India’s central bank has barred Mastercard indefinitely from issuing new debit or credit cards to domestic customers. The Reserve Bank of India has accused the company of violating data storage laws. The bank said Mastercard had not complied with rules requiring foreign card networks to store data on Indian payments exclusively in India. There has […]
Shares in food delivery app Zomato, one of India’s biggest tech start-ups, have gone on sale in its $1.2bn (£870m) initial public offering (IPO). It raised $562.3m from institutional investors, as they bid for 35 times more shares than allotted to them ahead of the much-anticipated offering. Analysts though are wary of the loss-making company’s […]
Indian e-commerce giant Flipkart has raised another $3.6bn (£2.6bn) ahead of an expected stock market debut. The Walmart-backed company said it will use the money to expand its operations and invest further in its grocery, fashion and delivery service. The latest round of fund-raising increased the firm’s value to $37.6bn. The new valuation is more […]
UK oil firm Cairn Energy has gained the right to seize Indian state assets in France worth more than €20m (£17m) as part of a long-running tax row. A French tribunal ordered a freeze on about 20 properties in central Paris as Cairn increases pressure on the Indian government over disputed tax claims. Cairn said […]
The Gates Foundation has outlined back-up plans in case its co-chairs cannot work together in the wake of their divorce. The deal gives Bill and Melinda Gates a two-year trial, after which Ms Gates could resign from the organisation. Under the agreement, Ms Gates would also receive “personal resources” from her ex-husband for her own […]
Indian police have filed two more cases against Twitter amid growing tensions between the social media platform and the federal government. This is in addition to two other complaints against the company. Police in Delhi filed the case after the National Commission for Protection of Child Rights complained that Twitter was promoting child pornography. Twitter […]
By Dearbail Jordan Business reporter, BBC News Amazon and Google are under investigation over concerns fake five star reviews on their websites could be misleading shoppers. The Competition and Markets Authority is also worried that “law-abiding businesses” who sell over Amazon and Google may be losing out to firms using false recommendations. Amazon and Google […]
China’s best-known entrepreneur Jack Ma is “lying low” and avoiding the spotlight, according to an Alibaba executive. Joe Tsai, who co-founded the Chinese e-commerce giant with Mr Ma, told CNBC he speaks to him every day. “He’s actually doing very, very well. He’s taken up painting as a hobby, it’s actually pretty good,” said Mr […]
Billionaire MacKenzie Scott, ex-wife of Amazon founder Jeff Bezos, has donated another $2.7bn (£1.9bn) to a range of charities. Ms Scott said in a blog post that she wanted to give the money to those “that have been historically underfunded and overlooked”. She wrote that she had chosen 286 organisations working on racial inequality, the arts and […]
Coronavirus pandemic What happens when you combine the world’s biggest boyband with one of the world’s most popular burger chains? Complete and utter chaos, it seems. Or at least that was the experience of a number of Indonesian branches of McDonald’s, which found themselves so swamped with demand for the newly launched BTS Meal they […]
