- Friday, March 07, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Friday, November 4, 2022:
The majority of microblogging site Twitter’s 200 odd employees in India were sacked as part of new owner Elon Musk’s decision to lay off half of the company’s workforce across the world to cut down costs. According to reports, Twitter has laid off entire teams in marketing, communications, and partnerships in its India office. It was a tense day for Twitter staff members on Friday, after an internal email told them that they will receive an email on Friday morning saying that they have been relieved from work. “All offices will be temporarily closed and badge access suspended, and any employees at an office were asked to return home,” the internal memo said, The Hindu BusinessLine reported.
Reliance Industries (RIL) announced on Friday that it had appointed KV Kamath as an independent director of the company for a term of five years, Asian News International reported. The company also said its subsidiary — Reliance Strategic Investments — has KV Kamath as an independent director and non-executive chairman. During a meeting on Friday, the RIL’s board of directors, based on the recommendation of the human resources, nomination and remuneration committee, considered and recommended to shareholders for approval of the appointment. The company said KV Kamath is not related to any director of the company and he satisfies the criteria of independence prescribed under the Companies Act, 2013 and Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The international vanguard of the iconic Canadian Real Estate brand Save Max India proudly celebrated its first anniversary on Friday, ANI/BusinessWire India reported. Organised at the Gurugram offices of Save Max India, festive gaiety was the highlight of the well-attended event, which saw the entire Save Max team and franchise partners coming together. Growing phenomenally in the last year, Save Max India has a 100+ strong team in 7 cities. Spreading its corporate wings, Save Max India is setting up a strong presence in all the major cities of India, with six more locations being added shortly. Save Max has invested significantly in developing R&D, technology, and marketing competence centres in India. Domestic talent is set to play a pivotal role in the brand’s international expansion strategy and operations.
For the first time ever, a pro show was held in India and by an Indian brand, a milestone for the sport of bodybuilding in the country, ANI/BusinessWire India reported. Steadfast Nutrition, the country’s fastest-growing sports nutrition brand, powered the championship in association with Sheru Classic at the International Health Sports, and Fitness Festival (IHFF) 2022 held in Mumbai. Four winners were declared and will get a direct entry to this year’s Mr Olympia, the world’s ultimate bodybuilding championship. Bhuwan Chauhan, an engineer from India, won the Men’s Physique division; Elizaveta Dementeva, a bikini bodybuilding athlete from Russia, won the Women’s Bikini division; Hameed Juma Ebrahim, a personal trainer from Bahrain, won the 212 Men’s Bodybuilding segment; while Abdullah Alsairafi, a coach from Kuwait, won the Classic Physique segment.
An out-of-turn meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) was held to discuss and draft the report to be sent to the central government for having failed in maintaining the inflation mandate, ANI reported. The meeting was called on Thursday (3) under Section 45ZN of the Reserve Bank of India (RBI) Act 1934, which pertains to steps to be taken if the central bank fails to meet its inflation-targeting mandate. The meeting was chaired by RBI governor Shaktikanta Das and attended by all MPC members — Michael Debabrata Patra, Rajiv Ranjan, Shashanka Bhide, Ashima Goyal, and Prof Jayanth R. Varma. Under the flexible inflation targeting framework introduced in 2016, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 percent range for three quarters in a row.
