ZURICH: Swiss food giant Nestle announced Monday it will pay $7.15 billion for the rights to market Starbucks products around the world, outside of the company's coffee shops.

The agreement gives Nestle, which owns the Nescafe and Nespresso brands, a strong platform for continued growth in North America, the company said in a statement.

NEW DELHI: Punjab National Bank on Sunday said it plans to rely on artificial intelligence (AI) for reconciliation of accounts and incorporate analytics for improving audit systems as it seeks to clean up the process after the massive fraud involving Nirav Modi and Mehul Choksi.

New Delhi: The Narendra Modi-government will be putting up for auction a score of coal mines by June-end this year after tweaking some rules, besides starting work on the auctioning of around 288 iron ore and other mineral-bearing mines in the next financial year.

Top coal ministry officials said the coal auctions would be held by the end of June after incorporating changes in the way the previous auctions were held. The changes have been approved after an inter-ministry consultation.

New Delhi: ICICI Bank Ltd’s shareholders expect its board to clarify on conflict-of-interest allegations raised against its chief executive Chanda Kochhar at its Monday meeting to approve the lender’s March quarter earnings, executives from three top asset management companies said.

Mumbai: Reliance Industries (RIL) is likely to invest Rs60,000 crore into its telecom unit this fiscal year as the company seeks to speed up the roll out of broadband services and expand its wireless network, two people aware of the matter said.

In addition to this, unit Reliance Jio Infocomm Ltd may also borrow as much as Rs1 trillion, the people said, requesting anonymity.

German Automaker, Daimler AG has signed a memorandum of understanding (MoU) with The National Logistics Cell (NLC), Pakistan to set up a manufacturing unit of Mercedes‐Benz trucks in Pakistan. In a statement released by NLC, the company confirms that Daimler AG will locally assemble Mercedes-Benz Trucks in Pakistan and marks a major shift in the logistics and transportation industry’s preference towards European manufacturers.

Q4 showed increasing share of high yielding non-individual portfolio that aided in NIM expansion (up 16 bps q-o-q at 2.5%). Headline asset quality also improved (GNPA ratio down 9 bps q-o-q at 0.78% and NNPA ratio at 0.43%). Consequently, LICHF reported PAT of Rs 5.4 bn (up 1.9% y-o-y), in line with our estimate. Loan growth remained stable at 15.1% y-o-y supported by 14.5% y-o-y growth in disbursements.

Lenders led by State Bank of India have filed insolvency petitions at the National Company Law Tribunal (NCLT) against more than a dozen Videocon group companies that cumulatively owe about Rs 13,000 crore, a move that’s aimed at seeking a comprehensive resolution plan.

The debts have been grouped into four clusters to help streamline the process, three people with the direct knowledge of the matter told ET.

The Sensex gained over a 100 points in early morning trade on Monday and reclaimed the 35,000 mark. The Nifty, meanwhile, is trading at 10,650.

The market breadth remained positive at the beginning of the week with 368 shares advancing, against a decline of 113 shares.48 shares remained unchanged.

An air hostess of Air India has alleged that she was molested by the pilot of the Ahmedabad-Mumbai flight.

The pilot allegedly molested the air hostess on May 4.

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