Business

Biden earmarks $3.16 bn for battery manufacturing


Washington: In a bid to strengthen US's energy independence and reduce its reliance on nations like China, the Joe Biden government has announced $3.1 billion from the 'Bipartisan Infrastructure Law' to make more batteries and components in America, bolster domestic supply chains and create good-paying jobs. The US Department of Energy (DOE) also announced a...

Elon Musk’s Plans to ‘Fix’ Twitter


Elon Musk, one of the world’s richest men successfully negotiated a deal to buy the social media platform for $44 billion. Musk gave a statement with a shortlist of goals for the platform, many of which he has recently floated to his 83 million followers on Twitter. “Free speech is the bedrock of a...

World Bank warns of rises in food, energy prices


Washington: The Russia-Ukraine conflict has dealt "a major shock" to commodity markets, altering global patterns of trade, production and consumption, the World Bank (WB) said in a report. The increase in energy prices over the past two years has been the largest since the year 1973, according to the WB's latest Commodity Markets Outlook report. Price...

Tata-owned Air India wants to acquire AirAsia India


Mumbai: Tatas-owned Air India plans to acquire no-frills carrier AirAsia India and has sought approval from the Competition Commission for the proposed deal. AirAsia India is majority-owned by Tata Sons Private Ltd with a shareholding of 83.67 per cent and the remaining stake is with AirAsia Investment Ltd (AAIL), which is part of Malaysia's AirAsia...

India’s biggest ever LIC IPO opens on May 4


Mumbai: The Life Insurance Corporation's (LIC) public issue offer is finally here, with the long-awaited initial public offering (IPO) to open on May 2 for anchor investors and from May 4 to May 9 for the general public, the insurance behemoth confirmed at its press conference. Beginning of "LIC 3.0", says LIC Chairman M R...

Tesla loses $125 billion in market value as Musk buys Twitter


San Francisco: With Elon Musk acquiring Twitter for $44 billion, the stock of his electric car company Tesla tanked, and at least $125 billion were wiped out from its market value over some obvious risks. According to media reports, Musk could face conflict with China over free speech, which is a key market for Tesla...

Gautam Adani becomes world’s fifth-richest, beats Warren Buffet


Mumbai: Adani Group chairman Gautam Adani has become the world's fifth-richest person overtaking legendary investor Warren Buffett. According to Forbes estimates, the net worth of 59-year-old Adani surged to $123.7 billion, while Warren Buffett's net worth stood at $121.7 billion. Buffett is 91 years old. Adani's estimated $123.7 billion net worth makes him the...

Musk willing to boost personal Twitter investment to $15 billion


San Francisco: Tech billionaire Elon Musk is reportedly willing to invest between $10 billion and $15 billion of his own cash to take the micro-blogging site Twitter private, media reports say. Musk, who disclosed ownership in Twitter in a filing with the Securities and Exchange Commission (SEC) earlier this month, has a 9.1 per cent...

Indian agency attaches assets of Amway worth Rs 757 crore


New Delhi: The Enforcement Directorate (ED) has attached assets worth Rs 757.77 crore belonging to Amway India Enterprises Private Limited -- a company accused of running a multi-level marketing scam, in connection with a money laundering case. The attached properties include land and factory building of Amway in Tamil Nadu's Dindigul district, plant and machinery,...