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13Feb By AnkitaNo Comments

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Infosys Founder Son-in-Law Named New British Finance Minister

Indian-origin politician Rishi Sunak was appointed as the UK's new finance minister on Thursday by Prime Minister Boris Johnson in a Cabinet reshuffle. Sunak, the son-in-law of Infosys Co-founder Narayana Murthy, will join Home secretary Priti Patel on the top government bench as the Chancellor of the Exchequer. Earlier, Pakistani-origin Sajid Javid resigned as Chancellor in a shock move in one of the biggest shakeups since Johnson won a thumping majority in the December 2019 general election. He is replaced by Sunak, who was until now Javid's junior as the Chief Secretary to the Treasury and seen as a rising star within the Cabinet. The 39-year-old is set to move into No. 11 Downing Street, next door to the Prime Minister's Office as he takes charge of the second most importan...

Amazon Founder Buys Warner Estate for $165 mn

13Feb By PriyankaNo Comments

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Amazon Founder Buys Warner Estate for $165 mn

Amazon founder & CEO Jeff Bezos bought the Warner Estate from media mogul David Geffen for $165 million, setting a new record for the region. This Los Angeles based home deal price set a new record in the area, according to the data. Last year Lachlan Murdoch paid around $150 million for a Bel-Air estate seen in "The Beverly Hillbillies," a 1960s television show. The Warner Estate spans nine acres (3.6 hectares) in Beverly Hills. It is a Georgian-style compound with a floor once owned by Napoleon, guest houses, a tennis court, and a nine-hole golf course. It was originally built in the 1930s by the late Jack Warner, former president of Warner Brothers, the Journal reported. Bezos, whose worth has been estimated at more than $110 billion, started internet colossus Amazon...

12Feb By PriyankaNo Comments

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WhatsApp Now Has 2 billion Users

The Facebook-owned messaging service WhatsApp now has more than two billion users around the world. WhatsApp, acquired by Facebook in 2014, has grown into one of the most-used services in the Facebook "family" of apps, offering free messaging along with voice and video calls. "Private conversations that once were only possible face-to-face can now take place across great distances through instant chats and video calling," a WhatsApp blog post said. "There are so many significant and special moments that take place over WhatsApp and we are humbled and honored to reach this milestone." The statement said WhatsApp remained committed to its "strong encryption" that enables users to connect privately even amid calls by law enforcement in the United States and elsewhere to provide more ...

11Feb By AnkitaNo Comments

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Ikea Founder’s Assistant Named New CEO

Jon Abrahamsson Ring, a former assistant to furniture giant Ikea's founder Ingvar Kamprad, has been named new chief executive (CEO) of the Inter Ikea Group, the company said Tuesday. Abrahamsson Ring, 45, will take over the reins on September 1, replacing Torbjorn Loof, 54, who resigned after seven years at the head of the group, it said in a statement. Under Loof's management, the Swedish flat-pack furniture company expanded into 15 new markets and is scheduled to open its first South American store in Chile next year. His newly appointed successor joined Ikea in 1998 as a trainee and worked for the company in Canada before becoming Ingvar Kamprad's assistant for four years and then holding a senior position in China. In 2008, Abrahamsson Ring left Ikea to become CEO of the Swedi...

WeWork Appoints Indian Origin CEO to start fresh chapter

3Feb By PriyankaNo Comments

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WeWork Appoints Indian Origin CEO to start fresh chapter

New York, Feb 3, 2020: Embattled office-sharing firm WeWork has hired a new CEO to turn the page on Adam Neumann, its co-founder and former leader whose antics have finally tired investors. Indian origin Sandeep Mathrani, a real estate industry veteran, will officially take over on February 18, WeWork said in a statement published Saturday. He will be charged with the difficult task of relaunching WeWork, which had been one of America''s most celebrated startups that put a mammoth footprint in the commercial real estate of major cities around the globe. Its collapse led to Neumann''s departure and cost the main shareholder, Japanese billionaire Masayoshi Son, billions of dollars. Mathrani will replace Artie Minson and Sebastian Gunningham, who have been acting as interim CEOs s...

Digital Advertising Startup AdOnMo Raises $3 Million

3Feb By PriyankaNo Comments

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Digital Advertising Startup AdOnMo Raises $3 Million

Media-tech startup AdOnMo, which claims to be the country's first contextually-targeted digital out-of-home (OOH) advertising firm, has raised USD 3 million (around Rs 21.4 crore) in pre-series round funding from Alibaba and others. The funding was led by Alibaba's holding firm Ant Financial-run BAce Capital and others like Astarc Ventures and Mumbai Angels Network, the Hyderabad-based firm said in a statement on Thursday. The company will use the fund to expand operations, acquire talent and accelerate product development. AdOnMo brings together online and outdoor advertising. Currently, it is operational in Mumbai, Hyderabad, New Delhi, and Bengaluru. Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, Adonmo helps advertisers reach their target audience at scale with...

Indian Origin Arvind Krishna elected IBM CEO

31Jan By AnkitaNo Comments

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Indian Origin Arvind Krishna elected IBM CEO

Indian-origin technology executive Arvind Krishna has been elected Chief Executive Officer (CEO) of American IT giant IBM after a “world-class succession process,” succeeding Virginia Rometty, who described him as the “right CEO for the next era at IBM and well-positioned” to lead the company into the cloud and cognitive era. The IBM Board of Directors elected Krishna as company CEO and member of the Board of Directors effective April 6. Krishna is currently IBM Senior Vice President for Cloud and Cognitive Software and will succeed Rometty, 62 who will retire after almost 40 years with the company at the end of the year. Krishna, 57, had joined IBM in 1990 and has an undergraduate degree from the Indian Institute of Technology, Kanpur, and a PhD in electrical engineering from the Un...

Wipro CEO Abidali Z Neemuchwala Steps down

31Jan By AnkitaNo Comments

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Wipro CEO Abidali Z Neemuchwala Steps down

In the latest development, Wipro CEO and MD Abidali Z Neemuchwala decided to step down. The firm's shares dropped 2.28 percent to Rs 235.30 on the BSE. On the NSE, it declined 2.28 percent to Rs 235.20. Wipro early on Friday announced that Neemuchwala has decided to step down due to family commitments. He will continue to hold the office of the CEO and Managing Director, until a successor is appointed for a smooth transition and to ensure that business continues as usual, the company said in a BSE filing. "We thank Neemuchwala for his leadership and his contributions to the Wipro. Over the last four years, he helped build a strong execution mindset, drove key acquisitions and scaled our Digital business globally," Wipro Chairman Rishad Premji said. Neemuchwala said the comp...

29Jan By NitishNo Comments

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BBC to Cut 450 Newsroom Jobs

BBC will axe 450 newsroom jobs as part of plans to adapt "to changing audience needs" and meet its savings target, the broadcaster announced on Wednesday. "The BBC has to face up to the changing way audiences are using us," Fran Unsworth, director of news and current affairs, said in a statement. "We have to adapt and ensure we continue to be the world's most trusted news organisation, but crucially, one which is also relevant for the people we are not currently reaching," she added. The British Broadcasting Corporation, which has an 80 million pounds ($104 million, 95 million euro) savings target, said it was spending too much on "traditional linear broadcasting and not enough on digital". The "Victoria Derbyshire" morning show will be axed, with other job losses coming from a...

Tesla Crosses $100 billion Market Valuation Mark

23Jan By PriyankaNo Comments

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Tesla Crosses $100 billion Market Valuation Mark

NEW YORK, 22ND Jan 2020: Tesla's market value hit $100 billion for the first time, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker. Shares in Tesla rose some 4.8 percent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles. Under a compensation plan approved by Telsa's board in 2018, Musk is to be paid in stock awards based on the value of the company, which could be worth as much as $50 billion if Tesla reaches $650 billion. Musk agreed to the plan, which would pay him nothing until Tesla's value reached $100 billion. The package, using shares which "vest" based on certain criteria, gives Musk stock worth around one percent of the company for each of 12 milestones over a...

Ather Energy Appoints Former Apple India Head as a CFO

27Dec By PriyankaNo Comments

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Ather Energy Appoints Former Apple India Head as a CFO

New Delhi, Dec 26, 2019: Hero MotoCorp-backed electric two-wheeler startup Ather Energy appointed Deepak Jain as its Chief Financial Officer. Jain, who has worked with the likes of Apple India, P&G and Gillette over the past 20 years, joins Ather from First Advantage, where he was CFO for India business, the company said in a statement. Commenting on the appointment, Ather Energy co-founder & CEO Tarun Mehta said Jain has scaled up technology and product-led companies making him an ideal addition to Ather''s team. "Deepak''s experience in leading teams and integrating manufacturing and business processes will play a key role in the next part of our story," he said, adding for a rapidly expanding company like Ather, an important focus area is laying the structure for effect...

Turkish Hacker blackmailed Apple, Gain Access of 300mn iPhones

23Dec By PriyankaNo Comments

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Turkish Hacker blackmailed Apple, Gain Access of 300mn iPhones

San Francisco, 23rd Dec. 2019: A self-proclaimed hacker who held over 300 million iPhones to ransom after gaining access to their iCloud details and threatening to factory reset their iPhones has pleaded guilty to blackmailing the Cupertino-based tech giant. Kerem Albayrak, 22, claiming to be a member of the 'Turkish Crime Family' hacking group, tried to blackmail Apple after threatening to delete hundreds of millions of Apple accounts, Forbes reported on Sunday. Albayrak was sentenced last week to two-year suspended jail term, along with 300 hours of unpaid work and an electronic curfew for six months, at Southwark Crown Court in London. "While iPhone users have recently been warned that they need to update to iOS 13.3 or risk getting locked out of their devices, Albayrak propose...