BUSINESS
Union Budget 2021: Sector-wise allocation of funds
Nirmala Sitharaman has also introduced the concept of bad banks in this budget which will help other lenders and other financial institution to help clear their balance sheets. One of the key challenges that finance ministers over the years is the increasing amount of bad loans of the banks.
AWS head Andy Jassy to replace Jeff Bezos as Amazon CEO
Andy Jassy, who is the CEO of the company's profit-making Cloud arm Amazon Web Services (AWS), will replace Bezos. The news came as Amazon registered its largest quarter by revenue of all time at $125.56 billion, as online shopping broke all records in the holiday December quarter amid the Covid-19 pandemic.
Uber acquires alcohol delivery service Drizly for $1.1B
Drizly is the leading on-demand alcohol marketplace in the US, available in more than 1,400 cities. After the completion of the transaction, Drizly will become a wholly-owned subsidiary of Uber. "By bringing Drizly into the Uber family, we can accelerate that trajectory by exposing Drizly to the Uber audience and expanding its geographic presence into our global footprint in the years ahead," said Uber CEO Dara Khosrowshahi.
Google Cloud lost over $5.5B in 2020, still growing fast
Google Cloud's sales revealed a $5.6 billion annual loss in 2020, but a nearly 50 per cent jump in revenue ($13 billion) compared to 2019. Google Cloud reported $3.8 billion in sales in the fourth quarter -- a 46 per cent jump from the fourth quarter of 2019. Alphabet stock was up nearly 8 per cent in extended trading on Tuesday.
Amazon surpasses $100B in quarterly revenue for 1st time
The company doubled its net income to $7.2 billion for the quarter, compared to $3.3 billion for the same period in 2019. Amazon's full-year 2020 net sales were up 38 per cent, to $386.1 billion. Amazon also announced that Jeff Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy, CEO of AWS, will become Chief Executive Officer at that time.
Delhi HC orders status quo on Future-Reliance deal
Reserving its order in Amazon's interim plea to stop Future Group companies and officials from relying on the approvals given by the statutory authorities in relation to the deal, a single judge bench of Justice J.R. Midha said, "Immediate orders are necessary to protect the rights of the petitioner till the pronouncement of the reserved order."
India's merchandise exports rose over 5% YoY in Jan
As per the data, in January 2021, the value of non-petroleum exports rose by 11.37 per cent over January 2020 to $25.24 billion. "The value of non-petroleum and non-gems and jewellery exports in January 2021 was $22.40 billion as compared to $19.79 billion in January 2020, registering a positive growth of 13.21 per cent," a Ministry of Commerce and Industry statement said on the basis of preliminary data.
Union Budget 2021: 5 incentives home-buyers must be aware of
If you purchase the new apartment jointly — with your partner or spouse, then each of you is entitled to a deduction of Rs 2 lakh for interest funded by each of you, as explained above. In case you have a working son/daughter and the bank is willing to split the loan three ways, all three can avail deduction up to Rs 2 lakh each on self-occupied property.
Amazon, Flipkart, Microsoft to pay 2% extra tax now
As per a statement, it has also been clarified in the Budget that the tax will be applicable for consideration of sale of goods, irrespective of whether the provider owns the portal, and consideration of provisions of services irrespective of whether services are provided or facilitated by e-commerce operators.
Union budget 2021: Here is how leading politicians and industrialists reacted
Although the covid vaccination drive helped a bit in recovery, India’s economy faced a huge slump due to coronavirus and struggled despite the government introducing a pandemic relief plan. However, with the new budget and funds allocation, the health sector has got a boost to relaunch the fight against the pandemic.
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