SoftBank Group Corp reported losses of nearly $18 billion at its much-vaunted Vision Fund, the heaviest in the Japanese conglomerate’s history, after it wrote down the valuations of quite a few of its most prominent portfolio companies. It also warned of the likelihood of 15 of its portfolio firms going bankrupt in the wake of […]
ETtech Top 5: Swiggy layoffs, SoftBank’s record loss, Jobseekers’ dilemma & more
Happy Monday! It’s the first day of Lockdown 4.0 and we’ve seen companies scramble to pick up the pieces in a few states, albeit with some caveats. E-commerce, as we know it, will soon be back. Ride-hailing services like Uber and Ola have resumed operations in Karnataka. And life seems to be limping back to […]
If The S&P 500 Falls To 2,000: How Financial Advisors Can (And Should) Be Preparing For The Next Crisis
Executive Summary Over the past several weeks, the major stock indices have experienced both the fastest crash and the most robust market bounce ever seen. In the process, financial advisors have watched their clients transition from abject panic to outright relief and have worked hard to keep their clients focused on their long-term goals… while […]
Swiggy to axe 1,100 jobs as Covid-19 crisis hits business
Food delivery app Swiggy will cut 1,100 jobs across the country over the next few days, as it reels under the Covid-19 induced nationwide shutdown. The development comes after rival Zomato said last week that it would lay off 13% of its workforce, or about 520 employees. “The core food delivery business has been severely […]
General Atlantic open to raising stake in Jio Platforms: Sandeep Naik
General Atlantic will be looking at opportunities to increase its stake in Jio Platforms and its alliance with the digital unit of Reliance Industries is for the long haul and not just till the initial share sale of the company, said a top official of the Indian unit of the US private equity player. “We […]
Lockdown 4.0: E-commerce firms may finally resume full operations
Representative Image E-commerce companies such as Flipkart, Amazon and Snapdeal, as well as vertical etailers including Lenskart, Nykaa, and Firstcry, are expected to resume full operations from Monday after the central government removed all restrictions on online retail as part of its plan for Lockdown 4.0. These platforms were so far restricted to selling non-essential […]
Covid-19 lockdown has turned niche food vloggers into social media stars
It’s Lockdown 4.0. Everyone knows someone who is fussing about, failing at, or flaunting their culinary skills. From millennials to Gen Z, from Boomers to their seniors, people across age groups and geographical boundaries are picking up the ladle — either for the first time in their life or for the first time in a […]
General Atlantic to invest Rs 6,598.38 crore in Jio Platforms
Private equity firm General Atlantic has agreed to plough Rs 6,598.38 crore into Jio Platforms, the holding company of India’s largest telecom operator. The US-based fund which manages $35 billion in assets globally will buy a 1.34 percent in Jio Platforms, valuing Mukesh Ambani-promoted Reliance Industries’ subsidiary at an equity value of Rs 4.91 lakh […]
Card payments in March fall 24% in 2 months
Value of debit and credit card usage dropped 24% in March 2020 to Rs 1.15 lakh crore from the Rs 1.5 lakh crore registered just two months earlier in January. The number of card swipes also fell 20% to 53.5 crore this March from 66.5 crore in January. The numbers seem to indicate that consumer […]
Freelance jobs rise as firms get used to WFH
Illustration: Rahul Awasthi Demand for freelance jobs is on the rise as organisations get increasingly used to virtual workplace and remote working, and some also look to cut fixed employee costs post the Covid-19 outbreak. Flexing It, a gig platform for freelance and project-based work, said there was a 75% spike in the number of […]