Newsmakers: Pichai to be Google's new CEO, GST Bill passage and more

Sundar Pichai will be Google's new CEO: Software giant Google is headed for a radical restructuring as the company's founders Larry Page and Sergei Brin announced the creation of a parent company called Alphabet and elevated Sundar Pichai to CEO.

Sensex plunges 236 pts: Hurtling down for the third straight day, the benchmark BSE Sensex on Tuesday broke below the crucial 28,000-mark, a fall of over 235 points, amid lacklustre corporate earnings numbers. This was its lowest closing in nearly two weeks. Investors' appetite took a hit over the gridlock in Parliament about the key GST Bill and global volatility after a devaluation of the yuan, brokers said.

GST Bill tabled in Rajya Sabha: Even as the NDA-led government managed to move the goods and services tax bill (GST) at the last-minute in Rajya Sabha for a major tax reform, it has only two more days now to pass the it in the current session as the monsoon session of Parliament ends on August 13. If the bill is nor ratified by the Rajya Sabha in the next two days it will be shelved like the Land Bill till the Winter Session.

POSCO to set up steel plant in India: South Korean steelmaker POSCO and Shree Uttam Steel and Power have agreed to set up a 3-million-tonnes-per-year integrated steel plant in Maharashtra.

Standard Chartered backs out of Adani project: Adani and the Standard Chartered bank have severed their ties, marking the second big bank to walk away from the Indian mining giant's controversial 16 billion dollar coal mine project in Australia, barely a week after the federal court revoked its environmental approval. The development puts the Carmichael coal mine project in Queensland into further doubt.