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Bank of America Agrees To $17 Billion Deal Over Dodgy Mortgages

Bank of America Agrees To $17 Billion Deal Over Dodgy Mortgages

Bank of America agreed on Thursday to a record nearly $17 billion deal with US authorities to settle claims it sold risky mortgage securities as safe investments ahead of the 2008 financial crisis.
WASHINGTON – Bank of America agreed on Thursday to a record nearly $17 billion deal with US authorities to settle claims it sold [...]

September 2nd, 2014 | Posted in Business, News | Read More »

Indian Agencies Get Swiss Banks’ Data Of “Black Money” Hoarders

Indian Agencies Get Swiss Banks’ Data Of “Black Money” Hoarders

NEW DELHI – Tax investigators pursuing instances of black money stashed abroad by Indians have finally been able to circumvent the Swiss secrecy code by asking over 100 such account holders to submit on their own details of personal balances in these banks, brought under the tax net recently, for lesser penal action for evasion.
The [...]

September 2nd, 2014 | Posted in Business, News | Read More »

Burger King Gets Go Ahead To Takeover Tim Hortons

Burger King Gets Go Ahead To Takeover Tim Hortons

VANCOUVER – Burger King and Tim Hortons have reached an agreement to form “the world’s third largest quick service restaurant company,” the companies announced Tuesday.
The Canadian doughnut giant has agreed to be taken over by the U.S. burger chain in a deal worth $12.5 billion, the two companies confirmed in a joint press release sent [...]

September 2nd, 2014 | Posted in Business, News | Read More »

Aditya Birla Group Fined Rs 150 Crore Over October 2013 Cash Haul In Its Office

Aditya Birla Group Fined Rs 150 Crore Over October 2013 Cash Haul In Its Office

NEW DELHI – The Aditya Birla Group continues to feel the reverberations of the controversial FIR registered in October 2013 over the allotment of a mine in Odisha to Hindalco, the group’s mining arm, in 2006. In the latest twist to a tax investigation stemming from the FIR, the Settlement Commission has directed Aditya Birla [...]

August 27th, 2014 | Posted in Business | Read More »

Top 5 Richest Indians Have Half Of Nation’s Billionaire Wealth

Top 5 Richest Indians Have Half Of Nation’s Billionaire Wealth

NEW DELHI – There seems to be a huge disparity in distribution of wealth among Indian billionaires.
India’s top five richest, led by Reliance Industries Ltd (RIL) chairman Mukesh Ambani, collectively control $85.5 billion (about Rs. 5,21,550 crore) in personal wealth, accounting for 47.5% of the country’s total billionaire wealth of $180 billion, a recent report [...]

August 16th, 2014 | Posted in Business | Read More »

Crony Capitalism A Big Threat To Countries Like India, Says RBI Chief Rajan

Crony Capitalism A Big Threat To Countries Like India, Says RBI Chief Rajan

MUMBAI – Reserve Bank of India governor Raghuram Rajan has warned against crony capitalism which he said creates oligarchies and slows down growth.
“One of the greatest dangers to the growth of developing countries is the middle income trap, where crony capitalism creates oligarchies that slow down growth. If the debate during the elections is any [...]

August 16th, 2014 | Posted in Business | Read More »

Apple’s Tech Jobs Held Mostly By White, Asian Men

Apple’s Tech Jobs Held Mostly By White, Asian Men

SAN FRANCISCO – Apple’s high-paying technology jobs are primarily filled by white and Asian men, just like its industry peers.
A breakdown released on Tuesday by Apple Inc. showed 54% of the company’s technology jobs in the US are handled by whites and another 23% by Asians. Men make up 80% of Apple’s technology workforce throughout [...]

August 16th, 2014 | Posted in Business | Read More »

KFC Owner Says China Scandal hurting Sales

KFC Owner Says China Scandal hurting Sales

In what appears to be a first across all KFC franchises globally, KFC India has unveiled a segregated vegetarian menu along with a strong message about its newfound bias for vegetarian offerings.
BEIJING – The owner of the KFC and Pizza Hut restaurant chains says a scandal over food safety in China has hurt sales and [...]

August 9th, 2014 | Posted in Business | Read More »

India’s Tough Stand On WTO Gets Support From UN Body

India’s Tough Stand On WTO Gets Support From UN Body

NEW DELHI – Supporting India’s tough stand at WTO on the food security issue, UN body for development of agriculture IFAD said ensuring food for its people is more important than creating jobs in certain other nations.
“Creating jobs for some other country, while people are still hungry, doesn’t make sense… If I was in the [...]

August 9th, 2014 | Posted in Business | Read More »

India Eyes $40-Billion Pipeline From Russia To Import Gas

India Eyes $40-Billion Pipeline From Russia To Import Gas

NEW DELHI – In a move aimed at ensuring India’s energy security, the Narendra Modi-led government plans to import huge volumes of natural gas from Russia. The Centre is working out the contours of a $40-billion (Rs 2.4 lakh-crore) mega onland pipeline project carrying gas from Russia to India, in one of India’s biggest energy [...]

August 9th, 2014 | Posted in Business | Read More »