Business news

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Uber sacks 350 employees globally, less than 10% based in India

As the company faces stiff competition from home-grown ride-hailing service Ola, it is injecting huge investment, making cost-cutting a target.

Oct 17, 2019

Amazon's consumer business fully sheds Oracle, moves on AWS

AWS CEO Andy Jassy in November said that Amazon will take off all its workloads from Oracle databases by the end of 2019 and put those on its own database offerings.

Oct 17, 2019

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Saudi Aramco expected to give green light to its blockbuster IPO soon

The share offer is the centrepiece of the Kingdom's Vision 2030 strategy that aims at revamping its economy through diversification under the leadership of Crown Prince Mohammed bin Salman.

Oct 16, 2019

Can India defy US pressure and continue trade ties with Venezuela, Russia?

Finance Minister Sitharaman says India cannot sacrifice 'economic strength' and strategic interests to comply with US sanctions.

Oct 16, 2019

India's Nayara supplying fuel to Rosneft in exchange for Venezuelan oil: Report

The United States in January prohibited US-dollar transactions for oil sales from Venezuela's PDVSA or its units.

Oct 16, 2019

Indian energy market heats up: Total SA to buy 37.4% stake in Adani gas

The decision has heated up the competition to take a pie of India's oil and gas sector as global major Shell and British Petroleum are already operating in India.

Oct 15, 2019

Friendship with Gardi could prove most damaging of all Naresh Goyal's dealings

Dubai-based Gardi is being probed along with Goyals for various alleged violations; ED is looking into likely offences under foreign exchange regulations by Gardi.

Oct 15, 2019

Amid losses, Paytm in talks with T Rowe Price for $1 billion funding

Paytm has been scouting for investors and shore up funds since the beginning of the year amid increasing loss and competition in the digital payments segment posed by Google Pay and Walmart-owned PhonePe.

Oct 15, 2019

After Thomas Cook, another British travel operator Cox and Kings bites the dust

Even though the firm had reported a cash of Rs 2,500 crore in FY 2019, it had defaulted payments leading to bankruptcy.

Oct 15, 2019

Will likely spectrum price cut help telcos avoid plight of aviation sector?

Telcos have been urging the government to cut 5G spectrum base price ahead of the proposed auction; the sector has been facing financial stress caused by high operating costs and low profitability amid intense competition.

Oct 15, 2019

Good news for BSNL employees, cash-strapped telecom firm to give salaries before Diwali

The Finance Ministry and the PMO are in favour of Rs 50,000 crore capital infusion for the revival of the BSNL and MTNL, the state-run telcos.

Oct 15, 2019

IRCTC makes bumper opening at Dalaal Street, best time to book profit?

At the close of business on Monday, the stock price of IRCTC stood at Rs 728.60 apiece, a jump of around 128 percent.

Oct 14, 2019

After PMC debacle, Centre starts working on stronger framework for co-op banks

One of the RBI officials confirmed that apart from strengthening the framework for oversight of cooperatives, the central bank is also reviewing cap of Rs 25,000 on withdrawals which could be removed soon.

Oct 14, 2019

Air India pilots resign en masse over promotion, salary demands

Around 120 Airbus A-320 pilots tendered their resignation after their demand for salary revision and promotion was ignored by Air India management.

Oct 14, 2019

When will economic slowdown end? World Bank predicts 2nd year of fall in growth

World Bank cut India's GDP growth estimate to 6% for the 2019-20 financial year against 6.9% it achieved in FY19 amid broad-based deceleration of different sectors in the earlier quarters of the year.

Oct 13, 2019