SoftBank may invest in Jio, what TikTok’s ban is costing Bytedance, and more news
SoftBank is keen to invest $2-3 billion in Reliance Jio, ET Now reports. The Japanese firm is conducting due diligence on the telecom major, which seeks to reduce debt by onboarding an external investor. A potential deal would give SoftBank access to a fast-growing technology business that combines core telecom with e-commerce — Jio’s next big bet. Investment bank JP Morgan has valued Jio at $50 billion. Through its $100 billion Vision Fund, SoftBank has backed several unicorns such as Uber, Ola and OYO.
The government’s ban on TikTok is causing its developer Bytedance daily financial losses of up to $500,000 and has put over 250 jobs at risk, the company said in a court filing. Besides, the social media firm said it was losing nearly 1 million new users every day and taking a hit on its goodwill. Earlier this month, the government ordered the removal of the video-sharing app from Google and Apple stores over concerns around child pornography. But the company says nearly 85% of its users are adults and only a miniscule share of its videos can be considered inappropriate.
Indian carriers are likely to add about 150 aircraft this year, nearly twice of originally planned, Economic Times reports. IndiGo and SpiceJet are estimated to induct 50 planes apiece, followed by Vistara, AirAsia and GoAir. That, the daily says, should meet the capacity shortage arising from the withdrawal of Jet’s 119-plane fleet. But Business Standard pegs the magic number at 210, taking into account 14-16% growth in domestic passenger traffic and the additional impact from the grounding of Boeing 737 Max planes. Anything less than that, the publication notes, will mean higher airfares.
Jet Airways' chances of flying again are slim. Media reports say that shortlisted buyers — Etihad, Investment and Infrastructure Fund, TPG Capital and Indigo Partners — are likely to stay away from the bidding process as they see little value in the grounded airline which has lost flight spots across airports. A lack of clarity on how much stake is up for sale, the reluctance of lenders to infuse capital and huge cost of restarting Jet’s operations are other factors deterring suitors, reports say. Final bids for Jet are expected by May 10.
Long weekend sleep-ins and naps may sound like a great way to pay off the week’s “sleep debt”, but new research from the University of Colorado-Boulder suggests we gain few benefits from it. Three groups of young people were tested with varying sleep patterns and the results reveal those with more weekend zees were not refreshed — in fact, their health declined. Researchers concluded the best option for continued well-being was eight hours’ sleep every night and making weekends active instead of passive. Bushwalk, anyone?
Idea of the Day: What does success look like for you? It’s different from how it appears to anyone else, Nonprofit Professionals Advisory Group founder Laura Gassner Otting tells Gretchen Rubin.
“You can’t be insatiably hungry for other people’s goals, for other people’s definitions of success."
Thanks...Ankit B. :-)