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Athena to beam internet on earth

Athena to beam internet on earth
Facebook is working on an internet satellite project called ‘Athena’ to beam internet connectivity down to Earth. The company aims to launch the satellite in early 2019. The new satellite project will provide broadband internet connections to “unserved and underserved areas”.

Amazon hits $900 billion valuation

Amazon hits $900 billion valuation
Amazon.com’s stock market value reached $900 billion for the first time in its 20 year history. It has now become only the second company after Apple to achieve this milestone. The Current market cap of Amazon.com stands at $902 billion as of 18th July 2018. Apple is currently the world’s most valuable company with a market cap of $935 billion.

Nabard award to Repco Micro Finance Ltd

Repco Micro Finance Ltd, a non-banking finance company received Nabard 2018 award. The award is given service to self-help group in Tamil Nadu for the fiscal year 2017-18. The NBFC has disbursed loans amounting to ₹2,500 crore to over 10 lakh beneficiaries. NABARD Financial Services Limited is a subsidiary of NABARD to provide financial services in areas of agriculture & microfinance.

Nabard award to Repco Micro Finance Ltd

Repco Micro Finance Ltd, a non-banking finance company received Nabard 2018 award. The award is given service to self-help group in Tamil Nadu for the fiscal year 2017-18. The NBFC has disbursed loans amounting to ` 2,500 crore to over 10 lakh beneficiaries. NABARD Financial Services Limited is a subsidiary of NABARD to provide financial services in areas of agriculture & microfinance.

MF transactions through Facebook messenger

HDFC securities announced the launch of Mutual Funds (MF) transactional capabilities on Facebook Messenger through their virtual assistant, Arya. This makes the company the first broker in the Asia Pacific region for initiating a social media platform for trading mutual funds. This particular feature facilitates a quick overview of total portfolio holdings.

Gennova Bio gets patent to treat brain clots

The Pune-based biotech company has been granted a patent in the US for its version of drug tenecteplase, to treat brain clots (ischemic stroke), the 1st ever in the world. In India, Gennova has already started marketing Tenectase (tenecteplase) for ischemic stroke as an alternative to drug alteplase, which reduced the cost of treatment to ` 29000. The CEO of Gennova Bio is Sanjay Singh.

PepsiCo to help govt in recycling plastic

PepsiCo India decided to support the government’s implementation of extended producer responsibility for plastic waste bottles in Maharashtra. PepsiCo India has partnered with Gem Enviro Mgmt to set up reverse vending machines for the collection & recycling of plastic bottles in the State. The company has also piloted a ‘Film to Fuel’ project to convert packaging film waste into fuel.

Microsoft signs MoU with Rajasthan Government

Microsoft signed a MoU with the Rajasthan Government to provide free digital training to 9,500 college students in one year. The initiative was taken for the enhancement of digital learning and capacity building of college students in the state. The company will run MS office specialist training programme in 50 government colleges from August which will benefit 9,500 students.

T.K Chand gets knowledge excellence award

Dr. Tapan Kumar Chand received the Knowledge Excellence Award from Secretary, Mines, Govt. of India for Outstanding Contribution in Aluminium Knowledge domain. Chand is an Indian mining veteran and is the Chairman cum Managing Director of National Aluminium Company (NALCO). NALCO is the largest integrated aluminium unit in Asia and is also one of the largest aluminium complexes of the world.

IndiaFirst Ties Up With Oxigen

India First Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd. It will establish the distribution of its insurance products at Oxigen retail outlets. Oxigen is one of the leading providers of money transfers and prepaid recharges as low as ` 10.

TPREL commissions 100 Mw solar project

3 : TPREL, an arm of Mumbai-based private power producer Tata Power announced it has commissioned a 100 Megawatt solar power project at Anthapuramu Solar Park in Andhra Pradesh. With this, the overall operating renewable energy capacity of the company stands at 2,215 Mw in India. The project is under the second phase of Jawaharlal Nehru National Solar Mission through Viability Gap Funding.

PSLV bags first Australian order

The Indian PSLV launcher has bagged its first order from Australian startup. Fleet Space Technologies, an IoT (Internet of Things) startup, said that its first 10-kg nanosatellite Centauri I would fly to space on a PSLV. The company is planning a series of 10-kg nanosatellites about the size of a shoebox to enable low-cost connectivity for agriculture, logistics, mining sectors.

Tata Steel approves JV with Thyssenkrupp

The board of Tata Steel has approved the terms to create a 50:50 joint venture of Tata Steel’s European steel businesses and Thyssenkrupp AG. The JV would create it second-largest steelmaker after steel tycoon Lakshmi N Mittal’s ArcelorMittal in Europe. The company plans to produce 35,000 million tonnes steel used in transformers for power sector against the current capacity of 10,000 mt.

Kerala govt signs MoU with Nissan

A Memorandum of Understanding (MoU) signed between the Kerala government and Nissan officials to boost digital operations. The first phase of the digital hub will come up over 30 acres of land in Technocity, 20 kilometres outside Thiruvananthapuram. The company is looking at providing 500 direct jobs by the end of April 2019 with indirect employment for software development.

Sanjay Kumar quits Indigo

IndiGo’s Chief Commercial Officer Sanjay Kumar resigns from the office. S. Kumar has been associated with the organisation from past 12 years. His resignation would be effective from July 15. Willam Boulter, the current Chief Strategy Officer, would be taking over from him. Interglobe Aviation is the parent company of Indigo.

Jeff Bezos becomes richest man in the world

Amazon founder and CEO Jeff Bezos becomes the richest man in the world with a net worth of USD 141.9 billion according to the Forbes world’s billionaire list. Bezos beat the principal founder of Microsoft Corp. Bill Gates, who is the second richest man with a total wealth of USD 92.9 billion. Bezos’ company Amazon has now become the second most valuable company in the world after Apple.

Fitch revises Axis Bank outlook to negative

Fitch Ratings affirmed the long-term issuer default ratings (IDRs) and viability ratings of ICICI Bank and Axis Bank at ‘BBB-’ and ‘bbb-’, respectively. IDRs refers to the relative vulnerability of a company to default on its financial obligations. The global rating agency also revised the outlook on Axis Bank to negative from stable but maintained ICICI Bank’s outlook as stable for now.

TCS close trading with over Rs 7 trillion

Tata Consultancy Services (TCS) became the first company to close the trading session with a market valuation of over Rs 7 trillion. The Mumbai-headquartered TCS had in April became the first Indian company to close the trading session with over $100 billion market valuation. TCS is the country’s most valued firm followed by Reliance Industries Ltd, HDFC Bank, HUL and ITC in the top 5 list.

SEBI set to amend buyback regulations

17 : SEBI plans to revise the regulations for share buybacks wherein more clarity would be provided on various aspects, including on the requirement to make public announcements. SEBI has carried out a review of the current buyback norms in order to simplify the language and remove inconsistencies. A company can undertake buyback of shares out of its free reserves and securities premium account.

HDFC, 5th Biggest Consumer FSC: Forbes

Housing finance major HDFC has been ranked as the 5th biggest public company globally in the ‘consumer financial services category’ on a list compiled by Forbes magazine. HDFC’s rank has moved up from 7th place last year. American Express has topped this category, while Indiabulls Housing Finance is the only other Indian company (at 13th place) on the list.

Softbank to invest $100 bn in India

SoftBank Group Corp has decided to invest $60 billion-$100 billion in a solar power project in India. The company is expected to make the investment through a fund backed by Saudi Arabia’s government. SoftBank through its Vision Fund would invest in creating the world’s biggest solar power project in Saudi Arabia.

Infosys completes acquisition of WongDoody

The country’s second largest IT services firm Infosys has completed the acquisition of US-based WongDoody. WongDoody Holding Company is a US-based digital creative and consumer insights agency. WongDoody has clients across industries like telecommunications, consumer electronics, healthcare and consumer packaged goods. WongDoody is headquartered in Seattle and has an office in Los Angeles.

India’s most profitable PSU

Indian Oil Corporation has for the second year in a row beaten ONGC to become India’s most profitable state-owned company. IOC which has for decades been India’s biggest company by turnover posted a record net profit of Rs 21,346 crore in the fiscal year ended March 31, 2018. Reliance Industries retained the crown of being India’s most profitable company for the third year in a row.

Power Minister R K Singh launched PRAAPTI

Power Minister R K Singh has launched web portal and App called PRAAPTI. ‘Praapti’ stands for ‘Payment ratification and analysis in power procurement for bringing transparency in involving of generators’. It aims to bring transparency in power purchase transactions between Generators and power distribution company- Discoms.

EPF interest rate hits 5-year low at 8.55%

The government has notified 8.55% interest rate on EPF for 2017-18, lowest in 5 years since the 2012-13 fiscal. Employees’ Provident Fund is a mandatory contribution from the salary of an individual that every company which has more than 20 employees has to deduct. EPF accounts are overseen by the Employees’ Provident Fund Organisation, which is under the Ministry of Labour & Employment.

First company to achieve Rs 7 lakh crore m-cap

Tata Consultancy Services’ market valuation briefly crossed the Rs 7-lakh crore mark on May 25, 2018, making it the first company to achieve this milestone. TCS is the country’s most valued firm, followed by Reliance Industries, HDFC Bank and Hindustan Unilever Limited. TCS recently became the first Indian company to close the trading session with over USD 100 billion market valuation.

Read to succeed Colao as Vodafone Group CEO

Vodafone Group has announced that Nick Read will be the next CEO of the company, succeeding Vittorio Colao. Colao steps down after just over 10 yrs in the job, during which he transformed Vodafone from a pure mobile player into a converged operator owning multiple cable & fibre networks. Vodafone owns & operates networks in 26 countries & has partner networks in over 50 additional countries.

Dhoni to be the brand ambassador of Netmeds

Online pharmacy Netmeds has appointed cricketer Mahendra Singh Dhoni as its brand ambassador. The company, which has positioned itself as ‘India ki Pharmacy’, chose Dhoni due to his strong appeal across all sectors and all demographics. Netmeds currently has an inventory of 35,000 stock keeping units (SKUs) of prescription drugs and 5,000 SKUs of OTC products.

Paytm introduced automatic recurring payments

Paytm has introduced automatic recurring payments, a new feature that lets users configure the payments app to pay for periodic recurring expenses automatically. Similar to standing instructions for bank accounts, the ‘My Payments’ feature can be used for high-value payments for a variety of cases.Company expects the feature to significantly boost bank-to-bank transactions on the Paytm app.

ADNOC supplies first oil cargo vessel to India

Abu Dhabi National Oil Company has sent the 1st cargo vessel with 2 million barrels of crude oil for India’s strategic petroleum reserve. ADNOC will use part of the crude oil to supply its customers, while the rest will remain as strategic storage for Govt of India to be released in event of an emergency. This will be the 1st such investment by any foreign company in an Indian SPR facility.

ICICI Bank named Nair as Independent Director

Former IRDAI member Radhakrishnan Nair has been appointed to ICICI Bank’s board as an Additional (Independent) Director. His appointment will be for a period of five years and is subject to shareholders’ approval. He is already an independent director of 3 subsidiaries of ICICI Bank — ICICI Prudential Life Insurance Company, ICICI Prudential Trust and ICICI Securities Primary Dealership.

WhatsApp boss and co-founder Jan Koum to quit

The chief executive and co-founder of WhatsApp, the Facebook-owned messaging app, is leaving the company over disagreements about privacy and encryption. Jan Koum will also step down from Facebook’s board of directors. WhatsApp, with 1.5 billion monthly users, is the largest messaging service in the world.

1st Indian company with $100bn market cap

Tata Consultancy Services has moved closer to the $100 billion mark in market capitalisation as its share price surged nearly 7%, adding about $6.2 billion to its valuation.The IT major is set to be the first listed Indian company to achieve this milestone. TCS is the leading the chart as the most valued firm followed by Reliance Industries, HDFC Bank, ITC and HUL.

M&M joins Rs 1-trillion m-cap club

Mahindra & Mahindra Ltd entered the coveted Rs 1 trillion market capitalisation club, after its share price hit a fresh 52-week high on the BSE.Following the jump in its m-cap, M&M has joined the ranks of Ultra Tech Cement, Power Grid Corporation, and IndusInd Bank.The company’s market capitalisation (m-cap) jumped to ` 1,01,829.91 crore.

Ola to introduce 10,000 EVs

App-based cab aggregator Ola plans to introduce 10,000 e-rickshaws and electric autorickshaws in India in the next 12 months.The ride-hailing company is in talks with state governments, OEM partners and electronic vehicle innovators to speed up the introduction of EVs in India. Ola aims to bring one million electric vehicles on the road by 2021.

NERL Brings in ICICI Bank, HDFC Bank as Repository Participants

National E-Repository Limited (NERL), a group company of National Commodity and Derivatives Exchange Limited (NCDEX ), has brought in ICICI Bank and HDFC Bank on board as the repository participants for pledge finance. NERL has signed the agreement with both the banks where they will offer pledge finance against eNWRs created on NERL’s repository platform commodities stored in warehouses registered with Warehousing Development and Regulatory Authority (WDRA).

Patna topped in 4G connectivity

Patna topped in 4G connectivity among 20 of India’s largest cities.It has emerged ahead of the cities like Bengaluru, Mumbai, Delhi, said a report from OpenSignal, a wireless coverage mapping company. Cities from India’s central and eastern regions – Patna, Kanpur, Allahabad, Kolkata, Bhopal & Lucknow – made it to the top 10 while Bengaluru is at 10, followed by Hyderabad, Mumbai and Delhi.

Sanjeev Nautiyal is the MD & CEO of SBI Life

SBI Life Insurance Company Limited appointed Sanjeev Nautiyal as its new MD and CEO.Sanjeev Nautiyal started his career with State Bank of India in 1985 as a probationary officer in bank’s Lucknow circle. In the immediately preceding assignment, he was the Chief General Manager of the bank’s Ahmedabad circle.He is a Certified Associate of the Indian Institute of Bankers (C.A.I.I.B).

Panel asks govt to define ‘shell companies’

A Parliamentary panel has asked the government to define ?shell company?, and to differentiate between those non-compliant with filing norms and those guilty of fraud. This comes after the government recently deregistered 2.26 lakh companies for failing to comply with regulatory requirements. The panel said some of these companies may have been merely dormant without any fraudulent intent.

Uber ropes in Virat Kohli as Ambassador

Cab hailing platform Uber has roped in Indian cricket team captain, Virat Kohli as its brand ambassador in India. This is the first time the company has announced a brand ambassador in the Asia Pacific region. In February it had named footballer Mohamed Salah as the brand ambassador for the Egypt market.

Indian startups raise funds via bitcoins

Initial coin offerings (ICOs) are emerging as a new way of raising funds for startups. An ICO is based on crypto currencies and is a mix of an initial public offer (IPO) and crowdfunding. Startups have managed to raise as much as $200 million in a single round of funding through ICOs. Instead of granting shares in the company, the issuer will create crypto-tokens to give out to investors.

Lithium ion batteries charge up rural houses

The shift towards lithium ion batteries from the older lead acid batteries has allowed firms like Kaho India Private Ltd to help the Centre achieve its rural electrification target.Kaho India Private Ltd, started in 2012, seeks to provide last-mile energy access through compact solar modules to areas that are so far not connected to the grid. Subhang Jain is the CEO of the company.

SpaceX launches Falcon 9 rocket

Elon Musk-led space exploration startup SpaceX successfully launched its Falcon 9 rocket, which carried two test satellites for its planned global internet broadband service.The rocket also carried Spanish company Hisdesat’s PAZ satellite to low Earth orbit as payload. The launch was carried out from Vandenberg Air Force Base in California, United States.

CBI arrests Rotomac owner Vikram Kothari

The CBI arrested Rotomac Pens’ owner Vikram Kothari and his son Rahul for allegedly defrauding banks of ?3,700 crore.Kothari’s company had submitted forged documents to get loans and created shell firms to carry out illegal activities. Earlier, authorities had notified all land, sea, and air ports to prevent Kothari and his family members from leaving India.

Capital First Gets NHB Nod For Merger

Capital First announced that the regulator National Housing Bank has approved the merger of the company along with Capital Home Finance and Capital First Securities Limited with IDFC Bank.The share swap ratio for the merger is fixed at 139:10, meaning IDFC Bank will issue 139 shares for every 10 shares of Capital First. The merger is likely to be completed in the next two-three quarters.

PNB signs pact with National e-Gov Services

PNB has signed an agreement for information utility with National e-Governance Services.It will enable storing of financial information that will help substantiate defaults & verify claims expeditiously.This will in turn facilitate resolution in National Company Law Tribunal in a time bound manner. The objective of the agreement is to augment the information infrastructure in India.

Gerber ‘Spokesbaby of year’

Baby product company Gerber has selected a one-year-old baby with Down syndrome as its ‘Spokesbaby of the year’ for the first time in over 90 years.Lucas Warren, who is from United States’ Georgia, was selected from around 1.4 lakh entries submitted online.Gerber CEO Bill Partyka said, “Lucas’ smile and happy expression captured the hearts of the Gerber team.”

Abu Dhabi tower lights up in Ind Flag colours

The UAE’s state-owned Abu Dhabi National Oil Company has lit up its tower in the colours of the Indian National Flag ahead of PM Narendra Modi’s visit to the country.PM Modi arrived in the UAE as part of his 3-nation tour and is expected to sign bilateral agreements on finance and skills development.Sheikh Mohammed Bin Rashid Al Maktoum, is Vice-President and Prime Minister of the UAE

TVS Motor, Intel tie up for green scooter

TVS Motor Company Ltd., unveiled ‘futuristic’ scooter and motorcycles to transform future mobility using alternative fuel.It included electric scooter, ethanol-powered Apache motorbike and cruiser motorcycle.To reduce the carbon footprint, TVS showcased ethanol-powered TVS Apache RTR 200 Fi Ethanol. The use of ethanol will reduce the dependence on import of petroleum products.

Singtel to invest in Airtel’s parent firm

Singapore Telecommunications (Singtel) has said it will invest ?2,649 crore in Airtel’s holding company Bharti Telecom.With the investment, Singtel’s total stake in the firm will increase to 48.9% from 47.17% while Bharti Enterprises will continue to hold over 50% in Bharti Telecom.Airtel said the fresh round of investment from Singtel highlights its confidence in the Indian telecom sector

1500 km gas pipeline in Assam

5 major oil and natural gas PSUs would set up a joint company for a 1500-km gas pipeline at an estimated cost of Rs 6000 crore.The pipeline will run from Guwahati to Tinsukia via Numaligarh to supply gas to the eight North East states.The five PSUs that would form the company are ONGC, Oil India Limited, Indian Oil Corporation, Numaligarh Refinery Limited and GAIL.

Priyanka to be ambassador of Harman Int.

Harman International, a wholly-owned subsidiary of Samsung Electronics Co., announced that actor Priyanka Chopra will be its global brand ambassador.The company, said that the actor will be the face of the company for JBL and Harman Kardon audio brands. Harman International deals with connected technologies for automotive, consumer and enterprise markets.

Unilever arm invests Rs 65 cr in IDG

Unilever Ventures, an investment arm of Unilever Plc, has put Rs 65 crore ($10 million) into the IDG Ventures India Fund during the year.The company helps early and growth-stage startups receive equity investment and operational support from Unilever. These investments in IDG will create the necessary infrastructure for Unilever Ventures.

AUSFB Inks MoU with LIC

Banking finance company AU Small Finance Bank has signed an MoU with LIC to offer Pradhan Mantri Jeevan Jyoti Bima Yojana.Under the MoU, LIC will give a life cover of Rs2 lakh in case of death to the customer at a nominal premium of Rs330 per annum. The company will also offer loans under government’s affordable housing and subsidy schemes such as Pradhan Mantri Awas Yojana.

Facebook elects first black board member

Facebook has announced the addition of Kenneth I. Chenault, CEO of American Express, to its board of directors.Chenault will become the first African-American board member at the social media giant. Chenault, who joined American Express in 1981, has been chairman and CEO of the company since 2001. Chenault serves on the boards of IBM, Procter & Gamble, the Harvard Corporation and others.

Japan launches new observation satellite

Japan’s Aerospace Exploration Agency (JAXA) has successfully launched a new Earth observation satellite, equipped with X-band radar.ASNARO-2, developed by Japanese tech firm NEC, will perform Earth-observation tasks for five years from its orbit at an altitude of about 500 km. This was the first launch of a JAXA Epsilon rocket ordered by a private company.

PhonePe inks pact with FreeCharge

10 : Flipkart’s payments arm PhonePe said it has partnered mobile wallet company FreeCharge.PhonePe has now enabled its over 45 million users to link their existing FreeCharge wallets to the PhonePe app. Once linked, PhonePe customers will be able to spend their FreeCharge wallet balance at all online and offline merchant outlets that accept payments via PhonePe.

TIHCL Gets RBI Nod to Operate as NBFC

Telangana Industrial Health Clinic Ltd (TIHCL), a State government initiative, has got RBI clearance to register and function as a non-banking finance company (NBFC).It will be the first State promoted and co-financing NBFC. It had won the SKOCH Platinum Award in September 2017 under the smart governance category in the MSME segment.

Pankaj Jain becomes IIFCL MD

Pankaj Jain, Joint Secretary in the Department of Financial Services (DFS), has assumed charge as the Managing Director of India Infrastructure Finance Company Ltd (IIFCL).He will be holding additional charge of IIFCL along with his present position as Joint Secretary at DFS.IIFCL is a state-owned company focused on infrastructure financing and development.

SEBI shortlisted Comp. for IT services

SEBI has shortlisted 15 entities, including Tata Communications, Wipro for 2 separate services – identify and classify security holes in IT infrastructure, as well as protect against security threats.Selected company will be responsible for all the activities related to information security and implementation of security solutions.SEBI is the regulator for the securities market in India.

Saurabh Chawla appointed DLF Group CFO

DLF has announced the appointment of Saurabh Chawla as the Key Managerial Personnel & Group Chief Financial Officer.The appointment follows the elevation of former Group CFO Ashok Kumar Tyagi as the whole-time director of the company.He currently spearheads the Investor Relations function at the Group level and is also responsible for Private Equity, M&A transactions within the DLF Group.

Allahabad Bank and NeSL tie up

Allahabad Bank has signed a memorandum of understanding with National E-Governance Services Ltd (NeSL).The partnership could help in minimising the resolution period for cases referred by the bank to the National Company Law Tribunal. NeSL is India’s first Information Utility registered with Insolvency & Bankruptcy Board of India under the aegis of Insolvency & Bankruptcy Code, 2016.

Bankruptcy Code law amended

The Lok Sabha amended the Insolvency and Bankruptcy Code law.It will prevent wilful defaulters and existing promoters from taking part in insolvency proceedings of stressed assets of companies. The bill will replace an ordinance that was brought in November to prevent unscrupulous promoters from misusing the provisions of the Insolvency and Bankruptcy Code (IBC).

NASA’s “Girl of the Year” doll

NASA, is collaborating with American Girl, a doll and book company, to inspire children to dream big and reach for the stars.The focus of the collaboration is the “Girl of the Year” doll for 2018, an 11-year-old aspiring astronaut named Luciana who wants to be the first person to put boots on Mars.NASA want to encourage girls and boys to pursue their dreams.

Dabur opens skill development centre

Dabur India inaugurated a skill development centre for women, as part of the company’s Corporate Social Responsibility campaign.The vocational training centre, set up at Dhekidol Village in Sonitpur district, will start with a 6-month course on stitching and tailoring, the company said.Corporate social responsibility is a form of corporate self-regulation integrated into a business model.

India’s 1st Foreign-Owned ARC

US buyout giant KKR & Co has become the first foreign investor to fully own an asset reconstruction company (ARC) in India. It received approval from the Reserve Bank of India.The New York-headquartered investor plans to set up a separate managed company to put bad loans and bring in expertise to revive the assets.

MoU between Bank of Baroda and POORTI

Bank of Baroda has entered into MoU with POORTI Agri Services Pvt. Ltd to enable the farmers to purchase agricultural inputs provided by POORTI. This is a Platform for Online Ordering & Rural Transformation of India known as “POORTI”. Poorti is a company providing multi-party mobile commerce platform for easy ordering of fertilizers, pesticides, seeds by farmers with loans given by banks.

Sebi restricts cross-holding in MF

SEBI approved norms to improve governance in mutual funds and credit rating agencies and deepen the securities markets. Sebi also did its bit to help tackle India’s Rs.10 trillion stressed asset problem at a meeting of its board in Mumbai.A sponsor of a mutual fund or its associates cannot hold more than 10% in any other asset management company or have a board seat.

Google’s Machine Learning Research Lab

In an apparent move to rebuild its presence in China, Google announced that it will open a research lab focused on Artificial Intelligence (AI) in Beijing, China.It will be its first such centre in Asia.The “Google AI China Centre” will join the other AI research groups that the company has in other parts of the world, including in New York, Toronto, London and Zurich.

OBOPAY gets a Prepaid Instrument License

OBOPAY, global mobile payment solutions company has secured a license for Prepaid Payment Instrument from RBI to operate a semi-closed loop wallet in India. Company will be using the license in propelling the business in its B2B operations by co-branding the prepaid instrument with a partner brand.Using the licence, OBOPAY will solve various payment related problems for their partner clients

UCO, Allahabad Bank sell Jai Balaji loan

UCO Bank & Allahabad Bank have sold their entire loan exposure to Jai Balaji Industries to Edelweiss Asset Reconstruction, ahead of a deadline to begin bankruptcy proceedings.Jai Balaji is one of 29 NPA accounts in the second defaulter list prepared by the Reserve Bank of India.The purchase of these loans will make Edelweiss ARC one of the largest creditors to the company.

Monika Maurer to leave Nokia

Nokia has announced the appointment of Joerg Erlemeier as Chief Operating Officer & member of Group Leadership Team with immediate effect. His appointment comes in as current COO Monika Maurer decided to leave the company. Monika Maurer will support Erlemeier during a transition period and then leave Nokia to pursue new opportunities outside the company.

Maruti Suzuki rides past SBI, HDFC

State Bank of India, is now behind the carmaker for every second Indian, Maruti Suzuki, in market capitalisation.At a market cap of Rs 2,73,106 crore, the Suzuki-promoted carmaker is now the sixth most valued company in the country.Maruti Suzuki is now more valuable than the combined market cap of the 3 leading automobile companies in the country: Tata Motors, M&M & Ashok Leyland.

Nestle to buy Atrium Innovations

Nestle is buying Canadian vitamin maker Atrium Innovations for $2.3 billion, expanding its presence in consumer healthcare as it seeks to offset weakness in packaged foods.This deal is Nestle’s biggest acquisition in medical nutrition since the company accelerated its push into health in 2006.This is Nestle’s 4th purchase in recent months & is expected to close in the 1st quarter of 2018.

Google invests in Dunzo

In its first direct investment in an Indian startup, Google has invested Rs 65 cr in Dunzo, a hyper local concierge & delivery firm.The investment is part of Google’s Next Billion Users push & will see the company lead a $10-12 mn round.Dunzo offers services where customers can use its app to ask for errands such as fetching medicines or buying a cake, for a fee.

Infosys Appoints Parekh as MD & CEO

Infosys announced the appointment of Salil S. Parekh as its new CEO and Managing Director.Salil was in Capgemini earlier.The Bengaluru-headquartered company was searching for a new CEO after former CEO Vishal Sikka resigned in August 2017.Cofounder Nandan Nilekani returned to the company as non-executive chairman to steady operations.

First Indian casino game training course

Delta Corp Limited claimed to have set up the first casino game training courses in India. The casino game training courses were set up in 2013 as a part of the company’s Corporate Social Responsibility in Panaji, Goa. Anil Malani, President Delta Corp Ltd said that they have a designated batch of 20 courses which is absolutely free.

Bajaj Allianz’s ‘Pro-fit’ platform

Bajaj Allianz General Insurance has launched ‘Pro-fit’, a platform that will act as a one-stop solution to all the health-record tracking needs of customers. Pro-Fit is available on the company’s self-service app ‘Insurance Wallet’ and can also be accessed on the company website. Customers can store their health records, track their fitness levels etc.

Meg Whitman to Step Down

Hewlett Packard Enterprise has announced that CEO Meg Whitman would be stepping down from her position as of Feb 1, 2018. Antonio Neri, company’s current president, will be taking over as CEO, however, Whitman will retain a board position at the company. Whitman, who took over the position as CEO in 2011 after what might be called a major management meltdown, oversaw the company’s 2 splits.

Karnataka ans Intel’s Mobileye tie up

The Karnataka government has partnered with Intel company Mobileye to launch a project for automotive safety called “Automotive Safety Innovation”. It will create a repository of road and traffic information. As part of this project, multiple vehicles fitted with cameras and other sensors would be covering several areas around Karnataka to build the repository over the next 9 months.

Sanjeev as whole-time member of SEBI

Sanjeev Kaushik has been appointed as whole time member of SEBI for a period of three years or until the age of 65 years, whichever is earlier. Kaushik replaces S Raman, who retired from the post of a whole-time member in September 2017. Prior to this appointment, he was Chairman and Managing Director of India Infrastructure Finance Company Ltd (IIFCL).

Apollo Munich Insurance won award

Apollo Munich Health Insurance Company was awarded the 21st Asia Insurance Industry Awards in the “General Insurance Company of the Year” category, at Singapore. Apollo Munich Health Insurance Company is a joint venture between integrated healthcare provider, Apollo Hospitals Group, and the Munich Re Group. The Asia Insurance Industry Awards is hosted annually by Asia Insurance Review.

RIL Cross Rs. 6 Trillion Market Capital

Reliance Industries Ltd (RIL) became the first Indian company to cross Rs. 6 trillion market capitalization after its shares surged over 75% so far this year and hit a fresh lifetime high. Currently, its market cap is at Rs. 6.02 trillion. The recent rally in the stock was due to tariff hike by its telecom arm Reliance Jio which, analysts expect, will improve the company’s profitability.

Chile named best country to visit

Lonely Planet, the travel guide company, ranked Chile as the number one country to visit in 2018, in its Best in Travel 2018 list. In the list 10 destinations were listed in 4 categories namely: Top 10 countries, Top 10 cities, Top 10 regions, Top 10 best value. In the top 10 cities category, Seville of Spain ranked number one.

IDFC to exit infra, PE funds business

Infrastructure Development Finance Company has started work on exiting the infrastructure and private equity funds management business, IDFC Alternatives, which has assets worth $2.6 billion. IDFC Alternatives has been one of the longest running risk investment managers in the country. It consists of three asset classes — infrastructure, real estate and generic private equity investments.

Science Careers ‘top employers’ survey

Biocon, a Banglore based company, is the first Indian company, which was ranked ninth in the ‘top employers’ survey. The survey was based on an evaluation of 23 characteristics including financial strength, easy adaptation to change, and a research-driven environment. It is the only Asian Company in the prestigious list of global biotech and pharma companies.

First Tesla factory outside US

Electric car maker Tesla has set up its first electric car manufacturing plant outside the US at Shangai in China. China has the world’s largest auto industry. Tesla, Inc. is an American automaker, energy storage company and solar panel manufacturer based in Palo Alto, California. It was founded in 2003 and its CEO is Elon Musk.

1st War of Independence: Paika Bidroha

Union HRD Minister Prakash Javadekar mentioned that from the next academic session, ‘Paika Bidroha’ of 1817 will be included in history text books as ‘the First War of Independence’. Paika Rebellion was an armed rebellion against British East India Company, which broke out in the year 1817 across Odisha. Combination of social-political-economic causes triggered the Paika rebellion.

Hirasar airport project gets clearance

22 : The Centre has given green clearance for a greenfield airport project at Hirasar to the Gujarat State Aviation Infrastructure Company Ltd (GSAICL). The state government has proposed a new airport in Rajkot district as the existing one is small and the earlier plan to extend the current runway could not materialise because of high land cost. The project is worth Rs. 1,400 crore.

Anti dumping probe against PTFE resin

The US has initiated an antidumping duty investigations against the import of polytetrafluoroethylene (PTFE) resin from India and China. These investigations were started based on petitions filed by the Chemours Company on September 28. Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry.

Tejas jets to get French-made radars

French defence firm Thales announced the development of a radar catering to the specific needs of Hindustan Aeronautics Limited (HAL) to equip the Tejas light combat aircraft. In 2016, HAL had issued a tender for Active Electronically Scanned Array radars for Tejas Mk-1A LCAs and till date no company has been selected. The radar is designed for air-to-air superiority and strike missions.

WPP Appoints CVL Srinivas

CVL Srinivas has been appointed country manager for WPP in India. C.V.L. Srinivas, or Srini, as he is known in the industry, is a media professional with 20 years of experience. He has taken over the new role from Ranjan Kapur who will continue as Chairman of WPP India. The responsibility has come as an additional charge along with his role as CEO, South Asia, GroupM.

Akshay becomes UK’s youngest millionaire

Indian-origin teenager Akshay Ruparelia has become one of UK’s youngest millionaires, after his online real estate agency business reached the value of 12 million pounds. Akshay Ruparelia, a 19 year old Indian-origin teenager had started online real estate agency, “doorsteps.co.uk” a year ago. This online real estate agency sells houses to buyers for just 99 pounds as service charge.

Voltas appoints Pradeep Bakshi as MD

Voltas announced the elevation of Chief Operating Officer Pradeep Bakshi as the MD and CEO of the company. Bakshi is a consumer durables expert. He has been with Voltas for the most of his professional life for around 30 years. Under Bhakshi, Voltas has given foreign brands such as LG, Samsung and Whirlpool a tough competition in air conditioners. Bakshi suceeds Sanjay Johri.

NIIF & Abu Dhabi inks pact

The National Investment and Infrastructure Fund (NIIF) of India has signed an investment agreement worth $1 billion with Abu Dhabi Investment Authority (ADIA) ADIA will become the first institutional investor in NIIF’s Master Fund and shareholder in the NIIF’s investment management Company. It aims to attract international investors while remaining closely aligned with the NIIF’s objectives.

Rukaiya appointed as head of MobiKwik

MobiKwik has announced the appointment of Rukaiya Rangwala as the Business Head of ‘MobiKwik Payment Gateway’ to drive the growth of the entity. Rukaiya has 15 years of experience in the technology and e-commerce industry. The company had recently relaunched its Payment Gateway and aims to have over $5 billion worth of transactions processed on the platform by the end of 2017-18.

Int. Railway Equipment Exhibition

Bharat Earth Movers Limited, a Public Sector Company under Ministry of Defence is participating in International Railway Equipment Exhibition-2017. It is a three day event being held at Pragati Maidan, from 11 – 13 October, 2017. IREE is India’s largest international event for the Railway Sector. BEML is the Nation’s first Rail coach manufacturing Company.

SBI to setup largest Innovation Centre

State Bank of India announced the setting up of its 15,000 square feet Innovation Centre in Navi Mumbai. It will be the largest Innovation Centre by any financial services company in India. SBI currently has a 12 member innovation team. This would be increased to more than 30, once the centre is launched.

IFC invests $76 mn in masala bond

The IFC, a member of the World Bank Group, has invested USD76 million in 5 years in masala bond of Fullerton India Credit Company. IFC is using masala bonds to support companies in diversifying their funding sources, thus expanding a newly opened market to attract private investment. IFC helped create the masala bond market through its own first issuance in November 2014.

Amendments in IBBI norms

Insolvency and Bankruptcy Board announced that it has amended the rules for information utilities, providing more leeway for setting up such entities. Now, a listed Indian company can hold up to 100% stake in an information utility, which stores financial information that helps to establish defaults and verify claims expeditiously. Amendments have been made effective from 29th September.