News digest: SoftBank posts gain, aviation fuel JV, fake news, and more

From Softbank's profit to Indra Nooyi stepping down as Pepsico's CEO, BS brings you top stories to keep up with the latest news

SoftBank posts 60% gain on Flipkart bet, sets aside $650 million STCG tax

Masayoshi Son-led Japanese conglomerate SoftBank on Monday showed a gain of ¥ 164.25 billion (around $1.48 billion) on its balance sheet owing to an increase in the fair value of its stake in Flipkart, translating to 60 per cent return on its last year’s investment in the e-commerce firm. This comes ahead of the closure of the deal that will see SoftBank selling its entire 19.95 per cent stake in Flipkart for around $4 billion to Walmart. Read on...    

PepsiCo's Indra Nooyi to step down as CEO, Ramon Laguarta to take over

Indra Nooyi is stepping down as chief executive officer of food and beverage giant PepsiCo Inc., handing the reins to a top lieutenant in a transition that will draw attention to the dearth of prominent female CEOs in corporate America.

Nooyi, 62, will leave the role in October and remain chairman until early 2019. Ramon Laguarta, 54, who has been a candidate to take over since a promotion last year to president, will be just the sixth CEO in the 53-year history of the company. Continue reading...  

Aviation fuel joint venture: RIL's bid spooks oil marketing companies, AAI

The government’s plan to have a joint venture (JV) to sell aviation turbine fuel (ATF) has hit the slow lane, with the state-run oil marketing companies (OMCs) and Airports Authority of India (AAI) failing to reach a decision on bringing in Mukesh Ambani-led Reliance Industries (RIL) as a partner in the venture. 

Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL), and Bharat Petroleum Corporation (BPCL), along with the AAI, have been planning to set up the venture for sharing ATF infrastructure across the country. Click here to read more... 

Fake news crackdown: Govt seeks options to block Facebook and WhatsApp

In a bid to check the spread of fake news through social media and messaging platforms — leading to mob lynching in some cases — the government is exploring the possibility of blocking mobile applications such as WhatsApp, Facebook, Instagram and Telegram. The government is also trying to curb child abuse and pornography spread through these platforms. 

The Department of Telecommunications (DoT) had written to telecommunications service providers (TSPs) and internet service providers (ISPs) on July 18, seeking inputs about options for blocking mobile applications, especially when national security and public order are under threat. Read more... 

Last-minute exits of Jalan, Mehta from HDFC show global proxy firms' clout

Two independent directors of Housing Development Finance Corporation (HDFC) Bimal Jalan and Bansi Mehta, who had offered themselves for reappointment, pulled out just hours before the company’s annual general meeting (AGM) last week. Since the resolution was not put in motion at the AGM, the results of the e-voting, which would have happened earlier, were not disclosed. Click here to continue reading...