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Gawker Media Asks For $22 Million Bankruptcy Loan Approval

14Jun By AnkitaNo Comments

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Gawker Media Asks For $22 Million Bankruptcy Loan Approval

Gawker Media LLC asked a U.S. bankruptcy court judge on Monday for permission to borrow up to $22 million from an affiliate of buyout firm Cerberus Capital Management LP to help it through its sale process, according to a court filing. The online publishing pioneer filed for bankruptcy last week after it failed to secure a postponement on paying $140 million to Hulk Hogan after it lost a lawsuit involving the publication of excerpts from a sex tape of the former pro wrestler. Media company Ziff Davis LLC has entered into an agreement to buy Gawker for $90 million, setting the floor for an opening bid in a court-supervised auction expected to take place at the end of July. The loan from Cerberus, which often invests in companies in financial distress, will help Gawker...

After Ban, Facebook, Microsoft, Google Agree to Work With Bangladesh Government

13Jun By Press Trust of IndiaNo Comments

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After Ban, Facebook, Microsoft, Google Agree to Work With Bangladesh Government

Facebook, Microsoft and Google have agreed to work with Bangladesh government over "inappropriate contents" on the Internet, the Parliament was told today amidst a series of brutal killings by Islamists of secular bloggers and minorities. Speaking at a question-and-answer session, State Minister for Telecoms Tarana Halim said that not only social media giant Facebook, but Google and Microsoft have also agreed to respond to the governments request within two days. "After intense discussion with Facebook, Google and Microsoft, it has been agreed that they will respond to requests with 48 hours," she said. WHEN THE USE OF FACEBOOK WAS SUSPENDED IN BANGLADESH Last year, the Bangladesh government suspended the use of Facebook, its messenger app, and some other communication apps ...

12Jun By Press Trust of IndiaNo Comments

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Wildcraft to Invest Rs 300 Cr By 2020, Eyes Rs 1,000 Cr Sales

Outdoor products firm Wildcraft is investing Rs 300 crore to strengthen its network and fund overseas expansion as it targets an over twofold jump in sales to Rs 1,000 crore in the next three to four years. The Bengaluru-based firm, which is looking to have 500 exclusive brand stores (EBOs) in India by 2020, up from 140 at present, and double number of points of sales to up to 8,000, eyes to enhance presence in the Middle East, South East Asia and in neighbouring countries like Sri Lanka and Nepal. "Our aim is to have a sales of Rs 1,000 crore in the next three to four years. We did around Rs 300 crore last year and we are looking at doing Rs 400-450 crore this year," Wildcraft co-founder Gaurav Dublish said. In order to achieve the target, he said the company is focussing o...

India’s Biggest Online Healthcare Platform Practo Expand Overseas

12Jun By AnkitaNo Comments

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India’s Biggest Online Healthcare Platform Practo Expand Overseas

Digital healthcare platform Practo is intensifying expansion in key markets, including Southeast Asia, Latin America, the Middle East and eastern Europe besides adding 65 new cities in India during 2016. The Bengaluru-based firm claims it manages over 40 million appointments across 35 cities in India and in countries such as Singapore, Indonesia, Philippines, and Brazil. The company is present in over 50 cities in 15 countries around the world. "We plan to expand our footprint from 35 to 100 cities in India, while internationally expanding further across South East Asia, Latin America, Middle East and Eastern Europe," Practo Founder & CEO Shashank ND said. Elaborating on the companys plans, he said "We will expand further into our existing international markets by covering ...

10Jun By AdityaNo Comments

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Maxus Bags Media PR Rights of Tata CLiQ

Global communications consultancy Maxus today said it has bagged the media mandate for Tata Groups e-commerce platform Tata CLiQ, following a multi-agency pitch. The mandate involves management of all media across television, print, radio, cinema and will be handled from Maxus Mumbai office. "In a category cluttered with product forward, sales, discount advertising or high-end fashion and lifestyle imagery that is indistinguishable from one brand to the other, we chose to tell a quirky tale using camels and associating them with the guarantee of finding authentic and genuine products at TataCLiQ.com," Tata CLiQ Head ? Marketing Prathyusha Agarwal said in a statement. "With a novel proposition and communication idea, we are sure that we will build a strong salient brand. We believe...

Larry Page Backing Two Start-ups Making Flying Cars

10Jun By reutersNo Comments

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Larry Page Backing Two Start-ups Making Flying Cars

Google co-founder Larry Page is backing two start-ups that are working on flying cars, including funding one of them with more than $100 million so far, Bloomberg said on Thursday, citing sources. Zee.Aero, into which Page has poured more than $100 million since it started in 2010, conducts test flights of its prototype at an airport hangar in Hollister, California, Bloomberg said. The start-up has a manufacturing facility on NASA's research center at the edge of Mountain View, the news agency said. Since last year, Page has also been funding another start-up, Kitty Hawk, that is working on a similar competing model, Bloomberg said. Kitty Hawk, which employs about a dozen engineers and has its headquarters about half a mile away from Zee.Aero, is working on "something that rese...

Silicon Valley Founding Father Tom Perkins Dies at 84

10Jun By reutersNo Comments

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Silicon Valley Founding Father Tom Perkins Dies at 84

Thomas Perkins, one of the founding fathers of Silicon Valley, died on Tuesday at age 84 at his home in Belvedere, California, according to the Marin County coroner's office. As co-founder of the venture capital firm Kleiner Perkins Caufield and Byers, Perkins played a major role in the formative years of the computer and biotech industries. The firm that bears his name went on to fund some of the biggest names of the internet era, including Google and Amazon. Perkins helped start Kleiner Perkins in 1972 with Eugene Kleiner after working as the first general manager of Hewlett Packard Co's computer division and later starting University Laboratories, a laser company that used Perkins' own optical inventions. "He was there at the start of the biotech industry and the computer revol...

T-Hub Tie-up With Israel’s StarTau For Agritech Startups

8Jun By AnkitaNo Comments

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T-Hub Tie-up With Israel’s StarTau For Agritech Startups

T-Hub, a technological incubator started by the Telangana government, today said it has signed an MoU with Tel Aviv University's entrepreneurship centre StarTau for launching an accelerator program for agritech startups. According to an official release from T-Hub, an accelerator program will be launched in India and Israel and it will be a part of T-Hubs T-Challenge program charter which will focus on agritech for facilitating the growth of startups in this sector. The program will start in October 2016. "The Israeli innovation corridor for T-Hub is an extremely important one, given the opportunity India has to innovate over the next few years and Israels offering. "T-Hub is paving the way to lead this effort in healthtech, agritech and data sciences through T- Hubs cluster-f...

Indian FMCG Dabur is Ready to Enter Into E-commerce Space

8Jun By PriyankaNo Comments

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Indian FMCG Dabur is Ready to Enter Into E-commerce Space

Homegrown FMCG major Dabur is gearing up for a bigger play in the e-commerce segment in India to tap potential of the fast growing sector. The company which has ventured into online cosmetics and beauty products through NewU, run by its wholly-owned arm H&B Stores, is also working on another platform DaburUveda.com to enhance its presence in the e-commerce space. "We do see that e-commerce is going to expand in a very big way. Thanks to technical development and increased mobile phone penetration, the e-commerce opportunity is going to be very very big. We feel that it is going to expand further in the middle and long term scenario," Dabur India CFO Lalit Malik said. Commenting on Daburs activities in the space, he said: "Although we are growing in the e-commerce side,...

Microsoft Opens Cyber Security Center in Gurgaon

8Jun By NitishNo Comments

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Microsoft Opens Cyber Security Center in Gurgaon

Technology giant Microsoft has unveiled its Cyber Security Engagement Center (CSEC) in Gurgaon in a bid to drive public-private partnerships to fight cybercrime and strengthen cooperation with Indian businesses, government and academic organisations on cyber security. "India stands at an exciting threshold today as data becomes a key driver of growth across every sector and industry and cloud-based computing become more prevalent. Cyber security is crucial for Digital India. A data driven economy can flourish only when governments, businesses and individuals have access to hyper scale and hyper flexible cloud computing with the confidence that their data is secure," said Bhaskar Pramanik, Chairman, Microsoft India. Microsoft's CSEC will work with the National Cybersecurity Coordinato...

8Jun By PriyankaNo Comments

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Amazon Will Invest $5 Billion in India

Amazon will invest an additional USD 3 billion in its India operations to take its investment in the country to over USD 5 billion, the American e-commerce giants founder and CEO Jeff Bezos said today. Bezos said this at an event here attended by Prime Minister Narendra Modi. "Amazon will invest USD 3 billion more in India. This is in addition to the USD 2 billion announced in 2014," Bezos said at the annual gala of US India Business Council (USIBC). "We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy," Bezos said. "Our Amazon.in team is surpassing even our most ambitious planned milestones...," Bezos said after receiving USIBCs Global Leadership Awards. Star India, a subsidiary of 21st Century Fox, also said it will in...

Vijay Shekhar Sharma Led Paytm Will Spend Rs 600 Cr on Advertisement in 2016-17

7Jun By NitishNo Comments

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Vijay Shekhar Sharma Led Paytm Will Spend Rs 600 Cr on Advertisement in 2016-17

Mobile wallet and e-commerce firm Paytm, run by One97 Communication Ltd, will spend Rs.600 crore on ads in 2016-17, the company said on Monday. Last year the company had spent more than Rs.500 crore in 2015-16. According to sources, last three years when companies would invest heavily in brand building and customer acquisition, now the target is expected to be more on the lines of return on investment. Currently, the Paytm has close to 130 million wallets. Companies 40% traffic belongs from the categories such as money transfer, bill payments, and movie ticketing business through the ad campaign. Last year, Paytm had bagged the deal of title sponsorship rights for Indian cricket for four years, which covers 84 matches to be played in India under the aegis of Board of Control for Cric...