Business

  • General Motors braces for nationwide strike in 12 years
    Washington, September 16 (IANS): The United Automobile Workers (UAW) trade union has called for a nationwide strike of 48,000 employees at General Motors (GM), the company’s first in 12 years, after the US labour contract talks stalled. “We do not take this lightly... This is our last resort,” said Terry Dittes, the UAW vice-president in charge of the GM relationship, at a press conference on Sunday in Detroit, where the headquarters of the carmaker are located. Dittes
  • Nissan CEO resigns over pay issue
    Tokyo, September 16 (IANS): After admitting to being overpaid by an equity-linked remuneration scheme, Nissan Motor Co. President and CEO Hiroto Saikawa on Monday stepped down from his post. Saikawa, 65, was appointed CEO after the arrest of Carlos Ghosn, who is facing allegations of financial misconduct during his tenure as former chairman of the Japanese automobile group, Efe news reported. Although Saikawa had announced his intention to step down from his post after the tu
  • 5G spectrum auction quantum inadequate, costly: BIF
    New Delhi, September 16 (IANS): The quantum of 5G spectrum on auction in the country is inadequate and pegged at a very high reserve price which is approximately 5 to 6 times higher than in other countries and needs urgent revision, a broadband industry association said on Monday. “Quantum of 5G spectrum on auction inadequate and at a very high reserve price. Current reserve price of 5G spectrum is too high - approximately 5 to 6 times higher than other countries and needs urgen
  • SBI to move RBI to offer fixed-floating rate home-loans: Chairman
    Leh, September 15 (PTI): The largest lender State Bank of India will be seeking clarifications from the Reserve Bank whether it can offer long-term home loans with fixed rates in the beginning and convert the same into floating rates later, chairman Rajnish Kumar has said. The move comes after the Reserve Bank has mandated banks to shift all retail lending to floating rates that will be determined by external benchmarks like the repo rate. Kumar said there is a lack
  • Air India posts Rs 4,600 cr operating loss in 2018-19; aims operating profit this fiscal
    An Air India Airbus A320neo plane takes off in Colomiers near Toulouse, France on December 13, 2017. (REUTERS File Photo)   New Delhi, September 15 (PTI): Air India posted an operating loss of around Rs 4,600 crore in the last financial year mainly due to higher oil prices and foreign exchange losses but the debt-laden carrier expects to turn operationally profitable in 2019-20, according to senior officials. Reflecting tough business conditions, the airline
  • Govt removes all uncertainties on new export incentives
    New Delhi, September 15 (IANS): The government has removed all uncertainties with regard to the export incentive issues and the latest credit enhancement measures will help the sector march ahead, Director General of Foreign Trade Alok Vardhan Chaturvedi has said. Ending uncertainty for exporters, the government on Saturday announced a new scheme for reimbursing input duties and taxes to replace the popular Merchandise Export Incentive Scheme (MEIS) which is not compli
  • Aadhaar compulsory for new dealers from January
    Bengaluru, September 15 (IANS): Verification of the unique identification number (Aadhaar) would be compulsory for new dealers from January 2020 to curb malpractices in paying Goods and Services Tax, said GST Network's group of ministers' Chairman Sushil Kumar Modi. "All new dealers will have to submit their Aadhaar number for authentication from January 1. Though currently optional, it has been made mandatory from the New Year (2020) to curb fake invoices that came to ligh
  • Slowdown-to-Scrap Yard: India’s ‘Cash for Clunkers’ policy in offing
    New Delhi/Mumbai, September 15 (IANS): A desi version of ‘Cash for Clunkers’ scheme might be in the offing to reverse the slowdown that has heavily dented the Indian automobile industry. Accordingly, several central government ministries are said to be in a huddle to finalise key aspects of the policy such as incentives for buying new vehicles in lieu of scrapping old ones along with deciding the parameters of eligible category of automobiles. Even state government’s ar
  • WhatsApp traceability: Facebook offers alternative ways to help India
    New Delhi, September 15 (IANS): With India pressing for traceability of WhatsApp messages to check the spread of fake news, Nick Clegg, Facebook Vice President, Global Affairs and Communications, has offered alternative ways to help the country, without any reference towards tracing the origin of the WhatsApp messages. WhatsApp had categorically said in the past that the government’s demand to trace the origin of messages on its platform is not possible as it “undermines the p
  • More steps, time needed for auto sector revival
    Employees work at the production line on a Honda Mobilio car at a Honda plant in Greater Noida on the outskirts of New Delhi on July 21, 2014. (REUTERS File Photo)     New Delhi/Mumbai, September 15 (IANS): With automobile industry’s August sales touching the lowest level since 1997-98, industry insiders assert that the time is ripe for the government to take other steps to save as many as million contractual jobs which depend on this sector. Nonetheless, the ea
  • Farmers’ woes grow despite hike in MSP
    New Delhi, September 15 (IANS): While the minimum support price (MSP) set by the government has failed to benefit a large section of farmers, the crash in food prices as a result of excess supply has added to their woes. Agri sector experts maintain that MSP benefits are very limited and hence most farmers are unable to recover their costs, let alone a fair price for their produce. A stagnant farm income poses a huge challenge to the Modi government’s promise of doubling farmers
  • Cox & Kings & family of wealth destroyers
    Investors flee stocks even at rock bottom pricing    Mumbai, September 15 (IANS): Apart from the general weakness in the financial markets at present, sharp fall in some prominent stocks have caught the retail investors by surprise. Traders have resorted to panic selling, often at rates even less than a rupee, some over reports of allegations of fraud and others over poor corporate governance or fast dwindling financials. Such companies even saw the Foreign In
  • Indian’s top trader body seeks ban on Amazon, Flipkart's festive season sale
    MUMBAI, September 14 (Reuters): A leading Indian trader body asked the government on Friday to ban upcoming festive sales on Amazon’s local unit and its rival Flipkart, saying their deep discounts violate the country’s foreign investment rules for online retail. The two e-commerce firms typically hold annual festive season sales ahead of key Hindu festivals Dussehra and Diwali, which are due this year in October, when Indians make big ticket purchases such as cars and gold jew
  • India curbs onion shipments by imposing minimum export price
    A worker sorts onions at a wholesale vegetable market in Chandigarh, India, July 24, 2015. The price of Indian onions, a staple that has sparked protests in the past and toppled state governments, has jumped to its highest in nearly two years and could fuel food inflation as scant rain delays plantings. (Reuters Photo)   MUMBAI, September 14 (Reuters): India has imposed an $850 per tonne minimum export price (MEP) on onion shipments, the government said on Friday, as the wor
  • SRM Institute of Science and Technology students set to leave for Harvard
    More than 20 others from SRM Institute of Science and Technology, mostly bio-engineering students are set to leave for Harvard come January for a six month internship. The students have been invited by the Harvard Medical School after they submitted their profiles and project interests. They will be mentored by Shiladitya Sengupta, Head, Laboratory of Cancer NanoMedicine at the Brigham and Women’s Hospital in Cambridge, Massachusetts. The Hospital is a teaching facility of the Harvar
  • Lenovo Carme smartwatch launches in India
    New Delhi, September 14 (IANS): Chinese tech giant Lenovo on Saturday launched its latest smartwatch -- Carme (HW25P) in India for Rs 3,499. The device will be available for purchase from Flipkart from September 15 in two colour variants -- black and Green. It is equipped with a 1.3-inch IPS colourful display with 2.5D curved surface design. It is also IP68 rated, meaning it is water and dust resistant. The smartwatch comes loaded with a 24 hours heart rate monitor and it ca
  • High prices cut non-Basmati rice exports 37%
    New Delhi, September 14 (IANS): Rising domestic rice prices have affected exports this year with shipment of the non-Basmati variety falling about 37 per cent or 10 lakh tonnes, over the previous year. Though Basmati rice exports have also declined 1.5 per cent, but experts don't suggest price as reason behind it. Arvind Kumar Gupta, Director of the Basmati Export Development Institution that comes under the Agricultural and Processed Food Products Export Development Authority (A
  • Regulate but don't ban E-cigarettes: Traders to govt
    New Delhi, September 13 (IANS): With over 100 million smokers in India, regulations and education can be the key to provide safer alternative to tobacco smoking. Though Indian government has been planning to ban E-cigarettes in India, experts and the traders have been demanding that instead of banning these products, regulation can be the key which could help Indian get over traditional smoking which many believe is way more dangerous than E-cigarettes. Speaking to I
  • Global Market: Shares, bond yields perch at six-week highs
    The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany on September 10, 2019. (REUTERS Photo)       LONDON, September 13 (Reuters): World shares climbed to a six-week high alongside benchmark government bond yields on Friday, as markets cheered signs of progress in U.S.-China trade talks and another powerful slug of stimulus from the European Central Bank.   It was a bit of a groggy start in Europe after i
  • RBI reduces risk weight for consumer credit
    Mumbai, September 13 (IANS): To ease liquidity and boost demand, the Reserve Bank of India on Thursday notified the reduction in risk weightage for consumer credit, excluding credit card receivables.   The risk weight for consumer credit, including personal loans, but excluding credit card receivables was reduced from 125 per cent to 100 per cent.   The consumer credit, including personal loans and credit card receivables excluding educational loans, attracted a h