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Ride-hailing app company Uber Technologies Inc is generating more than $1 billion in profit a year in its top 30 cities globally, and partly using that money to bankroll its expansion in China, chief executive Travis Kalanick said in an interview.

Russian government has approved ONGC Videsh Ltd's deal to buy 15 per cent in the country's second biggest oil field of Vankor from Rosneft for $1.268 billion. OVL last year signed a deal to buy 15% stake in Vankorneft, the developer of the Vankor oil and gas condensate field in ...

Cyrus Mistry has initiated a process to sell part of Tata Sky in his first initial public offering (IPO) move after becoming Tata Group chairman in 2012.

As banks close their books for the financial year, they are talking tough with stressed steelmakers and making clear their intent to classify them as defaulters. Banks have also asked the government to seriously consider a specialized funding organization for the steel industry on the lines of the Power Finance ...

International Monetary Fund chief economist Maurice Obstfeld says India’s GDP numbers are broadly credible but calls for improving the numbers beyond what has been done. In an interview to TOI, he says some recapitalisation of banks is needed in the short term. Excerpts.

The ongoing e-commerce war spilled over to Twitter on Friday, when Sachin Bansal, co-founder of India’s largest online retailer Flipkart, made a direct jibe at competitors — Snapdeal and Paytm. Bansal tweeted, “Alibaba deciding to start operations directly shows how badly their India investments have done so far.” Recently, Chinese ...

Fast-food chain Panda Express, which serves an American-Chinese cuisine, plans to make an India entry in partnership with JSM. Mumbai based-JSM had earlier brought international chains like Hard Rock Cafe and California Pizza Kitchen into the domestic market, and is learnt to have inked a master franchise agreement with Panda ...

India’s foreign exchange reserves surged by $2.5 billion to touch an all-time high of $355.9 billion in the week ended March 18, on account of rise in foreign currency assets (FCAs), the Reserve Bank said on Friday. The reserves had touched a high of $355.5 billion in the week ended ...

Struggling Skymark Airlines Inc. is expected to return to the black in the fiscal year ending on Thursday by posting an operating profit of more than ¥1.5 billion ($13 million), sources familiar with the matter said Friday. The company’s business has been improving following restructuring efforts, including slashing unprofitable routes, ...

Prime Minister Shinzo Abe on Friday expressed a willingness to postpone the planned consumption tax hike at the last minute if the economy were hit by an event of similar magnitude to the 2008 financial crisis. “If that happens, we will protect the national economy,” Abe said at a House ...