Categories
Business India

Vodafone wins tax battle at international court, India asked to pay $5.47 million as compensation

Vodafone Group Plc won an international arbitration case against the Indian government involving US$2 billion tax claim dispute. The international arbitration tribunal in The Hague ruled that India’s imposition of a tax liability on Vodafone, as well as interest and penalties, were in a breach of an investment treaty agreement between India and the Netherlands, […]

Categories
Business

$25,000 fully-autonomous Tesla ‘in about three years time’

At a live presentation Elon Musk, Tesla founder labelled ‘Battery Day’ teased the possibility of a $25,000 , fully-autonomous Tesla “in about three years time”. “This has always been our dream to make an affordable electric car,” he said. Mr Musk revealed technology that will make Tesla batteries cheaper and more powerful. But the news […]

Categories
Business

HSBC shares dive to 25-year low over dirty money scandal

HSBC and Standard Chartered Hong Kong shares dropped on Monday after media reports that they and other banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money. Many media articles were based on leaked suspicious activity reports filed by banks and other financial firms […]

Categories
Business Tech

Sony matches PlayStation 5 price to that of Xbox Series X

Sony has matched the price of their upcoming flagship PlayStation 5 to that of Microsoft’s Xbox Series X. Sony also confirmed the PS5’s “digital edition” – which does not have a disc drive – would cost about 40% more than the low-end Xbox Series S. Both PS5 consoles are set to be released on 19 […]

Categories
Business World

Oracle wins bid to partner with TikTok’s US business

Oracle beat Microsoft in the battle for the U.S. arm of TikTok with a deal structured as a partnership rather than an outright sale to try to navigate geopolitical tensions between Beijing and Washington, Reuters reported. ByteDance, TikTok’s Chinese owner, had been in talks to divest the U.S. business of its hugely popular short-video app […]

Categories
Business

US firm Nvidia buys British semiconductor and software design company ARM for $40 billion

British semiconductor and software design company, ARM Holdings is being sold to the American graphics chip specialist Nvidia. The deal values ARM at US$ 40 billion, four years after it was bought by Japanese conglomerate Softbank for US$ 32 billion. ARM’s technology is at the heart of most smartphones, among many other devices. Nvidia has […]

Categories
Business

Silver Lake to invest $1.02 billion in India’s Reliance Retail

U.S. private equity firm Silver Lake Partners will invest $1.02 billion in its retail business of Reliance Industries Ltd, helping the company widen its lead as India’s biggest retailer. In May, Reliance launched online grocery service JioMart. It has been aggressively building its retail presence through acquisitions, moving beyond its mainstay oil and gas business. […]

Categories
Business India

Supreme Court gives telecom firms 10 years to pay up dues, due to the Indian Government

Indian telecom firms won some reprieve on Tuesday as the country’s top court gave the mobile carriers 10 years to settle government dues. Vodafone Idea and rival Bharti Airtel, two of the three major carriers, had asked India’s Supreme Court for 15 years to settle their fees. The Supreme Court ruling gave the firms time […]

Categories
Business

Reliance Industries to acquire Future Group’s retail, wholesale, logistics and warehousing business for $3.38 billion

Reliance Industries on Saturday said it has agreed to acquire the retail and wholesale business and the logistics and warehousing business of Future Group in a deal valued at $3.38 billion, including debt. Future Group’s business has been hit by a slowing economy and the impact of the coronavirus pandemic. Mukesh Ambani-led Reliance has recently […]

Categories
Business World

Walmart to team with Microsoft in bid for TikTok’s US operations

US retail giant Walmart will team up with Microsoft to make a bid for the US operations of TikTok. Walmart hopes the deal with a deal with the Chinese video-sharing app, in partnership with Microsoft, would help it expand its operations. TikTok has been given 90 days to sell its US arm to an American […]

Categories
Business World

AirBnB bans house parties worldwide amid coronavirus pandemic

Vacation rental online marketplace company, AirBnB has banned house parties as part of its efforts to comply with limits on gatherings in the wake of the coronavirus pandemic. Occupancy will be limited to 16 people, with a few exceptions for some venues. The firm says it will pursue legal action if guests or hosts break […]

Categories
Business World

Oracle would be a great company to take over TikTok: Donald Trump

Donald Trump has said tech giant Oracle would be “a great company” to take over TikTok’s US operations. It comes after Oracle was reported as a possible buyer of the Chinese social media app’s business in North America, Australia and New Zealand. Last week Mr Trump ordered TikTok’s owner ByteDance to sell its US business […]