The once high-flying co-working space giant, WeWork, has issued a stark warning about its perilous financial situation, raising the specter of bankruptcy. The company, which once boasted a staggering $47 billion valuation, has seen its fortunes dramatically reverse, with a net loss of nearly $700 million in the first half of this year alone. This follows a string of losses totaling a staggering $10.7 billion over the past three years. In an official filing submitted to the Securities and Exchange Commission, WeWork expressed serious doubts about its ability to remain a “going concern,” a term used in accounting to describe…
Author: Daily News
R Thyagarajan, the founder of the Shriram Group, stands out as one of the world’s most unique financiers, especially considering his remarkable success in an industry that has posed challenges for many others worldwide. Thyagarajan’s approach to lending has been unconventional, aiming to provide credit to low-income individuals who are typically overlooked by traditional banks. He built the Shriram Group into a conglomerate encompassing diverse sectors like insurance and stockbroking, employing over 108,000 people. A trailblazer in extending credit for vehicles like trucks and tractors to India’s underserved population, Thyagarajan’s approach was to demonstrate that lending to those without established…
China has entered a period of deflation for the first time in over two years in July, indicating a slowdown in domestic spending and impacting the post-Covid economic rebound. The country recently faced its largest decline in exports since the pandemic’s early stages, coupled with declining imports due to weakening domestic and global demand. The Consumer Price Index (CPI), a key measure of inflation, decreased by 0.3% in July, according to the National Bureau of Statistics. While slightly better than the anticipated 0.4% decline, this marked the first decrease since the beginning of 2021 and raises pressure on authorities to…
Setting aside discussions about his recent form, Suryakumar Yadav showcased a match-winning performance for the Indian cricket team in the third T20I against the West Indies. His remarkable innings of 83 runs off 44 balls significantly contributed to India’s victory, revitalizing their chances of clinching the 5-match series. Suryakumar’s stellar batting also marked a milestone, as he became the quickest Indian to hit 100 sixes in T20I cricket during this innings. During the chase for 160 runs, Suryakumar displayed his classic style by smashing 10 fours and four sixes, achieving a strike rate of over 188. He reached the remarkable…
According to former England captain Nasser Hussain, India’s overseas performance is hindered by the absence of a seam-bowling all-rounder, a role comparable to Ben Stokes or Cameron Green. He emphasized the importance of having a player who can bat and provide effective seam bowling, particularly away from home. Hussain noted that India’s strength lies in their home conditions, with players like Rohit Sharma, Virat Kohli, and Shubman Gill, but overseas tours require a different balance. Hussain highlighted the significance of players like Rishabh Pant, stating that his absence has been deeply felt by the team. He expressed hope for Pant’s…
Facebook Messenger, owned by Meta, is preparing to discontinue its support for sending SMS messages over cellular networks. The messaging platform initially introduced SMS integration for Android smartphones back in 2016, allowing users to conveniently manage both text messages and Facebook messages within a single app. SMS messages are currently distinguished by their purple appearance, while Messenger conversations are displayed in blue. This integration, however, is set to be phased out. According to information on a Facebook Messenger support page, Meta will officially end support for SMS messages on its Messenger app for Android on September 28. Users will be…
In a significant stride towards enhancing decorum and professionalism, the Uttar Pradesh Legislative Assembly is poised to introduce a set of new rules that will redefine the conduct and behavior of its members within the hallowed chambers. These rules, titled the “Rules of Procedures and Conduct of Business of Uttar Pradesh Legislative Assembly, 2023,” are set to replace the outdated “Rules of Procedure and Conduct of Business of UP Legislative Assembly, 1958,” and are expected to pave the way for more effective and dignified legislative proceedings. The initiative, spearheaded by the Speaker of the Assembly, Satish Mahana, aims to bring…
The final hours of the Amazon Great Freedom Festival Sale 2023 are upon us, and since its commencement on August 4th, the e-commerce platform has been offering a plethora of attractive discounts and deals on a wide range of products, including electronics such as laptops, tablets, PC accessories, TVs, headphones, and smartphones. As the clock ticks towards the sale’s midnight closure on Tuesday, here’s a roundup of some of the most enticing smartphone deals across various segments that you should consider taking advantage of. Previously, we highlighted top offers spanning different price brackets, including under Rs. 50,000, under Rs. 30,000,…
Don 3 Undergoes Major Casting Change – Shah Rukh Khan to Step Aside In an unexpected turn of events, director Farhan Akhtar has announced that the highly anticipated film Don 3 will feature a new lead actor instead of Shah Rukh Khan. Akhtar revealed his decision in a heartfelt Instagram post, paying tribute to both Amitabh Bachchan’s iconic portrayal of Don in 1978 and Shah Rukh Khan’s charismatic reinvention of the character in 2006. The director stated, “From Don’s sardonic wit to his cool but menacing fury, Shah Rukh Khan embodies his persona. As writer and director, I had a…
Moody’s recent downgrade of credit ratings for several small to mid-sized US banks has sent ripples through the financial sector, raising concerns about the overall credit strength and profitability of the banking industry. The credit rating agency also issued warnings that some of the nation’s largest lenders could face potential downgrades in the future, highlighting the vulnerability of the sector to funding risks and diminishing profitability. This article delves into the implications of Moody’s actions and sheds light on the potential challenges facing US banks. Moody’s Ratings Cut and Warning On Monday, Moody’s downgraded the credit ratings of 10 smaller…