Business news

Infosys faces lawsuit in US for not paying overtime

In a filing to the court, the complainant said that he was forced to work for 11 hour days at times and was paid for only 8 hours or fewer as CVS 'refused to be billed for overtime wages.

Sep 10, 2018

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Crackdown on shell companies: Government plans to geo-tag firms

The government last year had come down on over two lakh firms for not filing annual returns and had ordered an investigation.

Sep 10, 2018

CEO Zhang to replace Jack Ma as chairman of Alibaba group

Zhang, who was earlier the CEO of Taobao, an online shopping portal owned by the Alibaba Group, was appointed the CEO of the Alibaba Group in 2015.

Sep 10, 2018

Only one third of working Indians save up for retirement: Report

The lack of saving is likely linked to low knowledge of how much money is needed in retirement, as well as many prioritising their immediate financial situation over planning for their older years

Sep 9, 2018

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Jack Ma's retirement comment reportedly taken out of context; Alibaba founder to unveil succession plan

A New York Times article had said that Jack Ma would announce his retirement on Monday. However, a new report has said that he will remain onboard.

Sep 9, 2018

Walmart on Flipkart deal: Have complied with all tax obligations under IT rules

The Bentonville behemoth had bought 77 percent stake worth $16 billion in India's largest online retailer Flipkart.

Sep 8, 2018

Hinduja Group eyes equity stake in two UAE banks; plans to move HQ out of London

Gopichand P. Hinduja said that the company is mulling the idea of shifting its London-based headquarters either to UAE or Singapore.

Sep 8, 2018

IT dept investigates ICICI Bank's sale of Mumbai building to Videocon Group

The 13 storied building, Radhika apartments in Prabhadevi in central Mumbai, was earlier the staff quarter for the ICICI bank. It has now come under lens after the allegations were made of possible quid pro quo.

Sep 8, 2018

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Alibaba co-founder Jack Ma to retire, focus on educational philanthropy

Ma will step down on Monday, September 10 on what will be his 54th birthday.

Sep 8, 2018

Johnson & Johnson to work with Indian govt to compensate for ASR hip implant patients

Last month, a government panel recommended that J&J pay compensation of at least 2 million rupees ($27,812) to each patient who received an ASR hip implant in India, an estimated 4,700 people.

Sep 7, 2018

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Government to turn cash-crunched Air India into a board-managed company?

The government's plan to privatise the indebted "Maharaja" did not attract bids from any player earlier this year.

Sep 7, 2018

Infosys announces joint venture with Singapore-based Temasek

Infosys Consulting (Infosys subsidiary) will hold a 60 percent stake in the joint venture and it will be headquartered in Singapore.

Sep 7, 2018

NCLT to hear petition against Reliance Naval, Jindal India Thermal

As of March 2018, the total debt owned by the Reliance Naval to its lenders is worth Rs 5349.17 crores.

Sep 7, 2018

DMK will participate in Bharat Bandh called by Cong, says Stalin

DMK President said the centre was not interested in passing on the benefits of lower crude oil prices to the people.

Sep 7, 2018

Apple shelves plan to launch UPI-based payments platform in India

The reason behind the Apple's decision is the Reserve Bank of India's recent data localisation rule including the technical and design hurdles related to the flow of payments on UPI.

Sep 6, 2018