Airbus to stop building its A380 Superjumbo Jet. IBM to release Watson AI on rival platforms. Apple to start new streaming service. Levi Strauss files for IPO.
Now to Today's Top Business News Stories in Our End Of Day Wrap Up:
Airbus to stop building its A380 Superjumbo Jet. Jet Airways to get INR600cr emergency loan.
No More: Airbus to stop production of its poorly selling A380 superjumbo.
The move comes after Dubai-based Emirates Airline, the plane’s biggest customer by far, cut sharply its plans to buy more of the jets. It was further augmented by airlines increasingly opting for smaller, nimbler long-range planes.
Click here to read more on the fall of A380 Superjumbo Jet.
Big Relief: Jet Airways set to get an emergency loan of c. $85mn amidst severe cash crunch.
Banks, led by State Bank of India, plan to provide the funds against shares pledged by Founder and Chairman Naresh Goyal and partner Etihad Airways, backed by their guarantees.
RBI penalises four banks for violation of banking norms. TRAI extends DTH deadline to March 31st.
Fine Time: RBI has imposed a monetary penalty of INR2cr on Corporation Bank and INR1cr each on Bank of Baroda, State Bank of India and Union Bank of India.
The penalty has been imposed for non-compliance with various directions issued on monitoring of end-use of funds, exchange of information with other banks, classification and reporting of frauds, restructuring of accounts etc.
On a Spree: The Central Bank has imposed monetary penalties on 14 banks so far this month for violating various directions issued by it. Click here to see who else is on the list.
Time to Choose: TRAI has extended the deadline for customers to opt for channels of their choice under the new framework for broadcasting and cable services from Feb 1 to March 31.
A Good Deal: The framework allows consumers to select and pay only for the channels they wish to view and requires TV broadcasters to disclose the maximum retail price of each channel.
Best Fit: Customers who don't exercise the choice will automatically migrate to the 'Best Fit Plan', to be developed as per usage, pattern, language, channel popularity etc.
IBM to release Watson AI on rival platforms. Apple to start new streaming service.
Because Sharing is Caring: IBM announces plan to release services of its Watson AI on rival cloud computing providers.
The Motive: The move seeks to win over customers that want greater flexibility in how they store and analyze data.
Good Move: The announcement builds on IBM's move to position its services as compatible with nearly any form of computer infrastructure a customer wants to operate on.
IBM will rely on an open-source software package known as Kubernetes to make the linkages to rival clouds. Read more on the matter here.
New Start: Apple to debut its new streaming service, a product which will include original content free for Apple device owners and a platform to subscribe to other digital media services.
The service, which is set to launch in April and will allow customers to sign up for existing digital streaming products and watch them in the iOS TV application. Apple wants to simplify mobile video viewing by housing content in one app instead of forcing users to launch separate apps for each service.
No Thanks: Popular streaming services like Netflix and Hulu aren't expected to be a part of the "Channels" service. HBO remains unconfirmed. Read this WSJ report to know why publishers have hit back at the tech giant’s request to take c. 50% cut of revenue from the new service.
Tech startup MoveInSync to foray into ride-hailing market. Chinese ride-sharing company Didi invests $100mn in OYO.
The New Kid in Town: MoveInSync, a Bengaluru-based technology is now foraying into the ride-hailing space, a segment dominated by giants like Ola and Uber.
New Approach: Unlike Uber and Ola, which provide on-demand service, MoveInSync plans to provide a scheduled transportation system for working professionals with fixed timings.
The company’s patented algorithms optimize vehicle utilization and routing for cabs or buses, saving clients around 15-20% in employee transportation cost. Read more on the matter here.
Didi To The Rescue: Hospitality company OYO raises $100m from Chinese ride-hailing company Didi Chuxing, bringing its $1bn financing round to a close.
Zoom Out: OYO had in September 2018 raised $800m in funding, led by SoftBank Vision Fund. Soon after, in December 2018, Singapore’s cab-hailing company Grab had invested about $100m in the company.
Levi Strauss files for IPO to return to public markets. Johnson & Johnson to acquire medical technology firm Auris Health.
Going Public: Clothing company Levi Strauss files for an IPO, as it looks to raise more than $600m. The family-controlled business seeks a total valuation in excess of $3bn.
Back in Action: The offering would mark the return of Levi's to the public markets more than three decades after it went private in a leveraged buyout in 1985. It would also give the denim maker a war chest and equity for potential deals as it tries to drive further brand and category diversification.
Stepping Up: Johnson & Johnson ’s subsidiary Ethicon, has reached a deal to buy medical technology firm Auris Health for c. $3.4bn in cash.
The purchase will mark J&J’s entry into robotics. Auris’s technology will help the world's largest maker of health products devise a digital solution which would cater to the different parts of lung-cancer treatment.
Auris has previously developed the Monarch Platform, a medical device that can help physicians access nodules in patients’ lungs to diagnose and target treatment.
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