Miscellany

Miscellany

Flipkart moves into swanky new address in Bangalore

Google probably had the “coolest and smart’’ workspace in Bangalore some 10 years ago, and its employees were literally pampered with exotic fruits, expensive nuts and exclusive chocolates, of course in addition to a lot of fun and frolic on the floors. Now, Flipkart executives in the city are a proud and happy lot as they have a swanky and all new place to go to work. India’s homegrown e-commerce player, Flipkart, has recently consolidated its presence in the city by moving into a 8.3 lakh square feet office spread across 30 floors with a seating capacity of 7,387.

India anti-trust case against Google goes to appeal

Google has appealed against a ruling by India’s competition watchdog that found it guilty of “search bias”, while the website that brought the case also challenged the outcome, complaining the online search giant had got off too lightly.

In February, the Competition Commission of India (CCI) fined Google 1.36 billion rupees ($21 million), saying it was also abusing its dominance by giving its own online airline flight search product an unfair advantage over rivals.

Google, the core unit of U.S. firm Alphabet Inc, said on Tuesday it had filed an appeal.

‘It’s for central bank to decide on Chanda’

It is for the Reserve Bank or ICICI Bank board to decide if bank CEO and managing director Chanda Kochhar should continue or not, a senior official in the finance ministry said.  The RBI governor has been saying that he has more power over the private sector, he stressed. The private sector banks deal with public money as well.

Fitch flags governance issues at ICICI

Rating agency Fitch in a credit market commentary said allegations against ICICI Bank pose reputational  risks and it would take appropriate rating action if risks to bank’s reputation and financial profile were to rise considerably.

Facebook did not do enough to prevent misuse: Zuckerberg

Facebook Inc chief executive Mark Zuckerberg told Congress in written testimony released on Monday that the social media network did not do enough to prevent misuse and apologised. “It’s clear now that we didn’t do enough to prevent these tools from being used for harm,” he said in written testimony released by the US House Energy and Commerce Committee.

“We didn’t take a broad enough view of our responsibility, and that was a big mistake,” his testimony continued. “It was my mistake, and I’m sorry. I started Facebook, I run it, and I’m responsible for what happens here.”

Walmart completes due diligence

Taking a step closer towards a deal to pick up majority stake in Flipkart, Walmart completed a due diligence process.

While Walmart proposes to buy a controlling stake of 51 to 55 per cent in Flipkart for a valuation close to $20 billion, further negotiations will be held on the basis of the due diligence and a final decision on the stake and the valuation will be taken, sources privy to the development said. During the last round of fund raising Flipkart was valued a little more than $14 billion. When contacted by Financial Chronicle, Walmart refused to comment.

IBS readies $100 mn to fund its play

IBS Software Services has chalked out its plans for another round of inorganic play.

The company that made six different acquisitions in the last 10 years has now set aside $100 million to acquire capabilities across travel, transportation and logistics spaces. It’s currently in the process of identifying suitable picks across multiple geographies.

Public wifi hotspots to proliferate broadband across the country

Trai on Thursday sought telecom ministry's nod for carrying forward its proposal on creating a framework for public wifi hotspots to proliferate broadband across the country, a move that would increase the number of access points for high digital inclusion.

But industry expert says as the current licensing regime stands of DoTstands, these could raise some regulatory, parallel network and revenue issues with the government besides opposition from private operators who could take a hit on their revenue .

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