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The CBI on Monday filed a case of alleged illegal conversion of residential land to raise Ambience Mall in Gurugram against the company chairman Raj Singh Gehlot and others. Officials of Haryana Urban Development Authority (HUDA) and Town and Country Planning (TCP) departments were also booked. The CBI also conducted searches at four locations including Gehlot's residence in Hauz Khas.
short by Pragya Swastik / 08:51 pm on 10 Aug
South Korea-based Daewoong Pharmaceutical said it has received the Indian regulatory approval to test its anti-parasitic drug 'niclosamide' to treat COVID-19 patients in early-stage human trials. The phase 1 trial, approved by the Central Drugs Standard Control Organisation, will involve about 30 healthy participants. It will be testing the drug in partnership with New Delhi-based Mankind Pharma.
short by Dharna / 05:17 pm on 11 Aug
Baba Ramdev's Patanjali is considering bidding for the Indian Premier League (IPL) title sponsorship following the exit of Chinese smartphone maker VIVO, according to a report by The Economic Times. "We're considering the IPL title sponsorship for this year, since we want to give the Patanjali brand a global marketing platform," Patanjali spokesperson S K Tijarawala told The Economic Times.
short by Ankush Verma / 12:06 pm on 10 Aug
59-year-old Apple CEO Tim Cook becomes a billionaire
short by Krishna Veera Vanamali / on 11 Aug 2020,Tuesday
Apple's 59-year-old CEO Tim Cook has become a billionaire 9 years after he took the helm of the iPhone maker, according to Bloomberg. Apple, which was worth $350 billion when Co-Founder Steve Jobs died in 2011, is now $70 billion away from becoming a $2-trillion company. Cook had said in 2015 that he plans to donate most of his wealth.
short by Krishna Veera Vanamali / 08:58 am on 11 Aug
Mozilla to fire 250 employees, says 'Going forward, we will be smaller'
short by Pragya Swastik / on 11 Aug 2020,Tuesday
Mozilla Corporation, the company behind the Firefox web browser, on Tuesday announced that it's firing 250 employees, and said, "Going forward, we will be smaller." In a blog titled 'Changing World, Changing Mozilla', CEO Mitchell Baker wrote, "Mozilla is not structured properly to create new products and technologies." She added, "Our pre-COVID plan was no longer workable."
short by Pragya Swastik / 09:30 pm on 11 Aug
Facebook has created a new unit devoted to all its payments-related projects, reportedly called Facebook Financial. David Marcus, former PayPal President and co-creator of Facebook's Libra cryptocurrency project, will head the team. Marcus tweeted the group will focus on initiatives like WhatsApp payments, Novi digital wallet and Facebook Pay, a feature the firm plans to build inside all its apps.
short by Dharna / 10:24 am on 11 Aug
Apple imported clothes, likely staff uniforms, from a company facing US sanctions over forced labour at its subsidiary firm in China's Xinjiang, The Guardian reported. The US imposed sanctions on Changji Esquel Textile, owned by Hong Kong garment group Esquel, in July. A spokesperson said no Apple supplier currently sources cotton from Xinjiang but didn't clarify whether they previously did.
short by Dharna / 05:47 pm on 11 Aug
Toshiba officially quits the laptop business after 35 years
short by Dharna / on 10 Aug 2020,Monday
Tokyo-based Toshiba has quietly exited the laptop business after 35 years, by transferring its remaining minority stake in its personal computer business to Sharp Corporation. In 2018, Toshiba sold 80.1% stake in its PC business to Sharp for $36 million, with Sharp renaming the division to "Dynabook". Sharp has now exercised its right to buy the remaining 19.9% of shares.
short by Dharna / 09:08 am on 10 Aug
A ₹10,000 crore Fund of Funds to support micro, small and medium enterprises (MSMEs) is expected to get operationalised soon, said SBI Chairman Rajnish Kumar. The fund was announced by Finance Minister Nirmala Sitharaman in May as part of the Aatmanirbhar Bharat initiative to mobilise equity of about ₹50,000 crore. It's expected to benefit over 25 lakh MSMEs under stress.
short by Dharna / 11:49 am on 11 Aug
Baba Kalyani, Chairman and Managing Director of Pune-based forging company Bharat Forge, welcomed Defence Minister Rajnath Singh's announcement of banning import of 101 defence items. Kalyani said as a result of the move, the domestic sector will grow, leading to getting India closer to achieving a $5-trillion economy. "This strategic step will propel the Atmanirbhar Bharat narrative," he added.
short by Pragya Swastik / 02:32 pm on 09 Aug
Anantkumar Hegde, the BJP MP from Uttara Kannada, called BSNL employees "traitors" and "anti-nationals" who weren't willing to develop the telecom company. Speaking at an event on Monday, Hegde said 85,000 employees from the company will be fired as the government will privatise BSNL. "Let me tell you, I am using the right words to describe them," he added.
short by Pragya Swastik / 06:06 pm on 11 Aug
McDonald's has sued former CEO Steve Easterbrook alleging he misled investigators by lying about his sexual relationships with three employees in the year before his ouster. The company ousted Easterbrook as CEO in November 2019 for "demonstrating poor judgment involving a consensual relationship with an employee". McDonald's is suing him for about $40 million, the amount of his exit package.
short by Pragya Swastik / 07:25 pm on 10 Aug
Hong Kong media company's shares jump 1000% after founder's arrest
short by Krishna Veera Vanamali / on 11 Aug 2020,Tuesday
Media company Next Digital's stock surged over 1,000% in two days as supporters of its Founder and Chairman Jimmy Lai, a pro-democracy activist, bought the shares after he was arrested under Hong Kong's new national security law. Online pro-democracy forums urged people to continue buying the stock as well as copies of the 71-year-old's flagship newspaper Apple Daily.
short by Krishna Veera Vanamali / 10:55 am on 11 Aug
Saudi Aramco CEO Amin Nasser said the world's largest crude oil producer is still working on a deal for a $15-billion investment in Reliance Industries' oil-to-chemicals business. In July, RIL Chairman Mukesh Ambani said the deal hasn't progressed as per original timeline due to "unforeseen circumstances in energy market and COVID-19 situation". Aramco was set to acquire a 20% stake.
short by Dharna / 12:10 pm on 10 Aug
Mukesh Ambani's Reliance Industries has a 15-year vision to build itself as one of the world's leading new energy companies, analysts said. "It intends to use proprietary technology, recycle CO2 and create value from plastic waste," analysts at Bank of America Securities said. RIL's core oil-to-chemical business is well placed to generate sustained free cash flow, they added.
short by Pragya Swastik / 06:48 pm on 09 Aug
Saudi Aramco's profit plunged by 73.4% in the June quarter, amid a slump in energy demand and oil prices due to the coronavirus crisis. The world's biggest oil exporter posted a quarterly net profit of $6.57 billion, compared to $24.7 billion in the year-ago period. However, the company said it still plans to pay $75 billion in dividends this year.
short by Dharna / 01:06 pm on 10 Aug
Govt may cut eligibility for gratuity from 5 years of employment: Reports
short by Krishna Veera Vanamali / on 11 Aug 2020,Tuesday
The government is considering relaxing the eligibility condition for payment of gratuity from the current 5 years of continuous employment, according to reports. The Parliamentary Standing Committee on Labour also recently recommended that eligibility period should be reduced to one year. Gratuity payment is equivalent to 15 days of salary for each year the employee has completed at the company.
short by Krishna Veera Vanamali / 10:58 am on 11 Aug
SoftBank has reported a profit of $11.8 billion in the June quarter. This comes after the group suffered a loss of nearly $13 billion in the financial year 2019-20, the worst-ever loss reported in its 39-year history. The SoftBank Vision Fund, which reported about $18 billion loss last year, recorded an investment gain of $2.8 billion for the June quarter.
short by Aishwarya / 08:00 pm on 11 Aug
Airports Authority of India puts GoAir on 'cash and carry' basis
short by Rishabh Bhatnagar / on 11 Aug 2020,Tuesday
The Airports Authority of India (AAI) issued an order, putting GoAir on a "cash and carry basis" starting Tuesday. On such a basis, the airline has to pay daily for using airport facilities, otherwise paid monthly. Earlier this week, AAI had reportedly asked the Wadia Group-owned airline to clear dues worth ₹60 crore.
short by Rishabh Bhatnagar / 11:07 am on 11 Aug
Axis Bank raises ₹10,000 cr via qualified institutional placement
short by Rishabh Bhatnagar / on 11 Aug 2020,Tuesday
Axis Bank has raised ₹10,000 crore via a qualified institutional placement (QIP) issue on August 10. "Despite a challenging macro-economic environment, the placement witnessed strong reception from the global and domestic investor community, including several large foreign portfolio investors, domestic mutual funds and insurance companies," it said. Axis Bank shares gained nearly 4% on Tuesday.
short by Rishabh Bhatnagar / 09:08 pm on 11 Aug
IndiGo to raise up to ₹4,000 crore via share sale
short by Rishabh Bhatnagar / on 11 Aug 2020,Tuesday
India's largest airline IndiGo on Monday said it will raise up to ₹4,000 crore through the sale of shares to institutional investors. This comes after the company has announced its plans of raising around ₹2,000 crore earlier, through sale and leaseback of planes and other assets. The COVID-19 outbreak caused the airline to report its biggest ever loss last month.
short by Rishabh Bhatnagar / 09:38 am on 11 Aug
India's industrial production contracts 16.6% in June
short by Kiran Khatri / on 11 Aug 2020,Tuesday
The index of industrial production (IIP) contracted by 16.6% in June compared with a 34% contraction in May, as per data released by the National Statistical Office. The index, which stood at 53.6 in April, improved to 89.5 in May and 107.8 in June, data revealed. The output of mining shrank 19.8% in June while that of manufacturing shrank 17.1%
short by Kiran Khatri / 08:19 pm on 11 Aug
Balance of payments to be 'very very strong' this year: Piyush Goyal
short by Rishabh Bhatnagar / on 11 Aug 2020,Tuesday
Commerce and Industry Minister Piyush Goyal said on Monday that India's balance of payments this year is going to be 'very very strong', due to significant pick up in exports and a fall in imports. "We are at about 91% export level of July 2019 figures. Imports are still at about 70-71% level," he added.
short by Rishabh Bhatnagar / 11:01 am on 11 Aug
Hong Kong exports must have 'Made in China' tag post Sept 25: US
short by Kiran Khatri / on 11 Aug 2020,Tuesday
Goods made in Hong Kong for export to the US "must be marked to indicate that their origin is China" after September 25, according to a US government notice posted on Tuesday. The US has determined that Hong Kong is "no longer sufficiently autonomous", the notice said. This comes days after China imposed a national security law on Hong Kong.
short by Kiran Khatri / 06:13 pm on 11 Aug
FM launches online dashboard for National Infrastructure Pipeline
short by Kiran Khatri / on 11 Aug 2020,Tuesday
Finance Minister Nirmala Sitharaman has inaugurated the online dashboard for National Infrastructure Pipeline (NIP) to provide access to information on the infrastructure projects in India and attract investors. The online dashboard is being hosted on the India Investment Grid (IIG). "NIP will provide a boost to the vision of an 'Aatmanirbhar Bharat'," the FM said during the virtual event.
short by Kiran Khatri / 06:49 pm on 11 Aug
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