Zomato buys out Uber Eats, gets 9.99% stake in Uber



Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, a statement said. The deal comes days after Zomato had raised USD 150 million in funding from existing investor Ant Financial, an Alibaba affiliate, at a USD 3 billion valuation.



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At 6.1%, China's growth hits 29-year low



The new data comes a day after China and the US signed a long-awaited phase one deal, marking a ceasefire in the 18-month-long trade war which saw the world’s two largest economies slap 25 per cent tariffs on about half a trillion-dollar worth of each other’s exports. The world’s second-largest economy grew by 6.1 per cent last year, its worst performance since 1990, but it remained above the psychologically important mark of six per cent, according to the National Bureau of Statistics (NBS).



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RBI pauses rate cut spree, cuts GDP growth to 5%



“The Monetary Policy Committee recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture,” the RBI said in its fifth bi-monthly monetary policy for this fiscal.



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Sensex hits new closing high of 40,889 pts



Bharti Airtel was the top gainer in the Sensex pack, rallying over 7.20 per cent, followed by Tata Steel 4.99 per cent, IndusInd Bank 3.49 per cent, Axis Bank 3.26 per cent and HDFC 2.57 per cent.



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Nitin Nohria quits as Harvard Business School dean



In a letter to the Business School community on Wednesday, Nohria said he will step down from the position of dean of the Harvard Business School (HBS) on June 30, 2020, after a decade in the role.



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India gained $755m from US-China trade war: UNCTAD



The study, ‘Trade and trade diversion effects of United States tariffs on China’, shows that the ongoing US-China trade war has resulted in a sharp decline in bilateral trade, higher prices for consumers and trade diversion effects — increased imports from countries not directly involved in the trade war.



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Ratan Tata, the accidental startup investor



Listing out his rationale for the companies he has invested in or advising on, Tata said the promoters’ fire in the belly, ideas and the solutions they offer are the drivers for his investment decision.



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US co fined $275,000 for anti-Muslim behaviour



The Houston-based Halliburton, one of the world’s largest providers of products and services to the energy industry with over 55,000 employees, has agreed to pay the amount and furnish significant relief to settle a national origin and religious discrimination lawsuit brought by the US Equal Employ­ment Opportunity Commission (EEOC).



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India hikes petrol, diesel prices



Petrol and diesel prices were on Wednesday hiked by 24-25 paise per litre, the steepest increase since July 5 Union Budget, as a fallout of turmoil in global oil markets following drone attacks on Saudi Arabian crude oil facilities.



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