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Saudi Aramco’s H1 2019 net income slips to $46.9 bn
12Aug By PriyankaNo Comments
BUSINESS

Saudi Aramco’s H1 2019 net income slips to $46.9 bn

Saudi state-owned energy giant Aramco said its first half net income for 2019 had slipped to $46.9 billion, a first such disclosure for the secretive company ahead of its debut earnings call. "The company's net income was $46.9 billion for the first half (of) 2019, compared to $53.0 billion for the same period last year," the company said in a statement. The fall in income, owing to lower oil prices, comes amid renewed speculation the company was preparing for its much-delayed overseas stock listing. "Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow," Aramco CEO Amin Nasser was quoted as saying in the statement. It is the first time the company has published half-year financial results and comes after Aram...
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SoftBank Group Triples Net Profit, Thanks to Alibaba
7Aug By AdityaNo Comments
BUSINESS

SoftBank Group Triples Net Profit, Thanks to Alibaba

Japan's SoftBank Group said its first-quarter net profit more than tripled thanks to exceptional gains related to the sale of shares in Chinese e-commerce giant Alibaba. The company announced a net profit of 1.12 trillion yen ($10.5 billion) for the three months to June, up 257.6 percent compared to the same period a year before. "It is the first time our quarterly net profit surpassed one trillion yen and It's a remarkable performance," CEO Masayoshi Son told reporters. SoftBank Group said the growth was boosted by delayed gains from its 2016 sales of shares in Alibaba, which had an impact on the income of 857 billion yen. Sales rose 2.8 percent to 2.34 trillion yen while operating profit dipped 3.7 percent to 690 billion yen. Under tycoon Son, SoftBank, which started as ...
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Apple Profit fell 13 percent due to weak iPhone sales
31Jul By PriyankaNo Comments
BUSINESS

Apple Profit fell 13 percent due to weak iPhone sales

In quarterly results, Apple mentioned its profit hits first time since 2001 due to weak iPhone sales. Apple profit fell 13 percent from the year-ago period to USD 10 billion while overall revenues increased one percent to a better-than-forecast USD 53.8 billion. However, Apple delivered stronger-than-expected results from services, its shares rose more than four percent in after-hours trade. As iPhone sales have weakened, Apple has been shifting to earnings from digital content and services sold to the legions of fans of its devices. Despite the decline in sales and profits, the CEO of Apple Tim cook said, "This was our biggest June quarter ever driven by all-time record revenue from services, accelerating growth from wearables, strong performance from iPad and Mac and signifi...
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Samsung Electronics Q2 net profit slumps 53%
31Jul By AnkitaNo Comments
BUSINESS

Samsung Electronics Q2 net profit slumps 53%

The world's biggest smartphone and memory chip maker Samsung Electronics saw net profits slump by more than half in the second quarter due to the face of a weakening chip market and a trade row building between Seoul and Tokyo. Samsung Electronics Net profits in Q2 (3 months till June) were USD 4.38 billion, down 53 percent year-on-year. The flagship subsidiary of the sprawling Samsung Group has enjoyed record profits in recent years despite a series of setbacks, but is now struggling, with chip prices falling as global supply increases while demand weakens. "The weakness and price declines in the memory chip market persisted... despite a limited recovery in demand," it said in a statement. In mobile phones, it achieved "stronger shipments on new mass-market models but was ove...
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Nepal relaxes location requirement for casinos to boost tourism
22Jul By PriyankaNo Comments
BUSINESS

Nepal relaxes location requirement for casinos to boost tourism

In its drive to attract foreign investment and increase casino development activity in the country, the government of Nepal has relaxed location requirements for the establishment of casinos and popular electronic gaming halls in the country. This decision was reached by the Nepalese lawmakers during the meeting of the country’s cabinet on June 27, 2019, to grant permission for the set up of casinos and electronic gaming halls to be built at a distance up to three kilometers from the country’s international borders. This news was reported by a newspaper outlet in the country of Nepal. The previous provision in the Nepalese casino regulation law of 2013 stated that all casinos and electronic gaming halls have to be situated at least at a distance of five kilometers away from the coun...
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OYO founder buy back shares worth $2 bn from early investors
20Jul By PriyankaNo Comments
BUSINESS

OYO founder buy back shares worth $2 bn from early investors

Hospitality firm OYO founder Ritesh Agarwal has signed a deal to buy back shares worth $2 billion (nearly Rs 13,770 crore) from early investors through his Cayman islands-registered entity, RA Hospitality Holdings. Lightspeed Venture Partners and Sequoia India, OYO's early supporters, are selling part of their holdings in order to help the founder increase his stake while remaining invested significantly in the company's long-term mission, OYO said in a statement. "Company's founder and CEO Ritesh Agarwal, through RA Hospitality Holdings (Cayman), has signed $2 billion primary and secondary management investment round, supported by global institutional banks and his financial partners," it added. According to Pixr8 sources, after the entire process is completed, Agarwal's stake i...
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How Much Mukesh Ambani and his team earn per annum
20Jul By AdityaNo Comments
BUSINESS

How Much Mukesh Ambani and his team earn per annum

New Delhi: India's richest man Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries capped at ₹15 crore ($2.1 million) for the eleventh year on the trot. Ambani has kept salary, perquisites, allowances, and commission together at ₹15 crore since 2008-09, forgoing over ₹24 crore per annum. This is at a time when remunerations of all whole-time directors of the company, including cousins Nikhil and Hital Meswani, saw a handsome increase in the fiscal year ended March 31, 2019. "Compensation of Shri Mukesh D Ambani, Chairman, and Managing Director, has been set at ₹15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," RIL said in its latest annual report. His remuneration for 2018-19...
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Mindtree will continue as a separate entity: L&T
9Jul By AnkitaNo Comments
BUSINESS

Mindtree will continue as a separate entity: L&T

Larsen and Toubro, which recently acquired a majority share in Mindtree, said the IT firm will be run as a separate entity and operate at an arm's length from the construction major's own tech units. There is no direct conflict between Mindtree and L&T Infotech (LTI) as "they operate in vastly different areas with a minimum client overlap", L&T CEO and Managing Director SN Subrahmanyan said to Pixr8 News, asserting that no position is sought to be disturbed at Mindtree and no changes are being contemplated right now. L&T will focus on "continuity" as a key theme in the management transition, and the announcement for a new chief executive for the IT services firm will be done in due course, he told Pixr8 News. Last week, L&T was categorised as a promoter of Mindtre...
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German Bank Deutsche slash 18,000 jobs by 2022
8Jul By AdityaNo Comments
BUSINESS

German Bank Deutsche slash 18,000 jobs by 2022

Germany's biggest lender Deutsche Bank would stop all share trading activity & cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank". The lender did not immediately make clear where the axe would fall. But with executives looking to find synergies in the integration of subsidiary Postbank and centr...
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Mindtree Chairman, CEO quit after L&T takeover
5Jul By AdityaNo Comments
BUSINESS

Mindtree Chairman, CEO quit after L&T takeover

Within 48 hours of L&T gaining control of Mindtree, the IT firm's founders Krishnakumar Natarajan, Parthasarathy NS and Rostow Ravanan have resigned from the board and executive roles, paving the way for the new promoter to make appointments. Chairman Natarajan, vice chairman Parthasarathy NS and chief executive Ravanan have quit the company, the firm said in a regulatory filing Friday. The company said it will announce a new leadership team in due course. Over the past few weeks, there have been speculations about Ravanan quitting the company. Reports had suggested that the construction major wanted Ravanan to step down as new owners were preparing the grounds for a top management overhaul at the Bengaluru-based company. The founders had vehemently opposed the L&T bid...
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HCL Technologies Selected by Cricket Australia as Digital Technology Partner
20Jun By AnkitaNo Comments
BUSINESS

HCL Technologies Selected by Cricket Australia as Digital Technology Partner

HCL, a leading global technology company, will help the Australian cricket’s governing body provide an elevated and immersive digital experience to cricket fans, players, partners, employees, and volunteers across the country and around the world, through CA’s digital offerings. HCL will implement its Scale Digital methodology to enable Cricket Australia to unite and inspire their cricket community through advanced digital platforms. Cricket Australia selected HCL Technologies following an extensive search for a trusted digital partner that has proven credentials in enabling digital transformation journey for leading global businesses, enhancing ecosystem orchestration, improving business agility and delivering unique experiences to all users and stakeholders. Cricket Australia C...
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