Here are the Business Headlines as on 25th May 2017:
- GST Update : The Government has decided to keep Ayurveda products in the mid-range of GST, which is flat 12%. Earlier the rate was between 6-11.5 per cent due to which FMCG companies started to focus on expansion plans in this segment.
- Swedish retail giant Ikea shall be using e-commerce only to supplement sales in the cities where it would open stores. World over Ikea has been primarily selling on touch-and-feel and use online only to improve customer convenience.
- RBI has issued notice that foreign buyers will not be able to buy any more shares in Fortis Healthcare and Claris Life sciences as the prescribed limit has been reached, which is 24 per cent of its paid-up capital.
- Apple heads the world’s most valuable brands of 2017 at $170 billion. It earned 92% of its profits in smartphone category.
- Uber is changing the way it calculates fares, moving to a system that charges what customers are “willing to pay”, based on factors like whether you are travelling to a wealthy area. It’s a very common practice called “price discrimination”.
- ItzCash, the Digital payments fintech firm has sold 80 per cent of company’s stake for Rs 800 crore to US headquartered, Ebix, Inc., an international supplier of on-demand software and e-commerce services to the insurance, financial, e-governance and healthcare industries. The remaining 20% shall remain with the Essel Group.
- World Bank’s International Finance Corp will invest up to $40 million in Kedaara Capital Fund II LLP, which in turn will fund in 10-12 mid-market firms in India. Its target sectors include logistics, packaging, specialty chemicals and ingredients, pharmaceuticals, and potentially finance companies.
- India-focused private equity firm Everstone Group has raised its investment in Servion Global Solutions Ltd to around $74 million. Evertech invested about $66 million in November 2014 to acquire a controlling stake in Servion.
- IFC shall invest $3 million in Artificial Intelligence focussed fund of pi Ventures. The fund will be used for investing in companies which are leveraging technologies like AI, machine learning and IoT.
- Non-banking financial firm Aye Finance has raised $8m from Blue Orchard, a leading global impact investment manager through NCDs.