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Uber to Fly in India, Google CEO To Not Show Up et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 30, 2018 12:31 PM 2 min read
Editorial

End of Day Wrap-up (Tuesday/ Aug 28, 2018) #Government #Uber #India #US #Dallas #LosAngeles #Google #Facebook #Twitter #Senate #RelianceInfra #Adani #Mumbai #PostPaymentsBank #CorporateProfits #GDP #Transfin

Editor's Comment: Govt asks Johnson & Johnson to compensate patients suffering from faulty hip implants provided by the company. The government is identifying patients and making sure they receive compensation, from J&J, whose subsidiary DePuy’s ASR hip replacement system was used in around 4,700 surgeries.

 

Adani Transmission buys Reliance Infra’s Mumbai power distribution business for INR18,800cr. This sale has reduced Reliance Infra’s debt by one-third to INR7,800cr.

 

Cabinet approves IN635cr additional funds for India Post Payments Bank on account of technology costs worth INR400cr, and 235cr for Human Resource Costs. The initial outlay for the Bank now is INR1,435cr, due to launch on 1st September 2018.

 

Uber Elevate, Uber’s aerial taxi arm, considering to launch its aerial taxi service in India. Uber wants to launch its aerial commercial operations in 5 countries, and has conveyed to The Ministry of Aviation, that it wants India to be one of them. Uber Elevate plans to start on-demand aviation in Dallas, Los Angeles and an International city by 2023.

 

US corporate profits rise 16.1% YoY in Q2 on back of tax cuts and overall economic growth. This is the largest gain in over 6 years. Companies have had to pay 33% taxes less last year, as per the new tax law. The GDP has also grown by 4.2% this quarter showing strong signs of growth.

 

Google CEO to abstain from The Senator Committee meeting next week which is to discuss data protection in the upcoming Nov midterm elections. The Senator Intelligence Committee has invited top officials from Facebook, Twitter and Google for a hearing in their role in ‘protecting elections from misinformation and disinformation’. Facebook COO, Sheryl Sandberg and Twitter CEO Jack Dorsey have agreed to attend the hearing, but no senior official has accepted the invite from Google’s side yet.