Consumer spending in India fell in the year through June 2018 for the first time in more than four decades, Business Standard reported citing an unreleased National Statistical Office survey. The average amount spent by a person in a month was ₹1,446 in 2017-18, down 3.7% from ₹1,501 in 2011-12. Consumer spending in villages fell by 8.8% over six years.

Microsoft Co-founder Bill Gates on Friday officially overtook Amazon Founder Jeff Bezos as the world's richest person with a $110-billion net worth as per Bloomberg Billionaires Index. The 64-year-old reclaimed the title for the first time in over two years, Bloomberg added. The fortune of Bezos stood at $109 billion according to the index.

Mukesh Ambani-led Reliance is reportedly in advanced talks to acquire 51% stake in Hyderabad-based software startup NowFloats. "The negotiation has been underway for about two months...the deal [could] be sealed and announced later this month," Entrackr's sources said. Entrackr said it has confirmed from NowFloats' regulatory filings that it's in the process of selling 51% equity.

Loyalty and rewards management company Jet Privilege Pvt Ltd (JPPL) has rebranded itself from JetPrivilege to InterMiles seven months after the collapse of Jet Airways. Abu Dhabi-based Etihad Airways owns 50.1% stake in JPPL, while the grounded Jet Airways holds the remaining. JPPL was carved out as a separate entity from Jet Airways more than five years ago.

The world's largest steelmaker ArcelorMittal has won approval from the Supreme Court to complete its ₹42,000-crore takeover of bankrupt Essar Steel. The court scrapped an appellate tribunal's order that gave operational and financial creditors equal right over the sale proceeds. It said that operational creditors could not be treated on a par with financial creditors of a bankrupt company.

Shares of Vodafone Idea surged 27% on Friday, a day after the telecom operator posted India's biggest quarterly loss of ₹50,922 crore. "Given the stress on the sector, it gives the government additional ability to act in the interest of the overall economy," Vodafone Idea CEO Ravinder Takkar said. Rival Airtel's shares surged over 9% following its ₹23,045 quarterly loss.

The Supreme Court on Friday refused to lift the block on completion of the takeover of Fortis Healthcare by Malaysia's IHH Healthcare. The court held Fortis founders Malvinder Singh and Shivinder Singh guilty of contempt of court and said it could start similar proceedings against the Indian hospital chain. IHH is already Fortis' largest shareholder with a 31% stake.

Finance Minister Nirmala Sitharaman on Friday said it was too early to say if the slowdown in India's economy had bottomed out. She added that companies are planning new investments following ₹1.4 lakh crore worth of corporate tax cuts announced in September by the government. Actual investments may take some time to materialise, she said.

Some income tax officials have quit because of "unrealistic collection targets" set by the government, Reuters reported. Around 56 top-level officers opted for voluntary retirement since 2018, according to Income Tax Gazetted Officers' Association. "Even seasoned officers after working for 25-30 years cannot take this pressure anymore," the association's Vice President Bhaskar Bhattacharya said.

A WTO panel rejected most of India's claims that the US wasn't respecting an earlier ruling related to anti-subsidy duties on Indian steel. However, it found the US "failed to comply with (WTO's) recommendations and rulings" in the original dispute. "We recommend that the United States bring its measures into conformity with its obligations," the panel said.

HDFC Bank on Friday became the third Indian company and first bank to cross ₹7 lakh crore in market value. The private lender's stock has surged 31% in the past one year. Reliance Industries, with a market cap of ₹9.38 lakh crore, is currently the country's most valued company, followed by Tata Consultancy Services (TCS) at ₹8.23 lakh crore.

The Statistics Ministry has decided not to release the results of the Consumer Expenditure Survey of 2017-2018 because of "data quality issues". On Friday, the Business Standard newspaper leaked the findings of the survey which showed India's consumer spending falling for the first time in more than four decades. The ministry, however, termed it a "draft" report.

Debt-ridden Reliance Communications (RCom) on Friday posted a loss of ₹30,142 crore for the July-September quarter due to provisioning for liabilities after the Supreme Court ruling on statutory dues. It is the second-biggest quarterly loss in India's corporate history. RCom, which is undergoing insolvency process, had posted a profit of ₹1,141 crore in the same period last year.

The government is considering proposals to increase the deposit insurance cover provided by Deposit Insurance and Credit Guarantee Corporation (DICGC) in case of bank failure. "If Cabinet approves, we would like to move amendments in the upcoming winter session (of the Parliament)," Finance Minister Nirmala Sitharaman said. The deposit guarantee limit has remained unchanged since 1993 at ₹1 lakh.

India's diesel demand in October fell at its fastest pace since January 2017 by 7.4% to a nearly three-year low of 6.51 million tonnes, provisional government data from Petroleum Planning and Analysis Cell showed. Diesel accounts for about 40% of overall fuel consumption. The sales of petrol rose 8.9% in October from a year earlier to 2.54 million tonnes.

Essar Group, led by the Ruia family, wished ArcelorMittal and Nippon Steel the very best for their entry into India after the Supreme Court allowed them to acquire bankrupt Essar Steel. "They're acquiring a world-class facility in a market that has a long runway for growth," Essar added. Lakshmi Mittal-led ArcelorMittal said it's looking forward to completing the acquisition soon.

Singapore Telecommunications (Singtel) on Thursday posted its first-ever quarterly loss hurt by a one-time charge recorded by Bharti Airtel. Singtel is the biggest shareholder in Airtel, with an effective stake of about 35%. It made a provision in its books for the unprofitable Indian carrier and posted a net loss of S$668 million (₹3,530 crore) for the September quarter.

The government is in favour of a self-regulatory model for content showcased on video streaming platforms, Amit Khare, Secretary of Information and Broadcasting Ministry, said. The government has already had consultations with industry players in Chennai and Mumbai, Khare added. Earlier this year, nine video streaming sites in India voluntarily adopted a self-regulatory Code of Best Practices.

The Supreme Court (SC) has held Ranbaxy ex-promoters Malvinder Singh and Shivinder Singh guilty of contempt of court in a case filed by Japanese firm Daiichi Sankyo. SC said Malvinder and Shivinder violated its order asking them not to divest their shares in Fortis Healthcare Limited. They can get away from contempt by depositing ₹1,175 crore each, the SC added.

Reliance Communications (RCom) Chairman Anil Ambani on Friday resigned as a director of the company, which is undergoing insolvency process. His resignation comes after the bankrupt company posted a second-quarter loss of ₹30,142 crore. Apart from Ambani, five other directors including V Manikantan, who is also the Chief Financial Officer (CFO) of the company, tendered their resignations.

Finance Minister Nirmala Sitharaman has said the government is considering requests from Vodafone Idea and Airtel for financial relief. The two carriers owe more than ₹78,000 crore in overdue levies and interest after Supreme Court upheld a telecom department's demand. The government is not rushing to account for the money it will receive from operators after the ruling, she added.

Info Edge has refuted a report claiming it could sell its stake in Zomato by May 2020. "We aren't looking at a secondary sale in Zomato as of now. If it reaches breakeven by March or April, things might be different," the report quoted a senior executive as saying. Info Edge said the statement was misquoted and misrepresented its intent.

Finance Minister Nirmala Sitharaman has said the government does not want any telecom company to shut operations and is looking at extending financial relief to the debt-laden sector. This follows Vodafone Idea and Bharti Airtel posting combined losses of ₹73,967 crore in the September quarter. The Supreme Court earlier ordered the two to clear nearly ₹49,990 crore in unpaid dues.

The US will reportedly extend a licence, that expires on Monday, allowing American companies to continue doing business with Huawei. This would be the third time a waiver is granted to the Chinese firm, which the Trump administration blacklisted in May citing national security concerns. The reprieve was to let rural firms "dependant" on Huawei equipment adjust to the restriction.

Alibaba Co-founder Jack Ma has said the relationship between the US and China may face "turbulence" for the next twenty years if things aren't handled carefully. He added it was natural for two countries that have worked together to have issues. If negotiations fail, the US is set to impose 15% tariffs on additional $160-billion Chinese imports starting December 15.