Reliance Retail Ventures brings 7-Eleven to India

Reliance Retail Ventures will launch convenience store franchise 7-Eleven in India. It will open the first 7-Eleven store on October 9 in Andheri East, Mumbai, followed by stores in key neighbourhoods of the greater Mumbai cluster.

Reliance Retail runs the Reliance group's retail ventures in India, which recorded a turnover of Rs 157,629 crore in fiscal year 2021.

Headquartered in Texas, USA, 7-Eleven has more than 77,000 stores in 18 countries. With the deal, Reliance Retail will offer 7-Eleven's shopping experience and value proposition to Indian customers.

Twitter sells MoPub to AppLovin

Twitter will sell ad-platform MoPub to marketing software company AppLovin for $1.05 billion, the micro-blogging company said on Thursday.

Twitter had paid $350 million for MoPub in 2014. MoPub helped Twitter generate around $188 million in annual revenue, which it reported in the 'data licensing and other' category, Twitter said in a statement.

"The sale of MoPub positions us to concentrate more of our efforts on the massive potential for ads on our website and in our apps," Ned Segal, CFO of Twitter, said. "We plan to accelerate product development and replenish the near-term revenue loss."

Federal Bank launches digital investment platform

Federal Bank has partnered with Equirus Wealth to upgrade its mobile banking app, FedMobile, with a wealth-management capability, the company said in a press statement.

The module offers a range of mutual funds across different categories, such as equity, debt, hybrid and solution-oriented funds from leading asset management firms.

Piramal Enterprise to demerge pharma business

Piramal Enterprises' (PEL) board of directors has approved a plan to demerge its pharmaceuticals business, Piramal Pharma, the company said in a stock-exchange filing.

Piramal Pharma, which acquired Convergence Chemicals (CCPL) and Hemmo Pharmaceuticals in the past year, will operate independently. The Piramal Enterprises' board also decided to amalgamate PHL Fininvest into PEL, according to a stock-exchange filing.

India Inc grew 18-20 percent in Q2: CRISIL

A CRISIL Research study shows that higher commodity prices and continued revival in demand for consumer discretionary products are likely to lift corporate revenue by 18-20 percent over the corresponding period last year to Rs 8.2 lakh crore in the second quarter of fiscal 2022.

The study sample consists of more than 300 companies (excluding the financial services and oil sectors) that account for 55-60 percent of the market capitalisation of the National Stock Exchange of India (NSE).

Revenue from consumer discretionary products such as automobiles is likely to spurt by 19-21 percent year-on-year, aided by higher realisations and volume, while construction-linked sectors are estimated to grow 22-25 percent year-on-year, benefitting from the low-base effect of the previous fiscal year.

Twitch reports data breach

Amazon-owned live streaming e-sports platform Twitch said on Thursday that an error in server configuration change might have allowed “a malicious third party” to leak sensitive information.

“As the investigation is ongoing, we are still in the process of understanding the impact in detail,” the company said in a statement. Twitch said that login credentials have not been exposed. Since full credit card numbers are not stored by Twitch, they cannot be exposed, it added.

Snap's tool to curtail drug abuse

Snap is launching an in-app tool to educate users searching for drug-related keywords on Snapchat about the dangers of drugs, and is working on tools for parents to help keep teenagers safe on the service, Reuters reported on Thursday.

The announcement comes after a public safety alert from the US Drug Enforcement Administration (DEA) last week, which warned about an increase in fake prescription pills containing fentanyl and methamphetamine often sold on social media and e-commerce sites.