🐛 'Lawsuit time' for Musk and Microsoft
PLUS: Data breach on 1 lakh users
Good morning. This is your 5-minute smoothie of business and tech news, sipped from the comfort of your bean bag.
In this edition:
✈️ Pilots reject Air India’s pay structure
🪑 Rentomojo suffers data breach
👀 Musk threatens Microsoft with lawsuit
*Stock data as of market close. Source.
Markets: Stuck in neutral, Nifty experienced some lackluster performance on weekly expiry day, with little change in numbers. It kind of just sat there while everyone watched. Investors and traders alike are closely eyeing the 17,700 mark as it is the new crucial level for any upside momentum.
Turbulence looms as Air India pilots reject new pay structure
✈️ Air India pilot unions, namely the Indian Commercial Pilots Association (ICPA) and the Indian Pilots Guild (IPG), have rejected the airline’s newly proposed pay structure. Here’s the brief:
A bone to pick
The main point of disagreement is that the new structure would reduce pilot's’ monthly flying allowance from 70 hours to 40 hours, which the unions believe to be unfair due to the automatic pay cut from being on leave or unavailable.
If the management moves through with the new conditions without their permission, the two unions have warned of potential "industrial unrest."
Air India has taken a firm position on the matter, claiming that there are "no recognized unions in Air India." At this point, you can cut the tension with a knife.
Scope of impact. 3,000 pilots employed by Air India's four airlines (Air India, Air India Express, Air Asia India, and Vistara) will be impacted by this decision. The standstill has yet to progress into a hopefully more amicable agreement.
Rentomojo suffers data hack on up to 1 lakh users
Pexels / Saksham Choudhary
🪑 Cybercriminals are getting extra crafty nowadays. This time, they’re targeting furniture startups.
Rentomojo, a furniture rental startup in India, has suffered a data breach that could potentially impact up to 1 lakh users. Here’s what happened:
Severity of the breach
The company informed its subscribers of the situation via email and assured them that all payment information was still secure as these details were not being stored.
It was disclosed that the hackers were able to breach one of the firm’s databases by exploiting the cloud misconfiguration through extremely sophisticated attacks.
The perps were then able to access customer data, and in some cases, personally identifiable information.
Steps being taken
Rentomojo assured its users the the following measures were initiated alongside their investigation:
Tightening up their system by encrypting all info on the cloud
Adding MFA, and not just 2FA
Conducting security audits
Implementing Endpoint Detection and Response (EDR) and being extra wary about 3rd-party and open-source plugins
INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH
🏏 IPL 2023 sees record-high views on Disney Star. The Indian Premier League (IPL) 2023 season, broadcast by Disney Star, has set a new viewership record with 36.9 crore viewers tuning in. Despite facing challenges due to the ongoing pandemic, the IPL has continued to be a major cultural event in India, drawing in fans from all over the country.
🥗 Growth in quick service restos is looking tasty. Credit rating agency ICRA has projected a 20-25% growth path for India's quick service restaurant (QSR) industry in the upcoming fiscal year. With the numbers crunched, the industry is likely to add roughly 2,300 stores within the next 2 years.
🏥 Fortis buys Medeor Hospital for Rs 225 cr. Fortis Healthcare has acquired the Medeor Hospital in Manesar for Rs. 225 crore, expanding its reach in the Indian healthcare market. The acquisition will add to Fortis' network of hospitals and help the company provide quality healthcare services to a wider range of patients.
Catch up on the Indian funding flows from the past 24hrs:
Cognecto, a startup that provides AI solutions for clients in the construction industry, has secured Rs 4 crore of funding from Inflection Point Ventures (IPV) to accelerate the development of its AI-powered sales assistance and go-to-market strategy.
Safe Security, a Bangalore-based cyber risk management company, has raised $33M in Series B funding from Sorenson Capital and other participating investors. The new funds will be used to enhance its platform, expand its global customer base, and grow its team.
India's Mesa School of Business, an educational hub for youth business leaders, has raised $4.1M in seed funding from Elevation Capital and other prominent angel backers. This new allowance with be used to enhance Mesa’s curriculum, expand its instructor network, and strengthen its tech.
Giphy / Columbia Records
📱 Nokia takes a hit to its Q1 earnings. Nokia, the Finnish telecom company responsible for all our cellphone nostalgia, has reported a decrease in profits as the economy takes a blow to its customer spending. The company experienced a 9% decline in its first-quarter earnings, with a weakened earnings per share of just 6 cents.
👀 Musk threatens to sue Microsoft in viral tweet. Tesla CEO Elon Musk has taken to Twitter to threaten legal action against Microsoft over their use of Twitter data. “They trained illegally using Twitter data. Lawsuit time,” tweeted Musk… begrudgingly.
🔎 Google Ads adds AI. Google plans to use generative artificial intelligence (AI) in its ad business, according to recent reports. The search giant has been testing the tech, which can create targeted images and text, to improve ad personalization and generate more effective campaigns.
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