Silicon Valley Bank collapse: This firm is looking to buy part of bank’s loans.
Apollo Global Management Inc. expressed interest in snapping up a book of loans held by Silicon Valley Bank, the California lender seized by federal regulators last week.Apollo, one of the world’s largest alternative asset managers, is among other investors looking to buy pieces of Silicon Valley Bank,...
Saudi unveils new airline Riyadh Air to compete with Gulf rivals.
Saudi Arabia announced Sunday the creation of a new national airline, part of a plan to turn Riyadh into a global aviation hub rivalling regional leaders like Dubai and Doha.Riyadh Air "aims to launch flights to more than 100 destinations around the world by 2030," the official Saudi Press Agency (SPA)...
Elon Musk is world’s richest person again after 100% Tesla stock surge.
Elon Musk is once again the richest person in the world with a net worth of $187 billion, according to Bloomberg Billionaires Index. The Tesla and Twitter chief had lost the top spot last year to Bernard Arnault of luxury brand LVMH, whose current fortune is estimated at $185 billion.Musk was the second...
India’s Enron Moment? Adani slips from 3rd richest to 30.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by USD 80 billion and the tycoon slipping to No.30 on the world billionaire index.Adani's sprawling conglomerate,...
Generative AI like ChatGPT will be a co-worker, will not replace jobs: TCS.
Tata Consultancy Services (TCS) feels generative artificial intelligence platforms like ChatGPT will create an "AI co-worker" and not replace jobs.Milind Lakkad, the chief human resources officer (CHRO) of the country's largest IT services firm that employs over 6 lakh people said such tools will help...
Adani Group’s market value slips under $100 billion.
The combined equity market value of Adani Group’s 10 companies slipped below $100 billion on Tuesday, as the embattled conglomerate struggles to reassure investors following a scathing report by a US short seller.The ports-to-power group has now lost more than $136 billion in market capitalization...
Adani Group braces itself with US law firm to battle against Hindenburg.
Gautam Adani-led Adani Group has hired US-based law firm Wachtell to fight against allegations recently leveled against the conglomerate by short-seller Hindenburg Research, Financial Times reported.According to the British daily news report, the Adani Group has tapped senior lawyers at Wachtell, Lipton,...
KFH, two other banks preparing to launch Google Pay in Kuwait.
After activating the “Samsung Pay” and “Apple Pay” services for electronic payment, it looks imminent that Kuwaiti banks are close to launching “Google Pay”, reports Al-Rai daily. In this regard, the daily has learned from sources that the Central Bank of Kuwait has granted at least 3 banks,...
Google to lay off 12,000 employees: Report.
Alphabet Inc is eliminating 12,000 jobs, its chief executive said in a staff memo shared with Reuters.The cuts mark the latest to shake the technology sector and come days after rival Microsoft Corp said it would lay off 10,000 workers.The job losses affect teams across the company including recruiting...
PhonePe raises $350 million at $12 billion valuation.
Walmart-owned Indian digital payments app PhonePe said on Thursday it has raised $350 million at a valuation of $12 billion in a funding round led by private-equity firm General Atlantic.Funding rounds backed by venture capital firms have slowed down, with Indian startups having raised a third lesser...