PM Modi Says Pakistan Will Pay Heavy Price, Govt Withdraws MFN Status

Pulwama Terror Attack LIVE Updates: Prime Minister Narendra Modi on Friday said Pakistan will have to pay a heavy price for the terror attack in Pulwama a day after a car bomber belonging to the Jaish-e-Mohammad killed 37 CRPF jawans. The government has also announced it will withdraw the most favoured nation tag given to Pakistan, effectively closing down trade further between the two countries. The Prime Minister, after chairing a Cabinet Committee on Security meeting with his top ministers, said the security forces have been given full freedom to…

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Airlines jack up fares on popular routes

Airlines have, across domestic sectors, jacked up fares to an all-time high in what is seen as a change in pricing strategy which, industry analysts say, is a sign of cartelisation since all airlines are at it. With no airline announcing a flash sale, fares remain high till March-end. Fares on popular sectors like Mumbai-Delhi, Delhi-Bangalore, Delhi-Chennai are all double the normal fares. Travel trade says that cheaper fares are available only on bookings done 30 days in advance. “Flight fares for major domestic sectors are facing an all-time high…

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U.S. to discuss trade, e-com rules with India

U.S. Ambassador Kenneth I. Juster will lead a delegation of officials to hold talks with Union Commerce Minister Suresh Prabhu on Thursday to resolve several sore trade points, including the concerns of American CEOs regarding doing business in India and bilateral trade imbalance. The status of the review of India’s eligibility for the Generalised System of Preferences (GSP) is also likely to come up in the light of recent developments where the U.S. has again threatened to withdraw the export exemptions for India. U.S. Commerce Secretary Wilbur Ross will participate…

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How a 27-year-old CEO, with India connection, built a near $1 billion fashion startup in Southeast Asia

Zilingo Pte’s path to becoming a fashion platform with a valuation approaching $1 billion began in December 2014 when Ankiti Bose, then an analyst at Sequoia India, chatted with a neighbour at a house party in the Indian tech capital Bengaluru. Bose, then 23, and Dhruv Kapoor, a 24-year-old software engineer at gaming studio Kiwi Inc., quickly realized they had complementary skills and similar ambitions to build their own startup. Four months later they had quit their jobs, and each had put in their $30,000 in savings to found Zilingo,…

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Grounded by New Rules, Amazon Changes Business Structure To Bring Big Seller Back: Report

Grounded by New Rules, Amazon Changes Business Structure To Bring Big Seller Back.

New Delhi: One of the biggest sellers on Amazon.com Inc’s India website has returned after the online retail giant changed its business structures to comply with new federal e-commerce curbs that took effect last week, two sources told Reuters. India’s modified foreign direct investment rules that kicked in on February 1, prevent companies such as Amazon from selling products from vendors where they, or their group companies, have equity holdings. Amazon was forced to remove hundreds of thousands of items sold by top vendors Cloudtail and Appario as it indirectly…

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Agri business, hotels boost ITC profit

ITC Ltd. closed the second quarter with a 11.9% rise in its net profit to ₹2,954.7 crore on a revenue of ₹11,272.5 crore. Cigarette revenues and profits too were higher during the quarter, said a regulatory filing. Revenues were driven mainly by FMCG – others, agri-business and hotels business, the company said in a statement. ITC shares fell by 2.3% on the BSE and 2.7% on the NSE. ITC said that its FMCG-others segment revenues rose 12.7% with most categories improving their market-standing. Profitability improvements were driven by enhanced scale,…

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Flipkart billionaire Binny Bansal breaks his silence after Walmart ouster

It’s been less than three months since Binny Bansal’s shock ouster from Flipkart, the e-commerce giant he founded over a decade ago. The entrepreneur once celebrated for jumpstarting India’s internet retail industry is now dedicating himself to helping other founders get their startups off the ground. Bansal, who departed after Flipkart’s new owner Walmart Inc. investigated alleged personal misconduct, is now focused on xto10x Technologies, a startup he co-founded with former colleague Saikiran Krishnamurthy. It’s aimed at helping entrepreneurs navigate the often-tricky Indian startup scene. Bansal’s already put together an…

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SBI Sees Asset Quality Improve Further After Quarterly Profit Beats Estimates

SBI Sees Asset Quality Improve Further After Quarterly Profit Beats Estimates

State Bank of India (SBI) on Friday said it expects non-performing asset levels to come down in the short term after it beat expectations with its highest quarterly profit in nearly seven years. The strong results highlight a recovery at the country’s biggest lender by assets, where results have been depressed over the past year by higher provisioning after the central bank tightened rules to tackle record levels of bad debt. SBI, which accounts for more than a fifth of India’s banking assets, saw its gross bad loans as a…

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Jet Airways accepts Etihad bailout plan, chairman Naresh Goyal may resign: Report

Jet Airways accepts Etihad bailout plan, chairman Naresh Goyal may resign: Report

Jet Airways (India) Ltd has agreed to most of the conditions set by its partner Etihad for offering a lifeline to the debt-laden domestic carrier, Business Standard reported on Friday, citing sources. Both the airlines are set to sign a memorandum of understanding (MoU) within days, which would result into stepping down of Jet Airways founder Chairman Naresh Goyal from the board of directors, the report said. Jet Airways and Etihad were not immediately available for comment.

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Amazon Removes Numerous Products from India Site as New e-Commerce Rules Bite

Amazon Removes Numerous Products from India Site as New e-Commerce Rules Bite

New Delhi/Mumbai: E-commerce rules that went into effect in India on Friday caused widespread disruption for Amazon.com, forcing it to take down an array of items from its India website, including Echo speakers, batteries and floor cleaners. Two sources with direct knowledge of the matter said the products began to disappear from the Amazon India site late on Thursday as it began complying with the revised norms before a midnight deadline. “The company has no choice, they are fulfilling a compliance requirement … customers will suffer,” said one of the…

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