Miscellany

Miscellany

India Is Cutting Imports of Iranian Oil to Zero in November

India isn’t planning to buy any Iranian oil in November, raising the prospect that Tehran will lose another major customer as U.S. sanctions hit and spurring speculation over whether China will follow suit.

India is joining other Asian buyers such as South Korea and Japan that have already halted imports from the Persian Gulf state before American restrictions take effect in early November. It’s unclear if China, the world’s biggest oil importer as well as Iran’s top customer, will persist with purchases.

WhatsApp co-founder Acton flags tensions with Zuckerberg

WhatsApp co-founder Brian Acton had disagreements with Facebook chief executive Mark Zuckerberg and chief operating officer Sheryl Sandberg over monetisation of the messaging service before he left the company, according to an interview with Acton published by Forbes on Wednesday.

Facebook-owned Instagram’s co-founders Kevin Systrom and Mike Krieger were the latest senior executives to leave the social media company on Monday, with many media reports saying friction with Zuckerberg had caused the departures.

Yes Bank board seeks more time for Rana Kapoor

The board of private sector lender Yes Bank would request the Reserve Bank of India (RBI) to extend Rana Kapoor’s term as the bank’s MD & CEO by a year in two steps — first till April 30, 2019 for finalisation of accounts and thereafter up to September 30, 2019 in order for the statutory AGM process to be completed.

Branded mother’s milk for needy babies

Mother’s milk too has a brand now. Bangalore-based NeoLacta Life Sciences supplies 100 per cent mother’s milk with a shelf life of 12 months.

NeoLacta is the only company in India which makes products based out of mother’s milk for pre-term and low-weight babies and babies whose mothers have lactating issues.

Oyo raises funds from Softbank

Aggregator turned hotel chain OYO is raising $1 billion from Softbank Vision Fund and a few other investors. The latest round of funding has valued the company at $5 billion.

OYO has raised $800 million from investors led by SoftBank Investment Advisers (SBIA) through SoftBank Vision Fund with participation of existing investors, Lightspeed Venture Partners, Sequoia and Greenoaks Capital. The hotel chain also has received a commitment of an additional $200 million, bringing the total size of the round to $1 billion.

214 more Indians join Rs 1,000 crore plus net worth club

Number of Indians with more than Rs 1,000 crore net worth in the Barclays richest Indian list this year has gone up to 831 from 617 in 2017. Number of women in the list has also increased by 157 per cent to 136.

Significantly, these 831 individuals collectively own a quarter of the nation’s GDP with a net worth of $719 billion, says the report. The report quotes the IMF April 2018 data to peg GDP at $2.85 trillion.

MNC employees earn 185% more than domestic counterparts

An employee in a wholly or partly foreign-owned company earns an average salary which is 185 per cent higher than what his counterpart in a domestic company earns. The difference has only worsened in 2017 against the previous year.

Ride-hailing firm Careem enters India with Commut app purchase

Dubai’s ride-hailing app Careem on Monday said it has acquired Hyderabad-based bus-shuttle service app Commut for an undisclosed amount.

Commut was set up in 2015 by six IIIT-Hyderabad graduates and is operational in the city. Backed by Shell-Foundation and 50K Ventures, Commut has served over 70,000 customers and onboarded 400 driver-partners. It has made over 7.5 lakh trips in over 100 existing routes.

Most sought after job today: Cyber security professionals

In an age of ever-increasing cyber frauds and attacks, one of the most sought after jobs is that of cyber security professionals. As the demand for the professionals are increasing from different sectors, supply is able to meet only one-tenth of the demand. The demand for professionals will touch 10 lakh by 2020, whereas the supply remains limited at 1 lakh.

WhatsApp appoints grievance officer for India

Under pressure to clamp down on sinister messages, Whatsapp has appointed a grievance officer for India and detailed out the process for users to flag concerns and complaints, including those around fake news. Meeting one of the key demands that India had put on Whatsapp to curb fake messages that triggered mob killings, the Facebook-owned company has updated its website to reflect the appointment of a ‘Grievance Officer for India.’

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