Industry
India Startup: Zomato Becomes India's First E-Commerce to Break Even
The company announced that it had broken even in India and six other foreign countries, making the Indian e-commerce the first to achieve that milestone. Zomato, valued at over $1 billion, is going to start another funding round before becoming profitable by mid-2016.
Bank of Russia revoked banking license of two more banks this year
The Russian Central Bank revoked license for banking for two banks, the Interkommerzbank and Alta Bank. The license revoke is part of the tougher regulation set by the Russian government to help strengthen the country's economy.
BaFin Shuns Transactions of Maple Bank For Tax Dodging Allegations, NBC Pledges For Repatriation of Dividend Fund Taken
BaFin has imposed an embargo on Sunday shunning all transactions of Maple Bank. The embargo comes followed by investigations by the regulator on the allegation of tax dodging. However, National Bank of Canada, the parent organization of Maple Financial Group pledges for repatriation of the dividends taken from Maple, if proves guilty.
Statoil's dividend irks major wealth fund
The Norwegian government is reeling under pressure owing to oil price drop. The lower oil price is eroding revenues for the government. The Norwegian government is counting on state's dividends from Statoil ASA.