Google bets on India's digital future, to invest Rs 75,000 cr in 5-7 yrs
Google announced "Google for India Digitization Fund" worth $10 bn (Rs 75,000 crore), which the technology giant would invest in India over the next 5-7 years. The investment will be done through a mix of equity investments, partnerships, and operational, infrastructure and ecosystem investments. Read more.
Economic recovery to gather pace in H2-2020; stay negative on India: Nomura
With most countries in an unlock mode after the stringent lockdown triggered by the Covid-19 over the past few months, Nomura expects an uptick in economic growth rates as measured by GDP for most Asian countries in the second half of calendar year 2020 (H2-2020) as compared to the second quarter lows, but cautions that the pace of recovery will vary across regions. Despite the recovery picking up pace, Nomura believes there still are three key underlying fragilities that can dent the recovery process. Read more.
Internet speed to power generation: What weekly data says about economy
Internet download speeds hit a high as India eased months-long lockdown to contain the spread of the coronavirus. Internet speeds tend to slow down in a lockdown when more people work from home. There is greater demand for video entertainment. Read more.
No plans to lay off staffers due to Covid: Wipro chairman Rishad Premji
IT services major Wipro has not laid off a single employee due to the Covid-19 pandemic and has no such plans in the near future despite taking various cost control measures, said its chairman Rishad Premji. According to the company, more than 95 per cent of its employees are currently working from home. Read more.
RIL hits new high on closing deals with 4 investors; m-cap above Rs 12 trn
Shares of Reliance Industries surged 3.21 per cent to a new lifetime high of Rs 1,938.80 on the BSE on Monday after the company closed deals with four investors to sell a minority stake in Jio Platforms, receiving a total of over Rs 30,062 crore in the process. Altogether, Reliance has sold 25.24 per cent stake in Jio Platforms Ltd and raised over Rs 1.18 trillion in the process. Read more.
SC upholds Travancore family rights to administer Padmanabhaswamy Temple
Supreme Court on Monday set aside the 2011 verdict of the Kerala High Court directing the state government to set up a trust to take control of management and assets of the historic Sree Padmanabhaswamy Temple in the state. The sprawling temple, an architectural splendour in granite, was rebuilt in its present form in the 18th century by the Travancore Royal House which had ruled southern Kerala and some adjoining parts of Tamil Nadu before integration of the princely state with the Indian Union in 1947. Read more.
Covid-19 bringing $1 trn of new global corporate debt in 2020: Report
Companies around the world will take on as much as $1 trillion of new debt in 2020, as they try to shore up their finances against the coronavirus, a new study of 900 top firms has estimated. Companies included in the new debt index already owe almost 40% more than they did in 2014, and growth in debt has comfortably outstripped growth in profits. Read more.