Troubled Japanese conglomerate Toshiba agreed on Wednesday to sell its prized memory business to a consortium led by Bain Capital Private Equity. Toshiba, the world's second-largest producer of NAND memory chips, said the deal was worth about 2 trillion yen ($18 billion). The deal could potentially help Toshiba plug a hole left in its finances following the bankruptcy of U.S.…
Unemployment is the topmost risk that Indian businesses face, as per new data from a survey by the World Economic Forum (WEF) which is published by partners of the Forum’s Global Risks Report, Marsh & McLennan Companies and Zurich Insurance Group. Even globally, unemployment or underemployment has been cited as the number one risk. The new data is drawn from…
With 75 per cent of businesses waiting till the last day to file August GST returns, Finance Minister Arun Jaitley today asked them to avoid last-minute rush for tax filing. He said the GST Network (GSTN) has the capacity to handle 1 lakh returns per hour, which translates to 24 lakh returns in a day. "Today is the last day…
Uber Technologies Inc [UBER.UL], which is the subject of a federal probe into whether it broke bribery laws, has started a review of its Asia operations and notified U.S. officials about payments made by staff in Indonesia, Bloomberg reported, citing people with knowledge of the matter. A source familiar with the matter told Reuters that the Bloomberg report was accurate.…
Online food delivery start-up Swiggy (Bundl Technologies Pvt. Ltd) is in talks to hire a new chief operating officer (COO) for its main marketplace business and is also in the process of building out a new “cloud kitchen” vertical for which it is expected to hire a new chief executive officer, according to three people aware of the developments. Swiggy…
US tech titans Apple and Dell have joined a bid to buy Toshiba's memory chip business, a deal seen as key to the survival of the cash-stripped Japanese industrial conglomerate, the US investor leading the consortium has said. "Last week Bain Capital made a revised offer" for Toshiba, which "brings in a broad list of strategic partners including Apple, Dell"…
Shares of Reliance Communications ended lower on Friday amid reports that Aircel is likely to file for bankruptcy under the Insolvency & Bankruptcy Code. The stock fell 4.87 percent lower at 20.50 level on the BSE. However, an Aircel spokeperson denied any move to file for bankruptcy under the Bankruptcy Act, the Economic Times (ET) reported. Earlier, a report by…
Silicon Valley’s next hot startup isn’t likely to be a video chat app. Nor is it likely to be an on-demand service, like Instacart or Uber. But maybe it could be — and this isn’t a joke — a law firm. That is, at least, the ambition of Justin Kan, a serial entrepreneur who knows a thing or two about…
Silicon Valley venture firm Social Capital just completed the first step in its mission to take startups public without an IPO. The team has listed something called a special purchase acquisition company, known as a SPAC. More common outside of the tech industry, these blank-check companies are specifically designed to buy private companies and bring them public without going through…