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US rapper Snoop Dogg invests in Swedish online payments company
short by Krishna Veera Vanamali / on 18 Jan 2019,Friday
US rapper Snoop Dogg has invested in Swedish online payments startup Klarna, which was last valued at $2.5 billion. Klarna, known for its "Smoooth Payments" slogan, has dubbed the 47-year-old artist as "Smoooth Dogg" as part of an ad campaign. Snoop Dogg's venture firm Casa Verde Capital has previously invested mainly in cannabis industry companies.
short by Krishna Veera Vanamali / 09:30 am on 18 Jan
Pic shows Bill Gates waiting in line to buy food at a restaurant
short by Pragya Swastik / on 18 Jan 2019,Friday
A picture shared by a former Microsoft employee shows the company's Co-founder and the world's second richest person, Bill Gates, waiting in line to buy food at a fast-food restaurant in the US. "When you're worth about $100,000,000,000...and stand in line for a burger, fries and coke at Dick's like the rest of us," the former employee captioned the picture.
short by Pragya Swastik / 11:32 am on 18 Jan
Govt fires 2 PNB executives for failing to stop $2 bn scam: Report
short by Pragya Swastik / on 20 Jan 2019,Sunday
The government has fired two senior executive directors of Punjab National Bank for allegedly failing to prevent $2-billion loan fraud by businessman Nirav Modi, reports said. The two fired executives were accused by the CBI of breaching the RBI guidelines, the reports added. Nirav and his uncle Mehul Choksi are accused of fraudulently raising money in foreign credit.
short by Pragya Swastik / 04:19 pm on 20 Jan
We may drop criminal charges against Goldman for $7.5 bn: Malaysia
short by Krishna Veera Vanamali / on 18 Jan 2019,Friday
Malaysia on Friday said that criminal charges filed against Goldman Sachs for its role in the 1MDB scandal could be dropped if the bank pays $7.5 billion. "An apology is just not sufficient. Not enough. There must be the necessary reparations and compensations," Malaysia said. Goldman helped the sovereign wealth fund raise about $6.5 billion, most of which was stolen.
short by Krishna Veera Vanamali / 03:28 pm on 18 Jan
We compete with and lose to Fortnite more than HBO: Netflix
short by Krishna Veera Vanamali / on 18 Jan 2019,Friday
Streaming giant Netflix said in a letter to shareholders that it competes with and loses to battle royale game Fortnite more than HBO. "There are thousands of competitors in this highly fragmented market vying to entertain consumers," it said. "When YouTube went down globally for a few minutes in October, our viewing and signups spiked for that time," added Netflix.
short by Krishna Veera Vanamali / 04:11 pm on 18 Jan
Oxford University bans all funding from China's Huawei
short by Krishna Veera Vanamali / on 18 Jan 2019,Friday
The University of Oxford has placed an indefinite ban on accepting research grants or donations from Chinese telecoms giant Huawei. Oxford said the ban was linked to "public concerns raised in recent months surrounding UK partnerships with Huawei". The decision came a day after reports said US authorities are investigating Huawei for allegedly stealing trade secrets from US business partners.
short by Krishna Veera Vanamali / 05:25 pm on 18 Jan
Philippines' richest man, who started as a shoe seller, dies at 94
short by Krishna Veera Vanamali / on 19 Jan 2019,Saturday
Philippines' richest man Henry Sy, who started his first business after WWII selling shoes imported by US soldiers, died on Saturday at the age of 94. He founded SM Investments, which runs department stores, supermarkets, shopping malls and banks. Sy, who stepped down as SM Investments' Chairman in 2017, had a net worth of $19 billion, according to Forbes.
short by Krishna Veera Vanamali / 04:28 pm on 19 Jan
Billionaire installs first-ever floating IMAX on $100 mn superyacht
short by Krishna Veera Vanamali / on 19 Jan 2019,Saturday
Dan Snyder, the billionaire owner of NFL team Washington Redskins, is reportedly buying a $100 million superyacht named Lady S with the world's first floating private IMAX movie theatre. The feature added $3 million to the yacht's cost. Dutch boatbuilder Feadship said the 12-seat, two-level IMAX is so big that the 305-foot yacht "had to be built around the IMAX".
short by Krishna Veera Vanamali / 11:12 pm on 19 Jan
IndiGo, GoAir banned from flying A320neo aircraft to Port Blair
short by Krishna Veera Vanamali / on 18 Jan 2019,Friday
Aviation regulator DGCA has banned IndiGo and GoAir from operating Airbus A320neo aircraft fitted with Pratt & Whitney engines to Port Blair. The two airlines were forced to ground the aircraft on several occasions due to engine-related issues. The regulator said the airlines must train its crew to deal with and report any kind of odour, burning smell or smoke.
short by Krishna Veera Vanamali / 07:49 pm on 18 Jan
Infosys Co-founder Narayana Murthy to get his own biopic: Reports
short by Krishna Veera Vanamali / on 17 Jan 2019,Thursday
Filmmaker Sanjay Tripathy is reportedly working on the script of Infosys Co-founder Narayana Murthy's biopic. Tripathy first approached the 72-year-old about eight months ago and after much deliberation, Murthy approved the project, according to reports. Murthy started Infosys in 1981 in Pune at the age of 35 with ₹10,000 borrowed from his wife Sudha.
short by Krishna Veera Vanamali / 09:25 pm on 17 Jan
Anil Ambani's younger son Anshul Ambani joins Reliance Group
short by Krishna Veera Vanamali / on 19 Jan 2019,Saturday
Reliance Group Chairman Anil Ambani's younger son, 23-year-old Anshul Ambani, has joined the group's Reliance Infrastructure as a management trainee after completing his undergraduate degree in management from NYU Stern School of Business. Anshul's elder brother Anmol, who did BSc Management from UK's Warwick Business School, had joined Reliance Capital in 2014 and later joined its board in 2016.
short by Krishna Veera Vanamali / 11:15 pm on 19 Jan
CEO of JPMorgan, which posted $32bn profit in 2018, gets $31mn pay
short by Krishna Veera Vanamali / on 19 Jan 2019,Saturday
US bank JPMorgan Chase awarded its billionaire CEO Jamie Dimon $31 million in total compensation for 2018, a 5.1% increase from previous year. JPMorgan recorded the highest profit in US banking history in 2018 at $32.5 billion. This was the second-biggest pay package the 62-year-old has received since he became CEO, trailing the $49.9 million of reported compensation for 2007.
short by Krishna Veera Vanamali / 09:30 am on 19 Jan
Market regulator rejects L&T's ₹9,000-crore share buyback
short by Krishna Veera Vanamali / on 19 Jan 2019,Saturday
Market regulator SEBI on Friday rejected India's largest engineering and construction company Larsen & Toubro's (L&T) ₹9,000-crore share buyback. The regulator rejected the proposal citing a sharp rise in the debt-to-equity ratio of the company if the buyback went through. The government which holds 1.8% stake in L&T was looking to participate in the buyback to raise funds through divestment.
short by Krishna Veera Vanamali / 06:11 pm on 19 Jan
Reliance Industries e-commerce platform to be launched from Gujarat
short by Krishna Veera Vanamali / on 19 Jan 2019,Saturday
India's richest man Mukesh Ambani on Friday said Reliance Industries will first roll out its e-commerce platform to 1.2 million retailers in Gujarat, as part of a nationwide plan. Ambani made the announcement in the presence of PM Narendra Modi at Vibrant Gujarat summit. The new offline-to-online platform will reportedly be launched across the country in 12 to 18 months.
short by Krishna Veera Vanamali / 05:14 pm on 19 Jan
Gujarat is Reliance's janmabhoomi and karmabhoomi: Mukesh Ambani
short by Krishna Veera Vanamali / on 18 Jan 2019,Friday
Speaking at the 9th Vibrant Gujarat summit, Reliance Industries Chairman Mukesh Ambani said that "Gujarat is Reliance's janmabhoomi (birthplace) as well as its karmabhoomi (workplace)". He committed to invest ₹3 lakh crore in various projects in the next 10 years in the state. Notably, Reliance Industries operates the world's largest oil refining complex at Jamnagar in Gujarat.
short by Krishna Veera Vanamali / 06:28 pm on 18 Jan
If I were Finance Minister, I'd quit: Chidambaram on state of economy
short by Krishna Veera Vanamali / on 19 Jan 2019,Saturday
Senior Congress leader P Chidambaram has said that India's economy was in a "perilous state" and that he would have resigned had he been the Finance Minister. "Nothing the government will do in the next 60 days will alter the status of the economy," the former Finance Minister said, adding the government would miss the fiscal deficit target of 3.3%.
short by Krishna Veera Vanamali / 08:30 am on 19 Jan
Samara-Amazon acquisition of More retail chain gets CCI nod
short by Kanishka Pandey / on 18 Jan 2019,Friday
Competition Commission of India (CCI) has approved the acquisition of billionaire Kumar Mangalam Birla's supermarket chain 'More' by Amazon and private equity fund Samara Capital. CCI has done due diligence from an impact-on-competition perspective and Amazon and Samara will have to modify the deal, made last September for around ₹4,200 crore, to comply with revised FDI norms, as per reports.
short by Kanishka Pandey / 05:02 pm on 18 Jan
Black workers sue General Motors alleging racial harassment
short by Nandini Sinha / on 19 Jan 2019,Saturday
A group of black workers has sued General Motors over alleged racial harassment at a US plant after finding hanging nooses and "whites only" bathroom signs. The lawsuit filed last year, alleges the workers were called racial slurs and told "to go back to Africa". The workers were told to handle the matter themselves after they reported it to seniors.
short by Nandini Sinha / 04:47 pm on 19 Jan
Cabinet clears ₹22,594-cr plan to expand Numaligarh Refinery
short by Shruti Maria Mahendar / on 17 Jan 2019,Thursday
Union Minister Piyush Goyal has said the Cabinet has approved tripling the capacity of Assam's Numaligarh Refinery from 3 MMTPA to 9 MMTPA at a cost of ₹22,594 crore. This also includes setting up an oil pipeline from Paradip to Numaligarh and product pipeline from Numaligarh to Siliguri. The project aims to meet demand for petroleum products in Northeast India.
short by Shruti Maria Mahendar / 10:43 pm on 17 Jan
Hindustan Unilever's Q3 profit grows 8.9% to ₹1,444 crore
short by Shruti Maria Mahendar / on 17 Jan 2019,Thursday
Consumer goods giant Hindustan Unilever's (HUL) December quarter profit rose 8.9% to ₹1,444 crore. The company, which makes Dove soaps and Cornetto ice cream, recorded sales of ₹9,357 crore during the quarter, a 12.4% increase from the year-ago period. Revenue from the company's home care segment, which includes brands like Surf Excel and Vim, rose 14.8% to ₹3,148 crore.
short by Shruti Maria Mahendar / 11:20 pm on 17 Jan
India's Lupin, Sun Pharma, Glenmark recall products in US
short by Shruti Maria Mahendar / on 20 Jan 2019,Sunday
Indian drug majors Lupin, Sun Pharma and Glenmark Pharmaceuticals are recalling various drugs from the US market. The presence of particulate matter led to the recall by Lupin and Sun Pharma. Further, Mumbai-based Glenmark Pharmaceuticals is recalling 96,240 applicators of its product Estradiol Vaginal Inserts for defective delivery system.
short by Shruti Maria Mahendar / 03:56 pm on 20 Jan
Pakistan exports 1,00,000 kg human hair worth ₹94L to China
short by Shruti Maria Mahendar / on 20 Jan 2019,Sunday
Pakistan's Ministry of Commerce and Textile has said it has exported over 1,00,000 kg of human hair worth $132,000 (around ₹94 lakh) to China over the last five years. China's demand for human hair rose due to growth in makeup industry and the trend of wearing wigs. Exporters place bins in salons and buy hair for around ₹5,000 per kg.
short by Shruti Maria Mahendar / 05:07 pm on 20 Jan
India to bar private refiners from using Iran oil quota: Reports
short by Shruti Maria Mahendar / on 17 Jan 2019,Thursday
The government will reportedly not share the limited supply of Iranian crude with private refiners. It has reportedly asked the four state-run refiners to share the 9 million barrels of Iranian oil available monthly under a 180-day waiver from US sanctions. Essar Oil was allowed to buy about half of the Iran volumes when similar curbs were imposed in 2012.
short by Shruti Maria Mahendar / 11:06 pm on 17 Jan
India may surpass UK in world's largest economy rankings: PwC
short by Shruti Maria Mahendar / on 20 Jan 2019,Sunday
India is likely to surpass the United Kingdom in the world's largest economy rankings in 2019, according to the Global Economy Watch report by global consultancy firm PwC. It added that India's climb up the rankings is likely to be permanent. The report further projected a GDP growth of 1.6% for the UK and 7.6% for India in 2019.
short by Shruti Maria Mahendar / 04:36 pm on 20 Jan
Bombay HC to hear Kotak’s plea on stake dilution in March
short by Shruti Maria Mahendar / on 17 Jan 2019,Thursday
The Bombay High Court on Thursday adjourned the hearing of Kotak Mahindra Bank's petition against the Reserve Bank of India (RBI) over promoter stake reduction to March 12. The RBI has sought more time to file its reply to the bank's petition. The Uday Kotak-led bank was barred from reducing promoter holding to mandated level through a preference share sale.
short by Shruti Maria Mahendar / 10:51 pm on 17 Jan
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