Current Affairs Business

 Social media giant Facebook has apparently formed a new financial tech firm, Libra Networks LLC, in Geneva, Switzerland. Libra Networks was registered in Geneva by Facebook Global Holdings II LLC. Facebook registered the trademark “Libra” with the United States Patent and Trademark Office back in June, which was reportedly part of its secretive in-house crypto project.
Source- cointelegraph

  Ride-hailing company Ola has launched Ola Money SBI Credit Card in partnership with SBI Card, one of India’s largest credit card issuers. Powered by Visa, the Bangalore-based company aims to provide a flexible and convenient payment system alongside several benefits to its customers. Ola is targeting 10 million Ola Money SBI Credit Cards by 2022.
Source- Business Standard

 Reliance Industries has toppled state-owned Indian Oil Corporation (IOC) to become the country’s biggest company by revenue. The Mukesh Ambani-led conglomerate, in the 2018-19 fiscal year that ended March 31, reported a turnover of Rs 6.23 lakh crore. In comparison, IOC posted a turnover of Rs 6.17 lakh crore for the fiscal. It was also the most profitable company in the country with a net profit of more than double that of IOC in FY2019.
Source- The Hindu Business Line

  State-run telco BSNL has announced that it has joined hands with internet major Google to expand its WiFi footprint across the country. The new initiative will help the customers to use BSNL high-speed internet services on WiFi. Google has previously completed the rollout of RailWAccording to an Analysys Mason study, public Wi-Fi will connect 40 million new users to the internet by 2019.
Source- The Economic Times

  IT services firm Tech Mahindra and French digital content publishing firm Rakuten Aquafadas signed an MoU to collaborate on building enhanced customer experience offerings. Rakuten Aquafadas and Tech Mahindra aim to build a Customer Experience Offering leveraging the suite of software that Rakuten Aquafadas provides for digital publishing.
Source- The Hindu Business Line

 Digital payments company Paytm, in association with Citibank, launched its first credit card called Paytm First Card. Paytm First Card comes with unlimited cash back and will be accepted in India as well globally. The card is issued by Citibank and doesn’t involve any hidden fees or charges. An annual fee of Rs 500 will be fully waived off on expenses above Rs 50,000 per year.
Source- CNBC

  Bharti Airtel and HDFC Life Insurance have tied up to offer life cover for customers who get a prepaid recharge done. Airtel’s new Rs249-prepaid bundle (which will include 2 GB data, unlimited calls across networks, and 100 SMSes per day) will also offer a cover worth Rs4 lakh from HDFC Life.
Source- The Hindu Business Line

  Housing finance major HDFC Limited has partnered with India Mortgage Guarantee Corporation (IMGC) to offer a mortgage-guaranteed home loan product. The partnership aims to make it possible for HDFC to further penetrate the home loan market and access an enlarged customer base, helping them to own a home of their choice. This product will help HDFC to offer more loan to a home loan customer on enhanced eligibility.
Source- The Livemint

  BharatPe – India’s first Fintech start-up enabling payments for merchants through interoperable UPI QR codes, has announced its foray into merchant services with a new app. Along with UPI payments, the app now allows merchants to manage their entire Bahi Khata and even note receivables and payables seamlessly. 
Source- Business Standard

  Reliance Industries Ltd. (RIL) acquired British toy retailer ‘Hamleys’ in an all cash deal. RIL has acquired Hamleys in 67.96 million pounds (about Rs. 620 cr). With this announcement, Reliance will get hold of 100% shares of Hamleys Global Holdings Limited (HGHL).
Source- Business Standard



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