Seeking to recover crores, Flipkart to drag 20 companies to court
Flipkart is due to get payments in the range of Rs. 90,000 crores from around 20 companies. In order to recover that money, the ecommerce giant Flipkart is looking to file case against those 20 companies to recover its dues from them for not paying for placing ads on its website.
Media buyers follow a prepaid system for advertising on different websites, wherein brands are to make payments in advance for the inventory that they purchase. In Flipkart's case, they do not have a pre-payment system and hence they rely on getting payments later, which raises such non-payment issues.
Jammu & Kashmir govt hospitals to give out free medicines from June 1
Come June 1, and all state-run hospitals in Jammu & Kashmir will be providing free medicines.
Along with this provision, State Health Minister Bali Bhagat has announced that a 100-bed hospital will be built in Kishtwar district since it had witnessed fatal road accidents because of its peculiar topography.
"Being one of the remotest districts of the State, which remains cut off frequently during the winter season due to snowfall, healthcare services need to be upgraded in the area," the Minister said.
From $57 million loss, Amazon's profits soar to $513 million
Amazon.com has recorded startling profit figures of $513 million after running into a loss of $57 million just a year back.
Shares of the world's biggest online retailer jumped nearly 13% to $679 in extended trading reported profit and revenue that blew past analysts' expectations. This further led shares soaring in after-hours trading and demonstrating the growing market power of its core retail business and new cloud services division.
The results draw a sharp contrast to the disappointing fourth quarter Amazon reported in January, which renewed worries among some shareholders about the company's comparatively thin profit margins.
Power shortage last year in India recorded the lowest ever in a single year
Power shortage was at 2.1% in the 2015-16 financial year, making India record the lowest ever power shortage in a single year, Parliament has been informed.
Power Minister Piyush Goyal said in a written reply to the Lok Sabha that India is importing power only from Bhutan at present. During 2015-16, energy imported from Bhutan was about 5 billion units (BU).
During 2014-15, electricity shortage, when total demand outstripped supply during peak hours, was 3.6% whereas it was slightly higher at 4.2% in 2013-14 and 8.7% in 2012-13.
Facebook's revenues rise more than 50%
Facebook Inc's quarterly revenue rose more than 50% per cent, handily beating Wall Street expectations as its wildly popular mobile app and a push into live video lured new advertisers and encouraged existing ones to boost spending.
The company's shares rose 9.5% in after-hours trading on April 27 to $118.39, setting it on track to open at a new high on April 28, at nearly triple its initial public offering four years ago.