Mumbai: China’s Alibaba Group Holding Ltd has initiated talks with Mukesh Ambani’s Reliance Retail Ltd to form a mega Indian retail joint venture (JV), with an investment of at least $5 billion to challenge the dominance of Flipkart and Amazon in the world’s fastest-growing economy, two people with direct knowledge of the matter said.

Recovering from its record low closing on Thursday, the Indian rupee rose by 38 paise to 69.77 against the US dollar in early morning trade on Monday. Weakness in the US Dollar, along with a higher opening of the domestic equity markets on Monday, helped the rupee to strengthen after scaling record low levels last week.

Infosys CFO exit: After Infosys CFO MD Ranganath announced his voluntary resignation, JP Morgan said that the development is likely to cause the shares to take a breather. Notably, Infosys CFO resignation comes just seven months after India’s second-biggest software services exporter appointed a new Chief Executive Officer at the helm following Vishal Sikka’s exit.

Yet another fraud of Rs 9.48 crore under the nose of the Brady House branch of the Punjab National Bank (PNB) has surfaced wherein the Central Bureau of Investigation (CBI) has accused unknown PNB officials.

The same branch has already been blotted for allegedly helping diamantaire Nirav Modi and Chairman & Managing Director of Gitanjali Group, Mehul Choksi in embezzling Rs 280 crore.

South Korean automaker Hyundai on Monday announced a partnership with self-drive car-sharing firm Revv in the country.

The partnership entails development of an innovative car sharing service and conducts creative marketing activities in India, the auto major said in a statement.

Top developers in Bengaluru such as Salarpuria Sattva have bid for a land parcel of 14 acres being sold by engineering and construction giant Larsen & Toubro (L&T) in the city, said sources.

The land parcel is estimated to fetch the company between Rs 8 billion and Rs 10 billion. The land has development potential of 4 million square feet, and it could become the largest land deal in south India this year.

Some 180 families torn apart by the 1950-53 Korean War will be temporarily reunited in North Korea starting Monday after the two Koreas renewed exchanges this year following a standoff over Pyongyang's nuclear and missile programmes.

The reunions, the first in three years, will take place in the North's tourist resort on Mount Kumgang, as agreed by North Korean leader Kim Jong Un and South Korean President Moon Jae-in during their first summit in April.

Multiple earthquakes -- including a powerful and shallow 6.9-magnitude tremor -- have rocked the Indonesian holiday island of Lombok, killing at least five people and setting off fresh waves of panic.

A series of quakes were recorded by seismologists throughout Sunday, the first measuring 6.3 shortly before midday which triggered landslides and sent people fleeing for cover.

US technology giants plan to intensify lobbying efforts against stringent Indian data localisation requirements, which they say will undermine their growth ambitions in India, sources told Reuters.

US trade groups, representing companies such as Amazon, American Express and Microsoft, have opposed India's push to store data locally.

Prime Minister Narendra Modi reviewed today the flood situation in rain-battered Kerala at a high-level meeting in Kochi.

Earlier, there were reports that the prime minister's helicopter could not take-off for an aerial survey of flood affected areas due to bad weather. But, there was no official confirmation from the state and the Union government.

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