Today’s Business Headlines – 17th May 2017 –

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Here are the Business Headlines as on 17th May 2017:

Business Standard

  • GST Update : The Centre and states are likely to each impose a 0.5 per cent TDS on sellers of products on e-commerce websites such as Flipkart and Amazon.
  • IT Job cuts : IBM has laid off thousands of employees in India. Exact number is still not known. This comes after Wipro, Infosys and Tech Mahindra laid off thousands of employees during the annual appraisal process.
  • WannaCry ransomware : Security software maker Quick Heal said it had detected over 48,000 instances of the WannaCry ransomware attack in India, targeting both enterprises as well as individuals using systems running on Microsoft’s Windows OS. Attack was not focused towards any particular industry but was spread across industries.
  • Future Group has signed an MOU with Oman-based Khimji Ramdas LLC (KR) to set up a joint venture to launch fbb stores in West Asia. Both companies have invested Rs 75 crore each in the 50:50 JV.

Economic Times

  • Amazon is rewarding its prime customers with Rs.500 discounts even after the Great Indian Sale to continue competing against Flipkart’s discounts during their sale period. Consumers are gaining from major discounts on Smartphones and TVs.
  • “Amazon Online Distribution Services” is being renamed “Amazon Pay India” after the company got its license for a wallet from RBI. During the Great Indian Sale from May 11-14, 2017, Amazon Pay Wallet saw a 10 times increase in usage over non-sale days.
  • Nokia starts its 2nd innings in India with the launch of Model 3310 @ Rs.3310. This 2G feature phone had sold 126 million units globally 12 years back.

Startup World

  • Telr, Singapore & India based Fintech startup providing payment Gateway, cash management solutions and unified logistics and payment APIs, has raised $3 million equity financing led by the Innovations East Fund.

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