ASBM Business Updates is a Weekly Selective Compilation of Business News from Various Sources. To find details follow the links.
ASIAN
BUSINESS
On the opening day of
Asia’s biggest business jet show, Bombardier said Tuesday that it delivered a
Global 6000 business jet to charter operator Zetta Jet.
The delivery
represents an option exercised by Zetta Jet from a December 2015 firm and
optional order for up to six Global 6000s, a large-cabin, long-range jet priced
at $69 million.
Zetta’s fleet
includes four Global 6000s, two Global 5000s, two older Global XRS and Express
jets, and one Challenger 650.
Bombardier, the
parent of Wichita’s Learjet, made the announcement on the first day of the
three-day Asian Business Aviation Conference & Exposition in Shanghai,
China.
Exhibitors at the
show include Textron Aviation, which has a Cessna Citation XLS+ business jet
and Grand Caravan EX turboprop on static display at the Shanghai Hongqiao
Airport.
Textron Aviation and
AVIC General operate a joint venture in China called Cessna-AVIC Co. Ltd.,
which does completions on the Wichita-built XLS+ – paint, interior
installation, flight testing and delivery – for Chinese customers.
rom a December 2015 firm and
optional order for up to six Global 6000s, a large-cabin, long-range jet priced
at $69 million.
Zetta’s fleet
includes four Global 6000s, two Global 5000s, two older Global XRS and Express
jets, and one Challenger 650.
Bombardier, the
parent of Wichita’s Learjet, made the announcement on the first day of the
three-day Asian Business Aviation Conference & Exposition in Shanghai,
China.
Exhibitors at the
show include Textron Aviation, which has a Cessna Citation XLS+ business jet
and Grand Caravan EX turboprop on static display at the Shanghai Hongqiao
Airport.
BANKING
In the first fortnight of the New
Year when Indians were still warming up to digital payments, many buyers on the
country’s top shopping portal, Flipkart, had a nasty surprise: purchases they
attempted on the Flipkart app through PhonePe, a digital payment method
integrated into the app, were getting rejected.
The reason surfaced on Saturday,
14 January, when Sameer Nigam, chief executive of PhonePe that Flipkart
acquired in April 2016, tweeted his anger. ICICI Bank Ltd, India’s largest
private bank, was blocking transactions originating from PhonePe, which works
on the Unified Payments Interface (UPI). “Such unilateral actions will hinder
UPI adoption,” warned Nigam, a former Flipkart executive and co-founder of
PhonePe.
ICICI Bank retorted that PhonePe
was following “restrictive practices” and said banks have raised “security
related concerns at appropriate forums”. With UPI, any person holding any bank
account can transfer money to another account, through any UPI app. However, in
this particular case, only those with a virtual payment address from Yes Bank
Ltd—PhonePe’s banking partner—could do so. In effect, PhonePe customers were
tied to Yes Bank. The National Payments Corp. of India (NPCI) that developed
UPI stepped in, and asked ICICI Bank to resume the transactions, but reversed
its stance just a day later to back the ICICI Bank position that PhonePe must
comply with rules mandating inter-operability. Following this, Flipkart pulled
the PhonePe payments option from its app.
BUSINESS
Chinese social media and entertainment firm Tencent
Holdings Ltd, the world's biggest software company Microsoft Corp and online
marketplace eBayInc participated in
the funding round, Flipkart said in a statement on Monday,
which will value the Indian company at $11.6 billion.
That is lower than the $15 billion valuation achieved at
its last fundraising in 2015, reflecting how competition has intensified in the
e-commerce sector ascompanies vie for a slice of the world's
fastest-growing internet services market.
Amazon last year said it would invest
over $5 billion in India, and has recently expanded into online video and
grocery shopping, seeking to expand aggressively in a country where a rising
middle class is increasingly shopping online.
The fundraising also comes amid speculation Flipkart may be interested in a takeover of
smaller rival Snapdeal. Local media have reported SoftBank Group is keen to
sell its stake in Snapdeal in exchange for a stake in Flipkart.
"We are delighted that Tencent, eBay and Microsoft - all innovation
powerhouses - have chosen to partner with us on their India journey," Flipkart's founders
Sachin Bansal and Binny Bansal said in a statement.
"This deal reaffirms our resolve to hasten the
transformation of commerce in India through technology."
As part of the fundraising, eBay invested $500 million in Flipkart for a stake, according to a
separate statement by both companies. In exchange, eBay will merge its India operations with Flipkart.
_______________________________________________________________________
Source of Information
for this issue: Google alert accessed on Apr 18, 2017
Knowledge Is Power. Be Informed, Be Knowledgeable, Be
Powerful.
Best wishes
Compilation
Sabita Sahu
Asst Librarian
Information and
Documentation Division, Chanakya Central Library
Asian School of
Business Management
Shiksha Vihar Bhola,
Barang Khurda Road,
Chandaka
Bhubaneswar-754012
www.asbm.ac.in
Tel:0674-2374832,
2374833
E-mail:library@asbm.ac.in,
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