VARINDIA IT MAGAZINE

Report: Airbus to sell jets made for AirAsia in 'fire-sale' move : Weeks after unlimit halt on air travel, due to COVID-19, Airbus is putting the six jets it built for AirAsia up for sale, in what may herald a “fire-sale of unwanted planes” as per reports. VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

The government has announced stringent restrictions on  foreign direct investments (FDIs)  from countries sharing land borders with India, especially the recent episode by  Chinese companies functioning in India . The sources said, within China, the Chinese private sector, and particularly tech firms, work closely with the government and the Communist Party in pursuing many of its goals at home. It is quite obvious true that more  Chinese companies investing in India  ,as India attempts to gain market access in China for its information technology, agricultural and pharmaceutical industries have hit a wall for over a decade. As per the sources, actual Chinese investment in India is at least three to four times higher than the official Indian figure. With this China has emerged as one of the fastest-growing sources of  Foreign Direct Investment (FDI) into India . Indian statistics could record, those are the direct investments came from mainland C...

The department for Promotion of Industry and Internal Trade issued a press note 3 (2020 series) stating that foreign investments from countries with which India shares land border shall be under approval route. Also, transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly, resulting in beneficial ownership falling within this restriction will require government approval. The move comes close on the heels of market regulator Sebi asking custodian banks to disclose details of `ultimate beneficial owners’ of  foreign portfolio investors  (FPIs) based in China and Hong Kong. The press note states that this review is for curbing opportunistic takeovers or acquisitions of Indian companies due to current Covid 19 pandemic. The move is likely to have implications for future investments by venture capital funds and the startup segment that had seen rise in Chinese investments over last few years and may have deals inked for future in...

The  Pentagon  is reconsidering its awarding of a major cloud computing contract to  Microsoft  after rival tech giant  Amazon  protested what it called a flawed bidding process. U.S. government lawyers said in a court filing this week of March 13, 2020 that the Defense Department “wishes to reconsider its award decision” and take another look at how it evaluated technical aspects of the companies’ proposals to run the $10 billion computing project. The Pentagon’s process for awarding a highly lucrative cloud computing contract to Microsoft instead of Amazon was in line with legal and government purchasing standards, a government watchdog agency said Wednesday. The Defense Department inspector general found no evidence of White House interference in the contract award process. But the report said investigators could not fully review that aspect of the matter because the White House would not allow unfettered access to witnesses. The contract,...