Business

  • Suzuki posts 46% drop in first-quarter profit on slowing India demand
    The Suzuki logo is seen during the first press day of the Paris auto show, in Paris, France on October 2, 2018. (REUTERS File Photo)   TOKYO, August 5 (Reuters): Suzuki Motor Corp on Monday reported a 46.2% fall in first-quarter operating profit, hurt by lower output at home as it improves its inspection systems, and falling demand in India, its biggest market.   Japan’s fourth-largest automaker posted an operating profit of 62.7 billion yen ($592 million
  • Windows 7 users opting out before Microsoft ends support
    San Francisco, August 5 (IANS): A few months before Microsoft ends support for its Windows 7 operating system (OS), the older OS experienced a large drop in July.   In July, user-base of Windows 7 dropped 3.6 per cent -- down to 31.8 per cent -- in the overall PC market, that led to a significant increase in the Windows 10 user-base, TechRadar on Sunday cited a report by analytics firm Net Applications as saying.   Windows 10 saw an increased user-share by 3.1 per
  • Samsung likely to unveil 2 Galaxy Note devices, all-new S Pen
    New York, August  5 (IANS): For the first time, Samsung Electronics is set to unveil two Galaxy Note devices -- Galaxy Note 10 and Galaxy Note10 Plus -- here on August 7 that would take performance and productivity on-the-go to the next level, while simultaneously positioning the brand strongly against Apple's forthcoming iPhones as holiday season inches closer.   Galaxy Note10 Plus is likely to come with 6.8-inch screen while the smaller one will have 6.3-inch screen,
  • Redmi K20, Redmi K20 Pro go on open sale in India
    New Delhi, August 5 (IANS): Xiaomi's recently launched smartphones under the Redmi sub-brand -- Redmi K20 and Redmi K20 Pro -- are on open sale in India across Mi.com and Flipkart starting on Monday.   The devices would also be available across all premium offline stores, the company said in a statement.   Redmi K20 Pro price in India starts from Rs 27,999 for the 6GB RAM + 128GB storage variant, going up to Rs 30,999 for its 8GB RAM + 256GB storage variant. While
  • Facebook, Instagram down for many users
    San Francisco, August 5 (IANS): Users from different parts of the world took to Twitter on Sunday to report problems using Facebook and Instagram.   "So Facebook isn't uploading videos this morning? (at least it's not working here)," tweeted Sean Platter, Art Director at Universal Animation Studios, Los Angeles.   "Facebook share not working today," wrote another user.   While the problems that Facebook users reported are centred around use of media suc
  • Huawei's foldable phone Mate X to hit shelves in Sept
    Beijing, August 5 (IANS): Chinese smartphone manufacturer Huawei's foldable phone Mate X, which is expected to launch during Huawei Developer Conference in the coming days, is all set to go on sale from next month.   However, the company would be putting a limited quantity of devices on sale because of the production and supply chain concerns, news portal GizmoChina reported on Monday.   The Huawei Mate X smartphone was initially set to launch in June this year bu
  • Auto industry may further cut production
    New Delhi, August 4 (IANS): After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS VI standards will further decelerate production, leading to eventual job losses.   Industry insiders point out that slowdown, which is a culmination of high GST tax rates, farm distress, stagnant wages and liquidity constraints, has led to the month-on-month sales de-growth.   Besides, inventory pile-up at dearlership level and st
  • Google bets big with several 'India first' features
    New Delhi, August 4 (IANS): From alerting Google Maps users when their vehicle goes off-route to partnering with the Ministry of Housing and Urban Affairs for the "Loo Review" campaign, the bullish search engine giant has had a history of building India-first features for the world's second-largest population.   India also has the second-biggest digital market and the Internet population of over 500 million is expected to touch 650 million by 2020.   Especially ta
  • Vistara to stretch wings in Thailand, Nepal
    New Delhi, August 4 (IANS): India's only full-service private carrier Vistara plans to add destinations in Thailand and Nepal to its international network by the year-end.   According to industry sources, the airline which is just about to commence international operations from August 6, will rapidly expand its global presence, thereafter.   The airline is expected to deploy capacity to Bangkok and Kathmandu after starting operations to Dubai.   Recentl
  • Apple looks at Indian smartphone market with new glasses
    New Delhi, August 4 (IANS): Tim Cook has an interesting connection with India. A big believer in the Indian middle class, Cook last visited the country officially in May 2016 and since then, we hear him praising the country from his Cupertino-headquarters in California, often during analysts' call at the end of the company's quarter results.   According to industry analysts, Cook is aware of the immense potential in the country -- which has over 450 million smartphone users
  • India's biggest carmaker Maruti Suzuki cuts temporary jobs as sales plunge
    Labourers walk along a street next to a Maruti Suzuki India Ltd. manufacturing plant in Manesar in the northern state of Haryana on August 2. (REUTERS Photo)   MANESAR/NEW DELHI, August 3 (Reuters): India’s biggest automaker, Maruti Suzuki India Ltd (MRTI.NS), said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia’s third largest economy.   The vehicle industry, accounting for nearly hal
  • RBI imposes Rs 11 cr fine on seven PSBs for violating norms
    Mumbai, August 3 (PTI): The Reserve Bank on Friday said it has imposed a collective penalty of Rs 11 crore on seven public sector banks for violating norms on current account opening.   Allahabad Bank and Bank of Maharashtra have been imposed a fine of Rs 2 crore each, Bank of Baroda, Bank of India, Indian Overseas Bank and United Bank of India have been slapped with fines of Rs 1.5 crore each, while Oriental Bank of Commerce has been imposed with a penalty of Rs 1 crore.
  • Amazon in talks to buy stake in India's Reliance Retail: sources
    A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai on June 7, 2012. (REUTERS File Photo)     NEW DELHI, August 3 (Reuters): Amazon.com Inc (AMZN.O) is in talks with Reliance Industries Ltd’s (RELI.NS) retail unit to buy a stake in India’s biggest brick-and-mortar retailer, two sources with knowledge of the talks told Reuters on Friday.   Amazon’s massive online presence could
  • iPhones to get $100 costlier after US' new China tariffs
    Washington, August 3 (IANS): Apple iPhones would be around $100 more expensive in the US once new 10 per cent tariff on $300 billion in goods imported from China comes into place from September 1.   "iPhone sales in the US, China and other markets could fall by 8 million to 10 million," CBS News reported late Friday, quoting analysts.   Apple lost $42 billion in stock value after Trump tweeted new tariffs on China on Thursday.   Apple XS Max starts at $
  • Facebook to add its name to WhatsApp, Instagram
    San Francisco, August 3 (IANS): In a first step towards merging all its platforms into one unified experience for users, Facebook is adding its name to Instagram and WhatsApp.   Instagram will soon become "Instagram from Facebook" and WhatsApp will turn into "WhatsApp from Facebook", The Information reported late Friday.   The new titles will appear in the title for both apps in Apple's App Store and Google Play Store.   "We want to be clearer about the
  • Bata India looking at opening 500 franchise stores
    Kolkata, August 3 (IANS): Footwear major Bata India is planning to open about 500 franchise stores which would come up in small towns over the next five years, a top company official said here on Friday.   “We now have 150 franchise stores. We are looking to get about 500 franchise stores. These will be single-store towns. That means we are looking at 500 towns. We have charted out a five year plan for this,” company CEO Sandeep Kataria told media persons after its 86th
  • High import duties keeping Tesla off Indian roads: Elon Musk
    New Delhi, August 2 (IANS): Breaking his silence over India plans, Tesla CEO Elon Musk has said that high import duties on electric cars are blocking the entry of the electric car maker in the country.   "I'm told import duties are extremely high (up to 100 per cent), even for electric cars. This would make our cars unaffordable," Musk said late Thursday while responding to a tweet from an Indian follower.   India has taken a slew of measures to promote the use el
  • India seen set for fourth interest rate cut of 2019
    MUMBAI, August 2 (Reuters): The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years.   If the RBI does cut by 25 basis points on Wednesday, the repo rate would to come down to 5.50%, and make RBI the most dovish among major Asian central banks.   Almost 80% of 66 economists surveyed by Reuters expected the RBI to cut its bench
  • SBI first-quarter profit misses estimates on tax expense
    BENGALURU, August 2 (Reuters): The State Bank of India (SBI) on Friday reported a smaller-than-expected profit of 23.12 billion rupees ($332.15 million) for the first quarter, hit by a tax expense even as bad loan provisions fell.   That stood against a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses. For the quarter June 30, 2019, analysts had expected a profit of 40.83 billion rupees, according to Refinitiv data.  
  • Good money after bad? India's bank rescue plans keep on coming
    NEW DELHI/MUMBAI, August 2 (Reuters): It may not be quite a bottomless pit but the Indian government’s repeated injections of funds into the nation’s state-owned banks can appear to be going into one.   Bankers and credit rating agencies say they doubt the latest move by New Delhi to provide a further $10 billion in government money to the institutions that dominate India’s banking landscape will be enough for them to overcome massive bad debt problems. The expectation