311

Flipkart Co-Founder Binny Bansal Calls Colleagues To Say He Was Done

New Delhi: For Binny Bansal, the end of his long run as co-founder of India’s most successful startup came Saturday when he began calling colleagues to say he was done. The 37-year-old was stunned that officials from Walmart Inc., his startup’s new owner, were probing details of an affair years earlier. An investigation found no evidence of wrongdoing. Nevertheless, a decade after he created e-commerce leader Flipkart, he was calling to say goodbye.

His ouster, announced Tuesday from Walmart’s hometown of Bentonville, Ark., left workers at Flipkart, half a world away in Bangalore, stunned and struggling to make sense of the cryptic explanation. They worried about Walmart’s motivations and wondered if other Flipkart leaders would exit.

296

Inflation Based On Wholesale Prices Rose To A Four-Month High At 5.28% In October

New Delhi: Inflation based on wholesale prices rose to a four-month high of 5.28 per cent in October, mainly due to spike in petrol and diesel prices, even as food prices softened. The Wholesale Price Index (WPI)-based inflation stood at 5.13 per cent in September and 3.68 per cent in October last year.

According to the government data released Wednesday, food articles witnessed softening of prices with deflation at 1.49 per cent in October, against 0.21 per cent September.

Vegetables too became cheaper with deflation at 18.65 per cent in October, compared to 3.83 per cent in the previous month.

Inflation in ‘fuel and power’ basket in October spiked to 18.44 per cent, from 16.65 per cent in September. Individually, in petrol and diesel it was 19.85 per cent and 23.91 per cent, respectively, and for liquified petroleum gas (LPG) it was 31.39 per cent during October.

281

CEO and Managing Director of Hinduja group flagship firm Ashok Leyland resigns

New Delhi: Chief Executive Officer and Managing Director of Hinduja group flagship firm Ashok Leyland Vinod K Dasari resigned from the company citing personal reasons and his resignation has been accepted by the company board.

However, the board at its meeting here Tuesday asked him to continue till the end of March 2019 to facilitate a smooth transition, Ashok Leyland Chairman Dheeraj Hinduja, who was elevated as Executive Chairman in view of the resignation of Dasari, said.

The board had reappointed Dasari as Managing Director and CEO for a term of five years from April 1,2016 to March 31, 2021.

263

A Year After China Easing Out Local Ownership Rules, Pace Of Change Crawls Than Taking A Sprint

New Delhi: For China watchers, steadily was the key word. Almost exactly a year after the country announced historic plans to ease local ownership rules and entry barriers to what’s now a $45 trillion industry, the pace of change has been closer to a crawl than a sprint. Chinese President Xi Jinping said in a speech last week that the country was “steadily widening the opening up” of its financial industry.

While Xi signalled that China’s opening remains on track despite the country’s trade war with America, he also made it clear that policy makers will move deliberately.

The world’s biggest financial firms have adopted much the same stance. Even as they applaud China’s opening, many are taking a cautious approach as they weigh the country’s enormous long-term potential against its growing number of short-term challenges -- everything from the trade war to sinking stock prices and rising defaults.

241

Alibaba Group Smashes Its Singles’ Day Sales Event Surpassing $24.15 Bn In Under 16 Hours

New Delhi: Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles’ Day sales event surpassing 168 billion yuan ($24.15 billion) sales in under sixteen hours.

Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping U.S. shopping holiday Black Friday.

The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentines Day, but has since grown into a month-long online shopping festival that peaks with a 24-hour sales frenzy on November 11.