Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Softbank-backed <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> is set to refile its much-awaited <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword> as the global travel tech player is close to finalising its refinancing plans to raise up to USD 450 million via sale of dollar bonds, sources said. JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said. In preparation for the refinancing, OYO has already moved its application with markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="153" meta.entityid="SEBI">SEBI</keyword> to withdraw its current draft red herring prospectus (<keyword id="19914966" type="General" weightage="20" keywordseo="DRHP" source="keywords">DRHP</keyword>). The company intends to refile an updated version of the DRHP, after the bond issuance. Oravel Stays Ltd, OYO's parent company, had in November prepaid a significant chunk of its debt amounting to Rs 1,620 crore through a buyback process. The buyback involved repurchasing 30 per cent of its outstanding Term Loan B of USD 660 million. The move brought down its outstanding loan amount to around USD 450 million. A source closely involved in the company's IPO plans told PTI, "The refinancing will result in material changes to OYO's financial statements. Hence as per existing regulations, it will need to revise its filings with the regulator". "Since the decision for refinancing is at an advanced stage, it doesn't make sense to continue pursuing IPO approval with the current financials. So it's prudent to withdraw the current application," he added. The refinancing will extend the repayment timeline to five years -- versus the repayment of the remaining TLB due in 2026 -- the source said. The bond issuance would significantly lower the current effective interest rate of 14 per cent on its existing USD 450 million Term Loan B (TLB) facility. "The refinancing is expected to result in annual interest savings of USD 8-10 million (Rs 66.4-83 crore) in the first year, after accounting for the costs associated with the bond issuance. The company anticipates annual savings of USD 15-17 million (Rs 124.5 -141.1 crore) thereafter, almost all of which would get added to its net profits. Post the debt refinancing, the company is open to contemplating an equity round, to reaffirm investor confidence before a public listing to fortify its financial strength," the source said. In September 2021, OYO had filed preliminary documents with the Securities and Exchange Board of India (Sebi) for a Rs 8,430 crore IPO. The launching of the IPO was delayed due to the then volatile market conditions making the company prepare to settle for a lower valuation at around USD 4-6 billion instead of the USD 11 billion it was targeting initially. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank">iQOO Z9x 5G with 120Hz display, 6000mAh launched starting at ₹12,999</a><a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank">Woman loses ₹54 lakh in work-from-home scam! Here's what it is and how to protect yourself</a>

OYO withdraws DRHP, to refile IPO post refinancing: Sources

<keyword id="19976119" type="General" weightage="20" keywordseo="Zee" source="keywords">ZEE</keyword> Entertainment Enterprises Ltd and <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Pictures Networks India on Tuesday said they have settled their disputes related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes, the two companies said in a joint statement. ZEE Entertainment Enterprises Ltd and Culver Max Entertainment Pvt. Ltd. (CMEPL) have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement and the composite scheme of arrangement, it said. Under the agreement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre (SIAC), and all related legal proceedings initiated in the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) and other forums, it added. The companies will also withdraw the respective composite schemes of Arrangement from the NCLT and inform the relevant regulatory authorities. In January this year, Sony had pulled out from the proposed USD 10-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

About 2.1 per cent or Rs 7,581 crore of the withdrawn Rs 2,000 <keyword id="20481528" type="General" weightage="20" keywordseo="banknotes" source="keywords">banknotes</keyword> have not yet been returned to the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>, about nine months after the deadline to deposit or exchange them at bank branches was over. This essentially means 97.87 per cent of the total value of the high-value Rs 2,000 banknotes are back in the banking system by the end of June 2024, the Reserve Bank of India said in a statement on Monday. The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023, the date on which RBI decided to withdraw the banknote. The last day for the public to avail of exchange or to deposit high-value Rs 2000 banknotes at the banks was October 7, 2023. However, the window for depositing and/or exchanging the Rs 2,000 banknotes continues to be available at the 19 issue offices of the RBI. Those 19 RBI issue offices are in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram. People from within the country can send Rs 2,000 banknotes through India Post from any post office to any of RBI Issue Offices for credit to their bank accounts in India. The Rs 2000 banknotes continue to be legal tender. The Rs 2000 banknote was introduced in November 2016, primarily to meet the currency requirements of the economy expeditiously after the <keyword id="19901049" type="General" weightage="20" keywordseo="withdrawal" source="keywords">withdrawal</keyword> of the legal tender status of all Rs 500 and Rs 1000 banknotes in circulation at that time. The objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-19. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/vraj-iron-and-steel-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111394752.cms" target="_blank">Vraj Iron and Steel IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

<ul><li>Reserve Bank of India governor Shaktikanta Das today announced that users will soon be able to deposit cash using <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> at ATMs.</li><li>Users will also be able to make UPI payments via PPI wallets through third-party apps.</li><li>The governor-led MPC also proposed the launch of a dedicated mobile app for retail investors to access the G-sec market.</li></ul>Forgot to carry your debit card while visiting the ATM? Don’t worry, the Reserve Bank of India (RBI) understands your pain. On Friday, RBI governor Shaktikanta Das announced that bank account holders will soon be able to deposit money at ATMs using UPI, or Unified Payments Interface. Earlier, in January, RBI had announced that it would allow users to withdraw cash from ATMs using UPI. At the moment, cash deposits at ATMs can be done via two methods – using debit cards and manually entering the savings account number. Das announced RBI’s latest Monetary Policy Committee (MPC) meeting, where the central bank left the key repo rate unchanged. <cmsannotation type="cmsannotation" annotationid="Enhancing UPI features" comment="subhead" text="Enhancing UPI features">Enhancing UPI features</cmsannotation> Thanks to UPI’s widespread use, RBI has been expanding its features to include various options from setting autopay instructions for bill payments to creating mandates for IPO applications and more. After the previous MPC meet in January, RBI governor announced that cash withdrawals would be made possible through UPI ATMs. “This measure will further enhance customer convenience and make the currency handling process at banks more efficient,” said Das. In addition to this, RBI also announced that it will allow the use of third-party UPI apps for making UPI payments via prepaid payment instrument (PPI) wallets, like Paytm and GooglePay. With today’s announcement, the central bank looks keen on slowly but steadily replacing debit cards with UPI. <a href="https://www.businessinsider.in/business/news/size-does-matter-debit-cards-for-large-payments-upi-for-smaller-ones/articleshow/109002682.cms">Recent reports suggest that</a>, while UPI usage is growing exponentially, people continue to use Debit Cards, especially for large payments. <cmsannotation type="cmsannotation" annotationid="New app for G-sec market" comment="subhead" text="New app for G-sec market">New app for G-sec market</cmsannotation> RBI’s aim with this is to make it more convenient to use digital payments for small-value transactions. Lastly, the MPC also proposed the launch of a dedicated mobile app to access the Retail Direct portal. Das believes this will enhance convenience to retail investors and improve the reach of the government securities (G-sec) market. RBI launched the Retail Direct scheme in 2021 to make it possible for retail and individual investors to participate in the government securities market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/markets-trade-flat-after-rbi-mpc-leaves-repo-rate-unchanged-at-6-5/articleshow/109055645.cms">Status quo: Markets trade flat after RBI MPC leaves repo rate unchanged at 6.5%</a> <a href="https://www.businessinsider.in/finance/news/rbis-mpc-keeps-rates-unchanged-to-be-actively-disinflationary/articleshow/109053104.cms">We want the elephant of inflation to walk back to the forest: Shaktikanta Das</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-nearly-5-million-subscribers-in-january-2024/articleshow/109040220.cms">Reliance Jio and Airtel add nearly 5 million subscribers in January 2024</a>

Not just withdraw, you can soon deposit cash using UPI at ATMs, promises RBI

<ul><li><keyword id="6672551" type="General" weightage="20" keywordseo="wazirx" source="Orion">WazirX</keyword> has suffered a massive <keyword id="19904114" type="General" weightage="20" keywordseo="security-breach" source="keywords">security breach</keyword>, with hackers stealing cryptocurrency from the platform.</li><li>Over $230 million in cryptos was stolen from the company’s wallets.</li><li>The company has suspended withdrawals in rupees and cryptos.</li></ul> WazirX, India’s largest cryptocurrency exchange on Thursday reported a massive security breach on its platform, which has resulted in the theft of over $230 million in cryptocurrency. WazirX took to social media platform X to confirm the security breach and informed users that customer withdrawals from the exchange have been temporarily paused. “A cyber-attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” WazirX said in a post on X. <div type="Article" hostid="261" msid="111783199" title="Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry" mstype="2" mssubtype="0"></div> The breach reportedly occurred in one of the exchange's multisig wallets, which require multiple private keys to unlock and withdraw funds. The incident was linked to a discrepancy between the data displayed on Liminal's digital asset custody and wallet infrastructure and the actual contents of the transaction. Liminal has been providing services to WazirX since February 2023. “Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe,” Liminal Custody said in a statement to Business Insider India. “It is also pertinent to note that all WazirX wallets created on the Liminal platform continue to remain secure and protected. Meanwhile, all the malicious transactions to the attacker’s addresses have occurred from outside of the Liminal platform,” Liminal added. WazirX has suspended all withdrawals, in both rupees and crypto on its platform. “To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates,” the company added. “We have identified 2 more exploited smart contracts. Our team is still investigating the incident. For the time being we have opened up a secluded website to revoke all approvals. Your funds are at risk until you revoke,” WazirX added. This security breach comes at a challenging time for WazirX, as the exchange has seen its trading volume plummet by 90% in 2023 compared to the previous year. The decline can be attributed to the Indian government's introduction of a 30% tax on virtual currencies and a 1% deduction for every crypto transaction in 2022. Additionally, the Enforcement Directorate (ED) has been investigating several cases under the Prevention of Money Laundering Act, 2002 (PMLA) and the Foreign Exchange Management Act, 1999 (FEMA) related to cryptocurrencies. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-2024-to-begin-on-july-20-in-india-everything-you-need-to-know-about-amazons-biggest-sale/articleshow/111838068.cms">Amazon Prime Day 2024 to begin on July 20 in India – everything you need to know about Amazon’s biggest sale</a> <a href="https://www.businessinsider.in/stock-market/webstories/sanstar-ipo-opens-tomorrow-price-band-to-risk-factors-all-you-need-to-know/slidelist/111826563.cms">Sanstar IPO now open – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-4-vs-realme-gt-6t-which-mid-range-phone-should-you-buy-under-35000/slidelist/111803604.cms">OnePlus Nord 4 vs Realme GT 6T – which mid-range phone should you buy under ₹35,000?</a>

WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

The pharmaceutical giant <keyword id="19910149" type="General" weightage="20" keywordseo="AstraZeneca" source="keywords" meta.keywordsubtype="org" meta.entityname="AstraZeneca" meta.hostid="261" meta.entityid="AstraZeneca">AstraZeneca</keyword>'s <keyword id="20040659" type="General" weightage="20" keywordseo="COVID-19-vaccine" source="keywords">COVID-19 vaccine</keyword> is being withdrawn worldwide after the company acknowledged for the first time in court documents that it can cause a rare and dangerous side effect, according to a report in the British Newspaper 'The Telegraph'. AstraZeneca has announced that the <keyword id="19959412" type="General" weightage="20" keywordseo="vaccine" source="keywords">vaccine</keyword> was being removed from markets for commercial reasons. It further said that the vaccine was no longer being made or supplied, having been superseded by updated vaccines that fight new variants. The application to withdraw the vaccine was made on March 5 and came into effect on May 7. The vaccine can be no longer used in the European Union following the company's decision to withdraw its "marketing authorisation." Similar applications will be submitted in the UK and other nations in the coming months that have given a go-ahead to the vaccine, known as Vaxzevria. In recent months, Vaxzevria has come under scrutiny over a very rare side effect, which causes blood clots and low blood platelet counts. In court documents, AstraZeneca in the High Court in February admitted that the vaccine "can, in very rare cases, cause <keyword id="20218859" type="General" weightage="20" keywordseo="TTS" source="keywords">TTS</keyword>". TTS which stands for <keyword id="21475609" type="General" weightage="20" keywordseo="Thrombosis-with-Thrombocytopenia-Syndrome" source="keywords">Thrombosis with Thrombocytopenia Syndrome</keyword> has been associated with at least 81 deaths in the UK and hundreds of serious injuries. More than 50 alleged victims and grieving relatives have filed a lawsuit against AstraZeneca in a High Court case. AstraZeneca has insisted that the decision to withdraw the vaccine is not related to the case or admission that it can cause TTS and termed the timing a pure coincidence, according to The Telegraph report. "We are incredibly proud of the role Vaxzevria played in ending the global pandemic. According to independent estimates, over 6.5 million lives were saved in the first year of use alone and over three billion doses were supplied globally. Our efforts have been recognised by governments around the world and are widely regarded as being a critical component of ending the global pandemic," The Telegraph quoted AstraZeneca as saying. In a statement, the pharmaceutical giant said, "As multiple, variant Covid-19 vaccines have since been developed, there is a surplus of available updated vaccines", adding that it has led to a decline in demand for Vaxzevria, which is no longer being manufactured or supplied, The Telegraph reported. It further announced its decision to initiate the withdrawal of the marketing authorisations for Vaxzevria within Europe. The company said, "We will now work with regulators and our partners to align on a clear path forward to conclude this chapter and significant contribution to the Covid-19 pandemic." Last week, AstraZeneca reiterated its commitment to patient safety while emphasising the vaccine's overall safety profile. An AstraZeneca spokesperson had stated, "Our sympathy goes out to anyone who has lost loved ones or reported health problems. Patient safety is our highest priority, and regulatory authorities have clear and stringent standards to ensure the safe use of all medicines, including vaccines." This comes in the wake of a recent admission by AstraZeneca, the pharmaceutical company, that its <keyword id="19896627" type="General" weightage="20" keywordseo="covid" source="keywords">Covid</keyword> vaccine Covishield and Vaxzevria "can, in very rare cases, cause Thrombosis Thrombocytopenia Syndrome (TTS)." Despite these rare occurrences, the pharmaceutical company maintained that extensive clinical trial data and real-world evidence consistently support the vaccine's safety and efficacy. Regulatory agencies worldwide continue to assert that the benefits of vaccination outweigh the risks of such extremely rare side effects. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

AstraZeneca withdraws COVID-19 vaccine worldwide, cites commercial reasons

Chinese internet giant <keyword id="302749" type="General" weightage="20" keywordseo="alibaba" source="Orion">Alibaba</keyword> is making significant job cuts, reportedly around 7 per cent of its workforce, as it plans separate IPOs for its various business groups. In March, <keyword id="163405" type="General" weightage="20" keywordseo="alibaba-group" source="Orion">Alibaba Group</keyword> planned to split into six business groups and launch separate public listings, triggering mass layoff, according to a Nikkei Asia report. Now, Alibaba has reportedly begun informing affected staff in its Cloud division about layoffs. The company is offering severance packages to the impacted employees and also plans to transfer some workers to other parts of its business verticals. Alibaba employed over 235,000 people (as of March). Last week, Alibaba CEO Daniel Zhang had detailed the restructuring of its Cloud division. Earlier, the Chinese tech giant said it was planning to split the company into six business units, and each unit will explore fundraising or IPOs (initial public offerings). The six units will include the Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group. Each business unit will be led by its own CEO and board of directors. In August last year, Alibaba bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and slowing economy in the country. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/simple-one-electric-scooter-launched-with-212-km-range-check-out-price-specifications-and-other-details/articleshow/100449367.cms">Simple One electric scooter launched with 212 km range: Check out price, specifications and other details</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a> <a href="https://www.businessinsider.in/tech/news/apple-app-store-prevented-over-2-billion-in-fraudulent-transactions-last-year-banned-282-million-user-accounts/articleshow/100322718.cms">Apple App Store prevented over $2 billion in fraudulent transactions last year, banned 282 million user accounts</a>

Alibaba to make significant job cuts amid IPO plans

<ul class="summary-list"><li>The <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword> backed by <keyword id="1565339" type="PERSON" weightage="60" keywordseo="Thomas-Barrack">Thomas Barrack</keyword> withdrew its <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> application with the SEC on Friday.</li><li>The move comes days after the billionaire was arrested and charged with seven felony counts.</li><li>Falcon Acquisition had filed for a $250 million IPO in March with the goal of targeting tech-driven businesses. </li></ul>The blank-check company backed by billionaire Thomas Barrack <a href="https://www.sec.gov/Archives/edgar/data/0001828134/000121390021038273/ea144678-rw_falconpeak.htm">withdrew</a> its application for an initial public offering Friday, just days after the 74-year-old was arrested and <a href="https://www.justice.gov/opa/press-release/file/1413316/download" target="_blank" rel="noopener">charged</a> with seven felony counts.Falcon Acquisition, the New York based-SPAC led by Barrack, <a href="https://www.renaissancecapital.com/IPO-Center/News/80053/SPAC-Falcon-Acquisition-files-for-a-$250-million-IPO-targeting-tech-driven-">filed</a> for a $250 million IPO in March this year with the goal of targeting tech-driven businesses. Falcon Acquisition was founded in 2020.In a <a href="https://www.sec.gov/Archives/edgar/data/0001828134/000121390021038273/ea144678-rw_falconpeak.htm">letter</a> to the Securities and Exchange Commission dated July 23, the company only said, "it has elected to abandon the transactions subject thereto."On July 20, Barrack, the chairman of Donald Trump's inaugural fund, was <a href="https://www.businessinsider.com/trump-2017-inaugural-chairman-tom-barrack-arrested-report-2021-7">accused</a> of illegally lobbying the Trump administration on behalf of the <a href="https://www.businessinsider.com/thomas-barrack-trump-considered-uae-ambassador-prosecutors-2021-7">United Arab Emirates</a>.Barrack was <a href="https://www.justice.gov/usao-edny/pr/former-advisor-presidential-candidate-among-three-defendants-charged-acting-agents">charged</a> along with Matthew Grimes and Rashid Sultan Rashid Al Malik Alshahhi.The billionaire's spokesperson <a href="https://www.businessinsider.com/trump-2017-inaugural-chairman-tom-barrack-arrested-report-2021-7">told</a> Insider that Barrack, founder and former executive chairman of the investment-management firm Colony Capital, would plead not guilty.Barrack was arrested in Sylmar, California, and has been held in a federal jail in Los Angeles since then. He is scheduled to appear before a federal judge in Los Angeles on Friday.

You Searched For "IPO withdrawal" and got 9 results

OYO withdraws DRHP, to refile IPO post refinancing: Sources

PTI

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

PTI

2.1% of ₹2,000 banknotes, with value of ₹7,581 crore, still to be returned

ANI

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

ANI

Not just withdraw, you can soon deposit cash using UPI at ATMs, promises RBI

Sourabh Jain

WazirX suspends withdrawals after $230 million worth of cryptos stolen in a hack

Sourabh Jain

AstraZeneca withdraws COVID-19 vaccine worldwide, cites commercial reasons

ANI

Alibaba to make significant job cuts amid IPO plans

IANS

Tom Barrack's SPAC withdraws its IPO filing days after the billionaire was arrested and charged with illegal lobbying

Isabelle Lee

Popular Keywords

Buying Guides