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Facebook Profit Climbs Even After Criticism over Data

1Nov By PriyankaNo Comments

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Facebook Profit Climbs Even After Criticism over Data

31st Oct, 2019-- Leading Social media platform Facebook reported that its profit topped $6 billion on revenue that climbed 28 percent to $17.4 billion in the quarter that ended on September 30. Meanwhile, the number of active monthly users increased eight percent from a year ago to 2.45 billion. "We had a good quarter and our community and business continue to grow," said Facebook chief and co-founder Mark Zuckerberg. "We are focused on making progress on major social issues and building new experiences that improve people's lives around the world."Facebook shares rose more than four percent in after-market trades that followed the release of the earnings figures, which beat Wall Street expectations. "Advertisers continue to support Facebook, despite the many controversies swirlin...

InstaReM rebrands to Nium, World’s First Global Enterprise Payments Platform

30Oct By AdityaNo Comments

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InstaReM rebrands to Nium, World’s First Global Enterprise Payments Platform

Singapore, 30 October 2019: Leading digital cross-border payments provider InstaReM is rebranding to become part of Nium. Headquartered in Singapore, Nium is the global payments platform to enable businesses to send, spend and receive money from around the world, in addition to empowering them to develop their own products that simplify cross-border payments. Nium’s ambition is to create a world of ‘Open Money’ where everyone’s money is free for them to use whenever, wherever and however they wish. The launch of Nium was announced at the Money 2020 USA event in Las Vegas on 27 October 2019. Prajit Nanu, the India-bred Co-Founder and CEO of Nium said, “As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. We have worked ...

RIL to Set up Subsidiary for Digital Platform Initiatives

26Oct By Press Trust of IndiaNo Comments

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RIL to Set up Subsidiary for Digital Platform Initiatives

Reliance Industries Ltd board has approved the formation of a wholly-owned subsidiary for digital platform initiatives and investment of Rs 1.08 lakh crore in the unit. The subsidiary will also acquire RIL's equity investment of Rs 65,000 crore in Reliance Jio Infocomm Ltd (RJIL), it said in a regulatory filing. RIL said that RJIL board has approved a scheme of arrangement between the company and certain classes of its creditors including debenture holders for transfer of identified liabilities of up to Rs 1.08 lakh crore to RIL. "Rights Issue of Optionally Convertible Preference Shares (OCPS') aggregating up to Rs. 1,08,000 crore for the purpose of payment of consideration for transfer of identified liabilities - WOS (wholly owned subsidiary) to subscribe to this issue," it added...

This is How Much Paytm Founder Earned in FY20

22Oct By AdityaNo Comments

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This is How Much Paytm Founder Earned in FY20

Paytm founder Vijay Shekhar Sharma will take home a remuneration of $423000 (Rs 3 crore) in this fiscal, as per regulatory filings. The proposal pertaining to Sharma's remuneration was approved by members of One97 Communications Ltd at their Annual General Meeting on September 30, 2019, filings with the Corporate Affairs Ministry showed. "...consent...is hereby accorded to approve the remuneration to be paid to Mr Vijay Shekhar Sharma, Managing Director of the Company for the financial year 2019-20, as recommended by the Board and Nomination and Remuneration Committee at their meetings held on September 4, 2019...," it added. Apart from the $423000 remuneration, Sharma will also be entitled to perquisites that include heads like vehicles, fuel expenses, accommodation, travel expen...

19Oct By AdityaNo Comments

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Oracle CEO Mark Hurd has died

California, 19th Oct 2019-- Oracle CEO and former CEO of HP Mark Hurd has died at 62. Oracle confirmed his death on Friday. Hurd was on medical leave from one month, which Oracle announced in September. During his career, Hurd ran both Oracle and computer and printer maker Hewlett-Packard. Hurd joined Oracle as a co-president in 2010 a month after leaving HP. He resigned from HP following accusations of sexual harassment by a female contract worker. In that pre-#MeToo era, Hurd's departure from HP was a significant Silicon Valley drama. An investigation found while Hurd didn't violate sexual harassment policies, he submitted inaccurate expense reports connected to outings with his accuser. Hurd said he didn't try to conceal his dinners with the contractor after events she helped o...

Ola Launches Self-drive Service Ola drive

17Oct By AnkitaNo Comments

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Ola Launches Self-drive Service Ola drive

India's leading ride hailing service Ola launched 'Ola Drive', its first self-drive service in Bengaluru and said the company will invest upto USD 500 million in the next couple of years for it. The Bengaluru-based company aims to host a fleet of 20,000 cars by 2020 under the service. It has been initially rolled-out for users in Bengaluru, with Hyderabad, Mumbai and New Delhi to follow shortly, Ola said in a statement. In the first phase, Ola Drive will be offered as a short-term self-drive car-sharing service as we look to introduce long-term subscriptions, corporate leasing, and more options in the future, it added. The company will initially invest about USD 200 million (about Rs 1,400 crore) and up to USD 500 million (about Rs 3,500 crore) in the next couple of years, Ola Chi...

16Oct By AdityaNo Comments

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Softbank could take control of WeWork

Japanese investment firm Softbank could take control of WeWork as part of a financial package to address the company's cash crunch since its botched effort to sell the public its stock, according to The Wall Street Journal. The deal would further sideline co-founder Adam Neumann, who resigned as chief executive last month but still wields influence over the company because his shares carry higher voting power. SoftBank, the office-sharing company's biggest investor, is aiming to invest several billion dollars in new equity and debt, The Journal reported, citing people familiar with the matter. WeWork declined to comment on the Softbank package. In statement, the New York based company said it has retained a major Wall Street institution to arrange financing and was meeting wi...

30Sep By PriyankaNo Comments

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Forever 21 fashion chain files for bankruptcy

Low-price fashion chain Forever 21, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection. The privately held company based in Los Angeles says it will close up to 178 stores. The company once had more than 800 stores in 57 countries. Forever 21 joins Barneys New York and Diesel USA in a growing list of retailers seeking bankruptcy protection as they battle online competitors. Forever 21 was founded in 1984 and, along with other so-called fast fashion chains like H&M and Zara, rode a wave of popularity among young customers that took off in the mid-1990s. But over the last year or so, fast fashion has fallen out of style. vivus займзайм на счет в банкезай...

WeWork CEO Adam Neumann decided to Step down

25Sep By PriyankaNo Comments

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WeWork CEO Adam Neumann decided to Step down

WeWork co-founder Adam Neumann has decided to step down as CEO of the office sharing startup, people with knowledge of the matter said, citing pressure from board members tied to SoftBank. Neumann will remain as chairman of the company he started in 2010, and he continues to control a majority of voting shares, the sources said. The company confirmed the report, saying the change is effective immediately. As we published an article on sunday, there were speculation in the WeWork board to replace Adam Neumann as chief executive. The showdown between SoftBank and Adam comes after We Company postponed its initial public offering (IPO) last week. SoftBank is considering to make Neumann as a interim CEO and hired an external replacement. However, SoftBank could choose not to ...

Thomas Cook Bankrupt, Left 600,000 Tourists Stranded Abroad

23Sep By AnkitaNo Comments

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Thomas Cook Bankrupt, Left 600,000 Tourists Stranded Abroad

23rd Sept, 2019- UK based travel firm Thomas Cook file for bankruptcy, leaving some 600,000 holidaymakers stranded and sparking the UK's biggest repatriation since World War II. The 178-year old debt ridden firm, which had struggled against fierce online competition has failed to secure 200 million pounds (USD 250 million, 227 million euros) from private investors and collapsed in the early hours. Bankruptcy, which followed a lengthy period of chronic financial turmoil after a disastrous 2007 merger deal, left some 600,000 tourists stranded worldwide according to Thomas Cook, while its 22,000 staff are now out of a job. The British government launched emergency plans to bring some 150,000 UK holidaymakers back home from destinations including Bulgaria, Cuba, Turkey and the Un...

Amazon Ordered 100,000 fully-electric delivery vehicles

23Sep By PriyankaNo Comments

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Amazon Ordered 100,000 fully-electric delivery vehicles

Online eCommerce company Amazon ordered 100,000 Electric delivery Vans from US based startup Rivian. Amazon, which currently delivers 5 billion products per year is committed to meet the Paris Agreement 10 Years early through this deal. The move is a major boost to Rivian, a Tesla like automaker that will launch its first production vehicle next year. Based at Michigan, Rivian is custom designing the vans including exterior, interior, suspension, and software for Amazon. Amazon will deploy the vans globally. Rivian aims to deliver the first Amazon vans by 2021, and to deliver 10,000 by late 2022. In a press release, Amazon said it expects to have the full fleet on the road by 2030. The automaker will also service the vans (though electric vehicles require less maintenanc...

Walmart to stop selling Electronic Cigarettes at its Stores

21Sep By AnkitaNo Comments

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Walmart to stop selling Electronic Cigarettes at its Stores

Walmart will stop selling electronic cigarettes at its stores and Clubs following a string of mysterious illnesses and deaths related to vaping. The nation's largest retailer, based in Bentonville, Arkansas, said that it will complete its exit from e-cigarettes after selling through its current inventory. The move is due to "growing federal, state and local regulatory complexity" regarding vaping products, the company said in a statement. President Donald Trump has proposed a federal ban on flavoured e-cigarettes and vaping products. Michigan banned the sale of flavored e-cigarettes this week. A few local governments, including San Francisco, have passed bans on flavored tobacco. E-cigarettes represent a very small part of Walmart's nicotine business, which also inc...