Saturday, November 30
Anirban Mukherjee, the CEO of PayU India, has been promoted to the position of global CEO as part of the company's shift towards an India-focused strategy. In his new role, Mukherjee will report directly to the interim CEO of Prosus and Naspers. Laurent Le Moal, the previous global CEO of PayU, will step back from operational management but remain with Prosus and PayU in an advisory role.
Sam Bankman-Fried, the former billionaire and founder of FTX cryptocurrency exchange, is set to go on trial for allegedly stealing billions of dollars from customers. He has pleaded not guilty to charges of fraud and conspiracy, but acknowledges inadequate risk management. His is the highest profile case US prosecutors have so far brought against a former cryptocurrency executive.
Meta Platforms is reportedly considering a plan to offer ad-free versions of Instagram and Facebook to users in the European Union for a monthly fee of around 10 euros ($10.46) on desktop and 13 euros on mobile. This comes after the social media company was fined 390 million euros for data privacy violations. Meta has informed European regulators that it hopes to launch the subscription no ads (SNA) plan in the coming months.
Digital World Acquisition and Trump Media have included a provision in their merger agreement that allows them to terminate the deal between October 31 and November 21. This comes after Digital World investors voted to extend the completion deadline for the deal. The amendment also states that either company can terminate the agreement if their boards no longer believe the merger will benefit shareholders.
Microsoft CEO Satya Nadella will testify in the US Justice Department's antitrust case against Google. The government is expected to question Nadella about the challenges Microsoft faced due to Google's dominance in the browser and search engine market. The government alleges that Google illegally paid billions of dollars annually to smartphone makers and wireless carriers to be their default search engine.
On-demand delivery platform Dunzo has announced that co-founder Dalvir Suri will be leaving the company, and that it will undergo a restructuring. The startup, which is backed by Reliance Industries, has been struggling to secure funding and has implemented several cost-cutting measures, including layoffs and reduced salaries.
On-demand delivery platform Dunzo has announced that co-founder Dalvir Suri will be leaving the company, and that it will undergo a restructuring. The startup, which is backed by Reliance Industries, has been struggling to secure funding and has implemented several cost-cutting measures, including layoffs and reduced salaries.
Hyundai Motor India reported a 13% increase in total wholesales in September, reaching a record high of 71,641 units. Domestic sales rose by 9% to 54,241 units, while exports increased by 29% to 17,400 units. The company attributed the growth to the ongoing festive season and strong sales momentum. SUVs now account for over 65% of Hyundai's domestic sales, with the Creta model leading in the mid-sized SUV segment.
Experts predict that the Reserve Bank of India (RBI) will maintain the benchmark interest rate at 6.5% in its upcoming monetary policy review. Factors such as elevated inflation and global uncertainties are expected to influence the decision. The RBI has kept the rate unchanged in the past three reviews and is likely to continue with the existing rate structure.
