PhonePeATM, a new service that lets consumers withdraw cash from its offline merchants via the Unified Payments Interface (UPI), has angered rivals who have drawn the attention of the regulator to the issue, three people aware of the matter said. On Friday last week, this became the centre of an intense debate during the steering […]
Your corporate email isn’t as safe as you think
The discovery of an alleged international ring of fraudsters started with a one-line email. In April 2019, a company accountant received an email that appeared to be from the chief executive officer. “Joanna, Can you mail out a cheque to a vendor today? Barbara,” the email said. The email had some hallmarks of a scam. […]
India Fintech Festival in Mumbai put off due to coronavirus fears
The government-led mega event, India Fintech Festival, which was scheduled to take place on March 4 and 5 in Mumbai, has been postponed following travel advisories over Covid-19 (coronavirus). Organisers have said that the new dates will be announced soon. The festival was planned by Mumbai Fintech Hub, Maharashtra government, ministry of electronics and information […]
As China fights the coronavirus, some say it has gone too far
By Keith Bradsher China’s business leaders know better than to argue with Beijing. Leave the politics to the Communist Party, they long ago concluded, and the government will let them make money in peace. A vicious viral outbreak has upended that formula. China’s typically supercharged economy has ground to a near standstill as the authorities […]
Bezos hack casts light on stock that’s up 191% in two years
If FTI Consulting suffers from a lack of name recognition, its clients don’t. The firm, staffed with former FBI, MI-6 and Mossad agents, has advised everyone from Jeff Bezos in the alleged Saudi phone hack case that United Nations experts got involved with last month, to George W Bush and OJ Simpson’s defense team — […]
US IRS sues Facebook for $9 billion in unpaid taxes
The US Internal Revenue Service (IRS) has sued Facebook for $9 billion in unpaid taxes, alleging that the social networking giant undervalued the intellectual property it sold to the subsidiary, thereby dodging billions in taxes. The IRS lawsuit, filed in a San Francisco court, claimed that Facebook “undervalued the royalty amount between 2010 and 2016, […]
Paytm Bank partners with Ola & Uber to issue FASTags to one lakh drivers
Paytm Payments Bank said it has entered into a strategic partnership with ride-hailing companies, Ola and Uber, and will issue FASTags to more than 1 lakh driver-partners. The company said it has set up over 12 camps at Uber Green zones across all the major cities including Delhi-NCR, Bangalore, Chennai Kerala, Hyderabad, Kolkata, Guwahati, Pune, […]
Amazon grapples with the fallout from the Coronavirus
By Karen Weise and Michael Corkery What if the Everything Store couldn’t sell everything because of disruptions from the coronavirus? That’s the situation that Amazon — which typically stocks more than 100 million items, from toilet paper to yoga pants — is working to avoid as the deadly outbreak continues to shut down and slow […]
After Amazon, Walmart’s Flipkart challenges India antitrust probe
Illustration: Rahul Awasthi Walmart‘s Flipkart has filed a legal challenge against an antitrust investigation ordered against the company in India, a court filing seen by Reuters showed, following a similar petition by its rival Amazon.com Inc. The Competition Commission of India (CCI) in January ordered a probe into alleged violations of competition law and certain […]
Flipkart moves Karnataka HC against antitrust probe
Illustration: Rahul Awasthi Walmart-owned ecommerce marketplace Flipkart has filed a writ petition in the Karnataka High Court challenging an antitrust investigation into its alleged anticompetitive business practices. The move comes days after the same court had stayed the Competition Commission of India’s (CCI) probe following a similar plea by rival Amazon. “We are a party […]