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Nilekanis pledge to donate half of their $1.7 bn wealth
short by Krishna Veera Vanamali / on 20 Nov 2017,Monday
Infosys Co-founder Nandan Nilekani and his wife Rohini have committed to donate half of their estimated $1.7 billion wealth to charity by joining 'The Giving Pledge' initiative. The movement was pioneered by Bill Gates with wife Melinda, and Warren Buffett seven years ago. Other Indians who are a part of this initiative are Azim Premji, Kiran Mazumdar-Shaw, and PNC Menon.
short by Krishna Veera Vanamali / 04:38 pm on 20 Nov
China's Tencent overtakes Facebook in market value
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Tencent's market capitalisation exceeded that of Facebook on Tuesday, a day after it became the first Chinese technology company to be valued at over $500 billion. The company's market capitalisation settled at $522 billion, surpassing the social network giant's $519.4 billion. Tencent is now the world's fifth-most valuable company, only behind Apple, Alphabet, Microsoft, and Amazon.
short by Krishna Veera Vanamali / 06:13 pm on 21 Nov
Bitcoin price tops $8,000, rallies over 700% this year
short by Krishna Veera Vanamali / on 20 Nov 2017,Monday
The price of the world's largest cryptocurrency Bitcoin topped $8,000 for the first time, rallying over 700% so far this year. The cryptocurrency's value is up more than 26% this month, hitting a market cap of over $133 billion. Last month, US' CME Group, the world's biggest exchange, announced that it will launch Bitcoin futures by the end of 2017.
short by Krishna Veera Vanamali / 04:17 pm on 20 Nov
India, World Bank sign ₹630cr loan pact for renewable energy
short by Ayushi Ahluwalia / on 21 Nov 2017,Tuesday
India has signed an over ₹630-crore loan agreement and a ₹13-crore grant agreement with the World Bank, in an attempt to increase its power generation capacity through renewable energy sources. Under the agreement, the Shared Infrastructure for Solar Parks Project will finance the Indian Renewable Energy Development Agency which will give sub-loans to select states for investment in solar parks.
short by Ayushi Ahluwalia / 11:29 am on 21 Nov
Hackers steal $31 million worth of cryptocurrency Tether
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Cryptocurrency startup Tether has said that nearly $31 million worth of its tokens have been stolen "through malicious action by an external attacker". The tokens were removed from one of the company's core "treasury wallets" and sent to an unauthorised Bitcoin address on November 19. Tether said it has flagged the tokens and that it is working to recover them.
short by Krishna Veera Vanamali / 10:40 pm on 21 Nov
Google India revenue jumps 22% to ₹7,200 crore in 2016-17
short by Krishna Veera Vanamali / on 20 Nov 2017,Monday
Google India posted a revenue of ₹7,208.9 crore ($1.1 billion) for the year ended March 2017, a 22% jump from the previous year's ₹5,904 crore. The company's sales had expanded 44% in fiscal 2016. In comparison, Facebook India has increased its revenue by 93% to ₹341.8 crore and posted a profit of ₹40 crore.
short by Krishna Veera Vanamali / 04:17 pm on 20 Nov
Cryptocurrency startup disappears after raising ₹2.4 crore
short by Manaya Bagga / on 21 Nov 2017,Tuesday
Cryptocurrency startup Confido that raised over $374,000 (₹2.43 crore) through an Initial Coin Offering (ICO) has disappeared with the funds with nobody being able to track the founders down. The website and social media accounts related to the company and the founding team have been deleted. Confido had termed itself as a startup that develops "smart contracts".
short by Manaya Bagga / 09:59 pm on 21 Nov
Tencent first Chinese tech firm to be valued at over $500 bn
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Tencent has become the first Chinese technology company to be valued at more than $500 billion and is currently the most valued firm in Asia. This comes a week after the company posted a profit of $2.7 billion for the third quarter. Alibaba was ranked the next biggest among Chinese technology companies, with a market valuation of $474 billion.
short by Krishna Veera Vanamali / 04:17 pm on 21 Nov
Mahindra opens Detroit's first car making plant in 25 years
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Automobile giant Mahindra and Mahindra opened its new manufacturing plant in America's 'Motor City' Detroit, which got its first automotive production facility in 25 years. "We have a responsibility to contribute to the resurgence of Detroit," Mahindra Group Chairman Anand Mahindra said. The plant opened with an investment of $230 million and will create 250 new jobs in the US.
short by Krishna Veera Vanamali / 05:39 pm on 21 Nov
Fear for my life in India: Vijay Mallya tells London court
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Vijay Mallya, appearing before a London court on Monday, said his life would be in danger if he is sent back to India. The prosecution will now prepare a submission outlining Indian government's measures ensuring his security. Mallya, who has been in the UK since March 2016, is wanted for loan default of ₹9,000 crore as well as money laundering.
short by Krishna Veera Vanamali / 04:27 pm on 21 Nov
Hong Kong flat sells at record price of $17,000 per sq ft
short by Manaya Bagga / on 21 Nov 2017,Tuesday
A luxury apartment has been sold at a record price of $17,000 per square foot in Hong Kong's The Peak neighbourhood. The 4,242 sq ft apartment, sold for about $72 million, has become the most expensive residence in Asia by area. The buyer paid over $149 million for two adjacent apartments, Wheelock Properties said in a statement.
short by Manaya Bagga / 05:47 pm on 21 Nov
All allegations against me baseless and fabricated: Mallya
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Speaking after his pre-trial extradition hearing on Monday, liquor baron Vijay Mallya said all the charges brought by the Indian government are "baseless and fabricated". Mallya's extradition hearing has been confirmed for eight days starting December 4 with bail conditions remaining in force till the trial begins. Mallya is wanted in India for defaulting on loans worth around ₹9,000 crore.
short by Krishna Veera Vanamali / 04:20 pm on 21 Nov
12% and 18% GST slabs may be merged: CEA Arvind Subramanian
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Chief Economic Adviser Arvind Subramanian said the government may combine the 12% and 18% GST slabs into one in the near future, and reserve 28% rate only for demerit goods. However, he added that India will never move to a single GST rate and there would be a "poor man's" rate of 0-5% and a "core" rate of between 12-18%.
short by Krishna Veera Vanamali / 04:30 pm on 21 Nov
SBI Capital, Ambit guilty of Kingfisher loan 'fraud': Probe
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
The Serious Fraud Investigation Office has found officials at SBI Capital Markets and Ambit Corporate Finance guilty of helping Kingfisher Airlines defraud lenders. It brought charges against Supratim Sarkar, Executive VP of SBI Caps, Ambit CEO Ashok Wadhwa, and two former valuers of Grant Thornton for inflating Kingfisher's brand value. The agency is yet to file cases against the accused.
short by Krishna Veera Vanamali / 04:35 pm on 21 Nov
Govt may ban cheque books to boost digital payments: CAIT
short by Manaya Bagga / on 21 Nov 2017,Tuesday
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal has said the government might withdraw the cheque book facility in "near future" to encourage digital transactions. He said the government needed to encourage use of debit and credit cards. Khandelwal claimed only 5% of total ATM cards are used for cashless transactions, while 95% are used for cash withdrawals.
short by Manaya Bagga / 10:19 pm on 21 Nov
Tax laws should cater to the 90% who are compliant: CEA
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Chief Economic Adviser Arvind Subramanian has said that all tax laws and procedures should be devised to cater to the over 90% who comply. "We have learnt that while the costs of corruption are huge, so are the economic costs of going after corruption," Subramanian said. He added that one of the properties of GST is that it encourages self-compliance.
short by Krishna Veera Vanamali / 07:11 pm on 21 Nov
NDTV group CEO KVL Narayan Rao dies at 63
short by Manaya Bagga / on 21 Nov 2017,Tuesday
NDTV CEO KVL Narayan Rao passed away on Monday at the age of 63 after battling cancer for two years. Rao had joined the organisation in 1995 to look after human resources, administration and operations of NDTV, and later joined the company's board as executive director in 1998. Rao had started his career as a journalist with The Indian Express.
short by Manaya Bagga / 05:40 pm on 21 Nov
RIL raises $800 million through 10-year bonds at lowest rate
short by Manaya Bagga / on 21 Nov 2017,Tuesday
Reliance Industries (RIL) has raised $800 million by selling 10-year bonds, which were priced at 3.66%, the lowest coupon for a 10-year bond issued by an Indian entity. The issue by the company was assigned 'BBB+' rating by S&P Global and 'Baa2' by Moody's. The company will use the proceeds to refinance existing debt.
short by Manaya Bagga / 10:26 pm on 21 Nov
SBI to use blockchain technology for smart contracts, KYC
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
State-owned lender State Bank of India will use blockchain technology for smart contracts and Know Your Customer (KYC) from next month, SBI's Head of Innovation Sudin Baraokar has said. These applications are a part of BankChain, a community of 22 Indian and 5 Middle East-based banks. BankChain aims to reduce fraud and maximise efficiency, security and transparency in banking systems.
short by Krishna Veera Vanamali / 04:30 pm on 21 Nov
Alibaba to invest $2.9 bn in China's hypermarket Sun Art
short by Shifa Naseer / on 20 Nov 2017,Monday
Alibaba will be investing around $2.9 billion to acquire 36.16% stake in China's hypermarket chain Sun Art Retail Group, the e-commerce giant said on Monday. The deal will make Alibaba the second largest shareholder in the company, which has a market capitalisation of over $10 billion. Notably, Alibaba has invested more than $9.3 billion in brick-and-mortar stores since 2015.
short by Shifa Naseer / 02:08 pm on 20 Nov
Journalists to launch digital currency to fight fake news
short by Ankush Verma / on 20 Nov 2017,Monday
California-based investment fund HigherOrderVC and journalists from across the world have teamed up to create a new cryptocurrency to provide financing for investigative journalism. Called PressCoin, the cryptocurrency is aimed at empowering independent journalists to fight fake news. It will be offered at an initial price of $1 through a 28-day initial coin offering (ICO) beginning November 22.
short by Ankush Verma / 08:49 pm on 20 Nov
HSBC fined record $51 million over Lehman-linked products
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
HSBC's private-banking unit was fined a record $51 million over sales of structured products linked to Lehman Brothers in Hong Kong. The unit will also lose its licence to advise on securities for one year, while its licence to deal in securities will be partially suspended for a year. HSBC said the suspensions won’t affect private-banking operations in Hong Kong.
short by Krishna Veera Vanamali / 11:10 pm on 21 Nov
Immediately revise MRP of goods to benefit consumers: CBEC
short by Manaya Bagga / on 21 Nov 2017,Tuesday
Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna has asked FMCG companies to immediately revise MRP on products for which GST has been reduced to pass the benefit to consumers. She has urged the companies to give wide publicity to the revised MRP of products. Earlier, the Cabinet approved the establishment of National Anti-profiteering Authority under GST.
short by Manaya Bagga / 05:34 pm on 21 Nov
Prem Watsa's Fairfax to buy 51% in Tata's BPO arm for ₹153cr
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
Bangalore-based Quess Corp, controlled by India-born Canadian billionaire Prem Watsa's Fairfax Financial Holdings, has agreed to buy a 51% stake in the business process outsourcing arm of Tata Group. Quess will pay ₹153 crore in cash for the stake in Hyderabad-based Tata Business Support Services (TBSS). TBSS has a workforce of 27,000 employees and reported ₹661 crore revenue in 2016-17.
short by Krishna Veera Vanamali / 04:23 pm on 21 Nov
Goldman asked to pay $24 mn in Indonesian share dispute case
short by Krishna Veera Vanamali / on 21 Nov 2017,Tuesday
An Indonesian court has ruled that Goldman Sachs should return shares in property developer Hanson International and pay $23.7 million compensation to tycoon Benny Tjokrosaputro in a legal tussle over ownership. Tjokrosaputro sued the US bank for $1.11 billion, accusing it of making "unlawful" trades in the shares. The ruling said Tjokrosaputro was legal owner of the 425 million shares.
short by Krishna Veera Vanamali / 10:19 pm on 21 Nov
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