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NEWS

Posted On:
15-03-2024

McDonald's faces system outage across world; ops at outlets suffer

McDonald's said on Friday a technology outage had disrupted operations at many of its outlets worldwide, including Japan and Australia, but ruled out the possibility of a cybersecurity incident. Many McDonald's stores in Japan stopped taking in-person and mobile customer orders because of the system disruption, a spokesperson at McDonald's Holdings Company Japan said, adding that the company was working to restore operations soon. We are aware of a technology outage, which impacted our restaurants; the issue is now being resolved," McDonald's said in a statement. The New York Times said McDonald's Hong Kong was experiencing a "computer system failure", stating that the mobile ordering and self-ordering kiosks were not functioning.
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Posted On:
15-03-2024

Disney-owned Star India initiates arbitration proceedings against Zee Entertainment

Following the cancellation of Zee-Sony deal, Zee Entertainment Enterprises terminated the deal for broadcasting ICC men’s and under-19 tournaments. The agreement was signed in 2022. Zee Entertainment Enterprises on Friday said that Walt Disney-owned Star India has started arbitration proceedings against the broadcaster for alleged non-compliance with the terms of a cricket broadcasting agreement between the companies. Under the Arbitration Rules of London Court of International Arbitration, Star India claimed that Zee is in non-compliance with the terms of the agreement dated August 26, 2022. Star India has asked Zee Entertainment to pay for damages for non-compliance with the terms of the alliance agreement dated August 26, 2022. "We hereby inform you that, on March 14, 2024, Star India Private Limited ('Star') has initiated arbitration proceedings against the Company, under the alliance agreement dated August 26, 2022 entered between Star and the company, by filing a request for arbitration," Zee Entertainment said in an exchange filing today.
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Posted On:
15-03-2024

Foreign investors infuse an average of $4 bn investments per year in Indian real estate

India’s strong economic resilience coupled with an attractive investment climate and rapid urban development has solidified its position as a highly sought-after real estate investment hub for international funds in the Asia-Pacific (APAC) region, said industry experts. Consequently, several new funds are assessing the market, while established global and sovereign funds such as Mubadala, Mitsubishi Fudson, PAG Credit & Markets, Cadillac Fairview, Korea Investment Corporation and PNB
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Posted On:
16-03-2024

Apple to pay $490 million in lawsuit claiming Tim Cook defrauded shareholders by concealing iPhone demand fall

Apple agreed to pay $490 million to settle a class-action lawsuit that alleged Chief Executive Tim Cook defrauded shareholders by concealing falling demand for iPhones in China. A preliminary settlement was filed on Friday with the U.S. District Court in Oakland, California, and requires approval by U.S. District Judge Yvonne Gonzalez Rogers. It stemmed from Apple's unexpected announcement on Jan. 2, 2019 that the iPhone maker would slash its quarterly revenue forecast by up to $9 billion, blaming U.S.-China trade tensions. Cook had told investors on an Nov. 1, 2018, analyst call that although Apple faced sales pressure in markets such as Brazil, India, Russia and Turkey, where currencies had weakened, "I would not put China in that category." The lowered revenue forecast was Apple's first since the iPhone's launch in 2007. Shares of Apple fell 10% the next day, wiping out $74 billion of market value. Apple and its lawyers did not immediately respond to requests for comment on the ruling. The Cupertino, California-based company denied liability, but settled to avoid the cost and distraction of litigation, court papers show.
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Posted On:
16-03-2024

US probing Indian billionaire Gautam Adani and his group over potential bribery

US prosecutors have widened their probe of India’s Adani Group to focus on whether the company may have engaged in bribery as well as the conduct of the company’s billionaire founder, according to people with direct knowledge of the matter. Investigators are digging into whether an Adani entity, or people linked to the company including Gautam Adani, were involved in paying officials in India for favorable treatment on an energy project. “We are not aware of any investigation against our chairman,” Adani Group said in an emailed statement. “As a business group that operates with the highest standards of governance, we are subject to and fully compliant with anti-corruption and anti-bribery laws in India and other countries.”
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