New Delhi: Commerce and Industry Minister Piyush Goyal not only ticked off Amazon and its boss Jeff Bezos saying that they are not doing India a favour by investing a billion dollars, but also raised concerns if its losses were a result of predatory pricing and if Amazon and Flipkart were gaining entry into multi-brand retail […]
Category: Business
RBI directs banks to give users facility of enabling, disabling their cards
New Delhi: To improve user convenience and increase the security of card transactions, the Reserve Bank of India (RBI) has asked all banks to give card users, credit and debit, the facility to enable/disable their cards for different types of use. These include online, physical, contact-less domestically or internationally. Over the years, the volume and value […]
Bankers plan strike on budget day, four other days
Chennai: Protesting against the Indian Banks Association’s (IBA) rigid approach in the wage revision negotiations, the United Forum of Bank Unions (UFBU) has decided to go on strike on January 31, February 1 and March 11, 12 and 13, according to a top All India Bank Employees’ Association (AIBEA) leader. Interestingly, the bankers have called strike […]
Amazon to invest $1 bn to digitise Indian SMBs: Jeff Bezos
New Delhi: In a major announcement showing Amazon’s support for Indian MSMEs, CEO Jeff Bezos on Wednesday said that the company would invest $1 billion in digitising small and medium businesses (SMBs) on its platform in the country. Speaking at the Amazon ‘Smbhav’ event here, he also said that Amazon would support SMBs to export their […]
Ritesh Agarwal ‘sorry’ as Oyo to further trim staff across verticals
New Delhi: More staffers at Indian hospitality unicorn Oyo are set to be fired as the company trims its workforce across verticals, Ritesh Agarwal, the CEO, wrote in a letter to the employees. This comes amid reports that the company has let go about 1,200 employees in India “and plans to shed a similar number in […]
Now India’s Dec wholesale inflation skyrockets to 2.59%
New Delhi: India’s annual rate of inflation based on wholesale prices skyrocketed to 2.59 per cent in December from 0.58 per cent in November, official data showed on Tuesday. However, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry showed a decelerating trend during December 2019, […]
Slowdown Pangs: India likely to create 16 lakh less payrolls in FY20
New Delhi: India’s economy is expected to create at least 16 lakh less payrolls in FY20, a State Bank of India report said on Monday. According to an SBI Ecowrap report, India’s economic growth is expected to expand at a slower rate of 5 per cent in FY20, which is “now having a visible impact” on […]
Food prices sky-rocket in Dec; vegetables, pulses dearer
New Delhi: India’s retail food inflation sky-rocketed in December to 14.12 per cent, as seasonal factors made vegetables and pulses dearer, official data showed on Monday. According to the National Statistical Office, the consumer food price index shot up to 14.12 per cent from 10.01 per cent in November and (-) 2.65 per cent in December […]
CCI orders enquiry into business practices of Amazon, Flipkart
New Delhi: In a major setback to e-commerce giant Amazon ahead of its global CEO Jeff Bezos’ India visit, fair market watchdog Competition Commission of India (CCI) has ordered an enquiry into the operations of both Amazon and Flipkart on multiple counts, including deep discounts and exclusive tie-up with preferred sellers. Finding merits in the […]
Nusli Wadia withdraws defamation cases against Ratan Tata
New Delhi: On the suggestion of Chief Justice S.A. Bobde, Nusli Wadia on Monday in the Supreme Court withdrew the defamation cases against Ratan Tata. Chief Justice Bobde appreciated Wadia Group chairman’s response on the suggestion. “We appreciate it,” said a bench headed by Chief Justice and comprising Justices B.R. Gavai and Surya Kant. Tata’s […]