Jul 25, 2017 - Uber in the crosshairs as SoftBank helps rivals raise $9 billion

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Sree Vijaykumar From the Editor's Desk Not inclined to pursue his studies beyond high school, 17-year old Abdul Alim dropped out of school in 2013. Unable to find a job in his hometown in northeast India, Alim moved to Chennai with nothing more than Rs 200 in his pockets. He spent months job-hunting before fate finally brought him to the gates of Zoho Corporation, a software products maker, as a security guard. Four years down the line, Alim still works at Zoho, but he no longer mans the gates. He is part of the company's reports team, and spends his days using code to create charts and data visualisations. Alim isn't alone. Several high school graduates and dropouts like him are today part of the Chennai-based software firm, catering to global customers. More here Advertisers of the day On behalf of SAP India: Get GST-Ready in just a few weeks shivkhera: Optimize Performance and Move Up to the Next Level : Programs by Mr. Shiv Khera   Our advertisers help fund the daily operations of TradeBriefs. We request you to accept our promotional emails (B2B Decision-Makers, B2C Decision-Makers, TradeBriefs Premium). Uber in the crosshairs as SoftBank helps rivals raise $9 billion While a series of scandals at Uber culminated in the ouster of CEO Kalanick in June, its competitors in China, India, Brazil and Singapore have raised a total of about $9 bn to accelerate their expansions Advt: Lending solutions for all your long-term business needs No company starts big. They grow over time. Standard Chartered will be your companion in this growth journey, giving you solutions that fit your needs at every stage (Know More) Advt: Work for the best employer - Yourself Advantages - Best B2B audience in India, no hard-selling or up-front costs involved, access to our content repository and air-tight agreements with instant gratification. The market that Reliance Jio seeks to tap In a country with few smartphone users and low internet penetration, Reliance Jio’s latest offering JioPhone seeks to capture a huge untapped market JioPhone to help company boost m-cap to 10%: Fitch JioPhone would add 3-4 per cent or about $950 million to annual industry revenue. HDFC Bank rationalises ATM network Since December 2016, the total number of ATMs has increased by 2,616 to 2,08,476 ATMs. But the story is quite different in while label ATMs. The good, bad and ugly of GST’s journey If there’s one word that sums up the response of India’s businesses and consumers to the goods and services tax (GST), it’s ‘confused’ Enterprise communications startup Noticeboard gets $1.2 million from Stellaris The new capital will be largely allocated to hire a solid team across technology, product and design. We need to strengthen these aspects first and then we will look to have a sales team as well. Ambuja Cements: higher realizations save the day, but unlikely to sustain Ambuja Cements average realization improved 6% y-o-y and 11% sequentially, aided by a substantial price recovery in western India, where the firms sells over 40% of its output Banks may cut UPI charges for merchants Peer-to-peer (P2P) transfers under UPI are currently free but businesses are charged for receiving payments via this mobile-based system. Markets are making the most of the Goldilocks scenario With high economic growth, low inflation and friendly monetary policy likely to continue across advanced and emerging economies, the party in the markets can get even wilder Banks lost Rs 88,553 an hour to cybercrime in last 3 years Nearly 40 cases of cybercrime costing Rs 21.24 lakh a day on an average have been reported by banks between April 1, 2014 to June 30, 2017, shows data of 102 banks of all categories. Essar Steel argues against SBI’s insolvency petition before NCLT SBI’s petition for insolvency proceedings against Essar Steel is incomplete as it isn’t authorized by the bank’s chairman, says the steelmaker’s counsel IL FS' PE arm to raise $1 bn infrastructure fund from pension funds in Japan, South Korea “IIML is establishing a $1-billon infrastructure fund to tap into two distinct opportunity sets,” said Ramesh Bawa, chief executive, IL&FS Financial Services. Microsoft may invest up to $100 mn in Ola parent Microsoft’s investment in Ola parent ANI Technologies could see the firm switch to Microsoft’s Azure cloud services platform from Amazon Web Services (AWS) Is global economic recovery statistical or real? Maybe, beyond raging asset prices and official statistics, there isn’t a real global economic recovery Private healthcare with public money It is imperative to ensure that the association with the private sector, as far as healthcare is concerned, is rooted in principles of justice rather than financial expedience Farm loan waiver: Maharashtra plans special provision of Rs20,000 crore Maharashtra CM Devendra Fadnavis has announced the special allocation to part-finance the Rs34,022 crore farm loan waiver announced in June Paytm forms JV with Hong Kong firm for mobile games Hong Kong’s AGTech Media and Paytm have formed a joint venture for developing mobile games for Indian consumers Subrata Roy seeks time from Irda to turnaround Sahara Life Insurance Irda had flagged concerns over the management of Sahara Life, saying it had reasons to believe the insurer may act in a manner “prejudicial” to the interests of policy holders. Moody’s affirms ratings of 9 banks, downgrades IOB, Central Bank of India Moody’s has affirmed ratings of nine banks, including BoI, PNB and Axis Bank, and downgraded the ratings of Indian Overseas Bank and Central Bank of India Cleaning of banks' balance sheet top priority: Acharya New Delhi, Jul 22 () RBI Deputy Governor Viral Acharya today said the cleaning of banks' balance sheet is the "number one priority" for the central bank. Banks are saddled with non-performing assets (NPAs) of over Rs 7 lakh crore. To suit domestic taste, Ikea to prepare India recipe with local flavours The practice of people driving down to far off locations to pick up a furniture unit, bringing it back home, and building it themselves might not work here, according to Ikea India’s deputy country manager Patrik Antoni. Tomatoes selling at `100/kg; no respite in next few weeks Whether it is tomato soup that you love or creamy butter chicken, be prepared to have your pockets lightened considerably. Fashion and lifestyle brands want their share of GST gains from department chains Retailers have paid 15% service tax on premises they rented out commercially since 2010. With GST implemented from July 1, a range of indirect taxes levied by the centre and state govts. Intellect, Infibeam bag contract for government marketplace Intellect and Infibeam, along with Tata Communications, have proposed to manage the governments e-marketplace portal (GeM). How small-retailer-friendly Shotang hits operational profits in key market 15,000 independent retailers across seven cities transact digitally on the B2B e-comm platform Network challenges: On Reliance JioPhone As the telecom sector faces a price disruption, the regulator needs to bridge the data divide Govt panel for sops to ease financial stress in telecom sector IMG is looking at cutting the interest on deferred payments from 12% PLR to 8% MCLR Airtel chief objects to reduction of call termination charges Airtel boss Sunil Mittal, in a letter to Trai chairman R.S. Sharma, says ‘at a loss as to why Trai should be considering bill and keep model’ and break away from the global practice of interconnect user charges 'Why can't India have its own Baidu?' “Why shouldn’t Indian Railways or India have its own browser, just like China, which ha CCI approves $23 billion Vodafone India-Idea deal In March, Vodafone India and Idea agreed to merge operations in a $23 billion deal, creating the country's biggest telecom player after the entry of new entrant Reliance Jio sparked a price war. Telcos citing TRAI affidavit on network charge are twisting facts: COAI Cellular industry body COAI has alleged that operators citing the telecom regulatory authority TRAI's 2011 affidavit in the Supreme Court to push for scrapping call termination charge are attempting to "distort facts", creating false impression among the public. What's helping India's richest man get richer? India Government is set to lose huge tax money if Reliance Jio Infocomm’s JioPhone, which will be available for a security deposit of Rs 1,500, is a big success in the Indian telecom market. The Reliance Industries (RIL) group company will not be paying 12 percent GST on the handset to the Government because the … Mother's Recipe has expands product portfolio with new range of chutneys To keep up with consumers, Mother’s Recipe has expanded its product portfolio time and again to increase its share within the branded food accompaniments segment. This time, it’s with chutneys Reckitt Benckiser CEO Rakesh Kapoor says GST spurring volatility RECKITTBENCKISER-RESULTS/ (UPDATE 1):UPDATE 1-Reckitt Q2 sales fall after cyber attack Walmart India names Future Consumer's Devendra Chawla as new COO Devendra Chawla’s appointment as Walmart India COO is in sync with the company’s plans to set up 50 new wholesale stores in India over the next 3-4 years FSSAI to decide over introducing pictorial warning on liquor bottles FSSAI is studying global practices regarding messages on dangers of alcohol consumption No time to lose on consumer protection Parliament should pass a pending Bill in this regard. Consumers need new norms in the context of e-commerce transactions Godrej Consumer Product eyes 10% share of hair care market in 2.5 yrs FMCG firm Godrej Consumer Products (GCPL) has forayed Rs 1,200 crore into hair care segment and aims to capture at least 10% market share in next two and a half years. The GCPL hair care segment contributes around 13-14% of the company's revenues in Colgate admits to competition from Patanjali products Colgate-Palmolive India reported a marginal decline in net profit at Rs 142.58 crore for the fourth quarter ended March 31, 2017. Jio is not the giant to be afraid of, new and disruptive technology will be By Anjana Menon India’s 100-tonne gorilla is showing its might, apparently. Reliance Industries, which last year launched its telecom service, Jio, with frugal data pricing and free voice calls, has announced something of an ultracheap... 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