business news

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.

Boeing's Starliner capsule embarked on its first crewed test flight to the International Space Station (ISS) on Wednesday, following previous setbacks. The launch is aimed at certifying Boeing as NASA's second commercial operator for ferrying crews to the ISS, joining SpaceX in this critical role.

Brent crude oil prices dipped below $80 a barrel on Monday, marking the first time since February that prices have fallen to this level. The decline followed an OPEC+ meeting where members agreed that countries could begin phasing out voluntary output cuts starting in October.

In a recent move, Mother Dairy has announced a ₹2 per litre hike in milk prices across all operating markets, effective from June 3, 2024. This decision comes amidst rising production costs that have been affecting milk producers for over a year. The price increase is applicable to all variants of milk and is aimed at compensating the producers for increased production expenses.