DIRS.INFO The most relevant business & tech news

☆ The death of a young EY employee is raising questions over India's 'always-on' work culture
▼ + stars: | 2024-09-26 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +9 min

Advertisement"The pressure is very, very high," Jennifer Hephzibah, a senior HR professional in India, told Business Insider. 'Glorifying overwork'This always-on culture has come under the spotlight recently following the death of an EY employee, Anna Sebastian Perayil, in July. EY told BI it was "taking the family's correspondence with utmost seriousness and humility" and called Perayil's death an "irreparable loss." AdvertisementCost centers and cheap laborHuge multinational companies, such as EY, Google, Microsoft, Salesforce, and Accenture, have set up cost centers in India. "It definitely exists that multinational companies tend to think, 'We love that the Indians work hard, so let's keep doing that.'"

Persons: —, it's, Jennifer Hephzibah, Anna Sebastian Perayil, Peryail's, Sebastian Perayil, Anna, Perayil's, Rajiv Memani, EY, Narayana Murthy, Kavach Khanna, Khanna, Jeanie Chang, let's, Chang, Hephzibah, Jeanie Organizations: Service, International Labour Organization, Business, Boston Consulting Group, Infosys, Google, Microsoft, Accenture, Global, Centers, BI, Gallup State Locations: India, Japan

☆ CNBC's Inside India newsletter: Can India grow as fast as China did?
▼ + stars: | 2024-09-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Yet, India's central bank appeared to dismiss the negativity earlier this month and reiterated its bullish view of India's growth rate, still expecting the economy to grow by 7.2%. However, when prompted on whether India's growth rate could compete with what China has already achieved for over two decades, the governor was less buoyant. But if you are looking at 10-plus growth, before I venture into that, I have to really do my homework much more," Governor Das said. This week, China's central bank, President Xi Jinping and other top leaders announced plans to boost the country's economy and attract investment. If India intends to grow as fast as China did, it may have to get a move on.

Persons: Goldman Sachs, CNBC's Tanvir Gill, Shaktikanta Das, Das, Narendra Modi, he's, –, Xi Jinping, David Tepper, he'd, Kaanhari Singh Organizations: Bank of America, Deutsche Bank, Reserve Bank of India, CNBC, Bank, Appaloosa Management, Barclays Locations: Wall, India, China

A chemical gas leak from a rail tanker near Cincinnati prompted fears of an explosion and evacuation orders for people within at least a half-mile radius of the incident. Firefighters try to contain a dangerous chemical leak from a train car in Whitewater Township, Ohio. The threat for the community 22 miles east-northeast of Cincinnati is that the rail car tank has been heating up and will explode if it continues, Siefke said. It wasn't yet clear who owns the rail car or its cargo, officials said Tuesday night. Whitewater Township and Hamilton County officials said the situation will likely remain static overnight as they await input from environmental agencies.

Persons: Mike Siefke, It's, it's, Siefke, ” Siefke, Communications Andrew Knapp Organizations: Little, Rescue, Authorities, Firefighters, U.S . Centers for Disease Control, CDC, Environmental, Rivers Local School District, Central Railroad, Ohio Department of Transportation, Communications Locations: Cincinnati, Whitewater Township, Kentucky, Little Miami, Whitewater Township , Ohio, Indiana, Hamilton

☆ US to return 297 antiquities to India
▼ + stars: | 2024-09-23 | by ( Chris Lau | ) edition.cnn.com time to read: +2 min

CNN —The US is returning 297 history-spanning antiquities stolen or smuggled from India, many dating back centuries. In July, the US and India signed an agreement to protect cultural property by preventing illegal trades and streamline the process to return stolen antiquities back to India. “Prime Minister (Modi) thanked President Biden for his support in the return of these artifacts,” the India’s Ministry of External Affairs said. India has faced an uphill battle in protecting its valuable cultural treasures from looters, though it has been making headway in recent years. In 2022, the US returned 307 stolen treasures to India as part of a 15-year investigation into international trafficking networks.

Persons: Joe Biden, Narendra Modi, “, Biden’s, Modi, Biden, Subhash Kapoor Organizations: CNN, Indian, “, India’s, External Affairs, US, Indian Ministry, State Department’s Bureau, Educational, Cultural Affairs Locations: India, Eastern India, Wilmington , Delaware, Japan, Australia, Central India, New York

☆ Inside the island fortress of America's mega-billionaires
▼ + stars: | 2024-09-22 | by ( Guthrie Scrimgeour | ) www.businessinsider.com time to read: +21 min

An Israeli-designed radar system encircling the island can detect passersby, in low visibility, from half a mile away. Often described as "butlers with badges," the Indian Creek police force is unlike most of its counterparts. The Indian Creek radar can detect objects on the water and use artificial intelligence to classify them according to the risk they pose. With the new security system, the Indian Creek police appear to have turbocharged their enforcement of regulations in the surrounding waters. Properties in the neighborhood are also being bought up by opaquely named LLCs tied to Indian Creek residents.

Persons: —, I've, I'm, — they're, Norman Braman's, Tom Brady, Carl Icahn, Jeff Bezos, we've, Tiffany, William Henry Hoover, Frank Woolworth, Saratta, Gerardo Vildostegui, Vildostegui, it's, Irma Braman, Bernard Klepach —, Mike Bullman, Chandan Khanna, Justin Ross, who's, Ross, Gail Golden, Javier Holtz, Marko Gojanovic, Gojanovic, he's, Dina Goldentayer, Don Shula, opaquely, LLCs, Julio Iglesias, Surfside, Tim Will, Will, America's, Elon Musk, you'd, there's, Brian Daniel, Low, John Bernardo, Klepach, Guthrie Organizations: Public Space Research, City University of New, Indian, Jewish, Indian Creek Country, Security Solutions, Police, Getty, Biscayne, Indian Creek Police, Marquis Bank, Miami Dolphins, BI, CUNY Locations: Indian, Biscayne Bay, America, Miami, Qatar, Israeli, City University of New York, Florida, Surfside, Surfside's, York City, United Kingdom, Japan, Germany, India, stoke, Washington , DC

☆ Indian ed-tech startup Physics Wallah bags $2.8 billion valuation amid sector troubles
▼ + stars: | 2024-09-20 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Indian education technology startup Physics Wallah announced on Friday that it had raised $210 million as it looks to expand its business, in part via acquisitions, amid troubles in the sector. The funding, led by Hornbill Capital, and involving Lightspeed Venture Partners, GSV and WestBridge, values the company at $2.8 billion, a significant increase from its last valuation of $1.1 billion. Physics Wallah, founded in 2020, is one of India's many education technology, or ed-tech firms, that offers free and paid-for courses for various competitive examinations in India. Pandey said the company is open to acquisitions provided it gives them access to new content and users. Last year, Physics Wallah brought a 50% stake in Xylem Learning, an ed-tech company headquartered in Kerala in south India.

Persons: …, Alakh Pandey, Pandey, Wallah Organizations: Hornbill Capital, Lightspeed Venture Partners, CNBC, YouTube Locations: India, Kerala

☆ 'Fertile hunting ground': Portfolio manager names 9 stocks to cash in on India's growth
▼ + stars: | 2024-09-19 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +5 min

Franklin Templeton's Yi Ping Liao describes the South Asian country as "a fertile hunting ground to identify stocks." And if this continues, you can potentially see lower equity risk premiums for the market," the assistant portfolio manager told CNBC Pro on Sept. 12. She likes that the Indian market offers the "opportunity to identify good stocks," following an improvement in its breadth. Among the names Liao is betting on is automaker Tata Motors . Elsewhere, in the tourism and hospitality industry, the portfolio manager likes hotel chain Indian Hotels — the company behind premium brands like Taj, Vivanta and Ginger.

Persons: Franklin Templeton's Yi Ping Liao, Liao, Franklin, Morgan Stanley, China's, Vivanta, Ginger, India's financialization Organizations: CNBC Pro, Templeton, Growth, IMI, Bombay Stock Exchange, World Economic, Bain & Company, Tata Motors, Tata, Apollo, Max Healthcare Institute, Insurance, Taj, HDFC Bank, ICICI Bank, Kotak Mahindra Bank Locations: India, Asia, China, U.S

☆ Indian public sector firm NTPC's green energy arm files for $1.2 billion IPO
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +1 min

This photograph taken on April 6, 2022, shows a general view of the National Thermal Power Corporation (NTPC) plant in Dadri. The mounds of jet-black coal shimmering under the afternoon sun at the Dadri power plant are a raw illustration of India's coal dependence -- a habit that despite increasing pressure, the country is finding hard to kick. India's NTPC Green Energy filed draft papers for a 100 billion rupees ($1.19 billion) initial public offering on Wednesday, as it looks to cash in on the country's renewables expansion plans and a red-hot equities market. The company, a unit of state-owned power producer NTPC , will only issue new shares, and existing shareholders will not sell any stake, the draft papers showed. So far this year, about 235 companies have gone public and raised more than $8.6 billion, which exceeds the total amount raised last year.

Persons: NTPC Organizations: National Thermal Power Corporation, Green Energy Locations: Dadri, India

☆ Watch CNBC's full interview with Shaktikanta Das, Reserve Bank of India's Governor
▼ + stars: | 2024-09-19 | by ( Tanvir Gill | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Shaktikanta Das, Reserve Bank of India's GovernorCNBC's Tanvir Gill spoke to Shaktikanta Das, Reserve Bank of India's governor, in an exclusive interview for CNBC Conversations. He discussed the strength of the Indian Rupee, India's inflation outlook, as well as the RBI's interest rate considerations.

Persons: Shaktikanta Das, CNBC's Tanvir Gill Organizations: Reserve Bank, India's, CNBC

Vice President Kamala Harris’ presidential campaign is making its latest push to Asian American voters, releasing a personal ad about her mother, Shyamala Gopalan. The 60-second ad, titled “My Mother,” highlights Harris’ speaking about her mom at the Democratic National Convention last month, alongside pictures and videos of Gopalan, who died in 2009. “My mother was a brilliant 5-foot-tall brown woman with an accent,” Harris said at the convention. At Berkeley, Gopalan became involved in the U.S. Civil Rights Movement, which is how she met Harris’ father, Donald Harris. The ad showcases images of other Asian individuals and families at work, playing cards, sitting on their porch and shopping at ethnic grocery stores.

Persons: Kamala Harris ’, Shyamala, Harris, Gopalan, “, ” Harris, Harris ’, Donald Harris Organizations: Asian, Democratic, Convention, University of California, U.S . Civil Rights Movement Locations: India, Berkeley, Indian, Chennai, Gopalan, U.S, United States of America

☆ Dancing, drums and rituals: with zeal and joy, India celebrates Hindu festival Ganesh Chaturthi
▼ + stars: | 2024-09-18 | by ( Lex Harvey | ) edition.cnn.com time to read: +3 min

CNN —Huge crowds of devotees gathered across India this month to celebrate the Hindu festival Ganesh Chaturthi, marking the birth of the deity Ganesha, the elephant-headed, round-bellied god of prosperity and wisdom. Ganesh Chaturthi falls each year in late summer, during the Bhadra month in the Hindu calendar, and marks a celebratory time of year when families gather. Devotees parade with a large idol of elephant-headed Hindu god Ganesh in Mumbai, India, on September 17, 2024. Saurabh Sirohiya/NurPhoto/Getty ImagesCrowds gather for rituals and celebrations during the Ganesh Chaturthi festival in Mumbai, India on September 17, 2024. Punit Paranjpe/AFP/Getty ImagesHindu devotees chant as they carry a statue of the Hindu God Ganesha on the last day of the Ganesh Chaturthi festival, in New Delhi, India on September 17, 2024.

Persons: Ganesh, Ganesha, Ganesh Chaturthi, Saurabh, Ritesh Shukla, R.Satish Babu, Raj K Raj, Punit Paranjpe, Lord Ganesh Organizations: CNN, Getty, Geeta, Hindustan Times Locations: India, India’s, Maharashtra, Mumbai, Bay, Bengal, Chennai, Delhi Government, New Delhi, AFP

☆ Pink, peacock-populated, possibly possessed Pakistani palace
▼ + stars: | 2024-09-17 | by ( Associated Press | ) edition.cnn.com time to read: +5 min

AP —Stained glass windows, a sweeping staircase and embellished interiors make Mohatta Palace a gem in Karachi, a Pakistani megacity of 20 million people. The palace sits on prime real estate in the desirable neighborhood of Old Clifton, among mansions, businesses and upmarket restaurants. The land under buildings like the Mohatta Palace is widely coveted, said palace lawyer Faisal Siddiqi. Mohatta Palace is a symbol of that diversity. “I’m from Bahawalpur (in Punjab, India) where we have the Noor Mahal palace, so I wanted to look at this one.

Persons: there’s, Faisal Siddiqi, Heba Hashmi, Shivratan Mohatta, Fatima Jinnah, Pakistan’s, Shirin, Nasreen Askari, ”, “, don’t, Ahmed Tariq, “ I’m, It’s, Askari, ” Hashmi Organizations: Foreign Ministry Locations: Karachi, Pakistani, Rajasthan, Old Clifton, Lahore, Mughal, ”, Mohatta, Jodhpur, India, Pakistan, Bahawalpur, Punjab, It’s

☆ India's central bank chief plays down fears of a deposit crunch
▼ + stars: | 2024-09-17 | by ( Matt Clinch | ) www.cnbc.com time to read: +3 min

Speaking to CNBC in an exclusive interview, Reserve Bank of India (RBI) Governor Shaktikanta Das discussed the issue of slowing growth in bank deposits underperforming an expansion in loans. "So there is a gap of 350 to 400 basis points," he said, referencing the difference between credit and deposit growth. Annual figures from August put loan growth at 13.6% with deposit growth at 10.8%, according to Reuters. When lending outpaces deposits, net interest margins — or the difference between what a bank earns on loans and pays out for deposits — take a hit. India's GDP slowed to 6.7% in the second quarter compared to last year's 8.2%, piling pressure on the central bank to reverse a recent hiking cycle.

Persons: Shaktikanta Das, Das, Ashish Gupta, CNBC's Organizations: CNBC, Reserve Bank of India, Reuters, Mutual Fund, Monetary, MPC Locations: India

☆ CNBC Daily Open: Rate cuts might not benefit tech the most
▼ + stars: | 2024-09-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Record close for DowThe S&P 500 and Dow Jones Industrial Average rose on Monday, with the Dow notching a record close. Next move for the BOJThe Bank of Japan won't be raising interest rates at its September meeting, according to a CNBC survey of 32 analysts. [PRO] "Golden age of fixed income"The U.S. Federal Reserve is poised to cut interest rates this week.

Persons: Shaktikanta Das, Biden, Rick Rieder Organizations: Trade Center, CNBC, Dow, Dow Jones, Nasdaq, Nikkei, U.S ., Midea Group, Hong Kong, Bank of Japan, Bank of India, Intel, U.S . Federal Locations: Manhattan, Jersey City , New Jersey, Asia, Pacific, Hong

☆ India can achieve sustainable growth of up to 8% in the coming years, central bank chief says
▼ + stars: | 2024-09-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +3 min

Punit Paranjpe | Afp | Getty ImagesIndia can achieve sustainable economic growth of up to 8% over the medium term, according to the country's central bank governor. The figures have ratcheted up pressure on the central bank to launch its own rate-cutting cycle sooner rather than later. Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during the Global Fintech Fest 2024 in Mumbai, India, on August 28, 2024. Nurphoto | Nurphoto | Getty ImagesIt comes as major central banks have started to ease monetary policy in recent months, including the European Central Bank, the Bank of England and the Swiss National Bank. Women (silhouetted) walk past Reserve Bank of India (RBI) logo displayed at Global Fintech Fest exhibition in Mumbai.

Persons: Punit Paranjpe, CNBC's Tanvir Gill, Shaktikanta Das, Das, Goldman Sachs Organizations: Afp, Getty, Reserve Bank of India, International Monetary Fund, Nurphoto, European Central Bank, Bank of England, Swiss National Bank, The U.S . Federal Reserve, ECB, Bank of India, Global Locations: Mumbai, India, Japan, Germany, U.S, China

☆ RBI Governor: 7.5% GDP growth for India is sustainable
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: 7.5% GDP growth for India is sustainableThe Governor of the Reserve Bank of India, Shaktikanta Das, joins CNBC's Tanvir Gill in an exclusive interview to discuss India's long-term growth trajectory.

Persons: Shaktikanta Das, Tanvir Gill Organizations: Reserve Bank of India Locations: India

☆ Axis AMC CIO: Banking earnings to "be more muted" this year
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAxis AMC CIO: Banking earnings to "be more muted" this yearAshish Gupta, CIO at Axis Mutual Fund sees a pickup in Indian IPOs in response to increased demand to invest in the Indian market, but a more muted earnings picture for banks as the Reserve Bank of India looks to cut rates in 2024.

Persons: Ashish Gupta Organizations: Mutual Fund, Reserve Bank of Locations: Reserve Bank of India

☆ India's Bajaj Housing Finance sees shares more than double on debut after stellar IPO
▼ + stars: | 2024-09-16 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

Shares of India's Bajaj Housing Finance more than doubled Monday on their market debut, reflecting strong demand from investors looking to play the country's growing real estate sector. Bajaj Housing Finance's blockbuster IPO last week drew bids worth $39 billion, with shares being oversubscribed nearly 64 times. After Monday's debut the total market cap of the company was pegged at about $15.6 billion (1,331.59 billion rupees), exchange data showed. Bajaj Housing Finance, headquartered in Pune, caters to more than 88.11 million customers across the country, according to the company's website. It also provides loans against property for business or personal needs as well as working capital for business expansion purposes.

Organizations: India's Bajaj Housing Finance, National Stock Exchange, Bajaj Housing, Bajaj Housing Finance, Bajaj Finance Locations: India, Pune

☆ We are not artificially keeping the Indian Rupee strong, says RBI Governor
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are not artificially keeping the Indian Rupee strong, says RBI GovernorShaktikanta Das, Reserve Bank of India's Governor discusses the reasons behind Indian Rupee's relative stability against the U.S. dollar the past 2 years.

Persons: Shaktikanta Das Organizations: Reserve Bank, India's, U.S .

☆ I moved from India to Europe for work and was living my dream. 10 years later, I walked away from it all.
▼ + stars: | 2024-09-16 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. I spent the next three years with the company in India, then moved to the company's office in Dubai for two years, and then to Amsterdam. I enjoyed being done with work by 5 or 6 p.m. and having the rest of the day to myself. I'd been watching India's growth since I left and felt like I had missed the boom by leaving in 2014. I also felt like there was no career growth for me in Europe.

Persons: —, Sarvesh Rajagopal, it's, I'd, I'm Organizations: Service, United Arab, McKinsey, Business, ING, Indian Institute of Management Locations: United Arab Emirates, Netherlands, Germany, India, Dubai, Amsterdam, Berlin, Europe, Ukraine, Latin America

☆ RBI Governor: interest rate decision will be based on the future trajectory of inflation and growth
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: interest rate decision will be based on the future trajectory of inflation and growthShaktikanta Das, governor of the Reserve Bank of India, joins CNBC's Tanvir Gill in an exclusive interview, discussing India's inflation outlook, as well as the RBI's interest rate considerations.

Persons: Das, Tanvir Gill Organizations: Reserve Bank of India

☆ RBI Governor: Monitoring for any signs of stress in banking sector
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRBI Governor: Monitoring for any signs of stress in banking sectorShaktikanta Das, the Governor of the Reserve Bank of India, spoke at length about the strict regulation of the NBFC sector, highlighting the RBI's commitment to maintaining India's financial stability.

Organizations: Shaktikanta Das, Reserve Bank of India

☆ India accuses Samsung, Xiaomi of colluding with Amazon, Flipkart
▼ + stars: | 2024-09-15 | by ( ) www.cnbc.com time to read: +2 min

Samsung, Xiaomi and other smartphone companies colluded with Amazon and Walmart's Flipkart to exclusively launch products on the e-commerce firms' Indian websites in breach of antitrust laws, according to regulatory reports seen by Reuters. In Flipkart's case, a 1,696-page CCI report said the Indian units of Samsung, Xiaomi, Motorola, Vivo, Lenovo and Realme conducted similar practices. Siva Prasad wrote in the Amazon and Flipkart reports, in identical findings. Amazon, Flipkart and the CCI did not respond, and have not so far commented on the reports' findings. Both the CCI reports said that during investigations Amazon and Flipkart "deliberately downplayed" allegations of exclusive launches, but officials found the practice was "rampant".

Persons: Flipkart, Realme, G.V, Siva Prasad, Xiaomi, China's Vivo Organizations: Samsung, Reuters, Antitrust, Competition Commission of India, Amazon, Motorola, Vivo, Lenovo, China's, Bain

☆ India has a new nuclear-capable ballistic missile submarine. But can it catch up with China?
▼ + stars: | 2024-09-14 | by ( Brad Lendon | ) edition.cnn.com time to read: +10 min

CNN —India’s second nuclear-capable ballistic missile submarine joined its naval fleet late last month, a move the government says strengthens its nuclear deterrent as New Delhi casts a wary eye at both China and Pakistan. The de facto border between India and China, known as the Line of Actual Control, has been a longtime flashpoint between the two. India’s next ballistic missile subs could be years away, however, if history is any predictor of the future. Arighaat was launched almost seven years ago, and if that timeline from launch to commissioning applies to the next Indian ballistic missile sub, it won’t join the service until 2030. A type 094 Jin-class nuclear-capable ballistic missile submarine of the Chinese People's Liberation Army (PLA) Navy participates in a naval parade in 2019.

Persons: CNN —, Rajnath Singh, Janes, Arighaat, ”, Carl Schuster, Aksai, Matt Korda, ” Korda, won’t, SSBNs, Tom Shugart, ” Shugart, Jin, Kandlikar Venkatesh, Mark Schiefelbein, Venkatesh, It’s, Abhijit Singh, ” Singh, Korda, it’s, – Organizations: CNN, People’s Liberation Army, Indian Defense, India’s Eastern Naval Command, Missile Defense Advocacy Alliance, Pacific Command’s Joint Intelligence Center, Troops, Naval, Nuclear, Federation of American Scientists, India’s, Center, New, New American Security, US, United Nations Security Council, US Navy’s, Navy, Global Times, People's Liberation Army, PLA, Getty, Observer Research, Hindustan Times, MIRV Locations: Delhi, China, Pakistan, India, Visakhapatnam, Bengal, United States, Bay, Aksai Chin, Beijing, New American, Russia, United Kingdom, France, Britain, Ohio, AFP, Mumbai, Islamabad, Kashmir, New Delhi

☆ India probe finds Amazon, Walmart's Flipkart breached antitrust laws
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +1 min

An employee of Amazon India walks toward a security gate at the company's newly launched fulfillment center on the outskirts of Bangalore. An Indian antitrust investigation has found U.S. e-commerce giant Amazon and Walmart's Flipkart violated local competition laws by giving preference to select sellers on their shopping websites, according to reports seen by Reuters. The Competition Commission of India in 2020 ordered an investigation into Amazon and Flipkart for allegedly promoting certain sellers with which they had business arrangements and giving priority to certain listings. Amazon and Flipkart, as well as the CCI, did not immediately respond to Reuters' request for comment. The two companies will now review the report and file any objections before CCI staff decide on any potential fines.

Persons: Flipkart Organizations: Amazon, Reuters, The, of Locations: Amazon India, Bangalore, of India

Search resuls for: "OF INDIA"

25 mentions found