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Reliance Jio Crosses 50 Million Subscriber Mark In 83 Days

Reliance Jio Crosses 50 Million Subscriber Mark In 83 Days

NEW DELHI – Mukesh Ambani-promoted Reliance Jio has crossed the 50 million subscriber mark in less than three months after its full-fledged 4G services launch to emerge as the largest broadband operator in the country. According to sources, Jio — setting a new record — has acquired 1,000 customers per minute (since September 05) and [...]

December 3rd, 2016 | Posted in Business | Read More »

Indian Jewellers Claim 85-90% Dip In Sales Due To Demonetisation

Indian Jewellers Claim 85-90% Dip In Sales Due To Demonetisation

NEW DELHI – Many jewellers estimate an 85-90% dip in business post-demonetisation — but exports have been unaffected.
With hardly three-four customers a day, Pande terms the situation “unprecedented” as he has never witnessed such a slowdown in his business. He recalls how busy he was attending to the rush of customers in November last year, [...]

December 3rd, 2016 | Posted in Business | Read More »

China Puts Brakes On Overseas Spending Spree

China Puts Brakes On Overseas Spending Spree

BEIJING – Beijing is tightening screening on Chinese companies’ overseas investments, according to the government and reports, after a record-setting shopping spree raised concerns of capital flight and reckless spending.
Authorities will “combine facilitating foreign investment with guarding against investment risks” by scrutinising proposed deals, said a statement posted on the website of the National Development [...]

December 3rd, 2016 | Posted in Business | Read More »

BEIJING – More than 300 million Chinese consumers lapped up goods worth $26 billion from online shopping platforms during a shopping festival that dwarfed Black Friday and Cyber Monday, the celebrated shopping dates in the western world. Sales on Singles Day, as it is called, broke a series of records mocking the humdrum mood of [...]

November 26th, 2016 | Posted in Business | Read More »

China’s Shopping Festival Nets $26 Billion Sales, Breaks Records, Dwarfs Black Friday

China’s Shopping Festival Nets $26 Billion Sales, Breaks Records, Dwarfs Black Friday

BEIJING – More than 300 million Chinese consumers lapped up goods worth $26 billion from online shopping platforms during a shopping festival that dwarfed Black Friday and Cyber Monday, the celebrated shopping dates in the western world. Sales on Singles Day, as it is called, broke a series of records mocking the humdrum mood of [...]

November 26th, 2016 | Posted in Business | Read More »

Royal Bank Hikes Mortgage Rates

Royal Bank Hikes Mortgage Rates

Royal Bank hiked its mortgage rates on Tuesday, especially for borrowers who want to take 25 years or longer to pay down their loans.
TORONTO – The Royal Bank of Canada has raised some of its mortgage rates, and the changes are going to make paying down the mortgage even more expensive for people who choose [...]

November 19th, 2016 | Posted in Business | Read More »

Indian Smartphone Market Crosses 30 Million Unit Shipments

Indian Smartphone Market Crosses 30 Million Unit Shipments

PUNE – For the first time, the smartphone market in India crossed the 30 million unit shipments milestone in the third quarter of this year, the International Data Corp (IDC) reported on Tuesday.
According to IDC’s Quarterly Mobile Phone Tracker, smartphone shipments clocked 32.3 million units in Q3 2016 with 17.5 pct  growth over the previous [...]

November 19th, 2016 | Posted in Business | Read More »

India’s Luxury Market To See 25% Dip In Property Prices

India’s Luxury Market To See 25% Dip In Property Prices

NEW DELHI – The demonetisation move is likely to hit luxury properties. Prices are likely to dip by as much as 25% to 30% as sellers struggle to offload properties to generate liquidity, says real estate consultancy JLL India.
With black money suddenly being wiped out of the market, a lot of investors who have been [...]

November 19th, 2016 | Posted in Business | Read More »

Seeking Shareholder Support In Mistry Spat May Open Can Of Worms For Tatas

Seeking Shareholder Support In Mistry Spat May Open Can Of Worms For Tatas

MUMBIA – With Tata Sons thinking of seeking shareholder support for removing Cyrus Mistry from the chairman’s position, it seems the company will end up washing its dirty linen in public.
The process will have to be discussed in a general meeting for which a special notice will need to be issued that gives the reasons [...]

November 12th, 2016 | Posted in Business | Read More »

ICICI Profit Dips 13%

ICICI Profit Dips 13%

MUMBAI – Country’s largest private sector lender ICICI Bank today reported 12.8% decline in consolidated net profit to Rs 2,979 crore for the September quarter as its provisioning for bad loans shot up by seven-fold.
The bank’s net profit in July-September quarter of the last fiscal was Rs 3,419 crore.
Its total income during the second quarter [...]

November 12th, 2016 | Posted in Business | Read More »