The deepening crisis of Adani Group stock value erosion has affected a number of Australian retirement savings. According to a report in the Guardian, several Australian retirement funds had actively invested in the Gautam Adani-controlled companies, including those that cater to government workers in Queensland and employees at the Commonwealth Bank. 

The Adani Group stocks have been under fire for the last four weeks after US short seller Hindenburg Research released a report on Adani Group accusing it of “brazen accounting fraud, stock manipulation, and money laundering”.  Since January 24 this year, the Adani Group stocks have collectively lost a whopping $134 billion in market value. 

Mass layoffs seem to have become the norm in the tech world. But Wipro has now gone ahead and announced another cost-cutting measure which is inviting flak from all quarters. After firing 452 freshers few weeks back, citing quality issues, Wipro has now cut the pay packets of candidates waiting to join the company. A lot of them will have to settle for a nearly 50 per cent pay cut.

The pay cuts apply to those candidates who were a part of the company’s Velocity graduates programmed for this year. They are not being forced to accept the offer and have been given some time to consider the offer.

Union Finance Minister Nirmala Sitharaman made major announcements during the GST Council meeting on February 18, ranging from approving the setting up of GST Appellate Tribunal to clearing the pending GST compensation balance of Rs. 16,982 crores for June. The meeting also saw several tax cuts and new charges being implemented on some goods and services.

Among the significant announcements made during the meeting, the government has approved the setting up of GST Appellate Tribunal, which will help in reducing the large number of cases that are pending for resolution. Additionally, there will be a direct impact on consumers and industry stakeholders as several tax cuts and new charges have been implemented.

Indian Railways has achieved another milestone with record production in FY 2022-23. During the period up to January 31, 2023, the various units of the Railways are on the fast track to achieve record production in the current fiscal. The railways also have ambitious plans to recapture the country’s freight market share to 40 percent in the next 10 years.

Indian Railways’ three loco production units at Chittaranjan Locomotive Works (CLW), Banaras Locomotive Works (BLW), and Patiala Locomotive Works (PLW) have manufactured 785 electric locomotives in the current fiscal till January 31. Out of 785, the three units – CLW, BLW, and PLW have produced 344, 286, and 155 locomotives respectively.

Indian-origin Neal Mohan will be the new head of YouTube after Chief Executive Officer Susan Wojcicki stepped down from the post on Wednesday.

Wojcicki, is stepping down from her role in the tech giant that started in her garage 25 years ago. She was the company's CEO for 9 years and will now be replaced by Mohan, the current chief product officer.

Wojcicki, 54, said she will focus on "family, health, and personal projects I'm passionate about." Wojcicki, who was previously a senior vice president for ad products at Google, became CEO of YouTube in 2014.

Mohan, a Stanford graduate, joined Google in 2008 and is the chief product officer at YouTube, where he has been focusing on building YouTube Shorts and Music.

“He has a wonderful sense for our product, our business, our creator and user communities, and our employees. Neal will be a terrific leader for YouTube,” Wojcicki said.

Mohan has also worked with Microsoft and sits on the board of Stitch Fix and genomics and biotechnology company 23andMe.

Alphabet shares were barely changed for the day, down less than 1 per cent after the news.

(With inputs from agencies)