RBI holds policy rates steady
The Reserve Bank of India kept its policy rate steady , as widely expected, after inflation accelerated to a seven-month high and stronger economic growth reduced the need for monetary stimulus.The RBI also kept the reverse repo rate unchanged at 5.75 percent. Nonetheless, the RBI left its policy stance "neutral" while slightly softening its language on inflation by saying risks were "evenly balanced".
New facility for EPF account holders
Retirement fund body EPFO has opened a new facility for its over 4.5 crore members that will allow consolidation or merger of their multiple PF accounts with the current universal portable account number (UAN). Under this facility, subscribers of the Employees' Provident Fund Organisation (EPFO) can merge as many as 10 previous accounts with their UAN at one go. Currently, the EPFO subscribers are required to file separate transfer claims online using UAN on the EPFO's UAN portal. But to avail of the facility, they are required to activate their UAN that is seeded with bank accounts and other details such as Aadhaar and PAN.
Alibaba to invest in BigBasket
Alibaba is all set to buy over a third of online grocer BigBasket for about $300 mn. The deal will add to a portfolio of strategic investments the Chinese ecommerce company is building in India. The deal has been in the works for almost six months now and is expected to give BigBasket a post-money valuation of $850 mn. Paytm Mall, backed by Alibaba will also invest in the deal
RBI expresses concerns over Bitcoins
Bitcoin has breached the $12000 mark for the first time ever. Last Wednesday, it was trading at $9,500. The Central Bank on Wednesday issued its third warning, reminding investors of its earlier concerns stoking fears that the bubble could burst anytime
Infy moves Sebi over severance pay case
Infosys Ltd has filed a consent plea with SEBI with regards to an ongoing investigation by the regulator related to the company's decision to give a generous severance payment to its former Chief Financial Officer, Rajiv Bansal. Infosys has submitted a settlement agreement based on an undertaking that it would neither admit nor deny the findings of the regulator's investigation
Facebook tops list of the best workplaces
Glassdoor released its 10th annual list of the best-reviewed workplaces by employees and Facebook is ranked number one. Bain and Company followed by Boston Consulting Group have been ranked 2nd and 3rd respectively. It's the eighth year in a row Facebook has landed on the list
#MeToo is Time's Person of the Year
Time magazine has named the social movement aimed at raising awareness about sexual harassment epitomised by the #MeToo hashtag as Time's person of the year. Time editor in Chief Edward Felsenthal said it was the fastest moving social change seen in decades and came as a silence breaker
Google and Amazon lock horns
Google and Amazon's rivalry is fast becoming public. Google is withdrawing its popular YouTube app from Amazon's Fire TV and other devices. Amazon and Alphabet, which owns Google, are competing with each other, not only over TV and gadgets, but also over cloud services, with growing competition between Amazon Web Services and Google Cloud.