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Microsoft has laid off approximately 4,800 employees, about 2.1% of its global workforce, as its new fiscal year begins. The cuts primarily affect the commercial sales and Xbox gaming divisions, with Xbox planning further reductions and studio spin-offs.
Indian Oil Companies Face Rs 75,000 Crore Loss in Q1, Break-Even Possible Soon
State-run Indian oil companies absorbed over Rs 75,000 crore in losses in Q1 FY24. While petrol and diesel sales may reach break-even in 7-10 days if crude prices stabilize around $75/barrel, LPG sales continue to incur losses. OPEC+ production hikes aim to ease global prices.
Saudi Arabia Slashes August Arab Light Crude Price for Asia to Lowest Since June 2020
Saudi Arabia significantly cut its August Arab Light crude oil price for Asia to $1.50 a barrel below the Oman/Dubai average, marking its lowest level since June 2020. This deep reduction, which exceeded market expectations, follows a sharp decline in spot crude markets due to increased Middle Eastern supplies.
FSSAI Issues Notices to Brands for Misleading Claims
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Income Tax Act 2025: New Cash Transaction Limits to Curb Tax Evasion
The Income Tax Act 2025 introduces new limits on cash transactions to combat tax evasion. Key changes include a Rs 2 lakh daily cash receipt limit from one person, cashless transactions for loans/deposits over Rs 20,000, and limits on business expenses and donations.