Byju Raveendran, the founder of the Indian education technology firm Byju’s, faces a court-ordered insolvency process for his ed-tech giant. Byju’s has experienced a dramatic drop in valuation from $22 billion to under $2 billion, leading to insolvency proceedings that risk thousands of jobs.
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The EU has warned Meta that its “pay or consent” model could be in violation of consumer protection laws, demanding changes by September 1. The EU’s Consumer Protection Cooperation has highlighted concerns over Meta’s “free” service description for its platforms, which lacks transparency in regard to user data consent for advertising.
Toyota is buying back $5.2 billion of its shares from banks and insurers, to enhance shareholder returns and corporate governance.
Negotiations on a global tax agreement have extended beyond June 30, with governments eyeing progress at the upcoming G20 meeting. The high stakes of these negotiations could lead to the reinstatement of taxes on US tech giants by several countries if a final agreement is not reached.
Grab acquires Singapore’s Chope to expand its services, including dinner reservations, to outcompete rivals in the Southeast Asian market. The acquisition sees Chope’s team joining Grab, with no job losses, and strengthens Grab’s ecosystem and advertising capabilities.
Delta Air Lines has cancelled over 4,000 flights since Friday, affecting 21% of its scheduled flights and leaving thousands stranded.
Renault’s CEO Luca De Meo expressed concerns about Europe’s timeline for transitioning to electric vehicles, calling for more flexibility.
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