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The thorny side of India’s newly won rice crown

Livemint

Livemint · 1m ago

The thorny side of India’s newly won rice crown

India recently became the world’s largest rice producer, overtaking China. However, this achievement has impacted the production of pulses and oilseeds, leading India to rely heavily on imports for these crops. In the fiscal year 2025, India imported ₹46,428 crore worth of pulses, marking a 49% year-on-year increase. This shift highlights the growing dependency on imports for dietary essentials as rice production dominates agricultural priorities.

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British man cannot be extradited to US over fake cryptocurrency scheme, rules court

Economic Times

Economic Times · 1y ago

British man cannot be extradited to US over fake cryptocurrency scheme, rules court

A British man facing charges for his alleged involvement in a $4-billion cryptocurrency Ponzi scheme has won his battle against extradition to the US. Christopher Hamilton, indicted by a New York grand jury in 2019, will instead face prosecution in the UK. The judge ruled that most of the alleged money laundering took place in the UK and that British police and prosecutors should investigate the case. Hamilton's appeal against extradition was upheld, overturning the previous approval. His lawyers declined to comment while the Crown Prosecution Service is considering the judgment.

RIP India's real money gaming industry: Ashneer on 28% GST on online gaming

Twitter · 2y ago

RIP India's real money gaming industry: Ashneer on 28% GST on online gaming

Ashneer Grover, the creator of the CrickPe fantasy sports app, expressed his dismay on Twitter regarding the newly imposed 28% GST on online gaming. He described the fantasy gaming industry as "murdered" by this development. Grover further explained that if players were required to contribute ₹100 with a ₹72 entry fee (inclusive of 28% GST) and won ₹54 (after deducting platform fees), they would still have to pay 30% TDS on their winnings, making the situation unfavorable.

Elon Musk’s SpaceX sued by former employee over alleged racial discrimination - The Economic Times

Economic Times

Economic Times · 1m ago

Elon Musk’s SpaceX sued by former employee over alleged racial discrimination - The Economic Times

A former SpaceX technician, L’Tavious Rice, has filed a lawsuit against the company for alleged racial discrimination. Rice claims he was fired for lateness while caring for his daughter post-heart transplant, despite white colleagues facing no penalties for similar absences. The lawsuit asserts SpaceX’s HR retaliated after Rice agreed to testify in another case. Rice was terminated last August, with the company citing a point-based penalty system, leading to the case moving to federal court.

Rupee ends month and quarter a tad lower, trails most Asian peers

Economic Times

Economic Times · 1m ago

Rupee ends month and quarter a tad lower, trails most Asian peers

The Indian rupee ended the month and quarter slightly lower against the U.S. dollar, underperforming most Asian peers due to muted portfolio inflows and an external investment deficit. The rupee closed at 85.7550 against the dollar, with losses of 0.2% and 0.3% for the month and quarter. While Asian currencies like the Taiwanese dollar and Korean won rose, India’s external investment deficit remained a key factor in the rupee's underperformance.

ACME Solar Holdings bags 275 MW/550 MWh battery energy storage projects from NHPC

Economic Times

Economic Times · 21d ago

ACME Solar Holdings bags 275 MW/550 MWh battery energy storage projects from NHPC

ACME Solar Holdings secured two battery energy storage projects totaling 275 MW/550 MWh from NHPC, a state-owned company. These projects were won at tariffs of Rs 2,10,000/MW/month for 50MW/100MWh and Rs 2,22,000/MW/month for 225MW/450MWh via an e-reverse auction. The projects are part of the Government of India’s viability gap funding scheme, offering Rs 27 lakh per MWh or 30% of the project cost, whichever is lower, as support.

'Disappointing': Ashwini Vaishnaw reacts to Mark Zuckerberg's incorrect claim on Lok Sabha elections

Economic Times

Economic Times · 6m ago

'Disappointing': Ashwini Vaishnaw reacts to Mark Zuckerberg's incorrect claim on Lok Sabha elections

Union Minister Ashwini Vaishnaw criticized Meta founder Mark Zuckerberg’s claim that incumbent governments, including India, lost the 2024 elections due to COVID-19 handling as factually incorrect. Vaishnaw highlighted India’s achievements, such as free food, vaccines, and economic growth under PM Modi, who won a third term. Zuckerberg’s comments, made during a podcast with Joe Rogan, were countered by Vaishnaw, emphasizing that the 2024 elections reaffirmed trust in Modi’s government.

Samsung Electronics to cancel $2.11 billion worth of own shares

Economic Times

Economic Times · 5m ago

Samsung Electronics to cancel $2.11 billion worth of own shares

Samsung Electronics plans to cancel 3.05 trillion won ($2.11 billion) of its own shares, initially acquired to boost shareholder value. Additionally, the company intends to buy back 2.7 trillion won worth of common shares and 304 billion won of other shares from February to May to elevate shareholder value and support employees. This decision follows their announcement to repurchase 10 trillion won in shares over a year, after underperforming against competitors like SK Hynix.

Mars Veterinary Health invests in Crown Vet

Entrackr

Entrackr · 7m ago

Mars Veterinary Health invests in Crown Vet

Healthtech firm Crown Veterinary Services (Crown Vet) has raised undisclosed funds from Mars Veterinary Health. This is the first investment in India by Mars Veterinary Health. It brings deep global expertise to Crown Vet's established local presence that will help advance veterinary care in India. The proceeds will be used to expand its network and introduce advanced training programs for its 240 employees, including 60 veterinarians. Founded by Pratap, Crown Vet operates clinics in Mumbai, Pune, Delhi, Bengaluru, and Hyderabad, offering comprehensive veterinary services and diagnostics. It focuses on training for its veterinarians support staff, and infrastructure. With roughly 3,000 veterinary clinics globally, Mars Veterinary Health is a leader in high-quality, compassionate veterinary care and takes a long-term approach to investments to support its Associates and contribute to the future of veterinary healthcare through innovation, scientific research, and access to care. This collaboration underscores the growing demand for advanced veterinary services in India, driven by increasing pet ownership and appreciation of the human-animal bond—and thus the need for high-quality pet healthcare. The Mars Veterinary Health family of practices includes nearly 70,000 Associates across North America, Europe, and Asia who demonstrate compassion and expertise in caring for millions of pets each year.

3one4 Capital Doubles Down on Responsible Investing with India’s First VC ESG Officer

OutlookIndia

OutlookIndia · 3m ago

3one4 Capital Doubles Down on Responsible Investing with India’s First VC ESG Officer

3one4 Capital, a Bengaluru-based venture capital firm, has appointed Siddarth Pai as India’s first ESG Officer in the VC industry and became the country's first venture capital signatory to the UN-supported Principles for Responsible Investment. The firm’s newly released ESG Report 2024 outlines its strategy for integrating environmental, social, and governance (ESG) considerations into early-stage investing. This approach includes its proprietary Early Stage ESG Score (ES2) to assess pre-investment ESG metrics, focusing on impactful sectors like SaaS, fintech, and digital health.

Samsung reports a 10-fold increase in profit as AI drives rebound in memory chip markets

Economic Times

Economic Times · 1y ago

Samsung reports a 10-fold increase in profit as AI drives rebound in memory chip markets

Samsung Electronics posted a tenfold increase in operating profit for the last quarter, driven by the growth of artificial intelligence technologies and a rebound in the computer memory chip markets. Operating profit reached 6.6 trillion won ($4.8 billion), up from 640 billion won ($465 million) the previous year. Revenue rose nearly 13% to 71.9 trillion won ($52 billion), fueled by higher memory chip prices and strong sales of the Galaxy S24 smartphones. Samsung also reported its first quarterly profit in the semiconductor business since Q4 2022, with operating profit reaching 1.91 trillion won ($1.38 billion). The company expects the memory chip market to remain robust due to increased demand for both conventional and advanced chips powering AI technologies.

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