Uber India has launched a new Intercity Motorhome service on select routes in order to meet the increasing demand for travel that is easy, reliable, and comfortable. The company has seen significant growth in its Intercity product, with top routes including Mumbai–Pune, Delhi–Agra, and Bengaluru–Mysuru, and popular travel days being Fridays and during holidays and festivals. Round trips for leisure travel and one-ways for business and personal trips continue to be the main drivers for Intercity travel.
Despite the Ministry of External Affairs stating that India is guided by the international market while securing its energy needs, sources have revealed that Indian oil refiners are still sourcing oil from Russian suppliers. This decision is based on factors such as price, grade of crude, inventories, logistics, and other economic considerations. The statement comes after the MEA spokesperson addressed India's approach towards securing energy resources.
Sony, the company that introduced the first mobile phone 33 years ago, is reportedly preparing to shut down its mobile phone business in several major markets. This news comes after a string of other well-known mobile phone brands have faced closures or significant declines in market share. While Sony remains popular in other electronics categories, their mobile division has struggled to compete with dominant players like Apple and Samsung. The looming closure of Sony's mobile phone business highlights the fierce competition in the industry and the challenges faced by even established brands.
In their recent shareholders letter, online food delivery company Swiggy announced their potential stake sale in their investee company Rapido, which is set to enter the food delivery space. With Rapido's rapid growth and increasing valuation, Swiggy recognizes the potential conflict of interest and is actively reevaluating their investment. Along with other investors, Swiggy holds a minority stake in Rapido, worth over ₹1,000 crore, which they acquired three years ago. As Rapido continues to raise funds and expand its operations, Swiggy's stake has now been revised to 12.02% and the company has waived its right to appoint a director on Rapido's board.
The past week was packed with significant information and events that shed light on the current state of the US economy. Reports on inflation, GDP, jobs, consumer sentiment, and a Fed rate decision clarified the direction of the economy. The overall takeaway is that there is still some uncertainty, but the economy is showing signs of improvement in various areas.
The Enforcement Directorate (ED) carrying out searches in Mumbai linked to Anil Ambani’s Reliance Group under the Prevention of Money Laundering Act (PMLA). The ED has summoned Ambani to appear before them on August 5th at their headquarters in the national capital. The searches were carried out at 35 locations covering 50 companies and 25 individuals.
The Enforcement Directorate has summoned Anil Ambani, chairman of Reliance Group, for questioning on August 5 in a money laundering case involving a bank loan fraud worth crores of rupees. A Look Out Circular has also been issued to prevent his travel abroad. The federal probe agency has already conducted searches at 35 premises of 50 companies and 25 people, and has found evidence of financial irregularities and loan diversion in multiple group companies. Ambani has been asked to depose at the ED headquarters in Delhi and will be questioned under the Prevention of Money Laundering Act.
The global sportswear giant, Adidas, reported strong operating profit in its earnings report but also cautioned investors about potential price increases in the US following new import tariffs imposed by the Trump administration. With the company's second-largest market being the US, increased duties on imports from key manufacturing countries could significantly affect their bottom line. As a result, Adidas is ramping up shipments to prepare for rising costs while trying to maintain competitive pricing on popular products.
In a controversial move, US President Donald Trump has announced new tariffs for multiple countries, citing emergency powers as the reason. These tariffs, which will go into effect in seven days, could be as high as 41%, and will be added on top of existing reciprocal tariffs. The announcement came just before the August 1st trade deadline, causing concern for US importers and potentially worsening trade relations with trading partners.
Bristol-Myers Squibb, a leading pharmaceutical company, reported better than expected earnings and revenue for the second quarter and provided a strong earnings forecast for the rest of the year. Despite these positive results, the company's stock has seen a dip of 4.2%. Meanwhile, non-S&P 500 component Roblox is up by 14% despite reporting higher than expected losses, suggesting strong potential for future profits. In other S&P 500 earnings news, MasterCard exceeded earnings and revenue expectations, leading to a 2.7% increase in their stock and a slight retreat in the overall market.