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Last Updated: August 15, 2019

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  • Air India New Delhi-San Francisco flight to fly over North Pole

    August 15, 2019
    The Air India (AI) announced its inaugural passenger flight over the North Pole region from August 15 between New Delhi and San Francisco. The first commercial service will be operated by Captain Rajneesh Sharma and Captain Digvijay Singh It marked the "maturing of civil aviation in India as another frontier is crossed. Air India conquered this frontier in 2007.He took delivery of the brand new aircraft and flew it over the North Pole from Seattle to New Delhi.The Passengers will benefit from the reduced fuel consumption and a better environment from the reduced carbon emissions.Air India is in a unique position to offer direct (non-stop) flights between India and North America but the Polar route between the two countries.India and North America benefit immensely by using existing North Polar routes for commercial air operations. The AI has flights to the US from the Atlantic and Pacific routes as part of its endeavor to conserve fuel, slash travel time, improve aircraft utility and reduce carbon emissions. According to AI, the fuel-saving on the Polar route is expected to be in the region of 02 to 07 tonnes with a resultant decrease in carbon emission of 06 to 21 tonnes per flight. The North Pole region gave airlines an opportunity to reach destinations previously not available for non-stop services and reduce flying times on existing routes and city pairs. The increased route resulted in major improvements in areas of aviation infrastructure like communications, air traffic control, and services supplies at remote airports. The Polar region still falls short of the infrastructure and the logistics standards of the more widely used air-spaces, thereby offering unique opportunities laced with distinct challenges. The area of Magnetic unreliability, limited choices for diversion to alternative airports, solar radiation, fuel freezing, passenger and aircraft retrieval in case of diversions, are some specific factors requiring active mitigation to ensure equivalent levels of safety. The Directorate General of Civil Aviation (DGCA)'s Operations Circular 02.2019 on 'Polar Operations' clearly defines the requirements for airlines to operate in the Polar region with sufficient documentation and clear guidelines. The AI has secured approvals from the DGCA and FAA, crew training, weather monitoring, alternate selection, and aircraft serviceability are enhanced to ensure safety in operations.

    WhatsApp finally brings fingerprint authentication to Android beta users

    August 15, 2019
    WhatsApp's Messenger most awaited features, fingerprint authentication, is finally rolling out to Android users. The feature is currently available to those who have registered in WhatsApp's beta programme for Android. The Fingerprint authentication has been around on the platform since last year to iOS users.  This is the first time the feature has made its way to a stable WhatsApp beta build for Android. The beta tester for WhatsApp, you can activate the functionality by tapping on the hamburger menu (three dots on the top right corner).  To select Settings>Account>Privacy>Fingerprint lock. You can then select how frequently you want WhatsApp to prompt you to use your biometrics to unlock the app.WhatsApp users would only be able to unlock WhatsApp and resume the app from where they left it. There's also an option to 'Show content in notifications' that will allow users to hide or show the preview and sender of a received message when the lock is enabled.  The reply to messages from the notification bar and even accept or decline WhatsApp calls without having to punch in your biometrics. The feature is compatible with phones running Android Marshmallow or higher. The feature doesn't support facial recognition. The smartphones with in-display fingerprint scanner haven't received the update, even after updating and re-installing the app. Now that the feature is in open beta, we can expect it to be made available in the stable build of the app.  

    Saudi Aramco remains worlds most profitable company

    August 13, 2019
    Saudi Aramco is the world’s most profitable company and paid out almost all its net income in dividends. The corporate titans such as Apple Inc., Inc., and other big oil producers, many of which suffered larger declines in profit as output and crude prices fell. The Aramco paid out $46.4 billion in dividends in the first half. That included a $20 billion special payout to its owner.The Saudi government compares with a $6 billion payout last year.  The particular interest to potential investors ahead of an initial public offering planned for 2020 or 2021 according to money manager T. Rowe Price Group Inc. Aramco, officially known as Saudi Arabian Oil Co., published annual financial statements for the first time in April, ahead of a $12 billion bond sale. The average selling price for Aramco’s crude fell to $66 a barrel in the first half from $69 a year earlier, while crude production held steady at 10 million barrels of oil equivalent a day. Unlike most other energy companies, Aramco’s output is controlled by the state the world’s biggest oil exporter and the hefty royalties and taxes it pays underpin the Saudi economy. Although the kingdom’s dependence on Aramco places a heavy burden on the company’s cash, its free cash flow increased almost 7% to $38 billion as a result of working-capital movements and lower capital. This all results in the best financial performance that any investors whether debt or equity would look for when evaluating a company. Saudi Arabia wants to raise a record $100 billion from selling a 5% stake in Aramco, which would make it the biggest IPO in history and a windfall for any banks that win a role. The kingdom has valued the company at a whopping $2 trillion, though the firm’s 2018 financials indicated a valuation closer to $1.2 trillion. Acquisition Plans Saudi Arabia announced plans for an Aramco IPO three years ago, Aramco plans to buy a stake in the refining and chemicals business of India’s Reliance Industries Ltd for its crude and diversification downstream. Aramco will acquire a 20% stake in the company’s oil-to-chemicals business, including the 1.24 million-barrel-a-day Jamnagar refining complex on India’s west coast, Reliance Chairman Mukesh Ambani in Mumbai. The deal comes amid ambitious plans by Saudi Crown Prince Mohammed bin Salman, who runs the country day to day, to move the economy away from its reliance on oil sales. Saudi Arabia is getting a makeover under the prince, who assumed his de facto leadership in 2017 vowing to steer the kingdom from its near-total dependence on crude by masterminding reforms known as Vision 2030.

    South Korea will remove Japan from preferred trade list

    August 13, 2019
    South Korea decided to remove Japan from a list of nations receiving preferential treatment in trade. It was a retaliatory move to Tokyo’s recent decision to downgrade Seoul’s trade. South Korean Trade Minister Sung Yun-mo removed Japan from the country’s 29-country “white list”.The reason is that it has failed to uphold international principles while managing its export controls on sensitive materials. South Korea took this decision mainly because Japan failed to uphold international principles while managing its export controls on sensitive materials. The preferred trade list is a list of nations receiving preferential treatment in trade. History of South Korea and Japan  Decades-long tensions between Seoul and Tokyo after the South Korean Supreme Court ordered Japanese companies to compensate South Korean laborers were forced to work for them during World War II.Japan forced hundreds of thousands of Koreans to fight, work, and made many women provide sex. Japan and South Korea normalized diplomatic relations in a 1965 saw Tokyo Seoul grants wolth $300 million and loans of $200 million over 10 years.Japan and South Korea normalized diplomatic relations in a 1965 pact that sa Tokyo Seoul grants wolth $300 million and loans of $200 million over 10 years. Japanese maintains that the 1965 treaty had settled all colonial-era debts, while recent South Korean govemments have said that Japan's repayments only cover some debts. South Korea Currency: South Korean won President: Moon Jae-in Capital: Seoul 

    Reliance Jio and Microsoft partner to accelerate digital transformation in India

    August 13, 2019
    Reliance Jio Infocomm Limited (Jio) and Microsoft Corporation companies have a unique relationship. Their main aim is at accelerating the digital transformation of the Indian economy and society. This 10-year commitment combines the world-class capabilities of both companies to offer a detailed set of solutions comprising connectivity, computing, storage solutions, and other technology services and applications essential for Indian businesses Jio and Microsoft aim to enhance the adoption of leading technologies like data analytics, AI, cognitive services, blockchain, Internet of Things, and edge computing among small and medium enterprises to make them ready to compete and grow, while helping accelerate technology-led GDP growth in India and driving adoption of next-gen technology solutions at scale. Reliance Jio and Microsoft Business Partnership There are some highlights of the Reliance Jio and Microsoft Business Partnership details which are specified here below Jio provide its internal workforce with cloud-based productivity and collaboration tools available with Microsoft 365 and will migrate its non-network applications to the Microsoft Azure cloud platform.Jio’s connectivity infrastructure main aim to connect everyone, everything, everywhere will promote the adoption of the Microsoft Azure cloud platform within its growing ecosystem of startups.Jio will set up data centers in locations across India .It consists of next-generation compute, storage and networking capabilities and Microsoft .They will deploy its Azure platform in these datacenters to support Jio’s offerings. The initial two datacenters, which can house IT equipment consuming up to 7.5 MW of power, are being set up in the states of Gujarat and Maharashtra.  These are targeted to be fully operational in calendar year 2020.Jio will have the Microsoft Azure cloud platform to develop innovative cloud solutions focused on the needs of Indian businesses. Indian startups will have access to efficient and affordable cloud infrastructure and platform services, enabling them to develop innovative products and services faster and more cost-effectively.Small and medium businesses in India will have access to a range of cloud-based productivity collaboration and business applications including Office 365.It enables them to compete more effectively in the Indian marketplace.Large companies will be able to accelerate their own digital transformations by leveraging new Jio solutions that can work with Microsoft offerings already in use  within many large enterprises.The partner ecosystem in India will have the opportunity to leverage Jio’s new offerings to serve the unique needs of their customers and rapidly grow their businesses.Jio will be executing on its vision of integrated speech and computer vision solutions for Indian customers by working together with Microsoft to develop solutions.

    India first Corporate credit card for SMEs launched by B2B payments startup EnKash

    August 12, 2019
    EnKash launched the country's first corporate credit card called 'Freedom Card' for small and medium enterprises (SMEs). The  Freedom Card is a true commercial credit card with open acceptance. The Freedom Card aims to grow exponentially with increased credit lines and efficiencies to manage their businesses better in SMP’s will give credit facility for immediate needs and to manage their liquidity. About Corporate Card: In India it is the first corporate card that is used to cater to the varied billing cycles as per the working capital cycles of different businesses. The Bank also offers these freedom cards in practise to the people knowledge The card offers a credit limit for companies to fulfil all business payments including supplier payments, travel & entertainment expenses, utility payments, digital and cloud payments and other business expenses in short duration.The launch of the EnKash Freedom Credit Card is a natural evolution for the Company in its mission towards solving the problem of working capital and in increasing efficiencies through a payments mechanism  Other card Features Brex is a US-based commercial credit card company has gone on to raise millions of dollars and is currently valued at over $2.6 Billion since launch 3 years ago. Eubank is a Brazilian credit card based FinTech company started life valued at over $4.6 Billion success.

    Huawei launches its own Operating System Harmony OS

    August 12, 2019
    Huawei Technologies launched its own Operating System (OS) named as HongMengOS in Chinese/ HarmonyOS in English. The first version of the OS launched later in 2019.  It is a part of Huawei’s play in the Internet of Things (IoT). It is used across different devices from smartphones to smart speakers and even sensors. The next three years, the OS will be used in other devices, including wearables and car head units.Yu Chengdong, CEO of Huawei’s consumer business group is needed to address future challenges in the era of internet of things, and it is hard to deliver a smooth experience across different devices with millions of lines of code. The most expected name of HongMeng, Huawei adopted Harmony for its in-house operating system to solve all these problems features of Harmony have already been used in its premium smartphone models and other devices.

    Bengaluru based startup Grexter Living acquires i2Stay

    August 10, 2019
    Bengaluru based Housing startup “Grexter Living”  is a co-living provider acquired i2Stay. Some built-to-suit projects which i2stay. Rajasekhar Gowreneni will join Grexter Living as the managing partner for South India. They took over some built-to-suit projects which i2stay for Grexter Living as the managing partner for South India.

    Max Life Insurance launches 'Speed Dial - your partner for life' initiative on fourth 'Protection Day'

    August 9, 2019
    Max Life Insurance Co Ltd announced the launch of the one-of-its-kind initiative, 'Speed Dial Max Life Insurance - Your Partner for Life' further reinforcing its customer obsession. Max Life Insurance Company will endeavour to assign every customer a dedicated relationship manager, known as the 'Partner for Life' for all their policy-related service needs. Through this unique initiative, the 'Partners for Life' will act as enablers to provide a one stop solution on call, shortening the average wait time a customer has to go through, to get their queries answered. They will also educate customers on the company's digital service solutions and new products offerings, if inquired. This initiative will provide quick and easy resolution of policy servicing needs to customers by allocating a partner.Customers will be given direct contact details of their partners to enable prompt assistance in their policy journey. This will facilitate the customer to save time by directly contacting the partner without going through interactive voice responses which is generally time consuming. Having quicker access will also equip customers to engage frequently with their 'Partner for Life' on call, and be well versed with their insurance policies.The commitment is validated by paid ratio of 98.74 per cent (Bharose ka Number), the 'Speed Dial' initiative is introduced to further protect the promises we have made to our customers through dedicated relationship managers on call.

    China has longer staying power in the worsening US-China trade war

    August 8, 2019
    US-China trade war turns into a full-fledged economic war after Washington’s designation of China as a currency manipulator. China appears to have an upper hand in holding out longer than the USA China could further harden its stance at the multilateral trade front by fiercely opposing the US’ move to deny special and differential flexibilities to China and other major developing countries such as India at the World Trade Organization.The US along with the European Union and Japan want to bring new disciplines on industrial subsidies, mandatory transfer of technologies, and stringent transparency and notification procedures against China.After China allowed the yuan to fall below the 7 to the dollar benchmark for the first time in over a decade, the US promptly designated China as a currency manipulator will help Chinese exporters. The Yuan supported by signs that Beijing might not permit a steep depreciation. The US dollar was weaker against major currencies including the euro and yet, but it was higher by 1.5% against the Chinese yuan. China China announced that it is going to halt all purchases of US agricultural goods by its state-owned enterprises. China’s ministry of commerce held President Trump responsible for the escalation of trade measures that ‘seriously violated the consensus reached by the US and China at the G20 meeting. The US President repeatedly maintained that the US consumers have not been affected by the tariffs he has already imposed on China and that the Chinese had to pay billions of dollars because of the tariffs. China’s decision to terminate its purchases of US farm products is another strike at US farmers already staggering under the combination of retaliatory tariffs.

    Reliance Industries set to bring Tiffany stores to India

    August 8, 2019
    India's Reliance Industries Ltd is partnering with iconic US-based luxury jeweller Tiffany & Co to open a line of stores in the country. Tiffany popular for its engagement rings and robin's egg blue boxes plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively. The tie-up comes as Reliance, which is run by Asia's richest man Mukesh Ambani and runs a sprawling conglomerate bolsters its consumer-focused units such as retail and telecoms to match the strength of its dominant oil and gas business. The company bought British toy retailer Hamleys. Reliance Industries CEO: Mukesh Ambani Founder: Dhirubhai Ambani

    Life Insurance Corporation of India new term plan Jeevan Amar launched

    August 8, 2019
    Life Insurance Corporation of India (LIC) launched a cheaper term plan called 'Jeevan Amar' which will extend more benefits and flexibility to its policyholders. This new term plan is not a market-linked plan that will give two options for subscriptions- Level Sum Assured and Increasing Sum Assured. In non-market-linked plan, the policyholders can't claim the invested /insured amount on maturity. The nominee gets the death claim in case of the sudden death of an assured person during the policy term.  Policy Details The Jeevan Amar policy option to select between two categories: Smoker and non-smoker.  LIC withdrew 'Amulya Jeevan' Term and many new features have been included in this new plan. LIC is providing this plan for people above 18 years. It is claimed till the age of 65 years with the maximum age at maturity is 80 years. LIC Jeevan Amar Plan LIC Jeevan Amar Plan is a term plan without profit and non-linked plan. The Plan is not market-linked and an insured person can’t claim the amount on maturity. The amount can be claimed only by the nominee in case of the sudden demise of the policyholder during the term plan. Non-smokers and women have lower rates of the premium. Death benefits can be taken in installments also of 5 years, 10 years and 15 years. Minimum Basic Sum Assured under the plan is Rs 25 lakh with no maximum limit. The Policy Holder’s nominee will receive the Sum assured which was opted while buying the policy. The sum assured will remain the same throughout the policy period. The death benefits will be the same as the initial sum assured policyholder chosen for the first five years. It will increase at the rate of 10% per year from the 6th policy year to 10th year. The policy will complete its 16th year. It will remain the same throughout the remaining policy period.

    India proposes user safeguard rules for e-commerce platforms

    August 7, 2019
    India is proposing a series of consumer safeguards that forbid e-commerce companies such as Inc. and Walmart Inc.-owned Flipkart Online Services Pvt adopting unfair promotion methods or misrepresenting the quality of goods and services.E-commerce companies self-declare compliance and also provide a way for customers to contact them directly, said the proposed e-Commerce Guidelines for consumer protection 2019.The department invited parties to provide feedback by 16 September. Among the key guidelines are those that require platforms like Amazon and Flipkart to declare all details about their sellers including address, website, and email address. The platforms are also required to display terms of the contract with the seller relating to return, refund, exchange, warranty, delivery and mode of payments. India tightened rules for e-commerce platforms after complaints from small shops and domestic sellers. Amazon and Flipkart now banned from striking exclusive arrangements with sellers, offering deep discounts or holding any business interest in online merchants on their websites.  The groups representing small traders have continued to allege that large platforms prioritize and sell products of a favored few vendors with whom they have commercial linkages.

    NSE and Singapore Exchange gets approval for its GIFT city project

    August 7, 2019
    Centre approved the joint derivative project of India’s National Stock Exchange (NSE) and the Singapore Exchange (SGX) for their international financial centre in GIFT City at Gandhinagar, Gujarat. The project was proposed by NSE International Financial Service Centre (IFSC) and SGX Connect. Gujarat International Finance Tec-City (GIFT) is an initiative led by Indian Prime Minister Narendra Modi. Aim: The project plans to bring together the trading of Nifty products and boost the activities of GIFT City. It also seeks to create a larger pool of liquidity. The project will be made operational before the end of 2020. The Indian government has been trying to lure foreign investors to GIFT City. It offers close to zero tax, dollar contracts, and top-notch infrastructure.

    IIFL Finance to raise up to 1,000 crore through bonds

    August 6, 2019
    IIFL Finance will raise up to ₹1,000 crore through a public issue of bonds The main or the purpose of business growth and expansion. The bonds will offer yield of 10.5% per anum for tenor of 69 months and 10% for shorter tenor of 15 months for the secured category, the non-banking financial company (NBFC) The UK-based CDC Group-backed IIFL Finance will issue secured and unsecured redeemable non-convertible debentures (NCDsaggregating to ₹100 crore, with a green-shoe option to retain over-subscription up to ₹900 crore (aggregating to a total of ₹1,000 crore) The lead managers to the issue are Edelweiss Financial Services Ltd, IIFL Securities Ltd, ICICI Securities, and Trust Investment Advisors Private Ltd. About IIFL Finance IIFL Holdings Limited d/b/a IIFL and India Infoline is an Indian diversified financial services company headquartered in Mumbai. The organization was founded by Nirmal Jain. Headquarters: India Founders: Nirmal Jain, Rajamani Venkataraman

    Flipkart set to take on Amazon with free video streaming service

    August 6, 2019
    Walmart’s Flipkart unit to introduce a free video streaming service to draw new users from small towns and cities in India. Flipkart is the next 200 million consumers who are coming online. The company believes that most consumers are introduced to the internet through online videos. The video content offering is focused on three primary aspects: it’s free, curated and personalized. The content market is still evolving, considering the number of customers paying partly or fully for subscriptions to Netflix, Amazon Prime and Hotstar.The pricing is too high for a customer base that is accustomed to free or cheap content.Amazon India started its Prime video service in December 2016 since developed a strong fan base with hit shows such as Made in Heaven and Mirzapur.The main aim to ensure that the consumer is hooked to Flipkart.It may be less expensive or more profitable to service existing customers by expanding the share of wallet than to acquire new customers.India’s video streaming industry is set to grow at an annual average pace of 21.8% to reach ₹11,977 crore by 2023The video-on-demand platforms are projected to grow at an average yearly rate of 23.3% to reach ₹10,712 crore between 2018 and 2023.The 34 companies present in the cluttered market comprise US platforms such as Netflix and Amazon Prime Video, as well as Indian services such as ZEE5, Voot, Eros Now and ALTBalaji.

    Centre released e commerce guidelines for consumer protection

    August 6, 2019
    The Department of Consumer Affairs has released draft guidelines on e-commerce titled 'e-commerce guidelines for consumer protection 2019'.  Aim: The draft aims to protect the interest of online shoppers. It provides measures to prevent fraud, unfair trade practices and protect the legitimate rights and interests of consumers. It will be applicable to business-to-consumer e-commerce, including goods and services. Draft guidelines: ♦ The guidelines states that an e-commerce entity cannot influence the price of the goods or services directly or indirectly. It also said that the e-commerce firms need to ensure the protection of the personally identifiable information of customers is open for stakeholder comments for 45 days or till September 16, 2019. ♦ The guidelines also stated that every e-commerce entity must publish the name and contact details of the grievance officer on their website along with the mechanism by which users can lodge their complaints ♦ No e-commerce firm should represent themselves as consumers or post reviews about goods and services in their name ♦ The e-com firms should display terms of contract with the seller relating to return, refund, exchange, warranty/guarantee, delivery/shipment, mode of payments and grievance redressal mechanism to enable consumers to make informed decisions  ♦ If an e-commerce firm knows about any counterfeit product, and if the seller is unable to provide any evidence that the product is genuine, the firm needs to remove the listing and notify the consumers of the same

    Global Big Data software market will reach $118.52 billion by 2022, Forbes report

    August 5, 2019
    Forbes reported that the global Big Data software market will have 14% of growth worth $31B in 2019. Earlier, the market was estimated at $23.56 billion in 2015 and is expected to reach $118.52 billion by 2022. Big data: Big data describes a huge volume of structured, semi-structured and unstructured data. It has the potential to be mined for information. It can be used in machine learning projects and other advanced analytics applications.  Big data software: It helps several companies servings of this data with millions of scraps at a time and turn them into actionable insights. Businesses and even government entities reshapes the practices around big data analytics software . 90% of the world’s data was created between 2015 and 2016. The estimated worth of big data industry will be $77 billion by 2023.

    IndiGo introduces distance-wise fare cap for flights leaving Srinagar till August

    August 5, 2019
    Low-cost carrier IndiGo implemented a distance-wise cap on the fares for flights coming out of Srinagar airport .Jammu and Kashmir administration Amarnath pilgrims and tourists to leave the Valley citing terror threats. The fare would be capped at ₹6,000 for travel on any day till August 10 for flights travelling up to a distance of 500 km from Srinagar airport.The travel distance is between 501-750 km from Srinagar airport.The airline said for travel distance between 751-1000 km and 1001-1300 km from Srinagar airport. For travel of more than 1,300 km from Srinagar airport, the fare cap would be of ₹15,000 per passenger till August 10. IndiGo - Flight Rates IndiGo is the leading airline of the country with almost 49% share of the domestic air passenger market.Air India reduced its maximum fare on flights connecting Srinagar to Delhi to under ₹7,000.Air India further reduced the fare from ₹9500. It is holding maximum fare at ₹6715 for Srinagar-Delhi route and at ₹6899 Delhi-Srinagar route till 15th August.Civil Aviation Ministry advised airlines to keep fares from Srinagar Amarnath pilgrims and tourists rushed to the airport after the Jammu and Kashmir administration asked them to curtail their stay in the state.Airport Authority of India (AAI) owns and manages more than 100 airports across the country.  

    Ex-Google man restoring India's water bodies

    August 5, 2019
    Chennai-based environmentalist Arun Krishnamurthy worked at Google and launch an eco-movement that has cleaned and restored at least 93 freshwater bodies across 14 Indian states. The community-led movement grew into the Environmentalist Foundation of India (EFI) it is a non-profit wildlife conservation and habitat restoration group. They removed garbage and harmful botanical species from these lakes and ponds, that are crucial for maintaining the ecological balance of nature. He started to grow up in a neighborhood surrounded by them. Leaving behind a life of luxury. The 32-year-old activist points out that leaving a comfortable job at Google. For a cleaner and greener environment, he started making efforts to restore water bodies in Chennai. He is supported by the local panchayat and later expanded his efforts to other cities as well. 

    Mindtree appoints Cognizants Debashis Chatterjee as new CEO

    August 3, 2019
    Mindtree appointed S.N. Subrahmanyan as its non-executive vice-chairman. Subrahmanyan currently serves as L&T group’s managing director and CEO. Chatterjee Cognizant’s global leader for digital systems and technology practice will be the first person outside Mindtree’s seven-member founding team to be appointed as the chief executive officer. He is the third person to take up the top job since the company launched 20 years ago.He is appointed till 1 August 2024. The development is in line with the L&T group chairman.A mechanical engineering graduate from Jadavpur University, Kolkata, Chatterjee oversaw all service lines in digital systems and technology practice at Cognizant. After joining Cognizant in 1996 several key management positions serving as the executive vice president and president, technology solutions at Cognizant. L and T Company L&T’s people have taken the company who deep into the oceans, and up into space Krishnakumar Natarajan who resigned as chairman. He is a board member of Mindtree.L&T became the new promoter of Mindtree after buying a 60.59% stake and inducting three nominees from L&T as directors in Mindtree. Mindtree’s four founders Subroto Bagchi, N.S. Parthasarathy, Natarajan and Rostow Ravanan, who together hold around 13.32% stake in Mindtree.He served as directors on the company’s board for two decades.

    Flipkart launched Samarth, an online selling platform

    August 2, 2019
    Flipkart launched Samarth, an online selling platform. The initiative aimed to support artisans, weavers, etc, by on-boarding them and helping them in the process of selling on the internet. The initiative will bring weavers, artisans and makers of handicrafts to its platform. It is expected that various communities will access to its Indian customer base of over 150 million. The company has plans to sell these products in the international market. It is expected that the Indian e-commerce market will exceed $100 billion by 2022.

    Edelweiss Tokio Life partners with Mobikwik to offer miniature insurance

    August 2, 2019
    Edelweiss Tokio Life Insurance partnered with payments platform Mobikwik to sell 'miniature' insurance plans.Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance covers of Rs 1 lakh, 3 lakh and 5 lakh with a premium of Rs 148, 443 and 738 per annum.  The life insurer offers pre-approved sum assured basis customer information already with MobiKwik. The insurer will offer miniaturized products and Rai said they will look to expand this to products catering across long-term savings products.The MobiKwik app ecosystem KYC and other capabilities, we can issue and service the policy directly within the app ecosystem, instead of the customer engaging with two separate entities.The idea is to democratise insurance by offering a compelling product proposition digitally to a newer and digitally savvy customer segment. This partnership will allow Edelweiss Tokio Life to cater to customers across all income groups and offer relevant solutions. The life insurer is already taken steps to go digital. The last financial year company e completed a digital overhaul within Edelweiss Tokio Life called Project Transcend, to help in scalability and create a flexible platform to cater to increasing volumes smoothly. The last year, we have been focused on creating preemptive processes that can flag off any fraudulent behavior Overall, while the ticket sizes in digital insurance are currently low expected of them to increase over a period of time. Edelweiss Tokio Life Insurance Founded: 2009 Headquarters location: Mumbai Parent organization: Edelweiss Capital CEO: Sumit Rai 

    Infosys launches Cyber Defence Center in Romania

    July 31, 2019
    Infosys announced the launch of its state-of-the-art Cyber Defence Center in Bucharest, Romania.The Defence Center is an expansion of services delivered through Infosys Digital Innovation Center which opened in Bucharest. They will provide end-to-end, real-time, 24/7 cyber security monitoring and protection services to support European and global businesses on their digital transformation journey. They including security monitoring, management and remediation, threat hunting, security analytics, incident discovery, and response will be delivered by certified and highly skilled cyber security professionals. The services offered comply with country-specific regulatory requirements. Infosys is expanding its current team in Romania by recruiting local talent and investing in advanced training for both its current employees and new hires. Vishal Salvi, chief information security officer & head of cyber security practice, Infosys, said, “Our Infosys cyber defence centers help enterprises prevent, detect and respond to advanced cyber-attacks enabling them to scale This Cyber Defence Center is the latest addition to our global network of Security Operation Centers across theworld and enhances our ability to provide end-to-end cyber security solutions to our clients. Romania Romania is an established leader in the European cyber security talent market and is a natural choice for us to invest in and develop our cybersecurity research and innovation potential. The Cyber Defence Centers by helping enterprises Prevent, Detect and Respond to advanced cyber-attacks will enable them to scale securely in their dig. The European country is an established leader in the European cybersecurity talent market thus became a natural choice for Infosys to invest in and development.

    Reliance Jio overtakes Vodafone-Idea network and became India's Largest Telecom Operator

    July 31, 2019
    Reliance Jio overtook Vodafone-Idea to become India's leading telecom operator. While the monthly subscriber report from the Telecom Regulatory Authority of India (TRAI).The news comes from data collated off the quarterly financial reports furnished by Bharti Airtel, Reliance Jio and Vodafone-Idea, India's three leading telecom operators. Bharti Airtel disclosed through TRAI its user base of 320.4 million users while enduring a rough quarter of high subscriber churn rate (subscribers unsubscribing from the network against new subscriptions). Jio's recently disclosed Q1 FY20 financial report showed 331.3 million subscribers in its network.  Vodafone-Idea's financial report for the same quarter, it has come to light that the operator group lost 14.1 million in Q1 FY20, declining from the industry-topping 334.1 million subscribers as of March 2019, to stand at 320 million subscribers. Vodafone-Idea  Vodafone-Idea attributed the loss of subscribers to its recently introduced service validity vouchers and the minimum recharge plans.The main aim is to reveal customers and consolidate its burgeoning losses. When the Vodafone-Idea merger finalised on August 31, 2018. The subscriber group had a total of nearly 400 million subscribers and took the undisputed position of India's number one telecom operator by market share and user base. The user base declined consistently every month in a rate that was directly proportional to Jio's increase in subscriber base.TRAI's data over the past one year does not show any notion of a slowdown in Jio's subscriber base, and with the expected 5G spectrum battle on the horizon, Vodafone-Idea and Bharti Airtel will look to salvage some of their declining market shares through effective business strategies.

    NITI Aayog partners with WhatsApp to promote women entrepreneurs

    July 30, 2019
    NITI Aayog and Facebook-owned WhatsApp under the aegis of its Women Entrepreneurship Platform (WEP) announced a partnership to support the growth of a robust ecosystem to promote women entrepreneurs in India. WhatsApp mainly collaborated with NITI Aayog announce an annual calendar of events aimed at capacity building of women entrepreneurs and develop specific programmes. The main aim is to address the challenges faced by women entrepreneurs.  This initiative would target the registered users of WEP. WhatsApp partner with the Women Transforming India (WTI) Awards 2019, flagship initiative of NITI Aayog.  WhatsApp decided to provide support amounting to $100,000 to WTI winners. Whatsapp Business  WhatsApp’s evolution from messenger to a business enabler helps to bring digital empowerment to Indian entrepreneurs.  Entrepreneurs contribute significantly to the growing digital economy in India They have partnerships between private companies and public sector help accelerate digital inclusion and give much needed access to funding so women can achieve their business potential. NITI Aayog to help support the future women business leaders of India. Small businesses are the backbone of a strong economy . India is most vibrant startup ecosystems, and the next big disruption will be driven by women-led enterprises, with digital medium being the biggest enabler.  This partnership with WhatsApp underlines our mutual commitment to support the aspirations of women entrepreneurs in India.  

    Apple to acquire Intels smartphone modem business for a transaction value of $1 billion

    July 29, 2019
    Apple announced the acquisition of chip-maker Intel's smartphone modem business for $1 billion.  There are around 2,200 Intel employees will join Apple along with intellectual property, equipment and leases, the Cupertino-based iPhone. The transaction is expected to close in the fourth quarter of 2019. This agreement us to focus on developing technology for the 5G network while retaining critical intellectual property and modem technology that our team has created. Apple will hold over 17,000 wireless technology patents, ranging from protocols for cellular standards to modem architecture and modem operation. Intel will retain the ability to develop modems for non-smartphone applications, such as PCs, internet-of-things devices and autonomous vehicles. Johny Srouji, Apple's senior vice president of Hardware Technologies said that Apple is excited to have excellent engineers to join its growing cellular technologies group. Apple has been working on its own chips for quite some time.  Intel's technology could help the iPhone maker accelerate its plans.  Apple may have paid chip-maker Qualcomm somewhere between $5 billion-$6 billion for an agreement to dismiss all ongoing litigations, including those with Apple's contract manufacturers.  Intel working on a chipset for the iPhone maker, with the chip expected to be part of iPhones by 2020.

    Union Minister Piyush Goyal reviews preparations of Indias Participation in Dubai World Expo 2020

    July 26, 2019
    Union Minister of Commerce & Industry and Railways Shri Piyush Goyal reviewed the preparations. Theme: The theme of the Expo is “Connecting Minds, Creating the Future”. They are underway by the Department of Commerce and other stakeholders for the construction of the India Pavilion at the Dubai World Expo 2020.They take place for six months beginning 20th October 2020 up to 10th April 2021. The meeting held in New Delhi.The officials of the Department of Commerce, Federation of Indian Chambers of Commerce and Industry (FICCI), National Buildings Construction Corporation Ltd. (NBCC) and other stakeholders.They are three sub themes Opportunity, Mobility and Sustainability and to generate sustainable solutions to global problems, demand and collaboration areas across cultures, countries and regions. There are 25 million visitors  around 180 countries will be represented at the Expo. The India Pavillion will be a permanent structure being constructed in the ‘Opportunity’ segment. The building will embody India’s worship of nature and will be environment-friendly. It showcases the 150th Birth Anniversary of Mahatma Gandhi Twenty-seven focus sectors have been identified to showcase India’s advances in space. The pharmaceuticals, information technology, renewable energy and telecom sectors are India’s strength in innovation and start-ups. NBCC bagged the Rs. 400 crore project to build the Pavilion at Dubai World Expo 2020.  The Pavilion have stalls displaying Indian handlooms It showcases India’s entertainment industry, the hospitality and tourism sector. India and World Expo 2020 signed participants contract on 10th April 2018 for India’s pavilion in the prestigious World Expo This expo held once in five years.  The contract provided for the setting up of India Pavilion on an extra-large plot (about one acre).  The Pavilion is being developed in the Public-Private Partnership model. Leading industries and businesses are working with the Central Government and State Governments for participation in India Pavilion.

    PayPal opens new centre in Hyderabad, to have around 100 techies

    July 25, 2019
    American digital payments firm PayPal announced expansion of its India footprint with the launch of third global technology centre. PayPal India house involves 100 engineers across roles including risk management and operations. Their main is to provide cutting-edge digital payments solutions to customers around the world. The expansion follows the acquisition of fraud prevention platform Simility in 2018.  The new centre will focus on leveraging PayPal's extensive expertise in data science, risk management and machine learning to identify and protect themselves from fraud. They play a critical role in advancing the digitisation goals of the Indian government and the Reserve Bank of India by enabling new-age businesses to adopt digital payments in a safe and secure manner. Pay Pal It is a American company operating a worldwide online payments system.They supports online money transfers. It serves as an electronic alternative to traditional paper methods like checks and money orders.

    Larsen and Tourbo Tech Company to partner with UTC for Collins Aerospace

    July 24, 2019
    L&T Technology Services (LTTS) selected as a strategic partner by United Technologies Corporation (UTC) for Collins Aerospace It is a subsidiary of UTC Collins Aerospace comprises former UTC Aerospace Systems, Rockwell Collins and BE Aerospace is one of the leading providers of intelligent solutions for the global aerospace and defence industries.  L&T Technology Services L&T Technology Services is a long-standing engineering partner for UTC. Collins Aerospace comprises of the former UTC Aerospace Systems, Rockwell Collins and BE Aerospace It is one of the leading providers of intelligent solutions for the global aerospace and defense industries. LTTS is a long-standing engineering partner for UTC. They got 'UTC Supplier Gold' since 2015. LTTS recognized as UTAS Supplier of Year in April 2016. It is for its high-quality services and value creation.

    Coca cola appoints Sarvita Sethi in M&A role

    July 17, 2019
    Global beverages major Coco-Cola announced top-level changes in its India and southwest Asia unit. Sarvita Sethi is appointed as Vice president. M&A and New Ventures and Harsh Bhutani as Vice-president finance(CFO). About Sarvita Sethi  Sarvita Sethi become the first woman to head the company’s finances for the region, would now be vice-president, merger and acquisitions (M&A) and new ventures, for Coke’s India and Southwest Asia region. Her appointment in a newly created position is of significance. She is responsible for the firm’s crucial incubator, which involves conceptualising, developing and launching new products relevant to the market. About Coco - Cola President and COO: Brian Smith. HQ: Atlanta, Georgia, United States.

    AIIB provides $100 million to L&T Finance arm for wind and solar infrastructure projects

    July 15, 2019
    Asian Infrastructure Investment Bank (AIIB) provide $100-million loan to L&T(Larsen & Toubro) Infrastructure Finance Company(LTIF) for wind and solar infrastructure projects. This is the first time AIIB is extending loan to a non-banking finance company(NBFC). It is collaborated with AIIB to explore the international market for green finance. The project mainly help to increase the supply of renewable energy in India . It helps to reduce the carbon intensity by 30-35 percent of the 2005 levels by 2030 which was India’s commitment under the Paris agreement. India set a target to install 175 Gigawatt (GW) of renewable energy capacity by 2022, of which a total of 80.04 GW of renewable energy capacity installed in the country till May 2019. About AIIB: ♦ Headquarters: Beijing, China ♦ President: Jin Liqun ♦ Formation: January 16, 2016 About L&T: ♦ Headquarters: Mumbai ♦ Founders: Henning Holck-Larsen, Søren Kristian Toubro ♦ MD & CEO: S.N.Subramanian

    Samsung join hands with to offer financial products

    July 13, 2019
    Samsung announced its partnership with, an online marketplace for financial products in India. The website will support Samsung Pay to provide users with a one-stop solution to their financial requirements. The Users can apply for credit cards and personal loans from the platform.  The move will enable existing and potential users to get the benefit of opting for a host of financial services The feature uses advanced predictive algorithms to provide the most suited lender to customers and significantly improve their chances of loan approval. Samsung Pay designed to be the smartest and most convenient method to make digital payments almost everywhere.  Our partnership with helped us create a holistic platform gives them the comfort of opting for various financial products. About Paisabazaar Headquarters: Gurugram Founders: Yashish Dahiya, Naveen Kukreja Founded: 15 December 2011 About Samsung: Founder: Lee Byung-Chul Founded: 1 March 1938 Headquarters: Seoul, South Korea

    Walmart Labs acqui-hired 2 startups FloCare and BigTrade

    July 13, 2019
    Walmart Labs, the technology arm of the US retail giant acquire-hired health tech start-up FloCare and B2B trading platform BigTrade undisclosed amount.  Walmart brought onboard the ​​teams of the two Bengaluru-based companies to help strengthen its customer technology and supply chain. FloCare co-founded by former Google research scientist Gagan Goel and former InMobi employee Gaurav Gupta was funded by Accel Partners.  The health tech firm is building products and technologies to realize the vision of home health care. The other company, big trade, was founded by former Infosys engineer Kiran L and former Yahoo tech lead Sunil Soni. Acqui-hiring becomes a key strategy for Walmart Labs to hire the best talent and get access to new innovations. Walmart Labs -board the key team members from Bengaluru-based Appsfly, which had built a system for micro apps to get hosted and streamed on any platform.  This is followed by hiring the key tech team from This firm developed expertise in blending machine learning with data analytics to uncover insights that significantly impact business metrics.  Walmart Labs acquire-hired machine learning firm Dataturks founded by former Flipkart employees Mohan Gupta and Gajendra Dadheech. About Walmart  Founded: July 2, 1962 Founder: Sam Walton Headquarters: Bentonville, Arkansas, U.S.

    RIL outpace TCS to become the most valued firm by m-cap with more than 8 Lakh Crore

    July 11, 2019
    Reliance Industries Ltd (RIL) an IT-major, Tata Consultancy Services(TCS) to become the most valued firm by market capitalization (m-cap). The current m-cap of RIL is Rs 8,11,048.27 crore . TCS is Rs 7,99,802.04 crore which is 11,246.23 crores less than RIL. The shares of RIL increased by 2.20 % to Rs 1,279.45 on the BSE (Bombay Stock Exchange)  The Intra-day surged to 2.55 % to Rs 1,283.85. The Shares of TCS came down to 2.05 % to Rs 2,131.45. RIL followed by TCS, HDFC Bank (Housing Development Finance Corporation,Rs 6,50,136.04 crore), HDFC (Rs 3,85,207.96 crore) and HUL(Hindustan Unilever ,Rs 3,76,545.49 crore). About RIL: Founder: Dhirubhai Ambani Founded: 8 May 1973, Headquarters: Maharashtra About TCS: Headquarters: Mumbai Founded: 1 April 1968

    LinkedIn chooses Ashutosh Gupta as country manager for India

    July 10, 2019
    LinkedIn appointed Ashutosh Gupta as its new country manager for India effective September 2, 2019.  He will replace Mahesh Narayanan He was the country manager for India from January to June 2019. Gupta joined LinkedIn as the head of Marketing Solutions (LMS) business in 2013. He moved to Singapore to build LMS’ Online Sales Organisation (OSO) for the Asia Pacific(APAC) and China. He will report to Olivier Legrand, LinkedIn’s Managing Director(MD) for the APAC and he will continue to lead the LMS’s OSO. He is an alumnus of IIM-Lucknow and IIT (BHU), Varanasi worked in organizations like Google, Cognizant, and Infosys.  The two decades of experience on the internet and IT and software services industries Microsoft-owned LinkedIn over 630 million users globally more than 57 million members in India. About LinkedIn ♦ CEO: Jeff Weiner ♦ Founded: 2002 ♦ Headquarters: Sunnyvale, California, United States

    Centre fixes price for Sovereign Gold Bonds at Rs.3,443 per gram

    July 8, 2019
    The union government fixed the price at Rs 3,443 per gram for the new series of sovereign gold bonds (SGBs). RBI decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online. The payment is made through digital mode, The issue price of gold bond will be Rs 3,393 per gram of gold. The Reserve Bank of India announced the calendar for issuance of SGB for the first half of the current financial year. The bonds issued every month from June 2019 to September 2019 The sovereign gold bond scheme launched in November 2015  The main objective to reduce the demand for physical gold and shift a part of the domestic savings. It is used for financial savings. The minimum investment in the bonds is one gram with a maximum limit of subscription of 500 gram per person per fiscal year (April-March). The maximum limit of subscription is 4 kg for an individual. The Hindu Undivided Family (HUF) for 20 kg for trusts and similar entities per fiscal (April-March). About RBI  Headquarters: Mumbai, Maharashtra, India Established    1 April 1935 Governor    Shaktikanta Das

    Reliance Jio partners with Facebook to launch literacy drive MDigital Udaan" for first-time internet users in India

    July 7, 2019
    Indian mobile network operator, Reliance Jio partnered with Facebook to launch a digital literacy initiative named "Digital Udaan"  The main aim is to empower first-time internet users with digital literacy and understanding of the Internet in real time. The initiative is launched in nearly 200 different locations across 13 states. It is expected to reach over 7,000 locations in the country. Through this program, it has audio-visual training in 10 regional languages Jio will engage with its users to help them learn about features of JioPhone, apps and Internet safety, including the use of Facebook.  Facebook is an ally in this mission to achieve 100% digital literacy in the country. At present Jio have 300 million users and it added 8 million users in April 2019.  About Facebook  CEO: Mark Zuckerberg  Headquarters: Menlo Park, California, United States.  Founded: February 2004

    Tata Steel Kalinganagar included in WEF's Global Lighthouse Network

    July 7, 2019
    Tata Steel Kalinganagar (TSK) in World Economic Forum's (WEF) Global Lighthouse Network a community of manufacturers showing leadership in applying Fourth Industrial Revolution technologies to drive financial and operational impact. TSK in Odisha's Jajpur district is the first and the only Indian manufacturing plant to be included in the WEF's Lighthouse Network, it said. The addition of 10 new factories including TSK to its Global Lighthouse Network carried out. The factors join a network of 16 existing lighthouses across multiple geographies and industries. US clears SoftBank's $2.25 billion investment in General Motors-backed Cruise Amazon's Jeff Bezos finalises divorce with $38 billion settlement. They serve as beacons to guide others to overcome challenges in upgrading systems and applying cutting-edge technologies such as artificial intelligence, big data analytics and 3D printing. The factories were selected based on their success in integrating these technologies to increase efficiency and drive innovation.  About Tata Steel Founded: 25 August 1907, Jamshedpur Headquarters: Mumbai CEO: T. V. Narendran  

    Ola gets green light for London taxi business

    July 7, 2019
    India’s Ola Cabs received approval from London’s transport regulator to start private hire vehicles (PHV) in the capital city of the UK.  It is the first-ever platform to offer both PHVs and black cabs in the UK. Ola UK Pvt. Ltd received a one-year carriage licence from TFL to operate “PHV vehicles" across London. It is required to apply for a licence and list their vehicle as a privately registered vehicle for hire. Ola would become the biggest threat to Uber in the UK, since it has raised far more capital than the rest of the app-based taxi operators. It is raised around $190 million to $280 million in funding Ola’s massive war chest of $3.8 billion. Ola with SoftBank Corp., Sequoia Capital, Accel, and automakers like Kia Motors and Hyundai as its investors.  The company is continuing efforts to build a massive war with Uber especially in India. About Ola Ola first entered the UK in August 2018. They got with licences to operate across south Wales. It has a presence in 150 cities across India It operations in the UK, Australia and New Zealand. It serves more than 150 million users with more than a billion rides.  

    Economic Survey for 2018-19 predicted a 7 percent GDP growth for financial year 2019-20

    July 5, 2019
    Union Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2018-19 in the Parliament on 5 July. The survey predicted a 7% GDP growth for financial year 2019-20 as compared to 6.8% in 2018-19. The Economic Survey was prepared by Chief Economic Advisor KV Subramanian.  In the Second term of the NDA govt. PM Modi laid a goal to bring Indian economy to a $5 trillion economy by 2024-25. According to the Economic Survey, India needs to sustain a real GDP growth rate of 8%.  The report also said that India continued to remain the fastest-growing major economy in the world in 2018-19, despite a slight moderation in gross domestic product (GDP) growth from 7.2% in 2017-18 to 6.8% in 2018-19.

    USISPF honors Wipro Chairman Azim Premji & Mastercard CEO and President Ajay Banga with Global Excellence Award 2019

    July 5, 2019
    Indian multinational corporation Wipro's Chairman, Azim Premji, and Global Financial services company Mastercard's CEO and President, Ajaypal Singh Banga chosen for 2019 Global Excellence Award. The award will be given by LIS-India Strategic Partnership Forum (USISPF)for their contribution to strengthening economic ties between the US and India. The awards will be given at the USISPF Second Annual Leadership Summit in Washington on July 11, 2019.  US Commerce Secretary Wilbur Ross, LIS Energy Secretary Rick Perry, LIS House of Representative Speaker Nancy Pelosi, US Senator Dan Sullivan, a Republic from Arkansas and Indian Ambassador to the US Harsh Shringla attend the leadership summit. The aim is to highlight bilateral cooperation, trade, and investment, strategic energy ties, manufacturing, and innovation partnership of two countries.  About Wipro:  CEO: Abidali Neemuchwala  Founder: M.H. Hasham Premji  Headquarters: Bengaluru  About USISPF The U.S.-India Strategic Partnership Forum (USISPF) is the most powerful strategic partnership between the U.S. and India. The U.S. and India work closely together with business and government leaders. Their main aim is to achieve our goals of driving economic growth, job creation, innovation, inclusion, and entrepreneurship.

    BYPL, a power distribution company, launched energy saving app 'Susthome'

    June 30, 2019
    Power discom BYPL partnered with several private bodies to launch a number of initiatives including a 'behavioral energy saving app'  The main aim is to cut down on electricity consumption. The behavioral app -- Susthome  It is developed by BYPL and TERI It will track consumers energy consumption patterns, analyze and compare it with that of similar homes in the vicinity and show energy saving potential, It holds the enlisted consumers in reducing their energy consumption, carbon footprint and electricity bills. At the first phase of the project selected cooperative housing societies in Mayur Vihar will use this app.  This initiative with the potential to save around 72 MUs  It covers Rs 29 crore annually. 

    Oracle launches Crime Mitigation solution for smaller banks

    June 28, 2019
    A multinational software firm in the United States Oracle introduced a new tool that will help small & mid-sized banks to tackle fraud. The Oracle Financial Services "Anti Money Laundering Express Edition(AMLXE)" designed to detect, investigate, and report suspected money laundering and terrorist financing activity.  They targeted at smaller banks to comply with regulatory norms with a limited budget. It uses new architecture principles to offer quick deployment on premise or on cloud infrastructures allowing firms to transition at reduced implementation costs. The solution includes an in-built library with scenarios have the ability to detect money laundering behaviors. The solution designed to allow visual scenario configuration, reducing coding overheads, and enabling easy adaption to ever-changing compliance demands.  About Oracle Founded: 16 June 1977  Headquarters: Redwood City, California, U.S  Founders: Larry Ellison, Bob Miner, and Ed Oates

    Max Bupa partners with MobiKwik for health insurance

    June 27, 2019
    Max Bupa, a standalone health insurer entered into a strategic partnership with MobiKwik, a fintech platform to promote affordable and convenient bite-sized group health insurance products for MobiKwik’s 107 Million customers across the country. Max Bupa come up with a slew of innovative offerings, including a Cancer cover at a nominal premium  A HospiCash product for MobiKwik’s vast customer base. Max Bupa’s HospiCash product provides for a pre-defined daily allowance on the basis of number of days of hospitalisation irrespective of the actual expense incurred by the customer. HospiCash will offer ₹500 per day hospital allowance for up to 30 days in a year. The main aim to enable financial inclusion by making pocket-size health insurance solutions available through the Mobikwik platform  The plan to acquire 1 million Mobikwik customers over the next 3-4 years.

    Head of Amazon India, Amit Agarwal appointed as the Chairman of IAMAI

    June 27, 2019
    Amit Agarwal, Amazon India Senior Vice-President and Country Head named as the new Chairman of Internet and Mobile Association of India (IAMAI). He succeeds Rajan Anandan He was the former Google India Managing Director (MD). Dhruv Shringi, Co-founder and Chief Executive Officer (CEO) of Yatra appointed as the Vice Chairman of IAMA He succeeds Deep Kalra, Founder and Group CEO of MakeMyTrip. Satyan Gajwani, vice-chairman of Times Internet appointed as the new Treasurer of the IAMAI.  Subho Ray continues as the President of the association.  The tenure of the new council is 2 years  About IAMAI Headquarters: Mumbai  Founded: 2004

    Maruti Suzuki inks partnership with BOB for dealer financing

    June 25, 2019
    Maruti Suzuki, an Automobile manufacturer in India signed 'Preferred Financier' MoU(Memorandum of understanding) with Indian multinational with Bank of Baroda(BOB) in order to improve credit for dealership inventory financing. The partnership with Bank of Baroda allows Maruti Suzuki to finance opportunities to dealers as well as customers.  The financing will work in line with the Bank of Baroda's product program of Supply Chain Finance.  The tight liquidity situation in the financial system of the IL&FS crisis and rising bad loans prompted the banks. Lenders introduced strict credit norms for automobile dealers due to the rising cases of bad loans in this segment of the automobile industry.  The dealers were asked to provide collateral extended by banks.  About Maruti Suzuki:  CEO: Kenichi Ayukawa  Headquarters: New Delhi 

    L&T bags power project order worth Rs. 7,000 crore

    June 25, 2019
    Larsen and Toubro (L&T) bagged a mega engineering, procurement and construction (EPC) order from SJVN Thermal Private Limited. Their main aim to set up a 2x660 MW ultra-supercritical power plant in Buxar district, Bihar. The award costs around ₹7,000 crore as per the company’s classification of mega project. The L&T includes design, engineering, manufacturing, procurement, supply, testing & commissioning of the Buxar project. It covers steam generator, steam turbine generator, electrostatic precipitator, NOx control system, flue gas desulphurization (FGD) system and complete balance of plant (BoP) systems. It includes raw water intake system, make-up water system, coal & ash handling system, ash dyke, complete E&I system. About Larsen and Toubro (L&T) Headquarters: Mumbai Founders: Henning Holck-Larsen, Søren Kristian Toubro

    Centre holds pre-Budget consultations with state Finance Ministers

    June 23, 2019
    Finance Minister (FM) Nirmala Sitharaman chaired her first GST Council meeting . Sitharaman replaced Arun Jaitley as new FM under the Modi 2.0 government The Speculations were rife that the Council in its 35th meeting under the new FM would consider slashing Goods and Service Tax (GST) on electric vehicles to 5 per cent from 12 per cent. The Council did not reduce the tax rate matter would be forwarded to the fitment committee for further consideration. Th topics that were discussed during the GST Council meeting were tax evasion issue, extension of the tenure of the National Anti-profiteering Authority, electronic invoices system. The revenue position of states, the new return filing system, setting up an appellate tribunal for north-eastern states and another one for all Union Territories. About GST Goods and Services Tax (GST) is an indirect tax (or consumption tax) imposed in India on the supply of goods and services. A comprehensive because it has subsumed almost all the indirect taxes. The Multi-Staged in the production process but is meant to be refunded to all parties in the various stages of production other than the final consumer.  Destination based tax it is collected from point of consumption and not point of origin like previous taxes.

    Tech Mahindra signs contract with Airbus

    June 22, 2019
    Tech Mahindra signed a multi-year contract with Airbus for cabin and cargo design engineering. The main aim to capitalize on the specialized skills and competencies in the growing cabin engineering business over the next few years. About Airbus It is a strategic customer and partner of Tech Mahindra. Our motto to develop innovative engineering and digital solutions for our customers.  The relationship with Airbus in consolidating their global supplier base while driving business efficiencies and competencies in this process. About Tech Mahindra Industry    IT services, IT consulting Founded    24 October 1986 Founder    Anand Mahindra Headquarters    Pune, Maharashtra, India

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