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Alibaba Expects $900 Billion Transaction Volumes By 2020

14Jun By AdityaNo Comments

CHINA

Alibaba Expects $900 Billion Transaction Volumes By 2020

Chinese e-commerce giant Alibaba Group Holding Ltd said on Tuesday it expects to nearly double its transaction volumes by 2020, signalling it still expects rampant growth as Executive Chairman Jack Ma pledged to intensify a crackdown on fake goods. At an investor conference at its headquarters in Hangzhou, Zhejiang province, Alibaba said it expects to record 6 trillion yuan ($912 billion) in gross merchandise volume (GMV) in fiscal 2020, nearly double 3.09 trillion yuan in fiscal 2016. Echoing that growth, Ma said Alibaba expects to have 2 billion consumers on its books by 2036, up from 423 million active buyers in 2016. Addressing concerns about the company's efforts to remove counterfeit products from its online platforms, Ma said Alibaba will do "anything to stop the fake produ...

Nokia Signs $1.5 Billion Framework Deal With China Mobile

14Jun By reutersNo Comments

BUSINESS

Nokia Signs $1.5 Billion Framework Deal With China Mobile

Nokia has signed a 1.36 billion euro ($1.5 bln) one-year framework deal with China Mobile, the Finnish company said on Monday, easing fears that it would lose market share while it merges operations with Alcatel-Lucent. Shares in the company were up 0.2 percent as of 1120 GMT versus a Helsinki bourse down 1.42 percent. Nokia's network equipment sales fell more than expected in the first quarter as buyers held off due to the Alcatel integration process.China Mobile is Nokia's biggest customer in China. "In the light of this announcement, China is not the market which one should be very worried about this year. They've managed to hold on to the positions of old Nokia and old Alcatel," said Nordea analyst Sami Sarkamies, who holds a 'buy' rating on the stock. He added that N...

13Jun By reutersNo Comments

FUNDING

Online Lender Marketlend Raises $1 Million in Funding

Australian online lender Marketlend on Monday said it has closed on a $1 million investment lead by fin-tech entrepreneur Jon Barlow and former KKR dealmaker Mati Szeszkowski. Marketlend, which helps connect businesses that are looking for funding with investors, will use the new money to further automate its technology systems and originate more loans, the company's founder Leo Tyndall said in an interview. Marketlend's fundraising marks the latest sign of continued investor interest in online lending globally, despite a slowdown in loan originations and increased regulatory scrutiny in the United States. Marketlend's platform allows businesses to borrow money against unpaid invoices, helping to relieve a cash flow shortage. If a company is waiting for a customer to pay them, it can se...

12Jun By Press Trust of IndiaNo Comments

News

Wildcraft to Invest Rs 300 Cr By 2020, Eyes Rs 1,000 Cr Sales

Outdoor products firm Wildcraft is investing Rs 300 crore to strengthen its network and fund overseas expansion as it targets an over twofold jump in sales to Rs 1,000 crore in the next three to four years. The Bengaluru-based firm, which is looking to have 500 exclusive brand stores (EBOs) in India by 2020, up from 140 at present, and double number of points of sales to up to 8,000, eyes to enhance presence in the Middle East, South East Asia and in neighbouring countries like Sri Lanka and Nepal. "Our aim is to have a sales of Rs 1,000 crore in the next three to four years. We did around Rs 300 crore last year and we are looking at doing Rs 400-450 crore this year," Wildcraft co-founder Gaurav Dublish said. In order to achieve the target, he said the company is focussing o...

Internet Devices Firm Gaia Smart Cities Has Acquired Internet of Things Business of Netcore

12Jun By PriyankaNo Comments

ACQUISITION

Internet Devices Firm Gaia Smart Cities Has Acquired Internet of Things Business of Netcore

Internet devices firm Gaia Smart Cities has acquired Internet of Things business of communications service provider Netcore in a an equity deal. "We have finalised deal to acquire IoT business of Netcore in an equity deal. Gaia will get ownership of Netcores IoT business and Netcore will invest in Gaia," Gaia Smart Cities Founder & CEO Sumit D Chowdhury said. Internet of Things involved in connecting various devices with internet to control them and extract data related ton their function in structured format like calorie burn data from smart wrist bands, switching on or off to AC, TV, car from mobile phones etc. Gaia Smart Cities was founded by Chowdhury and Bipin Pradeep Kumar last year. The company provides internet of things solution like remote access to water met...

Salesforce Acquires Demandware About $2.8 billion To Enter in E-Commerce Services

3Jun By reutersNo Comments

ACQUISITION

Salesforce Acquires Demandware About $2.8 billion To Enter in E-Commerce Services

Cloud-based software maker Salesforce.com Inc said it would buy Demandware Inc, whose software is used by businesses to run e-commerce websites, for about $2.8 billion. The deal will help Salesforce open a new front as it looks to take away more market share from traditional software providers such as Oracle Corp and SAP AG, both of which already offer cloud-based e-commerce services. The e-commerce market has been growing at a blistering pace as retailers expand their online presence, boosting demand for software that helps manage functions such as payment processing and inventory management. The lofty premium indicates that there were most likely multiple bidders at the table for Demandware, Stifel Nicolaus & Co analyst Thomas Roderick said, naming Adobe Systems Inc and Orac...

24May By Press Trust of IndiaNo Comments

INDIA

India Aims to Be Among Top 30 in Ease of Doing Biz: Amitabh Kant

The government is focussed on improving infrastructure and driving innovation to ensure that India ranks among the top 30 countries in terms of ease of doing business in the next 3-4 years, Niti Aayog CEO Amitabh Kant said today. Speaking at an IAMAI event here, Kant said the ecosystem of innovation is just "beginning to blossom" and one is seeing a resurgence of young Indians starting new businesses. "Our objective is that India must become a very easy and a very simple place to do business in. This is one government that is focussed on innovation and trying to make India an easy simple place to do business," he added. Stating that India has jumped up 12 positions in the ease of doing business, Kant said the government has taken various steps in this regard including bringing in ...

Chinese Investments in India Increased By Six Times

24May By Press Trust of IndiaNo Comments

BUSINESS

Chinese Investments in India Increased By Six Times

Chinese investments in India grew six-fold in 2015 to USD 870 million from the previous year while more investments are in the pipeline following easing of restrictions on Chinese firms and favourable tax rates, a state-run daily said ahead of President Pranab Mukherjees visit. Investment in India by Chinese companies in 2015 reportedly rose six-fold from 2014, partly thanks to low investment restrictions and favourable tax and land rent policies in the country, Global Times quoted Chinese business experts as saying. China's investment soared to around USD 870 million in 2015, six times that in 2014, the report said noting that the figure for 2015 was also twice the amount from April 2000 to the end of 2014. Indian trade officials say that the figures reflect how Chinese investments t...

CEOs Think Good Talents Go For Companies With Social Values

16May By Press Trust of IndiaNo Comments

ANALYSIS

CEOs Think Good Talents Go For Companies With Social Values

CEOs increasingly believe that the best talent will only join and stay with organisations that have strong values and are focused on benefiting society, according to a survey. "About 67 per cent of CEOs think that in five years, rather than going for the biggest pay cheque, talent will prefer to work for organisations with social values that match their own and they are making changes to their talent strategy accordingly," PwCs 19th Annual Global CEO survey reveals. PwC interviewed 1,409 CEOs in 83 countries for this survey. "We have been increasingly seeing a trend among Indian workforce where the purpose behind their roles and the contribution they make to society, is becoming important. They are willing to make trade-offs against pay for this aspect," PwC India Leader - Peo...

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

16May By Press Trust of IndiaNo Comments

CHINA

Amazon to Soon Allow Chinese Merchants Sell Goods in 185 countries, Regions

Chinese merchants will soon be able to sell their goods in 185 countries and regions through e-commerce giant Amazon's online marketplace, state media reported today. Amazon signed a deal with a cross-border e-commerce pilot zone in Hangzhou, east China's Zhejiang Province, to let traders use its site to sell to its 285-million active paying customers worldwide. Amazon's global logistic network will deliver goods from China to 185 countries and regions, state-run Xinhua news agency reported. Cross-border sales account for nearly one fourth of total revenue from third party merchants in Amazon's global marketplaces. The number of Chinese traders there doubled in first quarter from a year ago. Zhejiang province is looking to cross-border e-commerce to shore up trade, which shed 0...

Bandhan Bank Posts Net Profit of Rs275.24 crore

15May By Press Trust of IndiaNo Comments

News

Bandhan Bank Posts Net Profit of Rs275.24 crore

Kolkata: Joining Indian banking league with 501 branches, Bandhan Bank Ltd said it had posted a net profit of Rs.275.24 crore, or Rs.3.40 per share, till 31 March, in the little over six months since it started functioning as a bank. The former microfinance lender, which launched itself as a bank on 23 August, has till now clocked revenue of Rs.1,731 crore, it said in a regulatory filing. Earlier in the day, its managing director and chief executive officer Chandra Shekhar Ghosh said at a media interaction that the bank had added around 700,000 new customers since last August and that it currently has around Rs.13,000 crore in public deposits. The loan book size is Rs.15,200 crore, he added, while refusing to discuss financial performance. State-wise, Bandhan's West Bengal unit...

Mother Dairy Eyes Rs 10,000-cr Turnover in 3 yrs

15May By AnkitaNo Comments

BUSINESS

Mother Dairy Eyes Rs 10,000-cr Turnover in 3 yrs

Leading milk supplier of India, Mother Dairy is eyeing to cross Rs 10,000 crore turnover mark in next three years on rising demand for dairy products as well as fresh and processed fruits and vegetables. Mother Dairy, which supplies about 30 lakh litres of milk in the national capital region has posted a turnover of Rs 7,186 crore during last fiscal, out of which about 75 percent is from its dairy business. "We are aiming for more than Rs 10,000 crore turnover by the end of FY19 with expected rise in sales across all the segments," Mother Dairy MD S Nagarajan said. In a bid to expand its market, Mother Dairy is in the process of establishing a 25,000 tonnes per year integrated food and vegetable processing plant in Ranchi at an estimated cost of Rs 75 crore. The freezing line will ha...