Walmart’s Flipkart CEO Resigns After Misconduct Probe

Retail giant Walmart Inc. (WMT) and its India-based e-commerce site Flipkart said Tuesday that Binny Bansal has resigned as chief executive officer of Flipkart Group, effective immediately. “Binny has been an important part of Flipkart since co-founding the company, but recent events risked becoming a distraction and Binny has made a decision to step down,” the two companies said in […]

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India lauds US exemption on Iranian oil sanctions

India has welcomed a U.S. decision to allow it to continue to import Iranian crude oil and develop an Iranian port for trade with Afghanistan despite Washington's reimposition of sanctions on Iran. The spokesman of India's External Affairs Ministry, Raveesh Kumar, said Friday that Iranian crude oil is very important for India's energy needs and security. Continue Reading Below He […]

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India central bank governor could resign on November 19: report

NEW DELHI (Reuters) – Reserve Bank of India (RBI) Governor Urjit Patel could resign at the central bank’s next board meeting on November 19, online financial publication Moneylife reported on Wednesday, citing sources in touch with the governor. The Indian government and the central bank have been fighting for weeks over how much autonomy the RBI should have as the […]

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US allows India, China, 6 others to buy Iranian oil

India, China and Japan are among eight countries temporarily allowed to continue buying Iranian oil as they showed significant reduction in oil purchase from the Persian Gulf country after the United States reimposed crippling sanctions on Tehran, Secretary of State Mike Pompeo said on Monday. Pompeo vowed that the US will be ‘relentless’ in pressuring Iran as he announced the list […]

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Amazon India posts nearly $1 billion loss

In comparison, Flipkart India, the marketplace unit of the country’s largest e-commerce marketplace, posted a 750% growth in losses to Rs 20.6 billion.Alnoor Peermohamed reports. Amazon Seller Services, the India marketplace arm of US online retail giant Amazon, recorded nearly $1 billion in losses for the year that ended March 2018 even as it saw significant revenue growth in the […]

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India needs 100 million new jobs by 2026: PwC

Eighty per cent of the new employment requirements over the next decade would arise in the 10 states – Uttar Pradesh (UP), Madhya Pradesh, Chhattisgarh, Rajasthan, Jharkhand, Maharashtra, Odisha, West Bengal, Bihar and Assam – that account for 62 per cent of our population. Illustration: Uttam Ghosh/Rediff.com With a rapidly rising working age population, India would need about 100 million […]

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Why India's Modi wants to increase control over the central bank

MUMBAI/NEW DELHI (Reuters) – An incendiary speech by a top Reserve Bank of India (RBI) official last Friday blew the lid off an increasingly toxic dispute between the central bank and the government of Prime Minister Narendra Modi over monetary policy and who controls the institution’s reserves. While historically there have been differences between the RBI and the nation’s governments, […]

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Investors warned against dealing with foreign trading portals

The inherent complexity of the products offered by such firms, web portals, and platforms may not suit the risk profile of investors and their excessive leverage can result in significant losses to investors Illustration: Uttam Ghosh/Rediff.com Sebi has cautioned investors against dealing with foreign trading portals or platforms. The regulator said domestic investors are being drawn into online trading by […]

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Indian rupee falls amid reports that the central bank governor may resign

Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported on Wednesday. The news sparked a sell-off in the rupee and bonds. Reserve Bank of India Governor Urjit Patel may consider resigning from his post given a breakdown in relations with the government, TV channels reported […]

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