India's second-largest lender ICICI Bank has launched a new digital platform for micro, small and medium enterprises (MSMEs) and self-employed customers to enable them to undertake their business banking transactions digitally.

Called, 'InstaBIZ', it allows customers to avail as many as over 115 products and services in a digital and secure manner on their mobile phone or internet banking platform.

Securities and Exchange Board of India (Sebi) Chairman Ajay Tyagi has written to the finance ministry, seeking a review of the Budget proposal that mandates transferring 75 per cent of the market regulator's surplus funds to the central government, it is learnt.

In a letter to the ministry on July 10, Tyagi said the proposed move, part of the Finance Bill, 2019, would affect the functioning of Sebi as well as the securities market.

IT services major Wipro continued to witness tepid revenue growth in the first quarter of the ongoing financial year owing to uncertainty in the macro environment apart from delay in closure of large projects.

Operating margins also dipped because of rising wage cost and higher expenses due to changing onshore-offshore mix, in spite of the company reporting forex gains.

Bill Gates has never ranked lower than No. 2 in the seven-year history of the Bloomberg Billionaires Index. That run ended Tuesday when the Microsoft Corp. co-founder dropped to No. 3 behind France’s Bernard Arnault.

LVMH, Arnault’s luxury-goods maker, advanced to a record Tuesday and pushed his net worth to $107.6 billion and ahead of Gates by more than $200 million. The shares extended their gains Wednesday, rising 0.7% at 1:54 p.m. in Paris.

Mumbai: Domestic equity benchmarks BSE Sensex and NSE Nifty opened on a choppy note on Wednesday amid weak global cues and continued foreign fund outflow.

The 30-share index was trading 4.40 points, or 0.01 per cent, lower at 39,126.64 at 0930 hours, while the broader Nifty inched 2.20 points, or 0.02 per cent, higher to 11,664.80.

MUMBAI: The family that controls Apollo Hospitals Enterprise Ltd., India’s largest private hospital chain, is looking to sell assets or bring an outside investor into their holding company to pay down debt.

The aim is to reduce the Apollo shares pledged by the family as collateral to lenders, to 20% of their total holding in the company from about 78% now, said Suneeta Reddy,

The falling margins and tariff pressure have forced Indian EPC rooftop solar players to shut shop over the last six months as they find it difficult to meet their working capital and other operating expenses, industry sources close to the development told FE. Policy decisions from state to retrospectively cancel net metering, and failure to honour the 20% to 30% capital incentives have damaged the viability of many companies that aggressively bid for projects across the country, said sources close to the development.

U.S. senators used a Congressional hearing on Tuesday to push the idea of overhauling a law that protects YouTube, Facebook and other internet services from being sued for the content users post. The Senate Judiciary subcommittee hearing, led by Senator Ted Cruz of Texas, featured accusations Republicans have been making for months: that Google manipulates search results and its YouTube video service to censor conservatives.

Amazon has reached a deal with Germany’s anti-trust authority to overhaul its terms of service for third-party merchants, who had complained of unfair treatment when selling through the world’s biggest online retailer. The Federal Cartel Office said on Wednesday it was dropping a seven-month investigation after the U.S. e-commerce giant agreed to amend its Business Services Agreement that applies to merchants using its platform.

A group of ministers led by home minister Amit Shah is understood to have met on Tuesday to explore ways to revive sick telecom PSUs —BSNL and MTNL —; a task which seems herculean with every passing day. Since the days of the government garnering high revenues through spectrum auctions are over, the choices before it are limited and also costly. Hyper competition and spectrum auction design led to generation of surplus for the exchequer in the past but any such chances are not there now.

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