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Infra.Market, a business-to-business (B2B) commerce platform for construction materials, has become the latest entity to turn into a unicorn (valued at $1 billion or more).

Private asset reconstruction companies (ARCs) will need to come up with upfront cash or provide bank guarantees if they intend to compete with the national asset reconstruction company (NARC) for purchase of bad loans.

Social media and global internet giants such as Facebook, WhatsApp, Twitter, Instagram and YouTube will not be able to withhold information on the source of unlawful and inflammatory messaging beyond 72 hours when asked by investigating and cybersecurity agencies, and will need to be more mindful and prompt to the requests of their subscribers, particularly … Continue reading ‘Reveal ‘originator’ of unlawful msg in 72 hrs’

Chinese electronics giant Xiaomi is expanding its India phone production capacity by 20% and is looking to make gains from the government’s production-linked incentive (PLI) scheme by sourcing devices from local contract manufacturers that may include companies such as Optiemus Infra and Dixon.

India could become Ikea’s largest market for children’s products, including toys. While in most mature markets, the children’s range accounts for 6-8% of Ikea’s overall business, it could go up to 12% in India, said Kavitha Rao, country commercial manager at Ikea India.

Online food delivery platform Zomato said it will compensate its 1.5 lakh delivery partners with additional pay to fill the drop in income due to rising fuel prices across the country.

Two Wipro employees had a role to play in Citibank mistakenly transferring the principal amount of $900 million to Revlon’s lenders instead of the $7.8 million in interest payments. The transaction was subject to Citibank’s “six-eye” approval procedure. In this case, the first two sets of eyes were those of Wipro employees. This was part … Continue reading Wipro employees had a role in Citi’s big blunder

Flying within the country without any check-in baggage could soon get much cheaper. Light fares offered by airlines for passengers with only cabin baggage, before the two-month domestic flight suspension last March, could be lower by a maximum of Rs 200 from the lowest level check-in baggage inclusive fares.

Twitter has said that social media entities are facing a “significant trust deficit” and pledged to make its content moderation practices more transparent, giving people more control as it strives to be among the most open companies globally. Twitter CEO Jack Dorsey said the microblogging platform is making a lot of progress in its accountability … Continue reading ‘Twitter will make its practices more transparent’

Equity indices fell sharply on Friday as a spike in global bond yields stirred up inflation worries and spooked investors across the world. The benchmark BSE sensex nosedived 1,939 points or 3.80 per cent to close at 49,100; while the broader NSE Nifty tanked 568 points or 3.76 per cent to close at 14,529.

India’s economy expanded by 0.4 per cent year-on-year in the October-December quarter, returning to growth after shrinking for two straight quarters, government data showed on Friday.

The government has extended suspension of scheduled international flights till March 31, 2021. However Vande Bharat Mission and scheduled flights under the travel bubbles India has so far created with 27 countries like US, Germany and France will continue and people eligible as per government norms can fly to and from India on them.

India’s gross domestic product (GDP) for the third quarter (Q3) ended December 2020 stood at o.4 per cent, government data released on Friday showed. “GDP at constant (2011-12) prices in Q3 of 2020-21 is estimated at Rs 36.22L cr, as against Rs 36.08L cr in Q3 of 2019-20, showing a growth of 0.4%t,” data released … Continue reading India’s economy out of technical recession

The GDP growth of 0.4 per cent in the December quarter shows that the economy has returned to pre-pandemic times and reflects further strengthening of a V-shaped recovery, the finance ministry said on Friday.

Soon, Rs 100 could be the new normal for a litre of regular petrol in states with high VAT and cess, unless fuel taxes are reduced or the oil-producing countries raise production sharply from April. Three Wall Street banks have in the last two days forecast oil at $70/barrel in the next few months.

The Internet and Mobile Association of India has sought public consultations with the government on guidelines for OTT streaming platforms before they are notified. In a statement on Wednesday, IAMAI said it was “dismayed” to see reports that the government intends to notify guidelines for OTT streaming platforms shortly.

GameStop Corp shares more than doubled in afternoon trading on Wednesday, surprising those who thought the video game retailer’s stock price would stabilize after a fierce rally and steep dive that upended Wall Street in January.

Singapore-based private equity firm Everstone Capital has sold Modern Foods to Mexico’s Grupo Bimbo and its Indian subsidiary Ready Roti India. The financial details of the deal were not disclosed. Grupo Bimbo, the world’s largest baking company, operates in 33 countries, including India, and has a portfolio of over 13,000 products and more than 100 … Continue reading Indian arm of Mexican company buys Modern Foods

Number of high net worth individuals, having wealth of over $1 million, and ultra-high net worth individuals, with wealth of more than $30 million, declined by 8% and 2% to 3.5 lakh and 6,884 respectively in 2020 due to Covid-19. However, the billionaires increased to 113 in 2020 from 104 in 2019. The billionaire club … Continue reading Beating Covid blues, no. of billionaires rise