Banks must take responsibility when using AI: EU

Banks and investment firms in the European Union cannot OpenAl strikes deals with The shirk boardroom responsibil- Atlantic, Vox ity and a legal obligation to protect customers when using artificial intelligence (AI), the bloc's securities watchdog said in its first statement on AI.

PwC faces record fine over Evergrande audit

Accounting firm may need to halt operations at some offices in China BLOOMBERG 30 May C hina is poised to impose a record fine on PricewaterhouseCoopers LLP and suspend some of the global auditor's local operations over its role in one of the nation's biggest alleged financial fraud cases, according to people familiar with the matter.

Designer of world's tallest building wants to turn skyscrapers into batteries

WILL WADE 30 May The architecture firm that designed the world's tallest building is considering ways to build skyscrapers that can store energy using gravity.

FY24 FDI equity inflow at 5-year low of $44 bn

High interest rates in advanced economies among likely reasons, say experts

5th-gen fighter looks to move off the drawing board, into the air

The US has its F-22 Raptor, and F-35 Lightning II; Russia has its Sukhoi-57; China has its J-20 Chengdu, and J-31 Shenyang all of them 5th-generation (Gen-5) combat aircraft built to rule the skies.

India's first-time MPs more than most peers

India has a higher share of first-time parliamentarians than many of its peer countries.

Apple may shape political landscape in Himachal

Farmers expect resolution of issues like right price, expensive transportation

Mukhtar Ansari's kin fights to retain clout amid BJP pitch for law & order

In Uttar Pradesh's Ghazipur, the death of mafia don-turned-politician Mukhtar Ansari in March 2024 is providing the much needed heft to the INDIA bloc.

In Varanasi, Modi's win margin the only point of interest

On Thursday, as the campaigning for the Varanasi Lok Sabha (LS) constituency wound down in its labyrinthine bylanes under the scorching summer sun, its LS member, Prime Minister (PM) Narendra Modi, issued a nearly six-minute-long appeal in chaste Bhojpuri, the region's dialect, for its nearly 2 million electors, urging them to turn up to vote in greater numbers on Saturday for the cause of building a \"new Kashi\" and a \"Viksit Bharat\".

RBI balance sheet grows 11% to 70 trn

The size of the Reserve Bank of India's (RBI's) balance sheet increased by 11.08 per cent year-on-year (Y-o-Y) to ₹70.47 trillion as of March 31, 2024 (FY24), driven by its liquidity and foreign exchange (forex) operations.

Nearly 4 out of 5 digital transactions via UPI

Nearly four out of five digital payments in the country were conducted on the Unified Payments Interface (UPI) in financial year 2023-2024 (FY24), according to the Reserve Bank of India's (RBI) annual report.

'Climate shocks' add uncertainty to inflation outlook

Central bank highlights trading risks, high reliance on bulk deposits

Framework for recognising SROs in fintech finalised

The Reserve Bank of India (RBI) released the final framework on Thursday for recognising self-regulatory organisations in the financial technology sector (SRO-FT), encouraging entities to have a representative membership from the fintech sector.

Resolution plan being implemented; FY24 results delayed: Jet

Jet Airways on Thursday said there will be a delay in declaring the financial results for the quarter and year ended March 2024, and its monitoring committee.

Addressing issues may become easier for consumers

Consumer Affairs ministry looking at mediation to solve complaints

PIL filed against dumping of used medical devices in India

Patient Safety and Access Initiative of India Foundation, a not-for-profit organisation based in Delhi that works on improving access to quality healthcare, has filed a public interest litigation (PIL) before the Delhi High Court raising objections concerning the laxity in the regulatory framework concerning quality, safety and efficacy of secondhand or used medical devices in India.

US, UK in focus as pharma firms eye $31 billion exports in FY25

A s Indian pharma firms seek $31 billion in pharmaceutical exports in financial year 202425 (FY25), the United Kingdom (UK) and the United States (US) are its top targets.

GIP Mall among properties attached by ED in cheating case

PRESS TRUST OF INDIA New Delhi, 30 May The Enforcement Directorate (ED) on Thursday said it has attached properties worth over 290 crore of an amusement and recreation services providing company, including the popular GIP Mall of Noida, as part of a money laundering investigation.

'No better story than steel in reviving private capex'

Tata Steel has a lot on its plate - restructuring the business in the United Kingdom, expanding capacity back home, and keeping an eye on the balance sheet. In a video interview with Ishita Ayan Dutt, Tata Steel Managing Director and Chief Executive Officer TV NARENDRAN discusses a wide range of issues. Edited excerpts:

Oyo logged first annual profit in FY24:Agarwal

Posts ₹100 crore PAT ARYAMAN GUPTA New Delhi, 30 May Oravel Stays, the parent company of hospitality major Oyo, became profitable for the first time in a financial year, posting a profitafter-tax (PAT) of ₹99.6 crore ($12 million) in 2023-24, said Founder and Chief Executive Officer Ritesh Agarwal.

'GCCs in India becoming nerve centres for global biz success

Industry experts, speaking at the Nasscom GCC Conclave 2024, say Indian GCCs have the potential to lead the GenAl wave AYUSHMAN BARUAH Bengaluru, 30 May Global capability centres (GCCs) in India are becoming 'nerve centres' for global business success, said Debjani Ghosh, president of the National Association of Software and Service Companies (Nasscom).

Prices of consumer durables may go up

Container prices up 4-fold in a mth

Tamil Nadu gets ₹7 trn in investments in 5 months

SHINE JACOB Chennai, 30 May Last week, Google's parent company Alphabet marked its entry into Tamil Nadu to manufacture Pixel smartphones and drones.

After longest poll campaign, top leaders head to temples

The last day of a grueling 75day long election campaign for the 543 Lok Sabha constituencies -- the longest and hottest in Independent India's history--had star campaigners of their respective parties continue with addressing rallies, attending road shows, and trading accusations.

RBI plans regulations to bolster financial sector

Measures to be more principle-based rather than entity-oriented

Agnikul rockets into history books with Agnibaan liftoff

DHOTO DTI SHINE JACOB Chennai, 30 May India made history in the space sector on Thursday with the first launch from a private launchpad of the country's second privately built rocket and the first using a combination of gas and liquid fuel.

Airfares To Summer Destinations Defy Heat, Stay Cool

Notwithstanding the sweltering heat engulfing major cities, travellers can find solace in the steady airfares to popular summer destinations like Srinagar, Bagdogra, and Kochi.

Deadly Rafah Strike Didn't Cross Biden's Red Line: US

Gaza fighting to last at least seven more months, Israeli official says

How AI Made Mark Zuckerberg Popular Again In Silicon Valley

Many developers and technologists have embraced the Meta chief as their champion of 'open-source' artificial intelligence MIKE ISAAC 29 May When Mark Zuckerberg, the chief executive of Meta, announced last year that his company would release an artificial intelligence system, Jeffrey Emanuel had reservations.

Delay in gratuity payment? You are entitled to interest

The Allahabad High Court recently ruled that gratuity for government employees is based on years of service, not retirement age.