Author: News Desk

Indian refiners are likely to import crude oil from Venezuela at a discounted rate after the US eased sanctions on oil from the Latin American country, according to a report by S&P Global Commodity Insights. India, the world’s third biggest oil importer and consumer, reportedly ships over 80% of its oil needs from overseas and wants to cut its crude import bill. “It is always good when more supplies come to market,” Oil Minister Hardeep Singh Puri said at an industry event, speaking about Venezuelan oil, and added: “We will buy from wherever we can get cheaper oil.” “Coker complexes…

The Ministry of Electronics and Information Technology (MeitY) on Sunday said that it had issued blocking orders against 22 “illegal betting apps and websites”, including Mahadev Book Online and Reddyannaprestopro at the Enforcement Directorate’s (ED) request. As per the union government, “The action follows investigations conducted by the ED against an illegal betting app syndicate and subsequent raids on Mahadev Book in Chhattisgarh, revealing the app’s unlawful operations.” In a recent interview with TOI, Chattisgarh CM Bhupesh Baghel had questioned the government on why they are not issuing a ban on Mahadev app. Later, on Friday, the ED is probing…

The surge in cyber fraud cases linked to illegal digital lending apps has raised concerns among consumers in India. In response to the growing number of complaints against these apps, Google has partnered with the Fintech Association for Consumer Empowerment (FACE) to tackle this issue head-on. This collaboration aims to create a safer digital environment for internet users and protect them from scams perpetuated by predatory digital lending apps. Safeguarding Against Online Fraud: In October 2023, Google announced its partnership with FACE, a crucial move to safeguard consumers from online fraud and create a reliable digital ecosystem. FACE will now…

The Indian data centre industry is set to undergo a significant transformation, attracting substantial investments of over ₹45,000 crore over the next three fiscal years through 2026. A recent report by CRISIL Ratings highlights this surge in interest as diverse companies are drawn to the growing demand for data and storage solutions. The Cloud and OTT Revolution With the widespread adoption of cloud solutions by large enterprises, the data centre sector has witnessed a sharp increase in demand. Moreover, the skyrocketing usage of over-the-top (OTT) platforms has led to a surge in retail data consumption. Notably, mobile data traffic has…

Definition of better is subjective according to each individual. When it is about the choice of things you dreamt of possessing, the word better won’t be enough. In the era of automobiles transitioning and innovating within the blink of an eye, the debate over ‘Best/Better’ is constantly undergoing variations. Now, the auto-tech world is arguing on hybrid-EV vehicles. The auto industry’s move towards zero-emission vehicles is now basically inevitable. But there’s still a long way to go. A hybrid vehicle gives the experience of ICE and the benefit of EV with the push of a button. For potential buyers who find EVs…

The Dubai Air Wing’s C130 Hercules isn’t just a massive plane; it’s a true hero during times of crisis. For nearly four decades, this aircraft has undertaken thousands of noble missions, providing essential aid to people affected by natural disasters and conflict. Delivering Hope Worldwide From delivering relief materials to earthquake victims in Morocco to aiding flood-stricken regions in Pakistan and Libya, the C130 Hercules has extended a helping hand to those trapped in calamities worldwide. It has become a symbol of compassion and support. A Lifesaving Journey to Al Arish On October 23, Khaleej Times had the opportunity to…

Reliance Retail Ventures (RRVL) on Friday said it is taking over the India operations of LVMH-owned Sephora from Arvind Beauty Brands Retail, a subsidiary of Arvind Fashions. According to an official release, the all-cash deal for INR 99 crore, values Arvind Beauty Brands Retail at INR 216 crore. The enterprise value includes the entire equity stake and outstanding loans. The transaction, through RRVL arm Reliance Beauty & Personal Care, comes after talks between Sephora and Reliance Retail to form a retail partnership for the Indian market were abandoned earlier this year. A separate release by Reliance Retail said that it has tied…

In a significant development, Karthik Gurumurthy, the Senior Vice-President (SVP) at Swiggy, is poised to leave the renowned food delivery giant to kickstart his own venture, according to insiders familiar with the situation, as reported by Moneycontrol. A Brief Sabbatical and Return to Swiggy Back in March, Gurumurthy, who is credited with creating Swiggy Instamart, took a sabbatical. However, he made a comeback in May, taking the helm of Swiggy Mall, previously known as Swiggy Maxx, an online hyperlocal shopping destination. A New Venture in the Offing Gurumurthy’s upcoming project shares some similarities with Swiggy but ventures into the offline…

UAE unveiled a novel end-of-service benefits scheme that offers companies the flexibility to enhance employee retention and attract top talent. This innovative initiative provides employers with the option to enrol selected employees into a new program where their end-of-service gratuity is invested in approved funds, ultimately boosting their retirement savings. In this article, we will delve into the details of this scheme and how it functions, highlighting the advantages it offers to both employers and employees. 1. Flexibility for Employers: – Under the newly introduced scheme, participation is entirely optional for employers. They can decide to choose the employees they…

In her recent speech at the India-Sri Lanka Business Summit, Indian Finance Minister Nirmala Sitharaman brought to light the evolving landscape of international agreements. She emphasised that global multilateral treaties, which have long been a hallmark of international diplomacy, are now experiencing a decline. This shift indicates a growing preference for bilateral arrangements among nations. In this article, we delve into the key points made by the Finance Minister, shedding light on the significance of bilateral pacts in today’s world. Rising Interest in Bilateral Agreements and Regional Currencies Sitharaman’s remarks underscore the fact that bilateral agreements are gaining prominence on…