Thursday, November 28
Co-working company WeWork is reportedly planning to file for bankruptcy as early as next week. The company, which had a valuation of $47 billion before its failed IPO and challenges during the pandemic, has been in discussions with creditors to improve its balance sheet and rationalize its real estate footprint. It recently entered into a forbearance agreement with its creditors that will end in seven days. WeWork debuted in 2010 and grew rapidly, but now faces the prospect of bankruptcy.
Releasing the quarterly gold demand report, the World Gold Council (WGC) said India's gold demand increased to 210.2 tonnes during the third quarter of 2023 calendar year, from 191.7 tonnes in the year-ago period. Trade feedback is that consumers have accepted the Rs 60,000 per ten-gram price point, so a downward correction could trigger a significant jump in demand. Dhanteras is considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, to other valuables.
US-based cybersecurity company Swimlane has opened a new regional cybersecurity innovation and R&D centre in Hyderabad, India. The facility will serve as a hub for product development functions and help advance the company's Swimlane Turbine low-code security automation platform with AI capabilities. Frans Xavier, chief technology officer, Swimlane said the new R&D facility will play a critical role in helping the company maintain its position in automation.
Blackstone and Vista Equity Partners are set to acquire Australian energy market software provider, Energy Exemplar, for over $1 billion. The deal reflects a growing reliance on simulation software by power utilities, grid operators, and renewable energy developers to optimize production capacity and maximize efficiencies. The two buyout firms will each hold a 50% stake, the sources said, requesting anonymity ahead of an official announcement expected later on Tuesday.
FTX co-founder Sam Bankman-Fried admitted in a New York court that he was aware Alameda Research hadn't properly hedged its risk before both companies collapsed. Assistant US Attorney Danielle Sassoon used Bankman-Fried's past statements to undermine his attempts to distance himself from decisions at the hedge fund. Bankman-Fried faces prison on charges related to transferring FTX customer money into Alameda for investments and other expenses. He testified in his own defense to counter the testimony of former FTX officials who incriminated him.
Central government's fiscal deficit touched 39.3 per cent of the full year target in the first half of the current financial year, slightly higher than 37.3 per cent recorded in the year-ago period. In actual terms, the fiscal deficit or the gap between expenditure and revenue worked out at Rs 7.02 lakh crore at the end of September 2023, showed data released by the Controller General of Accounts (CGA). In the Union Budget, the government projected to bring down the fiscal deficit to 5.9 per cent of the gross domestic product (GDP) in the current 2023-24 financial year.
Gillette India, a subsidiary of Procter & Gamble, reported a 7% increase in quarterly profit due to rising demand for its grooming products. The company's profit rose to 926.9 million rupees ($11.13 million) from 867.8 million rupees a year ago. Gillette's total revenue from operations climbed 7.7% to 6.68 billion rupees. India's annual retail inflation eased to 6.83% in August from 7.44% in July, further easing to 5.02% in September on softer food prices, helping revive consumers' discretionary spending.
Harsh Goenka, RPG Enterprises Chairman has expressed a divergent viewpoint from Murthy. In a tweet on X (formerly Twitter), Goenka asserted his endorsement of a hybrid work model, declaring the "5-day office week is dead."
Gold prices held steady near the key $2,000 level on Monday, buoyed by safe-haven demand from an escalating Middle East conflict, as investors awaited the outcome from the US Federal Reserve's policy meeting this week. Spot gold was steady at $2,003.17 per ounce by 0245 GMT. US gold futures climbed 0.7% to $2,013.00. Israeli air strikes hit areas near Gaza City's Shifa and Al-Quds hospitals early on Monday, and Palestinian militants clashed with Israeli forces in a border area east of the city of Khan Younis, in the enclave's south, Palestinian media reported.
Global private equity firm Blackstone has acquired a majority stake in CARE Hospitals, based in Hyderabad, as part of its entry into the Indian healthcare market. CARE Hospitals has also agreed to acquire a majority stake in KIMSHEALTH, based in Kerala, from private equity firm True North. The deal, valued at over $1 billion, will create one of India's largest hospital chains, with a network of 23 hospitals across 11 cities.
