SC holds Anil Ambani guilty of contempt. Saudi Armaco and RIL discuss potential alliance. MX Player set to make its streaming debut with 5 original TV shows. Trump hints at trade deadline extension.
Now to Today's Top Business News Stories in Our End Of Day Wrap Up:
SC holds Anil Ambani guilty of contempt. Saudi Armaco and RIL discuss potential alliance.
Guilty as Charged: The Supreme Court has held Reliance Communications Chairman Anil Ambani and two of its Directors guilty of contempt of court on three contempt applications filed by Swedish telecom giant Ericsson, for not clearing dues of INR550cr.
SC has asked RCom and Ambani to pay Ericsson INR453cr, in addition to the INR118cr already deposited with the court. The court has also imposed a fine of INR1cr each, on the three.
Final Warning: SC has asked Ambani to pay the specified amount to Ericsson within four weeks, failing which he will have to serve three months of jail term.
Saudi Aramco Aims Big: Saudi Aramco is in talks with Reliance Industries and other Indian companies for potential investments in petrochemicals and refinery projects in India.
Second Innings: Saudi Aramco had last year signed an agreement in April with a consortium of state-owned Indian refiners to participate in a $44bn refinery project, which would process 1.2 million bpd of crude oil and produce 18 million tonnes of petrochemicals per year.
Government to auction oil, gas blocks of ONGC and OIL; Introduces new electronic policy.
Come In: A NITI Aayog Committee has proposed offering private sector players, bigger oil and gas areas that belong to state-owned companies in a bid to enhance production from existing nomination fields of ONGC and OIL.
ONGC and OIL would conduct the bidding for around 65 blocks.
Furthermore: National oil companies will be allowed to induct private sector partners so that they can enhance production and bring in new technologies and capital.
Made in India: Government has introduced a new electronic policy to help position India as a hub for electronic manufacturing for exports by encouraging and driving capabilities in the country for developing core components, including chipsets, and creating an enabling environment for the industry to compete globally.
With the policy in place, the government expects to make $400bn in revenue by 2025 along with one crore jobs.
Sachin Bansal invests INR650cr in Ola. Xpressbees raises INR35cr from InnoVen Capital.
Helping Hand: Flipkart Co-founder Sachin Bansal has invested c. INR650cr in Ola- the largest financing by an individual in the ride-hailing firm till date.
The investment is part of Ola's plans to raise about $1bn in funding, valuing the company at c. $5.8bn.
Expansion Time: Pune-based ecommerce logistics startup Xpressbees has raised INR35cr from Mumbai-based venture debt and specialty lending company InnoVen Capital.
The seven-year-old venture provides end-to-end ecommerce-focused logistics services, offering its clients including Flipkart, Paytm and Snapdeal services such as real-time tracking, multiple payment collection and processing options.
Good Use: The fresh funds will be used to expand the startup’s existing network and develop new business lines.
MX Player set to make its streaming debut with 5 original TV shows. Twitter to introduce its ads transparency feature in India.
On Demand: MX Player, the world’s largest local video player announced the launch of five original TV shows for India labeled as “MX Original” series on its on-demand video platform.
These shows will be available to viewers for free on its ad-supported platform, and can be watched via a web browser and its smartphone apps.
MX Player boasts of over 1,00,000 hours of licensed content from “MX Creators” and partners such as Alt Balaji, TVF, Arre and SonyLIV.
No More Secrets: Twitter has announced an expansion of its political ads policy and transparency approach to include India, all EU member states and Australia, beginning March 11. The feature allows users to view political ads with details like ad spend and targeting demographics.
This move aims to enforce stricter policies for political advertisers and providing clear, transparent disclosure for all ads on the platform.
We’re Watching: The service will make it clearer who is advertising political campaign content on the platform by including a visual label and disclaimer information on promoted content from certified accounts. This will allow people to easily identify political campaign ads and know who paid for them.
Trump hints at trade deadline extension. UK, Germany considering letting Huawei stay amidst US protest.
Backing Out: US President Donald Trump hinted at a possibility of not increasing tariffs on Chinese goods from March 1st, as scheduled.
No Magic: President Trump in his statement said that the deadline to complete talks with Beijing is “not magical date”, as US and Chinese negotiators started this week’s trade meetings.
Since mid-January, the two sides have met either in Washington or Beijing to carve out a deal to end the year-long trade war.
Hiring Now: Germany is considering hiring the services of Huawei Technologies in building the nation’s high-speed internet infrastructure.
Don’t Do It: The Trump administration has repeatedly been urging its allies to restrict Huawei’s participation in their next-generation mobile infrastructure—and even pull the company’s equipment from existing networks, on back of raising fears of danger to national security.
However, an unwillingness to delay the rollout of 5G services, potential spike in switching costs and a lack of evidence against Huawei have greatly stymied US’s push against the telecom giant.
Taking Advantage: Read more on how the Chinese economic slowdown presents India with an opportunity to move ahead here.
(Don't want to miss out on these End Of Week Wrap Ups? Subscribe Now to our No Nonsense Email Digest and get the day's Top 6 Business stories straight to your mailbox.)