PwC to fight SEBI audit ban to limit franchise impact
Price Waterhouse will contest a two-year auditing ban by Securities and Exchange Board of India (SEBI) over a fraud nearly a decade ago at a company it audited, but even if it succeeds in preventing the move Indian business experts expect damage to the auditor's business. It faces the prospect of a multi-crore revenue hit with rising employee and client attrition
Danone to close down dairy business in India
French dairy company Danone SA will be closing down its dairy business in India. This comes after three failed attempts to make an impact in one of the world's fastest growing consumer packaged goods markets. With Danone's decision to close down its dairy unit, the company's factory at Rai, Sonipat, near Delhi will also stop production. Dairy remained a small business accounting for around 10% of the company's revenue in India. Globally, dairy is the largest business for Danone.
Reliance Jio plans its own cryptocurrency JioCoin
According to a report by business daily Mint, Reliance Jio, known for its free offers and hyper-competitive tariffs, plans to create its own cyptocurrency, JioCoin. Mukesh Ambani's elder son Akash Ambani will be spearheading the JioCoin project. The company plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
TCS hiring drops
Once a job-generating company, Tata Consultancy Services is now fast slowing down on that front. Reports suggest the company added just 3,657 employees in the first nine months of this fiscal on a net basis, an 85% drop from the same period a year earlier, when it added 24,654 employees. India's biggest software exporter saw its net profit fall 3.6 per cent year-on-year to Rs 6,531 crore in the quarter that ended on December 31, 2017
Will Reliance Jio report its first-ever quarterly profit this month?
Back in April 2017, Morgan Stanley had predicted that Reliance Jio could become profitable by 2020. About six months later, Reliance Industries announced that its telecoms arm would turn profitable at the net level "very shortly", while announcing a pre-tax profit of Rs 260 crore for the business-it's first ever operating profit and the first time earnings were disclosed-for the quarter ended September 2017. The good times have reportedly arrived.Reliance Jio Infocomm Ltd (RJio) may report its first-ever quarterly profit this month when it announces its December quarter results, sources in the know told Bloomberg
Nissan To start Leaf Electric car pilot run in India this year
Nissan will commence with their test runs for the new Nissan Leaf in India by end of this year with a possible launch sometime next year. According to reports, Nissan will initially commence with the dry test runs for the new generation Leaf while seeking incentives from the government to promote sales of the car. While it will come through the CBU route, Nissan hopes that they could localize the product at a later stage.
Your Whatsapp group chat might be unsafe
According to new research from one team of German cryptographers, flaws in WhatsApp make infiltrating the app's group chats much easier than they should be possible. The group discovered flaws in security protocol of group of three popular instant messaging apps with WhatsApp standing out considering it has 1 billion plus user base, according to a report on Wired. Researchers pointed out a bug in WhatsApp's system of authentication. They have pointed out that "WhatsApp doesn't use any authentication mechanism" when a new member is added to the group and this is something its own servers can spoof as well. Whatsapp has responded saying, "We've looked at this issue carefully...Existing members are notified when new people are added to a WhatsApp group. We built WhatsApp so group messages cannot be sent to a hidden user."