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BUSINESS LATEST NEWS 

Google fined record $2.7bn by EU for favouring its own e-commerce service

European Union antitrust regulators hit Alphabet unit Google with a record 2.42-billion-euro ($2.7 billion) fine on Tuesday, for illegally favouring its own online shopping service in its search results. The move indicates the European regulators will likely take a tough line with the Silicon Valley giant in two other ongoing cases. The European Commission said the world’s most popular internet search engine has 90 days to stop favouring its own shopping service or face a further penalty of up to 5% of Alphabet’s average daily global turnover. The commission found…

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BUSINESS LATEST NEWS 

This 16-year-old innovator has given the experience of sight to the visually impaired

Gursimran Singh, a 16-year-old class 12 student from Gurugram, has introduced the concept of ‘imagine or visualise’ in the lives of the sightless. Sight. A one-syllable word, but a sense that perceives 80 percent of all impressions. We interpret the world, its beauty, its dangers, with our eyes. Close them and we are in a world of endless darkness. It is true that the blind do not miss what they never had. This doesn’t mean we accept their state or our inability to help them. After all, nothing can exceed…

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BUSINESS 

An Uber for ambulances ?

We live in a mostly smart world that continues to be foolish where it matters. Your comfort food cravings today will be met with a perfectly orchestrated dance of transparency and accountability, and every cog in the supply chain falls in line with such comical urgency as though it is a matter of life and death, which is ironic, because when it does come to such matters, our emergency services are thoroughly lacking. Jeetendra Lalwani and Nilesh Mahambre, who met at a river cleaning drive in Mumbai, recognised the need…

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BUSINESS 

Uber’s in more trouble than ever for stealing self-driving tech from Google

As if things couldn’t get any worse for Uber, which ousted its CEO yesterday, the company’s troubles in connection with allegations of stealing self-driving tech from Google spin-off firm Waymo are about to get a lot worse. In a court filing, Waymo said that Uber has admitted it knew, around some time in March 2016, that one of its execs had secured documents pertaining to self-driving tech from his previous company. Axios noted: According to new court documents filed by Waymo, Uber has acknowledged that Anthony Levandowski told Travis Kalanick…

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BUSINESS 

Argos worker whose cost-cutting idea ‘helped the firm save £1.5million’ gets a £10 gift voucher as thanks

An Argos employee proposed an idea to save it £1.5million – and received a £10 gift voucher. Driver Mark Heslehurst said he emailed several notions to the catalogue giant’s new owner Sainsbury after its boss wrote to staff asking for any cost-cutting suggestions. The single dad claims he was invited to present these at Argos HQ in Milton Keynes, Bucks. “Some they liked, some they discussed, some they rebuffed,” he said. “But one that stuck was for Argos vans to use only Sainsbury’s petrol stations to refuel. The chairman wrote…

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BUSINESS 

Morning Agenda: Inside Travis Kalanick’s Resignation

The final hours of Travis Kalanick’s tenure as Uber’s longtime, aggressive chief executive came down to a Chicago hotel and an ultimatum by two investors. Matt Cohler and Peter Fenton of Benchmark, a venture capital firm that had a seat on the board of the ride-hailing company, flew out to hand-deliver a letter with a list of demands, according to The New York Times. At the top of the list: Resign before the end of the day. Here’s the full list of demands, per our Mike Isaac: cc @MikeIsaac —…

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BUSINESS FUN FACTS 

Now You Can Get Fuel Delivered To Your Home

A Bengaluru-based start-up company called ANB Fuels Private Limited has recently started a new fuel delivery service called ‘My Petrol Pump’. Currently available only in few selected areas in Bengaluru, My Petrol Pump offers both pick-up and doorstep delivery to its customers. Right now, customers only have the option to buy diesel from My Petrol Pump, which will be offered at the same price as available at any fuel station. There will also be a minimal delivery charge of ₹ 99 for fuel up to 100 litres and for quantity…

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BUSINESS POLITICS 

Snub to Trump? Indian IT not dependent on H-1B: Infosys CEO Vishal Sikka

Infosys CEO Vishal Sikka has refuted the general impression that the Indian IT industry is overly dependent on H-1B visas for its business mode, amid the Trump administration’s crackdown on firms abusing the visa system to hire foreign workers on a low wage. Sikka also believes that the Indian IT companies need to grab the opportunities provided by new technologies like artificial intelligence in a big way to retain its global leadership edge in this fast changing infotech environment. “It is wrong to say and to think that we are…

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BUSINESS POLITICS 

President Trump Using Trump Hotel to Hold Trump Re-Election Fundraiser

President. Candidate. Businessman. Three of President Donald Trump’s roles converge next week as he holds his first re-election fundraiser at his hotel in Washington. Trump can see the Trump International Hotel from the White House lawn, making it a premier and convenient location for the June 28 major-donor event, his campaign director Michael Glassner said. But the choice also raises ethics questions, according to conflict of interest attorneys who have been critical of Trump’s decision not to cut financial ties with his global business empire. Kathleen Clark, a former ethics…

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BUSINESS 

102 realtors owe Gr Noida Rs 4,000 crore

After Noida Authority, the Greater NoidaIndustrial Development Authority (GNIDA) has uploaded a list of realtors, including group housing and industrial developers, who have defaulted on payments. Putting out a list of 1,363 defaulters on its website, the GNIDA has warned of strict action including lease deed cancellations and issuance of recovery certificates if defaulting allottees do not opt for the rescheduled payment plan. GNIDA Authority created circumstances for existence and encouraged flourishing of default businesses. Now it is talking about cancellation of land allotment and putting all the buyers on…

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BUSINESS 

Uber Co-Founder Travis Kalanick Resigns Under Pressure As CEO

The chief of Uber has resigned. Travis Kalanick, under pressure from his top investors, announced his departure Tuesday night. The move, which comes as a surprise to employees, plunges one of the largest private companies on Earth into an even bigger leadership vacuum. A week ago, Kalanick said he was stepping away from his position as CEO temporarily, taking a leave of absence to mourn his mother, who recently died in a boating accident, and to work on his leadership, to grow into “Travis 2.0.” Now it turns out, investors…

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BUSINESS 

Ex-Barclays CEO charged with fraud

Rio Tinto director John Varley and three other former executives of Barclays are facing possible jail sentences after they were charged with fraud over a mammoth capital raising undertaken by the British bank during the global financial crisis. Mr Varley, who was chief executive of Barclays at the time, was charged last night by Britain’s Serious Fraud Office with two counts of conspiracy to commit fraud by false representation and one count of providing unlawful financial assistance. The offence of conspiracy to commit fraud by false representation carries a jail…

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