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Global Cyber Attack Could Lead To $53 Billion In Losses

Global Cyber Attack Could Lead To $53 Billion In Losses

Lloyd’s of London and risk-modeling firm Cyence examined potential economic losses from the hypothetical hacking of a cloud service provider and cyber attacks on computer operating systems. LONDON – A major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as […]

July 22nd, 2017 | Posted in Business | Read More »

British Liquor Giant Diageo Withholds $35 Million Payment To Fugitive Businessman Vijay Mallya To Recover Dues

British Liquor Giant Diageo Withholds $35 Million Payment To Fugitive Businessman Vijay Mallya To Recover Dues

Diageo is looking to recover dues from the fugitive businessman, who is wanted in India with regard to cases of loan default and diversion of funds LONDON – British liquor giant Diageo has decided to withhold remaining $35 million due to Vijay Mallya as part of the $75 million (Rs 515 crore) sweetheart deal for […]

July 22nd, 2017 | Posted in Business | Read More »

China’s Economy Grew 6.9% In Second Quarter

China’s Economy Grew 6.9% In Second Quarter

BEIJING – China posted better-than-expected growth of 6.9 per cent in the second quarter, official data showed on Monday, but authorities warned of lingering risks to the economy. Analysts polled by AFP had forecast growth of 6.8 per cent after the economy expanded 6.9 per cent in the first quarter. “Generally speaking, the national economy […]

July 22nd, 2017 | Posted in Business | Read More »

Pakistani Rupee Falls Amid Fears Of Sharif Govt’s Fall

Pakistani Rupee Falls Amid Fears Of Sharif Govt’s Fall

The depreciation of the Pakistani currency took place amid fears that Prime Minister Nawaz Sharif would be disqualified later this year. ISLAMABAD – The Pakistani rupee lost 3.2% of its value against most major currencies on Wednesday while the Karachi stock market suffered losses on Thursday as political uncertainty plagued the country. The depreciation of […]

July 15th, 2017 | Posted in Business | Read More »

Indian Govt Okays Amazon’s $500 Million Plan For Food Retail

Indian Govt Okays Amazon’s $500 Million Plan For Food Retail

NEW DELHI – The Indian government has approved Amazon’s $500-million investment proposal for food retail in India. The Department of Industrial Policy and Promotion (DIPP) has given the nod to the Seattle-based e-commerce giant for its food retail business here, since the Foreign Investment Promotion Board (FIPB) has been abolished. DIPP has also approved similar […]

July 15th, 2017 | Posted in Business | Read More »

Air India Break-Up An Option As PM Modi Pushes For Quick Sale

Air India Break-Up An Option As PM Modi Pushes For Quick Sale

If Modi can pull this off, it will buttress his credentials as a reformer brave enough to wade into some of the country’s most intractable problems. NEW DELHI – India is considering selling state-owned Air India in parts to make it attractive to potential buyers, as it reviews options to divest the loss-making flagship carrier, […]

July 15th, 2017 | Posted in Business | Read More »

Microsoft Preparing To Layoff Thousands Of Employees In Shake-Up: Reports

Microsoft Preparing To Layoff Thousands Of Employees In Shake-Up: Reports

SEATTLE – Microsoft is planning layoffs as it refocuses its sales force on making the software colossus a pivotal part of businesses relying on cloud computing, according to media reports. While many reports forecast the changes would result in thousands of job cuts, Microsoft only confirmed to AFP that changes were on the way. “Microsoft […]

July 8th, 2017 | Posted in Business | Read More »

100,000 Deregistered Indian Companies To Face More Heat

100,000 Deregistered Indian Companies To Face More Heat

NEW DELHI – The government is launching a multi-pronged offensive against one lakh companies that have been de-registered, including action against those for violating taxation and money-laundering laws as well as choking their access to banking. A day after Prime Minister Narendra Modi’s announcement that the ministry of corporate affairs (MCA) had struck off names […]

July 8th, 2017 | Posted in Business | Read More »

Ousted Tata Sons Chairman Cyrus Mistry, Others Face Criminal Defamation Charges

Ousted Tata Sons Chairman Cyrus Mistry, Others Face Criminal Defamation Charges

Tata Trusts’ Managing Trustee R Venkataramanan has accused Cyrus P Mistry and others of making false and defamatory statements against him and thus damaging his reputation. MUMBAI – A court here has initiated process against industrialists Cyrus P Mistry, Shapoor Mistry and others in a criminal defamation complaint lodged last month by Tata Trusts’ Managing […]

July 8th, 2017 | Posted in Business | Read More »

With Whole Foods Buy, Amazon On Collision Course With Wal-Mart

With Whole Foods Buy, Amazon On Collision Course With Wal-Mart

SAN FRANCISCO – When Wal-Mart Stores Inc bought online retailer Jet.com for $3 billion last year, it marked a crucial moment – the world’s largest brick-and-mortar retailer, after years of ceding e-commerce leadership to arch rival Amazon, intended to compete. On Friday, Amazon.com Inc countered. With its $14 billion purchase of grocery chain Whole Foods […]

June 24th, 2017 | Posted in Business | Read More »