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Rural India helps Amazon, Walmart’s Flipkart clock record revenue from festive sales

Millions of Indians are moving online thanks to inexpensive smartphones and some of the lowest wireless data rates in the world.

Industry News

Paytm’s Vijay Shekhar Sharma says winning in India prepared him for the world

Sharma, a self-described hippie who loves to sprinkle U2 and Pink Floyd lyrics into his conversation, now has backers including Alibaba’s Jack Ma, SoftBank’s Masayoshi Son, and Berkshire Hathaway’s Warren Buffett.

Industry News

No one wants an electric car in India! 150 million drivers but only these many interested

Barely more than 8,000 EVs were sold locally during the past six years, according to data compiled by Bloomberg. China sells more than that in two days, according to BloombergNEF projections.

Car News

Baba Ramdev’s Patanjali downgraded as acquisition of Ruchi Soya raises risks

Patanjali Consortium Adhigrahan Pvt. -- a venture by Patanjali Ayurved and three other companies controlled by yoga guru Baba Ramdev -- is taking over Ruchi Soya Industries Ltd. for 43.5 billion rupees ($614 million).

Patanjali Ayurved, Baba Ramdev, Care Ratings,  Patanjali downgraded, Patanjali Consortium, Ruchi Soya, Patanjali Ruchi Soya deal News

Patanjali’s rating downgraded as acquisition raises risks

Care Ratings Ltd. downgraded Patanjali’s long-term bank facilities to A- from A+, according to a statement on Friday. Care and Brickwork Ratings cut the company’s outlook to negative from stable.

Patanjali, Baba Ramdev, Ruchi Soya, Patanjali Ayurved, NCLT, Patanjali group, NCLT, Care rating downgraded rating News

$63 billion worth zombie buildings sound alarm for Indian banks as realty reels under slowdown

There are $63 billion of stalled residential projects across the country, according to Anarock Property Consultants, and their developers have become locked in a downward spiral with shadow banks.

Motilal Oswal, Realty sector, Nirmala Sitharaman, Reserve Bank of India, Bimal Jalan Committee, Bimal Jalan Committee News

Silent coup? Imran Khan snubbed as Pakistan Army chief takes charge to revive flagging economy

In the closed-door meetings with businessmen, the army chief discussed the country’s current account deficit, the problem of corruption and slowing foreign direct investment, the people familiar with the interactions said.

At the meetings, arranged through mutual contacts, Bajwa asked business leaders how to fix the economy and what would lead them to make investments, said the people, who asked not to be identified. (File photo) News

Udaan gets $585 million boost from Tencent, others

Udaan, an Indian e-commerce marketplace for businesses, has raised $585 million from investors including Tencent Holdings Ltd., Altimeter Capital, GGV Capital and Citi Ventures.

Industry News

Cotton crop soars on best monsoon in 25 years; yield may be higher by 15% than last year

Cotton output in India, the world’s biggest producer, is set to surge after the heaviest monsoon rain in a quarter century, adding to global supply at a time when prices are near their weakest in more than three years.

Weak export, cotton spinner, economy news, export, import, cotton, cotton yarn export, cotton yarn, domestic market News

PSU banks put Rs 25,000 crore NPAs on sale

Data put together by FE show non-performing  assets (NPAs) totalling some Rs 25,000 crore were put up for sale by seven public-sector banks (PSBs).

NCLT, insolvency law, CIRP, SBI, Rajnish Kumar, Essar Steel, Union Bank of India, NPA, NBFC News

Facebook’s Zuckerberg can’t escape lawsuit over Pikini, an app that found bikini photos

Six4Three made a Facebook app -- Pikinis -- that allowed users to find photos their friends had posted of people in bikinis. Six4Three accused Facebook of destroying its business when it cut off its users’ access to the “

Facebook, Zuckerberg, lawsuit, Pikini, app, bikini photo, Facebook, industry news

Fresh troubles for Huawei: Its Mate 30 phones lose bootleg access to Google apps

At the heart of Huawei’s problems is the Google Play Store, a system-level app that’s part of Google’s licensed bundle, which opens access to the full panoply of Android applications.

Industry News

Apple denied tariff relief on five Mac Pro parts after staying in Texas

In letters to Apple posted online, USTR said the five exclusion requests were denied because they “failed to show that the imposition of additional duties on the particular product would cause severe economic harm to you or

Industry News

India’s corner shops can fight Amazon, says top tech investor

In India, even the biggest conglomerates including Tata and Reliance have been unable to diminish kiranas’ dominance while newer online retail entrants Amazon and Walmart-owned Flipkart are trying to embrace them,

From the poshest neighborhoods to teeming slums, typical Indian kiranas are cramped spaces that can just about fit a king-size bed but are chock-full of sacks of rice, lentils and dried chili peppers. News

PMC Bank scandal points to larger problems in the system

The problem at PMC Bank only became apparent when the Reserve Bank of India last week banned depositors from taking out more than 1,000 rupees ($14) for six months without offering any explanation.

PMC Bank, Punjab & Maharashtra Cooperative Bank, HDIL, RBI, joy thomas arrested News

Festive cheer doused by consumer gloom despite tax cuts

Poor demand from Indian consumers could dampen the mood during festivals next month, especially for automobile makers and retailers that count on the season for a sales boost, analysts predict.

Car sales in August fell the most on record (Representational image) News

Blind Eye: Rating agencies keep missing big Indian company defaults

India’s major rating firms include Crisil, the Indian unit of S&P Global; ICRA, the local unit of Moody’s Investors Service; Fitch-owned India Ratings & Research; and Care Ratings.

The securities market regulator strengthened disclosure rules earlier this year after rating firms failed to give ample warning on IL&FS group’s defaults from 2018, which triggered a prolonged cash squeeze in the nation. News

Trouble for Apple as US denies tariff relief on Mac Pro parts made in China

President Donald Trump on Monday linked on his Twitter account to a Fox Business story about Apple’s plans in Texas and praised the company for supporting U.S. jobs.

Apple said it didn’t have any comment beyond last week’s announcement. News

Despite Nirmala Sitharaman’s corporate gifts, festive cheer may remain dim due to consumer gloom

Poor demand from Indian consumers could dampen the mood during festivals next month, especially for automobile makers and retailers that count on the season for a sales boost, analysts predict.

Industry News

Facebook’s latest competition — Lotus from Vietnam

One day, perhaps one of Lotus’s successors will finally catch on—in Vietnam or some other authoritarian market that Facebook has hardly given any thought to.

Industry News

Afghanistan defies Taliban threats to vote in Presidential elections

“Amid the challenges and threats, the presidential elections of Afghanistan successfully ended,” Hawa Alam Nuristani, head of the country’s independent election commission, told reporters in Kabul.

Afghanistan, Afghanistan presidential polls, Taliban, Taliban regime, Ashraf Ghani, Ghazni provinces, kabul, latest news on afghanistan News

Facebook, WhatsApp will have to share encrypted messages with UK police: Report

The accord, which is set to be signed by next month, will compel social media firms to share information to support investigations into individuals suspected of serious criminal offenses including terrorism and pedophilia

WhatsApp News

Facebook says giant data-breach suit has no legs to stand on

The lawsuit stems from a data breach that Facebook revealed a year ago in which hackers exploited software bugs to obtain access to millions of user accounts

Facebook, legal blow, EU court, hate speech, industry news, tech news

India’s goal to boost energy from renewable sources fuels green bond sales overseas

India’s goal to more than double energy generation from renewable sources is fueling bets that debt offerings from green companies may grow.

Issuing green bonds overseas can help realise the goal of creating a clean environment News

Amazon focuses on Alexa privacy as it unveils new smart devices

Amazon introduced a new model of the best-selling Echo Dot with a visual clock built in, and a high-end speaker to rival Apple’s HomePod, Google Home Max and Sonos Inc. speakers, called Echo Studio

Industry News

Microsoft is still rattled over ‘sneak-and-peek’ searches in US

The case is the latest salvo in a yearslong battle between Microsoft and the U.S. government over what are called “sneak and peek” searches in which the subject of a federal inquiry doesn’t know their data has been requ

Microsoft had revealed its plans of developing a dark mode for Outlook on mobile about a year ago. News

India’s hushed animal spirits in four charts as demand remains subdued in month

India’s economic growth showed little signs of a recovery from a six-year low, with investment and consumption activity in August remaining fairly subdued.

‘Consumer’ News