Nestlé India is again facing controversies with its all-time favorite Maggi noodles. Recent lab tests show that the lead content is within permissible limits unlike monosodium glutamate which exceeds the allowable level.
Industry
Canada’s RBC Denied Facilitating Tax Evasion in Connection to Panama Papers Leak
The Royal Bank of Canada has released an official statement, explaining that the bank is not guilty for any illegal activities including tax evasion in connection to shell company set up as mentioned in leaked papers from Panama’s Mossack Fonseca. The bank claimed to have high standards to ensure clients would not use its services to evade tax.
French Government Offers a Site for Tesla to Build Its European Factory
French government offered an old nuclear plant site for Tesla to build its electric car manufacturing facility. The plant site is shutting down and Tesla’s existence could help support local residents with jobs.
15% drop in Yahoo revenues predicted for 2016
Yahoo Inc’s revenues may drop by 15 percent for 2016 year, while earnings are also predicted to tumble 20 percent. The global internet company is expected to slash jobs by 1,500 to 9,000 in 2016.
Goldman Sachs-backed CompareAsiaGroup gets new CEO Sam Allen
Goldman Sachs-backed consumer finance startup CompareAsiaGroup got its new CEO Sam Allen. In 2015, CompareAsiaGroup closed a Series A round of funding led by Goldman Sachs and is planning to go for a Series B round funding soon.
Latest News
Although Elon Musk was the first one to mention Hyperloop, two other companies have brought the idea closer to reality. Both companies are now preparing a track test and will begin to build the system.
Overstock.com is making a strategic investment in Caribbean digital currency firm Bitt. The $4 million in Series A will be allocated to improve Bitt’s software as well as expanding its operation across other Caribbean countries.
The Swiss bank which posted first full-year loss last year must take a drastic measure. It has to make another retreat in investment banking.
SunEdison is facing another lawsuit, this time from its subsidiary TerraForm. TerraForm accused its parent company for misallocating cash for its projects in India to SunEdison’s own balance sheet.
The demand for the US industrial products declined in February, signalling an additional slowdown in the country's economic growth. Fresh orders for the US industrial products dropped 1.7% in February, compared to an increase of 1.2% in January.
Starbucks is about to open its biggest coffee restaurant in 2018 and will be known as Starbucks Reserve Roastery and Tasting Room which will be housed by the 170,000 square foot building developed by Aurora Capital Associates and Vornado Realty Trust. It would be the biggest Starbucks coffee shop in the world where customers also get educated about the process how coffees are roasted and brewed from all over the world.
Nielsen Holdings has entered into an agreement with DISH Network to enhance its business service to the global standard. Nielsen plans to license set-top box data from DISH.
Russia produced 10.91 million barrels per day in March. This recorded as the highest in 30 years and raising the doubt on the production freeze.
Tesla announced parts shortage as the factor that caused the company to miss its initial sales target for the first quarter of 2016. The company, however, retains its guideline for the full year as it already solved the root of the problem accordingly.
