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Chinese smartphones share in Indian market up by 340%
short by Sumedha Sehra / on 22 Jun 2017,Thursday
The market share of Chinese smartphones in India increased by 340% in the first quarter of the 2017-18 fiscal, as compared to the same quarter last year. Chinese smartphones made up 15% of the Indian market in Q1 last year, as compared to 51% this year. Notably, the market share of Indian smartphones fell from 41% to 14%.
short by Sumedha Sehra / 01:10 pm on 22 Jun
WannaCry ransomware causes Honda plant to shut down
short by Pragya Swastik / on 22 Jun 2017,Thursday
Honda Motor had to shut down its Sayama plant in Japan on Monday after it was found that WannaCry ransomware had hit its computer network. The plant, which produces around 1,000 vehicles each day, resumed its production on Tuesday. The WannaCry ransomware exploits a Windows vulnerability and locks up files on computers until demanded ransom is paid in bitcoins.
short by Pragya Swastik / 09:56 am on 22 Jun
Facebook COO Sheryl Sandberg may become Uber CEO: Report
short by Pragya Swastik / on 22 Jun 2017,Thursday
Facebook Chief Operating Officer (COO) Sheryl Sandberg may be appointed as Uber's CEO after former CEO Travis Kalanick's resignation, according to a New York Post report. Uber board member Arianna Huffington has pushed for Sandberg's appointment, the report added. Walt Disney's COO Thomas Staggs is also being considered for the post, but Sandberg is said to be "their first choice."
short by Pragya Swastik / 08:57 am on 22 Jun
RBI asks banks to resolve 55 bad loan accounts in 6 months
short by Mansha Mahajan / on 22 Jun 2017,Thursday
RBI has asked banks to resolve 55 identified high value cases of bad loans within a period of six months. Otherwise, the central bank would examine those cases and refer for resolution under the new Insolvency and Bankruptcy Code. Earlier this month, RBI had identified 12 accounts for insolvency proceedings, which accounted for 25% of total bad loans of banks.
short by Mansha Mahajan / 07:51 pm on 22 Jun
HDFC Bank's Aditya Puri took ₹10 crore as salary last year
short by Mansha Mahajan / on 22 Jun 2017,Thursday
HDFC Bank’s Managing Director Aditya Puri saw his remuneration rise marginally to ₹10 crore and exercised stock options worth over ₹57 crore during 2016-17. The stock options included those granted and vested over several previous years, but exercised during the last financial year. The increase in remuneration followed HDFC Bank’s net profit increasing by over 18% in the last fiscal.
short by Mansha Mahajan / 06:53 pm on 22 Jun
George Clooney sells his tequila brand for $1 billion
short by Pragya Swastik / on 22 Jun 2017,Thursday
American actor George Clooney on Wednesday sold Casamigos, the tequila brand he Co-founded with businessmen Rande Gerber and Mike Meldman, for $1 billion to British alcoholic beverages company Diageo. The purchase will be Diageo's biggest since its $3.2 billion acquisition of United Spirits in 2014. Clooney along with his partners created Casamigos in 2013.
short by Pragya Swastik / 12:05 pm on 22 Jun
George Clooney could get ₹1500 crore from tequila brand sale
short by Mansha Mahajan / on 22 Jun 2017,Thursday
American actor George Clooney, who sold his tequila brand Casamigos on Wednesday, could earn up to $233 million (₹1,500 crore) pretax, from the deal. Clooney co-founded the brand with businessmen Rande Gerber and Mike Meldman and sold it for $1 billion to British alcoholic beverages company Diageo. Notably, the tequila business initially began as a private selection for Clooney's acquaintances.
short by Mansha Mahajan / 09:05 pm on 22 Jun
I chose computer science over becoming a Mayor: Twitter CEO
short by Pragya Swastik / on 22 Jun 2017,Thursday
Twitter CEO Jack Dorsey at an event on Wednesday revealed he chose computer science in school instead of political science and gave up on the dream of becoming a Mayor. "I was a little bit more selfish. I wanted to see things more immediate," he added. Dorsey said he felt building software could enact change faster than public policies.
short by Pragya Swastik / 11:28 am on 22 Jun
Will spend next 10 years finding a successor: Masayoshi Son
short by Pragya Swastik / on 22 Jun 2017,Thursday
Japan's SoftBank Group's 59-year-old billionaire CEO Masayoshi Son on Wednesday said he's not stepping down anytime soon and will spend the next decade identifying a successor. "I feel energised. I couldn't possibly retire," added Son, who said successor would most likely come from the company's management ranks. Son is left without a successor since COO Nikesh Arora quit last year.
short by Pragya Swastik / 12:54 pm on 22 Jun
People will work only 4 days a week in 30 years: Jack Ma
short by Pragya Swastik / on 22 Jun 2017,Thursday
Chinese e-commerce giant Alibaba's billionaire Founder Jack Ma in an interview to CNBC said, "I think in the next 30 years, people will only work four hours a day and maybe four days a week." He said the use of artificial intelligence will reduce working hours. "We should make machines that can do things that humans can't do," he added.
short by Pragya Swastik / 10:12 am on 22 Jun
No ads of realty projects until registered with regulator
short by Mansha Mahajan / on 22 Jun 2017,Thursday
The government has said that no ongoing or future projects can be advertised by real estate developers without registering them first with the new regulator. This will be under the Real Estate (Regulation and Development) Act, which came into force in May. Developers are required to get ongoing and new projects registered with regulatory authorities within three months, ending July.
short by Mansha Mahajan / 09:17 pm on 22 Jun
Patanjali asked to recall 6 products by Nepal authorities
short by Arshiya Chopra / on 22 Jun 2017,Thursday
Nepal's Department of Drug Administration on Wednesday ordered Baba Ramdev's Patanjali Ayurved to recall six of its medical products as they were found to be of "substandard quality". Correspondence from Patanjali in this regard is still awaited. Notably, a reply to recent RTI in India revealed that nearly 40% of Ayurveda products, including items from Patanjali, were of substandard quality.
short by Arshiya Chopra / 11:03 am on 22 Jun
Donald Trump's net worth falls by ₹645 crore in a year
short by Mansha Mahajan / on 22 Jun 2017,Thursday
US President Donald Trump's wealth has fallen by $100 million (₹645 crore) from the previous year to $2.9 billion. The decrease is driven by a drop in the value of three Trump properties, which aren’t bringing in as much cash as banks that loaned him money had expected. Together, the properties' value has been revised down by $380 million.
short by Mansha Mahajan / 01:52 pm on 22 Jun
Movies on Tejas to have ads, Railways to earn ₹18 lakh a yr
short by Mansha Mahajan / on 22 Jun 2017,Thursday
The Indian Railway Catering and Tourism Corporation (IRCTC) plans to earn as much as ₹18 lakh in one year solely through ad revenue generated from the high-speed Tejas Express. IRCTC will now allow ads to be streamed during movies on the train’s display screens, which were earlier ad-free. It will also charge passengers ₹30 for a pair of earphones.
short by Mansha Mahajan / 05:49 pm on 22 Jun
Gold worth ₹35 lakh found behind Jet Airways toilet mirror
short by Mansha Mahajan / on 22 Jun 2017,Thursday
The Air Intelligence Unit rummaged through a Jet Airways flight from Dubai and found 10 gold bars weighing 1160 grams worth nearly ₹35 lakh. The gold was recovered from unclaimed packets wrapped with black coloured adhesive tape and concealed in the cavity behind a mirror in the flight's toilet. The said gold bars were seized and further investigation is underway.
short by Mansha Mahajan / 03:34 pm on 22 Jun
India is a country I don't want to screw up in: AirAsia CEO
short by Mansha Mahajan / on 22 Jun 2017,Thursday
Following AirAsia India’s worries of slow growth, CEO Tony Fernandes said India is a country he doesn't “want to screw up”. “There has been so much opposition to us," he stated, adding, “We are three years old in India, that's baby steps for an airline." Notably, AirAsia is facing allegations over financial irregularities, which are being investigated by the ED.
short by Mansha Mahajan / 01:43 pm on 22 Jun
Free offers by Reliance Jio cost telcos 11.7% in revenue
short by Mansha Mahajan / on 22 Jun 2017,Thursday
The growth in Mukesh Ambani-led Reliance Jio's subscribers and the free offers that the telco offered have resulted in an 11.7% annual decline in the industry's revenue, according to Jefferies. Jio effect was evident with the decline being maximum in metro and A circles where it has higher penetration. Notably, Airtel reported a 72% profit decline in the last quarter.
short by Mansha Mahajan / 04:38 pm on 22 Jun
Altice raises $1.9 bn in biggest US telecom IPO in 17 years
short by Krishna Veera Vanamali / on 22 Jun 2017,Thursday
Billionaire Patrick Drahi's cable company Altice USA raised $1.9 billion (over ₹12,200 crore) in US telecom sector's biggest IPO in 17 years. It is also the second biggest IPO in the US this year following Snapchat parent Snap's $3.9 billion deal in March. Altice USA is the country's fourth largest cable operator and is now approximately valued at $22 billion.
short by Krishna Veera Vanamali / 08:56 pm on 22 Jun
Not pessimistic on IT as start-ups can create jobs: RBI Guv
short by Mansha Mahajan / on 22 Jun 2017,Thursday
RBI Governor Urjit Patel has said he's not “overly pessimistic” about employment in the IT sector as start-ups in the same space can compensate for job losses. “While there could be pressure on employment in some of the IT sectors, it is not necessarily in terms of...job destruction," he added. His comments followed Nasscom predicting slowdown in IT export revenue.
short by Mansha Mahajan / 05:17 pm on 22 Jun
Tata Power offers to sell 51% stake in Mundra project for ₹1
short by Mansha Mahajan / on 22 Jun 2017,Thursday
Tata Power has offered to sell 51% stake in its Mundra Ultra Mega Power Project for only ₹1. Tata, in a letter to government stated the company's financial position has reached a critical situation due to substantial losses incurred. Notably, Mundra has an outstanding loan of ₹10,159 crore and lenders have stopped further disbursal due to non-viability of the project.
short by Mansha Mahajan / 03:57 pm on 22 Jun
Indian IT sector isn't dependent on H-1B visas: Infosys CEO
short by Mansha Mahajan / on 22 Jun 2017,Thursday
Infosys CEO Vishal Sikka has said it is wrong to say that the Indian IT industry is dependent upon H-1B visas. His statement came in response to charges that business model of Indian IT companies is based on H-1B visas. There's speculation that Indian IT companies will be impacted by Donald Trump's crackdown on firms abusing the US visa system.
short by Mansha Mahajan / 02:23 pm on 22 Jun
Patanjali cancels trademark request for brand sued by rival
short by Mansha Mahajan / on 22 Jun 2017,Thursday
Baba Ramdev-led Patanjali Ayurved has withdrawn its trademark applications for soap brand Ojas after Charak Pharma alleged the brand is 'deceptively' similar to its herbal tablets brand name Ojus. Charak had filed a case in the Bombay High Court. While Patanjali said it discontinued products under Ojas in 2014, goods under the brand can reportedly be found on e-commerce websites.
short by Mansha Mahajan / 03:11 pm on 22 Jun
Airline cuts ties with uniform maker as crew reports rashes
short by Mansha Mahajan / on 22 Jun 2017,Thursday
American Airlines is cutting ties with its current uniform supplier after thousands of employees complained that their new uniforms were causing allergic reactions. The problems with the uniforms began last year, shortly after the airline introduced new uniforms for the first time in nearly 30 years. Airline staff claimed the uniforms were causing rashes, headaches, and respiratory problems.
short by Mansha Mahajan / 07:19 pm on 22 Jun
SoftBank invests $100 mn in cybersecurity startup Cybereason
short by Krishna Veera Vanamali / on 22 Jun 2017,Thursday
Cybersecurity startup Cybereason has raised $100 million (over ₹645 crore) from Japan's SoftBank. The startup, founded by former operatives of Israel's "Unit 8200" military intelligence group, uses artificial intelligence to detect breaches of computer networks. The company, now valued at over $850 million (around ₹5500 crore), counts SoftBank, Lockheed Martin, and Spark Capital among its backers.
short by Krishna Veera Vanamali / 09:27 pm on 22 Jun
United Airlines flight faces severe turbulence, 10 injured
short by Aarushi Maheshwari / on 22 Jun 2017,Thursday
At least nine passengers and one crew member were injured by severe turbulence on a United Airlines flight between Panama City and Houston on Tuesday, US' Federal Aviation Administration spokesperson Lynn Lunsford said. The aircraft landed safely, and several passengers were admitted to the hospital. A passenger said, "Many people, they jumped to the ceiling of the plane."
short by Aarushi Maheshwari / 05:49 pm on 22 Jun
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