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Sat, Jul 14 2018. 04 37 PM IST
Mukesh Ambani, chairman Reliance Industries, was estimated to be worth $44.3 billion on Friday with RIL trading 1.7% higher. Jack Ma’s wealth stood at $44 billion at close of trade on Thursday in the US, where the company is listed. Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity and investors cheered the success of his disruptive telecom upstart Reliance Jio Infocomm Ltd.
Thu, Jul 12 2018. 03 13 PM IST
India has become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. The economy rebounded strongly from July 2017, after several quarters of slowdown blamed on economic policies pursued by Prime Minister Narendra Modi’s government.
Tue, Jul 10 2018. 01 49 PM IST
The foreign ministry of China said India and China had agreed on reducing duties on Indian medicines, especially cancer drugs, which are in great demand here because they are much cheaper than Western alternatives.
Sat, Jul 07 2018. 02 54 PM IST
Facebook Inc. co-founder Mark Zuckerberg has overtaken Warren Buffett as the world’s third-richest person, further solidifying technology as the most robust creator of wealth. Zuckerberg, who trails only Amazon.com Inc. Founder Jeff Bezos and Microsoft Corp. co-founder Bill Gates, eclipsed Buffett on July 6 as Facebook shares climbed 2.4 per cent, according to the Bloomberg Billionaires Index. It’s the first time the three wealthiest people on the ranking made their fortunes from technology.
Thu, Jul 05 2018. 04 23 PM IST
Mukesh Amabani’s RIL has struck at least 12 deals over 12 months with an estimated tab of about Rs 289 billion ($4.21 billion), according to calculations by Jefferies Group LLC and Bloomberg. Ten of these are related to his consumer business. Ambani has also capitalised on India’s ongoing bad-debt issues with purchases of distressed or insolvent companies including a local textile-maker, a carbon-fiber firm and the wireless assets of an indebted telecom company.
Thu, Jul 05 2018. 11 53 AM IST
A US senate panel investigating Russian interference in the 2016 elections has reaffirmed a determination by the American intelligence community that Moscow meddled in the polls to harm Hillary Clinton and help Donald Trump win the presidency. The Senate report comes ahead of Trump’s summit with Putin in Helsinki on July 16, at which Trump is expected to raise the issue of Russian interference in the polls. The committee continues to probe the meddling and plans to address related issues in subsequent findings. One of the issues it will investigate is an allegation by former British spy Christopher Steele, that Kremlin has some damaging information on Trump.
Wed, Jul 04 2018. 02 30 PM IST
In a move that could disrupt the consumer lending segment, e-commerce giant Flipkart is set to enter the financial services space, offering credit and insurance products to consumers and sellers on its platform. The Bengaluru-headquartered firm has begun the process of applying for a non-banking financial company (NBFC) licence, which will allow it to open lines of credit to its nearly 100 million customers and over 1,00,000 sellers. In time, the company will offer these services beyond its platform, taking on firms like Paytm and Bajaj Finserv.