The business wrap: India climbs 16 spots on Global Competitiveness Index, and 7 other top stories
Flipkart is reportedly in talks with US retail giant Walmart for a $1-billion investment, and Elon Musk unveiled a plan to send humans to Mars by 2022.
A look at the headlines in the sector right now:
- India was the fastest riser on the Global Competitiveness Index this year, says World Economic Forum: It moved up 16 places to the 39th spot among the 138 countries surveyed for the report.
- Flipkart reportedly in final stages of talks with Walmart for $1-billion investment: The final terms of the deal have yet to be determined, and both companies have declined to divulge details.
- Humans can possibly make it to Mars by 2022, says SpaceX founder Elon Musk: His vision includes a reusable spaceship to ferry 100 people to the red planet in 80 days initially and in 30 days eventually. Each ticket could cost $200,000.
- BlackBerry to stop hardware development business, will outsource function to partners: CEO John Chen had said in May that the company was unlikely to continue designing smartphones in-house unless they recorded profits by September.
- Sahara chief Subrata Roy's parole extended till October 24: The Supreme Court asked him to explain how he intended to pay more than Rs 10,000 crore that he owes to Sebi.
- World Bank reappoints Jim Yong Kim president for a second term: He said the institution is on its way to achieving the goal of ending extreme poverty by 2030.
- Galaxy Note7 explodes in China even though Samsung had claimed those variants were safe: The Korean electronics giant had exempted the Chinese variant of the handset from a global recall, saying their batteries were not prone to overheating.
- Sensex, Nifty end 69, 39 points higher after three days of losses: The rise in stock markets comes as investors wait for newly-appointed Reserve Bank of India’s Governor Urjit Patel’s first monetary policy review on October 4.