Page 31 - Companies

Amazon CEO Jeff Bezos' net worth surpasses 100 billion dollars

New Delhi, Nov 27 (ANI): Chief Executive Officer of Amazon, Jeff Bezos net worth surpassed whopping 100 billion after a great bump in stock price of one of the biggest e-commerce planet in the planet. Amazon CEO was dubbed as the richest man on the planet this year. The sudden jump in the price of Amazon on Black Friday helped Jeff Bezos to surpass the 12-figure mark. He is second on the list to surpass the list, earlier, Microsoft and co-founder Bill Gates hit the mark in 1999.

China-based company WaliMai develops smart label to beat counterfeiters

New Delhi, Nov 26 (ANI): China-based company WaliMai has developed smart labels to beat the counterfeiters selling brand replicas at lower rates. These RFID-based anti-counterfeit labels are fixed to a product and indicated that the product is genuine. Counterfeiting is a big business in China creating trouble for genuine brands and buyers. From designer handbags to cosmetics, from food to medicines, these counterfeiters provide almost all kinds of products. There is 'banking-level' security inside the label that has embedded RFID chip with a re-writable memory. This formula is thought to make it virtually impossible to counterfeit. Each label is single use; and is destroyed when the product is opened. These WaliMai's smart labels will soon be used on alcohol bottles. The company hopes the technology could one day help tackle the huge global problem of counterfeit pharmaceuticals.

Uber to disclose price on SoftBank deal early next week

New Delhi, Nov 26 (ANI): Uber Technologies Inc plans to move ahead with a deal to bring in Japanese technology company SoftBank Group Corporation as a major investor by disclosing the pricing early next week in formal tender offers to the ride-hailing service's investors. Investors will have 20 business days, or about a month, to respond to emails and letters to be sent early next week. SoftBank and Dragoneer Investment Group agreed on Nov. 12 to lead a group that would invest as much as $10 billion in Uber. Selling shareholders must be accredited investors as defined by U.S. regulations and hold at least 10,000 shares of the firm.

GST continues to impact small and medium diamentaires in Surat

Surat (Gujarat), Nov 26 (ANI): The diamentaires and GJEMC (Gem and Jewellery Export Promotion Council) in Surat claim that implementation of Goods and Services Tax (GST) has brought problems for the middlemen and traders involved in internal businesses related to diamonds trade, such as polishing. Dinesh Navadiya, Chairman of GJEPC claims that there is lack of infrastructure and digitalization on the ground level in the diamond trade channel to support GST.

Finance Secretary Adhia requests companies to pass on GST rate cut benefits to consumers

New Delhi, Nov 25 (ANI): Finance Secretary Hasmukh Adhia, on Saturday, requested companies to pass on the benefits of Goods and Services Tax (GST) rate cut to the consumers. He asked the companies to paste stickers of the revised rate of MRP on their products.

Online Black Friday sales top $1.52 billion, less frenzy at U.S. stores

New Delhi, Nov 25 (ANI): It was not even Black Friday yet and already Americans had spent over 1.5 billion dollars online by Thanksgiving evening a 16.8 % jump over the same period last year. After two weak holiday seasons, many retailers opened their doors early on the eve of the shopping holiday, like Macy's flagship store in New York City. But on Friday, the crowds were tame at stores across the United States. Still, plenty of bargain hunters lined up - swarming into Best Buy stores. Good deals were also found at home. Surging online sales have thinned crowds typically seen at stores on Thanksgiving evening and Black Friday, although analysts say this year a strong labor market, rising home prices and stock markets at record highs have improved shopper appetite.

Amazon workers stage 'Black Friday' strike in Germany, Italy

New Delhi, Nov 25 (ANI): Workers at a half dozen Amazon distribution centers in Germany and Italy staged protest "Black Friday" strike to demand better wages from the American online giant. The German union has been leading a push since 2013 for higher pay for some 12,000 workers in Germany, arguing Amazon employees receive lower wages than others in retail and mail-order jobs. Germany is Amazon's second-biggest market after the United States. The strikes in Germany are expected to end Saturday. The Italian strike was called for permanent workers. The unions advised workers who are on short-term, work-on-demand contracts to stay on the job, so they wouldn't risk losing future gigs.

Textile industry yet to recover from GST jolt, claim traders

Surat (Gujarat), Nov 24 (ANI): Textile traders in poll-bound Gujarat said that the industry is yet to recover from the jolt of implementation of Goods and Services Tax (GST), country's biggest tax reform in 70-year history. India rolled a uniform tax that replaced more than a dozen federal and state in July. Under the new levy, tax of five percent was imposed on fabric and garment, but 18 percent was charged on synthetic fibre and yarn. Traders said the new tax nearly halved the production of cloth in the city. The traders also said they have been urging the government to reconsider the rates, but to no avail.

Shoppers bundle up for 'Black Friday' deals

New York (United States), Nov 24 (ANI): Bargain hunters in New York poured into Macy's Department Store, as the retail giant opened its doors for Black Friday sales. The store opened it's doors and shoppers, who had lined up for hours, quickly began to pour in. Black Friday, as the day after Thanksgiving is called, has traditionally started the holiday shopping season in the United States and was the day when retailers turned a profit, thus going from "being in the red" to "in the black."

Tencent surpasses Facebook in market value

New Delhi, Nov 22 (ANI): There's a new player in the world's most valuable business club and for the first time ever it's from Asia. China's number one social network and gaming platform Tencent officially blew past Facebook's market value on Tuesday, a day after it became the one-and-only Chinese company worth more than 500 billion dollars. With this, it joined the elite ranks of Apple, Alphabet, Microsoft and Amazon. Revenues from smartphone games like Honor of Kings, which has more players than the population of Germany, are bringing in enormous amounts of money for Tencent. It also controls China's messaging super app WeChat - which is used by nearly a billion people and operates the Chinese equivalent of YouTube.

Mahindra opens Detroit's first car manufacturing facility in 25 years

New Delhi, Nov 22 (ANI): Automobile giant Mahindra opened its new manufacturing plant with an investment of $230 million in the world's car capital Detroit, which got its first automotive production facility in 25 years. The new plant will create 250 new jobs in the U.S., the world's top automotive market. Designed and engineered by Mahindra Automotive North America (MANA), the vehicle promises to be unlike anything currently on the market. An off-road vehicle is one which is capable of driving on and off paved or gravel surface. Mahindra has in total 30 facilities having invested about $1 billion in the U.S. and providing employment to some 30,000 people is a major contribution of Mahindra in American economy and strengthening India-U.S. relationship. Mahindra was recently named as one of five vehicle manufacturers selected by the United State Postal Service (USPS) to produce prototype delivery trucks for testing and evaluation.

Egg prices hike 40% in a month

New Delhi/ Mumbai, Nov 21 (ANI): Egg prices in the country breaked all the records by raising 40% in a jump, while the prices of broiler chicken eased 25% during the same time. In Delhi, the wholesale egg prices went up from Rs 375 to Rs 525 (for 100 pieces) during the same period, data aggregated by online agency Poultry Bazaar said. The retail price of eggs in several states was over Rs 6 a piece.

Automaker Mahindra to sell electric vehicles in U.S.

New Delhi, Nov 21 (ANI): Mahindra, one of India's oldest vehicle manufacturers, is testing autonomous tractors, trucks and cars, while moving closer to bringing electric vehicles to the United States. Mahindra and Mahindra bought SsangYong in 2011 and Pininfarina in 2015. The Indian parent is collaborating with both companies on the development of electric vehicles, including premium models for Pininfarina that likely would compete with Tesla Inc. Ssangyong and Pininfarina electric vehicles might be sold in both the United States and China. Mahindra and Mahindra bought Reva Electric Car Company, a small Bangalore-based manufacturer, in 2010 and transformed it into Mahindra Electric Mobility Ltd, which designs and builds compact electric vehicles for the Indian market

Ericsson partners Airtel for deploying 5G technology

New Delhi, Nov 18 (ANI): Communications technology and services provider Ericsson partnered with India's largest telecom operator Bharti Airtel for deploying 5G technology in the country. As part of the partnership, Ericsson will work with Airtel on creating a strategic roadmap for evolution of the network to the next-gen 5G technology. The Swedish telecom gears maker is already a vendor to Airtel in areas such as managed services and 4G. Apart from Ericsson, Airtel has similar partnership with Nokia for 5G technology standard and management of connected devices.

Nissan cites staff shortage for improper tests, plans more inspectors

New Delhi, Nov 17 (ANI): Nissan Motor Co. Ltd. on Friday blamed a lack of 'trained staff'for improper final inspections at its car plants in Japan for over 20 years, and said it would increase the number of inspectors as part of a plan to improve compliance. Last month, Nissan recalled 1.2 million vehicles, including all passenger cars produced for sale in Japan over the past three years, after discovering that uncertified inspectors were for decades signing off on vehicle checks required by the transport ministry for cars sold in the country. The company did not give proper consideration to inspections when cutting staff, it said in a report outlining the findings as well as countermeasures that it submitted to the government. Domestic rival, Subaru Corp, has also been hit by compliance issues after it also admitted that it had not been following proper inspection issues going back around 30 years.

Emirates orders 40 Boeing jets

Dubai, Nov 14 (ANI): Emirates has unveiled a preliminary order worth $15 billion for 40 Boeing jets. It wasn't the only blow for Boeing's rival Airbus ahead of a key air show in Dubai. Deliveries will start in 2022 and Emirates is yet to decide between engines offered by General Electric and Rolls-Royce. Dubai wants a guarantee that Airbus will keep production of the aircraft open for at least 10 years.

Softbank to invest in Uber

London/Tokyo/Brasilia/New Delhi, Nov 14 (ANI): Japanese tech giant, Softbank, says it's mulling a multibillion dollar deal to invest in ridesharing app Uber. Japanese telecoms giant Softbank says it's weighing up a billion dollar investment in the company on top of a move to buy 17 percent of its shares. Uber is open to the move after terms were used to make peace between two key board members, co-founder and former CEO Travis Kalanick and a top shareholder that pushed to get him removed earlier this year, Benchmark Capital. A successful deal would offer something of a reset for new CEO Dara Khosrowshahi forcing Benchmark to drop a lawsuit against Kalanick while the powerful ex-boss would have to loosen his grip on the board room.

Vodafone, Idea to sell tower business to ATC Telecom Infrastructure

New Delhi, Nov 13 (ANI): Vodafone India and Idea Cellular will sell their standalone tower businesses to ATC Telecom Infrastructure. Idea Cellular board has approved the sale of its subsidiary Idea Cellular Infrastructure Services Limited (ICISL) for an enterprise value of Rs 4,000 crore. Vodafone has also agreed to sell its tower business in India to ATC Telecom for an enterprise value of Rs 3,850 crore. The Indian subsidiary of American Tower Corp. will gain approximately 20,000 towers. The deal is scheduled to be completed by the first half of 2018, subject to regulatory approvals.

SpiceJet reports Rs 105 crore profit in Q2

New Delhi, Nov 13 (ANI): India's third largest domestic Airline Carrier, SpiceJet reported a profit of Rs 105.3 crore for the quarter ended September 30, 2017, up 79 per cent from Rs 58.9 crore in the same quarter last fiscal. With this profit, the airline continues its 11th successive profitable quarter. SpiceJet has confirmed its latest order of 50 Bombardier Q400 planes that was announced in the Paris Airshow. "This has been yet another great quarter for us and I am very pleased with the exceptional performance of my team" said Mr. Ajay Singh, CMD, SpiceJet.

Uber loses UK workers rights appeal

London (England), Nov 11 (ANI): A British tribunal upheld the decision for providing workers right to the drivers of one of the largest taxi service of the world, Uber. The rights include minimum wage and paid vacation time. Uber lost the appeal against the regulators decision of not entitling Uber drivers with workers rights. Uber demands that the drivers should be considered as independent contractors similar to the traditional British black cab drivers seen in the London. This defeat could be a fatal blow for the cab service as those benefits would cut severely into their profit margins. Britain is Uber's most important market. According to the estimates, London alone constitutes half of the net sales for Uber in the entire continent. Uber is likely to challenge the verdict in the upper body and the matter could go to the Supreme Court.