Twitter is ordered to pay $150 million as penalty for "data privacy breach", happened over a span of six years. The settlement was announced by the Justice Department and Federal Trade Commission, which also alleged that Twitter "deceived the users as to how well it maintained their privacy and security". They alleged, Twitter failed to disclose that the email addresses and phone numbers will be used to send targeted ads.
Courtesy: Free Press Journal
Former Twitter CEO Jack Dorsey announced to step down from the Twitter Board of Directors. The announcement came on May 25, after the annual shareholder meeting. With Dorsey's exit from the Board of Directors, he is no more a part of the microblogging-site, which is now owned by Tesla CEO Elon Musk. Notably, the talk of Jack's exit was in place since he stepped down as Twitter CEO in 2021.
The Supreme Court reviewed a petition filed against the Delhi HC's judgment, granting relief to Sahara Housing Investment Corporation Limited and nine companies. Notably, in December-2021, Delhi HC put a stay on operation, execution, and investigation into Sahara Groups and nine companies. However, the Apex Court set aside the orders and allowed Serious Fraud Investigation Office (SFIO). The bench also directed the HC to decide petition… read-more
Airlines IndiGo suffered a huge net loss of Rs 1,681 crore in the quarter ending March, said company on May 25. The airlines' Q4 loss was said to be 46.6% close to Rs 6,161 crores, more compared to the loss in 2021, which was Rs 5,806 crores. Notably, Covid-19's Omicron variant and deduction in travel demand was one of the major reason behind the loss.
Courtesy: Press Trust of India
Central government put constraints on sugar exports of up to 100 lakh metric tonnes (LMT) from June 1 to October 31. This is to ensure domestic supply and price stability throughout the 2021-22 sugar season (October-September). Exports will be permitted only with the specific consent of the Directorate of Sugar under the Department of Food and Public Distribution. This year's sugar season has seen the largest sugar export in history.
The World Economic Forum (WEF) summit has brought huge investment for Indian states in 2022. After Telangana and Karnataka, Andhra Pradesh also bagged a Rs 1,000 crore investment from ANMS. The company announced to expand its pallet plant capacity unit in Vizag, AP. The new expansion will be a boost to India's Make-in-India program, with pioneer renewable projects, manufacturing units, and industrial decarbonization agenda. AP Government… read-more
Following the big decrease in Tesla shares on May 24, Elon Musk's net worth suffered a setback. Following Tesla's downfall, the tech tycoon lost $12 billion from his net worth last week. In the midst of a 7% decrease in Tesla share prices, Elon Musk fell outside the exclusive $200 billion club, reducing his net worth to $192.7 billion as per the Bloomberg Billionaires Index.
Courtesy: Zee news
At World Economic Forum in Davos, the Karnataka Government signed an MoU with ReNew Power, a leading renewable energy company. As per the inked MoU, the company will invest Rs 50,000 crore in the Karnataka Renewable energy sector in the next seven years. Signed in the presence of CM Bommai Basavaraj, the new proposal will bring green hydrogen, battery storage, and renewable energy units set up in Karnataka in phases.
K Annamalai, BJP's Tamil Nadu unit chief, questioned why DMK kept the state VAT higher than the excise duty levied by central government. He urges DMK administration to reduce petrol and diesel costs by Rs 2 and Rs 4 per litre, respectively. According to him, they should also provide a Rs 100 subsidy on cooking gas. Other states, excluding Tamil Nadu, decreased their fuel rates after Centre reduced Excise Duty.
Courtesy: Indian Express
Telangana IT, Urban Development Minister KT Rama Rao attracted international investment of Rs 600 crore for Telangana. On May 23, day one of the World Economic Forum 2022 in Davos, KTR met with the representatives of the LuLu Group and Chemo Pharma. While the Lulu Group will investment of Rs. 500 crore in the food processing sector, Spain’s Chemo Pharma will invest Rs. 100 crore, expanding its unit in… read-more
Courtesy: Republic World