In an aggressive regulatory action, European authorities have fined Google a record $5.1 billion for abusing its power in the mobile phone market. The penalty, which might force a lasting change in the smartphone business, is almost double the fine the EU had imposed last year over Google’s unfair favouring of its own services in internet search results.
The ordered changes, which European regulators said should take place within 90 days, undercut Google’s ability to automatically include its own search and other apps in mobile devices, opening it to more competition in the market.
ONEPLUS, PLUS ONE
Reportedly, Chinese smartphone manufacturer OnePlus is planning to make India its second headquarters. The company is thinking about setting up a full-fledged organisation framework in the country, which would make policy decisions to better manage the brand.
OnePlus will also be opening a research and development facility in Bengaluru or Hyderabad, likely by September. Though the brand sees itself as an internet-first company, it apparently felt the need to have a physical presence in India, where it is doing huge business.
A RELIANCE ON LOANS
Mukesh Ambani-led Reliance Industries, which will soon roll out a fibre network and open more retail stores, is reportedly negotiating with banks to raise up to $2.5 billion in loans from overseas market.
Apparently, the company is in talks with more than a dozen banks to arrange the loan, which will be used to refinance existing offshore debt.
FAST-TRACKING THE UNION
The telecommunications department might soon approve the game-changing, $23-billion merger between Idea Cellular and Vodafone India. Reportedly, the two companies are likely to pay the Rs 7,268 crore in dues towards spectrum charges, demanded by the government. However, they are likely to do so under protest, which means they will challenge the demand in court after the telecommunications department approves the merger.
According to reports, the companies decided to pay the dues so that there is no further delay in the merger.
Mumbai-based Bigtree Entertainment Private Limited, the parent company of online ticketing platform BookMyShow, has raised $100 million in a series D round of funding led by private equity firm TPG Growth.
The company, in a statement, said that the new capital would be used for expansion plans in the entertainment sector, where rival Paytm has been gaining ground.
The Asian Development Bank, in a new report, has said that South Asia will continue to be the fastest growing economic sub-region despite trade tensions in the region. The report said that the region will be “led by India, whose economy is on track to meet fiscal year 2018 projected growth of 7.3 per cent and [would] further accelerate to 7.6 per cent in 2019, as measures taken to strengthen the banking system and tax reform boost investment.”
On July 18, for the first time in its history, Amazon.com's stock market value reached $900 billion. After announcing that it sold products worth more than $100 million during its annual Prime Day sale, the company's stock briefly touched $1,858.88, giving Amazon a stock market value of $902 million.