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  • Never spoke to Elon Musk on buying Tesla: Tim Cook
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    Never spoke to Elon Musk on buying Tesla: Tim Cook

    NEW DELHI: Apple CEO Tim Cook has said that he never spoke to Tesla CEO Elon Musk about buying his failed electric car business couple of years back. In December last year, Musk had tweeted that he offered Cook to sell his electric car company at one-tenth of its value during the struggling period in 2017 but the Apple CEO refused to meet him. In an interview with The New York Times on Monday, Cook said that talks never happened. “You know, I’ve never spoken to Elon, although I have great admiration and respect for the company he’s built,” Cook […] More

  • US Supreme Court backs Google over Oracle in major copyright case
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    US Supreme Court backs Google over Oracle in major copyright case

    NEW DELHI: The US Supreme Court handed Alphabet Inc’s Google a major victory on Monday, ruling that its use of Oracle Corp’s software code to build the Android operating system that runs most of the world’s smartphones did not violate federal copyright law. In a 6-2 decision, the justices overturned a lower court’s ruling that Google’s inclusion of Oracle’s software code in Android did not constitute a fair use under US copyright law. Justice Stephen Breyer, writing for the majority, said that allowing Oracle to enforce a copyright on its code would harm the public by making it a “lock […] More

  • FDI equity inflows up 28% to $54.18 billion during April-January
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    FDI equity inflows up 28% to $54.18 billion during April-January

    NEW DELHI: FDI equity inflows into the country during April-January 2020-21 grew by 28 per cent to $54.18 billion, according to the commerce and industry ministry data released on Monday. Foreign direct investment (FDI) inflows during April-January 2019-20 stood at $42.34 billion. Total FDI (which includes reinvested earnings) during the 10-month period in FY21 increased by 15 per cent to $72.12 billion over the year-ago period. “The measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country as India has attracted a […] More

  • 10 ways Covid-19 has changed the world economy forever
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    86% insolvency cases pending over 270 days

    NEW DELHI: Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process. Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days. The four-year-old Insolvency & Bankruptcy Code — which is credited with changing the debt repayment culture —had provided for resolution within 180 days, with a possible extension of another 90 days. But, adjournments and multiple legal challenges in cases have meant that they usually go […] More

  • Amid India's bid to cut Saudi oil imports, Aramco raises oil price for Asia
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    Amid India’s bid to cut Saudi oil imports, Aramco raises oil price for Asia

    NEW DELHI: Saudi Arabia on Sunday raised the ‘official selling price’, or OSP, of oil shipments to Asia in May but left the price for Europe unchanged, indicating the world’s largest crude exporter is unimpressed by India’s plan to cut Saudi imports. The OSP has been raised between 20 and 50 cents per barrel for various grades of crude, Bloomberg reported. Saudi Aramco sets the OSP every month for oil supplied under term contracts. Other West Asian producers take a cue to tweak their prices. The OSP revision comes amid the government asking state refiners to cut Saudi oil imports […] More

  • 10 ways Covid-19 has changed the world economy forever
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    Parking fees from staff to face GST, but at nil value

    MUMBAI: The UP bench of the Appellate Authority of Advance Rulings (AAAR) has held that the amount recovered from employees towards car parking charges, which are in turn paid to building authorities, is a ‘supply of service’ by the employer company towards its staff. Goods and services tax (GST) is triggered whenever there is any such supply. However, as such services were rendered as a ‘pure agent’, their value would be nil. This appellate order was given in the case of a Noida-based private company Ion Trading, which is a subsidiary of a UK company. The company submitted that the […] More

  • Byju's acquires Aakash Educational Services
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    Byju’s acquires Aakash Educational Services

    NEW DELHI: Ed-tech startup Byju’s on Monday said it has acquired Aakash Educational Services Ltd (AESL) to bolster its presence in the test preparation segment in the country. According to sources, the deal is worth close to $1 billion (about Rs 7,300 crore) – making it the biggest acquisition by Byju’s to date. The companies, however, did not comment on the financial details of the deal. As part of the transaction, Aakash founders and Blackstone will become shareholders in Byju’s. Byju’s, which is the most valued ed-tech startup in the country, is backed by marquee investors like Mary Meeker, Yuri […] More

  • sensex today: Sensex dives 871 points as banking, financial stocks plunge; Nifty settles at 14,638
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    sensex today: Sensex dives 871 points as banking, financial stocks plunge; Nifty settles at 14,638

    NEW DELHI: Equity indices plunged on Monday with the benchmark BSE sensex down more than 850 points amid rise in Covid-19 cases across the country. India recorded an all-time high of 1,03,558 coronavirus infections in a day pushing the nationwide Covid-19 tally to 1,25,89,067, according to the Union health ministry data. The single-day rise in cases surpassed the earlier peak of 97,894 infections reported on September 17, last year, making it the highest since the pandemic began in India. Coronavirus: Live updatesAfter touching an intraday low of 48,581, the 30-share BSE index settled 871 points or 1.74 per cent lower […] More

  • India well prepared to combat second wave of Covid-19: Finance ministry report
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    India well prepared to combat second wave of Covid-19: Finance ministry report

    NEW DELHI: Having successfully managed the first wave of the coronavirus pandemic, India is well prepared to combat the scourge of the second wave, the finance ministry’s monthly economic report said. The report further said high-frequency data indicates that India is on the path to become better and stronger. Coronavirus: Live updates“After battling a historic pandemic in FY 2020-21, the Indian economy is poised to build back better and stronger as is reflected in the movement of several high-frequency indicators. “Instrumental in this resilient comeback will be a strong revival in investment growth supported by the AtmaNirbharBharat Mission and a […] More

  • RBI to go for dovish pause on Wednesday: Analysts
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    RBI to go for dovish pause on Wednesday: Analysts

    MUMBAI: The Reserve Bank will go for a “dovish pause” at Wednesday’s policy review announcement amid developments such as a rise in inflation, government maintaining the inflation target band and a likely impact on growth due to local lockdowns on rising Covid-19 infections, analysts said on Monday. Economists at American brokerage Bofa Securities said price stability, growth and financial stability will become the prime focus areas for the central bank going forward. “The RBI MPC (Monetary Policy Committee) should deliver another dovish pause on Wednesday,” it said. The policy announcement, the first for the fiscal, will come days after the […] More

  • Stock market crash: Investors' wealth tumbles over Rs 2.16 lakh crore as markets crash | India Business News
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    Stock market crash: Investors’ wealth tumbles over Rs 2.16 lakh crore as markets crash | India Business News

    NEW DELHI: Investors’ wealth tumbled over Rs 2.16 lakh crore at close of trade on Monday as markets crashed amid a sharp spike in coronavirus cases in the country. The 30-share BSE benchmark sensex plummeted 1,449.03 points to 48,580.80 intra-day. It finally closed 870.51 points or 1.74 per cent lower at 49,159.32. Following this, the market capitalisation of BSE-listed companies dived Rs 2,16,566.52 crore to reach Rs 2,05,09,835.27 crore at close of trade. From the 30-share pack, 25 companies closed lower, led by Bajaj Finance, IndusInd Bank and State Bank of India. In contrast, IT stocks closed with gains, with […] More

  • Investment banking fees plunge 34% in Q1 to $194.5 million: Report
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    Investment banking fees plunge 34% in Q1 to $194.5 million: Report

    MUMBAI: Despite a record year for primary share issues, investment banking activities declined in the first quarter of the year, pulling down their fees by almost 34 per cent to $194.5 million and making it the lowest start to a year since 2016, according to a report. However, the ECM (equity capital markets) underwriting fees reached a three-year high of $63.8 million, growing 7.2 per cent over the same period in 2020, according to the data collated by Refinitiv, which is owned by LSEG (London Stock Exchange Group). According to the report, at $194.5 million, the fee collected by I-bankers […] More

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