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Will SoftBank Ditch Uber And Invest In Rival Lyft?

7Nov By RishabhNo Comments

BUSINESS

Will SoftBank Ditch Uber And Invest In Rival Lyft?

SoftBank CEO Masayoshi Son on Monday said he could still walk away from the deal between SoftBank Group Corp and Uber, after the negotiations for stake in the cab aggregator platform. He also added that perhaps the company may even invest in Uber's rival Lyft. “Depending on the price and conditions, it is wholly possible we could shift our investment to the other main company Lyft. It is wholly possible,” Son said at a press conference following SoftBank’s second-quarter earnings. “We won’t know until the very end.” The negotiations are on regarding the price of the stakes in Uber, half of which will come from existing Uber shareholders, and if arriving at a price becomes difficult, he will invest in Lyft Inc. He also mentioned about the conditions such as the number of board members, th...

Bargaining Chip? China Seen Closely Scrutinising Qualcomm, Broadcom Deal

7Nov By reutersNo Comments

BUSINESS

Bargaining Chip? China Seen Closely Scrutinising Qualcomm, Broadcom Deal

A potential mega-merger between chipmaker Broadcom Ltd and U.S. rival Qualcomm Inc is likely to face stern scrutiny in China, antitrust lawyers say, amid a strategic push by Beijing into semiconductors. Broadcom made an unsolicited $103 billion bid for Qualcomm on Monday, aimed at creating a $200-billion-plus behemoth that could reshape the industry at the heart of mobile phone hardware. But Chinese regulatory approval could be a hold-up. Beijing and Washington have sparred over technology deals, including in chips, with the Committee on Foreign Investment in the United States (CFIUS) knocking back a number of takeovers involving Chinese firms this year. The thorny topic is likely to come up when U.S. President Donald Trump visits China this week - with Qualcomm executives in tow....

Bitcoin Going Legit! CME to Launch Bitcoin Futures

1Nov By No Comments

BUSINESS

Bitcoin Going Legit! CME to Launch Bitcoin Futures

CME Group, the world's leading and most diverse derivatives marketplace, announced on Tuesday that it intends to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods. The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME. After this, more people will be able to start trading bitcoin and you can read this article to find out how you can do it yourself. "Given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract," said Terry Duffy, CME Group Chairman and Chief Executive Officer. "As the world...

Know Why Zomato Base President Resigned Within 8 Months of Joining

24Oct By RishabhNo Comments

BUSINESS

Know Why Zomato Base President Resigned Within 8 Months of Joining

Within eight months of joining Zomato's cloud based point-of-sale system, Zomato Base, its President Samir Kuckreja has stepped down from his post. The news was first reported by The Economics Times. Samir's exit comes after a month of Deepak Gulati's resignation, who was working as the Chief Operating Office of online restaurant discovering and food ordering app Zomato. Kuckreja joined the firm in February, 2017 to head its PoS Business and was planning to scale up the business in the long term. Kuckreja, while confirming the development said it was a change in Zomato’s plan regarding its long-term strategy for Zomato Base which was one of the key reasons for his exit. “The original idea was that Zomato Base would become one of the key verticals which would drive revenues in 2-...

SoftBank To ‘Outperform’ And Its Shares Could Rally 36% Soon: Report

20Oct By AnkitaNo Comments

ANALYSIS, BUSINESS

SoftBank To ‘Outperform’ And Its Shares Could Rally 36% Soon: Report

Chris Lane thinks investors haven't realised what Masayoshi Son is trying to do at SoftBank Group Corp. The Sanford C. Bernstein analyst just initiated coverage of the Japanese company with an “outperform” rating and a forecast that shares could rally 36% over the next year. Investors still see SoftBank as primarily a telecommunications company, he says, even though its core business is investing in technology. There are similarities to Berkshire Hathaway Inc., the US company led by Warren Buffett, he explains. While Berkshire uses cash from its insurance business to invest in railroads, ice cream shops and Coca-Cola, SoftBank taps cash from its telecoms operations to back startups in ride-hailing, artificial intelligence, e-commerce and robots. Yet SoftBank trades at a discount of m...

Paytm Mall Reports Net Loss of Rs 13.63 Cr in 2016-17

10Oct By AnkitaNo Comments

BUSINESS

Paytm Mall Reports Net Loss of Rs 13.63 Cr in 2016-17

Paytm Mall reported a net loss of Rs 13.63 crore on total sales of Rs 7.35 crore between August 2016 and 31 March 2017, as per the filings with Registrar of Companies (RoC). Total expenditure was Rs20 crore, while reserves and surplus stood at Rs1,284 crore, the filings showed. Paytm Mall spun off as a separate entity earlier this year and stated that since it has recently started its operations, it should not be seen as a loss but an investment. "These are the initial years for Paytm Mall and we have a long-term perspective on building a successful tech business. We will help customers receive the same trusted retail experience synonymous with our brand and act as a technology enabler for the country's massive offline retailer community. We will achieve this with our first-of-its-k...

Know Why Pepsico India CEO Shivakumar Resigned from his Job

10Oct By Press Trust of IndiaNo Comments

BUSINESS

Know Why Pepsico India CEO Shivakumar Resigned from his Job

Pepsico India Chairman and CEO D Shivakumar has resigned from the company after serving for nearly four years and will join Aditya Birla Group as the head of strategy and business development. Shivakumar has been replaced by Ahmed El Sheikh, Senior Vice President and General Manager for PepsiCo Egypt and Jordan, PepsiCo India said in a statement. "Shiv has been with PepsiCo for the past four years and has been instrumental in leading the transformation journey for the company," Pepsico CEO Asia, Middle East and North Africa (AMENA) Sector Sanjeev Chadha said. Shivakumar, who is expected to join Aditya Birla Group in three months time, will report to the Group Chairman Kumar Mangalam Birla. "He is joining as the Group head of Strategy and Business Development," Aditya Birla Group ...

Temasek’s Vertex Closes $210 Mn Fund For Southeast Asia, India

9Oct By reutersNo Comments

BUSINESS

Temasek’s Vertex Closes $210 Mn Fund For Southeast Asia, India

Vertex Ventures, the venture capital arm of Singapore state investor Temasek Holdings, said it has raised a $210 million fund to invest in southeast Asian and Indian startups, exceeding its original target size of $150 million. Vertex plans to continue its strategy of investing in early-stage technology companies in southeast Asia and India across enterprise technology, financial technology and consumer internet, it said in a statement. Vertex was an early investor in ride-hailing firm Grab. In July, Grab announced a $2.5 billion fundraising round, which a source said values it at $6 billion. ALSO READ Yahoo Says All 3 Bn Accounts Hacked In 2013 Data Theft Indian Government Makes Changes in GST, Relief to SMEs and Exporters Ve...

Mobikwik Plans To Spend 80 Cr in 6 Months

8Oct By Press Trust of IndiaNo Comments

BUSINESS

Mobikwik Plans To Spend 80 Cr in 6 Months

Digital payments firm MobiKwik plans to invest Rs 60-80 crore on marketing and promotions in the next six months as it looks to drive transaction volumes on its platform and get more consumers onboard. MobiKwik, which competes with the likes of Alibaba-backed Paytm and Flipkarts PhonePe, also expects to see 2.5X growth in daily transactions on its platform. "We have seen a phenomenal growth, especially during the ongoing festive season. We have a lot of activities going on that will continue till January. In the next six months, we are looking at a ATL-BTL (marketing and promotions) spend of Rs 60-80 crore," MobiKwik Vice President Marketing Akash Gupta told PTI. Post demonetisation, in November last year, there has been a massive growth in digital transaction volumes in India, in...

After Tata, Mahindra & Mahindra Bagged The Electric Car Contract From Indian Government

5Oct By PriyankaNo Comments

BUSINESS

After Tata, Mahindra & Mahindra Bagged The Electric Car Contract From Indian Government

State run Energy Efficiency Services (EESL) on Wednesday said that Mahindra & Mahindra has matched the Tata Motor's lowest bid price to supply 150 electric vehicles. The stocks of Mahindra & Mahindra shot up by 2% as soon as the it grabbed the deal. "Post the tender opening, Tata Motors had emerged as the lowest bidder and Mahindra as the second lowest bidder. Mahindra has agreed to match the lowest bidding pricing for phase I and has, therefore, qualified to supply 150 electric vehicles, as per the tender conditions," State-run Energy Efficiency Services Limited (EESL) said in a statement. Tata Motors earlier was supposed to supply the electric vehicles (EVs) in two phases– 500 e-cars in the first phase in November 2017 and the remaining 9,500 EVs in the second phase. But now...

4Oct By reutersNo Comments

BUSINESS

Chinese Smartphones Maker Oppo Cleared To Open Own Stores In India

India has approved smartphones maker Oppo’s request to open single-brand retail stores in the country, paving the way for the Chinese firm to sell directly to consumers and add to its existing wholesale business. The move would help Oppo expand its reach in the world’s third-largest smartphones market, where global giants such as Apple Inc have been trying to gain a foothold. The Foreign Investment Promotion Board approved Oppo Mobiles India Pvt Ltd’s request on Tuesday, according to a notice on the department’s website. ALSO READ Las Vegas Shooting marks the Saddest Day on Twitter: Report The government also approved luxury goods retailer Louis Vuitton’s application to open its own stores in India. India allows foreign firms to sell di...

IPOs Raise Record Rs 27,000 Cr In Apr-Sep This Year

3Oct By Press Trust of IndiaNo Comments

BUSINESS

IPOs Raise Record Rs 27,000 Cr In Apr-Sep This Year

Indian companies raised a record close to Rs 27,000 crore through initial public offerings in the first half of the current fiscal and an impressive pipeline is already in place for coming months. "Besides, over a dozen firms, including New India Assurance Company, Reliance Nippon Life Asset Management and HDFC Standard Life Insurance Company, have lined up their IPOs to raise funds totalling Rs 35,000 crore in coming months," Dinesh Rohira, founder and CEO at 5nance.com, said. Adding to the depth of the IPO market, companies from diverse sectors like insurance, healthcare, education, bank, cable TV and shipping have made their way to the IPO space during the period under review. According to the latest data compiled from stock exchanges, 19 companies garnered over Rs 26,720 crore thr...