1) US orders arrest of hedge fund manager who helped BYJU'S hide $533 mn.
A US bankruptcy judge on Thursday ordered the arrest of William Cameron Morton, a hedge fund manager who allegedly helped Indian education technology startup Byju's hide $533 million from its lenders.
Byju's Alpha, a subsidiary controlled by Byju's lenders, filed for U.S. bankruptcy in February after the Bangalore-based startup defaulted on $1.2 billion in debt. While seeking repayment, the lenders discovered that Byju's had sent $533 million to Morton's "unknown and unproven hedge fund" Camshaft Capital, Byju's court filings showed.
Dorsey had previously ordered Morton to appear in court to explain where the funds were being held. Morton told the court he was unavailable because he was hospitalized in a foreign country, but Dorsey said at a Thursday court hearing in Wilimington, Delaware, that excuse was not credible.
2) L&T short of 40,000 labourers, people don't want labour jobs: MD Subrahmanyan
Indian multinational conglomerate Larsen & Toubro needs about 30,000 skilled labourers but is struggling to hire, the firm’s CEO and MD SN Subrahmanyan has said. "Indian labourers lack skill sets, and, therefore, there is a need to upskill them," he told CNBC-TV18 in an interaction, adding that L&T upskills labourers using modularity, and automation, which adds to the process of hiring struggle.
Subrahmanyan added that there is a more than $50 billion backlog in the company's balance sheet due to labour shortage. "As the backlog is from the EPC business, that needs trained labour," he said, adding that the firm needs labour for carpentry, masonry and heavy earth work.
The development reflects the increased emphasis on upskilling and reskilling across industries. In fact, a LinkedIn research last week revealed that due to the shift towards skills-based hiring, 82 percent of Indian professionals feel that companies are now more comfortable hiring professionals who do not have relevant work experience but have the right skills.
3) Delhi HC cancels trademark of 'Dolma Aunty Momos' by UP's M A Khan, rules in favour of Delhi's Dolma Tsering.
On March 6, 2024, the Delhi High Court canceled the trademark registration of "Dolma Aunty Momos" in the name of Mohammed Akram Khan after Dolma Tsering filed a lawsuit against him for using their trademark. Tsering owns the popular South Delhi food stall "Dolma Aunty Momos" that started in 1994.
A trademark is a recognizable symbol, word, phrase, or design that represents a business and legally differentiates it from other products of its kind. Justice Anish Dayal directed that the impugned trademark be cancelled and removed from the Trade Marks Register. The rectification petition was filed by Dolma Tsering, the lady who started selling momos in the national capital in 1994 and is now famous as Dolma Aunty Momos.
4) China accuses Evergrande, Founder Hui Ka Yan of $78-billion fraud
CHINESE authorities are examining the role of PricewaterhouseCoopers (PwC) in China Evergrande Group’s accounting practices after the developer was accused of a US$78 billion fraud, ramping up pressure on the global accounting giant that audited a slew of developers before the sector’s meltdown.
The country’s securities regulator this week accused Evergrande’s main onshore subsidiary Hengda Real Estate Group of recognising sales in advance and massively overstating its revenue in the two years to 2020, prior to Evergrande’s default.
Chinese officials are now looking into PwC as they continue their probes of the developer’s founder Hui Ka Yan, according to sources familiar with the matter. They are in contact with some former PwC accountants who handled Evergrande’s audit, one of the sources said, asking not to be identified discussing a private matter.
5) Japan's central bank scrapped its negative interest rate policy and hiked borrowing costs for the first time in 17 years to +0.1%.
The Bank of Japan this week broke from its negative interest rate policy, raising borrowing rates for the first time in 17 years now that inflation and wages are on the rise and Tokyo stocks are on the march.
The central bank's decision could usher in a new era for Japan, which has suffered through a prolonged period of economic stagnation and deflation. Yet BOJ Gov. Kazuo Ueda remains unreadable, giving no timeline for future policy tweaks in either direction. So what lies ahead? Here's a selection of stories to help you make that judgment.
On Tuesday, the BOJ scrapped its negative interest rate policy, guiding overnight lending rates to 0%-0.1%, up a tiny fraction from minus 0.1% to 0%. The central bank also ended its yield curve control policy that guides the yields of 10-year Japanese government bonds to around 0%, marking a historic shift from its massive monetary easing program. Economists predict that record pay raises recently promised by big Japanese companies will be a "game changer" for the nation. The fattened paychecks will come after three decades of low inflation and nominal wage growth.
6) Ashok Leyland partners with start up Minus Zero for self-driving trucks.
Hinduja Group flagship company Ashok Leyland on Tuesday said it has signed a strategic alliance with Minus Zero aimed at developing tailored autonomous trucking solutions in the country.
Bengaluru-based Minus Zero is an autonomous driving technology startup and this partnership aims to revolutionise commercial trucking through autonomous solutions at scale.
The initial focus of this collaboration will be on developing autonomous trucking solutions for ports, factory operations and corporate campuses, the city-based heavy commercial vehicle maker said in a company statement.
With global regulations and infrastructure evolving to support autonomous driving, this collaboration can extend to offer joint product offerings to international markets.
7) Mumbai-based CA Ambar Dalal runs Ponzi scheme and disappears after collecting Rs 1000Cr from gullible investors who were promised 2% returns per month.
The investment consultant named Ambar Dalal has been booked by the Oshiwara police for cheating. According to the report citing the police, so far 55 investors with a collective loss of ?54 crore had come forward, but they suspected it could be a ponzi scheme involving a much higher amount.
On Friday¸ several investors thronged the Oshiwara police station after they found that chartered accountant Ambar Dalal had gone missing. He had allegedly lured investors with the promise of up to 2 per cent return on investment per month through his firm Ritz Consultancy.
The returns were received regularly till February on the tenth of every month, claimed the investors.
8) Pak & IMF reach prelim deal to release $1.1 bn from $3 bn bailout fund.
Pakistan and the International Monetary Fund reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following dayslong talks in Islamabad, the IMF said Wednesday.
Under the deal, Pakistan will receive the final tranche from the bailout that was approved by the IMF in July to save the nation from defaulting on its debt repayments, The Associated Press reported. An IMF statement said it "has reached a staff-level agreement with the Pakistani authorities" and noted that approval by the IMF's executive board “is considered a formality.”
The announcement came after talks between the IMF and the new government of Prime Minister Shehbaz Sharif concluded in Islamabad. Pakistan’s Finance Minister Muhammad Aurangzeb and the IMF's mission chief to Pakistan, Nathan Porter, led their teams during the talks, which began on Thursday last week.
9) Tata Group to invest Rs 27,000 cr in Assam for a semiconductor plant.
Industrialist and Tata Sons Emeritus Chairman Ratan Tata said that Tata's manufacturing of semiconductors in Assam will put the state on the global map. Assam Chief Minister Himanta Biswa Sarma called on Tata Sons Emeritus Chairman Ratan Tata and Chairman N Chandrasekaran and thanked them for setting up the semiconductor facility whose foundation stone was laid by PM Narendra Modi last week.
Ratan Tata posted on X: "The investments being made in Assam transform the state in complex treatment for cancer care. Today, the state government of Assam in partnership with the Tata group will make Assam a major player in sophisticated semiconductors. This new development will put Assam on the global map. We wish to thank the Chief Minister of Assam Mr. Himanta Biswa Sarma for his support and vision that has made all this possible.
He added that during "my deliberations with the Tata leadership, we agreed to create a skill development centre that will be co-located within the premises of the semiconductor facility in Jagiroad". He said during "my deliberations with the Tata leadership, we agreed to create a skill development centre that will be co-located within the premises of the semiconductor facility in Jagiroad," Sarma said.
10) Happy Hens Farm hit Rs 8 crore revenues with free-range eggs seeking at Rs 25/egg.
Manjunath Marappan and Ashok Kannan set up India’s first free-range farm in 2014. Their Happy Hens Farm, with a daily production of 20,000 eggs, partners with small farmers in three states. The organic Omega 3-rich eggs are priced at Rs25 per piece
Manjunath Marappan and Ashok Kannan have reimagined traditional free-range poultry farming, breaking away from the conventional format of raising chickens in cages for egg production.
Since Ashok lived in a tier II town, he needed market support, which could be provided by Manjunath, based in Bengaluru, Karnataka. Manjunath was searching for someone knowledgeable in production and shared values in welfare, humane farming, and clean and nutritious eggs.
11) New Zealand slips into recession, second time in 18 months.
New Zealand has entered its second recession in 18 months after the latest round of GDP figures confirmed its economy contracted in the last quarter of 2023. The country’s economy shrank by 0.1% in the quarter to December, and 0.7% in per capita terms, the New Zealand’s official statistics agency, Stats NZ, announced on Thursday. The latest slip follows a 0.3% contraction in the September quarter, which fulfils the technical definition of a recession. It is New Zealand’s second recession event in the past 18 months.
Stats NZ said the country New Zealand had returned negative GDP figures in four of the last five quarters, and had a stagnant annual growth rate of just 0.6%.
The slump was largely expected with New Zealand’s central bank forecasting a flat figure, while bank economists suggested a range of results between a narrow contraction and fractional growth.
12) India's fertility rate down from 6.2 to under 2 since 1950, will fall to 1.3 in 2050: Lancet study
India’s fertility rate dropped from nearly 6.2 in 1950 to just under 2 in 2021, and is projected to fall further to 1.29 and 1.04 in 2050 and 2100, respectively, according to a new global research published in The Lancet journal.
These numbers were found to be in line with global trends, where the Total Fertility Rate (TFR) was over 4.8 children per woman in 1950 and fell to 2.2 children per woman in 2021. These figures have been projected to fall to 1.8 and 1.6 in 2050 and 2100, respectively.
The study found that there were 12.9 crore livebirths the world over in 2021 — an increase from roughly 9.3 crore in 1950, but a decline from the peak of 14.2 crore in 2016. In India, there were more than 1.6 crore and over 2.2 crore livebirths in 1950 and 2021. The number is projected to fall to 1.3 crore in 2050.
13) DGCA fined Air India Rs 80 lakh for not adhering to flight duty time and fatigue management norms.
The Directorate General of Civil Aviation (DGCA) has fined Air India a substantial amount of Rs 80 lakh for violating the Flight Duty Time Limitation (FDTL) regulations. This action highlights the vital role that pilot rest and fatigue management play in maintaining aviation safety.
Following an audit conducted in January, the DGCA unearthed several instances of non-compliance with FDTL regulations and fatigue management systems (FMS) within Air India's operations. The audit, which involved scrutinising fleet-wise reports and collecting substantial evidence, revealed egregious violations of safety protocols.
One of the most alarming findings was the operation of flights with both flight crew members aged above 60 years, contravening Sub Rule (2) of Rule 28A of the Aircraft Rules, 1937, which stipulates that only one pilot over 60 is permitted per flight. This violation raises significant concerns regarding the physical and cognitive capabilities required for safe flight operations.
14) Amul to enter into US market with its milk products and tagline, 'The taste of India'.
Iconic Indian brand Amul will start its first international operation in the United States of America by manufacturing its product there. The Amul brand is owned by Gujarat Cooperative Milk Marketing Federation (GCMMF). The tagline of Amul is “The Taste of India”.
According to Jayen Mehta ,Managing Director Gujarat Cooperative Milk Marketing Federation (GCMMF),Amul will launch its fresh milk product in the United States of America in partnership with the Michigan Milk Producers Association . The Michigan Milk Producers Association is one of the oldest dairy cooperatives of the United States.
Gujarat Cooperative Milk Marketing Federation is the largest exporter of dairy products from India. It exports its product through agents in more than 50 countries in West Asia, Europe and the United States of America which has a large Indian diaspora.
15) Apple drops plan to make in-house Watch displays, due to project's cost and complexity, cuts jobs: Report
Apple Inc. is winding down a long-running project to design and develop its own smartwatch displays, putting an end to another pricey research and development initiative. In recent weeks, the company has ceased an in-house effort to create screens with microLED technology, according to people with knowledge of the matter. The displays, which featured brighter and more vibrant visuals, would have been added to a future version of the Apple Watch — before potentially going into other products.
But the cost and complexity of the effort ultimately proved too great. So Apple is now reorganizing the teams that handle display engineering and eliminating several dozen roles in the US and Asia, said the people, who asked not to be identified because the matter is private.
The display project was part of a broader push by Apple to design more of its technology in-house. Though the company already customizes the displays in its products, they are heavily based on designs from partners like LG Display Co. and Samsung SDI Co. By bringing more of that process inside Apple, the company hoped to gain an edge over competitors.