Here are the India Business News Headlines 6th December 2017:
- 2 more Chinese lenders, Industrial and Commercial Bank of China and Export-Import Bank of China, are ready to file insolvency cases against RCom to recover about $2 billion in debt from the company.
- Edelweiss Alternative Asset Advisors, the private debt investment platform of Edelweiss Group, has achieved the final close of its onshore fund, Edelweiss Real Estate Opportunities Fund, at Rs 500 crore. The fund is focused on investing in areas such as special opportunities, real estate and distressed assets credit.
- Fitch, the Credit rating agency has withdrawn ratings of debt-ridden RCom for commercial reasons. RCom is estimated to be in debt of around Rs45,000 crore.
- Flinto Learning Solutions, which offers activity-based learning kits for children under Flintobox brand, has raised $7 million from Lightbox, an early-stage venture capital firm. Flinto had earlier raised $1.5 million over separate rounds. The company ships packaged learning kits with differentiated content for children in the age group of 2-12 years.
- As per Deloitte Technology Fast50 India 2017 report, B2B software firms dominate the list of top 50 fastest growing technology companies in India. The mix comprises analytics and big data solution providers, software and app makers, digital integrators, advertising firms, cybersecurity and information technology consulting businesses.
- 21st Century Fox has appointed Uday Shankar, Chairman and CEO of Star India, as president, 21st Century Fox for the Asia region. Shankar will lead Fox’s video businesses across Asia and work closely with firm’s leadership on key strategic initiatives in the region. This development comes at a time when 21st Century Fox has restarted talks to sell most of the company’s assets to Walt Disney.
- Sequoia Capital has yet again sold some of its stake, worth Rs51.56 crore, in Just Dial. This year, Sequoia Capital has reduced its stake in Just Dial from 5.17% to 2.18%.
- DailyHunt, the Regional language news content aggregator, has launched a new Live TV business on its mobile app in association with Yupp TV. The Live TV section will have more than 130 channels across genres like news, entertainment, spiritual, movies among others in nine local languages including Hindi, Tamil, Malayalam, Telugu, Bengali, Punjabi and English. The content will be available for free on the app.
- In the mid-term review of the Foreign Trade Policy 2015-20, Government has unveiled more incentives to boost labour-intensive and employment-oriented merchandise and services exports. The annual incentive increased by 33.8 per cent or Rs 8,450 crore.
- Jet Airways has scraped agents’ commission from January 1, 2018 to save costs and improve its cash flow. Agents are paid a basic commission on routine ticket sales and productivity linked bonuses based on sales targets.
- Annual compensation packages, led by Microsoft’s offer of Rs.1.39 crore and overseas offers have risen substantially during final placements at IITs. Apart from Microsoft, companies like Yahoo! Japan and NEC have also made offers of over Rs 27 lakh. Even domestic packages have seen a very high raise with offer of Rs.45 lakh by Blackstone and Worldquant’s Rs 39.60 lakh.
*News as published in Business Standard, Live Mint and Economic Times.