Business

Bezos retires, Andy Jassy takes over as Amazon CEO


San Francisco: Jeff Bezos who founded Amazon exactly 24 years ago on July 5, 1994, has officially stepped down and former AWS executive Andy Jassy has taken over as the CEO of the commerce behemoth. On Amazon investor relations' website, Jassy is now listed as President and CEO of Amazon.com and also serves on the...

In the Market for a New or Used Car? Keep These 4 Tips in Mind


If you’re in the market for a new or used car… you’re not in luck. According to CarGurus, the average price of a used car in mid-May of 2021 was over $25,000, nearly $5,000 more than the previous year. The inflated prices are largely due to a global automotive microchip shortage that affected the...

International flights suspension extended till July 31


New Delhi: India has extended the suspension on international commercial flight operations till July 31, 2021. "In partial modification of the circular dated 26-06-2020, the competent authority has further extended the validity of the circular issued on the above subject... regarding scheduled international commercial passenger services to or from India till 2359 hrs IST of...

Rupee weakens further amid strong dollar, rising oil prices


Mumbai: The Indian rupee continued to depreciate this week amid a strengthening dollar across currencies globally. The rupee ended at 74.32 per dollar, weakening by 9 paise from its previous close. Rahul Gupta, Head Of Research (Currency), Emkay Global Financial Services, said: "The rupee is on an edge, for which the greater sensitivity probably lies towards...

Fight between Amazon, Flipkart vs Reliance, Tata to intensify


New Delhi: As ecommerce regulations are tightened, fight between foreign companies Amazon, Flipkart and Indian companies Reliance, Tata Group is set to intensify. Foreign brokerage, Jefferies said in a note, "The proposed rules now target indirect ownership in vendors, own label, flash sales. Fight between foreign cos (Amazon, Flipkart) & Indian cos (Reliance, Tata Grp)...

Sitharaman announces 8 new schemes to boost economy


New Delhi: Union finance minister Nirmala Sitharaman has announced eight economic relief measures for sectors which have been hit hard by the second wave of the Covid-19 pandemic. Tourism and health sectors were the primary focus of the announcements made by Sitharaman. Here are some key announcements made by the finance minister: (1.) Atmanirbhar Bharat Rozgar...

Indian IT major Tech Mahindra acquires NJ cloud consultant Brainscale


Indian IT major Tech Mahindra has acquired US-based cloud consulting firm Brainscale Inc in an apparent move aimed at capitalizing on the demand for cloud application development services. Princeton, New Jersey-based Brainscale provides data analytics, application development services, in addition to cloud consulting. The company reported $10 million in revenue for the financial year ending on the 31st of December,...

Ayurveda-inspired Indian beauty brand enters US


Washington: A traditional Indian beauty and wellness brand inspired by Ayurveda has announced its entry into the American market as part of the efforts of Indian companies to expand their global footprint. The firm, Aromazeia, launched its collections of essential oils, attar and aromatherapy products, many of which are manufactured in the foothills of Himalayas,...

Gautam Adani not Asia’s 2nd richest any more


New Delhi: Suffering a rout in the stock markets this week, Adani Group Chairman Gautam Adani has lost the coveted tag of being Asia's second richest billionaire. Adani has lost over $12 billion in just four days after concerns over FPI ownership. Adani's net worth has come down to $62.7 billion from $74.9 billion at the...