According to a report by the PTI, the basic remuneration of SBI chief Arundhati Bhattacharya was only Rs 28.9 lakh for the year 2016-17. However, her counterparts in private banks received a staggering basic salary when compared to Arundhati. While ICICI CEO Chanda Kochhar received Rs 2.66 crore, Axis Bank’s chief Shikha Sharma received Rs 2.7 crore as basic pay. Meanwhile, HDFC’s Managing Director Aditya Puri’s basic salary stood at a massive Rs 10 crore.
According to reports, the new GST regime is expected to give a big boost to the job markets in India. Several reports also suggest that the implementation of the GST will create over one lakh immediate new employment opportunities, including in specialised areas like taxation, accounting and data analysis. Notably, the GST is scheduled to be rolled out from July 1.
On the completion of Infosys Annual General Meeting (AGM) on Saturday, R Seshasayee, the Chairman of Infosys, announced his retirement. According to reports, R Seshasayee said: “Finally, as this will be my last AGM, before I retire upon reaching the age of 70 in May 2018... During the remaining part of my tenure, I would be committed to further enhancing governance standards, improving shareholder value.” He also reportedly said he plans a smooth transition to his successor.
Bengaluru-based IT major, Infosys on Saturday conducted its 36th annual general meeting. Following the meet, Infosys released a statement announcing that more than 11,000 jobs have been released due to the use of automation. According to reports, the revenue per full-time employee (FTE) for Infosys has increased by 1.2 percent as a result of automation, utilisation and productivity improvements. The statement further said, "It is a clear demonstration of how software is going to play a crucial role in our business model."
India’s top telco Bharti Airtel has reportedly announced a fresh offer, named ‘monsoon surprise’ for its customers. According to reports, the company has extended its ‘holiday surprise’ offer and will continue to provide 30GB free data for another three months. Notably, Airtel users can claim the offer on ‘My Airtel’ app after July 1.
Arnab Goswami responding to a report claiming Times Now has caught up with Republic TV alleged that Times is using methods which are manipulating the system. According to Goswami, Times Now has increased viewership by employing a “forced reach” method. He claimed that Times Now is tying up with cable networks to be the “landing page” on the network.
E-commerce major Amazon has reportedly filed a patent for a multi-storey warehouse for its delivery drones which resembles a beehive in shape. The patent states that the warehouses will be built within densely populated urban areas. The illustrations in the patent suggest the warehouse will have multiple windows for drones to fly in and out of the building.
Bengaluru-based Infosys on Friday reportedly said it had decided to pay $1 million for the state of New York in a visa-related case. The New York state had filed a case against Infosys on 2010 alleging that the IT major used temporary visas called B-1 visas instead of H-1B visas to send its employees to the onshore locations in the state of New York. However, the company still maintains that it did not commit any wrongdoings.
Ford India has recalled over 39,315 units of its two cars, Ford Fiesta Classic and the first generation of the Figo hatchback, produced from 2004 to 2012 at the Ford India manufacturing facility in Chennai. The potential concern related to the high-pressure power assisted steering hose is said to be the reason for the recall. A power steering fluid leak could result in fumes being emitted from the engine compartment, says Ford.
Reports suggest that Goods and Services Tax will raise the cost of education due to the tax on services offered to educational institutions. Services like security, transportation, catering and housekeeping from third-party service providers that are bought by most institutions of higher education will now attract 18% GST levy, which will reflect in higher fees. Reportedly, this levy will raise the cost of laundry, food in hostel mess, medicine, stationery and other services and products they buy on the campus.
British telecom major Vodafone has reportedly started offering 45GB free data for the buyers of OnePlus 5 smartphone. According to reports, the users should recharge for at least 1GB to avail this offer, which also includes 3 months free subscription of Vodafone Play. Notably, the 45GB data will be valid for 5 months with 9GB monthly cap.
Home-grown e-commerce major Flipkart is reportedly planning to buy its competitor Snapdeal for $350-400 million. Notably, this contradicts earlier reports of Flipkart accepting to buy Snapdeal for $1 billion in an all-stock deal. The $400 million value for Snapdeal is reportedly 94% lesser than its earlier valuation of $6.5 billion.
Reliance is now offering free home delivery of its SIM card in more than 600 towns across India. Customers can initiate their 4G SIM home delivery on the Jio website. Customers need to download the MyJio app, generate a coupon in the app, and book an appointment online to get the SIM delivered. Aadhaar number is needed for eKYC purposes and generating the coupon on the app.
Nasscom on Thursday reportedly said that Indian IT export is projected to grow by 7-8 percent in 2017-18. Nasscom president R Chandrashekhar also reportedly said, this will create 1.3-1.5 lakh new jobs during this fiscal year. Notably, the domestic market for IT companies is expected to grow 10-11 percent.
Veteran American star George Clooney on Wednesday sold his tequila brand Casamigos, which he Co-founded with businessmen Rande Gerber and Mike Meldman, for $1 billion to British alcoholic beverages company Diageo. Reportedly, this purchase will be Diageo's biggest since its $3.2 billion acquisition of absconding Indian liquor baron Vijay Mallya’s United Spirits in 2014. Notably, Clooney along with his partners created Casamigos in 2013.
According to a report by Reuters, social media giant Facebook’s Chief Operating Officer Sheryl Sandberg is tipped to take over as Uber's CEO after former CEO Travis Kalanick's resignation. This comes after Uber board member Arianna Huffington pushed for Sandberg's appointment. Meanwhile, Walt Disney's COO Thomas Staggs is also being considered for the post, but Sandberg is said to be "their first choice."
According to reports, the market share of Chinese smartphones in India increased by an astounding 340% in the first quarter of the 2017-18 fiscal, when compared to the same quarter last year. Further, Chinese smartphones made up 15% of the Indian market in Q1 last year, as compared to 51% this year. Notably, the market share of Indian smartphones fell from 41% to 14%.
Chinese smartphone maker OnePlus has finally launched its OnePlus 5 smartphone in India on Thursday. According to reports, the 6GB RAM and 64GB inbuilt storage variant of OnePlus 5 is priced at Rs 32,999, while the 8GB and 128GB storage variant is priced at Rs 37,999. Notably, the smartphone will go on sale on Amazon India from 4.30pm.
Infosys CEO Vishal Sikka on Thursday reportedly said that the assumption that Indian IT firms are too much dependent on H-1B visas is not correct. Sikka also said Indian IT companies need to grab the upcoming opportunities like artificial intelligence to retain its global leadership edge.
Indian e-commerce giant Flipkart has reportedly started offering a massive discount on Apple iPhones. According to reports, iPhone 7 is sold at Rs 42,499, which is around 29% lesser than its original selling price. Notably, Flipkart is also selling iPhone 6 at a discounted price of Rs 25,999 and 32GB variant of iPhone 6S at Rs 32,999.