Business

Alibaba Group Expands Presence in Australia, New Zealand

Chinese online retailer Alibaba Group opened its Australian and New Zealand headquarters in Melbourne on Saturday, its first expansion in the region as it seeks to tap growing global demand for products from the two countries. The group’s billionaire founder Jack Ma, who spent time in Australia as a young man, said he hoped the e-commerce giant would help Australian ... Read More »

Amazon forecasts unexpected profit dip

Amazon has said that plans to spend more on improving its warehouses and video content would hit profits in the current quarter. The online retail giant also narrowly missed analysts’ sales expectations for the busy holiday season. Amazon’s shares fell more than 4% in after-hours trading on Wall Street. The firm is spending heavily to take greater control of its ... Read More »

Snapchat owner worth up to $25bn despite making losses

Snap, owner of the Snapchat messaging app popular with teenagers, is to sell its shares on the US stock market. The California-based tech firm, which allows users to send images and messages that vanish within seconds, is set to be one of the major US share listings of recent years. The flotation is expected to value the business at between ... Read More »

Apple to start making iPhones in India, says state government

Apple is to start making iPhones in the southern Indian state of Karnataka, the state’s government has said. Ministers said Apple would start an initial manufacturing operation in the state, whose capital is the tech hub Bangalore, in April. The tech giant has a 2% share of India’s mobile phone market, well behind South Korean rival Samsung. Apple has yet ... Read More »

Big business players taking keen interest in Assam: Sarbananda Sonowal

Assam Chief Minister Sarbananda Sonowal on Saturday said big business players are taking a keen interest in the state as the government is making all out efforts to create an investor-friendly environment. “Employment generation is the top priority of the government but industrialisation will not be encouraged at the cost of environment and all measures would be taken to maintain ... Read More »

Cyrus Mistry to fight it out in NCLT after failing to stop his expulsion

Ousted Tata Group Chairman Cyrus Mistry will continue his fight against Ratan Tata and the board of Tata Sons at the National Company Law Tribunal (NCLT), despite the appellate tribunal rejected his family firms’ appeal to stop Tata Sons shareholders’ meeting, which is scheduled for February 6, for removing him from its board. Mistry has started the legal battle for ... Read More »

Ralph Lauren boss Stefan Larsson to step down

The chief executive of luxury fashion firm Ralph Lauren is to step down after less than two years in the post. Stefan Larsson, a former head of Gap’s Old Navy division, was appointed chief executive of the firm in late 2015. He will leave on 1 May with a $10m pay settlement after disagreements with founder and chairman Ralph Lauren ... Read More »

US firms added 227,000 jobs in January

US businesses added 227,000 jobs in January, way above economists’ forecasts of about 175,000. The figure, from the Bureau of Labor Statistics, compares with December’s rise of 157,000, revised up slightly from last month’s first estimate. However, average pay barely rose, and the number of people working part-time but looking for full-time work rose. Even so, the jobs growth suggests ... Read More »

US announces $8.5bn F35 order

The US Department of Defense has announced a deal for 90 F-35 jets worth about $8.5bn for supplier Lockheed Martin. The agreement brings the price for each stealth fighter aircraft below $100m for the first time, the Pentagon said. The Pentagon says it will save around $728m compared with its last order. US President Donald Trump has been vocal in ... Read More »

Infosys trims revenue outlook as outsourcers brace for tighter US regime

Infosys Ltd, India’s second-biggest software services exporter, pared its full-year revenue growth outlook as it fights uncertainties in its biggest markets that could curb client spending on technology. Infosys and its rivals in India’s $150 billion software services sector have struggled in recent quarters as major clients in the United States and Europe, their biggest markets, held back discretionary spending, ... Read More »