Hospitality firm OYO Hotels and Homes will raise USD 1.5 billion as part of a latest round of funding which will be utilised for expansion in the US and strengthen its vacation rentals business in Europe. E-commerce giants Amazon.in and Walmart-owned Flipkart reported record revenue for their six-day India sales festivals. Pakistan faces high risks of money laundering and terror financing and has complied with just one the 40 recommendations set by the Financial Action Task Force at the time of the country's inclusion in its grey list. In another major development, the Supreme Court asked the Maharashtra government to ensure that no trees are further axed at Mumbai's Aarey Colony.
Softbank-backed Oyo raises $1.5 bn
Oyo Hotels and Homes is raising $1.5 billion from founder Ritesh Agarwal, SoftBank Group Corp and other investors as the India lodging startup expands into foreign markets such as the US and Europe. Agarwal, 25, will spend $700 million to buy new shares in the company as part of a previously reported $2 billion plan to triple his ownership stake. Existing investors SoftBank’s Vision Fund, Lightspeed Venture Partners and Sequoia India will contribute the rest of the current round.
2019 Nobel for Medicine awarded to 3 scientists
The 2019 Nobel Prize for Physiology or Medicine has been awarded to scientists William G Kaelin, Jr, Peter J Ratcliffe and Gregg L Semenza. They received the award jointly for their discoveries of "how cells sense and adapt to oxygen availability," the Nobel Committee announced Monday.
India gets first tranche of Swiss account details
India has received first tranche of details about financial accounts of its residents in Swiss banks under a new automatic exchange of information framework between the two countries, marking a significant milestone in the fight against black money suspected to be stashed abroad. India figures among 75 countries with which Switzerland's Federal Tax Administration (FTA) has exchanged information on financial accounts within the framework of global standards on AEOI, an FTA spokesperson said.
Will FATF blacklist Pakistan?
Pakistan faces high risks of money laundering and terror financing and has complied with just one the 40 recommendations set by the Financial Action Task Force at the time of the country's inclusion in its grey list, according to a report by the Asia Pacific Group (APG). The APG released its much-awaited 228-page 'Mutual Evaluation Report' on Saturday, ten days ahead of the key Financial Action Task Force's (FATF) plenary meeting which will give its decision on Pakistan's 'grey list' status.
Amazon, Flipkart see record festive sales
Amazon.com Inc. and rival Walmart Inc. reported record revenue for their six-day India sales festivals as e-commerce catches on with buyers and sellers in smaller Indian towns, moving beyond the country’s urban, English-speaking population. The American competitors have been dueling in India since Walmart cut a $16 billion deal for control of local pioneer Flipkart Online Services Pvt last year. Their latest sales — which Amazon calls the Great Indian Festival and Flipkart calls Big Billion Days — are a high-stakes battle that ran on the same days and concluded over the weekend.
HSBC plans to slash 10,000 more jobs
HSBC is planning to lay off up to 10,000 staff, a report said Monday, just weeks after its chief executive stepped down and announced the axing 4,000 posts citing a weak global outlook. The latest cuts mostly in high-paid roles are part of a fresh cost-cutting drive by new boss Noel Quinn as the banking titan struggles to adjust to falling interest rates, Brexit and the long-running trade war, the Financial Times reported.
Don't cut any more trees in Aarey till Oct 21: SC
A special bench of the Supreme Court on Monday asked the Maharashtra government to ensure that no trees are further axed at Mumbai's Aarey Colony. A Bench of Justices Arun Mishra and Ashok Bhushan directed the government to maintain the status quo and said it would further hear all the petitions in the matter on October 21.