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Yandex's restructuring deal expected to be delayed to next year

Economic Times

Economic Times · 1y ago

Yandex's restructuring deal expected to be delayed to next year

The completion of Yandex's restructuring is likely to be delayed until early 2024, according to anonymous sources. Yandex, often referred to as "Russia's Google," has been in negotiations with the Kremlin to separate its Russian businesses from its Dutch parent company. The restructuring aims to ensure access to the Western markets despite the sanctions imposed on Russia due to the conflict in Ukraine. Yandex plans to sell its main revenue-generating Russian businesses and expand internationally. The deal requires approval from shareholders and the Russian government. The central bank of Russia has registered the issuance of shares for a new company called MKAO Yandex as part of the restructuring.

Related News

Russian government approves Yandex NV deal to sell Russian assets - Vedomosti

Reuters · 1y ago

Russian government approves Yandex NV deal to sell Russian assets - Vedomosti

A subcommittee of the Russian government commission has approved a deal for a group of Russian investors to acquire 96.3% of Yandex NV's Russian business. The deal, worth $5.21 billion, marks a significant corporate exit from Russia and is led by Consortium.First, a new investment fund managed by trustee Solid Management. The fund is backed by Yandex's senior management team in Russia and four financial investors, including Argonaut. This move solidifies Yandex's position as a major player and reinforces its nickname as "Russia's Google."

iPhone 16 set to launch in September, AI features may rollout later in the year

Livemint

Livemint · 11m ago

iPhone 16 set to launch in September, AI features may rollout later in the year

Apple may not wait for its new AI software features to be ready before launching the iPhone 16 series. Bloomberg's Mark Gurman suggests that these features may arrive in later updates in October. The iPhone 16 series is expected to launch on September 10, alongside its predecessor. The new AI features in iOS 18.1, including Siri's contextual awareness and advanced writing tools, will be ready for rollout around October. However, larger upgrades such as ChatGPT integration and Genmoji may be delayed until later this year or next year.

Citigroup layoffs reach 7000 mark

Livemint

Livemint · 1y ago

Citigroup layoffs reach 7000 mark

Citigroup employees are anticipating management changes and potential layoffs as the next phase of the bank's overhaul plan, led by CEO Jane Fraser, is expected to be announced next week. The bank aims to simplify its structure by reducing management layers, eliminating roles, and centralizing decision-making. While specific details about the layoffs are yet to be disclosed, Citigroup had already incurred severance charges of $650 million this year from cutting 7,000 positions. The restructuring aims to refocus the firm on its key businesses.

Elon Musk Says Long-Delayed Tesla Roadster Coming Next Year

Livemint

Livemint · 1y ago

Elon Musk Says Long-Delayed Tesla Roadster Coming Next Year

Tesla's CEO, Elon Musk, announced that the long-awaited Roadster electric sports car has completed its design phase and is set to begin shipments next year. Musk revealed that the Roadster's design was a collaborative effort between Tesla and SpaceX, his rocket company, and it will be officially unveiled later this year. The car is expected to be incredibly fast, capable of accelerating from 0 to 60 mph in less than a second. Originally planned for release in 2020, the Roadster's launch was delayed due to supply chain issues.

Apple delays work on next year’s iPhone, Mac software to fix bugs

Economic Times

Economic Times · 1y ago

Apple delays work on next year’s iPhone, Mac software to fix bugs

Apple has reportedly delayed development of next year's software updates for iPhone, iPad, Mac, and other devices due to an increase in bugs in early versions. Engineers are now focused on fixing the flaws and enhancing the software's performance, rather than adding new features. The move aims to ensure quality control and smoother operating systems. Apple has previously prioritized quality and delayed features in efforts to combat bugs and improve software releases. The development pause is expected to be temporary and should not affect consumer release schedules.

Byju’s puts on hold campus placement

Livemint

Livemint · 1y ago

Byju’s puts on hold campus placement

Edtech firm Byju's has decided to opt out of campus placements this year as part of its cost-cutting measures. The company has been undergoing restructuring for the past 12 months, resulting in over 13,000 layoffs. They are unlikely to hire from any campus this year and the restructuring process is expected to take 6-7 months to complete. Byju's had already skipped hiring from top engineering colleges last year and it is uncertain if students would be willing to sit for placements even if confirmed.

OpenAI sees $11.6 billion revenue next year, offers Thrive chance to invest again in 2025

Economic Times

Economic Times · 9m ago

OpenAI sees $11.6 billion revenue next year, offers Thrive chance to invest again in 2025

Thrive Capital is set to invest over $1 billion in OpenAI's current $6.5 billion fundraising round. As part of the deal, Thrive has the potential to invest another $1 billion next year if OpenAI reaches a revenue goal. OpenAI predicts its revenue will reach $11.6 billion in 2023, while losses for this year could be as high as $5 billion. The funding round, expected to close next week, could value OpenAI at $150 billion. Thrive Capital led OpenAI's previous funding round and is offering $1.2 billion for this round. Other investors include Microsoft, Apple, Nvidia, and Khosla Ventures.

Reddit aims to ride the AI wave by going public

Business Insider

Business Insider · 1y ago

Reddit aims to ride the AI wave by going public

Reddit is preparing to go public on the New York Stock Exchange with an IPO expected next month. The social media platform's listing is set to be the largest by a social media company since 2019. Unlike its early contemporaries, such as Facebook and Twitter, Reddit has delayed its move to the stock market. In its filing with the Securities and Exchange Commission, Reddit revealed surprises such as OpenAI CEO Sam Altman being its third-largest shareholder. The company's revenue rose 21% in the past year, reaching $804 million, and it listed data licensing and AI training as additional income streams.

UK's Bytes Tech plunges 27% after profit warning - The Economic Times

Economic Times

Economic Times · 16d ago

UK's Bytes Tech plunges 27% after profit warning - The Economic Times

UK's Bytes Technology witnessed a significant stock plunge of over 27% due to a profit warning. The decline was driven by delayed customer payments and slower-than-expected adjustments from internal restructuring. The IT firm, transitioning to a customer segment-focused model, reported macroeconomic pressures and changes to Microsoft's enterprise agreement program impacting its performance. Despite flat profit expectations for fiscal 2026, earlier forecasts anticipated double-digit growth, leading to investor concerns.

Infosys announces Salary hikes

Business Today

Business Today · 1y ago

Infosys announces Salary hikes

Infosys has initiated salary hikes for the 2023-24 financial year, which were traditionally effective from April 1 but have been delayed to November 1, 2023. The compensation review program excludes entry-level workers, and the average hike is expected to be under 10%. The company had previously delayed salary increments in 2023 due to business optimization measures addressing industry challenges. Infosys CFO Nilanjan Roy, during an investor call, mentioned that the delay was aimed at addressing inefficiencies within the company, with a focus on improving utilization and reducing workforce strength.

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