• Coffee Day group’s outstanding debt at Rs 4,970 cr

    Coffee Day group’s outstanding debt at Rs 4,970 cr
    Published Date : 17-Aug-2019 11:03:23IST

    Coffee Day Group on Friday clarified its debt position following Founder VG Siddhartha’s demise and said all obligations will be honoured. Its debt stood at ₹4,970 crore, which would reduce by about ₹2,400 crore following the sale of its Bengaluru technology park. Coffee Day added that its subsidiary Sical Logistics would sell certain assets to significantly reduce its ₹1,488-crore debt.

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  • Amazon to Donate Unsold Stuff

    Amazon to Donate Unsold Stuff
    Published Date : 16-Aug-2019 9:12:37IST

    Beijing Amazon is making a big push to help third-party sellers donate their unsold products instead of trashing them. The firm is launching a new programme called ‘Fulfillment by Amazon Donations’, where eligible excess and returned products from sellers will be donated to nonprofits and charities in the US and UK.

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  • Rupee becomes Asia’s worst performing currency this month

    Rupee becomes Asia’s worst performing currency this month
    Published Date : 14-Aug-2019 9:43:32IST

    The Indian rupee has become Asia’s worst-performing currency in August amid foreign fund outflows, global trade tensions and pressure from China’s yuan. The local currency has slumped 3.49% against the US dollar so far this month, heading towards its second-worst monthly loss in four years. China recently let its yuan weaken below 7 against the dollar, an 11-year low.

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  • Jio to provide free internet services to budding startups: Ambani

    Jio to provide free internet services to budding startups: Ambani
    Published Date : 12-Aug-2019 3:45:40IST

    Reliance Jio will help upcoming startups by providing them with free internet services, Reliance Industries (RIL) Chairman Mukesh Ambani announced at RIL’s Annual General Meeting on Monday. Ambani said the service would be made accessible for startups from January 1, 2020. The startups would be able to register for their custom-designed internet package at Jio’s portal.

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  • Only 2 Indians feature in top 50 richest people in the world

    Only 2 Indians feature in top 50 richest people in the world
    Published Date : 12-Aug-2019 9:12:59IST

    Only two Indian business personalities — Mukesh Dhirubhai Ambani and Azim Premji — feature in the top 50 richest people in the world. Mukesh Ambani, Chairman & Managing Director of Reliance Industries Ltd (RIL), is the richest Indian businessman who stands at 18th place, while Wipro Chairman Azim Premji holds the 48th position, according to the Bloomberg Billionaires Index. Reliance Industries Ltd is the biggest publicly-listed company in India according to annual turnover.

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  • World’s richest man Bezos sells Amazon stock worth $2.8 bn in a week

    World’s richest man Bezos sells Amazon stock worth $2.8 bn in a week
    Published Date : 06-Aug-2019 3:22:52IST

    World’s richest man and Amazon Founder Jeff Bezos sold his company shares worth $2.8 billion last week. This includes $900 million stock sold on Thursday and Friday, and stock worth $1.8 billion sold in the last three days of July. Earlier, Bezos said he plans to sell stock worth $1 billion each year to fund his space startup Blue Origin.

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  • World’s 500 richest people lose $117 billion in one day

    World’s 500 richest people lose $117 billion in one day
    Published Date : 06-Aug-2019 3:21:19IST

    A plunge in US stocks on Monday cut the fortunes of world’s 500 richest people by $117 billion, Bloomberg reported. While Amazon CEO Jeff Bezos was the worst hit as he lost $3.4 billion, Mukesh Ambani lost $2.4 billion. French tycoon Bernard Arnault saw the second-biggest decline of $3.2 billion followed by Facebook CEO Mark Zuckerberg, who lost $2.8 billion.

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  • Rupee sees biggest one-day fall in 8 months against US dollar

    Rupee sees biggest one-day fall in 8 months against US dollar
    Published Date : 05-Aug-2019 4:45:21IST

    The Indian rupee on Monday fell to 70.6 against the US dollar in its biggest single-day fall since December 2018. At its previous close, the rupee was at 69.6 a dollar. The fall was driven by an increase in foreign fund outflows and turmoil in global currency markets.

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  • iPhones to get $100 costlier after US’ new China tariffs

    iPhones to get $100 costlier after US’ new China tariffs
    Published Date : 03-Aug-2019 11:31:52IST

    Apple iPhones would be around $100 more expensive in the US once new 10 per cent tariff on $300 billion in goods imported from China comes into place from September 1. “iPhone sales in the US, China and other markets could fall by 8 million to 10 million,” CBS News reported late Friday, quoting analysts. Apple lost $42 billion in stock value after Trump tweeted new tariffs on China on Thursday. Apple XS Max starts at $1,099 and new 10 per cent tariff would mean a roughly $110 hike.

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  • Jeff Bezos sells $1.8 billion Amazon shares

    Jeff Bezos sells $1.8 billion Amazon shares
    Published Date : 01-Aug-2019 4:15:34IST

    In what could be his largest stock sell-off, Amazon Founder and CEO Jeff Bezos has cashed in $1.8 billion worth of the company’s shares over the last three days of July, according to media reports. After taxes, he would net about $1.4 billion, Forbes.com reported on Wednesday, citing filings by Bezos with the Securities Exchange Commission. Between July 29 and July 31 Bezos sold a little over 900,000 shares of the e-commerce giant when its stock price was around $1,900 a share.

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  • Apple Credit Card in Aug?

    Apple Credit Card in Aug?
    Published Date : 29-Jul-2019 7:26:39IST

    Apple’s new credit card could launch as soon as the first half of August. The Apple Card was officially unveiled in March alongside the company’s new gaming and video services. Apple has not said when the card will officially launch beyond saying that it’s set to debut in the summer. Apple is partnering with Goldman Sachs on the card, which will be built into the iPhone’s Wallet app and offers perks like no late fees and 2% cash back.

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  • PayPal launches 3rd global technology centre in Hyderabad

    PayPal launches 3rd global technology centre in Hyderabad
    Published Date : 23-Jul-2019 9:32:24IST

    American digital payments firm PayPal here on Tuesday announced expansion of its IndiA footprint with the launch of third global technology centre. Guru Bhat, Vice-President and Head of Engineering, PayPal India, said the Hyderabad facility would house around 100 engineers across roles, including risk management and operations, to provide cutting-edge digital payments solutions to customers around the world. Paypal’s other centres are in Chennai and Bengaluru.

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  • India’s foreign reserve is now far bigger than Pakistan’s GDP

    India’s foreign reserve is now far bigger than Pakistan’s GDP
    Published Date : 23-Jul-2019 9:26:39IST

    The Indian economy has come a long way from the balance of payment crisis that led to economic liberalisation in 1991. Starting 1987, India’s already meagre forex reserve steadily reduced from $11.5 billion to just $5.6 billion in 1990. Three decades later, the country has a healthy forex reserve of about $400 billion — about $100 billion more than Pakistan’s GDP in 2018.

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  • Aishwarya Rai invests in Bengaluru startup

    Aishwarya Rai invests in Bengaluru startup
    Published Date : 16-Jul-2019 9:42:07IST

    Actress Aishwarya Rai Bachchan and her mother have invested in Bengaluru-based environmental intelligence startup Ambee. Investors including Rajan Anandan, Google’s former Southeast Asia and India Vice President, together invested ₹3.22 crore in the startup. Founded in 2017, Ambee provides data about hyperlocal air quality which is accessible to developers, consumers, health researchers and media companies.

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  • TCS issues over 30,000 offer letters in Q1, highest in five years

    TCS issues over 30,000 offer letters in Q1, highest in five years
    Published Date : 10-Jul-2019 9:36:10IST

    TCS reported a net profit of Rs 8,131 cr for the April-June quarter of the current financial year. The revenues went up 11.4% annually to Rs 38,172 crore in Q1. In an exchange filing, the company said, “Strong hiring in Q1 resulted in a net addition of 12,356 employees, the highest in the last five years.” “It has issued joining letters to over 30,000 fresh graduates and “40 per cent of them have been onboarded in Q1 and the rest are expected to join by Q2 (September 30),” it further added.

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