Business news

PMC Bank fraud: ED files PMLA case, raids 6 locations in Mumbai

The ED has filed a money laundering case in the Rs 4,355 crore PMC Bank fraud and also registered an ECIR, equivalent to FIR, against crisis-hit real estate firm HDIL and its promoters.

Oct 4, 2019

Softbank's technology investment fund plans hit by WeWork debacle

Major investors have yet to sign on, leaving a $38 billion pledge from publicly traded Softbank Group itself as the only large commitment.

Oct 4, 2019

Deep discounts by e-commerce players: Offline players demand similar deal

In its letter to Samsung, AIMRA argued that last year's festive season was worst ever in terms of sales for the offline mobile retail business and they have started to face the heat this year as well.

Oct 3, 2019

5G rollout: India may keep out Huawei as views converge after Modi-Trump talks

A few days after Prime Minister Modi's meeting with President Trump, a closed-door meeting of top officials of both countries narrows differences on contentious issues including Huawei role in 5G technology rollout.

Oct 3, 2019

US widens trade war; slaps 25 percent tariffs on European goods, 10 percent on Airbus

But no tariffs will be imposed on EU-made aircraft parts used in Airbus' Alabama assembly operations or those used by rival US planemaker Boeing Co, safeguarding US manufacturing jobs.

Oct 3, 2019

Will slugfest of Vodafone, Jio and Airtel over ring duration affect your calls?

Trai intervenes after bare-knuckle slugfest breaks out over mismatch of interconnect usage charges after Jio cuts ringer duration hitting Vodafone-Idea and Airtel revenues.

Oct 2, 2019

PMC bank created more than 21,000 fraudulent account to conceal loans

The complaint has accused the bank's Chairman, Waryam Singh, and its Managing Director Joy Thomas, along with other bank officials of criminal breach of trust, forgery and falsification of records.

Oct 2, 2019

Mukesh Ambani helped his younger brother Anil Ambani to pay off debt owed to Sweden's Ericsson

Anil Ambani takes a leaf from Mukesh Ambani's playbook of leaner businesses

Reliance Infrastructure focuses on reducing its Rs 6,000-crore debt even as group firms' order books swell on government contracts.

Oct 1, 2019

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Markets today: Sensex jumps 250 points, Nifty above 11,000-mark in opening trade

The 30-share Sensex recovered by 0.65 percent at 38,917.39, and the Nifty by 0.60 percent at 11,543.75.

Oct 1, 2019

Signs of revival? FPI invests Rs 7,850 crore into stock market in September

The news has come as a major relief for the government as FPIs were net sellers in July and August.

Oct 1, 2019

Forever 21 files for bankruptcy as fast-fashion chain loses to e-commerce

The decision of closing around 350 stores worldwide, including 178 stores in its home market - the United States, comes after months of speculations.

Sep 30, 2019

Amazon, Flipkart festive sale: E-tailers offer big discounts despite economic slowdown

Booming sales in tier-two and lower cities helped e-tailers such as Amazon and Flipkart achieve their biggest ever opening.

Sep 30, 2019

Will RBI cut interest rate by 40 bps for 5th successive time this year?

Most experts expect a rate cut though they differ on the quantum ranging between 15 and 40 basis points; Finance Minister Nirmala Sitharaman's growth push is likely to guide RBI's monetary policy

Sep 29, 2019

Should RBI's regulatory action on Lakshmi Vilas Bank worry erring lenders?

Lakshmi Vilas Bank became second major private lender to get the rap under 'prompt corrective action' framework of the RBI, after the action against PMC Bank.

Sep 29, 2019

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LPG crisis looming? Cooking gas shortage could worsen during festival season

LPG vendors may begin rationing of LPG cylinders to customers as the effect of Houthi attacks on Saudi oil installations and fire at ONGC's Uran plant affects supplies in Karnataka, Maharashtra, Punjab, and Goa amid domestic shutdowns

Sep 28, 2019