An official filing revealed that Uber is facing huge loss in its international operation, as the company spent big on global expansion. The main factors of the loss are regulatory obstacles and local rivalry.
Sectors
Silicon Valley on India: Striking The Iron While It's Hot
There is a saying "Strike while the iron is hot". That is what Silicon Valley is doing - investing big in India where the economy grows faster.
Zimbabwe Government Robbed of Wealth, Takes Control of Diamond Mining Fields
The Zimbabwe government will now take control all of the mining fields in the country as the state is being robbed of its wealth. Billions of dollars have been stolen from the nation's treasure chest because of smuggling and swinding according to President Mugabe.
U.S. Service Sectors Expanded More Slowly in February
The Institute for Supply Management (ISM) announced on Thursday that service sectors in U.S. is expanding modestly. However, the sectors fared better than manufacturing in February 2016.
Bharti Airtel and Idea Cellular is Predicted to Face Challenge in 2016
Two of India's largest telecom operators Bharti Airtel and Idea Cellular have an increase revenue market share in 2015. However, Morgan Stanley predicted the companies will face substantial challenge in 2016.
Latest News
Hewlett Packard Enterprises (HPE) has beaten analysts' forecasts for the first quarter earnings. HPE has posted earnings per share (EPS) of 41 cents a share for first quarter as against the 40 cents per share of average forecast made by analysts. Hewlett Packard Enterprises is expected close Tsinghua deal by end of May as soon as it gets Chinese regulatory approval.
Citigroup is reportedly in negotiation to appoint Armando Diaz as the global leader of capital equities trading. These appointments signify the bank's effort to construct a robust stock offering business.
Russian energy company GazProm signed a loan agreement with Bank of China on Thursday. GazProm borrowed €2 billion ($2.17 billion) on a 5-year term
Audi AG reported a drop of 6.1% in its operating profit for 2015. The carmaker's profit after tax declined 3% owing to costs of repairing diesel engines related to emission scandal.
Hewlett-Packard Enterprise reported its quarterly result on Thursday. The company booked a better than expected revenue and profit, but its earning fell by negative currency impacts.
Roofstock gets Series A funding of $13.25 million led by Bain Capital Ventures. The funds will be used in an online marketplace and will be launched on Thursday in Florida.
It was agreed that Samsonite is to acquire luggage-manufacturer rival Tumi for about $1.8 billion. Samsonite has long been interested in Tumi and its acquisition is considered the biggest deal made by Samsonite.
India's securities market regulator Sebi is upgrading and strengthening its surveillance system on commodity exchanges (CommExes). Recently, Sebi has barred 16 commodity trading members from trading for manipulating castor seed futures. National Commodity & Derivatives Exchange (NCDEX) is also enhancing and strengthening surveillance system for commodity exchanges in the country.
Indian stock markets recorded gains from continuous buying support from foreign institutional investors (FIIs). Encouraging global cues also led the stocks gain on Indian bourses. The latest institutional support made the best three-session rally since September 2013.
