Fox Business Flash top headlines for August 5
Check out what’s clicking on FoxBusiness.com.
India aims to tighten rules around the scrutiny of mergers and acquisitions under proposed legislation that could particularly affect global tech firms that do a lot of business there.
The proposal is part of an overhaul of India's competition law in a bill that was introduced in parliament on Friday and could be passed as soon as next week.
Under current law, the Competition Commission of India (CCI) reviews mergers and acquisitions that surpass thresholds for assets or turnover.
INDIA SLOWS RATE OF NEW CURRENCY BEING INTRODUCED INTO ITS ECONOMY
But many high-value deals between technology firms that have a big presence in India have escaped scrutiny because the companies involved have had few assets and low turnover there.
Facebook's acquisition of WhatsApp in 2014 for $19 billion, for example, required no CCI clearance, even as WhatsApp counted India as a major market, lawyers say.