business news

Kissflow, a Chennai-based Software-as-a-Service (SaaS) firm specializing in cloud-based work management products, has recently undertaken a workforce reduction, resulting in the layoff of approximately 15% of its employees. This decision comes in the wake of product realignment and routine performance evaluations.

Sundar Pichai, the CEO of Google, recently reflected on his humble beginnings and the significant sacrifices his family made to support his education. Pichai shared that his father, an electrical engineer, spent the equivalent of a year's salary on his plane ticket to the United States, enabling him to attend Stanford University. "My father spent the equivalent of a year's salary on my plane ticket to the US so I could attend Stanford. It was my first time ever on a plane," Pichai recalled.

Paytm's parent company, One97 Communications Limited (OCL), has announced layoffs as part of its ongoing restructuring efforts. In a recent statement, the company confirmed that it is providing outplacement support to affected employees to ensure a smooth transition. The company's human resource teams are actively collaborating with over 30 companies currently hiring, facilitating immediate outplacement for employees who have chosen to share their information.

In a significant development at Tesla, billionaire Elon Musk may consider leaving the electric car maker if shareholders reject his proposed $56 billion pay package. This warning was issued by Tesla's board chair, Robyn Denholm, who emphasized the unique nature of motivating someone like Musk.

In a recent tweet, Elon Musk expressed his gratitude to Ashok Elluswamy, an Indian-origin engineer and the first person hired for Tesla's autopilot team, for his contribution to Tesla's success in artificial intelligence (AI) and autopilot software.

Adani Ports and Special Economic Zone Limited (APSEZ), India's largest port developer and operator, announced on Friday that it has secured the contract for the operation and maintenance of the container facility at Netaji Subhas Dock at the Syama Prasad Mookerjee Port in Kolkata. The contract, awarded through a competitive bidding process, spans five years and requires the successful bidder to deploy cargo handling equipment within seven months from the letter of acceptance date.

In a significant development for the aviation industry, the National Company Law Tribunal (NCLT) has granted approval for the merger of Air India and Vistara, marking a pivotal step towards the formation of one of the world's largest airline conglomerates. The post-merger entity will witness Singapore Airlines holding a 25.1% stake in Air India, following the announcement of the merger in November 2022.

Godrej Consumer Products' Executive Chairperson Nisaba Godrej has resigned from her role as an independent director on the board of VIP Industries, citing differences over leadership accountability and succession planning. The resignation, effective June 3, 2024, was officially announced by VIP Industries in a stock exchange filing on Tuesday.

In a significant milestone, Nvidia has overtaken Apple in market capitalization, solidifying its position as the second-most valuable public company in the United States, trailing only behind Microsoft. The surge in Nvidia's market value pushed it past Apple, with Nvidia closing at a market cap of $3.019 trillion compared to Apple's $2.99 trillion at market close.

The recent spate of flight delays and cancellations by Air India has drawn attention, leading to the Directorate General of Civil Aviation (DGCA) issuing a show-cause notice to the airline. In response, Air India's Managing Director and CEO, Campbell Wilson, attributed these disruptions to technical glitches and operational challenges.