Business

Sam Jacobs reveals how he built a million-dollar e-commerce business

Sam JacobsPR Handout Sam Jacobs, who built a million-dollar E-Commerce business at 18, has helped hundreds of entrepreneurs start their very own online businesses. He has generated over Hundreds of thousands in sales online through dropshipping
E-commerce has helped creating wealth for various budding entrepreneurs, due to the immense growth of internet purchases and immeasurable success of Amazon over the past few years. One such noteworthy name in the e-commerce industry is Sam Jacobs, who is a rising star in his industry at the age of 18.
Sam Jacobs says that he learned to take risks from a very young age, and hence today is the founder of two companies in less than two years. Unlike most students, his journey didn't follow the school-college-job route. In fact, there was a time when he contemplated dropping out of college to embark on his entrepreneurial journey.
The teanage entrepreneur says, “Ask yourself why you want success. For me, I wanted to stay away from college. I..

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Binny Bansal sells Flipkart stake worth Rs 531 crore to Walmart

Reuters Binny Bansal has sold 5,39,912 equity shares amounting to Rs 531 crore to FIT Holdings SARL, a Luxembourg entity of Walmart. Bansal is monetising his shares to invest in start-ups. With the latest deal he is left with only 3.52 percent of Flipkart shares, down from 3.85 percent during the Walmart takeover. He had sold about 11,22,433 shares to Walmart for about $159 million in 2018. Walmart is the owns 77 percent in Flipkart.
As per the Walmart contract, Bansal is slowly cutting his stake in Flipkart even as he turns into a prolific investor in the startup ecosystem. He invested in start-up Acko, an online insurance startup, by writing a cheque of $25 million. He also supported artificial ventures like Spotdraft, invested in health-tech company NIRAMAI and in learning platforms like Crio.
NOAH SEELAM/AFP/Getty Images In May 2018, Walmart had bought Flipkart for about $16 billion for an initial stake purchase of 77 percent. Binny Bansal stepped down from his chairman..

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RBI deputy governor Viral Acharya resigns; ‘Poor man’s Rajan’ to return to US

Reuters Reserve Bank of India Deputy Governor Viral Acharya resigned six months before his term ends. As per reports, Acharya will return to New York University's Stern School of Business in August as CV Starr Professor of Economics. RBI is now left with only three deputy governors — N S Vishwanathan, BP Kanungo and M K Jain.
Viral AcharyaANI Acharya, who was the youngest to become RBI deputy governor in the post-liberalisation era, joined the central bank in 2017 for a term of three years. He played a vital role in backing Urjit Patel, the then RBI Governor, when the central bank locked horns with the government over RBI autonomy.
Acharya, who was fondly called 'the poor man's, Raghuram Rajan', made strong calls for RBI's independence, stating that direct intervention by the government in the central bank's operations created a problem in its functional autonomy. Acharya also voiced concerns over the government's efforts to interfere wi..

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Gold at six-year peak due to the US-Iran unrest

OZAN KOSE/AFP/Getty Images Gold prices surpassed about Rs 97,458 on Friday before retreating, still holding near a six-year high on the U.S. central bank's dovish stance on monetary policy.
Prices also found support from worries about a potential U.S. military strike against Iran and a global trade conflict.
Spot gold rose 0.6 percent to about Rs 97,179 per ounce as of 1:50 p.m. EDT (1750 GMT). U.S. gold futures settled 0.2 per cent higher at about Rs 97,458 per ounce.
Prices surged to about Rs 98,151 in the session, a high not seen since early September 2013, and were set to mark their best week in over three years.
Bullion rates have jumped more than 5 per cent since the U.S. Federal Reserve on Wednesday hinted interest rate cuts were possible later this year, as it responded to increased economic uncertainty and tepid inflation.
“Gold is seeing a continuation move from bullish comments throughout the week, most notably the fact that world central banks easing monetary poli..

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Modi govt asks TVS, Bajaj and Hero for plan to switch to electric vehicles

Instagram/narendramodi The Narendra Modi-led government has asked two-wheeler manufacturers to produce a blueprint for electrifying their vehicles. Bajaj Auto, Hero MotoCorp and TVS were informed by the Niti Aayog officials to provide the plans in two weeks.
The government has recommended the sale of only electric vehicle units with an engine capacity of more than 150cc in the two-wheeler segment from 2025, reported Reuters. The proposal was widely opposed by the automakers due to the falling sales and liquidity which could cause market disruption and massive job cuts.
Electric cars and bikes from India startupsmanufacturers In response to the severe protest by the automakers, the government officials in a meeting cleared that the initiative was to contribute to the global drive towards environmentally cleaner vehicles. There are concerns of executives that without an established supply chain and charging infrastructure or skilled labour, India could lose its automobile mar..

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New India Assurance: Why is Modi govt de-merging 3 PSU insurers?

The New India Assurance Logo The government is de-merging three large-scale general insurance companies into smaller units after the merger plans faced drawbacks in the insurance sector. The focus is on the sales strategy of a few private sector operations.
Three insurance companies National Insurance Company, United India Insurance Company and Oriental India Insurance Company were merged by the Finance Ministry earlier to be named as New India Assurance.
The de-merger plan was brought forward after a series of stakeholders meetings. This is one of the options with the Finance Ministry to make state-owned units focus on increasing the insurance inclusion in the country.
“The idea to merge PSU insurers is fraught with problems as one giant entity would be difficult to administer and manage. Moreover, this might lead to branch rationalization/closure and major job losses in the sector,” reported IANS.
A fresh assessment of the privatisation of some of the insurance works could be mad..

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West Bengal to host next IT sector trade union

Representational Image West Bengal might soon become the fourth state in the country after Maharashtra, Karnataka and Tamil Nadu with an IT sector trade union.
The Kolkata Forum for Information Technology Employees on Saturday said it had applied for the trade union registration in Information Technology, Information Technology Enabled Services, Business Process Outsourcing and Knowledge Process Outsourcing industries. The forum is part of the national platform – Forum for IT Employees, which was established in 2014.
The forum has an elected president, secretary and treasurer apart from 180 employees who have registered as members. “We plan to enrol 5,000 members,” said forum's president Santanu Bhattacharya.
He further added that the plan to register the trade union was “triggered and accelerated” by unfair labour practices which the employees could not resist in their personal capacity.
The forum's general secretary, Rajashri Dawn, stated that despite having various hea..

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Tata Motors continues to face Moody’s negative reviews

Tata Motors' logo.Facebook/ Tata Motors Tata Motors Ltd's rating has been lowered by Moody's Investors Service from Ba2 to Ba3 citing long prone negative outlook. The downgrade in the ratings was because of the sustaining fall in the company's credit profile. Ba2 and Ba3 reflect the company's senior unsecured instruments rating.
Considering the losses the company is facing due to the fully owned subsidiary Jaguar Land Rover and the delay of the company in stabilising its free cash flow has resulted in the downgrade, explained Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer.
Reuters Moody's reports state that the Tata Motors credit matrix was weaker than the credit rating company. The motor company had a debt of about 5.3 times the expected margins with about 0.9 per cent of adjusted Earnings before interest, tax, depreciation and amortization (EBITDA) margins.
As per Moody's analysis, the leverage of the company wi..

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Modi 2.0 targets higher GST collection by simplifying taxpayer registration

New Delhi: BJP MP Nirmala Sitharaman takes oath as Union Minister at a swearing-in ceremony at Rashtrapati Bhavan in New Delhi on May 30, 2019.IANS Prime Minister Narendra Modi-led BJP government's efforts to widen the tax net has got a boost with simplified Goods and Services Tax (GST) registration. The 35th GST Council meeting with Finance Minister Nirmala Sitharaman at the chair has made Aadhar the sole document required from a taxpayer for GST registration.
The wide gap between the tax collection target and actual revenue realisation for both direct and indirect taxes was a worrying aspect of the tenure of Arun Jaitley as Finance Minister.
The first meeting of the GST Council of Modi 2.0 with Sitharaman at the helm of the Finance Ministry also took several decisions that will have a major impact on GST administration. The meeting has extended the deadline for filing returns for the financial year 2017-18 (FY18) until August 31.
The official notification can be expected any..

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Mohammad Makhlouf eyes to bring about fresh beginning to Syria’s real estate scene

Mohammad MakhloufPR Handout Syria has been witnessing pro-democracy protests by its countrymen since March 2011 over president Assad's resignation. The government's use of force to crush the dissent has only hardened the agitators' resolve over the years. As violence escalated across the nation and thousands of protestors took to the streets, much of Syria's old glory was lost in the process.
By 2013, over 80,000 people died in Syria, while the damage incurred through property loss is almost inestimable. Not only the country's economy took a downward slide, deep impact was felt in the agricultural, industrial and employment sectors. As we spoke to Mohammad Makhlouf, we realised that hope triumphs everything, even amid so much hostility and pain.
Makhlouf is among those few men who took the pledge to rebuild the war-ravaged nation through their various developmental initiatives. The 22-year-old Damascus-based industrialist is eyeing to bring about a fresh begi..

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