Page 97 - Business Finance
2 top executives leaving Uber after shaky IPO
Uber's two top executives are parting ways with ride-hailing giant after a shaky Initial Public Offering (IPO), as the company undergoes a massive leadership rejig.
Bharatpe appoints former IKEA Marketing Leader as its Marketing Head
BharatPe - Truly 'Indian' Fintech Company serving the offline retailers and businesses through UPI payments, lending, and other financial services, has announced the appointment of Abhishek Shah as the Marketing Head. In his previous roles, Abhishek played an instrumental role in building IKEA's India setup and its launch last year."We are delighted to welcome Abhishek to team BharatPe. As we continue to ease business for small merchants in India, he will provide the creative vision for our growth and together, we shall strive to create the largest network of small merchants in India", said Ashneer Grover, Co-founder of BharatPe."In the past few months, we have onboard over 8,00,000 merchants, and we are aiming to enable over 10 million merchants over the next two years. Abhishek's entrepreneurial mindset and a deep understanding of the industry will be instrumental in leading this growth. His first task would be the launch of high decibel campaign with Salman Khan", added ...
Huawei gets 46 commercial 5G contracts in 30 countries
Chinese telecom giant Huawei Technologies Co. Ltd. said it has obtained 46 commercial 5G contracts so far in 30 countries.
Trump, Xi to meet at G-20 summit in Japan
US President Donald Trump and his Chinese counterpart Xi Jinping will meet at the G20 leadership summit in Japan at the end of this month, US Treasury Secretary Steven Mnuchin said on Saturday.
US leaves door open to China on trade talks at G20
The United States is open to further negotiations with China on their ongoing trade battle but any potential deal will wait until the two leaders meet at the end of the month, Washington's top finance official said Saturday. Speaking to reporters on the sidelines of a meeting of G20 finance ministers and central bank chiefs, Treasury Secretary Steven Mnuchin warned that Washington would press on with tariffs if a deal could not be reached. "We were on the way to a historic deal. If they want to come back to the table and complete the deal on the terms that we were continuing to negotiate, that will be great. If not, as the president said, we'll move on with tariffs," said Mnuchin. President Donald Trump is expected to meet his Chinese counterpart Xi Jinping at the G20 summit in Osaka on June 28-29 and any potential breakthrough would likely only come then, he predicted. "I would expect that the main progress will be at the G20 leaders' meeting between the two presidents," he ...
G-20 finance chiefs mull 'fair tax' reforms to boost growth
Finance chiefs of the Group of 20 major economies meeting in the Japanese city of Fukuoka debated Saturday over how to revise tax systems to ensure big companies pay their fair share and support economies as global growth slows. One aim is to prevent a "race to the bottom" by countries trying to lure companies by offering unsustainably and unfairly low tax rates as an incentive. Ensuring governments capture a fair share of profits from the massive growth of businesses like Facebook and Amazon has grown in importance over the many years the G-20 finance chiefs have been debating reforms aimed at preventing tax evasion and modernizing policies, as financial markets and businesses have been transformed by technology. "Everyone, we are now facing a turning point. This could be the biggest reform of the long established international framework in over 100 years," Japanese Finance Minister Taro Aso told the group. While the officials from both wealthy and developing nations differed over ...
France ready to cut Renault stake to shore up Nissan partnership: finance minister
France is ready to consider cutting its stake in Renault in the interests of consolidating the automaker's alliance with Nissan, Finance Minister Bruno Le Maire said Saturday. He was speaking in Japan after Italian-US carmaker Fiat Chrysler pulled the plug on its proposed merger with Renault, saying negotiations had become "unreasonable" due to political resistance in Paris. In an interview with AFP on the sidelines of the G20 finance ministers meeting in Japan, Le Maire said Paris might consider reducing the state's 15-percent stake in Renault if it led to a "more solid" alliance between the Japanese and French firms. "We can reduce the state's stake in Renault's capital. This is not a problem as long as, at the end of the process, we have a more solid auto sector and a more solid alliance between the two great car manufacturers Nissan and Renault," he told AFP. Last week, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's
G20 Finance Ministers call for creation of digital tax
The Finance Ministers of the G20 member nations on Saturday called for the creation of a digital tax for multinational technology companies, the details of which will be finalized next year.
Crossway Hotels to manage beach resort near Chennai
Hospitality player Crossway Hotels & Resorts will soon start managing a mid-segment beach resort near here and targets to have about 10 hotel properties under its brand by the end of this year, said a company official.
It's now Jet versus Jet as endgame nears
Even as the lenders and the employees hope against hope and expect a white knight to rescue the grounded Jet Airways, the airline's promoter Naresh Goyal, now deboarded from the pilot seat, knew weeks back that it was time to abandon the sinking ship.
Now for the next steps after rate cut (Column: Behind Infra Lines)
The Reserve Bank of India (RBI) rate cut is expected to provide a boost to the economy. Lower interest rates will help in providing support to the economy but are not the sole elixir that India needs. The focus must not be just on the immediate economic issues but on the broader target of implementing changes that have a long-lasting positive impact on the economy.
Pakistan's Defence budget to remain unchanged
Pakistan's Defence budget during the next fiscal year will remain unchanged as compared to the outgoing fiscal year in rupee terms due to the countrys dire economic condition, a media report said on Saturday.
How ever-greening & window dressing became the norm at IL&FS (IANS Exclusive)
India has seen many financial scams, but none that can match the scope, size and magnitude of shadow bank Infrastructure Leasing & Financial Services Limited (IL&FS). Like an onion, the more one peels the more the tears and pungence.
India has 597 ATMs less in 2019 than 2017: RBI report
The number of ATMs in India dropped to 2,21,703 as on March 31, 2019 from 2,22,300 at the end of 2017, recording a decrease of 597 ATMs during the period, according to a report released by the Reserve Bank of India.
US stocks trade higher on rate cuts hopes
US stocks traded higher on Friday after weak jobs data fueled hopes that the central bank will cut its benchmark interest rates soon.
MCA, SEBI sign MoU for data exchange
A Memorandum of Understanding (MOU) was signed between the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI) for data exchange between the two regulatory organisations here on Friday.The MoU comes in the wake of the increasing need for surveillance in the context of corporate frauds affecting important sectors of the economy, a statement issued by the Ministry said.The agreement was signed by K.V.R. Murty, Joint Secretary, MCA, and Madhabi Puri Buch, Whole Time Member, SEBI in the presence of senior officers from both the organisations.According to the Ministry's statement, the MoU will facilitate the exchange of data and information between SEBI and MCA on an automatic and regular basis. It will enable sharing of specific information such as details of suspended companies, delisted companies, shareholding pattern from SEBI and financial statements filed with the registrar by corporates, returns of allotment of shares, audit reports relating to .
Uber chief tightens grip with top execs' departures
Uber chief Dara Khosrowshahi put out word Friday that he is tightening his grip on the wheel at the ride-share firm in the wake of a bumpy stock market debut. The company's chief operating officer and head of marketing will leave in a leadership shake-up that will result in Uber's shared rides and food delivery platforms reporting directly to Khosrowshahi, according to a copy of an internal email provided to AFP. Khosrowshahi credited the maturing of operations at the San Francisco-based company and the completion of its initial public offering last month with enabling him to make the management moves. "I now have the ability to be even more involved in the day-to-day operations of our biggest businesses, the core platform of Rides and Eats, and have decided they should report directly to me," Khosrowshahi said in his message to employees. "This will allow me to be more hands on and help our leaders problem-solve in real time, while also ensuring that we make our platform vision a ...
Oil prices rise amid falling US oil rig count
Oil prices went up on Friday, as US oil rig count fell sharply this week, easing concerns there would be a potential supply glut and Saudi Arabia called for oil production cut extension.
FedEx will stop air shipments of packages for Amazon
FedEx is dropping a contract for air shipment of packages for Amazon within the United States, reducing its ties with the online retail giant that is already expanding its own delivery business. FedEx said Friday that it will not renew the contract for domestic FedEx Express handling of Amazon shipments when the deal expires June 30. It's "a strategic decision" that will let FedEx focus on thousands of other retailers including Target, Walgreens and Walmart, company spokeswoman Katie Wassmer. In a statement, Amazon said only that it respected FedEx's decision and thanked the delivery company for serving Amazon customers over the years. Amazon.com Inc. is emerging as a potentially formidable challenger to FedEx Corp. and United Parcel Service Inc. Amazon has been expanding its fleet of planes and is building package-sorting hubs at two airports. It's also launching a program that lets contractors start businesses delivering packages in vans bearing the Amazon smile logo. With a ...
Chinese vendors, Mexican clients commiserate on Trump tariffs at trade expo
Huang Chao came to Mexico looking for business, not friends, but the Chinese sales manager says he found unexpected common ground with his prospective clients on one thing: Donald Trump "is crazy." Chao, 31, was in Mexico City this week representing his textile company at a trade fair called Expo China HomeLife, whose goal is to connect Chinese suppliers with merchants in different countries around the world. Mexico was set to be just another stop for the enormous expo -- until the US president threatened last week to impose five-percent tariffs on all Mexican imports. The tariffs are due to start Monday and rise in monthly increments to 25 percent by October, unless Mexico slows the US-bound flow of undocumented migrants to Trump's satisfaction. That effectively made Mexico the second major front after China in Trump's spiraling trade wars. It also gave vendors and customers in Mexico City a new topic to discuss in stilted English as they brokered deals for mass quantities of home ...