Reliance Industries launches JioMart. Hinduja Group is preparing a bid to buy grounded carrier Jet Airways. IndiGo and Etihad Airways express interest in Air India. Uber and Postmates sue California over gig worker law. Huawei's revenue hits record high of $122bn in 2019 despite US sanctions.
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Initial Public Disappointment: Uber, Lyft, Pinterest, Slack, WeWork - 2019 was the year of IPO disappointment. Some IPOs were derailed even before they could be launched while the ones that were launched are trading below their private valuations and pre-IPO expectations of what they might have been priced at. This year's IPO fiascos have also eclipsed investors' expectations from 2020.
"Going forward, underwriters and other advisers expect investors to remain discerning and wary of money-losing companies. They expect some of those companies to spend 2020 retooling their balance sheets with a greater focus on profits." WSJ
Graphic Detail: If a picture tells a thousand words, an infographic tells a million. As we wind up this year, here's a list of the 19 top infographics by Visual Capitalist.
Get a Stock of This: The New Year is here! The stock market has largely consolidated in recent days and stocks are expected to struggle to find a direction in the coming weeks, making it tricky for traders to pick the right bets. But keeping certain factors in mind, bets can be made over which investments are likely to deliver.
Here's a list of 12 money-making ideas that can deliver gains over the next few weeks.
It's Now or Never: Speaking of making money — almost 99m people will make a financial resolution this year. The key to shoring up your safety reserves — and keeping your resolutions — is to map out how you’re going to get there. Here are three strategies that can help you turn your financial resolutions into reality.
A Fighter: Chinese telecommunications giant Huawei reported a record increase in revenue to $122bn for 2020. It sold 240m handsets this year, up from 206m last year. The news comes despite multiple attempts by the US to curtail its global business on the grounds of threat to national security.
Hit Refresh: The US added Huawei to the Commerce Department’s trade blacklist this year, and placed new restrictions on its ability to sell to - and maintain commercial relations with - American companies, while urging its allies to not use Huawei products.
However, Huawei cautioned that growth next year could prove more challenging. TechCrunch
Meanwhile...: Union Telecom Minister Ravi Shankar Prasad announced that India will be opening up its 5G spectrum for trials to all telecom equipment manufacturers, including Chinese telecom giant Huawei. Firstpost
Setting Up Shop: Reliance Industries, in a bid to take on rivals such as Amazon and Walmart, as well as online grocery-specialists such as BigBasket and Grofers, has rolled out its new ventured called JioMart.
Taglined 'India ki nayi dukaan', JioMart is currently available in Navi Mumbai, Thane and Kalyan. JioMart will be an aggregator where it will partner local grocers and equip them with points of sale (PoS) terminals, low interest working capital, inventory management skills, and GST compliance. ET Retail
Pushback: Ride-hailing company Uber Technologies and courier services provider Postmates have asked a US court to block a California labour law set to go into effect on Wednesday that could force the companies to treat their drivers as full-time employees, arguing the Bill violates the US Constitution.
The complaint, which includes two gig workers as co-plaintiffs, was filed in US District Court on Monday, two days before Assembly Bill 5 (AB-5) is due to go into effect on January 1st. It asks for a preliminary injunction against AB-5 while the lawsuit is under consideration.
The complaint argues that AB-5 violates several clauses in the US and California Constitutions, including equal protection because of how it classifies gig workers for ride-sharing and on-demand delivery companies compared to the exemptions it grants to workers who do “substantively identical work” in more than twenty other industries. Reuters
Swipe Right: As per reports, UK-based Hinduja Group is preparing to make a bid for grounded carrier Jet Airways and plans to submit an expression of interest by the January 15 deadline.
Creditors are seeking fresh bids for Jet Airways after earlier getting interest from only a single company, Synergy Group Corp.
Zooming Out: Hinduja Group had earlier this year considered bidding for Jet Airways in partnership with Etihad. However, Etihad jettisoned the proposal, forcing Jet Airways into bankruptcy. Hindu BusinessLine
New Year Cheers?: IndiGo and Abu Dhabi-based Etihad Airways have expressed interest in bidding for national carrier Air India, as per sources. Moneycontrol
This is the government's second attempt to privatise Air India. This time around, it intends to sell 100% stake in the airline following its failed previous attempt in 2018, wherein it had said that it would retain a 24% stake in the national carrier.
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