Wednesday | 13 July
Unacademy is cutting costs, dropping IPL sponsorship
In a bid to achieve profitability ahead of a potential public listing at some point over the next two years, edtech startup Unacademy has announced a slew of cost-cutting measures, including the discontinuation of its sponsorship of the Indian Premier League (IPL) from next year.
The firm has also informed employees about other belt-tightening measures, including pay cuts for founders and management, restrictions on business travel for employees and its tutors, and halting complimentary meals and snacks at its offices.
RBI allows international trade settlements in rupees
RBI announced its decision to allow trade settlements between India and other countries in rupees. While the move is seen to benefit trading primarily with Russia, it is also likely to help check dollar outflow and slow rupee depreciation to a ‘very limited extent’.
How does the current system payment work?
the Indian company has to pay in a foreign currency (mainly dollars and could also include currencies like pounds, Euro, yen etc.).
Which countries are expected to use this new model?
While the RBI order has not overtly said so, this arrangement is likely to be used only for Russia.
Twitter fires back at Musk, says no deal terms breached
Twitter has fired off a letter to Elon Musk, accusing him of “knowingly” ending his $44 billion takeover of the firm. Twitter denied Musk's claims that the company breached the terms of the deal— days after the Tesla CEO walked away from it.
What’s next?
Twitter, adamant about completing the deal, has already vowed to sue Musk, whichcould see both parties locked in a lengthy court battlein the next few months.
What is Uber Files?
Uber used illegal tactics, political lobbying, and ethically questionable practicesto expand its footprint across the globe, according to reports from a four-month-long probe by the International Consortium of Investigative Journalists, led by the Guardian.
A trove of about 124,000 conversations, including emails, messages, and WhatsApp texts between 2013-2017 – called the Uber Files – were leaked to the UK-based publication, putting the spotlight on the alleged ‘corrupt practices’ of Uber when it was headed by cofounder Travis Kalnick.
India angle:
India was jolted in December 2014, when an Uber driver sexually assaulted and raped a woman in New Delhi and threatened to kill her if she reported the incident.
Vauld reveals $70 million shortage in letter to creditors
Troubled crypto lender Vauld has revealed a shortfall of $70 million to its creditors in a letter that we have reviewed. In it, Vauld said it has assets worth $330 million while its liabilities stand at $400 million.
Vauld, which froze all transactions last week, is set to be acquired by Nexo amid the ongoing crypto winter.
Meanwhile, the founders of bankrupt crypto hedge fund Three Arrows Capital’s founders have disappeared from the public sphere, according to The Verge. The company, which filed for bankruptcy last week, managed assets worth $10 billion at its peak.