• Flipkart’s Binny asks for $100mn Walmart payout?

    Flipkart’s Binny asks for $100mn Walmart payout?
    Published Date : 19-Dec-2018 3:34:54IST

    Flipkart Co-founder and former Group CEO Binny Bansal has reportedly negotiated an immediate payout of $100 million from Walmart, with the remaining due by August 2020. As per his original contract, Binny would have received over half of his more than $850 million worth of stakes. He will continue to keep remainder of his stock in Flipkart, the report added.

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  • Please take it: Vijay Mallya offers to pay 100% back to banks

    Please take it: Vijay Mallya offers to pay 100% back to banks
    Published Date : 05-Dec-2018 11:28:43IST

    Ahead of his extradition hearing, liquor baron Vijay Mallya on Wednesday made a series of tweets saying, “I’m offering to pay 100% back. I humbly request the Banks and Government to take it.” Mallya, currently being investigated for defrauding Indian banks of ₹9,000 crore, said he borrowed the money to keep his now-defunct Kingfisher Airlines operational amid rising fuel prices.

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  • Pizza Hut opens 500th store in Indian subcontinent

    Pizza Hut opens 500th store in Indian subcontinent
    Published Date : 30-Nov-2018 11:58:47IST

    Pizza Hut announced the launch of its 500th store in the Indian subcontinent with the latest being opened in Delhi on Friday. The company also said that it plans to launch 200 more outlets in India by 2022. “Located at Laxmi Nagar, the 500th store is modelled on Pizza Hut’s new Fast-Casual format, which brings alive contemporary store design, convenient and faster service, and an open-kitchen which appeals to millennials,” said a Pizza Hut statement.

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  • Imported iPhones may be hit with 10% tariff: Trump

    Imported iPhones may be hit with 10% tariff: Trump
    Published Date : 27-Nov-2018 10:23:32IST

    US President Donald Trump has suggested that 10% tariffs could be placed on mobile phones, like the iPhone, and laptops imported from China. “I mean, I can make it 10%…people could stand that very easily,” Trump said, while adding that it “depends on what the rate is”. Apple’s stock fell about 1.6% in extended trading on Monday following Trump’s comments.

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  • Onion Price Hits Rock Bottom, Sells at Re 1 Per Kilo in Karnataka

    Onion Price Hits Rock Bottom, Sells at Re 1 Per Kilo in Karnataka
    Published Date : 21-Nov-2018 4:10:17IST

    The onion price has hit rock-bottom in the last one week and the growers are literally crying in Karnataka, one of the largest producers of India’s most essential vegetable. The onion is selling at Rs 100 for a bag of 100 kilograms in Hubli, Dharwad, Haveri, Gadag, Bagalkote, Belgaum, Davanagere and Chitradurga wholesale markets. A week ago, the price was about Rs 500 per quintal and it crashed to Rs 200 a day later.

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  • Infosys to create 1,200 jobs in Australia by 2020

    Infosys to create 1,200 jobs in Australia by 2020
    Published Date : 21-Nov-2018 11:11:21IST

    Software major Infosys on Thursday said it will be creating 1,200 jobs and opening three innovation hubs in Australia by 2020 to reduce digital skills gap. “We are creating 1,200 new skilled jobs for graduates and professionals and opening three innovation hubs by 2020 to accelerate digital leadership for our clients in Australia,” said the city-based IT behemoth in a statement here.

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  • 4 IIT dropouts among 9 held for ₹30-crore scam in Hyderabad

    4 IIT dropouts among 9 held for ₹30-crore scam in Hyderabad
    Published Date : 19-Nov-2018 1:00:32IST

    Four IIT-Kharagpur dropouts are among nine persons arrested by Cyberabad police in connection with floating a fraudulent multi-level marketing company in Hyderabad and collecting ₹30 crore in past two years. The accused enrolled over 40,000 distributors in Andhra Pradesh and Telangana. The distributors, who paid a minimum of ₹4,000 for enrolment, then targeted unemployed youth and elderly people.

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  • Warren Buffett sells his last Walmart shares after 20 years

    Warren Buffett sells his last Walmart shares after 20 years
    Published Date : 15-Nov-2018 4:15:41IST

    World’s third richest person Warren Buffet’s Berkshire Hathaway has sold its last Walmart shares, ending a relationship of over 20 years. The world’s largest retailer was once among Berkshire’s five biggest equity holdings as recently as 2014, valued at over $5 billion. Shares of Walmart, which recently acquired 77% stake in Flipkart for $16 billion, have risen 2.8% this year.

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  • Indians are very good trade negotiators: Trump

    Indians are very good trade negotiators: Trump
    Published Date : 14-Nov-2018 10:34:04IST

    During Diwali celebrations at the White House on Tuesday, US President Donald Trump said Indians are “very good negotiators,” while adding US-India trade talks are “moving along”. Trump also said these were the “best times we’ve ever had for the India-US relationship” and that he was grateful for his friendship with Indian Prime Minister Narendra Modi.

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  • Binny Bansal resigned over sexual assault claim

    Binny Bansal resigned over sexual assault claim
    Published Date : 13-Nov-2018 10:00:48IST

    Flipkart’s Group CEO Binny Bansal, who resigned on Tuesday, was facing an allegation of sexual assault that dates back a few years, Reuters said quoting a source. The individual concerned was a former Flipkart associate who wasn’t with Flipkart at the time of making the allegation, it added. “The investigation didn’t find evidence to corroborate the complainant’s assertions,” Walmart said.

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  • Alibaba sales in 76 mins crosses Flipkart, Amazon’s sales in 2017

    Alibaba sales in 76 mins crosses Flipkart, Amazon’s sales in 2017
    Published Date : 12-Nov-2018 4:39:37IST

    Jack Ma-led China’s Alibaba recorded sales worth $13.1 billion within the first 76 minutes of Singles’ Day sale on Saturday, more than the combined sales of Amazon India and Flipkart in 2017. While Flipkart recorded $7.5 billion in sales, Amazon India recorded $5 billion in sales last year. Dedicated to China’s singles, Singles’ Day is celebrated annually on November 11.

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  • Drunk NRI falls from Delhi’s Taj Mahal Hotel terrace, dies

    Drunk NRI falls from Delhi’s Taj Mahal Hotel terrace, dies
    Published Date : 10-Nov-2018 7:49:58IST

    A 48-year-old NRI businessman died after he accidentally fell from the terrace of Taj Mahal Hotel in Lutyens’ Delhi, police said Friday. CCTV footage showed the deceased, Mangalam Narendra, was drunk and was looking for a place to urinate on the terrace before the accident around noon, said police. The hotel staff spotted him almost 12 hours after the incident.

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  • 75 lakh new taxpayers added to Income Tax net in FY 2018-19

    75 lakh new taxpayers added to Income Tax net in FY 2018-19
    Published Date : 04-Nov-2018 7:40:37IST

    About 75 lakh new taxpayers have been added to the country’s list of Income Tax payers in the fiscal year 2018-19 so far, a senior official has said. The target is to add 1.25 crore taxpayers by the end of this year that ends in March next year, the CBDT said. The department added 1.06 crore new taxpayers last fiscal.

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  • Apple could release 5G iPhones in 2020: Report

    Apple could release 5G iPhones in 2020: Report
    Published Date : 03-Nov-2018 11:56:57IST

    Apple is planning to release 5G iPhones in 2020, according to a report. The company is planning to use Intel’s 8161 5G modem chip in its 2020 iPhones, the report further said. The report added that Apple has also held talks with another chip maker, MediaTek, about potentially supplying the chips.

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  • GST collections cross Rs 1 lakh crore mark

    GST collections cross Rs 1 lakh crore mark
    Published Date : 01-Nov-2018 1:17:30IST

    Revenue collections under the Goods and Services Tax (GST) crossed the Rs 1 lakh crore mark in October, Finance Minister Arun Jaitley said on Thursday. This was a marked improvement over the September GST collection (for August) which stood at Rs 94,442 crore. “GST collections for October 2018 have crossed Rs. 1 lakh crore. The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities,” he said in a tweet.

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