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EquityPandit

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STARTUPS

Sierra Technologies Secures $175 Million in Funding

Zinc will be able to increase its product portfolio and spur innovation thanks to the cash.

Sierra Technologies, an AI startup founded by ex-Salesforce exec Bret Taylor and former Google leader Clay Bavor, has raised $175 million, boosting its valuation to $4.5 billion from earlier this year.

The funding round was led by Greenoaks Capital Partners, with additional backing from Thrive Capital and Iconiq Capital, bringing Sierra’s total funding to $285 million.

Bret Taylor, also chairman of OpenAI, brings rich experience from his roles at Salesforce and in developing Google Maps, while co-founder Clay Bavor offers expertise from his leadership on products like Gmail and Google Drive at Google.

Sierra’s core values are trust, craftsmanship, and customer obsession. Its platform provides a conversational experience, enabling clients like WeightWatchers and Sirius XM to enhance customer service through AI-driven language processing and human-like reasoning.

Sierra combines large language models from providers like OpenAI, Anthropic, and Meta for accurate customer interactions. On October 9, 2024, Sierra introduced its AI agent’s capability to handle live phone conversations, adapting to the “language of the company” with a specific service context.

This funding round places Sierra alongside giants like OpenAI, as customer support proves to be a successful application of conversational AI. However, it faces competition from major tech players, including Salesforce, OpenAI, and startups like Intercom, Decagon, and Maven AGI.

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WORLD

Ex-South Korean President Moon Indicted in Bribery Case

Dhruva Kulkarni

Former South Korean President Moon Jae-in was indicted Thursday over bribery charges tied to a no-show job given to his son-in-law during his presidency.

Prosecutors allege Moon received benefits worth 217 million won ($151,700) from Lee Sang-jik, founder of Eastar Jet, through wages and support provided to Moon’s former son-in-law between 2018 and 2020.

Lee, a Moon campaign supporter, was also indicted. While no direct favours were proven, prosecutors believe Lee expected returns for the assistance. He was later appointed to a state agency and nominated for parliament by Moon’s party.

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The indictment comes ahead of South Korea’s 3rd June election, following the ouster of conservative President Yoon Suk Yeol. Moon has not commented, but his party has slammed the charges as politically motivated.

Moon, in office from 2017 to 2022, was known for outreach to North Korea, which remains a divisive legacy.

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AUTOWORLD

Volvo to Slash 800 US Jobs as Q1 Income Falls by $500 Million on Weak Truck Demand

Dhruva Kulkarni

Volvo AB’s income fell in the first quarter as uncertainty over US tariffs hit truck demand in North America.

Operating income dropped to 13.3 billion kronor ($1.4 billion) from 18.2 billion kronor a year earlier. The company also cut its full-year forecast for North America’s heavy-duty truck market to 275,000 units, down from around 300,000.

European truck makers are feeling the pressure from weaker demand and tighter pricing, which are squeezing profits. For Volvo, the lack of clarity on US trade policy is expected to further strain freight activity and equipment sales in the coming months.

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In response, Volvo plans to lay off up to 800 workers across three US facilities. The company, which manufactures all its North American trucks locally, also said it would seek compensation from customers to offset rising production costs caused by the new tariffs.

Meanwhile, Volkswagen’s truck division Traton SE, which owns Scania and MAN, warned of lower profits this quarter due to falling deliveries and sales.

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WORLD

India, Saudi Arabia Set to Sign Six Pacts; Modi to Discuss Hajj Quota with Crown Prince

Dhruva Kulkarni

India and Saudi Arabia are expected to sign at least six memoranda of understanding (MoUs) today during Prime Minister Narendra Modi’s visit to Jeddah.

According to sources, additional agreements were still being finalised late Monday, with more than a dozen MoUs under discussion.

Modi will also hold a key meeting with Crown Prince and Prime Minister Mohammed bin Salman Al Saud, where he will likely discuss issues related to Hajj, including the quota for Indian pilgrims.

The expected agreements span multiple sectors such as space, energy, health, science and research, culture, and advanced technology. Officials have indicated that efforts are underway to conclude MoUs in trade, investment, and defence.

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Modi’s arrival on Tuesday marks the first visit by an Indian prime minister to Jeddah in 40 years. The city is historically significant for India-Saudi Arabia ties, serving as a major port for trade and as the entry point for pilgrims heading to Mecca for Umrah and Hajj.

Indian Ambassador to Saudi Arabia, Suhel Ajaz Khan, highlighted the importance of Hajj coordination between the two nations, noting that the Government of India prioritises smooth pilgrimage arrangements.

India’s Hajj quota for 2025 has increased to 1,75,025 from 1,36,020 in 2014. While arrangements for 1,22,518 pilgrims have been finalised, around 42,000 may miss the pilgrimage this year due to delays by some Haj Group Operators.

During the visit, Modi and the Crown Prince will also co-chair the second Strategic Partnership Council meeting, a forum created in 2019 to boost bilateral cooperation. On 23rd April, Modi will visit a factory that employs Indian workers.

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WORLD

China Halts US LNG Imports as Trade War Escalates

Dhruva Kulkarni

China stopped importing US liquefied natural gas (LNG) in March, marking a complete halt after sharp declines in the previous two months. 

Official customs data shows US LNG deliveries to China plunged 70% in the first quarter of 2025, the steepest drop since the last major trade war when shipments paused for over a year.

Rising tensions between the world’s largest LNG buyer and seller have again disrupted trade. China has imposed a 125% tariff on all US goods, prompting a shift in supply to countries like Indonesia and Qatar.

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March saw a 24.5% drop in overall LNG imports — the biggest monthly decline since November 2022. Imports have now been falling for five straight months. Meanwhile, pipeline gas from Russia slightly increased, though total volumes remain lower than seaborne deliveries.

China is leaning more on coal and renewables to reduce reliance on volatile spot markets. According to BloombergNEF analyst Daniela Li, LNG imports could fall by up to 12% this year if tariffs stay above 100% through the next six months. Overall, gas consumption is expected to see only minimal growth in 2025.

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WORLD

Indonesia to Boost US Imports, Cut Orders from Other Nations

Dhruva Kulkarni

Indonesia will raise imports of U.S. food and commodities while reducing purchases from its current trading partners, Chief Economic Minister Airlangga Hartarto announced during his visit to Washington.

Airlangga is in Washington to discuss a 32% tariff on Indonesian exports, which has been paused for 90 days. Indonesia has proposed increasing its U.S. imports by up to $19 billion, including $10 billion in energy, to address the trade surplus and avoid the tariffs.

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The country plans to purchase agricultural products such as wheat, soybeans, and soybean meal from the U.S., along with increasing capital goods imports. Indonesia will also focus on critical minerals and streamline U.S. horticultural product import procedures.

Additionally, Indonesia will simplify permit and incentive processes for American companies. After discussions with the U.S. Trade Representative and Secretary of Commerce, both sides agreed to complete negotiations within 60 days.

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