Google Agrees To Pay $11 Million To End A Lawsuit For Discriminating Against Older Job Applicants

New Delhi: Google agreed to pay $11 million to end a lawsuit accusing the internet giant of discriminating against older job applicants, a deal that amounts to an average payout of more than $35,000 for 227 people who joined the class action.

The settlement also calls for the Alphabet Inc. unit to train employees and managers about age bias, to create a committee focused on age diversity in recruiting and to ensure that complaints are adequately investigated.

Lawyers for the company and attorneys representing the over-40 job seekers who sued submitted a final settlement proposal Friday to a federal judge in San Jose, California. Lawyers will collect about $2.75 million from the accord.


ADB pares Indian growth forecast for FY20 to 7% from 7.2% estimated earlier

New Delhi: In line with estimates by the Reserve Bank of India (RBI) as well as the chief economic adviser in the finance ministry Krishnamurthy Subramanian, the Asian Development Bank (ADB) has pared its Indian growth forecast for FY20 to 7% from 7.2% estimated earlier.

This mainly reflects “the unexpectedly weak FY2018 outturn”, ADB said in its supplement to the Asian Development Outlook released on Thursday.

Gross domestic product (GDP) growth in India in the fourth quarter of FY19 slowed down more than expected to 5.8% from 6.6% in the previous quarter. This was the lowest quarterly GDP growth rate in five years. Annual GDP growth in FY19 decelerated to 6.8% from 7.2% in 2017-18.


Bill Gates drops to No 3 in Bloomberg Billionaires Index behind France’s Bernard Arnault

New Delhi: Bill Gates has never ranked lower than No. 2 in the seven-year history of the Bloomberg Billionaires Index. That run ended Tuesday when the Microsoft Corp. co-founder dropped to No. 3 behind France’s Bernard Arnault.

LVMH, Arnault’s luxury-goods maker, advanced to a record Tuesday and pushed his net worth to $107.6 billion and ahead of Gates by more than $200 million. The shares extended their gains Wednesday, rising 0.7% at 1:54 pm in Paris. Arnault has added about $39 billion to his fortune in 2019 alone, the biggest individual gain by far among the 500 people in Bloomberg’s ranking.


Billionaire Azim Premji Has Helped Create India’s Latest Tech Unicorn Icertis

New Delhi: Billionaire Azim Premji has helped create India’s latest tech unicorn: a fast-rising software startup that symbolizes the growing investor interest in the Asian nation’s enterprise technology space.

Icertis, which competes with SAP SE and Oracle Corp. to help businesses manage contracts in the cloud, has raised $115 million, propelling it to unicorn status as investors flock to enterprise software makers.

The advanced-stage funding round in Bellevue, Washington and Pune, India-based Icertis was co-led by Greycroft Partners LLC and PremjiInvest, the fund managed by the family office of Indian tech billionaire Premji. Existing investors including B Capital Group and Cross Creek Advisors participated. With this, Icertis has raised over $211 million.


WPI Inflation Declines For Second Consecutive Month To Its 23-Month Low At 2.02 %

New Delhi: According to official data released on July 15, wholesale price-based inflation declined for the second consecutive month to its 23-month low of 2.02 per cent in June. This is helped by decline in prices of vegetables as well as fuel and power items.

The Wholesale Price Index (WPI)-based inflation was at 2.45 per cent in May. It was 5.68 per cent in June 2018. Inflation in food articles basket eased marginally to 6.98 per cent in June, from 6.99 per cent in May.

Vegetable inflation softened to 24.76 per cent in June, down from 33.15 per cent in the previous month. Inflation in potato was (-) 24.27 per cent, against (-) 23.36 per cent in May.However, onion prices continued the rising trend with inflation at 16.63 per cent during the month, as against 15.89 per cent in May.