Category: Beyond

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Freshworks cuts 11% jobs as AI handles more coding

Freshworks has announced layoffs affecting about 11% of its global workforce, or roughly 500 employees, as the company shifts more of its operations toward artificial intelligence.

The SaaS company said the restructuring is part of its effort to adapt to rapid AI-driven changes in software development. Freshworks CEO Dennis Woodside noted that AI tools are now responsible for writing more than half of the company’s code, reducing the need for some engineering and support roles.

The job cuts will impact teams across multiple regions, including India and the United States. The company expects the restructuring to simplify operations and reduce costs, with savings being redirected toward growth areas such as its enterprise IT service management products.

Freshworks also reported steady revenue growth of around 16% in its latest quarter, though earnings slightly missed expectations. It has projected continued revenue growth in the coming quarter, signalling confidence in demand for its software solutions despite the restructuring.

The company estimates restructuring costs of around $8 million related to the layoffs.

Also Read: Zee sues Nykaa over alleged Instagram music copyright misuse

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Zee sues Nykaa over alleged Instagram music copyright misuse

Zee Entertainment has filed a copyright infringement case against Nykaa, accusing the beauty and fashion retailer of using its copyrighted songs without permission in Instagram promotional reels.

According to Zee’s petition in the Delhi High Court, several Nykaa marketing videos used Zee-owned music tracks to promote products on social media. Zee argues that while Instagram users can access its music through platform licensing with Meta, commercial brands must obtain separate permissions for advertising use.

The complaint identifies around a dozen reels where the songs were allegedly used without authorization. Zee is seeking damages of about $210,000 (approximately ₹2 crore) and has also requested broader court protection to prevent future misuse of its music in advertising content.

Nykaa informed the court that it has already removed the disputed reels after receiving notice of the claim. However, Zee maintains that removal alone is not enough and is pushing for stronger safeguards against repeated violations.

The dispute highlights increasing legal tension around the use of copyrighted music in short-form digital advertising, especially on platforms like Instagram where music is easily integrated into promotional content.

The case is ongoing in the Delhi High Court.

Also Read: Tata Trust rift deepens as two trustees exit

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Apple settles $250mn case over Siri AI delays

Apple has agreed to pay $250 million to settle a lawsuit over delays in rolling out its much-talked-about Siri artificial intelligence features. The case came after the company promoted its “Apple Intelligence” tools as part of new iPhone launches but failed to deliver some key features on time.

The issue goes back to 2024, when Apple introduced its next-generation AI plans, promising a smarter, more personalised Siri experience. These features were expected to be available with newer iPhones, including the iPhone 16 and some iPhone 15 models. However, when the devices reached users, many of the advanced capabilities were either missing or only partly available.

This led to complaints that Apple had created expectations it could not meet at launch. The lawsuit claimed that customers were misled into believing the features were ready, influencing their decision to buy the devices.

Apple has agreed to settle the case but has not admitted any wrongdoing. The company said it chose to resolve the matter to avoid a long legal process and to focus on improving its products. The settlement still needs approval from a US court before it becomes final.

The payout will cover millions of devices sold in the United States during the period when the features were advertised but not fully available. Eligible users may receive compensation, though the exact amount will depend on how many claims are filed.

The case has also drawn attention to how tech companies present new AI features. Regulators have raised concerns about marketing language that may suggest products are ready before they are fully rolled out.

Also Read: Vi names Kumar Mangalam Birla as non-executive Chairman

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IMF warns Iran conflict could hurt global economy

The global economy could face serious challenges if the Iran-related conflict continues, the International Monetary Fund (IMF) has warned. IMF Managing Director Kristalina Georgieva said the situation is already putting pressure on growth and could get significantly worse if tensions do not ease soon.

The IMF had earlier expected global growth to remain stable in 2026. However, the ongoing conflict is now creating uncertainty, especially through rising energy prices and disruptions in supply chains. If the situation continues, growth could slow more than expected, while inflation may rise further.

One of the biggest concerns is oil. The conflict has already affected oil supply, pushing prices higher. If prices continue to rise, it could make fuel, transport, and everyday goods more expensive across countries. This would increase the cost of living and put pressure on both households and businesses.

Georgieva also pointed out that even if there is a ceasefire, the economic effects will not disappear immediately. Shocks like rising oil and food prices tend to last longer and can continue to affect economies for months. This means countries may still face challenges even after tensions ease.

Another worry is global trade. Key shipping routes in the region could be disrupted, affecting the movement of goods and increasing costs. This could slow down economic activity further, especially for countries that depend heavily on imports and exports.

The IMF has advised governments to be cautious in how they respond. Measures like controlling fuel prices may offer short-term relief but could worsen supply issues if not handled carefully.

Also Read: Cognizant plans 15000 layoffs, India faces impact

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Gold climbs to ₹1.52 lakh, Silver jumps around ₹91/g

Gold and silver prices moved sharply higher on May 6, 2026, as global cues turned supportive for precious metals. In the domestic market, gold rose about 1.36% to hover near ₹1.52 lakh per 10 grams, while silver surged 2.54% to around ₹91 per gram, reflecting strong buying interest across the bullion segment.

The main trigger behind the rally was the weakness in the US dollar. A softer dollar typically makes gold and silver cheaper for international buyers, increasing demand and pushing prices higher. At the same time, crude oil prices eased, which helped reduce inflation concerns and improved overall sentiment in commodity markets.

Gold, often seen as a safe-haven asset, benefited from continued global uncertainty. Even as some geopolitical tensions showed signs of easing, investors preferred to stay cautious and maintain exposure to bullion. This steady demand kept prices firm and close to record highs.

Silver, meanwhile, outperformed gold in percentage terms. Apart from safe-haven buying, silver also gained from expectations of stable industrial demand. This dual support, investment and industrial use, helped the metal see a sharper rise compared to gold.

Market participants are also keeping an eye on global developments, including currency movements and geopolitical updates such as discussions involving the US and Iran. These factors continue to influence investor sentiment and drive short-term price movements in precious metals.

Also Read: Sensex up by 300 points, Nifty reclaims 24,150

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RBI, IRDAI cautious on banks in commodity derivatives

India’s financial regulators have taken a cautious stance on allowing banks and insurance companies to participate in commodity derivatives trading, according to remarks made by SEBI chief Tuhin Kanta Pandey.

Pandey said that both the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) are currently not inclined to permit such participation due to risk and structural concerns. As a result, banks and insurers are expected to remain out of the commodity derivatives segment for now.

The clarification comes even as the Securities and Exchange Board of India (SEBI) had earlier explored expanding participation in the commodities market to deepen liquidity and improve price discovery. SEBI had also discussed allowing banks and pension funds to enter the segment as part of efforts to strengthen the ecosystem.

However, the latest stance from the RBI and IRDAI indicates that the proposal has hit a regulatory roadblock. Officials believe commodity-linked instruments may not align with the long-term investment mandates of banks and insurance companies, and could expose them to additional volatility risks.

Following the remarks, market sentiment turned negative for commodity exchanges. Shares of Multi Commodity Exchange of India (MCX) fell by around 3–3.5%, reflecting concerns that reduced institutional participation could limit liquidity and trading volumes.

MCX, which dominates India’s commodity derivatives market, is particularly sensitive to regulatory changes affecting institutional access. Investors worry that without banks and insurers, the growth potential of the segment could be constrained in the near term.

At the same time, SEBI’s broader agenda to develop the commodity market remains in focus, including earlier proposals to involve pension funds and other long-term investors. But regulatory alignment between the three major bodies, SEBI, RBI, and IRDAI, appears to be the key hurdle.

Also Read: Spirit Airlines grounds operations, 17,000 jobs hit

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Siemens delivers first freight locomotives to Indian railways

Siemens Mobility has delivered the first set of high-powered electric freight locomotives to Indian Railways, marking the start of a major upgrade in the country’s cargo transport system.

This delivery is part of a €3 billion project under which Siemens will supply 1,200 locomotives over the next several years. The rollout has now moved from planning to real-world operations, with the first engines already entering commercial service.

These new locomotives, known as D9 engines, are among the most powerful ever used by Indian Railways. They can run at speeds of up to 120 km/h and carry much heavier loads than older engines. This means goods can be moved faster and more efficiently across long distances, helping improve the overall logistics network.

To support the new fleet, a maintenance facility has also been set up in Visakhapatnam. This is the first of four such depots planned across the country. These centres will ensure the locomotives are regularly serviced and kept in top condition over their long operating life.

What makes these engines stand out is the use of advanced digital technology. They are equipped with systems that can monitor performance in real time and predict maintenance needs before problems occur. This helps reduce breakdowns and keeps trains running on schedule.

The project is also significant for India’s manufacturing sector. Most of the locomotives are being built within the country, supporting local industry and creating jobs. It aligns with the government’s push to boost domestic production.

Also Read: GameStop makes surprise $56 bn bid for eBay

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Rupee slides to ₹95.31, hits fresh record low

The Indian rupee fell sharply on May 5, 2026, slipping to ₹95.31 against the US dollar and nearing its record low levels. The currency has been under consistent pressure due to a mix of global and domestic factors.

A key trigger for the fall is the surge in crude oil prices, which have risen to around $114 per barrel amid escalating tensions in the Middle East. Concerns over supply disruptions, especially around the Strait of Hormuz, have pushed oil prices higher. For India, which depends heavily on oil imports, this means higher demand for dollars, putting pressure on the rupee.

At the same time, a stronger US dollar has added to the weakness. Global investors are moving towards safer assets, leading to capital outflows from emerging markets like India. This has further weakened the rupee.

Foreign fund outflows and increased dollar demand from importers have also contributed to the decline. The Reserve Bank of India is likely keeping a close watch and may step in to limit excessive volatility.

Analysts expect the rupee to remain under pressure in the near term unless oil prices ease and global tensions stabilise.

Also Read: Gold near ₹1.5 lakh, Silver around ₹2.65 lakh

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Gold near ₹1.5 lakh, Silver around ₹2.65 lakh

Gold prices remained steady while silver continued to stay under pressure on May 5, 2026, reflecting ongoing uncertainty in global markets.

In the retail market, 24-carat gold is currently priced at around ₹14,960 per gram, which is close to ₹1.5 lakh per 10 grams. Meanwhile, 22-carat gold is selling at about ₹13,700 per gram. Silver prices are hovering near ₹2.64–₹2.65 lakh per kilogram across major cities.

Gold has been moving in a narrow range over the past few days. While it hasn’t seen any major rise, it is holding firm despite global volatility. This shows that buyers are still interested, but are not making aggressive moves at current levels.

Silver, on the other hand, has been more unstable. Prices have dropped sharply in recent sessions, falling by nearly ₹10,000 per kilogram. This sharper movement is typical for silver, which is influenced not just by investment demand but also by industrial use.

The main reason behind these price trends is global uncertainty. Rising tensions in the Middle East have made investors cautious, while a stronger US dollar has limited the upside for gold. Usually, gold benefits during uncertain times, but higher interest rates are keeping gains in check.

Crude oil prices have also been rising, adding to inflation concerns worldwide. For India, a weaker rupee is making imports more expensive, which is also affecting gold and silver prices in the domestic market.

Prices differ slightly from city to city due to local taxes and jeweller charges, but the overall trend remains similar across the country. Buyers may notice small daily changes in gold rates, while silver prices tend to fluctuate more sharply.

Also Read: Sensex falls 300 points, Nifty slips below 24,050

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Air India to review CEO, cost cuts at May 7 meet

Air India is preparing for an important board meeting on May 7, where it will take a close look at its finances, leadership plans, and ways to cut costs. The meeting comes at a time when the airline is facing rising expenses and significant losses.

The board is expected to review the airline’s performance for the past financial year, during which losses are estimated to have crossed ₹22,000 crore. This has increased the urgency to find ways to reduce spending and improve efficiency.

One of the main areas of focus will be cost control. The airline is likely to consider steps such as cutting unnecessary expenses and possibly changing some services offered to passengers. For example, certain add-ons like meals or lounge access could be separated from ticket pricing to manage costs better.

Another key topic on the agenda is leadership. The airline is in the process of selecting a new chief executive, as current CEO Campbell Wilson is expected to step down later this year. The board may review potential candidates and discuss the transition plan.

Apart from internal challenges, external factors have also added pressure. Higher fuel prices and ongoing global tensions have increased operating costs and affected flight operations. These issues have made it more difficult for the airline to manage its finances.

The meeting is seen as an important step in Air India’s ongoing efforts to turn around its business under the Tata Group. Since returning to private ownership, the airline has been working to improve services, expand operations, and modernise its fleet.

However, the financial challenges remain significant, and the decisions taken at this meeting could shape the next phase of its journey.

Also Read: Netweb shares drop 7% despite strong Q4 results