• Italian brand launches world’s most expensive bag at Rs 53 crore

    Italian brand launches world’s most expensive bag at Rs 53 crore
    Published Date : 27-Nov-2020 4:55:14IST

    The luxury Italian brand, Boarini Milanesi, has launched the world’s most expensive bag at €6 million (approximately ₹53 crore). Made of semi-shiny alligator skin, the bag is embellished with a diamond pavé accessory and 10 white gold butterflies with sapphires, diamonds and Paraiba tourmalines, totalling over 130 carats. The bag has been created to raise awareness about ocean pollution.

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  • IBM planning to cut 10,000 jobs in Europe: Report

    IBM planning to cut 10,000 jobs in Europe: Report
    Published Date : 25-Nov-2020 11:49:51IST

    International Business Machines (IBM) is planning to cut around 10,000 jobs in Europe, affecting about 20% of the staff in the region, according to a report. The current round of job cuts should be completed by the end of the first-half of 2021, the report added. The cuts have been planned in the UK, Germany, Poland, Slovakia, Italy and Belgium.

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  • Jeff Bezos sells more than $3 bn of Amazon stock

    Jeff Bezos sells more than $3 bn of Amazon stock
    Published Date : 05-Nov-2020 3:02:34IST

    Amazon Founder and CEO Jeff Bezos has sold more than $3 billion worth of Amazon shares this week, according to new filings with the US Securities and Exchange Commission (SEC). This latest round of Amazon share sales on Monday and Tuesday take the worth of Amazon shares that Bezos has sold in 2020 alone to over $10 billion. According to Forbes, Bezos now owns a 10.6 per cent stake in the e-commerce and cloud computing colossus Amazon.

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  • Facebook suspends political, new groups recommendations in US

    Facebook suspends political, new groups recommendations in US
    Published Date : 31-Oct-2020 6:44:34IST

    Facebook has temporarily stopped recommendations for all political, social issue groups and any new groups to users ahead of the upcoming US presidential election. A Facebook spokesperson declined to say when the changes had been made or how long they would last. Facebook CEO Mark Zuckerberg had revealed the change during his Senate hearing on Wednesday.

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  • Aurobindo Pharma to sell its US unit for $550 million

    Aurobindo Pharma to sell its US unit for $550 million
    Published Date : 26-Oct-2020 3:54:36IST

    Aurobindo Pharma on Monday said it will sell Natrol, a unit of its US subsidiary, to private equity firm New Mountain Capital for $550 million. The Hyderabad-based firm said the transaction is expected to close by January 2021. Aurobindo’s Managing Director added that proceeds from Natrol’s sale will be used to reduce debt and other new strategic initiatives.

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  • Working towards 3 things: Ambani on what he’d like to be remembered for

    Working towards 3 things: Ambani on what he’d like to be remembered for
    Published Date : 20-Oct-2020 3:56:24IST

    On being asked what he’d like to be remembered for, Mukesh Ambani said he’s working towards three things. The first is to transform India into a digital society in ways never imagined before, while his second goal is to transform India’s education system to focus on skill. The third is to help India shift from fossil fuels to renewable energy.

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  • Large crowd seen at clothing store in Chennai, shop sealed after video surfaces

    Large crowd seen at clothing store in Chennai, shop sealed after video surfaces
    Published Date : 20-Oct-2020 3:54:56IST

    The Greater Chennai Corporation has sealed Kumaran Silks, a clothing store, after video of a large crowd within its premises surfaced. Officials said that they had issued a warning to the shop earlier but it had failed to implement any measures to control the crowd. “Shop owners and public are requested to strictly follow safety protocols,” Greater Chennai Corporation said.

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  • Infosys becomes 5th Indian company to hit Rs 5 lakh cr in market cap

    Infosys becomes 5th Indian company to hit Rs 5 lakh cr in market cap
    Published Date : 15-Oct-2020 11:32:18IST

    Infosys on Thursday became the fifth Indian company to hit ₹5 lakh crore in market capitalisation, with the stock having rallied over 50% so far this year. It is the second IT firm in the country after Tata Consultancy Services to achieve this milestone. Infosys raised its annual revenue growth forecast on Wednesday as it posted a better-than-expected quarterly profit.

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  • World’s biggest theatre chain says it could run out of cash this year

    World’s biggest theatre chain says it could run out of cash this year
    Published Date : 14-Oct-2020 3:34:26IST

    The world’s biggest movie theatre chain AMC Entertainment has warned that it could run out of money by the end of this year. The American company said attendance has declined 85% since it reopened its US screens in August. AMC, controlled by China’s Dalian Wanda Group, said it’s exploring several avenues to raise cash including asset sales and joint ventures.

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  • TCS becomes second Indian company to cross Rs 10 lakh crore in m-cap

    TCS becomes second Indian company to cross Rs 10 lakh crore in m-cap
    Published Date : 05-Oct-2020 5:00:05IST

    Tata Consultancy Services on Monday became the second Indian firm after Reliance Industries to achieve a market valuation of over ₹10 lakh crore. TCS shares jumped over 7% ahead of its board meeting later this week to consider a share buyback proposal. TCS last month became the second Indian firm to have a market valuation of over ₹9 lakh crore.

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  • 5% TCS to apply on funds above Rs 7 lakh sent abroad from today

    5% TCS to apply on funds above Rs 7 lakh sent abroad from today
    Published Date : 01-Oct-2020 3:28:24IST

    Tax Collected at Source (TCS) at a rate of 5% will be applicable on foreign remittances above ₹7 lakh in a financial year from today unless TDS has already been deducted on that amount. However, for overseas tour packages, TCS will be applicable irrespective of its value. Restricted TCS of 0.5% will apply for remittances towards loans for pursuing education.

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  • Covid-19 effect: Disney Parks to fire 28,000 US employees

    Covid-19 effect: Disney Parks to fire 28,000 US employees
    Published Date : 30-Sep-2020 3:24:02IST

    Disney Parks is letting go of 28,000 US employees due to impact of the ongoing the pandemic on Disneyland and Walt Disney World. Two-thirds of these employees are part-time workers. Disney Parks chairman Josh D’Amaro wrote a letter to employees, saying that this was “the only feasible option we have” due to the Covid-19 pandemic forcing the parks to limit capacity and the ongoing closure of Disneyland in Anaheim, California, reports variety.com.

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  • Trump or his companies paid more taxes in India than he did in US in 2017

    Trump or his companies paid more taxes in India than he did in US in 2017
    Published Date : 28-Sep-2020 3:49:11IST

    US President Donald Trump paid $750 in taxes to the US government in 2017 while he or his companies paid $145,400 in taxes in India the same year, The New York Times reported. Trump or his companies also paid $15,598 in taxes in Panama and $156,824 in the Philippines in 2017. Trump dismissed claims in the report as “fake news”.

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  • Future of work hybrid, not 100% remote: Google CEO Pichai

    Future of work hybrid, not 100% remote: Google CEO Pichai
    Published Date : 28-Sep-2020 3:23:21IST

    Google CEO Sundar Pichai said he doesn’t feel work in the future will be 100% remote. He added that Google is “reconfiguring” its physical spaces to support employees and accommodate what he called “on-sites”, places where employees can gather. He said the future will have “hybrid models” of work and “will definitely be more flexible.”

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  • If lowest-paid worker gets Rs 2-3 lakh/year, CEO should get Rs 70-80 lakh: Murthy

    If lowest-paid worker gets Rs 2-3 lakh/year, CEO should get Rs 70-80 lakh: Murthy
    Published Date : 22-Sep-2020 4:06:08IST

    Infosys Co-founder Narayana Murthy said that a company’s managerial remuneration has to be a fair multiple of the compensation of the lowest-level employee. For example, if the lowest-paid employee’s remuneration was ₹2-3 lakh a year, the CEO’s remuneration should be ₹70-80 lakh, Murthy added. He also urged for a fair balance of power in companies to check scams and frauds.

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