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Rivigo becomes eighth unicorn startup of 2019, valued at $1.05 billion Mumbai:  Trucking logistics firm Rivigo is the eighth Indian startup to become a unicorn — valued a billion dollars or more — this year, after it raised $4.9 million from a South Korean fund, KB Platform Fund, according to regulatory filings with the Ministry of Corporate Affairs. Entrackr first reported the development. It is now valued at $1.05 billion, from the $950 million it was valued at in February last year, when it raised $50 million from SAIF Partners and private equity major Warburg Pincus. Rivigo has been out to raish fresh capital for over a year now, and  Mint  reported in September last year that it is in talks to raise $400 million. However, it hasn’t been able to do so, and has been topped up by existing backers SAIF and Warburg, who last invested $65 million in July this year. https://www.livemint.com/companies/news/rivigo-becomes-eighth-unicorn-startup-of-2019-va...

Jeff Bezos would pay $9 billion a year in wealth taxes under Bernie Sanders’ plan ? Jeff Bezos would pay about $9 billion in taxes this year under Sen.  Bernie Sanders’  proposed  wealth tax . As part of his presidential primary campaign and efforts to outflank the rise of Sen.  Elizabeth Warren , Sanders announced a wealth tax that would hit multibillionaires like Bezos especially hard. The  Amazon  CEO would pay more in annual wealth taxes than the net worth of the 50   richest Americans as listed by Forbes. “I don’t think billionaires should exist,”  Sanders told The New York Times. If his tax plan were put into effect, billionaires would lose half their wealth in 15 years, provided all other factors (like their stock prices or business values) remained constant. While Warren’s proposal also taxes billionaires at a higher rate than multimillionaires, Sanders’ plan, announced Tuesday, is far more punitive to those at the very ...

Benefit Of Corporate Tax Rate Cut For India Inc To Boost ECONOMY  Sectors  Scope for localization and price reductions in select sectors  Automotive OEMs  Can potentially pass on the benefit of  lower tax rates to customers in the form of price revisions or discounts in order to revive demand given the  sharp slowdown  Auto-ancillary  The revision augurs well; sector will see a direct sharp reduction in tax outgo. However, the benefits could be largely passed on to OEMs. The 15 per cent tax rate announced for new entities increases the viability of localisation of components, and new JVs, especially in the space of electric vehicles and their components are likely to be set-up  Building materials  Would be a major beneficiary. Materials including paint, plywood, ceramic tiles etc. are expected to undergo a downward price revision. This would also reduce the benefit of organised players and reduce the gap in pri...

RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank. Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans to real estate companies located in the financia .. “Depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account,” RBI said in a statement. https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-bars-punjab-maharashtra-co-op-bank-from-business-transactions/articleshow/71271849.cms

Android 10 Go is a faster and more secured? Google has detailed its  latest version of Android Go , its lightweight operating system meant for low-powered devices with less than 1.5GB of RAM. With Android 10 (Go Edition), Google says it has improved the operating system’s speed and security. App switching is now faster and more memory efficient, and apps should launch 10 percent faster than they did on the last version of the OS. Android 10 Go also sees the introduction of Adiantum, the new encryption standard meant for low-powered devices that Google  first announced earlier this year . Google previously said that Adiantum is five times faster than Android’s typical AES encryption on low-powered devices, and doesn’t require specialized hardware to run, making strong encryption on cheaper devices much more feasible. 500 MANUFACTURERS HAVE RELEASED 1,600 ANDROID GO DEVICES Since its introduction in 2018, Google says that there have been 1,600 Android Go devices r...