Friday, November 29
Settlement talks have broken down between Meta, Facebook's parent company, and Kenyan content moderators who filed a lawsuit alleging unfair dismissal. The moderators claimed they lost their jobs for organizing a union and were subsequently blacklisted from applying for similar roles at another firm. Tech rights group Foxglove accused Meta and subcontractor Sama of not addressing the core issues raised by the plaintiffs. Meta declined to comment on the matter.
Bank of Maharashtra (BoM) reported a 72% increase in net profit for the September quarter, reaching Rs 920 crore. This growth was attributed to a decrease in bad loans and an increase in interest income. Total income for the quarter rose to Rs 5,796 crore, and interest income reached Rs 5,068 crore. The bank also saw improvements in asset quality, with gross non-performing assets falling to 2.19% and net NPAs dropping to 0.23%.
Shares of Manchester United dropped by 23% following reports that British billionaire Jim Ratcliffe may only acquire a 25% stake in the club. This raised concerns that the potential buyout by Qatar's Sheikh Jassim bin Hamad al Thani may not happen. Ratcliffe's bid values the club at $6.5 billion, excluding net debt. The Glazer family, who currently controls the club, would need to accept his offer.
Chip equipment maker Kokusai Electric has raised $724.4 million by pricing its shares at the top end of a scaled-back marketing range in Japan's largest initial public offering in five years. KKR Group-owned Kokusai set its IPO at 1,840 yen per share, a filing showed on Monday, valuing the company at 423.9 billion yen.
State Bank of India (SBI) chairman, Dinesh Khara, states that SBI is experiencing a good flow of loans and expects corporate demand to increase. He dismisses concerns over unsecured loans, emphasizing that SBI's lending principles are strong and will not compromise the quality of lending.
The Indian Biogas Association (IBA) has received investments worth Rs 2,755 crore during the Renewable Energy India Expo 2023. The investments were pledged by companies from various countries, including Germany, Sweden, and Italy. The IBA, which promotes a greener future through biogas, has signed joint ventures, MoUs, and received LoIs commitments during the expo.
Foreign investors have withdrawn around Rs 9,800 crore from Indian equities this month due to rising US bond yields and the uncertain environment caused by the Israel-Hamas conflict. Foreign Portfolio Investors (FPIs) were net sellers in September, pulling out Rs 14,767 crore. Prior to this, FPIs had been consistently buying Indian equities between March and August, bringing in Rs 1.74 lakh crore.
The Empowered committee in PLI scheme has approved a disbursement of Rs 1,000 crore to beneficiary firms in the electronics sector. The government has already disbursed Rs 2,900 crore out of claims worth Rs 3,400 crore received under the scheme. The PLI scheme aims to boost domestic manufacturing, create jobs, and support exports.
Finance Minister Nirmala Sitharaman has called on the private sector to support the Sustainable Development Goals (SDGs), stating that it is the collective responsibility of all stakeholders to contribute. Speaking at an event in Morocco, Sitharaman expressed confidence that reforms in multilateral development banks (MDBs) prompted by G20 deliberations will increase investments in developing nations. She highlighted the need for global cooperation and innovative financing approaches to bridge the financing gap for achieving the SDGs by 2030. Sitharaman also emphasized the need for MDBs to be reformed in order to address the challenges of the 21st century.
Murtaza Lakhani's network of oil trading firms, many of which are based in the United Arab Emirates, have bought and sold tens of millions of barrels of Russian crude, allowing Moscow to minimize the impact of sanctions. The relationship between Lakhani, a Karachi native, and Sechin has raised concerns among some officials who advocate for a tougher approach to Russia.
