Top headlines: IndOS vs iOS, Oxfam's 'Survival of Richest' report & more

Business Standard brings you the top headlines at this hour

Tech-tonic shift: Govt looks to take on iOS, Android with Indian OS

India is working on a project to create an indigenous mobile operating system, tentatively titled IndOS, which is an initiative of the government, start-ups, and academia.

Move to build IndOS comes at a time when Google is under CCI scrutiny. Read more...

Apparel, drugs, and leather exporters under scanner for tax scheme misuse

Exporters are misusing the government’s duty drawback scheme by claiming it along with refunds of integrated goods and services tax (GST), according to GST authorities, who are doing an investigation into this. Read more...

Richest 1% of Indians now own 13 times more wealth than bottom half: Oxfam

The richest one per cent of Indians own over 13 times more wealth than the bottom 50 per cent, according to a report by Oxfam India. The top five per cent own 61.7 per cent of the total wealth, nearly 20 times more than the 3 per cent owned by the bottom half. Read more...

Consumer companies push deal activity to 25-year high in 2022, shows data

Consumer companies struck a record 645 deals — acquisitions, investments, and stake purchases — in 2022, the highest in a calendar year according to records stretching back 25 years to 1998. The total value of the deals was $18.4 billion, according to a Business Standard analysis of data from Bloomberg. Read more...

Amazon, Goldman Sachs employees flood social media with layoff news

Social media and professional community networks have been buzzing with news about Amazon India layoffs. The company earlier this month acknowledged that it was laying off 18,000 workers globally. India will see this impacting about 1,000, or 1 per cent of its workbase.

Professional networking platforms, such as LinkedIn and Grapevine, were full of stories of layoffs. Read more..