Business

Citibank Exit: Looking for Buyers for Business in India, No Impact on Existing Customers, Says Official

In a major move, American banking company Citigroup announced on Thursday that it will be exiting 13 international consumer banking markets, including India and China as part of its global strategy. The company said it will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. India […]

Business

Record penalty for Ma’s Alibaba marks tumultuous stretch for its founder

Once seemingly untouchable, Alibaba founder Jack Ma has endured a tumultuous run that saw his Chinese e-commerce giant hit with a record 18 billion yuan ($2.75 billion) antitrust fine on Saturday, resolving one key uncertainty even as others persist for himself and his business empire. The reversal of fortune for the 56-year-old Ma, who has […]

Business

Exports Jump 60% in March; Falls Over 7% to $290 Billion in FY21

The country’s exports jumped by 60.29 per cent to $ 34.45 billion in March even as the outbound shipments contracted by 7.26 per cent during the full 2020-21 fiscal to $ 290.63 billion. Imports too grew by 53.74 per cent to $ 48.38 billion in March, but dipped by 18 per cent to $ 389.18 […]

Business

Microsoft in talks to buy AI firm Nuance Communications for about $16 billion

Microsoft Corp (MSFT.O) is in advanced talks to buy artificial intelligence and speech technology company Nuance Communications Inc (NUAN.O) at about $16 billion, according to a source familiar with the matter. The price being discussed could value Nuance at about $56 a share, the source said, adding that an agreement could be announced as soon […]

Business

China’s antitrust regulator bulking up as crackdown on behemoths widens

China’s competition watchdog is adding staff and other resources as it ramps up efforts to crack down on anti-competitive behaviour, especially among the country’s powerful companies, people with knowledge of the matter said. Beijing’s plan to bulk up the State Administration for Market Regulation (SAMR) comes as China revamps its competition law with proposed amendments […]

Business

Apple agrees to testify before U.S. Senate on app store antitrust concerns

A senior Apple Inc (AAPL.O) executive has agreed to testify before the U.S. Senate on competition issues related to mobile app stores, days after panel leaders criticized the company for refusing to appear. The company said in a letter sent to senators, seen by Reuters, that Chief Compliance Officer Kyle Andeer will be available to […]

Business

Big U.S. Treasury auctions could restart rise in yields

U.S. Treasury auctions offering $271 billion of new debt and a key inflation report this week could end a recent lull in the bond market, reigniting a rise in yields that worried investors in the first quarter. Treasury yields have dipped since April 1 during a two-week pause in issuance, reversing some of the dramatic […]