Aerospace, GE Vernova (energy), and GE HealthCare (spun off in 2023).

General Electric (GE) has finalised its three-way split, signifying a major shift for the industrial giant. After 132 years, GE has transitioned into three independent companies: GE Aerospace, GE Vernova (energy), and GE HealthCare (spun off in 2023). This strategic move aims to enhance focus and performance within each sector. GE Aerospace and GE Vernova began trading separately on the New York Stock Exchange. GE Aerospace retains the iconic GE symbol, while GE Vernova trades under GEV. The split is the result of CEO Larry Culp's multi-year transformation plan. Since taking charge in 2018, Culp has steered GE through financial challenges by focusing on debt reduction, asset sales, and operational efficiency. These efforts have significantly increased GE's market cap from $92 billion to $192 billion. GE Aerospace remains a powerhouse in the aviation industry, boasting a market value exceeding $100 billion. Analysts forecast strong growth for the company due to rising demand for aftermarket services, partly driven by delays in jet deliveries from Boeing and Airbus. Analysts believe this split would pave the way for a future focused on innovation and growth within each independent entity.

End of an era: General Electric completes split into three separate entities

Intel has witnessed a major decline, marking its worst performance in over two months, following a pessimistic outlook on its factory operations. <o:p></o:p>

According to Bloomberg News, the chip giant disclosed an increase in losses within its new manufacturing division, Intel Foundry.<o:p></o:p>

This could indicate potential hurdles ahead in its turnaround efforts.<o:p></o:p>

The financial figures revealed that sales had plummeted from $27.5 billion to $18.9 billion in 2023. <o:p></o:p>

Moreover, the operating loss at the new unit increased from $5.2 billion to $7 billion. <o:p></o:p>

After the figures were revealed, Intel's shares tumbled by about 7.3 per cent in New York trading, marking the heaviest intraday drop since January 26.<o:p></o:p>

CEO Pat Gelsinger's ambitious turnaround plan for Intel includes providing a detailed financial breakdown, particularly of the factory network, to facilitate greater operational independence.<o:p></o:p>

&nbsp;This move is vital to the company's strategy of manufacturing chips for other firms. <o:p></o:p>

Gelsinger said that transparency and accountability in driving the transformation forward would be essential.<o:p></o:p>

Addressing the challenges ahead, Gelsinger outlined the company's projection that 2024 would mark the peak of losses for Intel Foundry. <o:p></o:p>

He anticipates the division to achieve profitability midway between the present and the end of 2030. <o:p></o:p>

Lorenzo Flores was appointed as the division's chief financial officer to steer Intel Foundry through this critical phase.<o:p></o:p>

Intel's push into outsourced chip production signifies one of its most significant transformations yet. <o:p></o:p>

Gelsinger reiterated the company's intentions towards reclaiming its technological edge by next year, primarily through advancements like extreme ultraviolet lithography. <o:p></o:p>

These technological enhancements aim to streamline production processes and enhance product capabilities.<o:p></o:p>

This would potentially attract orders from competitors and generate substantial revenue by the end of 2030.<o:p></o:p>

Although Intel continues to faces struggles, Gelsinger remained confident in the company's trajectory, particularly with its latest production technique, 18A. <o:p></o:p>

Intel disclosed commitments from five companies to adopt this technique, with expectations of broader adoption in the coming years. <o:p></o:p>

However, the dominance of Taiwan Semiconductor Manufacturing Co. (TSMC) in the foundry market poses a challenge to Intel's aspirations.<o:p></o:p>

The competitive landscape in the semiconductor industry continues to change, with companies like Advanced Micro Devices Inc. and Nvidia Corp securing their positions.<o:p></o:p>

While Intel embarks on an expansive factory expansion initiative, the financial strain remains clear, even with government incentives like the Chips and Science Act. <o:p></o:p>

Gelsinger's efforts to secure clients for Intel's foundry business have yielded some successes, with Microsoft Corp onboard as a notable customer.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Intel has witnessed a major decline, marking its worst performance in over two months, following a pessimistic outlook on its factory operations. According to Bloomberg News, the chip giant disclosed an increase in losses within its new manufacturing division, Intel Foundry.

Intel has witnessed a major decline, marking its worst performance in over two months, following a pessimistic outlook on its factory operations. According to Bloomberg News, the chip giant disclosed an increase in losses within its new manufacturing division, Intel Foundry. This could indicate potential hurdles ahead in its turnaround efforts. The financial figures revealed that sales had plummeted from $27.5 billion to $18.9 billion in 2023. Moreover, the operating loss at the new unit increased from $5.2 billion to $7 billion. After the figures were revealed, Intel's shares tumbled by about 7.3 per cent in New York trading, marking the heaviest intraday drop since January 26. CEO Pat Gelsinger's ambitious turnaround plan for Intel includes providing a detailed financial breakdown, particularly of the factory network, to facilitate greater operational independence. This move is vital to the company's strategy of manufacturing chips for other firms. Gelsinger said that transparency and accountability in driving the transformation forward would be essential. Addressing the challenges ahead, Gelsinger outlined the company's projection that 2024 would mark the peak of losses for Intel Foundry. He anticipates the division to achieve profitability midway between the present and the end of 2030. Lorenzo Flores was appointed as the division's chief financial officer to steer Intel Foundry through this critical phase. Intel's push into outsourced chip production signifies one of its most significant transformations yet. Gelsinger reiterated the company's intentions towards reclaiming its technological edge by next year, primarily through advancements like extreme ultraviolet lithography. These technological enhancements aim to streamline production processes and enhance product capabilities. This would potentially attract orders from competitors and generate substantial revenue by the end of 2030. Although Intel continues to faces struggles, Gelsinger remained confident in the company's trajectory, particularly with its latest production technique, 18A. Intel disclosed commitments from five companies to adopt this technique, with expectations of broader adoption in the coming years. However, the dominance of Taiwan Semiconductor Manufacturing Co. (TSMC) in the foundry market poses a challenge to Intel's aspirations. The competitive landscape in the semiconductor industry continues to change, with companies like Advanced Micro Devices Inc. and Nvidia Corp securing their positions. While Intel embarks on an expansive factory expansion initiative, the financial strain remains clear, even with government incentives like the Chips and Science Act. Gelsinger's efforts to secure clients for Intel's foundry business have yielded some successes, with Microsoft Corp onboard as a notable customer. (With inputs from Bloomberg)

Intel faces setback as chipmaker reveals deepening losses in factory operations

Microsoft and Quantinuum announced a major collaboration aimed towards enhancing the reliability of quantum computers on Wednesday.<o:p></o:p>

Quantum computing has emerged as the next frontier in the technological race, with major tech giants like Microsoft, Google, and IBM investing heavily in its development. <o:p></o:p>

These quantum machines, harnessing the principles of quantum mechanics, promise computational speeds far beyond what conventional computers can achieve. <o:p></o:p>

Tasks that would take millions of years with classical computers could become feasible with quantum computing technology.<o:p></o:p>

The issue with quantum computers lies in their fundamental unit, the "qubit." <o:p></o:p>

Qubits are exceptionally fast but notoriously sensitive, prone to errors even with minor disturbances. <o:p></o:p>

To tackle this challenge, researchers often construct more physical qubits than necessary and employ error-correction techniques to obtain a smaller pool of reliable qubits.<o:p></o:p>

Microsoft and Quantinuum's breakthrough centres on enhancing the reliability of qubits. <o:p></o:p>

By applying a proprietary error-correction algorithm developed by Microsoft to Quantinuum's physical qubits, the collaboration has achieved a significant milestone. <o:p></o:p>

From 30 physical qubits, they were able to yield approximately four reliable qubits. <o:p></o:p>

This ratio marks a hugeimprovement, with Microsoft's executive vice president for strategic missions and technologies, Jason Zander, claiming it to be the best ever recorded.<o:p></o:p>

"We ran more than 14,000 individual experiments without a single error. That's up to 800 times better than anything on record," Reuters quoted Zander as saying.<o:p></o:p>

This level of reliability is crucial for the practical implementation of quantum computing. <o:p></o:p>

Microsoft plans to make this technology accessible to its cloud computing customers in the coming months, signalling a tangible step towards commercialisation.<o:p></o:p>

Quantum researchers have long targeted achieving around 100 reliable qubits, a benchmark believed necessary to surpass the computational power of conventional supercomputers. <o:p></o:p>

While neither Microsoft nor Quantinuum disclosed a specific timeline for reaching this milestone, there is optimism surrounding the accelerated progress facilitated by their new technique. <o:p></o:p>

Ilyas Khan, the chief product officer of Quantinuum, said that the breakthrough could potentially shorten the timeline by at least two years.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Microsoft and Quantinuum announced a major collaboration aimed towards enhancing the reliability of quantum computers on Wednesday. Quantum computing has emerged as the next frontier in the technological race, with major tech giants like Microsoft, Google, and IBM investing heavily in its development.

Microsoft and Quantinuum announced a major collaboration aimed towards enhancing the reliability of quantum computers on Wednesday. Quantum computing has emerged as the next frontier in the technological race, with major tech giants like Microsoft, Google, and IBM investing heavily in its development. These quantum machines, harnessing the principles of quantum mechanics, promise computational speeds far beyond what conventional computers can achieve. Tasks that would take millions of years with classical computers could become feasible with quantum computing technology. The issue with quantum computers lies in their fundamental unit, the "qubit." Qubits are exceptionally fast but notoriously sensitive, prone to errors even with minor disturbances. To tackle this challenge, researchers often construct more physical qubits than necessary and employ error-correction techniques to obtain a smaller pool of reliable qubits. Microsoft and Quantinuum's breakthrough centres on enhancing the reliability of qubits. By applying a proprietary error-correction algorithm developed by Microsoft to Quantinuum's physical qubits, the collaboration has achieved a significant milestone. From 30 physical qubits, they were able to yield approximately four reliable qubits. This ratio marks a hugeimprovement, with Microsoft's executive vice president for strategic missions and technologies, Jason Zander, claiming it to be the best ever recorded. "We ran more than 14,000 individual experiments without a single error. That's up to 800 times better than anything on record," Reuters quoted Zander as saying. This level of reliability is crucial for the practical implementation of quantum computing. Microsoft plans to make this technology accessible to its cloud computing customers in the coming months, signalling a tangible step towards commercialisation. Quantum researchers have long targeted achieving around 100 reliable qubits, a benchmark believed necessary to surpass the computational power of conventional supercomputers. While neither Microsoft nor Quantinuum disclosed a specific timeline for reaching this milestone, there is optimism surrounding the accelerated progress facilitated by their new technique. Ilyas Khan, the chief product officer of Quantinuum, said that the breakthrough could potentially shorten the timeline by at least two years. (With inputs from Reuters)

Breakthrough in Quantum Computing: Microsoft and Quantinuum make strides

Taiwan Semiconductor Manufacturing Company (TSMC), a global semiconductor giant, swiftly responded to Taiwan's recent 7.4 magnitude earthquake, ensuring minimal disruptions to its operations, as reported by the Fortune. <o:p></o:p>

Although its workers were evacuated as a precautionary measure, TSMC reported that there were no weren’t any major damages to its chip foundries. <o:p></o:p>

Within hours of the earthquake and aftershocks, operations resumed.<o:p></o:p>

To safeguard its operations, TSMC had made attempts to swiftly to protect its facilities and equipment.<o:p></o:p>

While some tools sustained minor damages, the company recovered, with 70 per cent of tools back online within 10 hours of the earthquake. <o:p></o:p>

Notably, major tools essential for chip-making remained unaffected.<o:p></o:p>

The report by Fortune cited Mark Williams, the chief Asia economist of Capital Economics, who said that that Taiwan's frequent earthquakes have pushed companies to adapt their operations according to the seismic challenges. <o:p></o:p>

As for TSMC, the company learned a great deal from the aftermath of the 1999 earthquake, which caused extensive casualties and damages. <o:p></o:p>

Subsequently, TSMC strengthened its infrastructure with seismic-resistant measures, including: seismic coefficient enhancements, additional anchors on equipment, and the implementation of dampers to mitigate seismic energy.<o:p></o:p>

Additionally, incremental infrastructure improvements and the installation of an Earthquake Early Warning System has further enhanced TSMC's disaster preparedness.<o:p></o:p>

TSMC's earthquake response comes along with other major initiatives in Taiwan to fortify infrastructure and disaster response capabilities. <o:p></o:p>

While the earthquake disrupted power supply for over 300,000 households, swift restoration efforts saw recovery within hours. <o:p></o:p>

Taiwan Semiconductor Manufacturing Company (TSMC), a global semiconductor giant, swiftly responded to Taiwan's recent 7.4 magnitude earthquake, ensuring minimal disruptions to its operations, as reported by the Fortune.

Taiwan Semiconductor Manufacturing Company (TSMC), a global semiconductor giant, swiftly responded to Taiwan's recent 7.4 magnitude earthquake, ensuring minimal disruptions to its operations, as reported by the Fortune. Although its workers were evacuated as a precautionary measure, TSMC reported that there were no weren’t any major damages to its chip foundries. Within hours of the earthquake and aftershocks, operations resumed. To safeguard its operations, TSMC had made attempts to swiftly to protect its facilities and equipment. While some tools sustained minor damages, the company recovered, with 70 per cent of tools back online within 10 hours of the earthquake. Notably, major tools essential for chip-making remained unaffected. The report by Fortune cited Mark Williams, the chief Asia economist of Capital Economics, who said that that Taiwan's frequent earthquakes have pushed companies to adapt their operations according to the seismic challenges. As for TSMC, the company learned a great deal from the aftermath of the 1999 earthquake, which caused extensive casualties and damages. Subsequently, TSMC strengthened its infrastructure with seismic-resistant measures, including: seismic coefficient enhancements, additional anchors on equipment, and the implementation of dampers to mitigate seismic energy. Additionally, incremental infrastructure improvements and the installation of an Earthquake Early Warning System has further enhanced TSMC's disaster preparedness. TSMC's earthquake response comes along with other major initiatives in Taiwan to fortify infrastructure and disaster response capabilities. While the earthquake disrupted power supply for over 300,000 households, swift restoration efforts saw recovery within hours.

TSMC bounces back after Taiwan’s earthquake, resuming chip manufacturing operations

Google is considering charging for cutting-edge "premium" features supported by artificial intelligence (AI), marking this as a watershed moment, as Google has never before placed any of its core offerings behind a paywall.<o:p></o:p>

Insiders, speaking on condition of anonymity to the Financial Times, disclosed some of Google's deliberations. <o:p></o:p>

According to them, Google is considering over several options, including bundling AI-powered search functionalities into premium subscription packages. <o:p></o:p>

While the engineers are currently developing this, Google's executives are yet to provide clarity regarding the plan being materialised. <o:p></o:p>

Interestingly, even if Google does roll out these premium perks, the search engine will remain still remain free for all along with ads, even for subscribers.<o:p></o:p>

"We're constantly enhancing our product to cater to evolving user needs. However, an ad-free search experience is not on our radar. Like we've done countless times in the past, we'll continue innovating new premium features and services to enrich our suite of subscription offerings,” a spokesperson from Google said, according to the FT report.<o:p></o:p>

This move may be indicative of the fact that Alphabet&nbsp;still has not figured out how to use the rapidly emerging new technologies without endangering its core advertising business.

Google’s shares slid less than 1 per cent in extended trading after the news broke out.

With the launch of ChatGPT by OpenAI in late 2022, Google has been forced to defend itself against the popular chatbot.

Because ChatGPT can respond to searches in a conversational manner, Google has been compelled to reconsider its customary list of blue links to websites and the profitable advertisements that show up next to them.

Meanwhile, a fresh wave of search businesses has surfaced in recent years.

In order to improve privacy protections or gain access to generative AI search tools, some search engines have attempted to convince users to join up for premium memberships.

Google started developing its own AI-powered search engine last year, which includes links to websites and advertisements along with a tailored, in-depth story.

However, the integration of characteristics from its experimental "search generative experience" into the primary search engine has been slow.

<o:p>&nbsp;</o:p>

Google is considering charging for cutting-edge "premium" features supported by artificial intelligence (AI), marking this as a watershed moment, as Google has never before placed any of its core offerings behind a paywall.

Google is considering charging for cutting-edge "premium" features supported by artificial intelligence (AI), marking this as a watershed moment, as Google has never before placed any of its core offerings behind a paywall. Insiders, speaking on condition of anonymity to the Financial Times, disclosed some of Google's deliberations. According to them, Google is considering over several options, including bundling AI-powered search functionalities into premium subscription packages. While the engineers are currently developing this, Google's executives are yet to provide clarity regarding the plan being materialised. Interestingly, even if Google does roll out these premium perks, the search engine will remain still remain free for all along with ads, even for subscribers. "We're constantly enhancing our product to cater to evolving user needs. However, an ad-free search experience is not on our radar. Like we've done countless times in the past, we'll continue innovating new premium features and services to enrich our suite of subscription offerings,” a spokesperson from Google said, according to the FT report. This move may be indicative of the fact that Alphabet still has not figured out how to use the rapidly emerging new technologies without endangering its core advertising business. Google’s shares slid less than 1 per cent in extended trading after the news broke out. With the launch of ChatGPT by OpenAI in late 2022, Google has been forced to defend itself against the popular chatbot. Because ChatGPT can respond to searches in a conversational manner, Google has been compelled to reconsider its customary list of blue links to websites and the profitable advertisements that show up next to them. Meanwhile, a fresh wave of search businesses has surfaced in recent years. In order to improve privacy protections or gain access to generative AI search tools, some search engines have attempted to convince users to join up for premium memberships. Google started developing its own AI-powered search engine last year, which includes links to websites and advertisements along with a tailored, in-depth story. However, the integration of characteristics from its experimental "search generative experience" into the primary search engine has been slow.

Google considers charging for AI-powered search features, FT reports

Walt Disney shareholders have spoken, backing Chief Executive Bob Iger and the company's current board members, thereby invalidating a campaign led by activist investors Nelson Peltz and Blackwells Capital. <o:p></o:p>

The shareholder vote, announced at Disney's annual meeting, concludes a contentious battle pushed by accusations of underperformance in the streaming-television era.<o:p></o:p>

Following the shareholder vote, Iger expressed relief that the distracting proxy contest was behind them, allowing the company to refocus on growth and value creation. <o:p></o:p>

However, Disney's board still faces the task of finding a successor to the 72-year-old Iger before his scheduled retirement in 2026. <o:p></o:p>

Board members have reassured shareholders that candidates vetted diligently.<o:p></o:p>

Analysts note that Disney's next steps will be extremely important, particularly towards making the streaming television unit profitable and launching an app for its flagship ESPN sports network. <o:p></o:p>

Failure to achieve desired results within the next year could potentially lead to shifts in investor sentiment, analysts warn.<o:p></o:p>

Despite the victory for Disney, its shares declined by 3.2 per cent late on Wednesday afternoon.<o:p></o:p>

Peltz and Blackwells had sought five board seats collectively, criticising Disney's CEO succession planning, creative direction, and technological adaptation. <o:p></o:p>

The battle between Disney and the activist investors was marked by extensive campaigns and public attacks. <o:p></o:p>

Peltz, who was seeking a board seat for himself and former Disney CFO Jay Rasulo, faced resistance from Disney, which argued against their suitability for the board. <o:p></o:p>

Despite the confrontation, Iger garnered overwhelming support from shareholders, receiving backing from 94 per cent of voting shareholders.<o:p></o:p>

Trian Fund Management, Peltz's investment firm, remains Disney's fifth-largest shareholder, holding a 1.76 per cent stake. <o:p></o:p>

Although disappointed by the outcome, Trian acknowledged Disney's stock price appreciation since the launch of their campaign. <o:p></o:p>

Disney's shares have surged approximately 31 per cent this year, backed by positive earnings and initiatives like investments in Epic Games and partnerships with Fox Corp and Warner Bros Discovery.<o:p></o:p>

Blackwells Capital, expressed satisfaction in keeping Peltz out of Disney's boardroom. <o:p></o:p>

Despite their unsuccessful bid for board seats, Blackwells believes any of their candidates could have contributed to advancing Disney's interests over the coming years.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Walt Disney shareholders have spoken, backing Chief Executive Bob Iger and the company's current board members, thereby invalidating a campaign led by activist investors Nelson Peltz and Blackwells Capital.

Walt Disney shareholders have spoken, backing Chief Executive Bob Iger and the company's current board members, thereby invalidating a campaign led by activist investors Nelson Peltz and Blackwells Capital. The shareholder vote, announced at Disney's annual meeting, concludes a contentious battle pushed by accusations of underperformance in the streaming-television era. Following the shareholder vote, Iger expressed relief that the distracting proxy contest was behind them, allowing the company to refocus on growth and value creation. However, Disney's board still faces the task of finding a successor to the 72-year-old Iger before his scheduled retirement in 2026. Board members have reassured shareholders that candidates vetted diligently. Analysts note that Disney's next steps will be extremely important, particularly towards making the streaming television unit profitable and launching an app for its flagship ESPN sports network. Failure to achieve desired results within the next year could potentially lead to shifts in investor sentiment, analysts warn. Despite the victory for Disney, its shares declined by 3.2 per cent late on Wednesday afternoon. Peltz and Blackwells had sought five board seats collectively, criticising Disney's CEO succession planning, creative direction, and technological adaptation. The battle between Disney and the activist investors was marked by extensive campaigns and public attacks. Peltz, who was seeking a board seat for himself and former Disney CFO Jay Rasulo, faced resistance from Disney, which argued against their suitability for the board. Despite the confrontation, Iger garnered overwhelming support from shareholders, receiving backing from 94 per cent of voting shareholders. Trian Fund Management, Peltz's investment firm, remains Disney's fifth-largest shareholder, holding a 1.76 per cent stake. Although disappointed by the outcome, Trian acknowledged Disney's stock price appreciation since the launch of their campaign. Disney's shares have surged approximately 31 per cent this year, backed by positive earnings and initiatives like investments in Epic Games and partnerships with Fox Corp and Warner Bros Discovery. Blackwells Capital, expressed satisfaction in keeping Peltz out of Disney's boardroom. Despite their unsuccessful bid for board seats, Blackwells believes any of their candidates could have contributed to advancing Disney's interests over the coming years. (With inputs from Reuters)

Disney emerges victorious in board battle against activist investors

Two individuals have pleaded guilty to insider trading charges related to the merger that took former US President Donald Trump's media business public on Wednesday.<o:p></o:p>

Michael Shvartsman, head of Miami-based venture capital firm Rocket One Capital, and his brother Gerald Shvartsman each admitted to one count of securities fraud before US District Judge Lewis Liman in Manhattan. <o:p></o:p>

The case involves allegations of illicit trading based on confidential information regarding Trump Media &amp; Technology Group's (TMTG) plan to go public through a merger with a blank-check company.<o:p></o:p>

The charges come from accusations that the trio, including Rocket One's chief investment officer Bruce Garelick, illegally traded on insider information concerning the merger plans between TMTG and Digital World Acquisition, a blank-check company. <o:p></o:p>

Prosecutors have asserted that after learning about the merger talks, the defendants shared this information and engaged in trading Digital World securities, ultimately profiting $22 million from the deal.<o:p></o:p>

During the court hearing, both Michael and Gerald Shvartsman expressed remorse for their actions.<o:p></o:p>

US Attorney Damian Williams condemned insider trading, describing it as "cheating, plain and simple".<o:p></o:p>

The sentencing for the Shvartsmans is scheduled for July 17, with securities fraud carrying a maximum prison sentence of 20 years. <o:p></o:p>

However, the actual sentence imposed will depend on various factors, with the average prison term in federal fraud cases around two years. <o:p></o:p>

Meanwhile, Garelick is set to face trial on related charges on April 29.<o:p></o:p>

Following the public listing of TMTG in late March, its shares have experienced significant instability, fuelled partly by speculation surrounding Trump's involvement. <o:p></o:p>

However, recent disclosures regarding Truth Social's parent company's financial performance have dampened investor enthusiasm. <o:p></o:p>

TMTG reported a loss of over $58 million in 2023, contributing to a decline in its stock value.<o:p></o:p>

Although challenges persist, TMTG shares closed at $48.81 on Wednesday, valuing Trump's stake at approximately $3.8 billion. <o:p></o:p>

However, Trump is subject to restrictions preventing him from selling or leveraging his stake for six months. <o:p></o:p>

Additionally, Trump Media is entangled in legal disputes with co-founders Wesley Moss and Andrew Litinsky, who have accused the company of attempting to dilute their stake improperly. <o:p></o:p>

Trump Media, in turn, holds that Moss and Litinsky failed to earn their shares and seeks to revoke their ownership.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Two individuals have pleaded guilty to insider trading charges related to the merger that took former US President Donald Trump's media business public on Wednesday.

Two individuals have pleaded guilty to insider trading charges related to the merger that took former US President Donald Trump's media business public on Wednesday. Michael Shvartsman, head of Miami-based venture capital firm Rocket One Capital, and his brother Gerald Shvartsman each admitted to one count of securities fraud before US District Judge Lewis Liman in Manhattan. The case involves allegations of illicit trading based on confidential information regarding Trump Media & Technology Group's (TMTG) plan to go public through a merger with a blank-check company. The charges come from accusations that the trio, including Rocket One's chief investment officer Bruce Garelick, illegally traded on insider information concerning the merger plans between TMTG and Digital World Acquisition, a blank-check company. Prosecutors have asserted that after learning about the merger talks, the defendants shared this information and engaged in trading Digital World securities, ultimately profiting $22 million from the deal. During the court hearing, both Michael and Gerald Shvartsman expressed remorse for their actions. US Attorney Damian Williams condemned insider trading, describing it as "cheating, plain and simple". The sentencing for the Shvartsmans is scheduled for July 17, with securities fraud carrying a maximum prison sentence of 20 years. However, the actual sentence imposed will depend on various factors, with the average prison term in federal fraud cases around two years. Meanwhile, Garelick is set to face trial on related charges on April 29. Following the public listing of TMTG in late March, its shares have experienced significant instability, fuelled partly by speculation surrounding Trump's involvement. However, recent disclosures regarding Truth Social's parent company's financial performance have dampened investor enthusiasm. TMTG reported a loss of over $58 million in 2023, contributing to a decline in its stock value. Although challenges persist, TMTG shares closed at $48.81 on Wednesday, valuing Trump's stake at approximately $3.8 billion. However, Trump is subject to restrictions preventing him from selling or leveraging his stake for six months. Additionally, Trump Media is entangled in legal disputes with co-founders Wesley Moss and Andrew Litinsky, who have accused the company of attempting to dilute their stake improperly. Trump Media, in turn, holds that Moss and Litinsky failed to earn their shares and seeks to revoke their ownership. (With inputs from Reuters)

Two plead guilty to insider trading linked to Trump Media merger: Report

In the past two days, passengers travelling through Kempegowda International Airport (KIA) in Bengaluru, India, have faced extensive delays and cancellations, with about 20 Vistara flights disrupted. <o:p></o:p>

According to reports, these disruptions, impacting flights both inbound and outbound, have resulted in several delays for travellers, lasting for six hours or more. <o:p></o:p>

There are indications that these disruptions are linked to an ongoing strike by Vistara pilots.<o:p></o:p>

A report by news agency TNN cited a frustrated passenger, sharing his ordeal on social media, who said that he was waiting since 6 PM on Monday for his flight, which finally departed at 8:25 AM the following day, after a major delay of over 14 hours. <o:p></o:p>

Reports suggest that passengers were even made to deboard during the night, only to recheck-in later. <o:p></o:p>

Other travellers complained about the lack of staff for communication and assistance during the crisis, leaving them stranded at the airport without adequate information.<o:p></o:p>

Responding to the situation, the Directorate General of Civil Aviation (DGCA) has directed Vistara to furnish daily reports detailing flight disruptions. <o:p></o:p>

The airline has been instructed to ensure affected passengers receive necessary facilities such as advance information, refund options, and compensation. <o:p></o:p>

A spokesperson for Vistara , attributed the disruptions to various factors including unavailability of flight crew.<o:p></o:p>

To address the issue, Vistara has initiated measures such as temporarily reducing flight operations and deploying larger aircraft to optimise capacity and maintain connectivity across its network.<o:p></o:p>

The flight disruptions come as Vistara faces other major challenges, with reports saying that about 15 senior first officers have resigned from the airline, leading to the pilot shortage.<o:p></o:p>

These resignations follow discontent among pilots, particularly over proposed changes to pay structures and incentives.<o:p></o:p>

Sources reveal that the pilots who resigned had undergone training to operate wide-body Boeing 787 aircraft, but were not assigned flying duties for these planes.<o:p></o:p>

The airline, which operates over 300 flights daily, is currently navigating a challenging period marked by both crew shortages and internal discontent.<o:p></o:p>

In the past two days, passengers travelling through Kempegowda International Airport (KIA) in Bengaluru, India, have faced extensive delays and cancellations, with about 20 Vistara flights disrupted.

In the past two days, passengers travelling through Kempegowda International Airport (KIA) in Bengaluru, India, have faced extensive delays and cancellations, with about 20 Vistara flights disrupted. According to reports, these disruptions, impacting flights both inbound and outbound, have resulted in several delays for travellers, lasting for six hours or more. There are indications that these disruptions are linked to an ongoing strike by Vistara pilots. A report by news agency TNN cited a frustrated passenger, sharing his ordeal on social media, who said that he was waiting since 6 PM on Monday for his flight, which finally departed at 8:25 AM the following day, after a major delay of over 14 hours. Reports suggest that passengers were even made to deboard during the night, only to recheck-in later. Other travellers complained about the lack of staff for communication and assistance during the crisis, leaving them stranded at the airport without adequate information. Responding to the situation, the Directorate General of Civil Aviation (DGCA) has directed Vistara to furnish daily reports detailing flight disruptions. The airline has been instructed to ensure affected passengers receive necessary facilities such as advance information, refund options, and compensation. A spokesperson for Vistara , attributed the disruptions to various factors including unavailability of flight crew. To address the issue, Vistara has initiated measures such as temporarily reducing flight operations and deploying larger aircraft to optimise capacity and maintain connectivity across its network. The flight disruptions come as Vistara faces other major challenges, with reports saying that about 15 senior first officers have resigned from the airline, leading to the pilot shortage. These resignations follow discontent among pilots, particularly over proposed changes to pay structures and incentives. Sources reveal that the pilots who resigned had undergone training to operate wide-body Boeing 787 aircraft, but were not assigned flying duties for these planes. The airline, which operates over 300 flights daily, is currently navigating a challenging period marked by both crew shortages and internal discontent.

Turbulence in the Skies: Vistara flights delayed and cancelled amid pilot crisis

<o:p></o:p>

Citigroup, one of the major players in the US banking sector, is pushing back against a lawsuit brought by New York Attorney General Letitia James, who accuses its Citibank unit of neglecting to reimburse customers who have fallen prey to online scammers. <o:p></o:p>

According to a report by Reuters, Citigroup argued that the lawsuit is "misguided" and should be dismissed, citing specific legal standards and industry practices.<o:p></o:p>

Responding to the lawsuit, Citigroup said that it was faithful towards combating online wire fraud while questioning the legal grounds of the case. <o:p></o:p>

Reuters reported that Citigroup contended the lawsuit is based on a misinterpretation of federal laws governing electronic fund transfers, which explicitly excluded wire transfers from liability. <o:p></o:p>

The bank argued that it adheres to the Uniform Commercial Code, a standard adopted across all US states, which clears banks from reimbursing losses if they have implemented commercially reasonable security measures to verify customer identities. <o:p></o:p>

Citigroup said that it had taken such measures to prevent numerous fraudulent transactions daily.<o:p></o:p>

While they&nbsp; acknowledged the severity of online fraud, Citigroup said that lawsuits like this could disrupt established banking policies and practices. <o:p></o:p>

According to Reuters, the bank contends that no system can prevent every scam, and legal action is not the appropriate solution. <o:p></o:p>

However, Attorney General Letitia James alleges that Citibank's security systems failed to detect the red flags indicating potential scams, leading to financial losses for customers. <o:p></o:p>

These failures include instances where customers lost huge sums, such as one case where a customer lost $40,000 of retirement savings after clicking a link in a fraudulent text message posing as Citibank.<o:p></o:p>

James seeks substantial remedies from Citibank, including compensation for defrauded customers, civil fines of $5,000 per violation, and the appointment of an independent monitor to review bank records and assist in identifying victims. <o:p></o:p>

According to Reuters, the attorney general accuses Citibank of pressuring victims into signing affidavits that limit their ability to recover losses, only to reject their reimbursement claims later.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Citigroup, one of the major players in the US banking sector, is pushing back against a lawsuit brought by New York Attorney General Letitia James, who accuses its Citibank unit of neglecting to reimburse customers who have fallen prey to online scammers.

Citigroup, one of the major players in the US banking sector, is pushing back against a lawsuit brought by New York Attorney General Letitia James, who accuses its Citibank unit of neglecting to reimburse customers who have fallen prey to online scammers. According to a report by Reuters, Citigroup argued that the lawsuit is "misguided" and should be dismissed, citing specific legal standards and industry practices. Responding to the lawsuit, Citigroup said that it was faithful towards combating online wire fraud while questioning the legal grounds of the case. Reuters reported that Citigroup contended the lawsuit is based on a misinterpretation of federal laws governing electronic fund transfers, which explicitly excluded wire transfers from liability. The bank argued that it adheres to the Uniform Commercial Code, a standard adopted across all US states, which clears banks from reimbursing losses if they have implemented commercially reasonable security measures to verify customer identities. Citigroup said that it had taken such measures to prevent numerous fraudulent transactions daily. While they acknowledged the severity of online fraud, Citigroup said that lawsuits like this could disrupt established banking policies and practices. According to Reuters, the bank contends that no system can prevent every scam, and legal action is not the appropriate solution. However, Attorney General Letitia James alleges that Citibank's security systems failed to detect the red flags indicating potential scams, leading to financial losses for customers. These failures include instances where customers lost huge sums, such as one case where a customer lost $40,000 of retirement savings after clicking a link in a fraudulent text message posing as Citibank. James seeks substantial remedies from Citibank, including compensation for defrauded customers, civil fines of $5,000 per violation, and the appointment of an independent monitor to review bank records and assist in identifying victims. According to Reuters, the attorney general accuses Citibank of pressuring victims into signing affidavits that limit their ability to recover losses, only to reject their reimbursement claims later. (With inputs from Reuters)

Citigroup challenges New York lawsuit over fraud scams: Report

Intel faced setbacks on Tuesday after&nbsp;it disclosed an increase in operating losses for its foundry business.<o:p></o:p>

This has led to intensified efforts from the company to regain a competitive edge against rivals like Taiwan Semiconductor Manufacturing (TSMC). <o:p></o:p>

The chipmaker reported operating losses of $7 billion for its manufacturing unit in 2023, a major rise from the $5.2 billion losses incurred the previous year. <o:p></o:p>

Additionally, revenue for the unit fell sharply by by 31 per cent to $18.9 billion in 2023 compared to $27.49 billion in the preceding year.<o:p></o:p>

Following the revelation of the operating losses, Intel's shares witnessed a decline of 4.3 per cent.<o:p></o:p>

The filing of documents detailing the financial performance of the company's chip-making unit with the US Securities and Exchange Commission (SEC) contributed to the negative trend in share prices.<o:p></o:p>

During an investor presentation, Intel's Chief Executive Officer, Pat Gelsinger, projected 2024 to be the year of peak operating losses for the chip-making business. <o:p></o:p>

However, he said that the company was set to achieve its objective of a break-even on an operating basis by approximately 2027. <o:p></o:p>

Gelsinger attributed the challenges faced by the foundry business to previous decisions, including the reluctance to adopt extreme ultraviolet (EUV) machines from ASML, a decision that proved costly in terms of competitiveness.<o:p></o:p>

In response to the identified missteps, Intel has transitioned to utilising EUV tools, which are expected to gradually replace older machinery as part of the production process. <o:p></o:p>

Gelsinger said that the company was on track with technological transition with its regained competitiveness in terms of price and performance in the post-EUV era.<o:p></o:p>

Intel came up with&nbsp;plans to invest $100 billion in constructing or expanding chip factories across four US states. <o:p></o:p>

The success of its business turnaround strategy relies on attracting external companies to utilise its manufacturing services. <o:p></o:p>

As part of this initiative, Intel will begin reporting the results of its manufacturing operations as a separate unit. <o:p></o:p>

The company's investments aim to bridge the gap between itself and primary chipmaking competitors such as TSMC and Samsung Electronics.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Intel faced setbacks on Tuesday after it disclosed an increase in operating losses for its foundry business. This has led to intensified efforts from the company to regain a competitive edge against rivals like Taiwan Semiconductor Manufacturing (TSMC).

Intel faced setbacks on Tuesday after it disclosed an increase in operating losses for its foundry business. This has led to intensified efforts from the company to regain a competitive edge against rivals like Taiwan Semiconductor Manufacturing (TSMC). The chipmaker reported operating losses of $7 billion for its manufacturing unit in 2023, a major rise from the $5.2 billion losses incurred the previous year. Additionally, revenue for the unit fell sharply by by 31 per cent to $18.9 billion in 2023 compared to $27.49 billion in the preceding year. Following the revelation of the operating losses, Intel's shares witnessed a decline of 4.3 per cent. The filing of documents detailing the financial performance of the company's chip-making unit with the US Securities and Exchange Commission (SEC) contributed to the negative trend in share prices. During an investor presentation, Intel's Chief Executive Officer, Pat Gelsinger, projected 2024 to be the year of peak operating losses for the chip-making business. However, he said that the company was set to achieve its objective of a break-even on an operating basis by approximately 2027. Gelsinger attributed the challenges faced by the foundry business to previous decisions, including the reluctance to adopt extreme ultraviolet (EUV) machines from ASML, a decision that proved costly in terms of competitiveness. In response to the identified missteps, Intel has transitioned to utilising EUV tools, which are expected to gradually replace older machinery as part of the production process. Gelsinger said that the company was on track with technological transition with its regained competitiveness in terms of price and performance in the post-EUV era. Intel came up with plans to invest $100 billion in constructing or expanding chip factories across four US states. The success of its business turnaround strategy relies on attracting external companies to utilise its manufacturing services. As part of this initiative, Intel will begin reporting the results of its manufacturing operations as a separate unit. The company's investments aim to bridge the gap between itself and primary chipmaking competitors such as TSMC and Samsung Electronics. (With inputs from Reuters)

Intel reveals $7 billion operating loss for chip-making unit: Report

Forbes just released its 2024 Billionaires List. It shows that there are 2,781 billionaires globally, who together own $14.2 trillion. In India, there are 200 billionaires now, up from 169 last year. They have a total wealth of $954 billion, which is a big increase from $675 billion in 2023. Some people had to leave the list because they no longer have at least $1 billion.

While the list saw additions, some names were also removed. About 189 people, falling below the $1 billion mark, lost their elite club membership, as reported by Forbes.

Some well-known billionaires like Gary Lauder, linked to Estée Lauder, and Hajime Satomi, former CEO of Sega Sammy, are no longer on the list, along with David Tran, who owns the Sriracha hot sauce company.

Byju Raveendran, co-founder of the Indian educational app BYJU’S, was omitted from the Forbes billionaires list. His net worth plummeted to $0 from $2.1 billion, reflecting the current challenges faced by Byju’s, including funding difficulties and accounting concerns. Earlier this year, shareholders removed Byju as CEO.

<h2>Crisis in the edtech firm</h2>

In a recent development reported by Moneycontrol.com, Byju's&nbsp;has started the&nbsp;process of employee layoffs as part of its ongoing business restructuring efforts.&nbsp;According to sources cited in the report, Byju's is conducting the layoffs primarily through phone calls, followed by email notifications to affected employees.

These notifications specify the termination date as March 31, 2024, and instruct employees to comply with exit procedures, including the return of company assets and proprietary information.

The report suggests that the layoffs are expected to affect a major&nbsp;portion of Byju's workforce, with estimates ranging between 100 to 500 employees. The sales division appears to be particularly vulnerable to these restructuring measures.

<a href="https://www.wionews.com/business-economy/byjus-firing-employees-over-phone-call-without-giving-them-any-notice-period-report-706882">Also read |&nbsp;Byju’s fires over 500 staffers over phone calls after reported delayed salaries</a>

<h2>Which nations witnessed a decline in their billionaire count?</h2>

China faced the largest decrease in billionaire numbers, with the country shedding 133 billionaires (including Hong Kong and Macau) compared to the previous year. The United States had only eight people&nbsp;lose their billionaire status, followed by Japan with six losses, and Russia with five.

Also watch |&nbsp;Gravitas | Byju's rapid fall after a meteoric rise

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-byjus-rapid-fall-after-a-meteoric-rise-707017/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from agencies)

Forbes just released its 2024 Billionaires List. It shows that there are 2,781 billionaires globally, who together own $14.2 trillion. In India, there are 200 billionaires now, up from 169 last year.

Forbes just released its 2024 Billionaires List. It shows that there are 2,781 billionaires globally, who together own $14.2 trillion. In India, there are 200 billionaires now, up from 169 last year. They have a total wealth of $954 billion, which is a big increase from $675 billion in 2023. Some people had to leave the list because they no longer have at least $1 billion. While the list saw additions, some names were also removed. About 189 people, falling below the $1 billion mark, lost their elite club membership, as reported by Forbes. Some well-known billionaires like Gary Lauder, linked to Estée Lauder, and Hajime Satomi, former CEO of Sega Sammy, are no longer on the list, along with David Tran, who owns the Sriracha hot sauce company. Byju Raveendran, co-founder of the Indian educational app BYJU’S, was omitted from the Forbes billionaires list. His net worth plummeted to $0 from $2.1 billion, reflecting the current challenges faced by Byju’s, including funding difficulties and accounting concerns. Earlier this year, shareholders removed Byju as CEO. Crisis in the edtech firm In a recent development reported by Moneycontrol.com, Byju's has started the process of employee layoffs as part of its ongoing business restructuring efforts. According to sources cited in the report, Byju's is conducting the layoffs primarily through phone calls, followed by email notifications to affected employees. These notifications specify the termination date as March 31, 2024, and instruct employees to comply with exit procedures, including the return of company assets and proprietary information. The report suggests that the layoffs are expected to affect a major portion of Byju's workforce, with estimates ranging between 100 to 500 employees. The sales division appears to be particularly vulnerable to these restructuring measures. Also read | Byju’s fires over 500 staffers over phone calls after reported delayed salaries Which nations witnessed a decline in their billionaire count? China faced the largest decrease in billionaire numbers, with the country shedding 133 billionaires (including Hong Kong and Macau) compared to the previous year. The United States had only eight people lose their billionaire status, followed by Japan with six losses, and Russia with five. Also watch | Gravitas | Byju's rapid fall after a meteoric rise (With inputs from agencies)

Forbes world’s billionaires list: Byju Raveendran no longer a billionaire, now has $0 net worth

China's services sector experienced an uptick in growth in March, with new business expanding at the fastest rate in three months, as indicated by a private-sector survey. <o:p></o:p>

According to a Reuters report, this development is indicative of a potential recovery in sentiment within the world's second-largest economy. <o:p></o:p>

The Caixin/S&amp;P Global services purchasing managers' index (PMI) increased to 52.7 from 52.5 in February, marking the 15th consecutive month above the 50-mark, which denotes expansion.<o:p></o:p>

Improved underlying demand and initiatives to stimulate new orders contributed to the acceleration in the pace of new business expansion, reaching its highest level since December of the previous year. <o:p></o:p>

This surge in new business has also strengthened business confidence, while sub-index of future activity rose for the first time in three months. <o:p></o:p>

There is optimism surrounding the potential impact of new product lines, expansion strategies, and increased client budgets on sales.<o:p></o:p>

Despite the positive indicators in sales and business confidence, the growth in employment levels has experienced a setback. <o:p></o:p>

Employment in the services sector contracted for the second consecutive month in March, although the rate of job shedding eased compared to February. <o:p></o:p>

Respondents said that resignations among staff and redundancies aimed at enhancing productivity as contributing factors to the decline in payroll numbers.<o:p></o:p>

The upbeat performance of the services sector, along with favourable results from the Caixin manufacturing PMI, propelled the composite PMI to 52.7 last month, up from 52.5 in February. <o:p></o:p>

This marks the highest reading since May 2023, suggesting an overall improvement in both manufacturing and services activities. <o:p></o:p>

The growth in supply and demand, along with enhanced exports and sustained market optimism, contributed to this positive trend.<o:p></o:p>

Reuters cited Wang Zhe, an economist at Caixin Insight Group, who commented on the survey results. <o:p></o:p>

He noted that growth in both manufacturing and services sectors accelerated slightly. <o:p></o:p>

Additionally, he highlighted improved exports and sustained market optimism as contributing factors. <o:p></o:p>

However, Zhe also pointed out that employment levels continued to contract in both sectors, while input and output prices remained low, indicating persistent sluggish demand.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's services sector experienced an uptick in growth in March, with new business expanding at the fastest rate in three months, as indicated by a private-sector survey.

China's services sector experienced an uptick in growth in March, with new business expanding at the fastest rate in three months, as indicated by a private-sector survey. According to a Reuters report, this development is indicative of a potential recovery in sentiment within the world's second-largest economy. The Caixin/S&P Global services purchasing managers' index (PMI) increased to 52.7 from 52.5 in February, marking the 15th consecutive month above the 50-mark, which denotes expansion. Improved underlying demand and initiatives to stimulate new orders contributed to the acceleration in the pace of new business expansion, reaching its highest level since December of the previous year. This surge in new business has also strengthened business confidence, while sub-index of future activity rose for the first time in three months. There is optimism surrounding the potential impact of new product lines, expansion strategies, and increased client budgets on sales. Despite the positive indicators in sales and business confidence, the growth in employment levels has experienced a setback. Employment in the services sector contracted for the second consecutive month in March, although the rate of job shedding eased compared to February. Respondents said that resignations among staff and redundancies aimed at enhancing productivity as contributing factors to the decline in payroll numbers. The upbeat performance of the services sector, along with favourable results from the Caixin manufacturing PMI, propelled the composite PMI to 52.7 last month, up from 52.5 in February. This marks the highest reading since May 2023, suggesting an overall improvement in both manufacturing and services activities. The growth in supply and demand, along with enhanced exports and sustained market optimism, contributed to this positive trend. Reuters cited Wang Zhe, an economist at Caixin Insight Group, who commented on the survey results. He noted that growth in both manufacturing and services sectors accelerated slightly. Additionally, he highlighted improved exports and sustained market optimism as contributing factors. However, Zhe also pointed out that employment levels continued to contract in both sectors, while input and output prices remained low, indicating persistent sluggish demand. (With inputs from Reuters)

China's services sector shows accelerated growth in March, Caixin PMI reveals

Sources within the White House have revealed that US officials are in talks of&nbsp;ending President Joe Biden's pause on approvals of liquefied natural gas (LNG) exports in order to advance a proposed aid package for Ukraine, according to Reuters. <o:p></o:p>

However, they have noted the importance of evaluating the entire proposal prior to&nbsp;making any major decisions.<o:p></o:p>

The suggestion to reverse Biden's pause on LNG export approvals was put forward by Republican US House Speaker Mike Johnson.<o:p></o:p>

Johnson, hailing from Louisiana, a state known for its abundant gas production, highlighted the potential of LNG exports in destabilising Russian President Vladimir Putin's war efforts in Ukraine.<o:p></o:p>

While the White House has expressed openness to reconsidering the LNG export pause, it said that any decision would be contingent upon the broader context of the proposed Ukraine aid package. <o:p></o:p>

A White House spokesman clarified that the administration's priority remains the passage of the $95 billion bipartisan national security agreement already approved by the US Senate.<o:p></o:p>

Industry Perspective<o:p></o:p>

According to an industry source familiar with the discussions, the White House may find it feasible to relent on the LNG export pause, noting that substantively, no new approvals have been granted. <o:p></o:p>

This perspective suggests that such a move could be less challenging for the administration, particularly when considering climate concerns.<o:p></o:p>

The US emerged as the world's largest LNG exporter last year, with expectations of doubling export capacity by the end of the decade based on existing approved projects. <o:p></o:p>

The potential reversal of the LNG export pause holds major implications for global energy markets and geopolitical dynamics.<o:p></o:p>

The debate surrounding LNG exports is not devoid of environmental considerations. <o:p></o:p>

Activists have voiced concerns over potential pollution in local communities, the entrenchment of global reliance on fossil fuels, and emissions associated with burning gas and methane leaks. <o:p></o:p>

Republican pressure to lift the LNG export pause intersects with industry arguments highlighting potential adverse consequences of a prolonged hiatus. <o:p></o:p>

Proponents argue that an extended pause could lead Asian economies to turn to dirtier coal and complicate Europe's efforts to diversify away from Russian energy sources.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Sources within the White House have revealed that US officials are in talks of ending President Joe Biden's pause on approvals of liquefied natural gas (LNG) exports in order to advance a proposed aid package for Ukraine, according to Reuters.

Sources within the White House have revealed that US officials are in talks of ending President Joe Biden's pause on approvals of liquefied natural gas (LNG) exports in order to advance a proposed aid package for Ukraine, according to Reuters. However, they have noted the importance of evaluating the entire proposal prior to making any major decisions. The suggestion to reverse Biden's pause on LNG export approvals was put forward by Republican US House Speaker Mike Johnson. Johnson, hailing from Louisiana, a state known for its abundant gas production, highlighted the potential of LNG exports in destabilising Russian President Vladimir Putin's war efforts in Ukraine. While the White House has expressed openness to reconsidering the LNG export pause, it said that any decision would be contingent upon the broader context of the proposed Ukraine aid package. A White House spokesman clarified that the administration's priority remains the passage of the $95 billion bipartisan national security agreement already approved by the US Senate. Industry Perspective According to an industry source familiar with the discussions, the White House may find it feasible to relent on the LNG export pause, noting that substantively, no new approvals have been granted. This perspective suggests that such a move could be less challenging for the administration, particularly when considering climate concerns. The US emerged as the world's largest LNG exporter last year, with expectations of doubling export capacity by the end of the decade based on existing approved projects. The potential reversal of the LNG export pause holds major implications for global energy markets and geopolitical dynamics. The debate surrounding LNG exports is not devoid of environmental considerations. Activists have voiced concerns over potential pollution in local communities, the entrenchment of global reliance on fossil fuels, and emissions associated with burning gas and methane leaks. Republican pressure to lift the LNG export pause intersects with industry arguments highlighting potential adverse consequences of a prolonged hiatus. Proponents argue that an extended pause could lead Asian economies to turn to dirtier coal and complicate Europe's efforts to diversify away from Russian energy sources. (With inputs from Reuters)

White House considers ending LNG export pause to facilitate Ukraine aid package

Country Garden Holdings Co., one of China's major property developers, continues to struggle with financial challenges as its home sales took a heavy hit last month, according to corporate filings. <o:p></o:p>

A report by Bloomberg News noted that the contracted sales for March plummeted by 83 per cent, amounting to 4.3 billion yuan ($590 million), indicating the continuation of a downward trend from the previous month. <o:p></o:p>

This decline follows an 85 per cent annual slide in February.<o:p></o:p>

The persistent sales downturn has intensified the financial strain on Country Garden, which is currently facing several other challenges.<o:p></o:p>

The company recently shocked investors by announcing that it had failed meet the deadline for releasing annual results due to insufficient information. <o:p></o:p>

Consequently, trading of its stock has been suspended in Hong Kong. <o:p></o:p>

Moreover, earlier this year, the company encountered a creditor's petition seeking to wind it up following its default on dollar debt.<o:p></o:p>

The challenges faced by Country Garden are indicative of broader issues that have been ongoing within China's property sector.<o:p></o:p>

March witnessed a continued steep decline in home sales compared to the previous year, according to private data. <o:p></o:p>

Additionally, property investment fell sharply by 9 per cent in the first two months of the year, exceeding expectations. <o:p></o:p>

Homebuyers are increasingly cautious of investing in projects led by developers facing financial difficulties, including Country Garden<o:p></o:p>

To ease its financial strain, Country Garden has turned to the regulator's latest property funding program. <o:p></o:p>

The company disclosed that 272 residential projects have been enlisted by local authorities for financing support as of March 15. <o:p></o:p>

This move is crucial for Country Garden as it seeks to mitigate the impact of the ongoing sales drought on its operational cash flow.<o:p></o:p>

Apart from Country Garden, China Evergrande Group, the company's closest rival, was instructed to liquidate in January. <o:p></o:p>

Similarly, China Vanke Co., another property giant in the industry, has witnessed a sales slump that continues to worsen as it looks to avoid default. <o:p></o:p>

The prevailing uncertainties in the property sector underscore the need for strategic measures to navigate through the turbulent times.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Country Garden Holdings Co., one of China's major property developers, continues to struggle with financial challenges as its home sales took a heavy hit last month, according to corporate filings.

Country Garden Holdings Co., one of China's major property developers, continues to struggle with financial challenges as its home sales took a heavy hit last month, according to corporate filings. A report by Bloomberg News noted that the contracted sales for March plummeted by 83 per cent, amounting to 4.3 billion yuan ($590 million), indicating the continuation of a downward trend from the previous month. This decline follows an 85 per cent annual slide in February. The persistent sales downturn has intensified the financial strain on Country Garden, which is currently facing several other challenges. The company recently shocked investors by announcing that it had failed meet the deadline for releasing annual results due to insufficient information. Consequently, trading of its stock has been suspended in Hong Kong. Moreover, earlier this year, the company encountered a creditor's petition seeking to wind it up following its default on dollar debt. The challenges faced by Country Garden are indicative of broader issues that have been ongoing within China's property sector. March witnessed a continued steep decline in home sales compared to the previous year, according to private data. Additionally, property investment fell sharply by 9 per cent in the first two months of the year, exceeding expectations. Homebuyers are increasingly cautious of investing in projects led by developers facing financial difficulties, including Country Garden To ease its financial strain, Country Garden has turned to the regulator's latest property funding program. The company disclosed that 272 residential projects have been enlisted by local authorities for financing support as of March 15. This move is crucial for Country Garden as it seeks to mitigate the impact of the ongoing sales drought on its operational cash flow. Apart from Country Garden, China Evergrande Group, the company's closest rival, was instructed to liquidate in January. Similarly, China Vanke Co., another property giant in the industry, has witnessed a sales slump that continues to worsen as it looks to avoid default. The prevailing uncertainties in the property sector underscore the need for strategic measures to navigate through the turbulent times. (With inputs from Bloomberg)

China’s Country Garden faces sales slump as financial turmoil continues

The head of the US Senate Banking Committee, Sherrod Brown, has called upon the Biden administration to investigate the supposed ties between Nippon Steel and the Chinese steel industry. <o:p></o:p>

Brown's concerns stem from bipartisan opposition within Congress regarding Nippon Steel's proposed $14.9 billion acquisition of US Steel Corp, saying that there were potential threats to national security. <o:p></o:p>

The call for scrutiny comes after an April report by consultancy Horizon Advisory, which highlighted alleged connections between Nippon Steel and Chinese state-backed steel companies. <o:p></o:p>

"As you examine this deal, I urge you to thoroughly investigate the allegations raised in this report and examine Nippon's ties to the Chinese government and the danger this merger poses to American national and economic security," Reuters quoted Brown as saying. <o:p></o:p>

He also noted concerns regarding Nippon Steel's historical support for China's steel industry and its current operational presence in the country. <o:p></o:p>

Brown, a Democrat from Ohio, is seeking re-election in the upcoming election on 5th November.<o:p></o:p>

Nippon Steel, however, has vehemently refuted the allegations presented in Horizon Advisory's report. <o:p></o:p>

The company said that the report was "rife with inaccuracies and misrepresentations" and pressed that its operations in China accounted for 5 per cent of their global production capacity, thus being extremely limited. <o:p></o:p>

Additionally, Nippon Steel said that its investments in China do not grant Chinese partners control over its operations outside of China, including research and development activities.<o:p></o:p>

According to Horizon's report, Nippon Steel has a historical involvement in supporting the development of China's steel industry and maintains operational ties with several Chinese state-backed steel enterprises. <o:p></o:p>

Brown said that Nippon Steel's connections to China's military-civil fusion strategy and its pursuit of global economic influence was a matter of concern. <o:p></o:p>

President Joe Biden previously said that US Steel should remain domestically owned, while his opponent in the upcoming presidential election, former President Donald Trump, promised to block the proposed Nippon Steel acquisition if elected.<o:p></o:p>

Presently, the White House has yet to issue a response to Brown's call for scrutiny, and Horizon Advisory has not provided any comments following requests for clarification.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The head of the US Senate Banking Committee, Sherrod Brown, has called upon the Biden administration to investigate the supposed ties between Nippon Steel and the Chinese steel industry.

The head of the US Senate Banking Committee, Sherrod Brown, has called upon the Biden administration to investigate the supposed ties between Nippon Steel and the Chinese steel industry. Brown's concerns stem from bipartisan opposition within Congress regarding Nippon Steel's proposed $14.9 billion acquisition of US Steel Corp, saying that there were potential threats to national security. The call for scrutiny comes after an April report by consultancy Horizon Advisory, which highlighted alleged connections between Nippon Steel and Chinese state-backed steel companies. "As you examine this deal, I urge you to thoroughly investigate the allegations raised in this report and examine Nippon's ties to the Chinese government and the danger this merger poses to American national and economic security," Reuters quoted Brown as saying. He also noted concerns regarding Nippon Steel's historical support for China's steel industry and its current operational presence in the country. Brown, a Democrat from Ohio, is seeking re-election in the upcoming election on 5th November. Nippon Steel, however, has vehemently refuted the allegations presented in Horizon Advisory's report. The company said that the report was "rife with inaccuracies and misrepresentations" and pressed that its operations in China accounted for 5 per cent of their global production capacity, thus being extremely limited. Additionally, Nippon Steel said that its investments in China do not grant Chinese partners control over its operations outside of China, including research and development activities. According to Horizon's report, Nippon Steel has a historical involvement in supporting the development of China's steel industry and maintains operational ties with several Chinese state-backed steel enterprises. Brown said that Nippon Steel's connections to China's military-civil fusion strategy and its pursuit of global economic influence was a matter of concern. President Joe Biden previously said that US Steel should remain domestically owned, while his opponent in the upcoming presidential election, former President Donald Trump, promised to block the proposed Nippon Steel acquisition if elected. Presently, the White House has yet to issue a response to Brown's call for scrutiny, and Horizon Advisory has not provided any comments following requests for clarification. (With inputs from Reuters)

US senator urges Biden administration to review suspected Nippon Steel ties to China

India's gross Goods and Services Tax (GST) collection for March witnessed a strong boom of 11.5 per cent year-on-year (YoY), reaching ₹1.78 trillion ($21.35 billion), in line with a government declaration released on Monday. <o:p></o:p>

This surge reflects the country's strong financial performance despite global uncertainties, as reported by Reuters.<o:p></o:p>

The government had accumulated ₹1.60 trillion in GST last year. The amount collected for March is the second-highest since the origin of the GST regime in 2017. <o:p></o:p>

Notably, in April 2023, the GST collection&nbsp;peaked at ₹1.87 trillion.<o:p></o:p>

The average month-to-month GST revenue&nbsp;for the financial year (FY) 2023-24, which ended&nbsp;on March 31, stood at ₹1.68 trillion, marking&nbsp;a considerable increase from the ₹1.5 trillion recorded in the preceding financial year.<o:p></o:p>

The cumulative gross GST series for the FY2023-24 amounted to about ₹20.1 trillion, indicating a 12 per cent boom compared to the previous financial year.<o:p></o:p>

Reuters cited Abhishek Jain, an associate at KPMG, who attributed the increase in tax revenue to India's strong economic growth. <o:p></o:p>

He claimed that the&nbsp;economy expanded by 8.4 per cent year over year in the October–December quarter, surpassing the 7.6 per cent growth observed in the corresponding quarter.<o:p></o:p>

Additionally, India's Finance Minister, Nirmala Sitharaman, on Saturday said that the country's economy was predicted to expand at the same annual rate for the FY2023-24 and that it was on course to grow by 8 per cent or more in the quarter that ended on March 31.

(With inputs from Reuters)

India's gross Goods and Services Tax (GST) collection for March witnessed a strong boom of 11.5 per cent year-on-year (YoY), reaching ₹1.78 trillion ($21.35 billion), in line with a government declaration released on Monday.

India's gross Goods and Services Tax (GST) collection for March witnessed a strong boom of 11.5 per cent year-on-year (YoY), reaching ₹1.78 trillion ($21.35 billion), in line with a government declaration released on Monday. This surge reflects the country's strong financial performance despite global uncertainties, as reported by Reuters. The government had accumulated ₹1.60 trillion in GST last year. The amount collected for March is the second-highest since the origin of the GST regime in 2017. Notably, in April 2023, the GST collection peaked at ₹1.87 trillion. The average month-to-month GST revenue for the financial year (FY) 2023-24, which ended on March 31, stood at ₹1.68 trillion, marking a considerable increase from the ₹1.5 trillion recorded in the preceding financial year. The cumulative gross GST series for the FY2023-24 amounted to about ₹20.1 trillion, indicating a 12 per cent boom compared to the previous financial year. Reuters cited Abhishek Jain, an associate at KPMG, who attributed the increase in tax revenue to India's strong economic growth. He claimed that the economy expanded by 8.4 per cent year over year in the October–December quarter, surpassing the 7.6 per cent growth observed in the corresponding quarter. Additionally, India's Finance Minister, Nirmala Sitharaman, on Saturday said that the country's economy was predicted to expand at the same annual rate for the FY2023-24 and that it was on course to grow by 8 per cent or more in the quarter that ended on March 31. (With inputs from Reuters)

India's GST collection surges 11.5 pc YoY to $21.35 bn in March

OpenAI, has modified the governance structure of its venture capital fund supporting AI startups. <o:p></o:p>

A filing with the US Securities and Exchange Commission (SEC) revealed that Sam Altman, the CEO of OpenAI, no longer owns or controls the fund, as reported by Reuters.<o:p></o:p>

The change in ownership structure, documented in a March 29 filing, comes after concerns were raised regarding Altman's unique ownership of the OpenAI Startup Fund. <o:p></o:p>

Despite being marketed similarly to a corporate venture arm, the fund was initially raised by Altman from external limited partners, and he was responsible for making investment decisions.<o:p></o:p>

&nbsp;OpenAI clarified that Altman did not have a financial interest in the fund despite his ownership.<o:p></o:p>

Axios was the first to report on the alteration in ownership. <o:p></o:p>

“The fund's initial general partner structure was a temporary arrangement, and this change provides further clarity,” an OpenAI spokesperson said, responding to the report.<o:p></o:p>

The OpenAI Startup Fund, which is investing $175 million, has been raised from partners associated with OpenAI, including tech giant Microsoft, although OpenAI itself is not an investor in the fund. <o:p></o:p>

The control of the fund has now been transferred to Ian Hathaway, who has been a partner at the fund since 2021. <o:p></o:p>

According to the filing, Altman will no longer serve as a general partner at the fund. <o:p></o:p>

Hathaway, who has overseen the fund's accelerator program and led investments in companies like Harvey, Cursor, and Ambience Healthcare, will now be at the helm of the fund's operations.<o:p></o:p>

Sam Altman, a former president at startup accelerator Y Combinator, has previously faced scrutiny over his extensive investment interests outside of OpenAI. <o:p></o:p>

His investments range from crypto startup Worldcoin to fusion company Helion Energy, in addition to his fundraising activities in West Asia.<o:p></o:p>

Following Altman's unexpected departure from OpenAI last November, an independent investigation was conducted to examine any potential wrongdoing concerning product safety or OpenAI's finances. <o:p></o:p>

OpenAI announced that the investigation concluded Altman had committed no wrongdoing.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

OpenAI, has modified the governance structure of its venture capital fund supporting AI startups. A filing with the US Securities and Exchange Commission (SEC) revealed that Sam Altman, the CEO of OpenAI, no longer owns or controls the fund, as reported by Reuters.

OpenAI, has modified the governance structure of its venture capital fund supporting AI startups. A filing with the US Securities and Exchange Commission (SEC) revealed that Sam Altman, the CEO of OpenAI, no longer owns or controls the fund, as reported by Reuters. The change in ownership structure, documented in a March 29 filing, comes after concerns were raised regarding Altman's unique ownership of the OpenAI Startup Fund. Despite being marketed similarly to a corporate venture arm, the fund was initially raised by Altman from external limited partners, and he was responsible for making investment decisions. OpenAI clarified that Altman did not have a financial interest in the fund despite his ownership. Axios was the first to report on the alteration in ownership. “The fund's initial general partner structure was a temporary arrangement, and this change provides further clarity,” an OpenAI spokesperson said, responding to the report. The OpenAI Startup Fund, which is investing $175 million, has been raised from partners associated with OpenAI, including tech giant Microsoft, although OpenAI itself is not an investor in the fund. The control of the fund has now been transferred to Ian Hathaway, who has been a partner at the fund since 2021. According to the filing, Altman will no longer serve as a general partner at the fund. Hathaway, who has overseen the fund's accelerator program and led investments in companies like Harvey, Cursor, and Ambience Healthcare, will now be at the helm of the fund's operations. Sam Altman, a former president at startup accelerator Y Combinator, has previously faced scrutiny over his extensive investment interests outside of OpenAI. His investments range from crypto startup Worldcoin to fusion company Helion Energy, in addition to his fundraising activities in West Asia. Following Altman's unexpected departure from OpenAI last November, an independent investigation was conducted to examine any potential wrongdoing concerning product safety or OpenAI's finances. OpenAI announced that the investigation concluded Altman had committed no wrongdoing. (With inputs from Reuters)

OpenAI revokes Sam Altman's control over startup fund

Indian ed-tech company, Byju's has once again informed its employees about a delay in salary disbursement. <o:p></o:p>

Byju's management attributed the delay to an interim order obtained by "a few misguided foreign investors" in late February. <o:p></o:p>

This order has reportedly restricted the company from using the funds raised through a successful rights issue, as per a PTI report.<o:p></o:p>

"We are writing to you today with a heavy heart but with a message of hope and reassurance. A few misguided foreign investors in Byju's have obtained an interim order in late February which has restricted usage of the funds raised through the successful rights issue," was what the management said in its recent communication. <o:p></o:p>

They further added that this "irresponsible action by the four foreign investors" has forced them to temporarily withhold the disbursal of salaries until the restriction is lifted. <o:p></o:p>

Byju’s remains optimistic, expressing confidence in the Indian judicial system and predicting a positive outcome that will enable them to use the money raised through the rights issue to address their financial challenges.<o:p></o:p>

To mitigate the impact on its employees, Byju's assured its staff that they are pursuing a parallel line of credit to ensure that salaries are disbursed by April 8. <o:p></o:p>

"As you know, the founders have put everything back into the company, and regardless of the court verdict, we are following a parallel line of credit to ensure that you receive your salary by 8th of April," the management conveyed.<o:p></o:p>

Although the challenges persist, Byju's management shared a positive update with its employees, mentioning that they have the necessary votes to increase the authorised capital for the rights issue. <o:p></o:p>

The company also noted the efforts made by its founder, Byju Raveendran, in appealing to the disgruntled investors in a collaborative spirit, expressing hope that litigating investors would adopt a reasonable approach.<o:p></o:p>

Additionally, to address to the employee’s frustration, Byju’s management said, "We understand the feelings of helplessness that may arise due to these circumstances, and we share your frustration. However, we urge you to hold onto hope and remain resilient." <o:p></o:p>

(Inputs from PTI)<o:p></o:p>

Indian ed-tech company, Byju's has once again informed its employees about a delay in salary disbursement. Byju's management attributed the delay to an interim order obtained by "a few misguided foreign investors" in late February.

Indian ed-tech company, Byju's has once again informed its employees about a delay in salary disbursement. Byju's management attributed the delay to an interim order obtained by "a few misguided foreign investors" in late February. This order has reportedly restricted the company from using the funds raised through a successful rights issue, as per a PTI report. "We are writing to you today with a heavy heart but with a message of hope and reassurance. A few misguided foreign investors in Byju's have obtained an interim order in late February which has restricted usage of the funds raised through the successful rights issue," was what the management said in its recent communication. They further added that this "irresponsible action by the four foreign investors" has forced them to temporarily withhold the disbursal of salaries until the restriction is lifted. Byju’s remains optimistic, expressing confidence in the Indian judicial system and predicting a positive outcome that will enable them to use the money raised through the rights issue to address their financial challenges. To mitigate the impact on its employees, Byju's assured its staff that they are pursuing a parallel line of credit to ensure that salaries are disbursed by April 8. "As you know, the founders have put everything back into the company, and regardless of the court verdict, we are following a parallel line of credit to ensure that you receive your salary by 8th of April," the management conveyed. Although the challenges persist, Byju's management shared a positive update with its employees, mentioning that they have the necessary votes to increase the authorised capital for the rights issue. The company also noted the efforts made by its founder, Byju Raveendran, in appealing to the disgruntled investors in a collaborative spirit, expressing hope that litigating investors would adopt a reasonable approach. Additionally, to address to the employee’s frustration, Byju’s management said, "We understand the feelings of helplessness that may arise due to these circumstances, and we share your frustration. However, we urge you to hold onto hope and remain resilient." (Inputs from PTI)

Byju's faces salary delays, blames ‘misguided foreign investors’

<a name="OLE_LINK2"></a>

<a name="OLE_LINK2">United Parcel Service (UPS) has been announced as the new primary air cargo provider for the United States Postal Service (USPS), replacing long-time partner FedEx.</a>

According to Reuters, this move comes as FedEx terminates its over two-decade-long partnership with USPS, which was once its largest customer for air-based services.<o:p></o:p>

FedEx's relationship with USPS has faltered in importance over the years, with USPS accounting for about 4 per cent of FedEx Express's annual revenue. <o:p></o:p>

The decline in revenue from USPS was due to the postal service's shift from using planes to more cost-effective trucks for transportation. <o:p></o:p>

"It's not a huge loss for FedEx, but it will impact their density... You're losing consistency in terms of revenue from a pretty significant partner, but it wasn't the most profitable business for them ... it's not all negative,” Reuters quoted Faisal Hersi, an equity analyst at Edward Jones, as saying.<o:p></o:p>

This transition is expected to follow an increase in revenue for UPS, which had previously forecasted full-year revenue below Wall Street's estimates. <o:p></o:p>

Hersi further noted the benefits for UPS. <o:p></o:p>

"It provides an opportunity (for UPS) to have someone that's going to guarantee them some of that volume and helps them have that density improvement," he said. <o:p></o:p>

The financial terms of the new contract between UPS and USPS were not disclosed, but UPS described it as "significant".<o:p></o:p>

Following the announcement, shares of FedEx dropped nearly 2 per cent, while UPS's stock saw a 1 per cent decline. <o:p></o:p>

FedEx is now faced with the task of adjusting its network to compensate for the loss of the contract, which contributed nearly $2 billion in annual business. <o:p></o:p>

The company said in a filing on Monday that "the parties were unable to reach agreement on mutually beneficial terms to extend the contract." <o:p></o:p>

As a result, as many as 300 pilots at FedEx could potentially be out of work. <o:p></o:p>

In response, the Air Line Pilots Association International (ALPA), the union representing FedEx pilots, criticised FedEx's management.<o:p></o:p>

"With each new announcement, FedEx management continues to threaten every FedEx employee's job security and quality of life,” the union said.<o:p></o:p>

In the fiscal year 2023, USPS's payments to FedEx reduced to approximately $1.7 billion from $2.4 billion in the fiscal year ending September 2020. <o:p></o:p>

FedEx, as the number one domestic air contractor for USPS, had been supporting the agency's Priority Mail and other quick services. <o:p></o:p>

However, with USPS reorganising its operations to align with the strategy of moving distribution centres closer to consumers, the demand for fast air services has decreased.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

<o:p></o:p>

United Parcel Service (UPS) has been announced as the new primary air cargo provider for the United States Postal Service (USPS), replacing long-time partner FedEx.

United Parcel Service (UPS) has been announced as the new primary air cargo provider for the United States Postal Service (USPS), replacing long-time partner FedEx. According to Reuters, this move comes as FedEx terminates its over two-decade-long partnership with USPS, which was once its largest customer for air-based services. FedEx's relationship with USPS has faltered in importance over the years, with USPS accounting for about 4 per cent of FedEx Express's annual revenue. The decline in revenue from USPS was due to the postal service's shift from using planes to more cost-effective trucks for transportation. "It's not a huge loss for FedEx, but it will impact their density... You're losing consistency in terms of revenue from a pretty significant partner, but it wasn't the most profitable business for them ... it's not all negative,” Reuters quoted Faisal Hersi, an equity analyst at Edward Jones, as saying. This transition is expected to follow an increase in revenue for UPS, which had previously forecasted full-year revenue below Wall Street's estimates. Hersi further noted the benefits for UPS. "It provides an opportunity (for UPS) to have someone that's going to guarantee them some of that volume and helps them have that density improvement," he said. The financial terms of the new contract between UPS and USPS were not disclosed, but UPS described it as "significant". Following the announcement, shares of FedEx dropped nearly 2 per cent, while UPS's stock saw a 1 per cent decline. FedEx is now faced with the task of adjusting its network to compensate for the loss of the contract, which contributed nearly $2 billion in annual business. The company said in a filing on Monday that "the parties were unable to reach agreement on mutually beneficial terms to extend the contract." As a result, as many as 300 pilots at FedEx could potentially be out of work. In response, the Air Line Pilots Association International (ALPA), the union representing FedEx pilots, criticised FedEx's management. "With each new announcement, FedEx management continues to threaten every FedEx employee's job security and quality of life,” the union said. In the fiscal year 2023, USPS's payments to FedEx reduced to approximately $1.7 billion from $2.4 billion in the fiscal year ending September 2020. FedEx, as the number one domestic air contractor for USPS, had been supporting the agency's Priority Mail and other quick services. However, with USPS reorganising its operations to align with the strategy of moving distribution centres closer to consumers, the demand for fast air services has decreased. (With inputs from Reuters)

UPS secures major contract, replacing FedEx as USPS’s primary air cargo provider

Vistara, one of India's major airlines, continues to struggle with a major pilot shortage, leading to the cancellation of at least 38 flights today from major cities across the country. <o:p></o:p>

According to reports, the impacted cities include Mumbai with 15 cancellations, Delhi with 12, and Bengaluru with 11. <o:p></o:p>

This comes after a cancellation of 50 flights yesterday and 160 delays.<o:p></o:p>

Passengers have expressed&nbsp;frustration over the lack of communication and extended waiting times at airports, criticising Vistara for the inconvenience caused.<o:p></o:p>

According to an NDTV report, Vistara issued a statement acknowledging the disruptions, saying that they were caused due to "various reasons including crew unavailability." <o:p></o:p>

The airline responded to the inconvenience caused to its customers, saying, "Our teams are working towards minimising the discomfort to the customers."<o:p></o:p>

As the crisis continues, Vistara has announced temporary reductions in flight operations "to ensure adequate connectivity across our network." <o:p></o:p>

The airline has deployed larger aircraft, such as the B787-9 Dreamliner and A321neo, on select domestic routes to accommodate more passengers. <o:p></o:p>

Apart from that, Vistara is offering alternate flight options or refunds to affected customers.<o:p></o:p>

Behind the scenes, Vistara pilots are reportedly calling in sick as a protest against a revised salary structure introduced ahead of the airline's planned merger with Air India. <o:p></o:p>

According to reports, the pilots received the revised pay structure via email and were given a short notice to sign it. <o:p></o:p>

Those who refuse to sign have been warned that they might be excluded from the upcoming merger.<o:p></o:p>

There have been thousands of customers inconvenienced by flight cancellations and delays as a result of the ongoing pilot protest, which is thought to be a major contributing factor to the present pilot shortage issue. <o:p></o:p>

Despite this, Vistara says&nbsp;that the delays are due to "operational issues" and assures the public that corrective measures are underway.<o:p></o:p>

With the uncertainty surrounding flight operations, Vistara has advised passengers to check their flight status with the airline before heading to the airport to avoid long waits and inconvenience. <o:p></o:p>

Vistara, one of India's major airlines, continues to struggle with a major pilot shortage, leading to the cancellation of at least 38 flights today from major cities across the country.

Vistara, one of India's major airlines, continues to struggle with a major pilot shortage, leading to the cancellation of at least 38 flights today from major cities across the country. According to reports, the impacted cities include Mumbai with 15 cancellations, Delhi with 12, and Bengaluru with 11. This comes after a cancellation of 50 flights yesterday and 160 delays. Passengers have expressed frustration over the lack of communication and extended waiting times at airports, criticising Vistara for the inconvenience caused. According to an NDTV report, Vistara issued a statement acknowledging the disruptions, saying that they were caused due to "various reasons including crew unavailability." The airline responded to the inconvenience caused to its customers, saying, "Our teams are working towards minimising the discomfort to the customers." As the crisis continues, Vistara has announced temporary reductions in flight operations "to ensure adequate connectivity across our network." The airline has deployed larger aircraft, such as the B787-9 Dreamliner and A321neo, on select domestic routes to accommodate more passengers. Apart from that, Vistara is offering alternate flight options or refunds to affected customers. Behind the scenes, Vistara pilots are reportedly calling in sick as a protest against a revised salary structure introduced ahead of the airline's planned merger with Air India. According to reports, the pilots received the revised pay structure via email and were given a short notice to sign it. Those who refuse to sign have been warned that they might be excluded from the upcoming merger. There have been thousands of customers inconvenienced by flight cancellations and delays as a result of the ongoing pilot protest, which is thought to be a major contributing factor to the present pilot shortage issue. Despite this, Vistara says that the delays are due to "operational issues" and assures the public that corrective measures are underway. With the uncertainty surrounding flight operations, Vistara has advised passengers to check their flight status with the airline before heading to the airport to avoid long waits and inconvenience.

Vistara’s pilot shortage deepens with several flights affected across India

In a recent development reported by Moneycontrol.com, Byju's, an Indian edtech firm, has started the&nbsp;process of employee layoffs as part of its ongoing business restructuring efforts.&nbsp;According to sources cited in the report, Byju's is conducting the layoffs primarily through phone calls, followed by email notifications to affected employees.

These notifications specify the termination date as March 31, 2024, and instruct employees to comply with exit procedures, including the return of company assets and proprietary information.

The report suggests that the layoffs are expected to affect a major&nbsp;portion of Byju's workforce, with estimates ranging between 100 to 500 employees. The sales division appears to be particularly vulnerable to these restructuring measures.

<a href="https://www.wionews.com/business-economy/byjus-faces-salary-delays-blames-misguided-foreign-investors-706752">Also read |&nbsp;Byju's faces salary delays, blames ‘misguided foreign investors’</a>

<h2>Previous layoffs</h2>

Byju's has a history of implementing layoffs, having terminated over 10,000 employees in the past two years.

These actions have been attributed to various factors, including financial struggles&nbsp;and legal disputes with investors and stakeholders.

Despite these layoffs, the company's Indian workforce remains substantial, as it currently employs nearly 14,000 people.

Also watch |&nbsp;Gravitas: Is Byju's story a lesson for Indian start-ups? | Story of Byju Raveendran

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-is-byjus-story-a-lesson-for-indian-start-ups-story-of-byju-raveendran-619742/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

In response to inquiries, a spokesperson from Byju's informed Moneycontrol that the layoffs are part of a broader business restructuring initiative announced in October 2023. This initiative is in place&nbsp;to streamline operations, reduce costs, and improve cash flow management.

The spokesperson also spoke about the challenges faced by Byju's due to ongoing litigation.&nbsp;

(With inputs from agencies)

In a recent development reported by Moneycontrol.com, Byju's, an Indian edtech firm, has started the process of employee layoffs as part of its ongoing business restructuring efforts.

In a recent development reported by Moneycontrol.com, Byju's, an Indian edtech firm, has started the process of employee layoffs as part of its ongoing business restructuring efforts. According to sources cited in the report, Byju's is conducting the layoffs primarily through phone calls, followed by email notifications to affected employees. These notifications specify the termination date as March 31, 2024, and instruct employees to comply with exit procedures, including the return of company assets and proprietary information. The report suggests that the layoffs are expected to affect a major portion of Byju's workforce, with estimates ranging between 100 to 500 employees. The sales division appears to be particularly vulnerable to these restructuring measures. Also read | Byju's faces salary delays, blames ‘misguided foreign investors’ Previous layoffs Byju's has a history of implementing layoffs, having terminated over 10,000 employees in the past two years. These actions have been attributed to various factors, including financial struggles and legal disputes with investors and stakeholders. Despite these layoffs, the company's Indian workforce remains substantial, as it currently employs nearly 14,000 people. Also watch | Gravitas: Is Byju's story a lesson for Indian start-ups? | Story of Byju Raveendran In response to inquiries, a spokesperson from Byju's informed Moneycontrol that the layoffs are part of a broader business restructuring initiative announced in October 2023. This initiative is in place to streamline operations, reduce costs, and improve cash flow management. The spokesperson also spoke about the challenges faced by Byju's due to ongoing litigation. (With inputs from agencies)

Byju’s fires over 500 staffers over phone calls after reported delayed salaries

Former US President Donald Trump's media venture, Trump Media &amp; Technology Group, saw its value plummet by $4 billion within a week of its public debut on the Nasdaq Composite Index. <o:p></o:p>

According to a report by CBS News, the company, which launched its primary asset, the Truth Social platform, on March 25 under the ticker "DJT," has also disclosed escalating losses that have raised concerns about its sustainability.<o:p></o:p>

On Monday, the company's shares dived by 21 per cent, or $13.30, closing at $48.66. This indicates a 39 per cent drop from its peak of $79.38 on March 26. <o:p></o:p>

Despite this decline, the stock still maintains a 178 per cent surge since the beginning of the year. <o:p></o:p>

Notably, the company's market capitalisation stands at $6.7 billion, even though it reported a $4.1 million in revenue last year.<o:p></o:p>

Former President Trump, who owns 57 per cent of the company, has seen his paper wealth decrease by $2.5 billion due to the stock's decline. <o:p></o:p>

His stake, which was valued at $6.3 billion at its highest point last week, now sits at $3.8 billion. <o:p></o:p>

The financial downturn comes at a crucial time for Trump, as he faces growing financial obligations.<o:p></o:p>

However, a lock-up provision prevents Trump from selling his shares for at least six months following the IPO, limiting his ability to access the company's value.<o:p></o:p>

Although the figures are alarming, Truth Social has made comparisons to "meme" stocks like GameStop, which often attract individual investors based on social media hype rather than traditional financial metrics like profitability and revenue growth. <o:p></o:p>

CBS News quoted Michael Pachter, an analyst at Wedbush Securities, who said, "GameStop was the meme stock of a lifetime, but Trump Media has put it to shame."<o:p></o:p>

In a recent regulatory filing, Trump Media revealed more detailed financial data, indicating a revenue of $4.1 million last year, up from $1.5 million the previous year. <o:p></o:p>

However, the company also reported a loss of $58 million in 2023, occurring in contrast to the $50 million profit in the prior year. <o:p></o:p>

Despite the warning from its accountants about the company, Trump Media remains optimistic about its growth and profitability.<o:p></o:p>

Former US President Donald Trump's media venture, Trump Media & Technology Group, saw its value plummet by $4 billion within a week of its public debut on the Nasdaq Composite Index.

Former US President Donald Trump's media venture, Trump Media & Technology Group, saw its value plummet by $4 billion within a week of its public debut on the Nasdaq Composite Index. According to a report by CBS News, the company, which launched its primary asset, the Truth Social platform, on March 25 under the ticker "DJT," has also disclosed escalating losses that have raised concerns about its sustainability. On Monday, the company's shares dived by 21 per cent, or $13.30, closing at $48.66. This indicates a 39 per cent drop from its peak of $79.38 on March 26. Despite this decline, the stock still maintains a 178 per cent surge since the beginning of the year. Notably, the company's market capitalisation stands at $6.7 billion, even though it reported a $4.1 million in revenue last year. Former President Trump, who owns 57 per cent of the company, has seen his paper wealth decrease by $2.5 billion due to the stock's decline. His stake, which was valued at $6.3 billion at its highest point last week, now sits at $3.8 billion. The financial downturn comes at a crucial time for Trump, as he faces growing financial obligations. However, a lock-up provision prevents Trump from selling his shares for at least six months following the IPO, limiting his ability to access the company's value. Although the figures are alarming, Truth Social has made comparisons to "meme" stocks like GameStop, which often attract individual investors based on social media hype rather than traditional financial metrics like profitability and revenue growth. CBS News quoted Michael Pachter, an analyst at Wedbush Securities, who said, "GameStop was the meme stock of a lifetime, but Trump Media has put it to shame." In a recent regulatory filing, Trump Media revealed more detailed financial data, indicating a revenue of $4.1 million last year, up from $1.5 million the previous year. However, the company also reported a loss of $58 million in 2023, occurring in contrast to the $50 million profit in the prior year. Despite the warning from its accountants about the company, Trump Media remains optimistic about its growth and profitability.

Trump's Truth Social faces $4 billion plunge in value as losses mount

Luminous Power Technologies' recent inauguration of a 250 MW solar panel factory in Uttarakhand, expandable to 1 GW, sent a clear message: India's solar manufacturing muscle is flexing. This state-of-the-art facility, boasting complete automation and cutting-edge technology, is a microcosm of the country's soaring solar ambitions.

But beyond the impressive machinery lies a more profound question: can India truly achieve its soaring solar ambitions? Inclusive adoption of solar energy across the country remains a concern despite India boasting some of the cheapest solar energy globally.&nbsp;

Preeti Bajaj, CEO &amp; MD of Luminous Power Technologies, spoke to WION regarding this. "Solar energy is not cost-effective is an absolute myth," she asserted. "We have the most cost-effective power when it comes to solar energy. We are already at Rs 4/unit, which is at grid parity, if not cheaper. Cost decline in panel technologies has come down by 78 per cent&nbsp;over the last 10 years. So, the technology in terms of panels is optimised, there are design innovations, governments are pitching in and giving subsidies, making the payback even more compelling."

The recently announced interim budget underscores the government's commitment. A doubled allocation for solar power ($1.1 Billion) and the launch of the 'PM Suryodaya Yojana' aiming for rooftop solar in 10 million homes signal a concerted push to make solar power accessible.

However, achieving the ambitious 40 GW rooftop capacity target by 2026 requires a multi-pronged approach. While large-scale commercial installations are crucial, increased focus on MSMEs and rural electrification is vital. The budget's emphasis on rooftop solarisation and the 'muft bijli' scheme, offering free electricity to low-income households, are steps in the right direction.

India's solar push aligns with its broader renewable energy goals. The budget also witnessed a significant hike in allocation for green hydrogen and wind power, highlighting the government's commitment to a diversified clean energy mix. If executed smoothly, India can truly achieve its broader sustainability goals.

Manish Pant, Vice President of International Operations at Schneider Electric, a global energy player, told WION about the growing influence of India as a manufacturing hub. "India is an important market for us. It's the third largest market for us globally. We are committed to India. We have 30 manufacturing locations, we employ 37,000 people, we do our R&amp;D &amp; manufacturing here, and more importantly, we are not just doing that for India. We are doing India for India &amp; India for the Globe. We clearly see India growing much faster than the rest of the world, thanks to the demographic profile it has and the Great Policies of the Government, and this is where we are committed to investing," he said.

Luminous' new factory embodies this vision. However, India's solar journey is about more than just manufacturing. As cricket legend Sachin Tendulkar, Luminous' brand ambassador, said: "There is a tendency to think about doing something for the future, but I think it should start with us and for us. I usually say, there's no such thing as Right Now. It's either right or it's now. But when it's about the planet, I say we should do the right thing &amp; right now."

With a blend of private sector innovation, government support, and a growing public consciousness about sustainability, India's solar dream is well on its way to becoming a bright reality.

Luminous Power Technologies' recent inauguration of a 250 MW solar panel factory in Uttarakhand, expandable to 1 GW, sent a clear message: India's solar manufacturing muscle is flexing.

Luminous Power Technologies' recent inauguration of a 250 MW solar panel factory in Uttarakhand, expandable to 1 GW, sent a clear message: India's solar manufacturing muscle is flexing. This state-of-the-art facility, boasting complete automation and cutting-edge technology, is a microcosm of the country's soaring solar ambitions. But beyond the impressive machinery lies a more profound question: can India truly achieve its soaring solar ambitions? Inclusive adoption of solar energy across the country remains a concern despite India boasting some of the cheapest solar energy globally. Preeti Bajaj, CEO & MD of Luminous Power Technologies, spoke to WION regarding this. "Solar energy is not cost-effective is an absolute myth," she asserted. "We have the most cost-effective power when it comes to solar energy. We are already at Rs 4/unit, which is at grid parity, if not cheaper. Cost decline in panel technologies has come down by 78 per cent over the last 10 years. So, the technology in terms of panels is optimised, there are design innovations, governments are pitching in and giving subsidies, making the payback even more compelling." The recently announced interim budget underscores the government's commitment. A doubled allocation for solar power ($1.1 Billion) and the launch of the 'PM Suryodaya Yojana' aiming for rooftop solar in 10 million homes signal a concerted push to make solar power accessible. However, achieving the ambitious 40 GW rooftop capacity target by 2026 requires a multi-pronged approach. While large-scale commercial installations are crucial, increased focus on MSMEs and rural electrification is vital. The budget's emphasis on rooftop solarisation and the 'muft bijli' scheme, offering free electricity to low-income households, are steps in the right direction. India's solar push aligns with its broader renewable energy goals. The budget also witnessed a significant hike in allocation for green hydrogen and wind power, highlighting the government's commitment to a diversified clean energy mix. If executed smoothly, India can truly achieve its broader sustainability goals. Manish Pant, Vice President of International Operations at Schneider Electric, a global energy player, told WION about the growing influence of India as a manufacturing hub. "India is an important market for us. It's the third largest market for us globally. We are committed to India. We have 30 manufacturing locations, we employ 37,000 people, we do our R&D & manufacturing here, and more importantly, we are not just doing that for India. We are doing India for India & India for the Globe. We clearly see India growing much faster than the rest of the world, thanks to the demographic profile it has and the Great Policies of the Government, and this is where we are committed to investing," he said. Luminous' new factory embodies this vision. However, India's solar journey is about more than just manufacturing. As cricket legend Sachin Tendulkar, Luminous' brand ambassador, said: "There is a tendency to think about doing something for the future, but I think it should start with us and for us. I usually say, there's no such thing as Right Now. It's either right or it's now. But when it's about the planet, I say we should do the right thing & right now." With a blend of private sector innovation, government support, and a growing public consciousness about sustainability, India's solar dream is well on its way to becoming a bright reality.

India's soaring solar ambitions: Luminous' New solar plant fuels India's clean energy push