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Encuentra24 and OLX Group Merged in Central America

14Jul By AnkitaNo Comments

BUSINESS

Encuentra24 and OLX Group Merged in Central America

BERN, Switzerland, July 14, 2020-- Encuentra24, a leading marketplace in Central America and OLX Group, a leading global marketplace network, announced their merger in Central America. As part of the deal, Encuentra24 and OLX Group will combine their operations in four countries. In Panama, Costa Rica and El Salvador, the existing Encuentra24 and local OLX platforms will merge under the Encuentra24 brand. In Guatemala, the local OLX platform will merge and launch under the Encuentra24 brand. Encuentra24 will manage the new local operations in all four countries, in addition to its existing businesses in other markets in Central and Latin America. This merger will provide the more than five million monthly users with access to a new, best-in-class online classifieds experience...

Arkam Ventures- Indian Founders led Investment fund raises $42 Million

9Jun By AnkitaNo Comments

BUSINESS

Arkam Ventures- Indian Founders led Investment fund raises $42 Million

New Delhi, 9th June, 2020: Arkam Ventures, a VC fund led by Indian entrepreneurs raises around $42 Million (325 crores) in its first funding round. Arkam Ventures previously known as Unitary Helion looking to support founders with bold and unconstrained ideas that reshape the largest markets in India and positively impact the lives of hundreds of millions of Indians. "We announced our first close with INR 325 CR in committed capital en route to our target of INR 700 CR for the fund. We have already made two investments with three more to be announced shortly", the company said in a blog post. Indian entrepreneurs like Vijay Shekhar, Binny Bansal, Sanjeev Bhikchandani, Rajesh Magow, Mekin Maheshwari and Kumar Sudarshan, among many others, are supporting this fund. The Arkam ...

Yatra.com terminates $337 Million merger pact with Ebix

8Jun By NitishNo Comments

BUSINESS

Yatra.com terminates $337 Million merger pact with Ebix

Online travel company Yatra Online said it is terminating pending merger agreement with the US-based software firm Ebix Inc and has filed litigation seeking substantial damages from Ebix over breaches of the agreement. Ebix Inc had signed an agreement to acquire Yatra Online Inc, the parent company of online travel firm Yatra.com, for an enterprise value of USD 337.8 million (over Rs 2,300 crore) in 2019. The company, "has provided notice of termination of its pending merger agreement with Ebix Inc and filed litigation in the Court of Chancery of the State of Delaware over Ebix's breaches of the merger agreement," Yatra Online Inc said in a statement. Yatra Online Inc seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the merger agreem...

Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

5Jun By Press Trust of IndiaNo Comments

BUSINESS

Reliance Industries denies any link to $1.2b Money Laundering case in Netherlands

Dutch investigators last week arrested three former employees of a local firm suspected of laundering $1.2 billion through over-invoicing services and works rendered for a gas pipeline built by a unit controlled by billionaire Mukesh Ambani, a charge vehemently denied by Reliance Industries. According to Cobouw, a Dutch publication, the three suspects were released on Friday, after three days. East West Pipeline Ltd (EWPL), which was previously known as Reliance Gas Transportation Infrastructure Ltd (RGTIL), denied that any money was laundered at any stage during the implementation of the project and that higher capital cost of a pipeline would result in higher tariff for users for receiving natural gas through the line. Ambani’s listed firm Reliance Industries, too, denied any ...

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

1Jun By Press Trust of IndiaNo Comments

BUSINESS

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

Mumbai, Jun 1, 2020: Billionaire banker Uday Kotak, who had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will sell 2.8 percent stake in the lender for at least $90 million (Rs 6,800 crore). The move would bring the curtains down on a long standoff between the regulator and the bank over the issue, which saw Kotak dragging the RBI to the Bombay High Court in December 2018, and the case is still pending. "The stake dilution will be done through a block deal and will be completed shortly at a price band of Rs 1,215 to Rs 1,240 a share," a person familiar with the development told PTI. As per the term sheet, the deal would be worth $90 million at the lower end of the price band. Currently, Kotak and his family hold a 28.8 percent stake ...

Foreign Investors pull out USD 26 billion from Asian economies

20May By PriyankaNo Comments

BUSINESS

Foreign Investors pull out USD 26 billion from Asian economies

Amidst global economic recession due to coronavirus, foreign investors have pulled out an estimated USD 26 billion from developing Asian economies. Foreign investors have pulled an estimated USD 26 billion out of developing Asian economies increasing concerns of a major economic recession in Asia, the latest report on global economic effects of COVID-19. In Europe, over 30 million people in Germany, France, the UK, Spain, and Italy have applied for state support, while first quarter 2020 data indicates that the eurozone economy contracted by 3.8 percent, the largest quarterly decline since the series started in 1995, it said. In the US, preliminary data indicated that the GDP fell by 4.8 per cent in the first quarter of 2020, the largest quarterly decline since the fourth quarter...

18May By PriyankaNo Comments

BUSINESS

Thai Airways will file for bankruptcy

Thailand's flag carrier Thai Airways International will file a plan for restructuring its business with the Central Bankruptcy Court, a government spokeswoman said on Monday. Narumon Pinyosinwat said the plan submitted by the State Enterprise Policy Office to salvage the airline will be submitted Tuesday to for Cabinet approval. She said she had no details of the plan. Thai Airways had been suffering financially even before the coronavirus crisis brought travel and tourism in the country to a near standstill. The airline initially sought a 54 billion baht ($1.7 billion) bailout loan from the government. There is speculation that its reorganization under bankruptcy could take the government's ownership share below 50%, effecting a form of privatisation. All rescue options were lik...

Softbank Puts $9 Billion Losses as Vision Fund Investments Plunge

18May By AnkitaNo Comments

BUSINESS

Softbank Puts $9 Billion Losses as Vision Fund Investments Plunge

Japanese tech company SoftBank Group racked up a loss of 961.6 billion yen (USD 9 billion) for the fiscal year through March, on red ink related to its Vision Fund investments including troubled office space-sharing venture WeWork. SoftBank, founded in 1981, said the drop in share prices around the world from the fallout of the coronavirus pandemic had slammed the value of its sprawling investments. Tokyo-based SoftBank had reported a profit of 1.4 trillion yen the previous fiscal year. Its sales for the fiscal year inched up 1 per cent to 6.2 trillion yen (USD 58 billion). It did not immediately break down quarterly results or give a forecast for the fiscal year through March 2021. On top of WeWork's poor performance, the company suffered damage to the value of Uber and other ho...

9May By AnkitaNo Comments

BUSINESS

Uber Post USD 2.9 billion Loss in Q1 2020

Uber lost USD 2.9 billion in the first quarter as its overseas investments were hammered by the coronavirus pandemic, but the company is looking to its growing food delivery business and aggressive cost-cutting to ease the pain. The ride-hailing giant said it is offloading Jump, its bike and scooter business, to Lime, a company in which it is investing USD 85 million. Jump had been losing about USD 60 million a quarter. While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario, said CEO Dara Khosrowshahi in a statement. Along with the surge in food delivery, we are encouraged by the early signs we are seeing in m...

Nokia profit up; Sales dip due to Covid19

30Apr By PriyankaNo Comments

BUSINESS

Nokia profit up; Sales dip due to Covid19

Nokia has reported first-quarter profit but said the COVID-19 pandemic dented sales by around USD 218 million mainly due to supply issues associated with disruptions in China. The company based in Espoo, Finland, reported a net profit of 33 million euros for the January-March period, in comparison to a loss of 116 million euros the previous year. Sales were down 2 percent at 4.9 billion euros. CEO Rajeev Suri said, Nokia didn't see a decline in demand in the first quarter but noted that as the coronavirus situation develops an increase in supply and delivery challenges in a number of countries is possible and some customers may re-assess their spending plans. Nokia is one of three main providers of the ultra-fast, new-generation 5G networks along China's Huawei and Sweden's Erics...

Facebook revenue grew 17 percent, Posted $4.9 billion profit in Q1 2020

30Apr By AnkitaNo Comments

BUSINESS

Facebook revenue grew 17 percent, Posted $4.9 billion profit in Q1 2020

World's leading social media platform Facebook reported a profit of $4.9 billion on revenue that grew 17 percent to $17.4 billion during the first quarter result of the year. Facebook also reported a sharp jump in usage as the global pandemic in a quarterly result. The shares of social media platform climbed some 10 percent. "Our work has always been about helping you stay connected with the people you care about," said Mark Zuckerberg, Facebook founder and CEO. "With people relying on our services more than ever, we're focused on keeping people safe, informed and connected." Facebook Q1 2020 Result Facebook's daily active users were 1.73 billion on average for March 2020, an increase of 11% year-over-year. Facebook monthly active users were 2.60 billion as of March 31, 2020, ...

Oracle wins cloud computing deal with Zoom as video calls surge

28Apr By reutersNo Comments

BUSINESS

Oracle wins cloud computing deal with Zoom as video calls surge

(Reuters), 29th April 2020 - Zoom Video Communications Inc said on Tuesday it has started using Oracle Corp’s cloud computing service to help handle the surge in online video call volumes brought on by the novel coronavirus pandemic. As corporations and schools shift to remote work and billions of people subject to stay-at-home orders seek ways to remain connected, Zoom has seen daily meeting participants rocket from 10 million in December to 300 million. But it has also experienced a backlash as the increased use exposed privacy and security flaws. Zoom set out a 90-day plan to fix the security issues, but in the meantime, the thirty-fold jump in traffic has required more computing power. The deal is a big win for Oracle, which wants to catch up with rivals such as Amazon.com an...