crunch

Naira fell slightly against the United States dollar at the Investors and Exporters window on Wednesday, a day after it recorded marginal gain at the spot market in the midst of currency scarcity across the country. According to data posted on FMDQ website, where forex is officially traded, the local currency closed at ₦461.60 per $1 on Wednesday. This implies a 0.06 per cent depreciation from N461.50 to a dollar it traded in the previous session on Tuesday. The Naira which opened the day’s trading at N461:35…

Slowdown in funding is “healthy” for startups as it will make them reassess their models, said Deborah Quazzo, the managing partner at US-based GSV Ventures which has backed edtech unicorns, including Eruditus, PhysicsWallah, and Lead.She said with investment slowing, startups will work with profitability in mind and will not be completely dependent on capital markets.Quazzo told ET during an exclusive interaction that the pace of investments has slowed down in both the US and India and is likely to remain muted for the…

European Union flags flutter outside the EU Commission headquarters, in Brussels, Belgium, February 1, 2023 REUTERS/Yves HermanEuropean Union plans to regulate artificial intelligence (AI) face another stumbling block after lawmakers failed to agree on a basic set of proposals, according to four people familiar with the matter. The bloc's highly anticipated AI Act is widely expected to be put to a vote at the European Parliament at the end of March, at which point individual nations will begin negotiating final terms of…

Amid the uncertainties being faced by Nigerians due to the scarcity of the redesigned Naira notes, the nation’s annual inflation rate rose in January after recording a fall in December. Inflation rose to 21.82 per cent in January compared to 21.34 per cent in December, the National Bureau of Statistics announced Wednesday. The statistics office said the headline inflation rate rose to 21.82 per cent compared to December 2022 headline inflation rate which was 21.34 per cent. Looking at the trend, it said the…

A spokeswoman said the changes meant Milkrun had enough cash to last for more than 12 months. Average orders had more than doubled in value since the last reported figures to more than $50, and all hubs would be profitable or breaking even after the redundancies and closures, she added.Milkrun raised $86 million in less than a year from investors including the private offices of Atlassian founders Mike Cannon-Brookes and Scott Farquhar along with US firm Tiger Global on a series of lofty hopes. It told potential investors…

Indian startup founders and Shark Tank judges talk to ET Now's Tamanna Inamdar about the funding winter and how the country's top startups are doing. Watch Peyush Bansal of Lenskart, Vineeta Singh of Sugar Cosmetics and Amit Jain of Cardekho weigh in with their success and survival mantras for startups. Indian startup founders and Shark Tank judges talk to ET Now's Tamanna Inamdar about the funding winter and how the country's top startups are doing. Watch Peyush Bansal of Lenskart, Vineeta Singh of Sugar Cosmetics…

Last year, the buzz from the CES global tech show in Las Vegas was a futuristic sound system poised to disrupt the audio industry. Created by an Israeli startup, the device used camera-powered head tracking and sophisticated acoustic engineering to beam sound directly to the ears of the listener, and nobody else. The product made various publications’ Best of CES lists, including ours. It eclipsed its Kickstarter fundraising goal, received dozens of preorders and raised…

The fortunes of Silicon Valley billionaires took a beating in 2022 as share prices of the world's tech giants plummeted. The fortunes of Silicon Valley billionaires took a beating in 2022 as share prices of the world's tech giants plummeted.Here are some of the worst hit by this year's tech stock downturn. - Elon Musk - After becoming the world's richest person in 2021, the TESLA and SpaceX boss saw over half of his net worth evaporate this year, boosting France's luxury goods mogul Bernard Arnault into the top spot.…

Psychonauts creator and Double Fine founder Tim Schafer has stressed that it is “really important” for the games industry to tackle crunch culture and improve the quality of life for workers. Speaking to NME for a Boss Level profile, Schafer revealed that the creation of Double Fine’s 2005 debut Psychonauts struggled with “one of the worst crunches” he’s ever experienced, with developers working “until five in the morning, for days on end” to finish the game. The term crunch refers to the practice of developers working…

Last Updated: December 15, 2022, 11:24 ISTAir India (Photo: Reuters)According to the officials, the primary reason behind delay in Air India domestic flights is shortage of the cabin crew despite the airline denying this chargeAir India has been facing flak from flyers due to the delay in its domestic flights. Now, it has been learnt that the delay is because of shortage of cabin crew. Reportedly, the Delhi based crew has to operate in excess of the annual DGCA limit of 1,000 hours due to cabin crew crunch.“The shortage…