WA manufacturers win $2.5m in funding

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Mukesh Ambani needs to balance the ship; rights issue not very attractive

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In 2019, during the Vibrant Gujarat Summit, (RIL) Chairman, Mukesh Ambani, said: “In this new world, data is the new oil. And data is the new wealth. India’s data must be controlled and owned by Indian people and not by corporates, especially global corporations”. However, Facebook’s head of global affairs & communication, Nick Clegg, said the analogy was mistaken and said: “India should allow free flow of data across borders instead of attempting to hoard it within national boundaries”. This debate was put to rest when India introduced the Personal Data Protection Bill, 2019, in Parliament in December.

Later, Facebook took the cue from a popular phrase “When you can’t beat them, join them” and pitched in with a $5.7 billion (around Rs 43,574 crore) cheque for a 10 per cent stake in Jio Platforms, valuing it’s equity at $57 billion. One would wonder the need for such a hurried deal in midst of a pandemic. That said the deal seems to be a win-win for both. On one hand, it would help RIL reduce its debt, and on the other, will provide a steady and growing set of users and database to Facebook.

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Reliance Jio Q4 profit zooms to Rs 2,331 crore on rising subscriber base

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on Thursday posted 177.5 per cent year-on-year rise in net profit to Rs 2,331 crore for the three months ended March 31, fuelled by rising subscriber base and recent tariff hike.


The net profit of Jio stood at Rs 840 crore in the year-ago period.



Seen sequentially, the net profit grew 72.7 per cent when compared to Rs 1,350 crore in December quarter (Q3FY20).


Jio’s standalone revenue from operations for the fourth quarter stood at Rs 14,835 crore, which translates into year-on-year growth of 26.6 per cent.


Commenting on the Q4 results, Mukesh Ambani, Chairman and Managing Director, Limited said, “Jio is embarking on the next leg of growth with a path-defining partnership with one of the world’s largest digital companies, Facebook”.


“We are together determined to make India a truly digital society with best-in-class connectivity network complemented with disruptive digital technology platforms for entertainment, commerce, communication, finance, education and health harnessing world’s best tech capabilities. Our focus will be India’s 60 million micro, small and medium businesses, 120 million farmers, 30 million small merchants and millions of small and medium

Terry O’Connor passes away | Business News

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Need partial reopening of units, offices in red zones: Exporters to Govt

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on Wednesday again asked the government to let industry reopen even in the high-risk red zones, stating that losses are rising rapidly.


In a meeting with Commerce and Industry Minister Piyush Goyal, major export promotion councils (EPCs) have pushed for the industrial units and office facilities across urban areas which are mostly in the coronavirus-hit red zone. This includes Mumbai, Pune, Hyderabad, Ahmedabad, Bhopal, Indore, Kanpur, Agra, and Varanasi, among others.



“While factories in rural districts where the is less prevalent can now open, it is not possible to keep business running, since the red zones often have the most important units or corporate offices. These are where records, documents, server systems and distribution points are based. It is impossible for an organization to operate with it’s key parts missing,” said.a senior functionary of an EPC.


“We have now asked the government to allow partial relaxation of lockdown with whatever conditions they can — reduced staff, fixed working hours, more sanitation norms. Industry needs to fully open soon,” another source said.


ALSO READ: Crude oil up on demand prospects: steep rise in margins on MCX

Boeing to cut staff, boost liquidity with recovery not coming anytime soon

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Co said on Wednesday it would cut its workforce by about 10 per cent, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the pandemic that drove the planemaker to a net loss for the second straight quarter.


Chicago-based burned through $4.7 billion in cash in the first quarter but said it was confident of getting sufficient liquidity to fund its operations, sending its shares up 5 per cent to $137.57.



Reuters reported on Tuesday that is working with investment banks on a potential bond deal worth at least $10 billion. Last month it drew down its entire $13.8 billion credit line and is also weighing seeking government aid.


Analysts said the cash burn was not as bad as feared and that the company might be able to avoid raising capital from the US Treasury, although Seth Seifman of J.P. Morgan said the path forward for Boeing still remains “quite challenging.”


Planemakers, airlines and suppliers have been left reeling by the pandemic, which has crippled passenger travel, catapulted major economies into recession and

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