ICICI Bank net profit up on tax gains but bad loans rise

ICICI Bank net profit up on tax gains but bad loans rise

MUMBAI, November 7 (Reuters) – ICICI Bank Ltd, India’s biggest private-sector lender by assets, reported a 2.4 percent rise in second-quarter net profit on Monday due to lower tax expenses while its provisions surged more than seven times.   Standalone net profit rose to 31.02 billion rupees ($465 million) for the three months to Sept. […]

Indian farmers at risk as states bypass land acquisition laws – activists

Indian farmers at risk as states bypass land acquisition laws – activists

MUMBAI, November 7 (Thomson Reuters Foundation) – States across India are bypassing land acquisition laws by introducing land pooling schemes to speed up industrial and development projects, a move that activists say leaves farmers and the environment vulnerable.   Land pooling enables the quick consolidation of small land holdings. Land owners get back a share […]

China adopts cybersecurity law in face of overseas opposition

China adopts cybersecurity law in face of overseas opposition

BEIJING, November 7 (Reuters) – China adopted a controversial cybersecurity law on Monday to counter what Beijing says are growing threats such as hacking and terrorism, although the law has triggered concern from foreign business and rights groups.   The legislation, passed by China’s largely rubber-stamp parliament and set to come into effect in June […]

Tata Motors defends strategy for $1500 Nano car

Tata Motors defends strategy for $1500 Nano car

MUMBAI, November 5 (Reuters) – Tata Motors, part of India’s Tata group, defended its strategy for producing the $1,500 Nano but shied away from commenting on the loss-making car’s future, after the conglomerate’s ousted chairman said there were emotional reasons for not shutting down production.   Tata Motors’ issued the statement to the stock exchange […]

Samsung recalls 2.8 million washing machines in US

Samsung recalls 2.8 million washing machines in US

Washington, November 5 (IANS) Hit by the Note 7 fiasco, Samsung Electronics has now decided to recall about 2.8 million top-loading washing machines due to risk of impact injuries.   The affected washers are manufactured between March 2011 and current production dates.   According to the US Consumer Product Safety Commission (CPSC), the washing machine […]

India gold discounts back, safe-haven buying props up China demand

India gold discounts back, safe-haven buying props up China demand

MUMBAI/BENGALURU, November 4 (Reuters) – Gold prices in India swung to a discount this week as a rally in prices dampened retail demand and prompted jewellers to reduce purchases, while demand in leading consumer China went up on safe-haven buying on worries over the U.S. presidential election.   Gold prices were up nearly 2 percent […]

Microsoft stops selling Windows 7, Windows 8

Microsoft stops selling Windows 7, Windows 8

New York, November 4 (IANS) US tech giant Microsoft has ended sale for both the Windows 7 and Windows 8 operating systems and these can no longer be bought with a new PC.   “End of sales refers to the date when a particular version of Windows is no longer shipped to retailers or Original […]

Airtel provides 7,000 more interconnection points to Jio

Airtel provides 7,000 more interconnection points to Jio

New Delhi, November 3 (IANS) Bharti Airtel on Thursday said it has provided over 7,000 additional points of interconnect (PoIs) to Reliance Jio, taking the total number of PoIs provided till date to over 17,000.   “This capacity is sufficient to serve over 75 million customers, based on the forecast provided by Jio to Airtel. […]

Global cues pull equity markets lower

Global cues pull equity markets lower

Mumbai, November 3 (IANS) Indian equity markets on Thursday were pulled lower on the back of global cues, such as the US Fed’s Federal Open Market Committee (FOMC) interest rate decision and uncertainty regarding the upcoming US presidential elections.   Both the key indices provisionally closed in the red after a volatile day of trade, […]

Facebook warns growth will slow, shares dip

Facebook warns growth will slow, shares dip

(Reuters) – Facebook Inc <FB.O> shares tumbled 7 percent in after-hours trading on Wednesday as the world’s largest online social media network warned that revenue growth would slow this quarter, offsetting strong earnings that handily beat Wall Street estimates.   The slip reflected doubts among investors that the company can continue its runaway success, even […]