Anil Ambani's RCom files for bankruptcy

Reliance Communications Ltd (RCom) on Friday said it will seek fast track resolution through National Company Law Tribunal, the court that deals with bankruptcy cases, to resolve its debt position. The company said lenders had not received any proceeds from its asset monetization plans, and that its overall debt resolution process had not made any progress. Over twelve months, talks with forty lenders to reach a consensus has been impossible

Internet should not be monopoly of few: Ravi Shankar Prasad

Lauding the telecom watchdog’s decision on discriminatory pricing, Communications Minister Ravi Shankar Prasad on Tuesday said internet is one of the finest creations of the human mind and it should not become the monopoly of a few. The Telecom Regulatory Authority of India (TRAI) in a much-awaited regulatory order on Monday had said that no service provider would be allowed to charge “discriminatory tariffs” for data services on the basis

RBI’s actions to boost growth, investment: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday welcomed Reserve Bank’s cutting the key interest rate by 0.5 per cent, nudging banks to transmit the benefit to borrowers so as to boost investments and the economy. The rate cut, he said, will reduce the cost of funds and help economic recovery. “This decision of the RBI will significantly provide policy support to the real economy and help in the recovery process. We

Narendra Modi govt all talk no action: Top US investor Jim Rogers

Commodities guru and hedge fund manager Jim Rogers has sold his holdings in Indian companies and has exited India saying that the Narendra Modi government has failed to live up to the expectations of investors. In an exclusive interview to Mint, Jim Rogers said PM Narendra Modi’s government “has been all talk and no action”. He also said that one “can’t just invest on hope”. He told that he had

PM Narendra Modi to launch 3 major insurance, pension schemes today

After Jan Dhan, Prime Minister Narendra Modi will launch three mega social security initiatives – one pension and two insurance schemes on Saturday. The schemes will be launched in Kolkata, capital of West Bengal where assembly elections are due next year. More than a dozen Union ministers will also fan out across the country on Saturday for the roll-out of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri

India can achieve 8-9 percent growth rate: Manmohan Singh

India can achieve a growth rate of 8-9 per cent provided there is a “national consensus” on methods to take advantage of globalised world, said former Prime Minister Manmohan Singh, whose tenure saw the economy registering three years of 9-plus growth rate. “I think that even though many other emerging economies are not doing too well, India has an opportunity to move towards a growth rate of 6-7 per cent

Arun Jaitley to meet state Finance Miniters today on GST

Finance Minister Arun Jaitley will today meet his state counterparts to iron out the “challenges” in rolling out the Goods and Services Tax (GST).The meeting would “discuss some of the challenges that the states see at this point of time”, Minister of State for Finance Jayant Sinha told reporters on the sidelines of Delhi Economics Conclave here on Wednesday.“On GST we are working on variety of discussions with the states.

Cognizant to buy IT firm TriZetto Corporation for $2.7 bn

Cognizant Monday said it will acquire US-based TriZetto Corporation for USD 2.7 billion in an all cash deal, a move which will help the IT services firm tap the lucrative healthcare IT software and solutions market. The acquisition will create an entity with more than USD 3 billion in combined healthcare revenue, serving around 245,000 healthcare providers (hospitals, clinics, etc) and about 350 payers. Privately-held TriZetto is a provider of

Ex-Microsoft CEO Steve Ballmer purchases LA Clippers

The NBA has reportedly named former Microsoft CEO Steve Ballmer as the owner of the Los Angeles Clippers. After facing some hurdles, Ballmer finally sealed the two billion dollars-deal and has now become one of the 30 league owners, reported The Verge. He spelled his plans for the team by saying that he has a big, bold dream for the NBA team. The sale was necessitated by former owner Donald

Google can predict stock market crashes: Study

A rise in Google searches for terms relating to business and politics can predict a future stock market crash, researchers have claimed. A team of researchers from Warwick Business School in the UK and Boston University in the US has developed a method to automatically identify topics that people search for on Google before subsequent stock market falls. Applied to data between 2004 and 2012, the method shows that increases

Flipkart raises $1 bn funding; drops plans to go public

India’s largest e-Commerce firm Flipkart on Tuesday said it has raised USD 1 billion (over Rs 6,000 crore) in fresh funding from a group of investors, the largest so far in the fiercely competitive online shopping segment in the country. The company did not disclose its new holding pattern. The sources said, however, that with this round of fund raising, Flipkart is valued at about USD 7 billion (around Rs

iPhone 5S and 5C Earn Apple $7.7 Billion Profit!

The California-based company Apple posted a profit of $7.7 billion on revenue of $37.4 billion in the three months period to June 28, an increase of 11.6% from a year ago. Apple said it sold 35.2 million iPhone in the quarter, a rise of nearly 13% from the same period a year earlier. “Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued