Top Headlines: RBI awaits data for HDFC merger, UK cabinet change & more

Twitter has filed a petition at the Karnataka High Court for a judicial review of the government telling the microblogging firm to take down content from its platform. Meanwhile, UK Boris Johnson named new UK Health Secretary and Finance Minister shortly after Health Secretary Sajid Javid and Chancellor of the Exchequer Rishi Sunak tendered their resignation. Read more on these in our top headlines.

Twitter files petition for judicial review of Indian orders on takedown

Twitter has filed a petition at the Karnataka High Court for a judicial review of the government telling the microblogging firm to take down content from its platform. This comes even as the company has complied with the information technology ministry’s July notice on removing some content. Read more

HDFC twins' merger: RBI awaits more data to decide on dispensation request

The Reserve Bank of India (RBI) is yet to grant dispensations for the proposed merger of Housing Development Finance Corporation (HDFC) with HDFC Bank, even though the banking regulator has issued a no-objection letter to the lender. According to top RBI sources, the central bank will have to look at more data before deciding whether the relaxations sought by India’s largest private sector lender can be granted. Read more

UK PM names new Health Secretary, Finance Minister after Javid, Sunak leave

UK Boris Johnson named new UK Health Secretary and Finance Minister shortly after Health Secretary Sajid Javid and Chancellor of the Exchequer Rishi Sunak tendered their resignation, reports said. UK Cabinet chief of staff Steve Barclay has been appointed as the new health secretary. Meanwhile, UK education secretary Nadhim Zahawi was named as the new finance minister. Read more

Employee costs surge over 12% to a record Rs 10.8 trillion in FY22

Employee costs of the Nifty 500 companies surged more than 12 per cent year-on-year (YoY) to a record Rs 10.8 trillion during the financial year 2021-22 (FY22). This was the first time that the figure crossed the Rs 10-trillion mark. All the sectors witnessed an increase, with non-banking financial companies (NBFCs) and information technology (IT) firms witnessing the fastest growth -- at 23 per cent and 19 per cent, respectively. Read more

Ola may lay off up to 500 employees in order to drive cost-efficiency

SoftBank-backed mobility platform Ola is in the process of laying off 400-500 employees -- in a move aimed at driving cost efficiency, revealed sources. They said these layoffs are taking place across departments, amid a challenging funding environment and a delay in listing plans for the Bhavish Aggarwal-led firm. Read more