Global Business News Daily Updates

Trump will see a different India than Clinton or Obama: Mukesh Ambani

While speaking to Microsoft CEO Satya Nadella, Mukesh Ambani said US President Donald Trump is seeing very different India. "India that Trump will see in 2020 is very different from India that (Bill) Clinton saw or even Obama," he said. "The next generation will see a different India than what you (Nadella) and I have grown up in," he added.
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My flip phone is permanently gone, using latest iPhone now: Warren Buffett

Berkshire Hathaway Chairman Warren Buffett, the world's fourth-richest person, told CNBC that he has permanently stopped using his old flip phone and is using the latest iPhone. The multi-billionaire Apple investor, whose company owns around 5.5% of Apple, was using a $20 Samsung SCH-U320 flip phone for years. He also said that Apple CEO Tim Cook has given him smartphones.
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World's 500 richest people lost $139 bn in a day, highest amount in 4 years

short by Anushka Dixit / 08:04 pm on 25 Feb 2020,Tuesday
The world's 500 richest individuals lost a combined amount of $139 billion on Monday, the highest-ever lost since October 2016 when Bloomberg Billionaires Index began tracking the figure. Chairman of luxury-goods maker LVMH Bernard Arnault and Amazon CEO Jeff Bezos topped the list, losing over $4.8 billion each. The CEO of Zara's parent Inditex SA, Amancio Ortega, lost $4 billion.
read more at BloombergQuint

Indian firm which makes 30% of world's ibuprofen rallies due to China lockdown

Shares of IOL Chemicals and Pharmaceuticals, the world's biggest producer of ibuprofen, have risen 43% in February as the shutdown of China's Hubei province boosts prices of the painkiller. The Ludhiana-based firm supplies 30% of the world's requirement of the drug, with 10% coming from Hubei Biocause Pharma. "There'll be a supply gap and we expect to benefit," IOL said.
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Hughes says India unit faces closure, could disrupt Army & Navy satcom services

US satellite broadband provider Hughes Network Systems, in a letter to telecom department, said its Indian unit faces bankruptcy as it can't pay the ₹600 crore dues owed to the government. The closure could disrupt connectivity at over 70,000 banking locations and many critical satellite networks in the Indian Navy, Army and Railways, Hughes' India President Partho Banerjee said.
read more at Reuters

Mastercard CEO Ajay Banga to step down in 2021, to become Exec Chairman

Mastercard has said that CEO Ajay Banga will step down at the start of 2021 and take on the role of Executive Chairman. Banga will succeed Richard Haythornthwaite, who has served as Chairman since May 2006. Michael Miebach, who is currently the Chief Product Officer, will replace Banga and will also get a seat on the board at the company.
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Cash is king but digital is divine, says RBI

The RBI, in a study, said it endeavours to make digital payments a "divine experience" to the users because "cash is king but digital is divine". "Cash still rules but is increasingly seen as a way to store value as an economic asset rather than to make payments," it added. ATM withdrawals increased over the past 5 years, RBI said.
read more at Bloomberg Quint

SEBI finds undisclosed related-party transactions at IndiGo upon probe

Markets regulator SEBI has found breaches in governance in related-party transactions (RPTs) between InterGlobe Enterprises and IndiGo that were not disclosed by the company, reports said. SEBI said it also found some transactions which were only approved by auditors once they were completed. The case has been forwarded to an internal committee to take penal action against the firm.
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Indian refiners buying rare oil grades at cheaper rates due to coronavirus

Indian refiners are buying rare crude oil grades at cheaper rates due to the coronavirus outbreak, with prices for some grades falling by as much as 15%. Chinese refiners cut 10% of their processing capacity after the virus hit domestic fuel demand. BPCL said it will receive a million barrels each of Brazil's Sapinhoa and Mediterranean CPC blend in April.
read more at Reuters

Hope you invest more billions, I view it as jobs: Trump to Ambani, Birla & others

US President Donald Trump, speaking to Indian industry leaders on Tuesday, said he viewed billions of dollars flowing into the US not as investments but as jobs. "I want to thank you all...I hope you come to the US and invest more billions," Trump said. Mukesh Ambani, Kumar Mangalam Birla and Anand Mahindra were among those present at the interaction.
read more at Deccan Herald

You must retire when people ask 'why' and not 'why not': Das quotes Gavaskar

Governor Shaktikanta Das explained RBI's stand on retirement age for private bank chiefs with a cricket analogy. "You must retire when people ask 'why' and not 'why not'," Das said, quoting Sunil Gavaskar. He was asked why is it that there was no age limit for one to be Prime Minister but private bank heads needed to retire at 70.
read more at Bloomberg Quint

Expedia to cut 12% of its workforce following 'disappointing' year

Expedia Group is cutting approximately 12% of its workforce or about 3,000 jobs following a "disappointing 2019 business performance", the company said. It will also cut costs by stopping certain projects and reducing use of vendors and contractors. Earlier, Expedia Chairman Barry Diller said the company was targeting $300 million to $500 million of run-rate cost savings across its business.
read more at Livemint