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Social media stocks tumble as Wall Street fears regulation
Shares of Facebook (FB.O), Twitter (TWTR.N) and Snapchat-owner Snap (SNAP.N) fell further on Tuesday as Wall Street fretted over potential regulatory scrutiny that could hobble the business of the social networks. With concerns that Facebook's handling of users' data would lead to stepped up government regulation, social media rival Twitter slumped 9.0 percent and was on track for its worst day since July last year.
Facebook data controversy drives stock to cheap levels
The dive in Facebook Inc's (FB.O) shares may have created a rare buying opportunity for the high-flying social media company's stock - if investors believe a growing controversy over use of personal data will not severely damage the company's financial outlook. Facebook said on Tuesday it would face questions this week from the Federal Trade Commission (FTC) about the data acquired by Cambridge Analytica.
Salesforce to buy MuleSoft for $5.9 billion
MuleSoft shareholders would get $36 in cash and 0.0711 of a Salesforce share, or $44.89 per share, representing a premium of 36 percent to Mulesoft's Monday close. MuleSoft shares were up 5 percent in extended trading after rising 27 percent during the day. It is really a natural fit for Salesforce to own Mule, Steve Koenig, analyst at Wedbush Securities said. It closed up 40 percent on the first day of trading, giving it a market value of nearly $3 billion.
MPID Act to be amended to allow govt to procure property of fugitives
The government on Tuesday announced amendments in the Maharashtra Protection of Interest of Depositors (MPID) Act to enable government agencies to purchase the seized properties of fugitives. To tackle the economic offences, government had incorporated stringent measures through MPID Act, 1999, he said. While there is a provision for the auctioning of the seized property, it elicited poor response as individuals or companies feared acquiring fugitives property.
New India Assurance to offer medical covers for outside India
New India Assurance Company has launched a comprehensive world-wide mediclaim policy - New India Global Mediclaim Policy. The policy will cover an insured's hospitalisation expenses for treatments like cancer, neurosurgery, heart surgery, organ transplant and bone marrow transplant outside India. The new product has two major plans, one covering hospitalsation with medical centres in Asian countries while the second plan offers the same service worldwide.
Major minerals: Illegal mining in Madhya Pradesh, Rajasthan, Gujarat shoots up
Out of the top 12 mineral-rich states in the country, Rajasthan, Gujarat and Madhya Pradesh have witnessed a significant increase in the number of illegal mining cases for major minerals between 2013-14 and 2016-17. In India, the classifications of 'minor minerals' and 'major minerals' have been done according to Mines and Minerals Act, 1957. Minerals such as coal, lignite and iron ore are considered as 'major minerals'.
Johnson & Johnson CFO Dominic Caruso to retire, names Joseph Wolk as replacement
Johnson & Johnson (JNJ.N) said on Tuesday that its Chief Financial Officer Dominic Caruso would retire in September after nearly 12 years in the role, and named Joseph Wolk as his replacement. Wolk, who is vice president of the company's investor relations, was previously the CFO of the company's Janssen Pharmaceutical Co unit, according to a statement.
Digital payments system: UPI transactions to hit 1 billion by December, says Nandan Nilekani
The volume of transactions made through the Unified Payments Interface (UPI) channel will rise to one billion by December 2018, said Nandan Nilekani, former chairman of the Unique Identification Authority of India (UIDAI). My own estimate is that UPI transactions by December will hit one billion, making it the largest digital payment system in India and by far ahead of anything else, Nilekani said at a press conference organised by Kotak Mahindra Bank.
Unfulfilled promises to cab drivers give Ola, Uber a bumpy ride
The first thing one notices outside Lucknow railway station is life-sized hoardings by cab aggregators Uber and Ola. Uber and Ola drivers are either on strike or have called for one in the next few days. While Mumbai, Bengaluru, and Pune drivers have been on strike since Monday, drivers in Delhi are planning to strike from March 22. According to experts, Uber and Ola do not charge any or less commission from drivers when they enter a new city.
Vivendi's chairman loses battle for Ubisoft
Vivendi (VIV.PA) Chairman Vincent Bollore has lost a two-year battle against the founders of Ubisoft (UBIP.PA), with his French media group announcing plans to sell its stake in the video games maker for 2 billion euros ($2.45 billion). Vivendi's exit, however, is a setback for Bollore amid growing concerns about other ventures in Italy. Ubisoft told journalists during a call on Tuesday that Vivendi had approached it several weeks ago about its intention eventually to sell its stake.
Starbucks aims to serve up fusion fare in local flavour: Sumitro Ghosh
With the launch of three stores in Kolkata, marking its entry into the city, Starbucks has introduced two fusion desserts - Chomchom Tiramisu and Chocolate Rossomalai Mousse. We have tried to understand the palette of our customers and then come up with such a menu. Ghosh said Starbucks' sales in India were the highest in Asia. In the current financial year, Starbucks has opened 24 stores, taking the tally to 115 across seven cities.
Banks tap vibrant IPO market to unlock value of subsidiaries
A growing number of private banks and financial services firms are taking advantage of a vibrant primary market in India to unlock value of their diversified subsidiaries. HDFC's asset management unit, HDFC Asset Management Co (AMC), is the latest such firm to announce a new share sale. The overall deal size is much larger and easy to market to tier-1 accounts and is very attractive to investors, added Panigrahi.
EU primes UK trade offer, seeks Brexit transition endorsement
EU governments agreed on Tuesday to offer British banks and airlines hope of good market access after Brexit but kept London waiting for confirmation it will get the transition deal it wants to avoid disrupting business. EU officials and diplomats said some countries had further questions for Tusk, including Spain, which was looking for assurances over Gibraltar.
Delhi HC seeks DGCA response on Airbus A320neo's airworthiness
The Delhi high court on Tuesday asked the aviation regulator to file an affidavit on the airworthiness of Airbus A320neo planes in India, in a public interest lawsuit that alleged compromises on aviation safety. The high court also issued notices to the aviation ministry and directed making Delhi government party to the case. He claimed nearly 100 A320neo aircraft with allegedly faulty engines were operating in India, while DGCA grounded a mere 14.
Airbus India MD: Pratt & Whitney engine issue has affected our deliveries
Airbus is also working closely with various regulators on the Pratt & Whitney engine issue that has grounded several Airbus A320neo aircraft, powered by engines from Pratt & Whitney, and has affected the delivery schedule of the aircraft manufacturer. Then they are also working on the root cause analysis, which will explain the cause of engine issue. We will also analyze the issue after Pratt & Whitney has come out with the cause analysis.
FSSAI finalizes guidelines to curb doping in sports
The Food Safety and Standards Authority of India (FSSAI) on Tuesday finalized guidelines to curb the use of prohibited performance-enhancing substances in nutritional supplements by sports professionals. Besides trying to squeeze the availability of products that could have possible doping substances, the food regulator has specified what sports persons should not consume to avoid possible doping. The stakeholders are ranging from sports persons to supplement manufacturers, importers, distributors, retailers and general public who will use the information provided in the document, FSSAI noted.
Aligning business processes to technology will be big disruptor, says Arvind Gupta
The biggest disruption that is still awaited is the alignment of business processes and policies to technology, according to Arvind Gupta, CEO of MyGov MyGov is a citizen engagement platform founded by the government to promote active participation of Indian citizens in governance and development of the country.
Digital inclusion is leading to financial inclusion: iSpirt's Sharad Sharma
Another platform called the BBPS will create the same digital trail for businesses that service customers, said Sharma at the emerging technology conference, EmTech India 2018, in Gurgaon on 8 March. According to Sharma, India is the first country in the world to completely digitize flight plans for drones and we are a couple of months away from this being launched. Creation of new technologies for India in these new areas is allowing the country to become data-rich before we become economically rich, he added.
How are Vedanta, Tata Steel eligible to bid for Electrosteel Steels, asks NCLT
The bench further directed the resolution professional to place Renaissance Steel's objections before Electrosteel Steels' committee of creditors, according to two lawyers who had seen the order. Renaissance Steel had alleged that Tata Steel UK Ltd, a subsidiary, had pleaded guilty several times to violating the UK Health and Safety at Work Act. Similarly, a subsidiary of Vedanta Resources Plc-Vedanta's UK-based holding company-had violated pollution norms in Zambia, Renaissance Steel said.

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