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Gautam Adani has thrown his hat in the 5G race, taking on Mukesh Ambani (Reliance Jio), Sunil Mittal (Airtel) and Kumar Mangalam Birla (Vodafone). Interestingly, the group also says this would count towards its ₹60,000 crore charity pledge. Adani’s entry now makes it a four-cornered contest, with telecom giants Reliance Jio, Bharti Airtel, Vodafone Idea […]
The Central Bureau of Investigation (CBI) has filed another FIR against Anil Ltd. in Mumbai, for an alleged fraud of Rs710 crores. The CBI this morning has carried out raids in seven places related to the company and its management team. These include locations in Ahmedabad and Pune. It is believed that the fraud is […]
The hike in lending rates and lowering of credit cost is likely to result in banks reporting a significant rise in net interest income (NII) and profits year-on-year (YoY) in the quarter ended June 2022 (Q1FY23), experts believe. In other words, loan growth, higher margins and lower costs will affect the profit of the banks […]
Adani Group yesterday announced that it is participating in 5G spectrum auction, which will commence on July 26. However, the company refuted media reports and said that it was not interested to foray into telecom services. The company said that it had taken the decision to be a player in the 5G space in order […]
What started as an experiment to solve short staffing issues at Toronto-based Freshii, has turned out to be the global way to go. Freshii’s “virtual cashiers” make $3.75 an hour as compared to the regular $15 (CAD). But the business is thriving. Toronto-based fast-casual brand Freshii is known for its health-forward offerings available across its […]
Crown Prince Mohammed bin Salman is a determined young man. He is known to be ruthless where it comes to ambition and wiping out his critics. And now, in a bid to revamp Saudi Arabia’s image as an investor-friendly tech hub of the future, as a key player in the MENA region, MBS is using […]
Torrent Pharmaceuticals has declared a 1:1 bonus issue, with Monday, 11 July fixed as the record date. Those holding 100 shares of the company on 8 July will own 200 shares as of 11 July. With the number of Torrent Pharma shares in the market doubling, the price of the shares dropped by close to […]
The Income Tax (IT) Department has said that Huawei Telecommunications India had resorted to unlawful means in order to evade paying taxes in India. The unit of Chinese technology company Huawei had allegedly sent back huge sums of money in the last two financial years, even when its income had slowed. According to sources, the […]
With its countless petro-chemical units, drug labs, cement plants, iron ore processing units, cotton mills and diamond cutting and polishing enterprises, Gujarat has a traditional manufacturing history. However, recent data seems to suggest a shift to trading companies as the nerve centre of commercial activity. According to official data released by Ministry of Corporate Affairs, […]
The Chinese smartphone manufacturer Vivo’s Indian subsidiary remitted 62,476 crore, or about 50% of its revenue, to China primarily to avoid paying taxes, the nation’s financial crime combating agency reported on Thursday. The Enforcement Directorate (ED) stated in a statement that “These remittances were made to disclose significant losses in Indian incorporated companies to avoid […]
Reliance Retail announced a long-term partnership with Gap Inc. on Wednesday to bring the iconic American fashion brand Gap to India. With this agreement, Reliance Industries’ retail arm has become the official retailer for Gap in India across all channels. Reliance Retail will introduce Gap’s latest fashion offerings to Indian consumers through a mix of […]
The Indian Institute of Management Ahmedabad conducted the 61st round of business inflation expectations survey (BIES) in order to predict the amount of slack in the economy by asking a panel of business leaders about their inflation expectations in the short and medium-term. Released on July 5, the BIES says “there are early signs of […]
An Indian American computer entrepreneur, detained on suspicion of scamming over 10,000 investors out of over $45 million, made headlines. Suspect Neil Chandran, the 50-year old resident of Las Vegas, Nevada, was arrested in Los Angeles, California. Police detained him on June 29 following the June 14 unsealing of an indictment from a federal grand […]
The value of the Indian rupee decreased further in relation to the US dollar, falling to 79.38 on July 5 as worries about a growing current account deficit gained traction. According to official figures released on July 4, the nation’s merchandise trade imbalance increased to $25.6 billion in June 2022, up 62 percent from June […]
Prime Minister Narendra Modi is expected to formally launch the operations of JPMorgan Chase, Deutsche Bank, and Japan’s MUFG Bank at the International Financial Services Centre (IFSC) on July 15, giving Gujarat the biggest push in becoming the Indian hub for global finance. Finance Minister Nirmala Sitharaman is expected to attend the event. These organisations […]
The States’ Startup Ranking 2021 has named Gujarat and Karnataka as the “best performers” in Category A, while Meghalaya has been named the “best performer” in Category B. Two categories, Category A and Category B, were used to categorise the states and union territories (UTs). States and UTs with populations exceeding one million falls into […]
The Directorate General of Civil Aviation (DGCA), on July 3 took a strong stand and demanded an explanation from IndiGo for massive flight delays throughout the country. The latest statistics show that the departure of the company’s 900 flights was delayed on Saturday. According to sources, this delay was caused because of not having enough […]
According to data released on Friday by the European Union statistics office Eurostat, the rate of inflation in the euro area the 19 countries that use the currency reached a new high of 8.6% in June, driven by soaring energy prices that were in part caused by Russia’s conflict in Ukraine. Since records have been […]
The Indian Finance Ministry announced a hike in the basic import duty of gold from 7.5 percent to 12.5 percent. According to some analysts, the decision was announced keeping in mind the tumbling Rupee and the country’s growing trade deficit as it widened to a record high last month. In a year, India’s trade imbalance […]
June 30 marks 15 years since Apple released what’s arguably its flagship device: the iPhone. A decade and a half later, there are few products that have managed to reach a similar level of brand recognition. Announced to an eager audience in 2007, the iPhone has revolutionised how we communicate and even how we live […]
