Author: Staff Writer

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Corporate

Volkswagen plans 50,000 job cuts by 2030

German auto giant Volkswagen has announced plans to cut about 50,000 jobs by 2030 as part of a major restructuring to reduce costs and stay competitive in the changing global car industry.

The job cuts are expected to affect several brands within the Volkswagen Group, including Audi and Porsche. Most of the reductions are likely to take place in Germany, where the company has a large workforce.

According to the company, the move comes as it deals with falling profits, rising production costs and strong competition in key markets. Volkswagen said the car industry is going through major changes, especially with the shift towards electric vehicles and new technologies.

Volkswagen recently reported a sharp drop in its profits. The company’s net profit fell by about 44% to €6.9 billion, making it one of its weakest financial performances in recent years. Slower vehicle sales and higher costs have added pressure on the company’s business.

Company executives said the restructuring is necessary to prepare Volkswagen for the future as it invests heavily in electric vehicles, digital technology and new software systems.

The automaker is also facing growing competition from Chinese electric vehicle manufacturers such as BYD and Geely. These companies have been expanding quickly, especially in China, which is the world’s largest car market.

To deal with these challenges, Volkswagen has launched a large cost-cutting programme aimed at improving efficiency and strengthening its position in the global market. The company said many of the job reductions will happen gradually through retirements and natural attrition rather than sudden layoffs.

Also Read: LPG fears spark rush for induction cooktops

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Beyond

LPG fears spark rush for induction cooktops

Concerns about a possible LPG shortage in parts of India have triggered a rush for induction cooktops, with many models quickly selling out on online quick-commerce platforms. As worries about cooking gas availability spread, many households are buying electric cooktops as a backup option.

Several quick-delivery platforms, including Blinkit, Swiggy’s Instamart and Zepto, have reported a sharp increase in orders for induction stoves. In many cities, including Delhi, Mumbai, Bengaluru and Chennai, customers found that most induction cooktops were already out of stock or available only in limited numbers.

Retailers say the sudden demand began after news of LPG supply concerns began circulating. Many families rushed to buy induction stoves so they would have an alternative way to cook if gas cylinders became difficult to get.

Electronics store owners also reported a surge in walk-in customers looking for induction cooktops. Some shops said they sold several days’ worth of stock in just a few hours as people hurried to secure the appliances.

The surge in demand has not been limited to the cooktops themselves. Utensils designed for induction cooking, such as compatible steel pans and pots, have also seen a spike in sales and are running low in many stores.

The LPG supply concerns are linked to global energy market uncertainties and geopolitical tensions affecting fuel supply chains. These developments have raised fears that cooking gas availability could be affected if the situation worsens.

Restaurants and small food businesses have also been watching the situation closely. Some eateries have started exploring electric cooking equipment to avoid disruptions if LPG supply becomes limited.

Meanwhile, government officials have urged the public not to panic. Authorities say they are monitoring the situation and taking steps to ensure there is enough LPG supply in the country.

Also Read: Reliance silent after Trump’s $300bn refinery claim

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Corporate

Amazon announces 90-day code safety reset

Amazon has announced a 90-day “code safety reset” after a series of technical issues disrupted its online platform. The move comes after some outages were linked to software changes created with the help of artificial intelligence tools.

According to reports, the problems affected Amazon’s systems that handle orders and deliveries, causing website errors and cancelled orders for some customers. The incidents prompted the company to review how its engineers write and release software updates.

As part of the reset, Amazon has introduced stricter rules for engineers working on its most critical systems. For the next 90 days, developers must follow additional safety checks before releasing new code. This includes getting at least two engineers to review the code and properly documenting any changes before they go live.

The new measures will apply to around 335 “Tier-1 systems”, which are Amazon’s most important services that directly affect customers. These systems include parts of the platform responsible for shopping, payments and order processing.

Reports suggest that some of the recent issues were connected to the growing use of AI-assisted coding tools, including Amazon’s own internal AI assistant called Q. These tools help engineers write code faster, but they can sometimes introduce errors if the code is not carefully checked.

By introducing stricter reviews and documentation requirements, Amazon hopes to reduce the chances of similar problems in the future. The company also wants engineers to slow down and focus more on stability when making changes to critical systems.

The safety reset will also involve closer monitoring of software updates and stronger approval processes before any changes are implemented.

Industry experts say the move highlights the challenges companies face as they increasingly rely on AI to speed up software development. While AI tools can improve productivity, they also require careful oversight to avoid unexpected errors.

Amazon said the 90-day period will give the company time to review its development practices and strengthen safeguards.

Also Read: India backs record IEA oil reserve release

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Beyond

India backs record IEA oil reserve release

India has said it is ready to support global oil markets after the International Energy Agency (IEA) announced a record release of oil from emergency reserves to ease supply concerns and stabilise prices.

The IEA said its member countries would release around 400 million barrels of oil from their strategic petroleum reserves. The move is aimed at increasing supply in global markets and reducing pressure on oil prices, which have risen due to supply disruptions and geopolitical tensions.

The Government of India said it is closely monitoring developments in international energy markets and supports efforts to ensure stability in global oil supplies. Officials said India stands ready to take suitable steps if required to help maintain market balance, though no specific measures have been announced so far.

The emergency release comes as tensions in parts of the Middle East have raised concerns about disruptions to oil supply routes. These concerns have pushed up global crude prices and increased uncertainty in energy markets.

According to the IEA, the coordinated release of oil reserves is the largest in the organisation’s history. Member countries will release oil based on their individual capacities and national conditions to ensure markets receive additional supply in the coming months.

Although India is not a full member, it works closely with the IEA as an associate member and participates in discussions on global energy security. As one of the world’s largest oil importers, India is highly sensitive to changes in global oil prices and supply disruptions.

Officials said India continues to strengthen its own strategic petroleum reserves and diversify its sources of crude oil imports to improve energy security.

Experts believe the large reserve release could help calm markets in the short term by increasing available supply. However, they also note that long-term stability will depend on how geopolitical tensions evolve and whether key global oil supply routes remain stable.

Also Read: Reliance silent after Trump’s $300bn refinery claim

 

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1 Minute-Read

Reliance silent after Trump’s $300bn refinery claim

Donald Trump has announced a proposed $300-billion oil refinery project in Texas, saying India’s Reliance Industries would support the investment. The refinery is planned at the Port of Brownsville and would be built by America First Refining. Trump described it as a major energy project that could boost US oil refining capacity.

However, Reliance has remained silent about the announcement and has not confirmed any involvement in the project. The company has not responded to media queries, creating uncertainty about the deal. Analysts say the lack of official confirmation has raised questions about the scale and details of the proposed investment.

 

 

 

 

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Corporate

Mind Robotics raises $500mn at $2bn valuation

Mind Robotics, a robotics startup created from electric vehicle maker Rivian, has raised $500 million in a new funding round. The investment values the company at about $2 billion and shows growing interest in artificial intelligence-based robotics.

Mind Robotics develops advanced robots powered by artificial intelligence that can help industries automate physical tasks. The company focuses on using AI and robotics to improve work in factories, warehouses and supply chains.

The startup was originally developed as a project inside Rivian before becoming an independent company. Even after the spin-off, Rivian continues to support the venture and is expected to remain an important partner as the technology grows.

Mind Robotics plans to use the new funding to expand its research, hire more engineers and speed up the development of its robotics systems. The company aims to build machines that can perform complex tasks more efficiently in industrial environments.

Earlier, the company had raised about $115 million in seed funding from investors led by Eclipse Ventures. That early investment helped the startup begin developing its AI and robotics technology.

The company is working on what it calls “industrial AI”. This technology combines artificial intelligence, robotics and real-world data from manufacturing environments. By studying data from Rivian’s production facilities, Mind Robotics hopes to train its robots to handle tasks such as assembly work, warehouse operations and logistics management.

Experts say interest in robotics and automation is increasing as companies look for ways to improve efficiency and reduce labour-intensive work in factories. Many technology and manufacturing firms are now investing heavily in AI-driven automation systems.

For Rivian, launching Mind Robotics also reflects a broader strategy to expand beyond electric vehicles and explore new technology sectors.

Also Read: PM Modi unveils ₹10,800 cr projects in Kerala

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Beyond

Gold rises to ₹1,63,320, silver slips to ₹2,89,900

Gold prices in the domestic market edged up slightly on Thursday, while silver declined, as global currency movements and geopolitical concerns influenced bullion trading.

The price of 24-carat gold increased by ₹10 to ₹1,63,320 per 10 grams, whereas silver fell by ₹100 to ₹2,89,900 per kilogram in early trade.

Market analysts said the strengthening of the US dollar has put pressure on precious metals globally. A stronger dollar typically makes commodities priced in the currency more expensive for international buyers, which can limit demand and cap price gains.

At the same time, ongoing geopolitical tensions in the Middle East have continued to support gold’s appeal as a safe-haven asset. Investors often turn to gold during periods of global uncertainty, helping keep prices relatively firm despite currency pressures.

In international markets, gold prices have shown limited movement as traders remain cautious ahead of key global economic signals and interest-rate expectations. Higher interest rates tend to reduce the attractiveness of gold because the metal does not generate interest or yield.

Silver prices, which are more closely linked to industrial demand, witnessed a decline during the session. Market participants attributed the fall to profit-booking and softer demand outlook in some industrial sectors.

Despite the slight decline in silver, both precious metals are trading near historically elevated levels in India. Gold has been hovering around the ₹1.63 lakh mark per 10 grams in recent sessions, reflecting sustained investor interest amid global financial volatility.

Currency fluctuations have also played a role in domestic bullion prices. A stronger dollar and movements in the Indian rupee often influence the landed cost of precious metals in the country.

Any further escalation in international tensions could increase safe-haven demand for gold, while continued dollar strength may restrict significant upward movement in prices.

Also Read: Sensex falls 975 points, Nifty drops to 23,500

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Corporate

Sensex falls 975 points, Nifty drops to 23,500

Indian equity benchmarks declined sharply on Thursday, the BSE Sensex dropped nesarly 975 points to 75,890.72, while the Nifty50 fell 299.45 points to 23,567.15 in early trade, reflecting broad-based selling across sectors.

Among the top gainers on the Nifty were HCLTech, Infosys, and Tata Consultancy Services, as IT stocks showed resilience amid the broader market sell-off.

On the other hand, top losers included InterGlobe Aviation, Tata Motors, Larsen & Toubro, and Adani Enterprises, which came under selling pressure during the session.

Sector-wise, auto, capital goods and consumer stocks led the decline, while IT shares limited the fall in the benchmarks.

The market downturn was largely driven by a surge in global oil prices, with Brent crude oil rising to around $101 per barrel amid geopolitical tensions in the Middle East. Higher crude prices raised concerns over inflation and increased costs for businesses.

The spike in oil prices, along with cautious global sentiment, prompted investors to reduce exposure to equities, leading to losses across most sectors in the domestic market.

Also Read: Elon Musk tops Forbes Billionaires list

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Leaders

Elon Musk tops Forbes Billionaires list

The 2026 Forbes World’s Billionaires list shows a record number of wealthy people around the world. There are now 3,428 billionaires, the most in the list’s 40-year history. Together, they are worth $20.1 trillion, up from $16.1 trillion last year.

Elon Musk is at the top, becoming the richest person ever with an estimated net worth of $839 billion. His wealth has grown by about $500 billion in one year, thanks to the rising value of Tesla and SpaceX. Musk is the first person to reach more than $800 billion and could become the world’s first trillionaire if this continues.

The next richest are tech leaders Larry Page ($257 billion) and Sergey Brin ($237 billion), co-founders of Google. Jeff Bezos ($224 billion) and Mark Zuckerberg ($222 billion) follow them.

This year’s list also includes 390 newcomers, like musician and entrepreneur Dr. Dre, singer Beyoncé, tennis star Roger Federer, and Kimbal Musk, Elon Musk’s brother. Many of them joined the list because they now own large shares in successful companies.

The United States has the most billionaires with 989 people, followed by China (539) and India (229). Celebrity billionaires are also increasing. There are now 22 athletes and entertainers worth over $48 billion in total, up from 18 last year.

Forbes’ ranking is based on the value of stocks, companies, and other assets as of March 1, 2026. The list shows that most of the world’s wealth is still concentrated in technology and media, with new gains coming from AI and other fast-growing industries.

Also Read: Yann LeCun’s AMI labs nets $1bn to build real-world AI

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Corporate

Yann LeCun’s AMI labs nets $1bn to build real-world AI

AI pioneer Yann LeCun, former chief AI scientist at Meta and co-recipient of the Turing Award, has launched AMI Labs, a new startup focused on building “world models”, AI systems that learn from and reason about the physical world. The company announced a $1.03 billion seed funding round, one of the largest early-stage raises globally and the biggest ever for a European AI startup.

Investors in the round include Bezos Expeditions, Nvidia, Samsung, Toyota Ventures, Temasek, Mark Cuban, and more, reflecting strong confidence in AMI’s vision. The funding will support research teams in Paris (headquarters), New York, Montreal, and Singapore, and will allow the company to focus on foundational AI research rather than immediate product launches.

Unlike traditional AI systems that rely mainly on text and pattern recognition, AMI’s world models aim to understand cause and effect, remember past experiences, plan actions, and interact with real-world environments. The startup sees applications across robotics, healthcare, autonomous systems, and industrial operations, where accurate, reliable decision-making is crucial.

LeCun will serve as executive chair, with Alexandre LeBrun as CEO, Laurent Solly as COO, and Saining Xie as chief science officer. AMI plans to publish research and open-source much of its code to encourage collaboration and accelerate progress in the AI community.

The startup’s first commercial partner is Nabla, a healthcare AI firm, which plans to integrate AMI’s technology to improve decision-making in critical applications. AMI’s founders emphasize that the company will focus on long-term research and practical AI capabilities, rather than chasing quick revenue or replicating large language models.

Also Read: Apple now produces 25% of iPhones in India