Axis Bank Q1 profit drops 46% YoY to Rs.701 crore

July 31, 2018

Axis Bank has posted a 46% year-on-year (YoY) fall in net profit at Rs.701 crore, for the quarter ended June 2018.

The bank in the same quarter last year had posted a 16% YoY fall in net profit at Rs.1,305.60 crore. During the quarter under review, provisions towards bad loans rose 42.5% to Rs.3,337.7 crore, as against Rs.2,342 crore in June end 2017.

Gross non-performing assets (NPAs) as a percentage of total loans reduced to 6.52% in Q1FY19, from 6.77% in Q4FY18. Net NPAs also decreased to 3.09%, from 3.40% in the fourth quarter.

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Pentagon plans to cut up to 60,000 civilian jobs

Dhruva KulkarniMarch 19, 2025March 19, 2025

March 19, 2025March 19, 2025

The Department of Defense plans to cut 50,000 to 60,000 civilian jobs, targeting a 5% to 8% reduction in its 900,000-strong workforce.

Around 6,000 positions per month will be eliminated by not replacing departing workers, raising concerns that service members may fill vacant roles.

The reduction will occur through voluntary resignations, firing probationary workers, and leaving vacated positions unfilled.

Defense Secretary Pete Hegseth assured that military readiness would not be affected, though some veterans will be impacted.

A federal judge has temporarily halted the termination of 5,400 probationary employees, initially dismissed for poor performance or misconduct.

Officials are reviewing personnel to ensure essential national security roles remain unaffected.

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China welcomes PM Modi’s remarks on India-China ties

Dhruva KulkarniMarch 18, 2025March 18, 2025

March 18, 2025March 18, 2025

China welcomed Prime Minister Narendra Modi’s positive remarks on India-China ties, emphasising that cooperation between the two nations is the way forward.

Chinese Foreign Ministry spokesperson Mao Ning said the Xi-Modi meeting in Kazan last year provided strategic guidance for improving ties.

She noted both countries have strengthened exchanges and cooperation, achieving positive outcomes in various areas.

China expressed readiness to work with India to enhance cooperation and advance stable bilateral relations, marking 75 years of diplomatic ties.

In a podcast with Lex Fridman, Modi said normalcy has returned to the India-China border after talks with Xi, emphasising their long-standing cultural ties.

He stressed that India-China cooperation is crucial for global stability, adding that competition between the two should be healthy, not conflict-driven.

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Russia, US May Start Ukraine Peace Talks Today

Dhruva KulkarniMarch 13, 2025March 13, 2025

March 13, 2025March 13, 2025

Russia has signalled its willingness to have peace talks with the US over Ukraine, with discussions possibly beginning as early as today, according to Foreign Ministry spokeswoman Maria Zakharova.

The development comes after high-level diplomatic talks in Saudi Arabia, where Ukraine showed openness to a 30-day ceasefire, and the US agreed to present the proposal to Moscow.

The Kremlin confirmed that US negotiators were heading to Russia, indicating a potential step forward in diplomatic engagements between the two nations.

Kremlin adviser Yuri Ushakov spoke with US National Security Adviser Mike Waltz on Wednesday, emphasising ongoing diplomatic efforts to find a resolution to the conflict.

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Greenland Opposition Party Secures Victory in Legislative Elections

Dhruva KulkarniMarch 12, 2025March 12, 2025

March 12, 2025March 12, 2025

Greenland’s centre-right opposition secured a surprise victory in the legislative elections, with rising support for the nationalist Naleraq party advocating swift independence.

The Democratic Party won 29.9% of votes, tripling its 2021 result, while Naleraq more than doubled its share to 24.5%.

Outgoing PM Mute Egede’s Inuit Ataqatigiit party and its coalition partner Siumut placed third and fourth.

With no party securing a majority, coalition talks will shape the next government and its approach to independence.

Trump’s renewed push to acquire Greenland influenced the campaign, driving higher voter turnout.

Naleraq seeks immediate independence, but others prefer financial stability first, as Greenland relies on Danish subsidies.

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Can Europe’s $20 Billion AI Gigafactories Compete?

Dhruva KulkarniMarch 11, 2025March 11, 2025

March 11, 2025March 11, 2025

Europe plans to invest $20 billion in four AI gigafactories to compete with the US and China, but experts question their feasibility.

These data centres face major challenges, including chip shortages, power constraints, and a lack of cloud service providers like Google or Amazon.

The project is part of InvestAI, a €200 billion initiative, but still trails US efforts like Stargate.

Each gigafactory will house 100,000 advanced chips, requiring billions in investment.

Experts debate whether funds should focus on AI applications instead, as past EU tech initiatives struggled to meet goals.

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