Business

  • NVIDIA acquires chip maker Arm for $40 billion
    San Francisco, September 14 (IANS): In one of the biggest tech deals, graphics giant NVIDIA has confirmed it is acquiring SoftBank-owned UK chip maker Arm for $40 billion with an aim to create a premier computing company for the age of artificial intelligence (AI). The deal would consolidate NVIDIA's position at the centre of the semiconductor industry. While it is the leader for GPUs, it has little to do with CPU design or mobile hardware where Arm is one of the leaders. Sof
  • Facebook India hires ex-Ola COO as head for global biz group
    New Delhi, September 14 (IANS): Facing intense political heat in India, Facebook on Monday announced the appointment of former Ola Chief Operating Officer Arun Srinivas as director of its Global Business Group to lead the strategy and delivery of the India marketing solutions charter that is focused on large advertisers and agencies. Srinivas' appointment comes after a series of senior and leadership recruitments in recent months across marketing, partnerships, communications, a
  • ByteDance not to sell TikTok's US operations to Oracle: CGTN
    Beijing, September 14 (IANS): In an interesting development, ByteDance has reportedly said it will neither sell TikTok's US operations to Oracle nor give the source code to any US buyers, state-owned China Global Television Network (CGTN) reported on Monday. The report came as The New York Times and other US media outlets reported on Sunday that Bytedance, the Chinese owner of TikTok, has chosen Cloud major Oracle over Microsoft to run its US operations as a 'trusted tech pa
  • GST compensation cess: 13 states decide, 12 opt for 1st option
    NEW DELHI, SEPTEMBER 13 (IANS): A total of 13 states have so far decided on their borrowing options to meet their GST compensation shortfall and almost all have decided to go for the first option proposed by the Centre, source said. Out of the 13, 12 states have opted for the first option, under which the Union government has offered states that they could borrow the shortfall arising out of GST implementation, estimated at Rs 97,000 crore approximately. The amount would be borrowed
  • Nearly 1.75 cr small businesses on verge of closure: CAIT
    NEW DELHI, SEPTEMBER 13 (IANS): The Confederation of All India Traders (CAIT) has said that about 25 per cent small shops and businesses, totalling 1.75 crore, across the country are in a bad situation and on the verge of closure amid the pandemic. In a statement, the traders' body said: "The domestic trade of India is suffering amid the worst days of the century due to Covid-19, which has brought the traders on their knees with no sign of respite in the near future."
  • New Google programme to help SMBs build digital safety net
    San Francisco, September 12 (IANS): With the pandemic showing more than ever that digital tools can provide a safety net for small businesses, Google has introduced a new programme to help business owners learn how to build an online presence, find more customers, sell online or work remotely. The content of the new "Grow with Google" lessons can vary from two-minute tutorial videos to live workshops, and range from beginner level to advanced, so every business can find wh
  • Amazon sold some items at inflated rate during Covid-19: Report
    San Francisco, September 12 (IANS): Amazon sold several items including essentials such as toilet paper and hand sanitiser at inflated rate during the Covid-19 pandemic, said a report by US-based consumer rights group Public Citizen. Amazon set prices of products during the pandemic to levels that would be considered violations of price gouging laws in many states of the country, showed the findings of the report released this week. Numerous examples of price increases were found
  • ED slaps Rs 100 cr ban on Standard Chartered Bank for FEMA violations
    CHENNAI, SEPTEMBER 11 (IANS): The Enforcement Directorate (ED) said on Friday that the Standard Chartered Bank has been fined Rs 100 crore by its Adjudicating Authority under the Foreign Exchange Management Act, 1999 (FEMA). The Adjudicating Authority has also fined Tamilnad Mercantile Bank (TMB) Rs 17 crore and its then Chairman and Director M.G.M. Maran Rs.35 crore. According to the ED, a probe under FEMA was taken up based on reference received from the Reserve Bank of India (
  • India's online food delivery GMV to hit $13bn by 2024: Report
    BENGALURU, SEPTEMBER 11 (IANS): Indias total online food delivery gross merchandise value (GMV) is expected to be $13 billion by 2024 by clocking 12 million daily orders on an average, said a new report on Friday. While online food delivery, which has scaled to more than 500 cities and towns in India and over 10x GMV over the past three years, will continue to be the core, a significant growth is expected in the other businesses such as ads and groceries, amongst others, according t
  • Alok Industries allots more shares to RIL, JM Financial ARC
    Mumbai, September 11 (IANS): Alok Industries has allotted more shares to Reliance Industries Ltd (RIL) and JM Financial Asset Reconstruction Company Ltd (JMFARC). In a regulatory filing, RIL said that post the allotment, holding of RIL and JMFARC in the equity share capital of Alok Industries has increased to 40.01 per cent and 34.99 per cent, respectively. Alok Industries allocated more shares in accordance with the joint resolution plan of RIL and JM Financial Asset Reconstruct
  • Turnaround: August domestic passenger vehicles' sales rise
    New Delhi, September 11 (IANS): Low base along with initial upsurge in demand due to the festive season boosted domestic passenger vehicles' sales in August on a year-on-year basis. According to industry data released on Friday, a total of 2,15,916 passenger vehicles were sold in the domestic market, representing a rise of 14.16 per cent, than the 1,89,129 units off-take during the like period of 2019. Similarly, the data released by the Society of Indian Automobile Manufactu
  • Adani Ports and SEZ raises Rs 900 cr through NCDs
    Mumbai, September 11 (IANS): Adani Ports & Special Economic Zone Ltd. has raised Rs 900 crore through allotment of non-convertible debentures (NCD) on private placement basis. In a regulatory filing issued on Friday, the company said that the NCDs will be listed on the Wholesale Debt Market segment of BSE Ltd. "The company has raised Rs 900 crore today by allotment of 9,000 Rated, Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 10,0
  • 'Online video content consumption shifting to big screens from mobile devices'
    New Delhi, September 10 (PTI): Consumption of online video content is witnessing a shift from mobiles to big screens, helped by factors like affordable smart TVs and increased broadband penetration, industry experts said. This trend was quite visible in the top 20 cities during the lockdown period and it may increase further, ZEE5 India CEO Tarun Katial said. "We do think that in the post-COVID era and the next 18 to 24 months, there would be a significant increase in the br
  • RIL among top 40 of world's most valuable firms, first Indian company to cross $210 billion in m-cap
    New Delhi, September  10 (IANS): Reliance Industries Limited (RIL) has entered the top 40 of worlds most valuable firms and becomes the first Indian company to cross $ 210 billion in market capitalisation intra-day. At this market valuation, Reliance Industries is now worlds 40th most valuable firm ahead of the likes of Exxon Mobil, PepsiCo, SAP, Oracle, Pfizer and Novartis. Reliance Industries is now among Asias top 10 most valuable companies. This is the first time ever th
  • Indian pomegranates to hit Australian supermarkets for the first time
    NEW DELHI, SEPTEMBER 10 (IANS): Indian pomegranates will soon appear on Australian supermarket shelves for the first time in another positive development in the two countries' agricultural relationship. Australia's High Commissioner to India, Barry O'Farrell AO, said India is well placed to satisfy his country's growing demand for pomegranates, which is fuelled by their use in restaurants and in cooking shows. This follows the completion of an import protocol for
  • Foreign remittance above Rs 7L to attract 5% tax from Oct 1
    New Delhi, September 10 (IANS): Tax collection at source (TCS) on foreign remittances will only be applicable on the amount in excess of Rs 7 lakh in a financial year and not on the total amount. The TCS on foreign remittances kicks in from October 1. Under the provisions, any amount sent abroad to purchase foreign tour packages, and other foreign remittance made above Rs 7 lakh will attract TCS. "Overseas tour program package" is proposed to be defined to mean any tour
  • Union Bank of India to reduce MCLR by up to 5 bps across tenors
    MUMBAI, SEPTEMBER 10 (IANS): The Union Bank of India will reduce the marginal cost of funds-based lending rate (MCLR) by up to 5 basis points across tenors. The reduced MCLR would come into effect on Friday. This is the 15th consecutive rate cut announced by it since July 2019, the bank said in a statement. The MCLR, the minimum lending rate below which a bank is not permitted to lend, is an internal reference rate for banks to determine the interest they can levy on loans. Po
  • RIL shares hit Rs 2,300; market cap over Rs 14.58 lakh cr
    MUMBAI, SEPTEMBER 10 (IANS): Shares of Reliance Industries (RIL) climbed to new highs on Thursday taking its market capitalisation to over Rs 14.58 lakh crore. RIL shares touched an all-time high of Rs 2,343.90 per share on the BSE. Its market capitalisation is around Rs 14.58 lakh crore. At 1.26 p.m., its stock price was at Rs 2,298.20, higher by Rs 136.95 or 6.34 per cent from the previous close. The surge in share prices comes on the back of the announcement of Rs 7,500 cro
  • GST compensation: Govt willing to raise unconditional 0.5% borrowing limit
    NEW DELHI, SEPTEMBER 10 (IANS): The Centre is willing to provide further borrowing flexibility to states to help break the deadlock and allow their participation in the new GST compensation formula put on the table. Government sources said that the unconditional borrowing limit for states could be raised by another 0.5 per cent if they agree on the new GST compensation options suggested by the Centre. Under Fiscal Responsibility and Budget Management (FRBM) Act, states are allowe
  • Air India not to go ahead with recruitment exercise of trainee pilots
    NEW DELHI, SEPTEMBER 9 (IANS): Air India has decided not to go ahead with the recruitment exercise of trainee pilots due to the bleak scenario in the aviation industry and the critical financial condition of the company. Responding to queries from IANS, Air India said in a statement that it had issued an advertisement in September, 2017 inviting applications from the open market to recruit pilots - both Senior Trainee Pilots (With Endorsement) and Trainee Pilots (CPL Holders). Th