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    DPIIT rejects Flipkart's plan to enter food retail sector

    New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has rejected Walmart-backed Flipkart's proposal seeking approval for entry to the food retail sector citing a regulatory issue, an official said on Monday. The government permits 100 percent foreign direct investment in food retail for food produced and manufactured in India. Last year, the company had set...

    • yesterday
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    Infosys among UK firms accessing Rishi Sunak's Covid19 job saving scheme

    London: Infosys, co-founded by Rishi Sunak's father-in-law Narayana Murthy, said it had used the furlough-or forced leave-option for 3 percent of its staff in order to tide through the lockdown imposed to curb the spread of the deadly virus. "In light of the current situation, Infosys has furloughed 3 percent of its UK workforce. We are reviewing this on a weekly...

    • 2 days ago
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    Seven of top-10 Indian companies add Rs 1.76 lakh cr in m-cap; HDFC Bank shines

    New Delhi: Seven of the 10 most valued Indian companies added a whopping Rs 1,76,014.51 crore to their market capitalisation last week, with HDFC Bank emerging as the biggest gainer. RIL, HUL, HDFC, ITC, Kotak Mahindra Bank and ICICI Bank were the other winners in the top-10 list, while TCS, Bharti Airtel and Infosys finished with losses for the week ended Friday. ...

    • 2 days ago
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    China's factory activity expands, but weak orders signal bumpy recovery

    BEIJING: China's factory activity rose for a third straight month in May as companies got back to business after strict measures to contain the coronavirus were eased, but a deep contraction in export orders means the recovery remains sluggish. The official manufacturing Purchasing Manager's Index (PMI) was 50.6 in May, compared with 50.8 in April, official data showed on...

    • 3 days ago
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    German airline Lufthansa agrees to give up airport slots for $10 billion bailout

    Berlin: German flagship airline Lufthansa agreed Saturday to a compromise worked out between the government and the European Union, overcoming a major hurdle toward final approval of a 9 billion-euro (USD 10 billion) bailout from Berlin. Lufthansa said in a statement it had agreed to the compromise worked out between Germany and the EU in which the airline will...

    • 3 days ago
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    Three Indian companies get licence to manufacture NASA's coronavirus ventilators

    Washington: Three Indian companies have got licences from NASA to manufacture its indigenously developed ventilators for critical COVID-19 patients. The three Indian companies are Alpha Design Technologies Pvt Ltd, Bharat Forge Ltd and Medha Servo Drives Pvt Ltd, the space organisation said in a statement on Friday. Apart from the Indian firms, 18 other...

    • 3 days ago
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    US firms in Hong Kong awake to 'sad day' as Trump vows to curb economic ties

    HONG KONG: The American Chamber of Commerce in Hong Kong said on Saturday it was 'a sad day' for the global financial centre, hours after U.S. President Donald Trump moved toward stripping the city of its special treatment in a bid to punish China. In some of his toughest rhetoric yet, Trump said Beijing had broken its word over Hong Kong's high degree of autonomy by...

    • 4 days ago
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    Uber India lays off 600 employees

    BENGALURU: Ride hailing company Uber Technologies Inc's Indian arm will cut 600 jobs across functions, as it navigates a strict coronavirus lockdown that has brought businesses to a grinding halt, Uber India President Pradeep Parameswaran said on Tuesday. The company said the affected employees will be given a minimum 10-week payout and medical insurance coverage for the next six months, outplacement support,...

    • 7 days ago
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    India's Glenmark to test potential covid19 drug combination

    BENGALURU: Glenmark Pharmaceuticals Ltd said on Tuesday it will begin a new clinical trial in India to test a combination of two anti-viral drugs, favipiravir and umifenovir, as a potential COVID-19 treatment. The study will look to enroll 158 hospitalized patients suffering from moderate COVID-19 infections in India, the company said. Drugmakers across the world have been rushing to...

    • 7 days ago
  • Companies

    New Zealand's media company being sold for just $1 to its CEO

    WELLINGTON: One of New Zealand's largest media organizations is being sold for a single dollar to its chief executive, the owners announced Monday. The organization Stuff prints many of the nation's daily newspapers and runs a popular news website of the same name. It employs about 900 staff, including 400 journalists. Owned by Australia's Nine Entertainment, Stuff faced financial...

    • a week ago

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