Uber set to merge Chinese business with Didi Chuxing: Report

Uber set to merge Chinese business with Didi Chuxing: Report

In a move that marks the end of intense rivalry in the ride-hailing market in China, UberTechnologies will merge its Chinese business with Didi Chuxing, news agency Bloombergreported on Monday. Didi is the dominant app-based taxi aggregator in the country.

The valuation of the combined entity is $35 billion, the report added, citing people familiar with the development.

As per the new structure, investors in Uber China — a company owned by Uber and other investors — will have 20% stake in the merged firm.

Meanwhile, Didi will be making an investment of $1 billion in Uber at a valuation of $68 billion.

“As an entrepreneur, I’ve learned that being successful is about listening to your head as well as following your heart,” Travis Kalanick, chief executive officer of Uber, wrote in a blog post

What happens next?

(Read More)

China's LeEco to buy Vizio for $2 billion

China's LeEco to buy Vizio for $2 billion

China's Le Holdings, also known as LeEco, said on Tuesday it would buy US consumer electronics company Vizio for $2 billion.

Irvine, California-based Vizio makes affordable flat screen televisions, soundbars and LCD monitors. Founded in 2002, the company is now one of the largest manufacturers of TV sets in the United States.

Vizio, which filed for an initial public offering last year, generated sales of $1.3 billion in the first six months of 2015, according to IPO documents.

Vizio's hardware and software units will be operated as a wholly owned subsidiary of LeEco. The company's Inscape TV viewership data business will be spun out as a privately owned company, LeEco said.

Founded in 2004, LeEco started selling smartphones in China in April last year. Earlier this year, the company unveiled an all-electric battery concept car.

Bank of America Merrill Lynch advised Vizio on the deal, while Latham & Watkins LLP was the legal counsel. The transaction is expected to close during the fourth quarter. more

Facebook's quarterly profit surges 186% to $2 billion

Facebook's quarterly profit surges 186% to $2 billion

Facebook’s profit leapt 186% from a year ago to $2 billion, as the world's biggest social network blasted past most analyst forecasts for the second quarter.

With its global base of monthly active users growing to 1.71 billion, Facebook saw a 59% jump in total revenues to $6.4 billion, mostly from online advertising.

Facebook shares jumped seven percent in after-hours trade on the stronger-than-expected results.

"Our community and business had another good quarter," said Facebook founder and chief executive Mark Zuckerberg. "We're particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services."

Facebook has been dominating the social media space as well as related online advertising as it seeks to diversify into areas such as messaging, virtual reality and other fields.

The research firm eMarketer estimates that Facebook is taking in two-thirds of social media ad revenues, dominating rivals such as Twitter, which this week reported disappointing results.

The number of monthly active users, a key metric for social networks, grew 15% from a year ago, Facebook said. read more

Who is Irom Sharmila? Ten things to know

Who is Irom Sharmila? Ten things to know

Fifteen years after civil rights activist, Irom Sharmila, began a fast seeking the repeal of AFSPA, she is set to end it on August 9. She also announced her decision to fight elections as an independent candidate in the Manipur polls, early next year.

“I will end my fast on August 9 and contest elections on an independent ticket," Sharmila said. She had just come out of a local court after attending a trial for attempting suicide.

Business Standard lists out ten things to know about the Iron Lady of Manipur.

How did it all start?

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India is the apple of CEO Tim Cook's eye as iPhone sales spike over 50%

India is the apple of CEO Tim Cook's eye as iPhone sales spike over 50%

India has become one among the fastest growing markets for Apple, which is looking at increasingly offloading more iPhones in the country to offset the decline in the device’s sales globally.

iPhone sales in India were up by 51% during the nine months that ended June 30, company CEO Tim Cook revealed during an earnings call with analysts and investors. “We're looking forward to opening retail stores in India down the road, and we see huge potential for that vibrant country,” he added.

On the contrary, iPhone sales have fallen for two straight quarters now as the global market for smartphones especially developed markets) becomes saturated. In its third quarter (April-June), Apple reported a 15% drop in iPhone sales from 47.5 million units in the corresponding quarter last year to 40.4 million units.

The iPhone contributes to over 60% of Apple’s earnings, making it the most important device in the company’s lineup.

Read More | Business Standard

'Pakistan group uses disfigured celebrity faces to campaign against use of pellet guns in Kashmir'

'Pakistan group uses disfigured celebrity faces to campaign against use of pellet guns in Kashmir'

Pellet guns were first introduced to Jammu and Kashmir police in 2010 during Omar Abdullah government. The use of such guns, however, has shot to the forefront after protests against the killing of Hizbul Mujahideen commander Burhan Wani saw the use pellets for crowd control. (more)

Flipkart buys Jabong, beats out Snapdeal, Future Group

Flipkart buys Jabong, beats out Snapdeal, Future Group

Flipkart-owned online fashion retailer Myntra has acquired smaller rival Jabong as it looks to strengthen its portfolio in the high-margin online fashion retail space. The move comes at a time when rival Amazon is pumping in billions of dollars to have a run at becoming the leader in India’s fledgling e-commerce space.

Snapdeal – which competes directly with Flipkart – large-format retail giant Future Group, Aditya Birla owned Online shopping and fashion store. Shop the latest fashion trends online | abof.com and others were also in the running to acquire Jabong. The company in a statement said the deal will further strengthen its position as the “leader in fashion and lifestyle segment” in India. It did not disclosing the financial details of the deal.

“Fashion and lifestyle is one of the biggest drivers of ecommerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith. This acquisition is a continuation of the group’s journey to transform commerce in India,” said Binny Bansal, CEO of Flipkart, in a statement.

The fashion retailer has been on the selling block as far back as November 2014 when it was in talks with global e-commerce giant Amazon. The sale of Jabong will provide Rocket Internet with its first big exit in India. more

Kabali film review: Weapon of mass attraction

Kabali film review: Weapon of mass attraction

The expectations from Kabali are as high as the Petronas Towers in Kuala Lumpur, the setting for almost 80% of the movie, not least because it's a Rajinikanth movie. The reasons are varied: the audience need a taste of the Rajinikanth of yore, not a do-gooder Samaritan (Lingaa) or a CGI generated version of a warrior Prince (Kochadaiiyaan). Thalaivar fanatics just wanted him to have fun, which was rarely the case ever since Sivaji. The teasers of Kabalisuggested Rajinikanth is back to his glory days of Basha, Padayappa and Pedarayudu.

You wanted badass, you get industrial levels of badass in this Pa Ranjith movie. His previous film Madras had a delightful off-kilter sensibility. Sadly, here he spends too much time deifying his larger-than-life protagonist. And that makes the movie a giant 150-minute slog.

It opens with the erstwhile gangster getting released from a Malaysian prison after spending 25 years there. As soon as he steps out, he's apprised of how his rival gang (consisting of Kishore and Winston Chao) has grown from strength to strength and has turned the city into a teeming hub of drug abuse and prostitution.

Kabali starts cleaning up right away, while getting reunited with his daughter and wife along the way. You have to be punch drunk on Rajini mania to sit through the movie without dozing off or trying to play Pokemon GO at the cinema itself. The only saving grace is the man himself. The wizened visage hasn't lost a bit of its grace and infectious scowl.(more)

Trump and his running mate contradict themselves on NATO issue

Trump and his running mate contradict themselves on NATO issue

The Republican campaign sparked a controversy when party's presidential nominee Donald Trump and his running mate Mike Pence expressed contradicting views on America's North Atlantic Treaty Organization (NATO) allies.

In his vice-presidential acceptance speech, Pence said that Trump would rebuild the military and stand with the allies of the United States.

But in an interview to The New York Times, Trump said that the US under his presidency might not come to the defence of some NATO members if Russia were to attack them.

The Republican presidential nominee said that his decision would be based on the whether those countries have fulfilled their obligations to NATO.

The rival Clinton campaign slammed Trump and Pence for their differences on this crucial issue.

"Tonight, Mike Pence said Donald Trump would stand with our allies. Tonight, Donald Trump flatly contradicted him," said the Hillary for America Senior Policy Adviser Jake Sullivan.

"Ronald Reagan would be ashamed. Harry Truman would be ashamed. Republicans,Democrats and Independents who help build NATO into the most successful military alliance in history would all come to the same conclusion: Donald Trump is temperamentally unfit and fundamentally ill-prepared to be our Commander in Chief," he said. Read More

AC Milan may get a Chinese touch

AC Milan may get a Chinese touch

Chinese dealmaker Sonny Wu, whose business holdings span renewable energy and lighting, is leading the proposed takeover of storied Italian soccer team AC Milan, people in the know said.

Wu's private equity firm GSR Capital is the main investor in the consortium that is in advanced talks to buy AC Milan from Silvio Berlusconi's Fininvest S.p.A, according to the people. The Chinese businessman, who led two failed attempts to buy Royal Philips NV assets in the last 18 months, is valuing the soccer club at about 750 million euros ($825 million) including debt, one of the people said, asking not to be named because the discussions are private.

Steven Zheng, a Chinese businessman with solar power interests, is also part of the buyer group, the people said. The deal will involve new sponsorship agreements with the seven-time European champion, according to one of the people. Berlusconi, the former Italian premier, said this month he had reached a deal in principle with the Chinese consortium without identifying its makeup. Read More

Saudi Aramco signs $13B deal for new domestic gas project

Saudi Aramco signs $13B deal for new domestic gas project

State-owned Saudi Aramco says it has signed a deal for a new gas project that will be worth more than 50 billion Saudi riyals ($13.3 billion) when complete in 2019 aimed at meeting the kingdom's growing domestic demand for energy.

The company today said the project will help lessen dependence on oil for power generation and accommodate 4,500 training, temporary and permanent jobs for Saudis.

The Fadhili project will process gas from onshore and offshore fields.

Saudi Aramco says the Fadhili project will increase the kingdom's natural gas production to 17 billion standard cubic feet per day by 2020, in line with the country's National Transformation Plan.

The company says the deal was signed today with India's Larsen & Toubro, Saudi KAD, Saudi Electricity Company and France's Engie.

Republican leaders denounce Clinton in Cleveland convention

Republican leaders denounce Clinton in Cleveland convention

Top Republican leadership on Wednesday held a mock criminal-style trial before the American public against Democratic presidential nominee Hillary Clinton, saying she is not fit to be an occupant of the White House and the safety and security of the country cannot be left on her.

Soon after Donald Trump was declared the presidential nominee of the Republican party, speakers after speakers of the Republican party went after Clinton with New Jersey Governor Chris Christie turned the audience into an ad hock jury by asking if the 68-year-old former secretary of State was guilty or not guilty.

After every charge-sheet, the cheering crowd pronounced her "guilty" shouting "lock her up".

"I am proud to say that the voice of the people of our nation is being heard in this hall and those voices want Donald Trump to be the next President of the United States. But this election is not just about Donald Trump. It is also about his Democratic opponent, Hillary Rodham Clinton," Christie said.

"We know exactly what four years of Hillary Clinton will bring: all the failures of the Obama years, but with less charm and more lies. It is our obligation to stop Hillary Clinton now and never let her within 10 miles of the White House again," he said.(Read more)

PVR partners Rajinikanth's Kabali, first multiplex to tap regional film

PVR partners Rajinikanth's Kabali, first multiplex to tap regional film

Pan-India multiplex chain PVR has joined the bevy of brands, companies associating with south Indian superstar Rajnikanth’s latest movie ‘Kabali’. The cinema exhibition chain is the official multiplex partner for the film set to release on July 22 acorss the country.

This is the first time in the South Indian film industry, that such an association between an exhibition chain and a film has been made.

Gautam Dutta, CEO, PVR Cinemas said, “The producers of the movie had approached PVR due to its pan India reach much beyond Tamil Nadu considering the mega star Rajinikanthhas die-hard fans across the country to introduce exclusive Kabali merchandise at its cinemas.

The patrons will not only have access to special Kabali merchandise at PVR cinemas but can also buy exclusive movie digital poster from its website.” (more)

Turkey rejects EU Commissioner's claim that it prepared arrest lists before coup

Turkey rejects EU Commissioner's claim that it prepared arrest lists before coup

Turkish Foreign Minister Mevlut Cavusoglu has strongly rejected claims that Turkey's government had prepared arrest lists before Friday's failed coup attempt, Anadoluagency reported on Monday.

Speaking in Brussels on Monday, European Union's Commissioner for European Neighbourhood Policy (ENP) and Enlargement Negotiations Johannes Hahn was quoted as saying: "It looks at least as if something has been prepared. The lists are available, which indicates it was prepared and to be used at a certain stage."

He was speaking after the failed coup attempt in Turkey on July 15 which claimed more than 200 lives and injured thousands. More than 6,000 suspects have been arrested in connection with the plot, including military figures and judges.

Cavusoglu later tweeted that Hahn "is far from thoroughly comprehending what is going on in Turkey". He added that Turkey's "primary expectation" from its European allies was their "support [for] the democratic process in Turkey and strong condemnation of the coupattempt".

"Turkey will never compromise on human rights, the rule of law and democracy," Cavusoglu said, adding: "Therefore, no one, including Mr Hahn, can prejudge the ongoing legal process regarding the bloody coup attempt in Turkey."

Meanwhile, Foreign Ministry spokesman Tanju Bilgic also strongly rejected the claims, describing them as "prejudiced". Read More

Facebook to live stream US Democratic, Republican conventions

Facebook to live stream US Democratic, Republican conventions

Social networking giant Facebook has partnered with the US television network ABC for a non-stop live streaming of both the Democratic and Republican National Conventions.

The Republican National Convention started in Cleveland, Ohio on Monday night and will run till Thursday while the Democratic National Convention is set for July 25-28 in Philadelphia, Pennsylvania.

Not just livestreaming, Facebook will provide an in-depth coverage of both the events, reported on Monday.

Earlier, micro-blogging site Twitter had signed a deal with the US television network CBS to stream both the conventions.

Twitter has permission to broadcast the CBSN feed—the company's 24-hour digital news streaming service—and anyone online can watch for free even if they do not have a Twitter account. Read More