Here are the Business News Headlines as on 6th June 2017:
- Alibaba Pictures, entertainment arm of Alibaba Group, has acquired a majority stake in India’s second-largest online ticketing platform, TicketNew having presence in over 300+ cities in India. This is Alibaba’s first big acquisition in online ticketing industry outside China.
- CBI raided various premises of NDTV and its founder Prannoy Roy. CBI has registered FIR against Prannoy Roy and his wife Radhika Roy of criminal conspiracy and Prevention of Corruption Act based on various complaints filed against NDTV.
- Boycott of Qatar by other Gulf countries may slow trade and investment and result in loss of billions of dollars. Saudi Arabia, Egypt, the United Arab Emirates and Bahrain have cut all air, sea and land transport links with Qatar.
- ITC Group has entered the frozen foods market. They have lined up investments of Rs25,000 crore in 65 projects, including 25 factories for packaged goods.
- Indian Government has asked Apple Inc. for details on their investment plan in India and also the potential number of jobs this will create as India wants Apple to commit before any special tax benefits are allowed to them.
- Ftcash, a Mumbai based payment startup, has raised capital from VC fund 500 Startups in pre-series A round. Ftcash offers payment and lending options to small businesses and Kirana stores.
- GST Impact : To reduce losses on old inventory, electronic retailers are selling goods at 20-40% discount, some of them have inventory of over Rs.100 Crore.
- Spinny, used car platform, has raised $1 million in seed funding round. The funds will be used for technology and hub expansion.