Read the latest India business news 4th October 2018:
– Walmart has submitted its rationale to IT authorities for deducting tax on payments made to Flipkart shareholders. IT Deptt had asked Walmart to explain the logic behind tax deductions in Flipkart deal.
– Ashok Chawla, Chairman of Yes Bank is looking for ways to restore investor confidence. He has written to employees asking them to go beyond their assigned roles to clarify retail investors’ doubts and build a deeper relationship with every borrower.
– Infosys Foundation has signed an MOU with the Karnataka state police to set up a Centre for Cybercrime Investigation Training & Research. It has committed investing Rs.22 crore and lend technical expertise.
– Star India is expected to generate ₹200 crore from TV ad during the Pro Kabbadi League starting 7 October. 80% of its ad inventory has already been sold.
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– Honda Motor shall invest $2 billion and get 5.7% stake in General Motors’ Cruise self-driving vehicle unit.
– Alteria Capital has made second close of its maiden fund by securing a commitment of roughly ₹625 crore investment. It had raised ₹356 crore in March as part of the first close.
– Amazon has infused another Rs.590 Crore in Amazon Pay, which makes buying easy for customers through product purchase on EMIs, offers instant loans.
– Amazon has introduced a new Alexa powered voice remote Fire Stick 4K. Now users will be able to browse and control playbacks trough voice.
– SoftBank is reportedly in talks with Delhivery to invest around $200-250 Million. Delhivery has so far raised around $260 million so far.
– Supreme Court has appointed an arbitrator in Oyo, Zo dispute, who have been fighting October 2017 after Oyo called off Zo’s acquisition.
– Starbucks has named Navin Gurnaney as its new CEO beginning 1st January. Gurnaney will replace Sumitro Ghosh who shall return to US for a role within the Starbucks group.
– After delay in salary payments to pilots, engineers and the senior management, Jet Airways has also defaulted on salary payment to other categories of employees, who have reportedly not been paid yet.
– IL&FS update – Newly appointed board of IL&FS shall meet today and submit resolution plan in 15 days. Six nominee directors representing five shareholders have been exempted from any proceedings by the ministry of corporate affairs.
– PNB fraud – NCLT has admitted insolvency plea filed by ICICI Bank against Gitanjali Gems.
News credit: Livemint, Economic Times, Business Standard