The chairman of Reliance Industries Ltd is now worth $68.3 billion, surpassing Buffett’s $67.9 billion as of Thursday, according to the Bloomberg Billionaires Index. Shares of Ambani’s conglomerate have more than doubled since a low in March as its digital unit got more than $15 billion in investments from companies including Facebook Inc and Silver … Continue reading Mukesh Ambani now richer than Warren Buffett
Roughly five hours after an internal email went out to employees telling them to delete video app TikTok from their phones, Amazon appeared to backtrack, calling the ban a mistake. “This morning’s email to some of our employees was sent in error. There is no change to our policies right now with regard to TikTok,” … Continue reading ‘Banning TikTok’ email to staff a mistake: Amazon
Elon Musk’s net worth soared past Warren Buffett on Friday as the chief executive officer of Tesla Inc became the seventh richest person in the world, according to the Bloomberg Billionaires Index. Musk’s fortune rose by $6.07 billion on Friday, following a 10.8% jump in Tesla’s stock. Buffett’s net worth dropped earlier this week when … Continue reading Elon Musk’s net worth zooms past Warren Buffett’s: Report
ITI gears up to bid for BSNL’s 4G tender
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With lengthening clouds over participation of Huawei and ZTE in future telecom contracts, the government is readying ITI to bid for BSNL’s forthcoming tender, in partnership with Indian software giants.
A host of insurance companies have launched the specialized health insurance cover Corona Kavach for Covid-19 which is valid for a short-term with premium starting from Rs 447. Last month IRDAI had asked all insurance companies to start selling a specialized policy covering Covid-19 which works like a regular Mediclaim product but benefits are restricted … Continue reading Insurers start selling low-cost Covid covers
Rural leads the way back for FMCG
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FMCG growth is being propelled by rural more than the urban population, mainly due to the huge migration of people from metros to smaller towns and villages. Sale of biscuits, flour, oil have gone up significantly and are growing at double digits compared to urban areas.
People’s Bank of China (PBoC), the Chinese central bank that owned a little over 1% in mortgage finance leader HDFC as of March-end, has sold some shares from its holding during the April-June quarter. This has resulted in its stake in the blue-chip company coming down to below 1%. As per Sebi, all listed companies … Continue reading China central bank cuts HDFC stake to below 1%
RBI governor Shaktikanta Das addressed the seventh SBI Banking and Economics Conclave on Saturday amid the ongoing Covid-19 crisis. The governor also spoke about on the health as well as an economic crisis which have impacted jobs badly. Covid-19 pandemic perhaps represents so far the biggest test of robustness and resilience of our economic and … Continue reading RBI governor addresses SBI Conclave: Key points
Avenue Supermarts Ltd, which owns and operates DMart stores across the country, on Saturday reported 87.61 per cent year-on-year fall in its consolidated net profit at Rs 40 crore for the April to June quarter
The government has cleared the appointment of Captain RS Sandhu as Air India’s director (operations). Prime Minister Modi-headed appointments committee of the cabinet on Friday issued a note saying it has “approved the appointment of Captain Rajwinder Singh Sandhu, ED (operations), AI as director (operations) AI for a period of three years.”
The Uttar Pradesh government constituted a special investigation team on Saturday to probe the local police’s alleged connivance with slain gangster Vikas Dubey, a statement said. Additional chief secretary Sanjay Bhoosreddy will head the SIT, which will have Additional DG Hari Ram Sharma and DIG Ravinder Goud as its members, according to an official statement.
Indian economy has started showing signs of normalcy with ease in lockdown restrictions, RBI governor Shaktikanta Das said on Saturday, adding that post containment of Covid-19, a very careful trajectory has to be followed in the orderly unwinding of counter-cyclical regulatory measures and that financial sector should be able to return to normal without regulatory … Continue reading Eco showing signs of returning to normalcy: Das
Reserve Bank of India governor Shaktikanta Das has made a case for a resolution corporation that will revive stressed banks and finance companies as an alternative to the traditional practice of merging failed institutions with stronger ones.
The unprecedented downturn in travel has led Air India to terminate the training of about 180 young trainee cabin crew who joined last November. The airline confirmed the move. These trainees were to be taken on board on successful completion of their course. AI had been facing a severe shortage of cabin crew last year … Continue reading Air India to withdraw job offers to trainee cabin crew
India has started trade talks with the European Union and is open to dialogue with the United Kingdom for a free trade agreement, commerce and industry minister Piyush Goyal said on Saturday. Goyal said that India is open to engage with the UK for a preferential trade agreement with the ultimate goal of a free … Continue reading India in talks with EU for trade deal, open to pact with UK
Companies brand their employees’ masks
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A mask displaying the brand name of the company has become part of the dress code at some workplaces. On-field staff of quick-witted marketers are sporting masks embossed with their brands. At times, the masks also prominently display the catchphrase associated with the brand. The strategy is attracting eyeballs and generating interest of passersby in … Continue reading Companies brand their employees’ masks
Top level exits at Cognizant is no longer news. But this one will surprise many. Cognizant India chairman & MD Ramkumar Ramamoorthy resigned on Thursday, less than a year into this role.
The 59 Chinese apps ordered blocked by India have been served with an exhaustive list of questions to which they need to respond within three weeks. The questions are understood to have been served to firms such as TikTok, Helo, and Xiaomi. The questionnaire seeks details about “unauthorised data access” by firms to weak security … Continue reading Govt asks 59 Chinese apps to answer 70 questions
With the Coronavirus pandemic causing massive disruption and losses across sectors, insurance regulator Irdai is looking at forming a “pandemic risk pool.”
E-commerce companies have not just recovered, but surpassed pre-Covid-level sales as more people shop online due to the pandemic. The daily shipment volumes are back at over 3 million per day with visible signs of demand holding firm over few months, with people continuing to limit their visits to physical stores, as per over half … Continue reading E-comm firms’ sales surge past pre-Covid levels
Prime Minister Narendra Modi on Friday inaugurated the 750 MW (megawatt) solar project set up at Madhya Pradesh’s Rewa via video-conferencing. The project comprises three solar generating units — 250 MW each — located on a 500-hectare plot inside a solar park.
India has emerged as the most attractive global market for clean energy, PM Modi said on Friday. Launching a 750 MW solar project in Rewa in Madhya Pradesh through video-conferencing, Modi also said the state will emerge as a major hub for clean and cheap power in the country. The Rewa solar power plant will … Continue reading India most attractive market for clean energy: PM
As India moves to tighten policies on its citizens’ data held and processed by companies such as Facebook, Google and Amazon, it set up the panel last year to make recommendations on the regulation of “non-personal data”. The panel has suggested that India should set up a data regulator and require companies to disclose how … Continue reading ‘Panel proposes new regulator for non-personal data’
Tata Motors on Friday reported a 64 per cent decline in group global wholesales, including that of Jaguar Land Rover (JLR) to 91,594 in June quarter of the current financial year over year-ago. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q1FY21 were at 11,598 units, lower by 89 per … Continue reading Tata Motors reports 64% decline in group wholesales
The country’s foreign exchange reserves surged by a massive $6.47 billion to touch an all-time high of $513.25 billion in the week ended July 3, the latest data from the Reserve Bank of India (RBI) showed. In the previous week ended Jun 26, the reserves had increased by $1.27 billion to $506.84 billion, the RBI … Continue reading Forex reserves hit fresh all-time high at $513bn
The Supreme Court on Friday decided to use technology more in judicial proceedings keeping in mind the prevailing COVID-19 situation and directed that now court summons and notices can be served on persons through “emails, fax and instant messaging applications” like ‘WhatsApp’.
China’s central bank has sold at least some of its stake in HDFC, according to shareholder details filed with the exchanges. The People’s Bank of China (PBOC) has dropped off the list of investors holding at least a 1% stake in the company as of end-June. The PBOC held about 17.5 million shares, accounting for … Continue reading People’s Bank of China cuts stake in HDFC
A top IMF (International Monetary Fund) official has said that there is room for more fiscal support in India in the near term, particularly for vulnerable households and SMEs, given the severity of the country’s economic situation due to the COVID-19 pandemic.