Business

WSJ Reports Musk Engaged in Drug Use with Certain Tesla Board Members

John Pinto | 5 February 2024


Elon Musk 's use of illegal drugs was common knowledge among several current and former Tesla Inc. and SpaceX directors, the Wall Street Journal reported. There was concern about the volume of Musk’s illegal drug use and that he consumed drugs with some of his board members. The board didn’t hold investigations on the issue, nor did it document any concerns.

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BYJU'S has filed for chapter 11 bankruptcy

John Pinto | 2 February 2024


U.S. unit of Indian education technology startup Byju's has filed for Chapter 11 bankruptcy proceedings . Alpha unit listed assets in the range of $500 million to $1 billion . Some investors said the company's valuation had fallen to between $1 billion and $3 billion.It has also been negotiating the repayment of a $1.2 billion term loan in the last few months .

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Govt to strengthen EV ecosystem by supporting charging, manufacturing infra: Sitharaman

Raghu | 2 February 2024


The government will expand the electric vehicle ecosystem by supporting charging and manufacturing infrastructure. Usage of electric buses for public transport networks will be encouraged. The blending of compressed biogas will be mandatory. A biomanufacturing and bio foundry scheme will be launched. The absence of continued direct customer subsidies is a noticeable gap. The FAME subsidies need further elaboration.

Reliance to acquire over 50% stake in Disney India

Ragupathi | 1 February 2024


Reliance Industries and Disney India are working out their merger plans, with Reliance potentially acquiring a 51%-54% stake, valuing Disney's local operations at $3.5 billion. Additionally, Bodhi Tree, a joint venture between James Murdoch and Uday Shankar, may acquire around 9% in the merged entity.

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Budget 2024: No change in income tax slab rates

Ragupathi | 1 February 2024


Finance Minister Nirmala Sitharaman, in her budget speech, dashed hopes of tax relief for the salaried class, stating that income tax slab rates would persist in both new and old regimes. The Union Interim Budget 2024-25 was presented, with the full budget scheduled for July post Lok Sabha elections.

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Appeals Court Affirms Lifetime Ban of 'Pharma Bro' Martin Shkreli from Drug Industry

John Pinto | 24 January 2024


A federal appeals court upheld a lifetime ban on "pharma bro" Martin Shkreli from the pharmaceutical industry. The unanimous decision also enforces a $64.6 million penalty for monopolistic practices related to the price hike of Daraprim. The ban stems from a civil lawsuit by the Federal Trade Commission and seven states, including New York and California.

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‘Make in India’ boost for defence! GE’s fighter jet engine deal with India to start this year

Raghu | 10 January 2024


The technology transfer deal for fighter jet engines between India and the US is progressing smoothly, with a detailed technical proposal for a manufacturing unit in India set to be shared with Hindustan Aeronautics Ltd (HAL) soon. GE Aerospace Defence & Systems President, Amy Gowder, highlighted the scope of technology transfer to HAL, including the possibility of exporting engines and components from India.