SAP, IBM to layoff over 3,000 employees; Budget 2023 enters final stage; Bharat Biotech launches world’s 1st nasal Covid vaccine; Startups & more
#Layoffs ⚡
SAP to cut 3,000 jobs, explore Qualtrics stake sale
SAP said on Thursday it planned to cut 3,000 jobs, or 2.5 percent of its global workforce, and explore the sale of its remaining stake in Qualtrics, as the Germany software company looks to cut costs and focus on its cloud business.
SAP is the latest tech company to cut jobs after companies including Alphabet Inc. 's Google, Microsoft and Amazon announced thousands of layoffs to cut costs as they brace for tougher economic conditions.
IBM layoffs: 3,900 employees let go but hiring on for client-facing research and development
IBM Corp on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter.
Chief Financial Officer James Kavanaugh told Reuters that the company was still "committed to hiring for client-facing research and development". The layoffs - related to the spinoff of its Kyndryl business and a part of AI unit Watson Health - will cause a $300 million charge in the January-March period, IBM said.
Budget expectations LIVE updates: Halwa ceremony returns as preparations of Nirmala Sitharaman's fifth Budget enters final stage
Union finance minister Nirmala Sitharaman is set to table the Union Budget for the financial year 2023-24 on February 1. As the day nears, expectations from what all sectors want from the budget have started to come to the light. Its also important to note that this will be the last full Budget before the next election, thus a greater degree of populism is expected.
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India may announce measures to further strengthen start-up ecosystem
The government is expected to announce in the forthcoming #Budget steps to further strengthen the startup ecosystem in the country and address inverted duty issues in certain sectors to promote domestic manufacturing, official sources said.
Fiscal incentives under the production-linked incentive (PLI) scheme to some more sectors are also likely to be announced in the Budget, which will be presented on February 1.
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A CONSERVATION SUCCESS
2022 was a special year for India's rhino conservation efforts: Assam's Kaziranga set a record for zero poaching of rhinos, a first since 1977
Bharat Biotech launches iNCOVACC — world’s first nasal COVID vaccine
Union Health Minister Mansukh Mandaviya and Union Science and Technology Minister Jitendra Singh, on the occasion of Republic Day, launched Bharat Biotech International Limited 's first India-made nasal COVID-19 vaccine, iNCOVACC. Bharat Biotech also claims that iNCOVACC is also the world’s first COVID intranasal vaccine for primary series and heterologous booster.
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Mandaviya, during the launch event, said that over 65 percent of vaccines supplied in the world are from India. He also congratulated the Bharat Biotech team for bringing about the world’s first nasal vaccine.
He said, “...being the world’s first intra-nasal COVID-19 vaccine, this marks a glorious tribute to the call for Atmanirbhar Bharat.”
Why virtual digital assets need a different approach for taxation
The Union Budget 2022-23 brought to the virtual digital asset (VDA) industry a levy of a flat 30 percent tax on gains from trade applicable from 1st April 2022; a levy of 1 percent tax deducted at source (TDS) on transactions above Rs 10,000 from 1st July 2022; the provision disallowing the offsetting of losses applicable from 1st April 2022.
This meant to achieve a threefold objective ie; tracking VDA transactions by resident Indians and the corresponding sources of income; discouraging speculation and trading on VDAs; and building guard rails for financial stability.
Awaiting a deeper policy push into green energy and environment
Expectations are abound from Budget 2023. For a country that is expectantly awaiting a Budget that will propel it into the future as an economic and green powerhouse, can it this time make a deeper push into the green? That calls for engaging all green transition levers and end-to-end support from their value chains.
Although the previous Budgets put us firmly on a path to low carbon development, this Budget comes at a time when we are falling behind on our first green goal of installing 175 GW of renewable capacity by 2022.
PrivacyTech startup, PrivaSapien, raises Rs 8 crore in seed funding round led by Omidyar Network India
Privacy engineering deep tech startup PrivaSapien has raised Rs 8 crore (USD 1 million) in a seed round funding led by Omidyar Network India . The 2021 Winner of Aatmanirbhar Bharat’s ANIC-ARISE Challenge by NITI Aayog, will focus on accelerating sales, research, product development and market expansion.
Founded by Abilash Soundararajan and Deepika Abilash , PrivaSapien is a B2B privacy engineering company helps businesses visualize privacy risk, mitigate it, and unlock the value of data and derive strategic business insights, without violating user privacy.
#EntertainmentWorld🎧
Pathaan breaks box office records, Shah Rukh Khan film earns Rs 106 crore worldwide on Day 1
Shah Rukh Khan made a grand comeback to the big screen with his new Hindi film "Pathaan" grossing Rs 106 crore worldwide day 1, the highest for a Hindi film. The film earned Rs 57 crore from India releases on day 1 and was expected to touch Rs 64-65 crores on day 2, according to experts.
The film raised a whopping Rs 55 crore net and its dubbed versions brought another Rs 2 crores in India, the makers announced on Thursday. Film trade analyst Komal Nahta called the Rs 57 crore opening in India the biggest ever for a Hindi film, despite being released on a working day and not a sequel.
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