BUSINESS

One percent of Indians own 58% of country’s wealth

Fifty-seven billionaires in India possess as much wealth as the poorest 70% of the country, according to a report on global inequality released on Monday by Oxfam, an international confederation of 18 non-governmental organisations. By comparison, eight men across the

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Eight billionaires ‘as rich as world’s poorest half’

The world’s eight richest individuals have as much wealth as the 3.6bn people who make up the poorest half of the world, according to Oxfam. The charity said its figures, which critics have queried, came from improved data, and the

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Ray-Ban maker Luxottica agrees €46bn merger with Essilor

Luxottica, the world’s biggest glasses maker, has agreed a huge merger with a rival eyewear firm. The Italian eyewear designer, which owns Ray-Ban and Oakley, is to merge with French lens maker Esillor. Combined, the two firms will be worth

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S Korea corruption: Prosecutors to seek arrest warrant

South Korea’s special prosecutor is seeking an arrest warrant for Samsung heir apparent Lee Jae-yong, accused of bribery, embezzlement and perjury. The case is linked to a scandal that led to the impeachment of the country’s President Park Geung-hye. Samsung

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Fiat accused over emissions software

Fiat Chrysler has been accused of not telling authorities about software that regulates emissions in thousands of its diesel vehicles. The US Environmental Protection Agency (EPA) said the company broke the law by installing, but failing to disclose, the technology

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Tata Sons names insider Chandrasekaran as new chairman

India’s $100 billion salt-to-software Tata conglomerate named veteran insider Natarajan Chandrasekaran as the new chairman of its holding company on Thursday, looking to soothe investors after a bruising public spat over the ouster of his predecessor. Chandrasekaran, 53, currently chief

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Sushma tells Amazon Canada to withdraw Indian flag themed doormats

New Delhi [India], Jan.11 : Taking strong objection to selling of doormats featuring Indian flags on Amazon, Canada, External Affairs Minister Sushma Swaraj on Wednesday warned the e-retailer company to withdraw all products “insulting national flag immediately”, adding that non-compliance

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Jio beats Airtel, now fastest among all 4G services: TRAI data

Reliance Jio beat Airtel, Vodafone and others, becoming the fastest among all 4G service providers in India in December 2016, according to data released by the Telecom Regulatory Authority of India. TRAI’s MySpeed portal had previously in October revealed that

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VW set to pay $4.3bn for emissions cheat

Volkswagen has agreed a draft $4.3bn (£3.5bn) settlement with US authorities over the emissions-rigging scandal. The German car maker also said it would plead guilty to breaking certain US laws. VW said it was in advanced discussions with the Department

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Tata Sons calls EGM on Feb 6 to oust Mistry as Director

New Delhi : After ousting him as Chairman, Tata Sons has called a shareholders’ meeting on February 6 to remove Cyrus Mistry as director of the holding company of the $103-billion Tata Group. Tata Sons had abruptly removed Mistry as its

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Tata Power appoints S Padmanabhan as chairman

New Delhi [India], Jan 5 (ANI): Tata Power on Thursday announced the appointment of S Padmanabhan as its chairman in place of Cyrus Mistry who resigned last month. In December, Tata Power brought back S Padmanabhan, who was executive director

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Chinese Media Warns Beijing Of India’s Takeover As World’s Manufacturing Hub

BEIJING: Apple expanding its business in India could have other tech giants follow suit and threaten China’s position as the manufacturing powerhouse, Chinese state media said today, adding that Beijing will have to upgrade its manufacturing to further attract offshore

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Alibaba cracks down on counterfeiters on their platform

Chinese e-commerce giant Alibaba has sued two vendors for selling counterfeit goods, weeks after being blacklisted by a US industry watchdog. It’s the first time the firm has taken legal action against counterfeiters. Alibaba sued the vendors for allegedly selling

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Facebook’s Mark Zuckerberg takes up challenge to tour US

Mark Zuckerberg has announced plans to spend 2017 touring the US – in the Facebook founder’s latest ambitious New Year’s resolution. He posted that this year’s personal challenge is to “have visited and met people in every state in the

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Ford Motors cancels $1.6bn Mexico plant

US car giant Ford has said it will cancel a $1.6bn plant it planned to build in Mexico but will extend its operations at its factory in Michigan. Ford will invest $700m on expanding its plant at Flat Rock, Michigan.

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