Japan's Soft Bank Group to invest Rs 30,000 crore in renewable energy in Gujarat
The announcement was made at a meeting between chief minister Vijay Rupani and Executive Chairman of SB Energy Manoj Kohli. The investment will be in solar energy, wind energy and other unconventional renewable energy sources.
Co-living bucks realty slump as firms, investors troop in
India’s residential real estate market is facing its most prolonged slump in recent...
Lenskart FY19 loss narrows, topline jumps 56%
Total expenses for fiscal year 2019 came in at Rs 514.52 crore, up about 20% compared to the ye...
Goldman jumps into WeWork cleanup with debt-financing plan
WeWork secured a $9.5 billion rescue package from SoftBank in October, a deal that will hand 80% of the company to the Japanese conglomerate after a tumultuous few months that saw WeWork turn from one of the most valuable startups to a cautionary tale.
After WeWork debacle, founders forced to chase profit, not just funds
The depleting market value of global startups has raised alarm bells about loss-making ventures and their business models. The focus, therefore, is growth with profitability, said founders and investors who attended The Economic Times Awards for Corporate Excellence, 2019.
Days after firing 2,400 people, WeWork boss shares photo of $100 pasta dinner
WeWork Chairman Marcelo Claure has left a bad taste in the mouth.
Oyo Parent suffers Rs 2,385-cr net loss, operating expenses jump more than 390%
The rise in total expenses comes at a time when the company has been expanding aggressively into overseas markets, particularly in China, where it has committed huge amount of capital, along with the US and the UK.
SoftBank takes loss in sale of Wag, dog-walking startup
Wag’s troubles have been particularly pronounced. After its investment, the Vision Fund brought in Hilary Schneider, former chief executive of LifeLock, to lead an aggressive expansion. But it lost ground to Rover, its top competitor. Reports of lost dogs and internal struggles hurt business.
SoftBank executives discuss trimming WeWork offer
The discussions at SoftBank center around shrinking a $3 billion tender offer for WeWork shares owned by founders, employees and investors, according to people with knowledge of the talks. Such a move would be designed, at least in part, to limit the amount paid to co-founder Adam Neumann, said the people, who requested anonymity because the matter is private.
India asks state-run firms to clear over $1 bn, owed to green energy firms: Sources
The companies owe solar and wind power generators including Goldman Sachs-backed ReNew Power and Softbank-backed SB Energy over 97 billion rupees ($1.35 billion), according to the Central Electricity Authority, an arm of the federal power ministry. Commercial banks are unwilling to lend to these firms because of their high outstanding debt.
WeWork to lay off 2,400 employees globally in SoftBank revamp
Ultimate control of the company now rests with SoftBank and WeWork's new Executive Chairman Marcelo Claure. Claure had told employees in an email on Monday that job-cutting will start "in earnest" this week in the United States, saying WeWork was "going to eliminate and scale back certain functions and responsibilities."
WeWork may lay off thousands
According to a source, WeWork would lay off 2,000 to 2,500 employees and an additional 1,000 employees will leave as WeWork sells or closes down non-core businesses. Further, roughly 1,000 building maintenance employees will be transferred to an outside contractor
Ex-Housing CEO in fray for WeWork top job
When asked about the development, a SoftBank spokesperson said, “We don’t comment on speculation.”
TikTok is aiming at a bigger audience than U.S. Senators
For TikTok to be a true success, it needs to appeal to the likes of Nike, Coca-Cola and McDonald’s. Its advertising business is ready to take off because it has direct access to that all-powerful youth demographic.
T-Mobile CEO Legere to step down next year
The third-largest U.S. wireless carrier will go to trial on Dec. 9 to fight a state attorneys general lawsuit that alleges the merger would be harmful to consumers. T-Mobile said Legere will remain CEO until April 30, and will be succeeded by Chief Operating Officer Mike Sievert. Legere will continue to be a member of T-Mobile's board.
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