Read India business news headlines 5th September 2018:
– A group of FPIs said that due to Sebi’s curbs on funds managed by OCIs, PIOs and NRIs may put the investments worth $75 billion at risk. Sebi has denied the statement calling it “preposterous” and “highly irresponsible”.
– LIC is still deciding if it should make an open offer to the minority investors of IDBI Bank or seek an exemption from SEBI. SEBI shall take the final call on the open offer.
– Google retained a slight lead on Facebook in the competition for digital ad dollars. While Facebook is likely to generate$980 million in digital ad revenue in India in 2018, Google could achieve $1 billion mark last year only.
– Amazon has launched Hindi version of its mobile website and app for Android smartphones today. This would give Amazon an edge over the other leading e-commerce portals like Flipkart, Snapdeal or Paytm Mall, as none of them has a version of local language on their websites.
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– Tapzo, an app aggregator announced that it will shut down its mobile app on October 31. The announcement came soon after it was acquired by Amazon Pay.
– After an investigation has found that there are systemic lapses in funds that were allegedly taken out by the Singh brothers, Fortis Healthcare has decided to appoint an external agency to undertake the security of the compliances and internal control.
– Zomato is delisting all the restaurants that are noncompliant with the FSSAI Regulations. It would further not list any cloud kitchen unless it goes through the company’s mandatory hygiene check.
– Shivinder Singh has filed a case with the NCLT against his brother Malvinder Singh and family friend Sunil Godhwani for undermining the interests of Fortis Healthcare and related firms.
– With the change in the FDI policies in India, Qatar Airways is going to wait for the FDI rules to be more favourable over foreign holding in domestic airline before launching its subsidiary in India.
– Prahlad Kakkar has partnered with Sajan Raj Kurup, founder of Creativeland Asia to launch ‘Dining Table’, a consultancy for family-owned and SME enterprises to provide end-to-end solutions including ad, design, packaging, business, legal, communication among others.
– The industry body, Internet and Mobile Association of India has said that formation of an additional regulator as Data Protection Authority will make things more difficult for tech start-ups as suggested by the Government appointed committee.