Here are the Business Headlines as on 14th April 2017:
- Infosys Q4 numbers go off track, CEO Vishal Sikka’s pay drops 40%. Infosys to spend $2 billion on buyback or dividends over 12 months to placate investors who are unsettled by the global downturn of IT services.
- RBI tightens screws on banks to ease bad debt. Any bank with a net non-performing assets (NPA) ratio of six per cent or more, as of March 2017, will come under the scanner of the RBI.
- Exports jump 28% in March; trade deficit swells to 4-month high of $10.4 bn. However, at $274 bn, exports fail to exceed $300 bn in FY17 for second year in a row.
- Amazon.com’s head of web services earned more than CEO. The head of Amazon Web Services, which includes the company’s cloud business, received $35.4 million in stock and about $179,000 in salary and a 401(k) match, according to a regulatory filing from the Seattle-based company Wednesday.
- Future Group’s Kishore Biyani bets big on small stores. Biyani gets his group ready to meet an ambitious target of selling goods worth Rs 1 lakh crore annually by 2020-21.
- After Supreme Court order, Adani Power faces write-offs, restating accounts. Restructuring of power holdings likely.
- We aren’t looking at new States for store roll-out: Walmart India CEO. Walmart India is gearing up to roll out more stores from the first quarter of the next financial year.
- Edelweiss raises $350 million for credit-focused fund. Edelweiss Special Opportunities Fund II comes at a time when a host of other firms in the alternative investment space are in the market to raise credit-focused funds.
- Back from the brink, Eros tries new strategy, downplays crisis. ‘Absolutely no question of a liquidity crisis’ says Eros group chief executive officer Jyoti Deshpande.
- HDFC Property to launch $500 million offshore fund. Fund will invest up to 40% in office spaces and the rest in residential projects with a focus on affordable housing.
- Selling on Amazon to cost more. Amazon India will charge higher commission from online sellers on its platform in some categories to cut losses and make profits.
- Bharti Airtel moves Telecom Tribunal over Jio schemes. Objects to alleged delays from Jio’s end to implement Trai’s order to stop Summer Surprise offer.
- Smartphone sales were flat on y-o-y basis in the online segment in 2016. Sales grew only 1% from 31% share of market that online clocked-in 2015.
- Amazon India is all set for major Bollywood alliances with $300 million budget for video content. Hires consultants from film business to evaluate setting up a film studio.
- Market gives thumbs-up to Digital money. e-payments saw growth of 57% in fy 2017.
- Ola received Rs1,675 crore from SoftBank as part of a bigger funding round that will lower the company’s valuation to about $3 billion from $4.5 billion.
- Google launches the Areo app—currently operational in Mumbai and Bengaluru—that aggregates food delivery and home services start-ups in India.
- Swiggy has attracted Naspers of South Africa at close to $400 million valuation. Should get a total of $60-80 million including commitment from existing investors.
- Bhim, Bharat Interface For Money, gets a push from PMO and will enable Indian citizens to make digital payments using their bio-metric data. Citizens without access to Smartphone, Internet, Debit or Credit card can also use this.