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Latest updates on business, finance and economy from across the world

  • Set up a local entity, trace origin of fake messages: Government tells WhatsApp
    on August 21, 2018 at 8:02 am

    WhatsApp chief executive Chris Daniels is in India this week as the company attempts to address concerns around fake news on its messaging platform which have led to horrific crimes like mob-lynching. According to sources, Daniels will be in India for 4-5 days, starting today, and is scheduled to meet business and government officials during his visit. […]

  • To raise fund, ONGC asked to list overseas unit
    on August 21, 2018 at 7:08 am

    The move to float the unit - which has investments in 11 producing assets in countries including Russia, Brazil and Iran - is part of a government push to sell state-assets to raise funds. The listing would help the government meet its divestment targets and make up for a failed plan earlier this year to sell a stake in national carrier Air India. […]

  • The richie rich are fighting to sell you veggies
    on August 21, 2018 at 6:41 am

    Grocery is the new holy grail for online shopping, as one would need milk and vegetables every day. But vegetables can't be stored in a warehouse like smartphones, and hence the Amazons of the world need stores. […]

  • China tariffs to cost us cradle to grave: US cos
    on August 21, 2018 at 5:58 am

    Unlike previous rounds of US tariffs, which sought to shield consumers by targeting Chinese industrial machinery, electronic components and other intermediate goods, thousands of consumer products could be directly hit with higher tariffs by late September. […]

  • Mistrys look to unlock $17bn in battle with Tatas
    on August 21, 2018 at 5:05 am

    The conflict between Mistry and the Tata Group began with a boardroom coup in 2016, when the former’s son was ousted as chairman of the latter. Mistry is one of the largest shareholders in Tata Sons, which controls the $100 billion conglomerate, and his family has since filed numerous lawsuits […]

  • 47L jobs created in 10 months till June: EPFO data
    on August 21, 2018 at 4:20 am

    According to the payroll data released by the Employees' Provident Fund Organisation (EPFO) for September-May, as many as 44.74 lakh new member were enrolled for its social security schemes to provide benefits, including provident fund, insurance and pension. […]

  • Markets open flat, trading at all-time high levels
    on August 21, 2018 at 3:59 am

    30-share BSE Sensex gained more than 80 points at the opening bell to start trading at 38,360.32 while the broader 50-share NSE Nifty was consolidating above the 11,550- psychological mark. […]

  • Banks waive various charges for Kerala customers
    on August 21, 2018 at 3:49 am

    SBI has waived charges on late EMI payment for one month, as also charges on remittance to CMDRF and charges for issuing duplicate passbook, ATM card and cheque book for those who have lost the same in the floods. […]

  • Google illegally tracks phone users, says lawsuit
    on August 21, 2018 at 1:24 am

    Google has been accused in a lawsuit of illegally tracking the movements of millions of iPhone and Android phone users even when they use a privacy setting to prevent it. […]

  • Infosys outgoing CFO seeks to reassure team
    on August 21, 2018 at 1:10 am

    Infosys's outgoing CFO MD Ranganath addressed his core finance team on Monday on his sudden decision to move on from the firm after spending 18 long years.The attempt, sources said, was to reassure colleagues that there was nothing to be read into his departure other than what has been shared publicly. […]

  • Used luxury cars outrun sales of new ones in 2018
    on August 20, 2018 at 10:30 pm

    Used luxury cars are growing at double the speed of new luxury vehicles and at least 50 per cent faster than 2017. According to used car marketers, the luxury segment is currently growing at a 22 per cent clip compared to 12 per cent for new luxury vehicles. […]

  • Small biz loans worth Rs 10L crore hidden: Report
    on August 20, 2018 at 10:30 pm

    About Rs 10 lakh crore of loans to small businesses were mis-reported as personal advances made to their proprietors, said a report. These loans are usually backed by gold and property and have the lowest default ratios. […]

  • Banks had a role in bad debt build-up: SBI chief
    on August 20, 2018 at 10:30 pm

    State Bank of India (SBI) chairman Rajnish Kumar said on Monday that all players — including lenders, industry, government and courts — had a role to play in the build-up of stressed loans in the banking sector. […]

  • Reliance Jio tops Fortune's 'Change the World' list
    on August 20, 2018 at 4:01 pm

    Chinese group Alibaba is ranked 5th on the list that has food and drug stores Kroger at number six, industrial machinery firm ABB at number 8 and network and communications giant Hughes Network System at number 10. […]

  • ILO for stronger implementation of wage law in India; cites low pay, inequality
    on August 20, 2018 at 3:03 pm

    International Labour Organisation has called for stronger implementation of wage law in India amid persistent low pay and inequality, especially in case of women. ILO's India Wage Report said that the country's economy in the past two decades has seen an annual average GDP rate of 7 per cent but low pay and inequality persist. India's economic growth, it said, has resulted in fall in poverty, moderate change in employment patterns with a growing proportion of workers in services and industry. […]

  • China defies US pressure as EU parts ways with Iranian oil
    on August 20, 2018 at 2:21 pm

    China, seeking to skirt US sanctions, will use oil tankers from Iran for its purchases of that country's crude, throwing Tehran a lifeline while European companies such as France's Total are walking away due to fear of reprisals from Washington. The United States is trying to halt Iranian oil exports in an effort to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East. […]

  • Kerala floods: Suresh Prabhu says DGCA monitoring airfares
    on August 20, 2018 at 1:00 pm

    Amid concerns raised by many including on social media platforms about steep fluctuations in air ticket prices to and from Kerala, where the main airport at Kochi has been shut till August 26, Prabhu said the ministry as such cannot interfere with the fares but it is "doing it" in this time of crisis. […]

  • PNB fraud: CBI court grants bail to ex-MD
    on August 20, 2018 at 10:59 am

    Three months ago, she was divested of her powers as MD and CEO of the Allahabad Bank following the country's biggest bank fraud allegedly carried out by diamond jeweller Nirav Modi and associates at the PNB. […]

  • Markets close at new highs: Sensex soars 331 points; Nifty above 11,550
    on August 20, 2018 at 10:32 am

    Markets on Monday scaled new closing highs with the benchmark BSE Sensex rising more than 300 points and the broader NSE Nifty finishing above the 11,550-mark. Both the indices gained support from the positive global cues and some recovery in the rupee. Sensex rose 331 points or 0.87 per cent to end at a new closing high of 38,279, while Nifty ended 81 points or 0.71 per cent up at 11,552. […]

  • UK confirms Nirav Modi's presence in its territory, CBI sends extradition request
    on August 20, 2018 at 7:00 am

    CBI on Monday said that it has sent request for extradition of fugitive diamantaire Nirav Modi to UK. ​​The request was sent after UK confirmed his presence in its territory, CBI officials said. Nirav Modi along with his kin fled India at the beginning of this year, more than a month before their involvement in the Rs 13,500 crore PNB scam came to the fore. […]

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