Business News - This Week:

1. Anant Maheshwari named Microsoft India chief

Microsoft Inc. on Monday named Honeywell India president Anant Maheshwari as
president of Microsoft India. Maheshwari, who will join Microsoft India on 1
September, will take over operations of the company on 1 January, 2017 from
chairman Bhaskar Pramanik, who retires in March 2017. Maheshwari will be
responsible for all of Microsofts product, service, and support offerings across
India, said Jean-Philippe Courtois, Executive Vice-President and President of
Microsoft Global Sales, Marketing and Operations
http://www.thehindubusinessline.com/info-tech/anant-maheshwari-to-take-overas-microsoft-india-president/article8928930.ece

2. Uber cant afford to lose in India after Didi merger in China

After the merger of Uber and its rival Didi Chuxing, Uber should take more care
to make India its top priority to secure its place. The two firms have been fierce
competitors, but Didi Chuxing dominates the Chinese market with an 87% share.
The combined entity will be valued at $35 billion and Didi will also invest $1
billion in Ubers global entity at a valuation of $68 billion, according to the report
http://economictimes.indiatimes.com/articleshow/53485760.cms?
utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
3. Verizon to buy vehicle management company Fleetmatics for $2.4
billion
Verizon announced today that it had entered into an agreement to acquire
Fleetmatics, based in Dublin, for $2.4 billion in cash, with the deal expected to
close by the end of the year. Through its GPS tracking systems, Fleetmatics helps
companies with fleets of cars and trucks monitor their vehicles' location, fuel
usage, speed, and more. Verizon's willingness to pay a 40% premium for
Fleetmatics, or $60 per share, reflects a belief that enterprise customers will
comprise the first large-scale application of these new technologies
http://in.reuters.com/article/us-fleetmatics-m-a-verizon-idINKCN10C29J

4. KPMG changes graduate interviews to suit millennials

Accountancy firm KPMG has decided to make its recruitment process much
shorter because millennial applicants - people born between 1980 and 2000 - are
getting frustrated by the old system, according to the BBC. KPMG's previous
arrangement required three separate assessments, which took place over many
weeks. But the new one will be carried out in a single day - and candidates will
find out in just two working days if they have landed the job

http://www.bbc.com/news/business-36937856

5. Yamaha to recall 902 units of YZF-R3 for faulty clutch issues

Yamaha today said it is recalling 902 units of YZF-R3 in India to fix a defect
relating to clutch pressure plate and oil pump assy. "Yamaha Motor Co., Ltd.,
Japan, has determined that a defect, which relates to Clutch Pressure Plate assy
& Oil Pump assy malfunction, exists in few YZF-R3 motorcycles falling within
certain production numbers. Although no safety issues have been reported from
anywhere in India, Yamaha as a responsible corporate has decided to recall all
the vehicles falling under the identified production numbers", Yamaha said in a
statement.
http://www.thehindu.com/business/yamaha-to-recall-902-units-of-yzfr3-for-faultyclutch-issues/article8792410.ece

6. Microsoft to cut 2,850 more jobs

Microsoft Corp said it would cut about 2,850 more jobs over the next 12 months,
taking its total planned job cuts to up to 4,700, or about 4 per cent of its
workforce. The company said in May it would cut 1,850 jobs in its smartphone
business, most of them in Finland (Microsoft Form 10K filing to SEC). Microsoft
bought Finland-based handset maker Nokia in 2014 in an ill-fated attempt to take
on market leaders Apple Inc and Samsung Electronics Co Ltd. Chief Executive
Satya Nadella, who took the helm just two months before the deal closed, has
since focused on restructuring the struggling phone business. Microsoft had
about 114,000 full-time employees as of June 30
http://money.cnn.com/2016/07/29/technology/microsoft-layoffs-july-jobs/

7. Unhappy with execution at Infosys, Vishal Sikka cracks the whip

Infosys Ltd chief executive Vishal Sikka announced a management reshuffle on
Saturday, the second round of top-level changes in a fortnight, after the
company cut its revenue growth forecast for the year to 31 March after reporting
a slower-than-expected sequential increase in dollar revenue growth at 2.2% in
the fiscal first quarter. Sikka attributed it to poor execution. Mohit Joshi, Sandeep
Dadlani, Navin Budhiraja were assigned additional responsibilities whereas Binod
Hampapur, executive vice-president, was made the new head of the quality unit
and government relations. Rajesh Krishnamurthy, got elevated to the rank of
president.
http://www.livemint.com/Companies/q7jnA5R2frogJQe2Ea7ENK/Unhappy-withexecution-at-Infosys-Vishal-Sikka-cracks-the-w.html

8. DLF rental arm stake sale likely to be concluded by September

Realty major DLFs promoters are likely to sell 40% stake in its rental arm, DLF
Cyber City Developers Ltd (DCCDL) by September. People with knowledge of the
matter said three global institutional investors have been shortlisted as buyers in
DCCDL: Blackstone, GIC and Abu Dhabi Investment Authority. The due diligence
for the deal, estimated to fetch around Rs.12,000 crores is on. The realty major
had announced in October last that its promoters would sell 40% stake in DCCDL,
which holds the bulk of office and retail complexes. DLF would, however,
continue to own the remaining 60% stake in DCCDL. In April, DLFs bankers had
circulated the information memorandum to 18-20 global institutional investors
that had been keen to purchase this stake. As per the memorandum, DCCDL has
about 25-26 million sq. ft of leased commercial space with an annual rental
income of about Rs.2,250 crore.
http://economictimes.indiatimes.com/industry/indl-goods/svs/construction/dlfsrental-arm-stake-sale-by-sep-may-fetch-rs-12000-cr/articleshow/53475051.cms
9. Vijay Mallya deals bring Diageo under Sebi lens
Years after signing the multi-billion dollar takeover transaction with Mallya,
Diageo is facing regulatory troubles on multiple fronts and is also at the
loggerheads with the embattled businessman himself despite a $75-million
sweetheart deal it offered him earlier this year. Markets regulator Securities and
Exchange Board of India (Sebi) is mulling directing the British liquor giant to
make additional payment to United Spirits minority shareholders from whom it
had acquired shares under an open offer in 2013 to compensate them for some
preferential treatment to the erstwhile promoter Vijay Mallya.
http://timesofindia.indiatimes.com/business/india-business/Mallya-deals-bringDiageo-under-Sebi-lens/articleshow/53476498.cms
10.
Tata groups revenue falls 4.6% on decline in commodity
prices
The Tata groups revenues fell 4.6% from a year ago in fiscal 2016 to $103 billion
(Rs.6.72 trillion) owing to a steep decline in commodity prices, the salt-tosoftware conglomerate said in a statement on Friday. The group closed financial
year 2016 with a market capitalization (of its 29 listed companies) of Rs.7.7
trillion ($116 billion). That was a 7.4% decline over the previous year and
compares with the 9.4% fall in the Sensex, Indias benchmark equity index
http://www.business-standard.com/article/companies/tata-group-revenue-falls-46-to-103-bn-116072901495_1.html
11.

L&T profit rises 45% in June quarter

Larsen & Tubro on Friday reported net profit of Rs 609 crore, rise of 45% year-onyear basis, for the quarter ended on June 30, 2016 as against Rs 418 crore
during same period last year. The results were announced after the market

hours. The shares of the company closed at Rs 1558 per piece, down 1.20% on
BSE. The company's total income increased from Rs 20331.5 crore in the quarter
ended on June 30, 2015 to Rs 22176.2 crore for Q1FY17.
http://www.thehindubusinessline.com/todays-paper/tp-news/lt-profit-rises-45-injune-quarter/article8918961.ece

12.

Flipkart valuation shrinks again; firm reveals job cuts

US-based T. Rowe Price lowered the value of its holding in Flipkart to $96.29 per
share, a 20% erosion, according to a filing the investment manager made to the
US Securities and Exchange Commission (SEC) for the quarter ended June.
Flipkarts valuation has seen multiple markdowns in the past six months. This is
a global trend in which valuations of leading start-ups such as Uber and Airbnb
have also been marked down by investors.
http://www.livemint.com/Companies/eBRZ9uinOiMHBhU0TI1TRJ/Flipkartvaluation-shrinks-as-T-Rowe-Price-dilutes-stake-yet.html
13.

FDI inflows jump 53% in last two years: Jaitley

Foreign direct investment (FDI) in the country rose 53 per cent in the past two
years, Finance Minister Arun Jaitley informed the Lok Sabha during Question Hour
on Friday. He said this was because the countrys investment climate had
improved due to the Centres steps to foster growth, price stability and fiscal
prudence. Jaitley was replying to a question by A Hegde (BJP) seeking details of
domestic as well as foreign capital investment in the past three years. The
Finance Minister said improving ease of doing business was work in progress,
adding that investments are not made for charity. The Minister said when
private sector is stressed; the two engines of investments are the government
and foreign sources.
http://www.ptinews.com/news/7705544_FDI-inflows-jump-53--in-last-two-years-Jaitley-.html

14.

Flipkart pips snapdeal and amazon and buys Jabong

With Jabong in its kitty, Flipkart has not only managed to pip Snapdeal and
Amazon in the race to lead the high-margin online fashion segment, at least for
the time being, it has also put pressure on smaller online fashion retailers and
Internet-only brands that are likely to struggle to scale fast and attract
customers. According to industry experts, Flipkarts stand-alone fashion
business, Myntra, which it acquired in March 2014 for about $330 million and
now Jabong, which went to Flipkart for $70 million, will together command about
60-70% of the online fashion business, leaving very little for the rest of the
entities to scramble for

http://economictimes.indiatimes.com/small-biz/startups/flipkart-owned-myntrapips-snapdeal-and-future-group-acquires-jabong-for-70million/articleshow/53390609.cms
15.
Google Names Eileen Naughton As New Head Of People
Operations
Eileen Naughton, who will be replacing Laszlo Block as the new vice president of
people operations, was the vice president of sales and operations for Google in
the UK and Ireland. Meanwhile Laszlo Bock, will remain as an advisor to the
company. Eileen was one of the highest rated managers at Google by employees.
In her new role, she will be overseeing all of human resources, recruiting and
benefits globally, at the company, which currently counts 64,000 employees. In
addition she will also be overseeing the companys diversity initiatives.
http://fortune.com/2016/07/27/google-eileen-naughton/?xid=for_fb_sh

16.
Yahoo Sells To Verizon In Saddest $5 Billion Deal In Tech
History
Internet pioneer Yahoo has finally sealed the deal to sell its core online assets,
ending a 20-year run as an independent company. US telecom giant Verizon
Communications has bought Yahoo's search and advertising operations today for
$4.83 billion The deal marks a dramatic fall for Yahoo, one of the best known
names of the early internet era, which had a valuation over $100 billion before
the dot-com collapse in 2000 and which in 2008 spurned a $44 billion bid from
Microsoft. Yahoo remains a major force online, but has lagged its rivals in its
ability to 'monetize' its audience through advertising that is linked to customers'
browsing and other online activities. For me personally, I am planning to stay, I
love Yahoo- Marissa Mayer, CEO Yahoo, who was brought from Google to bring
back Yahoo to its previous positions but her tenure was marred by confused
strategy and mismanagement.
http://www.forbes.com/sites/briansolomon/2016/07/25/yahoo-sells-to-verizon-for5-billion-marissa-mayer/#689978ac71b4
17.
Amazon overtakes Flipkart as most favoured retail
destination: Report
Amazon, for the first time since 2014, has surpassed Flipkart as the preferred
online retail destination for consumers in Indias metropolitan areas. While online
retail still accounts for less than 2 per cent of Indias total retail sales, Amazon is
growing at a rapid rate and Forrester expects it to exceed $75 billion by 2020,
according to its 2016 online retail forecast. Amazon entered India in June 2013
years after Flipkart (2007) and Snapdeal (2010) launched but Amazon made a
commitment to invest $5 billion in the Indian online retail market at a time where
Flipkart and Snapdeal were facing valuation markdowns and fund-raising
difficulties

http://www.thehindubusinessline.com/info-tech/amazon-surpasses-flipkart-asmost-favoured-retail-destination/article8896591.ece
18.
Air Pegasus suspends services, denies shutting down
operations
Regional airline Air Pegasus, whose aircraft was taken back by lessors on
Wednesday, denied reports that it had shut down operations, maintaining that
the suspension of services was temporary. The airline was in talks with creditors
to raise fresh funds, while also confirming that Elix Aero had repossessed its
aircraft for non-payment of dues. The airline, which needs 100 crore
immediately, has been in talks with several lenders for some time now. Sources
said discussions with a major Gulf carrier, with which Air Pegasus had signed a
non-disclosure agreement, lay suspended
http://www.thehindubusinessline.com/economy/logistics/air-pegasus-suspendsservices-denies-shutting-down-operations/article8907636.ece