WION's Business Desk brings you this daily round up of global stories from the world of business and economy.
Paramount global surprises with streaming growth despite missing revenue estimates
Paramount Global's quarterly revenue disappointed Wall Street on Wednesday, even after posting a profit boosted by streaming gains that overshadowed a sluggish advertising market.
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Edtech company, Byju's is facing allegations from investors who claim that the company siphoned off a staggering $533 million to an obscure hedge fund in the United States.
According to a PTI report, the investors are now seeking a stay on a USD 200 million rights issue, deeming it illegal and against the law.
Daraz Group, the e-commerce platform owned by Alibaba, has announced layoffs across its operations in Pakistan, Bangladesh, Nepal, Sri Lanka, and Myanmar, citing the need to adopt a "more streamlined and agile structure."
Acting CEO James Dong conveyed this message in an internal memo reviewed by Reuters. While the memo did not specify the number of employees affected.
Daraz also declined to provide details on the percentage or absolute figure of layoffs.
Apple has abandoned its ambitions to produce an electric car, US media reported Tuesday, ending a struggling decade-long project.
The iPhone maker had dedicated nearly 2,000 employees to its secretive car development programme, Bloomberg reported, but faced an increasingly competitive electric vehicle (EV) sector.
The target of "Project Titan," beginning around 2014, was to develop a fully autonomous car, according to media reports.
In a bid to enhance regulatory alignment and spur innovation in the fintech sector, Indian Finance Minister, Nirmala Sitharaman, has proposed monthly virtual meetings between federal regulators, including the Reserve Bank of India (RBI), and startup and fintech companies.