Top 10 business news: Marks & Spencer partners Flipkart, Myntra, Onion prices rise, Fiat launches Punto Sportivo, Savetheinternet questions Facebook’s internet.org, more
1. Marks & Spencer partners Flipkart, Myntra: UK-based apparel chain Marks & Spencer has partnered Myntra and Flipkart to sell its products online in India. Myntra and Flipkart will be the first online players in India to make Marks & Spencer's products accessible to customers across the country, Myntra said in a statement. Customers will get door-step delivery and local payment options, including cash on delivery, it added. (Reuters)
2. Onion prices start rising again on tight supply: Onion prices at Lasalgaon in Maharashtra, Asia's biggest wholesale market for the staple, have started rising again due to supply concerns as the old stock has been exhausted, while the fresh kharif crop this year is expected to be 25-30 per cent lower. Onion price, which had touched the record Rs 57 per kg in August at Lasalgoan, showed a declining trend after the Centre took several steps including hike in minimum export price and imports to boost domestic supply. It fell as low as Rs 25 per kg on October 16 at Lasalgaon. However, prices started rising again beyond Rs 30 per kg in the last one week and are now ruling at Rs 32 per kg at Lasalgaon, as per the data maintained by the National Horticultural Research and Development Foundation (NHRDF) (Reuters)
3. Fiat launches Punto Sportivo priced at Rs 7.10 lakh: Fiat Chrysler Automobiles India on Thursday launched Punto Sportivo, a special edition of its small car Punto Evo, priced at Rs 7.10 lakh (ex-showroom, Delhi). The car comes with various accessories including a two tone colour - red body and white roof, new seat covers and touch screen infotainment system, Fiat Chrysler Automobiles (FCA) India said in a statement. "Punto Sportivo is a stylish car and is targeted towards those auto enthusiasts who desire sporty looks," FCA India President and Managing Director Kevin Flynn said.
4. Amazon India to sell more jewellery brands on its platform: Buoyed by high demand for precious jewellery online, leading e-tailer Amazon.in would bring more brands on its platform by invitation, a top company official has said. "We launched the jewellery section of the fashion store in December, 2014. We got a tremendous response and the growth till September this year was 300 per cent, although selling fashion jewellery online is still at a nascent stage in India", Mayank Shivam, category leader of Amazon Fashion India, said.
5. Cleartrip sees 50% more bookings during summer holidays: Holidays and festive seasons are witnessing 50 per cent more bookings for flights and hotels than the normal days through Cleartrip, a top company official said on Thursday. The surge in mobile bookings was happening during summer holidays, where people prefer cool destinations, hotels and also flights for short trips, Cleartrip Chief Marketing Officer, Subramanya Sharma, told reporters.
6. Savetheinternet questions Facebook's internet.org platform: Even as Facebook founder Mark Zuckerberg expressed commitment to Net neutrality, volunteers of savetheinternet.in have raised questions over the internet.org platform. In an open letter to Zuckerberg, the savetheinternet team said it's "a matter of distress" that Facebook through its internet.org platform and lobbying on regulatory consultations, has sought to undermine Net neutrality in India. (PTI)
3. Arun Jaitley speech: Budget 2016 income tax relief - In order to increase the penetration of the National Pension Scheme (NPS) and to make it attractive, Jaitley announced exemption of 40 percent of the corpus at the time of withdrawal. Jaitley said the annuity fund which goes to legal heir will not be taxable.
Bharti Airtel: Bharti Airtel on Tuesday rejigged its operations in Africa by naming Raghunath Mandava as the new chief operating officer, and elevating its incumbent chief executive Christian De Faria as executive chairman of a new structure to help the loss-making operations take faster decisions and compete in the market. As per the new structure, Airtel Africa will have a new organisation team, with 15 operating countries to be divided into eight clusters, which will give better decision making authorities to its executives at the operating level, the New Delhi-based company said in a statement. (Reuters) [16-02-2016]
9. InterGlobe Aviation IPO flies high, over-subscribed 6.15 times: The Rs 3,018-crore public offer of IndiGo's parent InterGlobe Aviation, the biggest IPO in nearly three years, elicited robust response as the issue got over- subscribed 6.15 times on the last day of bidding on Thursday. The IPO generated demand worth over Rs 18,000 crore, as it received bids for 18,53,10,405 shares against the total issue size of 3,01,22,088 shares, according to data available with the NSE till 2030 hours. (AP)
10. Apple TV challenges developers to take apps to the big screen: Apple's loyal army of software developers is joining the tech giant in its bid to conquer the living room with a new version of Apple TV, creating apps for the big screen that they hope will attract users and unlock a rich source of revenue. A long-awaited update to Apple TV, which launched in 2007, will start shipping in 80 countries on Friday. Apple views apps as the future of television. An App Store is the centerpiece of the new device, and hundreds of apps will be ready at launch, including gaming, shopping and photography. (Reuters)
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