Page 22 - Companies

RBI directs payment operators to keep data within India

New Delhi, Apr 06 (ANI): The Reserve Bank of India directed all payment system operators in India to store data within the country. The payment system operators have been asked to ensure that data related to payment systems operated by them are stored only inside the country. Payment system operators will be given six months to make the necessary transition. The central bank directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies (VCs) like bitcoins, so as to protect consumer interest and check money laundering. The RBI also asked entities which are already into such services to stop providing the same within three months.

Ola and Acko partner to create in-trip insurance program

New Delhi, Apr 06 (ANI): Indian ride aggregator Ola launched a comprehensive in-trip insurance program for its customers across India, thereby extending the benefits of the 'Chalo befikar' insurance program to its customers across all categories, namely cabs, auto, and e-rickshaw. In this regard, Ola partnered with Acko General Insurance Ltd to launch this program designed to benefit its customers across 110 cities. A user booking an Ola ride can opt for an in-trip insurance cover while booking the ride at a premium of Re. 1 for all intra-city travel; Rs.10 for Ola Rentals; and Rs. 15 for Ola Outstation. The first-of-its-kind program is being rolled out for customers in major metros and will be scaled up to all cities, covering the entire base in the coming weeks. The comprehensive insurance program provides benefits in cases of loss of baggage or laptops, missed flights, accidental medical expense, ambulance transportation cover, and much more. The optional in-trip insurance program c

MMT, Flipkart to become partners to transform travel industry

New Delhi, Apr 05 (ANI): Online travel company, MakeMyTrip Limited, and Indian e-commerce gaint, Flipkart, on Thursday announced a strategic partnership in the travel services segment. MakeMyTrip's multiple brands including MakeMyTrip, Goibibo and redBus, will leverage the large customer base of Flipkart platform to drive online bookings in travel services.The new partnership will start with a roll-out of domestic flight booking in the next few weeks which will be followed by hotels, bus and holidays bookings. Flipkart and MakeMyTrip have played a defining role in shaping the consumer internet ecosystem in India and bringing millions of people online. This strategic partnership helps us make travel booking a seamless experience for customers, even those in the farthest regions, while also furthering our goal of being a one-stop destination for all digital transactions online," said Kalyan Krishnamurthy, CEO, Flipkart.

Government commissions mechanism to address taxpayers' grievances

New Delhi, Apr 05 (ANI): In a bid to make tax filing more convenient, the government on Wednesday announced the establishment of an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the Goods and Services Tax (GST) portal. In this regard, the GST Council has delegated powers to an IT Grievance Redressal Committee to approve and recommend to the GSTN the steps to be taken to redress the grievance and provide relief to the taxpayer. The relief could be in the nature of allowing filing of any form or return prescribed in law or amending any Form or Return already filed. However, where the problem relates to individual taxpayer, due to localised issues such as non-availability of internet connectivity or failure of power supply, this mechanism shall not be available. The mechanism inter alia envisages that taxpayers shall make an application to the field officers or the nodal officers where there was a demonstrable g

Hyderabad resident trafficked to Middle East on pretext of job and salary

Hyderabad, Apr 05 (ANI): Hyderabad resident Rafi Uddin was allegedly human-trafficked to Saudi Arabia on pretext of a driving job in January 2018. His sister said, "They have made him a house servant and aren't paying any salary. He is ill but isn't provided with adequate food. I urge Sushma Swaraj to rescue him"

BuyUcoin unveils open trading engine for cryptocurrencies

New Delhi, Apr 04 (ANI): BuyUcoin, a cryptocurrency exchange platform and Blockchain Wallet company announced the launch of BuyUcoin Trade Engine 2.0, enabled with the latest features to ensure cryptocurrency enthusiasts access to a flawless trading experience, thereby helping improve the overall liquidity of Indian markets, empowering high-frequency traders to prefer domestic platforms and experience global standards of trading. BuyUcoin Trade Engine 2.0 has the capability to execute transactions at a scale of 200 orders per second. Attributable to the outstanding customer experience that BuyUcoin provides, the company witnessed a sharp growth in its user base snowballing from 15,000 to 1,50,000 in a span of five weeks in Q4 of 2017. The company has long term plans to fully embrace and adopt the Decentralised Web 3.0 in order to keep abreast with the dynamic cryptocurrency industry. It also plans to launch more cryptocurrencies in India which are currently not available to the consume

China says it imposed tariffs on US duties to protect national interest

China, Apr 04 (ANI): China said it has imposed tariffs on 128 U.S. products ranging from wine to oranges in order to 'balance the losses' caused by U.S. duties. U.S. producers, South Korea and Canada have been granted exemptions from steel and aluminium duties. But China has not been included in the list though it is a relatively small supplier to the United States.

Indraprastha Gas Limited hikes CNG, PNG prices

New Delhi, Apr 02 (ANI): Following a recent notification from the government increasing the prices of domestically produced natural gas, Indraprastha Gas Limited (IGL), a joint venture of GAIL (India) Ltd., Bharat Petroleum Corporation Limited (BPCL) and government of National Capital Territory (NCT) of Delhi, on Sunday announced a revision in the selling prices of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG). This revision in prices would result in an increase of 90 paise per kg in the consumer price of CNG in Delhi and Re 1 per kg in Noida, Greater Noida and Ghaziabad. The price of CNG being supplied in Rewari is being increased by 95 paise per kg from Rs 50.67 per kg to Rs 51.62 per kg. However, IGL will continue to offer a discount of Rs 1.50 per kg at the selling prices of CNG for filling between 12.30 am to 5.30 am at selected outlets.

Mystery Rooms to invest Rs 30 million, launch 25 new outlets

New Delhi, Apr 02 (ANI): Homegrown gaming experience hub, Mystery Rooms, announced the company's plans to invest Rs. 30 million in 2018 towards opening of over 25 new stores, and hiring approximately 100 employees. Mystery Rooms, already available in 15 cities and within the next quarter, will be launched in Noida, Mumbai and Lucknow. "Adventure gaming is on the verge of becoming a national phenomenon and at Mystery Rooms, we take pride in bringing the concept of real-life escape games to the country and spread it over 15 national cities," said Sapna Bhutani, CEO and co-founder, Mystery Rooms. "By 2019, Mystery Rooms aims to have presence across 25 cities, and we will be investing Rs 30 million towards expansion," Sapna added. Mystery Rooms offers six interesting games including The Hurt Locker: A bomb defuse challenge, Lock Out: A prison break challenge, Abduction: A final hour and Cabin in the wood, among others.

E-way bill for smooth inter-state goods movement rolls out

New Delhi, Apr 02 (ANI): An inter-state expressway (e-way) bill system was rolled out on Sunday in order to facilitate smooth movement of goods around the country. The e-way bill system, which became mandatory from Sunday, was introduced as per the Goods and Services Tax (GST) Council. The implementation of the nationwide e-way bill mechanism, under the GST regime, is being done by the Goods and Services Tax Network (GSTN) in association with the National Informatics Centre (NIC) and is being run on the portal- ewaybillgst.gov.in. It is being heralded a paradigm shift in inter-state goods movement. The trial run for e-way bills under the current GST regime started earlier on January 16 this year. A total of 10, 96, 905 taxpayers have registered on e-Way Bill Portal till date. Further 19,796 transporters, who are not registered under GST, have enrolled themselves on this Portal. 1,71,503 e-waybills were successfully generated on the portal from 0000 hours till 1700 hrs today itself. To

Reliance Jio announces 12 month extension of benefits to Prime members

New Delhi, Mar 31 (ANI): Reliance Industries Limited's telecom venture Reliance Jio announced a year-long extension of benefits to its Jio Prime members at no additional fee. As per an official statement from the firm, all Jio Prime members who have subscribed to the exclusive membership benefits until March 31 this year, will get another year of complimentary benefits at no charge. For new Jio users, the Jio Prime membership will continue to be available at an annual membership fee of Rs 99, the statement noted. In order to avail extended benefits, existing Jio Prime members may download the MyJio app and register for complimentary membership for the next 12 months. Moreover, Jio Prime members joining on or after April 1 will be required to pay Rs. 99 during on-boarding for the annual subscription. Jio Prime was launched last year, whereby customers subscribed to the services on or before March 31 were asked to pay one-time fee of Rs 99 to avail benefits.

Kraftly set to reach 250,000 sellers by FY19

New Delhi, March 31 (ANI): Leading seller tools platform Kraftly on Friday announced that it is poised to meet a remarkable milestone of reaching 250,000 sellers by the end of FY 2018-19. In doing so, the company will have showcased a Compound Annual Growth Rate (CAGR) of nearly 85 percent in terms of sellers on-boarded for the period between FY 2015-2016 and FY 2018-19. By simplifying the process of setting-up a store online, the company has promoted online product commerce amongst SMEs and entrepreneurs. The company's solutions help new and experienced sellers sell products online across multiple channels, which drive greater sales, sustainable success and empower their business and brand. With the recent launch of the Kraftly Ads Network to simplify paid digital promotions and online campaign building for sellers, Kraftly is fostering the innovation and modernisation of the Indian seller ecosystem. At the end of 2016, the company had just over 40,000 sellers on its platform; today,

ICICI issues clarification on penalty by RBI

New Delhi, Mar 30 (ANI): ICICI Bank issued a clarification after the Reserve Bank of India (RBI) imposed penalty on it. In a statement, ICICI Bank said it gives utmost importance to regulatory compliance and ensuring compliance with all directives, guidelines and observations by RBI. It added that RBI has imposed a penalty on the Bank for continued sale of government securities classified as HTM. Earlier in the day, the RBI imposed monetary penalty worth Rs. 58.9 crore on ICICI Bank for failing to abide by rules on the sale of bonds in the held-to-maturity (HTM) category.

RBI imposes Rs 58.9 crore penalty on ICICI bank

New Delhi, Mar 29 (ANI): The Reserve Bank of India (RBI) on Thursday imposed monetary penalty worth Rs. 58.9 crore on ICICI bank for failing to abide by rules on the sale of bonds in the held-to-maturity category. The RBI has imposed penalties under provisions of section 47A(1)(c) and section 46(4)(i) of the Banking Regulation Act, 1949. The country's largest private sector bank apparently defied regulatory compliance. It also failed to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Amazon to sell groceries in France with Monoprix

New Delhi, Mar 28 (ANI): Amazon.com signed a deal to sell Monoprix's upscale grocery goods in Paris, Fred Katayama reports. Monoprix will become the first French retailer to sell groceries via Amazon. A dedicated virtual store will make available Monoprix's goods via the Amazon Prime Now app or website. For now, sales will be limited to the greater Paris market, but Monoprix wouldn't rule out broadening the deal to other parts of France. The move follows Amazon's purchase of organic foods chain Whole Foods Market in the U.S. and a deal to sell goods from the British supermarket chain Morrisons. Amazon's stock rose at the market open Tuesday. Shares of the owner of Monoprix, Casino, soared amid speculation that the Amazon move could lead to a bigger deal.

GSK buys out Novartis in $13 billion shake-up

New Delhi, Mar 28 (ANI): GlaxoSmithKline said on Tuesday it will buy Novartis's 36.5 percent stake in their consumer healthcare joint venture for $13 billion in cash, and will also begin a strategic review of ome other businesses. GSK's CEO says the deal will boost adjusted earnings and cash flows, helping advance efforts to improve performance. While Switzerland's Novartis says the timing was right to divest a non-core asset.

HandM Q1 profit plunges, more price cuts ahead

New Delhi, Mar 28 (ANI): HandM on Tuesday warned that high inventories will carry price cuts into the second quarter, after the clothing retailer reported a 61 percent plunge in first quarter profit hurt by price cutting. HandM had already warned it may not be pretty Markdowns due to weak demand in HandM's main brand stores would hit earnings, it said in February. Then came a quarterly sales fall of two percent. And now the clothing retailer has reported a 61 percent plunge in first quarter profit to 154 million dollars. Inventories had risen by a bigger-than-expected seven percent. And attempts to adapt to shoppers moving online meant 2018 was becoming 'a transition year'. HandM stock has fallen by more than a half since November 2016.

Facebook shares tumble as FTC announces probe

New Delhi, Mar 27 (ANI): Regulators and more companies are taking action against Facebook. The Federal Trade Commission says it opened a non-public investigation in the social network's privacy practices. In Germany, the Justice Minister met with Facebook executives and the Cartel Office is probing the use of data Facebook culls from partner websites. The news sent Facebook's beleaguered shares down more than 5 percent on March 26.

Uber to sell Southeast Asian business to Singapore-based rival

New Delhi, Mar 26 (ANI): Amid fierce competition, ride-hailing app Uber is reportedly selling its Southeast Asian share of the business to Grab, its Singapore-based competitor. The deal, which was signed for an undisclosed amount, will leave Uber with a 27.5 percent stake in Grab under the agreement. The deal also includes the sale of all of Uber's operations in the region, including its food delivery service, Uber Eats, thus helping Grab venture into the food delivery space. The move follows a massive investment that was made in Uber earlier this year by Japan's SoftBank Group, who has also invested a significant share in Grab, China's Didi Chuxing and India's Ola. In 2016, Uber had sold its China operations to Didi Chuxing in a landmark deal that was perceived to be the end of Uber's vision to dominate one of the world's largest markets.

US President Donald Trump sets China tariff plan

New Delhi, Mar 23 (ANI): US President Donald Trump signed a presidential memorandum that could impose tariffs on up to $60 billion of imports from China. The restrictions will target 1,300 Chinese products, everything from shoes and clothing to electronics. China has already said it will defend itself with "all necessary measures", raising fears of a trade war between the world's two biggest economies. Trump also asked the Treasury Department to impose restrictions on Chinese investment in American companies.