Economic Times5/6/2026BusinessIndia
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Developing·5m ago
South Korean Stocks Tumble as AI Rally Falters
South Korea's benchmark KOSPI index plunged over 7% on Tuesday, erasing recent gains driven by AI optimism. Investors rushed to lock in profits after Samsung Electronics announced strong quarterly earnings, triggering a broad sell-off in tech stocks. The market experienced trading suspensions and significant drops in major companies like Samsung Electronics and SK Hynix.
Times of India
Developing·45m ago
Xbox Announces Major Restructuring, 3,200 Positions to Be Eliminated
Xbox CEO Asha Sharma announced a significant restructuring, eliminating approximately 3,200 positions by fiscal year 2027, with 1,600 cuts effective immediately. Four studios will move to new management, and business units across Activision, Bethesda, Blizzard, King, Mojang, and Xbox Game Studios will be affected. The move aims to reset Xbox's content, platform, and operating model due to slower-than-expected growth and market challenges.
Times of India
Business·47m ago
Reliance Industries Extends Coal Bed Methane Contract with South West Pinnacle Exploration
Reliance Industries Limited has extended its Coal Bed Methane production contract with South West Pinnacle Exploration (SWPE) for Rs 166.82 crore in Madhya Pradesh. SWPE also secured a separate Rs 5.89 crore exploration contract from CMPDI for Jharkhand, strengthening its order book.
Economic Times
Developing·47m ago
HSBC Reportedly Scaling Back Risky Private Credit Deals
HSBC is reportedly reducing its involvement in riskier private credit deals, according to the Financial Times. This move follows high-profile bankruptcies that have raised concerns about underwriting standards in the sector.
Economic Times
Developing·47m ago
Cultfit Files for IPO Worth Rs 3,500-4,000 Crore
Fitness platform Cultfit has filed its draft red herring prospectus with India's SEBI for an IPO expected to raise Rs 3,500-4,000 crore. The offering includes a fresh issue of Rs 950 crore and an offer for sale by existing investors.
Economic Times
Developing·1h ago
AI Data Centers Drive Up Electricity Prices, Causing Concern for Residents
AI data centers are significantly increasing electricity prices for households in America, with Henrico County, Virginia, experiencing a 25% rate hike for government facilities. Residents are also facing higher bills, with concerns about water use and noise from the growing number of data centers.
Times of India