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Twitter cash flow remains negative, rate limit to be changed, says Musk

Twitter owner Elon Musk said the company still has a negative cash flow because of its heavy debt load and a roughly 50% drop in advertising revenue. The social media site will “need to reach positive cash flow before we have the luxury of anything else,” Musk said in a tweet. Separately, the billionaire announced late Saturday the platform will increase the number of tweets verified accounts can see each day by 50%, following complaints from users. Read more

JSW Steel considering bid for up to 20% stake in Canada's Teck Resources

Steel producer JSW Steel is considering a bid for a stake of up to 20% in Canada's Teck Resources steelmaking coal business, Bloomberg News reported on Saturday, citing people with knowledge of the matter. The Indian steelmaker is in discussions with banks over potential financing for the acquisition, which may total about $2 billion, the report said, adding that the discussions are at early stage and details such as price and timing could change. Read more

RBI, Central Bank of UAE sign two MoUs for trade in local currencies

The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed two Memoranda of Understandings (MoUs) in Abu Dhabi on Saturday to establish a framework to promote settle bilateral trade in respective local currencies, that Indian Rupee and UAE Dirham (AED) and interlinking payments and messaging system. The first MoU, which on establishing a framework for the use of local currencies for transactions between India and UAE, aims to put in place a Local Currency Settlement System (LCSS) to promote the use of INR and AED bilaterally. Read more

Updated Indo-France document has no mention of Scorpene submarine deal

A version of the India-France joint document issued by the Ministry of External Affairs (MEA) late on Friday referred to an agreement for procuring three Scorpene submarines but this portion didn't figure in an updated version. The document titled "Horizon 2047: 25th Anniversary of the India-France Strategic Partnership, Towards A Century of India-France Relations" noted that two sides welcomed the agreement between Mazgaon Dockyard Ltd and Naval Group for the construction of three additional submarines under the P-75 programme. Read more

Delhi traffic police advisory: Roads to avoid as heavy rain lashes city

Heavy rain lashed various parts of Delhi on Saturday, causing waterlogging and traffic congestion across the national capital. According to a Delhi Traffic Police advisory issued late on Saturday night, traffic movement is affected on some roads due to waterlogging and uprooting of trees. Read more

First Published: Jul 16 2023 | 09:07 AM IST

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