Business news

Amazon close to edging out Apple as most valuable American company

E-commerce giant Amazon's market cap touched $900 billion following the success of its Prime Day sale. Headed by Jeff-Bezos, the company now looks at dislodging Apple as the most valuable company in the USA.

Jul 19, 2018

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Multiplexes and movie theaters in Hyderabad ordered to sell snacks at MRP

Movie theatre owners have been directed to display prices of all packaged goods to be sold at MRP. Sales of unpackaged popcorn will be regulated as well, by introducing universal weight measurement for all multiplexes and single-screens.

Jul 19, 2018

After EU fine on Google, mobile industry might face a huge shake-up

The European Union has fined Google for illegally forcing its applications on hardware manufacturers. The ruling could allow makers such as Microsoft and Amazon to launch its own software, without affecting sales in the EU.

Jul 19, 2018

Director General of the World Trade Organization Roberto Azevedo

The WTO is under threat, will they step up?

A new report by the Bertelsmann Foundation says that the credibility of the WTO is under threat, and the organisation could face closure if more countries vacate its Appellate body.

Jul 18, 2018

Skytrax World Airline Awards: Singapore Airlines named world's best for 2018

Singapore's triumph highlighted resurgence in Asian carriers, which have contested against their Middle Eastern counterparts for supremacy ever since UK-based aviation industry reviewer Skytrax introduced its awards in back in 2001

Jul 18, 2018

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AI boom in India leads to drop in hiring at software firms

Nasscom predicts a fall in hiring, especially of laterals in the software industry this year as automation continues to grow into a staple of sorts at larger firms. Campus recruitments are expected to remain flat due to the increase in the number of SMEs and start-ups.

Jul 18, 2018

A road sign is seen next to Bombay Stock Exchange (BSE) building in Mumbai

Q1 profits of Federal Bank up by 25 percent, beat estimates

Federal Bank announced a 25 percent year on year growth and a jump in the Net Interest Income by 22 percent in Q1 of FY18. Stocks of the bank increased 13 percent after the announcement.

Jul 18, 2018

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Oil prices fall after surprise rise in U.S. inventories

Oil prices dropped on Wednesday after an industry group reported that U.S. crude inventories rose last week, defying analyst expectations for a significant reduction.

Jul 18, 2018

Elon Musk Calls British Diver Who Helped Thai Schoolboys Is A Pedo Guy In Twitter Outburst

Furious investors send Tesla shares plummeting amid Elon Musk's Twitter rant

The repercussion of the Tesla founder's tweet calling a diver involved in the Thai cave rescue a paedophile has resulted in the company having the worst-performing stock on the Nasdaq index as share crashed by 3%.

Jul 17, 2018

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PhonePe acquires Zopper Retail to fight competition

Zopper claims to have a network of three lakh offline and online merchant outlets covering food, travel, groceries, and movie tickets among other services.

Jul 17, 2018

China's ride-hailing giant Didi may spin off its car services unit for up to $1.5 billion

Chinese ride-hailing giant Didi Chuxing Technology Co Ltd is looking to spin off its car services unit in a deal worth up to $1.5 billion ahead of its expected initial public offering, people with direct knowledge of the matter told Reuters.

Jul 17, 2018

Adidas goes green; to use only recycled plastic by 2024

After IKEA, Starbucks and McDonald's, Adidas is the latest corporate to wean off plastic, as it announced that it would use only recycled plastic in all its products by 2024. The project will start this year and is estimated to save 40 tonnes of plastic annually.

Jul 17, 2018

Oil climbs from three-month low as more oil workers strike in Norway

Brent crude prices rose from a three-month low on Tuesday after more oil workers went on strike in Norway, supporting a market that has been dominated by oversupply issues in recent days.

Jul 17, 2018

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NPA 'irregularities': ICICI Bank launches second inquiry

The allegations are related to cases where the bank have inflated profits by at least $1.3 billion over eight years by delaying provisioning for 31 non-performing assets (NPA) accounts.

Jul 16, 2018

A bottle of Johnson and Johnson Baby Powder is seen in a photo illustration taken in New York

Johnson & Johnson asked to cough up $4.7 billion in ovarian cancer lawsuit

22 women had alleged the asbestos in Johnson & Johnson's talc-based products lead to ovarian cancer. Over 9,000 cases have been filed against the company in connection to ovarian cancer, with the $4.7 billion fine being the highest the company has been asked to pay.

Jul 14, 2018