Mukesh Ambani, Asia’s richest man, rebuilds a 261-year-old British icon.

A struggling 261-year-old UK toy-store chain is seeking a new lease of life in the hands of billionaire Mukesh Ambani, who’s looking to India where about a fifth of the world’s babies are born to fuel its revival.   Hamleys, a British retail icon that hasn’t made a profit for a number...

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Jack Ma’s fortune jumps $2 billion after record Alibaba fine.

China just slapped a record antitrust fine on Alibaba Group Holding Ltd. The company thanked the government and investors breathed a sigh of relief.Alibaba’s American depositary receipts climbed 9.3% on Monday in New York, their biggest jump in almost four years. For Jack Ma, the founder of the e-commerce...

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Microsoft to acquire AI, cloud computing company Nuance for $19.7 billion.

Microsoft will acquire artificial intelligence and cloud computing company Nuance for $19.7 billion, bolstering the telemedicine services that became essential during the pandemic, the tech giant announced Monday.Nuance's technology is used extensively in medical records and is currently employed in more...

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Moratorium likely to cost banks ₹ 7k crore.

Compound interest refunds for loans above ₹2 crore during last year’s moratorium will cost Indian lenders over ₹7,000 crore this quarter, given the government’s unwillingness to compensate them for it, two people aware of the matter said.The government has agreed to make good compound interest...

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Cabinet okays ₹10,738 crore PLI scheme for solar modules, white goods.

The cabinet on Wednesday approved ₹10,738 crore production-linked incentive (PLI) schemes for solar modules and white goods as part of the overall ₹1.97 lakh crore PLI series under the government’s plan to make India a global manufacturing hub.While ₹4,500 crore was allocated for manufacturing...

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IL&FS sells environment business to EverSource, reduces debt by ₹1,200 crore.

IL&FS has sold its stake in environment business to EverEnviro Resource Management, a 100 per cent owned subsidiary of Green Growth Equity Fund (GGEF) managed by EverSource Capital.IL&FS, as the promoter of IL&FS Environmental Infrastructure and Services Ltd (IEISL), held 97.54 per cent of equity...

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Adani becomes 3rd Indian group to cross $100 billion in market capitalization.

Billionaire Gautam Adani's ports-to-energy conglomerate has become India's third group to cross USD 100 billion in market capitalization with shares of four of its six listed companies soaring to an all-time high on Tuesday.The total market cap of Adani Group's six listed companies at the close of trading...

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Aakash joins BYJU’s universe in nearly $1 billion deal.

Edtech company Byju’s on Monday confirmed the acquisition of education institution Aakash Educational Services Ltd (AESL), as it looks to boost its presence in the test preparation segment and add omnichannel capabilities to both entities.The cash-and-stock deal was closed at almost $1 billion last...

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One-time pioneer LG Electronics to close smartphone business.

LG Electronics Inc. is shutting down its loss-making mobile communications unit in a move to streamline operations and focus on future projects such as electric vehicle components.The company will end production and sales of mobile phone products on July 31 due to intensified competition and continued...

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Krsnaa plans ₹1,200-crore share sale.

Krsnaa Diagnostics Pvt. Ltd has begun preparations for an initial public offering (IPO) that will see the Pune-based diagnostics chain raise as much as ₹1,200 crore, said three people close to the matter.“The company started work on its IPO last month. They have appointed four investment banks—JM...

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