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Foodpanda buys Delivery.com’s HK business, consolidating territories

18Mar By reutersNo Comments

ACQUISITION

Foodpanda buys Delivery.com’s HK business, consolidating territories

Online takeaway delivery firm Foodpanda is acquiring the Hong Kong assets of U.S.-based Delivery.com as it consolidates its position in key markets while shedding assets elsewhere. Founded in 2012, Berlin-based Foodpanda expanded rapidly worldwide through nine acquisitions fuelled by $310 million in capital it raised in six tranches, as online takeaway food startups enjoyed a frenzy of funding. Foodpanda, which is 49 percent owned by German emerging market e-commerce investor Rocket Internet, was active in up to 40 markets a year ago but has pared this back to focus on 24 markets in Asia, Eastern Europe, and the Middle East. It split off its 10-country Africa business and last month sold its Latin American operations to UK rival Just-Eat. The merger of Foodpanda with Delivery.com,...

28Feb By AdityaNo Comments

INDIA

Indian Government Allows Third Party Certification For Ease of Doing Business

New Delhi: A Department of Industrial Policy and Promotion (DIPP) committee has advised credible third party certification in most areas of government regulation to further facilitate ease of doing business in the country. The committee, which was headed by former DIPP secretary Ajay Shankar realeased a full page report and said once government allows third party certification, multiple players could emerge within a year’s time. As a deterrent, however, the committee suggested that some percentage of such certification should be subjected to random audit with stiff penalties leading up to even withdrawal of accreditation for laxity. The committee was set up in April 2015 to examine the possibility of replacing multiple prior permissions with pre-existing regulatory mechanism and to p...

Flipkart Shuts It's Groceries Delivery App Nearby

26Feb By PriyankaNo Comments

News

Flipkart Shuts It's Groceries Delivery App Nearby

A month later, Mukesh Bansal and Ankit Nagori resignation India’s largest e-commerce firm Flipkart shuts it's groceries delivery app, Nearby. The company Nearby was five months old. Paytm, operated by One97 Communications Ltd, also closed its grocery service in June because of poor demand. The Nearby app was launched as an experiment by Flipkart in Bengaluru in October. The company promised to deliver fruits, vegetables, soaps and other staples from supermarkets to customers within an hour of receiving an order. On 11 January, Flipkart named co-founder Binny as CEO, replacing Sachin Bansal, in a move that it claimed would strengthen its management bandwidth as it seeks to combat archrival Amazon India and kick off preparations for an expected initial public offering (IPO) over the...

Yahoo Inc Officially Launched The Sale of Its Core Business

20Feb By reutersNo Comments

News

Yahoo Inc Officially Launched The Sale of Its Core Business

Yahoo Inc officially launched the sale of its core business on Friday, a move seen as a positive step for frustrated investors but not enough to keep an activist hedge fund from pursuing a proxy fight against the struggling Internet company. Yahoo shares jumped after the company announced its board has formed a committee of independent directors to explore strategic alternatives, and that it has hired investment banks and a law firm to run the process. The launch of the auction process, a move activist hedge fund Starboard Value and other shareholders have pushed since late last year, showed the company was moving another step closer to selling its core business, which includes search, mail and news sites, rather than spin it off as previously planned. The move follows more than t...

A Study Explains Why Rich and Successful People are Often Dishonest

7Feb By No Comments

BLOGS

A Study Explains Why Rich and Successful People are Often Dishonest

Let's face it, we've all been wondering why so many rich, successful, powerful people are cheating, lying, disgraces. Is it that only unethical people make it to the top? At least one study indicates that this is not the case-it's that winning itself makes people behave unethically. The Proceedings of the National Academy of Sciences just published a study that does not bode well for humanity's future. Scientists at Ben-Gurion University and The Hebrew University of Jerusalem had participants in a psychological study participate in a series of games, the first of which determined a "winner," and the second of which let that winner decide how much money they could award themselves. They found that competition winners cheated, awarding themselves more money than they deserved. The games all ...

Coca Cola to Enter Dairy Drinks Segment in India

25Jan By PriyankaNo Comments

News

Coca Cola to Enter Dairy Drinks Segment in India

(PTI)- Beverages major Coca Cola on Monday announced its foray into value-added dairy drinks segment in the Indian market with Vio brand, which will make its debut across the country next month. The company, which will introduce two flavours under Vio, has tied up with Reliance Retail as part of pilot launch to make the brand available exclusively across the latter's 500 stores starting tomorrow. "We have been getting into new categories and we will be getting into sparkling drinks with juices. We are now getting into dairy segment with Vio in two flavours in the value added dairy category," Coca Cola India & South West Asia President Venkatesh Kini said. The company has tied up with Schreiber Dynamix Dairies Pvt Ltd which will manufacture the product. Vio will be ava...

China’s Richest Man Will Develop $10 Bln Industrial Park in India

22Jan By reutersNo Comments

BUSINESS

China’s Richest Man Will Develop $10 Bln Industrial Park in India

Chinese conglomerate Dalian Wanda Group said on Friday it would develop a $10 billion industrial park in northern India, its first project in the country. The company owned by China's richest man Wang Jianlin said it would be the lead investor in the project's initial infrastructure and also ask Chinese firms to take part. Construction on the first phase of the 13 square km park in Haryana state is due to start this year, the company said. "Haryana State will provide Wanda with the most preferential policies," it added in a statement. Dalian Wanda is aggressively spending on projects and acquisitions ranging from entertainment to financial services in a bid to diversify away from its core, but slowing, domestic real estate operations. The conglomerate which posted $44 billio...

First of Its Kind: Indian Oil Tie Up With Logistics Start-up Firm Fortigo

11Jan By Press Trust of IndiaNo Comments

BUSINESS

First of Its Kind: Indian Oil Tie Up With Logistics Start-up Firm Fortigo

Chennai: Country's largest oil marketing company Indian Oil on January 11, announced its partnership with logistics start-up firm http://www.fortigo.com/Fortigo, aimed at providing technology based solutions to small truck owners. Fortigo is funded by various venture capitalists including Infosys co-founder Nandan Nilenkani. The partnership between Indian Oil and Fortigo, a first-of-its-kind in the industry, would help small truck owners to manage the inventories and plan operations effectively saving time and reduce transportation costs, a company statement said. Small truck owners with small fleets can manage logistics issues. The tie up with Fortigo would also help Indian Oil to tap fuel business from fleet operators covered under the Fortigo platform, it said. During the current ...

How to set up a Chinese company as a foreigner

10Jan By AnkitaNo Comments

CHINA

How to set up a Chinese company as a foreigner

Every country has its own set of rules and regulations when it comes to setting up a business. China is no exception, but what are some of the challenges for foreigners setting up a business in China? Michael Michelini, will tell you how? A, 34 years, old Shenzhen-based American internet dude helping western companies leverage Chinese social media for business. Michelini is also the author of Destination China: Entrepreneurs’ Journey from Wall Street to business in China. What are some of the difficulties a foreigner faces opening and operating a business in China? Michelini: It’s a lot more difficult as a foreigner to open a company in China, it’s not the same as a Chinese person opening a company in China. Also maintaining a business is harder than for Chinese companie...

30Dec By Press Trust of IndiaNo Comments

BUSINESS

Indian firms raised Rs 68,608 crore through equities in 2015

Indian firms mopped up over Rs 68,608 crore through the equity market route in 2015. This is 76 percent higher than Rs 39,067 crore raised through the equity market in 2014. Out of the total Rs 68,608 crore raised, fresh capital accounted for only Rs 25,964 crore, with the remaining Rs 42,644 crore coming from offers for sale. "The year could have been even better but for the deferment of several PSU offerings. The year, of course, fell short of Rs 97,746 crore, the highest amount which has ever been raised (in 2010)," Prime Database Managing Director Pranav Haldea said. The highest-ever mobilisation through initial share sale plans was in 2010 at Rs 37,535 crore. In comparison, five IPOs had hit the capital market to garner just Rs 1,201 crore in 2014. The year 20...

Facebook Bans 175-Year-Old Pub Over 'Offensive' Name: Report

28Dec By PriyankaNo Comments

News

Facebook Bans 175-Year-Old Pub Over 'Offensive' Name: Report

The owners say they’ve never had a problem with its name. Until now. Facebook has suspended a U.K.-based pub’s social-media account over “racist or offensive language,” a report claims. In Nov., Lee Garrett, the manager of the 175-year-old Blackcock Inn, received a message from Facebook, saying that his account had been suspended for “racist or offensive language,” he told The Independent in an interview. Garrett has since been unable to log into the account and all of its posts have been removed, he says. The pub is located in a small village named Llanfihangel Talyllyn. According to Garrett, whose family took over the pub a dozen years ago, in the 175 years the company has been in business, there had been no complaints about its name until now. He added that the name is derived fr...

25Dec By No Comments

BLOGS

“Facebook is misleading Indians”

Today it has ads around India saying "What net neutrality activists won't tell you". I'm a net neutrality activist and I'm happy to tell you anything you'd like to know. In fact, we're a small group, working unpaid, taking breaks from our regular jobs, and we've always been happy to tell you anything at all you wanted to know. We don't have a business axe to grind, we're not working for Facebook's rivals, and if anything, we've been part of Digital India far, far longer than Facebook has existed. We're open to questioning. Unlike Facebook, who tried to silently slime this thing through last year when it was called Internet.org, and then are spending about Rs. 100 crores on ads - a third of its India revenue? - to try and con us Indians this year again. This is after we'd worked h...