Current Affairs Business

 Infosys has completed the acquisition of WongDoody Holding Company, a US-based digital creative and consumer insights agency, for a total consideration of upto $75 million. Founded in 1993, WongDoody has clients across industries like telecommunications, consumer electronics, healthcare and consumer packaged goods.
Source- Zee News

 Software giant Microsoft has surpassed Google’s parent company Alphabet in market capitalisation for the first time in three years. Microsoft has now become the third most valuable firm globally after Apple and Amazon. Microsoft had a market cap of $753 billion at the close of trading, almost $14 billion ahead of Alphabet. While Apple leads with a market cap of nearly $924 billion, Amazon is at a distant second, with nearly $783 billion.
Source- The Times of India

 BMGI, a global management consulting firm, has entered into a strategic partnership with SmartConnect Technologies, which provides Social / Digital Process Transformation through its IP-suite UNFYD®COMPASS across Marketing, Sales, Customer Service, mobility and field service operations.
Source- ANI News

  E-Way Bill system for intra-State movement of goods will be implemented in seven more states and Union Territories from 27th May 2018. The States are Maharashtra, Manipur, Chandigarh, Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu and Lakshadweep. 
With this, the number of States, where the system is being implemented, will go up to 27.  As per the decision of the GST Council, e-Way Bill system has been rolled out from 1st of April this year. 
Source- All India Radio (AIR News)
   

  Leading digital financial services platform, MobiKwik, announced the launch of Unified Payments Interface (UPI) on its platform via its own Virtual payment address (VPA) handle @ikwik. MobiKwik's users can, by default, use their mobile number as their own VPA which will be '@ikwik'.
hey will also be able to link multiple bank accounts with just one VPA and users can change primary account as per their requirements. MobiKwik is the first in the industry to offer UPI access to a huge base of three million merchants on its app.
Source- The Moneycontrol
   

  Reliance Industries Ltd. (RIL) has received environment clearance for the expansion and optimisation of its petrochemical complex at Nagothane in Raigad district of Maharashtra at an estimated cost of Rs 2,338 crore. The proposal is to expand the gas cracker and downstream plants located at Nagothane village in Raigad district by way of debottlenecking, expansion and change of fuel in a captive power plant (CPP).
Source- The Moneycontrol

  Tata Steel, whose bid for debt-ridden Bhushan Steel was approved by NCLT, would implement the resolution plan through its step-down subsidiary Bamnipal Steel Ltd. Bamnipal Steel would invest in the debt-ridden company and acquire control on the closing date. As per the terms of approved Resolution Plan, Bamnipal Steel Limited (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e. at Rs 2 per share, for an aggregate amount of Rs 158.89 crore.
Source- The Moneycontrol

  The government has approved the merger of the local unit of Norway’s Telenor with Bharti Airtel, clearing the last hurdle for the deal to go through. The Department of Telecom (DoT) had transferred all licences and liabilities of Telenor India to Bharti Airtel.  Airtel will begin integrating Telenor India’s operations across seven circles- Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.
Source- The Hindu

 FIH Mobile, the investment subsidiary of Foxconn Technology Group, the world’s largest contract manufacturing giant, has written off an additional $40 million of its $200 million bet on Gurgaon-based online marketplace Snapdeal. The latest write-down comes about nine months after the Hong Kong-listed unit of the Apple iPhone manufacturer announced that it had undertaken an impairment loss of $160 million. In its 2017 annual report, FIH Mobile has stated the company had come to the view that its entire $200 million investment in Jasper Infotech, first announced in September 2015, cannot be recovered.
Source- The Economic Times  

 Chinese e-commerce giant Alibaba had purchased leading Pakistani online retailer 'Daraz', continuing its overseas expansion by gaining a foothold in the growing South Asian consumer market. China is seeking closer economic ties with Asian neighbours including Pakistan through its Belt and Road initiative, a strategy to increase trade links that are led primarily by infrastructure projects. Daraz, founded in 2012, was purchased from Rocket Internet, a Berlin-based incubator of online startups.
Source- The Economic Times


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