Business news

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Kotak Mahindra Bank takes RBI to court over promoter holding norm; shares tank

As per the central bank requirements, promoter Uday Kotak must reduce holding in the bank to 20 percent by the end of December from 29.73 percent currently.

Dec 10, 2018

Nissan ex-chairman Carlos Ghosn formally charged in financial misconduct case

Ghosn, 64, was arrested in Tokyo on November 19 for allegedly failing to report 5 billion yen ($44 million) of his salary to the authorities.

Dec 10, 2018

Global cues, political uncertainties suppress Indian equity indices

The key indices -- the S&P BSE Sensex and NSE Nifty50 - had a gap-down opening and subsequently shed over 600 points and 190 points or more than 1.60 per cent each.

Dec 10, 2018

Sensex cracks over 550 pts; Nifty drops below 10,600

The 30-share index plummeted 551.74 points, or 1.55 per cent, to 35,121.51 in the opening session. All stocks in the index were trading in the red, the NSE Nifty slumped 172.95 points, or 1.62 per cent, to 10,520.75.

Dec 10, 2018

Italy fines Facebook 10 million euros for misleading users

The competition watchdog handed Facebook two fines totalling 10 million euros, "also for discouraging users from trying to limit how the company shares their data", Italian portal The Local reported on Saturday.

Dec 8, 2018

Google announces 'Journalism AI' project

Part of the Google News Initiative (GNI), the "Journalism AI" project will focus on research and training for newsrooms on the intersection of AI and journalism.

Dec 8, 2018

Akorn CEO to retire after drugmaker fails to salvage Fresenius merger deal

Akorn Inc said late on Friday its Chief Executive Officer would retire following the drugmaker's inability to salvage its takeover deal with Germany's Fresenius SE.

Dec 8, 2018

FinMin extends deadline for filing GST annual returns till March 31

The annual returns form in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal was notified in September.

Dec 8, 2018

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Kotak Bank denial of Warren Buffett firm talks rocks shares

Lender's shares soared after a media report suggested it was in discussions with Berkshire Hathaway over a 10 per cent stake sale

Dec 8, 2018

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Market volatility, tax rules force mutual funds to reassess conservative plans viability

ICICI Prudential discontinues accepting investments in its largest Balanced Advantage Plan as growth stagnates, tax burden drives away investors.

Dec 8, 2018

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ICRA downgrades Jet Airways' rating as carrier battles severe cash-crunch

Local credit rating agency ICRA has downgraded its long-term ratings to C from B-. The short-term rating of the carrier had been kept at A4. Jet Airways too confirmed the downgrade in a regulatory filing.

Dec 8, 2018

Uber files for $76 bln initial public offering -- Report

Uber Chief Executive Dara Khosrowshahi had told Reuters in May that the ride-hailing company was on track to launch an initial public offering next year.

Dec 8, 2018

HCL buys IBM Software Products for $1.8 billion

HCL Chief Executive C. Vijayakumar said in a statement that the deployment of IBM software products would provide it with an opportunity to serve thousands of global enterprises across industry verticals.

Dec 7, 2018