Shell to Cut Staff due to Fall in Crude Prices

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Shell which globally employs 100,000 people has over 3500 employees in India has decided to cut 6500 jobs globally due to falling crude oil prices which may result in downsize in India as well. The company announced its plan to cut staff and profit after 37% year on year decline on its net profit. Other Important Headlines Bharti Airtel chairman Sunil Mittal has got a … [Read more...]

Paytm to Increase Headcount to 5,000 by end March, Hire 1,900 People

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In order to expand business and give neck to neck competition to rival snapdeal, Paytm plans to hire 1,900 persons to make its total headcount to 5000 over the next three quarters. out of 1900 two-third will be hired in operations and the rest in product engineering. Also, it is setting up two more offices in noida with a seating capacity of 1700 and 1300 each. Other … [Read more...]

Delhi HC Slams Ola

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Delhi High court slammed ANI Technologies Pvt Ltd operated app-based Ola cab on violating the Supreme Court ruling 2001. As its taxis operate on diesel and not on CNG. The Delhi HC warned Ola if they won't stop polluting the capital by using diesel cabs, the service will be forced to shut down and January 1 order will be enforced. Other Important Headlines McKinsey … [Read more...]

Ola to Raise Funds Again in Order to Keep Pace with Rival Uber

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After raising $400 million in April, Ola is again in talks with its existing investors Softbank, Tiger, DST to raise $500 million which will make this $2.5 billion company worth $4.5 billion. After funding, Ola is planning to launch discounting schemes and new business including cafe, buses and grocery. The deal is estimated to be finalised in about 2-3 weeks. Other … [Read more...]

Nestle Replaces Etienne Benet with Narayanan

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Owing to the Maggie controversy, Etienne Benet over saw the company's operations. The swiss food giant Nestle decided to to transfer India MD Etienne Benet to its headquarters in Switzerland and will be replaced by Suresh Narayanan, chairman and CEO of Nestle Philippines. Other Important Headlines MNC's fire top executives who fail to perform. Brookfield may be … [Read more...]

Indian Pharma Co. Lupin to Buy US Co. Gavis for $880m

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Indian pharma company Lupin will make an expensive deal of buying less known US company Gavis for $880 million for its portfolio of specialised products and is hoping to safeguard sales in the all important US market which contributes nearly half of Lupin's revenue. Other Important Headlines Flipkart and Snapdeal seeks to raise billion-$ this festive season. Wipro … [Read more...]

Radio Mirchi Seeks to Strengthen North Network, Seeks to Buy ‘Oye’ in 4 Cities

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The Times Group-run Entertainment Network India(ENIL)'s Radio Mirchi operating in 32 cities across the country now claims to have received approval from I&B ministry to buy TV Today's Network 'Oye' in Amritsar, Jodhpur, Patiala and Shimla. Further ENIL is hoping to get approval to buy Delhi, Mumbai and Kolkata as well. Other Important Headlines Kinnevik made … [Read more...]

Toshiba Caught up in Country’s Biggest Accounting Scandal of $1.2B Since 2011, Top Executives Resign

The 140 year-old Japanese company is caught up in country's biggest accounting scandal amounting $1.2 billion since 2011. It is believed that unrealistic standards set by top executives led to the scandal. Also, the president along with two other executives resigned from their position and withdraws from taking the responsibility. Other Important Headlines Infosys … [Read more...]

Tata Invested in Around 10 Companies, Mostly Ecommerce

In an interacting session with the students of Great Lakes Institute of Management at its 11th convocation, Tata Sons chairman Emeritus Ratan Tata revealed they have invested in around 10 companies mostly ecommerce including Snapdeal and Xiaomi in the past few months. Also, he recently invested in Coimbatore based startup firm, Ampere Vehicles. The amount of the investment is … [Read more...]

Barclays to Fire More Than 30,000 Employees Within Two Years

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After firing its chief executive Antony Jenkins this month, Barclays plans to cut 30,000 jobs within two years. After The Finance Conduct Authority's supervisory team conducted 186 visits to Barclays in 2014, the most among the biggest British banks. The bank sought the only way to address its chronic underperformance and double its share price is to cut more than 30,000 jobs … [Read more...]

SquadRun targets to create million jobs and 100 customers by 2020

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SquadRun is a one-year old start up company which has identified pain points of internet companies and help deliver results via games by outsourcing the task to freelancers who play in exchange of currency on mobile wallets which can be redeemed later by using Paytm or PayU. Till now 40,000 people have downloaded this app, on an average 2800 people play daily who can be anyone, … [Read more...]

Tata Steel Identifies 720 Potentially Redundant Positions in UK

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Global steel giant Tata Steels in planning to refocus on high-value segments like aerospace, as it tries to rebuild its business strategy which will end up to cut up of 720 jobs maily at its UK facility. On the Rotherham-based bar business, the firm is underperforming in the face of commodity grade steel being imported to the UK due to the strong pound and high electricity cost … [Read more...]

Adidas Appeals DIPP to Set Own Stores in India

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Three years after the Adidas's US brand Reebok was forced to close its all stores in India, Adidas has filled an application with the Department of Industrial Policy & Promotion(DIPP) for setting up fully owned stores in the country. Adidas, which competes with the likes of Nike and Puma is looking to reach 1,000 stores in the next few years. Other Important … [Read more...]

Myntra Goes Global to Search for New CEO

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As Mukesh Bansal, founder and CEO of Myntra.com has moved to a larger role at parent company Flipkart and is busy with taking the country's largest ecommerce firm to the next level. Myntra, the country's largest online fashion retailer is looking overseas candidates with proven Internet background and experience of setting up businesses of scale. Other Important … [Read more...]

Samsung Lost its Market to Local and Chinese Smartphone Players

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Samsung's smartphone market share fell from 28% to 21.5% in India in the quarter to June. The company, however, didn't lose its position and still leads the overall handset market in the country with 18.9% share. Micromax maintained its second position with 12.6% share of the overall mobile phone market in the quarter to June. Overall mobile phone market of India grew 12.4% … [Read more...]

MY Kim to Replace Soon Kwon, India Head LG as the Market Slows Down

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LG Electronics is to replace its managing director Soon Kwon, with MY Kim, formerly global head of marketing for the $56-billion firm's television and audio business. LG Electronics has called this first-ever mid-year change of management on the back of poor sales growth during kwon's tenure and a slowing market. Despite of the fact that the white goods industry has again hit … [Read more...]

17 Thousands People this Year to be Trained by NSICL

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National Small Industries Corporation Limited NSICL will train 17,000 people this year. The step taken to support the ‘Make in India’ initiative taken by PM Narendra Modi. According to the general manager of NSIC’s technical services centre, this year they have to pass out 4000 people for skill development programme. They will also train another 13,000 unqualified people for … [Read more...]

13 Percent Hike in the Salary of IndiGo’s Pilots

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India’s low cost carrier and one of the biggest airline has increased the salary of pilots by 13%. Hike in the salary by IndiGo has also been given to cabin crew of 16%. Step has been taken to prevent the talented commanders from Gulf carriers. Salary of first officer for flying his stipulated 50 hours will be Rs 2.61 lakh. This has been realised the hike of Rs 1 lakh. If … [Read more...]

Recommendation for MPs Salary Hike Scraped by Government

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Recommendation by a parliamentary panel to hike in the salary of MPs by 100% has been scrapped by the government. Parliamentary panel had given 65 recommendations, where the government has strictly disprove 18 recommendations and disagree with the 15. Government can work for 3 recommendation later, but they find no need of changing the salary structure. The allowance and … [Read more...]

Women Make History in IIM Kozhikode

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This year, graduates, and women especially, at IIM Kozhikode have definitely more to cheer for. The premier B-school created history by rolling out the largest percentage of women as graduates - as compared to any other top B-school in India. In the batch that graduated this year, out of the 348 students, 200 were women. The second and third rank holders and the best … [Read more...]