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Apple To Pay $15B To Ireland In Back Taxes

5Dec By AnkitaNo Comments

BUSINESS

Apple To Pay $15B To Ireland In Back Taxes

American multinational tech giant company Apple Inc has agreed to pay over $15 billion to Ireland in back taxes in 2018. Apple and Ireland agreed to the terms of an escrow fund for the money, said Irish Finance Minister Paschal Donohoe, according to the source Wall Street Journal. The EU had earlier launched a fresh crackdown back in 2016 over taxes paid by the iPhone manufacturer. The EU said it planned to refer Ireland to the European Court of Justice for failing to recover the money in back taxes from Apple. The tax deal had allowed Apple to pay almost nothing as taxes on its European profits between 2003 and 2014, said European Union. It also said that Apple's Irish tax benefits were illegal, enabling the firm to pay a corporate tax rate of no more than one percent. Ireland...

Tech Lords Lost A Fortune In Today’s Wipeout

30Nov By RishabhNo Comments

BUSINESS

Tech Lords Lost A Fortune In Today’s Wipeout

[dropcap]T[/dropcap]he billionaire founders of the top tech giants- Facebook Inc, Amazon Inc, Netflix and Google's owner Alphabet Inc lost a fortune of $7.6 billion net on Wednesday as the Nasdaq 100 suffered the worst drop in the past three months. Among these the company that suffered the most was Facebook, whose founder Mark fell $2.6 billion alone as per the source Bloomberg. This drop also affected Amazon founder Jeff Bezos that caused him to slip below the $100 billion figure which he recently acquired, breaking Bill Gates record of 1999. The shares of Amazon.com Inc tumbled $2.5 billion off his net worth. The American entertainment company Netflix founder Reed Hastings fell $133 million while multinational conglomerate Alphabet Inc founder Larry Page and Sergey Brin around ...

Bubble Trouble? Bitcoin Tops $11,000, But Fades After Sharp Rally

30Nov By reutersNo Comments

BUSINESS

Bubble Trouble? Bitcoin Tops $11,000, But Fades After Sharp Rally

Bitcoin zoomed past $11,000 to hit a record high for the sixth day in a row on Wednesday after gaining more than $1,000 in just 12 hours, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion. After soaring more than 1,000 percent since the start of the year, bitcoin rose as much as 15 percent on Wednesday, but by mid-afternoon in New York, the virtual currency was trading at $9,500, down 3.7 percent on the day on Luxembourg-based Bitstamp BTC=BTSP, one of the largest and most liquid cryptocurrency exchanges. “As many seasoned traders know all too well, anything that rockets higher, tends to fall down faster when the time comes, and the time will come,” James Hughes, chief market analyst at FX broker AxiTrader, said. Bitcoin topped $10,000...

Online Food Delivery Startup Foodpanda Reported 64% Jump In Profit

29Nov By PriyankaNo Comments

BUSINESS

Online Food Delivery Startup Foodpanda Reported 64% Jump In Profit

Indian food delivery startup Foodpanda has reported its latest revenue figures FY 16-17 which reflect a 64 percent jump in the revenue over the last years. The food-delivery company earned Rs. 62.16 crores in FY 16-17 compared to Rs. 37.81 crores in FY 15-16 owing to strong order growth in key markets. Wrapping up a strong year for the brand, foodpanda India also registered an impactful 69 percent dip in losses at Rs. 44.81 crores from Rs. 142.64 crores in FY15-16. The company has been running profitable since 2015 and is still investing in its tech and services to strengthen its services across the country. Also Recommended Could Maggi Be Banned Again? Ash Content Beyond Permissible Limits Found Bitcoin Tops $10,000, Taking 2017 Gains To 940 Percent ...

Bitcoin Soon To Embark $10,000 Cryptocurrency Craze Increases

27Nov By RishabhNo Comments

BUSINESS

Bitcoin Soon To Embark $10,000 Cryptocurrency Craze Increases

Even after several hacks and critics, Bitcoin is showing no signs of slowing down! The hack on cryptocurrency peer Tether of $31 million, the latest of the hacks seemed to fade quite quickly, not stopped Bitcoin from blowing past $9,000 in less than a week. Starting around $8,021 Bitcoin rose to $9,605 in a week. It is no wonder that will soon be touching a 5-digit mark pretty soon. The price are shooting and take no toll despite the warning from top economists from Wall Street what they consider as not an asset. Bitcoin has rose to around 40 percent over a period of just two weeks. “Bitcoin has seen another frenzy of buying as the fear of missing out trade bites even harder. There are others who see downside risks from the introduction of bitcoin futures," says analysts at IG Gro...

Sovereign Wealth Funds Pull $3.7B From Global Stock, Bond Markets In Q3

24Nov By reutersNo Comments

BUSINESS

Sovereign Wealth Funds Pull $3.7B From Global Stock, Bond Markets In Q3

Sovereign wealth funds (SWFs) withdrew more money from global stock and bond markets in the third quarter of 2017, albeit at a slower pace with net outflows of $3.7 billion, data from research firm eVestment showed on Thursday. This was down from the second quarter’s $7.7 billion of redemptions and the first quarter’s whopping $22.7 billion, but it still marked the 13th straight quarter of withdrawals. Oil-backed sovereign funds have been under pressure since oil prices tumbled from their mid-2014 highs of $115 a barrel to below $30 a barrel in January 2016, forcing governments to dig into their coffers to fill budget gaps. Oil prices have since stabilized and currently trade around $60 a barrel. Some of the worst-hit governments have also tapped global bond markets for cash, reli...

Bitcoin Takes A Dent After $31M Theft Of Cryptocurrency Peer Tether

21Nov By RishabhNo Comments

BUSINESS

Bitcoin Takes A Dent After $31M Theft Of Cryptocurrency Peer Tether

Bitcoin just passed the $8000 for the first time this week, but it didn't land quite well for Tether, a platform that helps in exchanging flat currency to tokens, reported a theft by hacker on Tuesday. It said in a statement that “through malicious action” attacker snatched tokens from the Tether Treasury wallet on 11/19 and sent them to an unauthorized bitcoin address. The company said it is working to prevent its entry back in the ecosystem. The company for now has flagged the token and is trying to track it. The latest hack has fueled the concern on Wall Street about whether these "coins" are secure enough to enter the mainstream market. Tether, with a market capitalization of around $670 million, is the world’s nineteenth most-valued virtual currency, according to data on Coinmar...

SoftBank Funding May Prompt Uber To Review Game Plan In Southeast Asia

21Nov By reutersNo Comments

BUSINESS

SoftBank Funding May Prompt Uber To Review Game Plan In Southeast Asia

SoftBank Group’s multi-billion dollar investment in Uber Technologies Inc opens up the possibility of combining it with other ride-hailing assets the Japanese group owns in a consolidation of a rapidly growing business across Asia, industry sources say. Uber Technologies Inc said on Nov. 12 that a planned deal with a consortium led by SoftBank and Dragoneer Investment Group was moving forward. The consortium plans to inject $1 billion to $1.25 billion into Uber, and buy up to 17 percent of existing shares in a secondary transaction. SoftBank has also been a big investor in Uber’s rivals across Asia, including Southeast Asia’s Grab, China’s DiDi Chuxing, and India’s Ola, as it works to achieve founder Masayoshi Son’s vision of a future driven by artificial intelligence and interconnec...

Google India’s Sales Hits Billion Dollar This Year

18Nov By PriyankaNo Comments

BUSINESS

Google India’s Sales Hits Billion Dollar This Year

[dropcap]G[/dropcap]oogle India has crossed $1.11 billion dollar sales mark (turnover of Rs 7,208.9 crore) in the year March, 2017. These figures shows a jump of over 22.1% from the previous year's Rs 5,904 crore. Sales has witnessed an expansion of 44% this fiscal as per the report by TOI. Although the local business of Google India grew at half-a-pace this year in comparison to the last. It's rival Facebook however nearly doubled its revenues in the country indicating preference by marketers to advertise on platforms other than Google. Google also provides other Internet related services in India such as cloud based computing, digital payments etc. but the major revenue comes from its adverting sector where it displays ads next to the search results. Although in various sect...

Prescient Messages About Indian Companies Circulate In WhatsApp Groups

16Nov By reutersNo Comments

BUSINESS

Prescient Messages About Indian Companies Circulate In WhatsApp Groups

[dropcap]T[/dropcap]hree days before Dr. Reddy’s Laboratories Ltd announced quarterly results this summer, a message circulated on a private WhatsApp group saying the Indian drug-maker would not post good numbers. Dr. Reddy’s was going to report a loss, according to the message on the “Market Chatter” group, which was posted on July 24 from a mobile phone number that Reuters traced back to Nishant Vass, an auto analyst at ICICI Securities, a leading Indian brokerage. The WhatsApp group had 45 members, mostly traders. The loss would have been a surprise to many analysts, as consensus forecasts compiled by Thomson Reuters at the time showed expectations of a profit of 3 billion rupees. The message proved prescient: On July 27, Dr. Reddy’s reported a loss of 587 million rupees (9.05 millio...

Amazon Scraps Bundled Video Service – Sources

16Nov By reutersNo Comments

BUSINESS

Amazon Scraps Bundled Video Service – Sources

[dropcap]A[/dropcap]mazon.com Inc has scrapped plans to launch an online streaming service bundling popular U.S. broadcast and cable networks because it believes it cannot make enough money on such a service, people familiar with the matter told Reuters. The world’s largest online retailer has also been unable to convince key broadcast and basic cable networks to break with decades-old business models and join its a la carte Amazon Channels service, the sources said and has backed away from talks with them. The reversals come a month after the abrupt departure of Roy Price from his job as head of Amazon Studios, the company’s high-profile television production division, following an allegation of sexual harassment, which he has contested. They show how difficult it is for Amazon t...

Reliance Jio Sets An Eye At E-Commerce, Head-On With Paytm, Flipkart

15Nov By RishabhNo Comments

BUSINESS

Reliance Jio Sets An Eye At E-Commerce, Head-On With Paytm, Flipkart

After disrupting the telecom industry in India, Reliance Jio is now set to launch an ecommerce platform, leveraging its penetration and millions of subscribers. As per the reports by ET the company is working with kirana stores and consumer brands to let people buy locally using coupons via Jio Money platform or even text messages. The project is currently ongoing in Mumbai, Chennai and Ahmedabad, the report said. Having witnessed the huge success of Jio and the fact that it touched a 132 million+ subscribers base in about a year, now its entry in the e-commerce segment could be a very bad news for digital wallet and e-commerce players like Paytm and Flipkart. Although having investors like Softbank behind their back, this head-on battle will be interesting to watch. The online...