Latest India Business News Headlines 8th August 2018
Read latest India business news headlines 8th August 2018:
- The government has raised import duty on many textile products including garments, carpets etc. The aim is to support ‘Make in India’ initiative as also protect domestic manufacturers.
- Japan has lodged a protest with the Government on its decision to impose a duty of 20% on imported cell phones and 10% on ink cartridges, citing it to be against India’s commitment to WTO.
- Malaysia Airports Holdings is evaluating to acquire a minority stake in GVK Airports Holdings which runs the Mumbai airport.
- The Government may stop wilful defaulters with loans exceeding Rs.50 Crore from traveling overseas without prior approval. The move is part of Government’s crackdown strategy to prevent defaulters from leaving the country.
- MS Dhoni has picked up a 25% stake in Run Adam, a sports tech startup, which connects athletes with resources like sponsors, experts, specialists, etc on its platform.
- Temasek has purchased a secondary stake in Ola from its early investors for about $225 million.
- Hansel.io, a product operations startup, has raised $4 million in a funding round led by Vertex Ventures. Funds are planned to be used for international expansion and hiring in sales and engineering.
- Shadowfax, an on-demand logistics firm, has raised $22 million in a series C round of funding led by Nokia Growth Partners. The latest round of funding values the firm around $87-97 million.
- Nikhil Nanda has been appointed as chairman and managing director of Escorts after the expiry of his father Rajan Nanda.
- Reliance Naval and Engineering Ltd has approached Bombay High Court against ONGC for refusing to take delivery of 8 vessels and terminating the agreement for 12 vessels ordered to support offshore oil exploration.
- SBI has approved the plan to cover the legal expenses of both current and former employees of the bank who have been booked by the investigating agencies and where no probe has been ordered by the bank.
- Flipkart and Amazon are lobbying the Government to scrap the entire draft e-commerce policy, which will implement strict restrictions on online retail. The policy is even said to curb the discounts. The online retailers are trying to convince the Government to consider fresh regulations.
- J.P. Morgan and IIM- A, shall start a financial inclusion lab, an initiative of $9.5 million, in order to identify and bring the fin-tech startups in their early stages to achieve scale.
- RBI has canceled 368 licenses of NBFCs in the last 6 months as they failed to meet the regulatory norms. It is a move to keep the sector clean which has more than 11,402 entities, of which 222 are non-deposit taking.
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