Business

  • LG aims to focus on EV supply chain: Report
    SEOUL, JUNE 23 (IANS): After shutting down its smartphone business, South Korean tech giant LG Electronics is now aiming the growing electric vehicle (EV) supply chain. According to GizmoChina, by the end of July, LG will exit the phone business and shift its focus towards the EV business. During the same month, LG will spin off its EV drive system segment. Canada's Magna International, which is one of the world's leading auto parts suppliers, will buy a 49 per cent st
  • 40 pc loss in Mallya, PNB fraud cases realised by banks through sale of seized shares: ED
    New Delhi, June 23 (PTI): About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday. It said the Debts Recovery Tribunal (DRT), on behalf of an SBI-led consortium that lent money to Mallya, on Wednesday sold shares worth over Rs 5,800 crore of
  • FM calls for re-thinking financing and development priorities for inclusive, resilient infra
    New Delhi, June 23 (PTI): Finance Minister Nirmala Sitharaman on Wednesday made a case for re-thinking financing and development priorities for inclusive, sustainable and resilient infrastructure aligned with Sustainable Development Goals (SDGs). Adopted in 2015, SDGs are the world's shared plan to end extreme poverty, reduce inequality, and protect the planet by 2030. Participating in Asia Infrastructure Forum co-organised by Enterprise Singapore, Ministry of Finance of Sing
  • Hero MotoCorp to raise prices of two-wheelers from July I
    NEW DELHI, JUNE 22 (IANS): Hero MotoCorp will make an upward revision in the ex-showroom prices of its motorcycles and scooters, with effect from July 1. The price hike has been necessitated to partially offset the impact of continuous increase in commodity prices. The company continues to drive cost savings programme aggressively, in order to minimise the impact on the customer, Hero MotoCorp said in a statement. The price hike across the range of motorcycles and scooters wil
  • Fuel price hiked again, petrol nearing century mark across the country
    NEW DELHI, JUNE 22 (IANS): Fuel prices increased again across the country on Tuesday adding more misery for the common man already grappling with rising food prices amid shrinking income. With the rise, petrol prices have reached very close to hitting the century mark all across the country extending the scope of historic high prices that had already made the fuel rate cross the Rs 100 per litre-mark in certain cities and towns of Maharashtra, Madhya Pradesh, Rajasthan, Telangana, A
  • Stricter e-commerce norms to come in, flash sales may be history
    NEW DELHI, JUNE 21 (IANS): The government plans to revise the e-commerce regulations in the country and bring about stricter norms, wherein the much talked-about flash sales may prohibited. As per the new draft regulations, no e-commerce entity shall allow any display or promotion of misleading advertisements, whether in the course of business on its platform or otherwise. Further, if the norms come into effect, every e-commerce shall establish an adequate grievance redressal mec
  • Google to help journalists create their own startups
    SAN FRANCISCO, JUNE 21 (IANS): Google on Monday said it is looking for its next group of aspiring journalism entrepreneurs to turn their ideas into real businesses. Applications are now open to US residents for the 2021 Google News Initiative (GNI) Startups Boot Camp. The programme will run from September 7 to November 5 (with a one-week break) and aims to accept 24 projects. The application window will closes on August 1. "If you're a journalist who's ready to st
  • Reliance Retail best placed to win share in fresh food, rapidly accelerate store rollout
    NEW DELHI, JUNE 21 (IANS): Reliance Retail is best placed to win share in fresh food, rapidly accelerate store rollout and target the widest assortment through multiple formats and channels, Goldman Sachs said. "We see three drivers for Reliance Retail's grocery business: (1) Omni-channel push with online share gains driven by Jiomart while leveraging its large offline store network; (2) Expanding presence in fresh, where Reliance is the largest player but remains under-ind
  • Samsung to unleash the power of 5G, bets big on 6G tech
    NEW DELHI, JUNE 21 (IANS): As 5G begins to enrich customer experiences in several countries across industries, South Korean tech giant Samsung is all set to showcase its continued innovations around 5G and what lies ahead on the 6G cellular technology. The company which has started working on the 6G technology and expects completion of the 6G standard and its earliest commercialisation by as early as 2028, will hold 'Samsung Networks: Redefined' virtual event on Tuesday to u
  • Fuel prices unchanged on Monday
    New Delhi, June 21 (IANS): Fuel retailers spared consumers of further increase in prices by keeping retail rates of petrol and diesel unchanged on Monday. The price pause came after the rates were raised on Sunday, the tenth increase so far in the month of June. With fuel prices remaining unchanged on Monday, petrol continues to cost Rs 97.22 per litre and diesel Rs 87.97 per litre in Delhi. Across the country as well the petrol and diesel rates remained static on Monday but t
  • Maruti Suzuki to hike prices in next quarter
    Mumbai, June 21 (IANS): Maruti Suzuki will raise prices of its vehicles during the July-September quarter due to high input costs. In a regulatory filing, the company said that over the past year the cost of the company's vehicles continued to be adversely impacted due to increase in various input costs. "Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price rise," it said. The compan
  • EPFO payroll data shows 12.76 lakh subscribers added in April
    New Delhi, June 20 (IANS): The provisional payroll data of the Employees' Provident Fund Organisation (EPFO) on Sunday shows that it has added around 12.76 lakh net subscribers during April this year. Despite the second wave of Covid-19 pandemic, there was an increase of 13.73 per cent net subscribers during April as compared to the previous month during which around 11.22 lakh net subscribers were added to the payroll. Data reflects that the number of exits in the April have
  • Reliance Group market capitalization surges 1,000% to nearly Rs 8K cr
    MUMBAI, JUNE 20 (IANS): The market capitalization of Anil Ambani led Reliance Group has surged by over 1,000 per cent in less than 3 months. The market cap of the group, which stood at Rs 733 cr in March, jumped to Rs 3,890 cr in May 2021, and Rs 7,866 cr on the last trading day of this week i.e. June 18, 2021. The market capitalization of the group companies, Reliance Infrastructure, Reliance Power, and Reliance Capital has more than doubled over the last 20 trading days. The
  • Tesla built its own Model 3-based police car in UK
    London, June 19 (IANS): Elon Musk-owned electric vehicle company Tesla has reportedly built its police car based on the Model 3 electric sedan in the UK and it plans to use it to test the UK emergency vehicle market. Tesla UK has revealed police liveried Model 3 saloon fitted with blues-and-twos, which the company said will be available to emergency services across the UK for trial and assessment. The automaker did not reveal any specs for the new vehicle, but it looks like
  • IMF proposes setting up of an int'l carbon price floor
    Washington, June 19 (IANS): The International Monetary Fund (IMF) has proposed to set up an international carbon price floor to help limit global warming and achieve the transition toward low carbon growth over this decade. "Gradually increasing price on carbon encourages innovation and transition to renewable energy, clean mobility, and low carbon technologies," IMF Managing Director Kristalina Georgieva said on Friday. "Limiting global warming to 1.5 to 2 degrees
  • India's forex reserves rise by over $3 bn
    Mumbai, June 19 (IANS): India's foreign exchange reserves rose by $3.074 billion during the week ended June 11. According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $608.081 billion from $605.008 billion reported for the week ended June 4. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary
  • Fuel prices remain unchanged on Saturday
    New Delhi, June 19 (IANS): Fuel retailers spared consumers of any further increase in prices by keeping retail prices of petrol and diesel unchanged on Saturday. Accordingly, petrol continues to cost Rs 96.93 per litre and diesel Rs 87.69 per litre in Delhi. Across the country as well the petrol and diesel prices remained static on Saturday but its actual retail prices varied depending on the level of local levies in respective states. In the city of Mumbai, where petrol
  • Railways approves operation of 660 more trains
    New Delhi, June 18 (IANS): Keeping in view the demand and unlock in several states with the Covid cases dropping below one lakh in last 12 days, the Indian Railways on Friday said that it has given the approval to operate 660 more trains in a graded manner. The Railway Ministry, in a statement, said that with the flattening of the coronavirus curve, Indian Railways is enhancing the number of special trains to facilitate the travelling public, to provide trains for the movement of mi
  • Mild recovery in consumer confidence in June: Report
    NEW DELHI, JUNE 18 (IANS): Consumer Confidence for urban Indians has shown mild recovery in June 2021 with a slight uptick of 1.4 percentage points, over the previous month, according to the monthly Refinitiv-Ipsos Primary Consumer Sentiment Index (PCSI). The marginal recovery comes after a sharp plunge of 6.3 percentage points in May, due to the resurgence of the outbreak. The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, is a mixed bag. The
  • Neo-Retro: Yamaha launches motorcycle FZ-X
    NEW DELHI, JUNE 18 (IANS): Two-wheeler major India Yamaha Motor (IYM) on Friday launched its first 'Neo-Retro' motorcycle - FZ-X - availed at a starting price of Rs 116,800 (Ex-Showroom, Delhi). According to the company, the new FZ-X comes with a '2-valve Blue Core FI Engine' which generates 12.4PS of peak power at 7,250 rpm and 13.3Nm of torque at 5,500 rpm. "It is engineered to be the ultimate riding partner across various riding conditions and is powered b