Business

  • Microsoft aims to bring Internet to 40mn people by 2022
    San Francisco, October 8 (IANS): In a bid to connect billions of people that do not have access to Internet connectivity, tech giant Microsoft, through its Airband Initiative, now aims to extend Internet access to 40 million underserved people globally by July 2022.   Started in 2017, Microsoft's Airband initiative streamlined efforts to set up Internet access across the US.   This time the company is focusing on areas with significant underserved populations and
  • Banning Huawei may raise Indian telcos' capex on 5G: Fitch
    New Delhi, October 8 (IANS): If the Indian government does not allow Huawei to build a fifth-generation (5G) network in the country, then Indian telecom operators may have to spend more on 5G infrastructure, US Rating agency Fitch has said in a report.   "We are of the opinion that Indian telcos may need to invest more on 5G capex --especially on the equipment if Huawei were banned to supply 5G equipment in India. Chinese vendors on telecom are generally cheaper and have bet
  • Amazon, Flipkart sales generate Rs 19,000 crore in 6 days
    New Delhi, October 8 (IANS): Led by Amazon and Flipkart, e-tailers in India achieved a record $3 billion (nearly Rs 19,000 crore) of Gross Merchandise Value (GMV) in the first six days of the festive sale from September 29-October 4, a new report said on Tuesday.   Walmart-owned Flipkart and Amazon dominated 90 per cent of the market share during the six-day sale event, said Bengaluru-based research firm RedSeer Consultancy.   Given the momentum seen in the first
  • 40 Attorneys General to join anti-trust probe against Facebook
    San Francisco, October 8 (IANS): Nearly 40 state attorneys general are set to join probe against Facebook's anti-competitive business practices.   They met officials from the Justice Department and Federal Trade Commission (FTC) in Washington, DC, on Monday, reports Market Watch.   "We held bipartisan conversations with attorneys general from around the country and key officials at both the US Department of Justice and the Federal Trade Commission about our invest
  • RBI not looking at liquidity facility for NBFCs: Dy Guv
    Mumbai, October 8 (IANS): Reserve Bank of India (RBI) has ruled out any special liquidity facility for Non Banking Financial Institutions (NBFCs) saying there is enough in the system to meet their needs for borrowings and it is for the lenders to take a call on lending to the NBFCs.   "Reserve Bank's position is that there is adequate liquidity in the system and it is for the lenders to take a view on which borrower to give money to and I do not think at this moment we are l
  • Auto sector cuts losses, as govt schemes, discounts attract buyers
    Mumbai, October  6 (IANS): Sagging auto sector sales showed signs of revival in September on account of depreciation benefits and heavy discounts.   "Depreciation benefits and discounts have helped a little bit in increasing sales in September in comparison to August," said Sridhar V., Partner, Grant Thornton India LLP.   "New introductions have also been instrumental in the slight recovery in passenger car and two-wheeler sales in September 19 over August 19
  • FinMin to kick-start budgetary exercise from Oct 14
    New Delhi, October 6 (PTI): The finance ministry will kick-start the exercise to prepare annual Budget for 2020-21 from October 14 which, among other thing, will have to address critical issues pertaining to slowdown in growth and subdued revenue collection. It will be the second Budget of both the Modi 2.0 government and Finance Minister Nirmala Sitharaman. "The pre-Budget/RE (Revised Estimate) meetings will begin on the October 14, 2019. All financial advisers shou
  • Auto sector cuts losses, as govt schemes, discounts attract buyers
    Mumbai, October 6 (IANS): Sagging auto sector sales showed signs of revival in September on account of depreciation benefits and heavy discounts. "Depreciation benefits and discounts have helped a little bit in increasing sales in September in comparison to August," said Sridhar V., Partner, Grant Thornton India LLP. "New introductions have also been instrumental in the slight recovery in passenger car and two-wheeler sales in September 19 over August 19, while the Y
  • India can win big from inevitable $350-550bn exports moving out of China: Credit Suisse
    Employees of Motherson Sumi Systems Ltd, work on a car wiring assembly line inside a factory in Noida on the outskirts of New Delhi on April 28, 2016. (REUTERS File Photo)     New York, October 5 (IANS): India could potentially be one of the big winners from the US-China trade war, according to a Credit Suisse survey of 100 companies with global sales of $1 trillion that projects $350-550 billion of exports will shift out of China and that this is "inevitable even if s
  • RBI's rate cut reflects India's ambition to boost economic growth: Niti
    New Delhi, October 5 (PTI): Niti Aayog Vice-chairman Rajiv Kumar on Friday said the RBI's fifth consecutive rate cut reflects India's overall ambition to accelerate economic growth to touch 8 per cent sooner rather than later.   Speaking here at the India Economic Summit, Kumar said with several steps taken by the government in the past couple of months to boost the economy, growth is expected to be around 6.5 per cent this year, although it is "lower than expected". &nbs
  • Slowdown makes Bosch shut production for 10 days
    Bengaluru, October 5 (IANS): German auto components major Bosch India has decided to shut production for 10 days per month in the third quarter (October-December) of fiscal 2019-20 due to slowdown, said an official on Saturday.   "We have informed the stock exchanges in a regulatory filing on Friday that we will observe no production for 10 days per month during the third quarter (October-December), 2019," the official told IANS here.   With 10 days a month, produ
  • Slight retreat in prices adds to festive lure in India
    BENGALURU/MUMBAI, October 5 (Reuters): A dip in prices earlier this week fuelled an uptick in physical gold demand in Singapore and India, with activity in the Indian market also gathering pace ahead of key festivals.   However, overall activity was muted due to the golden week holiday in top bullion consumer China.   In Singapore, sellers charged premiums between 50 and 70 cents an ounce over the benchmark, versus 50-80 cents last week.   Global benchm
  • Governance reforms in PSU banks needed: Niti Aayog VC
    New Delhi, October 4 (IANS): Niti Aayog Vice Chairman Rajiv Kumar on Friday said that further reforms in banking sector are needed in terms of autonomy and working at arms' length from the government while the government must raise long-term funds for infrastructure financing without solely depending on banks. In his address at the India Economic Summit, Kumar also said the government must consider tapping capital markets and raise long-term funds for infrastructure financi
  • India Inc hails RBI's 5th straight rate cut
    Mumbai, October 4 (IANS): With past rate cuts failing to arouse animal spirits in the economy, the Reserve Bank of India (RBI) stuck to its "accommodative stance" and again reduced its key lending rate to boost consumption and reverse the slowdown that has plagued India's economic growth. Accordingly, this was the fifth consecutive reduction in a key lending rate to 5.15 per cent, the lowest in around a decade, which is expected to lower interest cost on automobile and home
  • Amazon.in gets orders from 99.4% pincodes, eyes record sale
    Bengaluru, October 4 (IANS): Aiming to gain a bigger pie of the $5 billion opportunity this festive season, Amazon.in on Friday said it received orders from 99.4 per cent of pincodes in India as over 65,000 sellers from more than 500 cities received orders in just five days of the first edition of its "Great Indian Festival" sale. Nearly 15,000 sellers more than doubled the sales while millionaire sellers including crorepati sellers now exceed 21,000 sellers in the Great In
  • RBI raises lending limit of micro-finance institutions
    Mumbai, October 4 (IANS): The Reserve Bank of India has increased the lending limit of micro-finance institutions (MFI) to Rs 1.25 lakh per borrower from Rs 1 lakh. This comes as another step towards smooth flow of liquidity to retail borrowers, amid the subdued consumption and liquidity crunch. The 'Statement of Development and Regulatory Policies' released on Friday said that taking into consideration "the important role played by MFIs in delivering credit to those
  • HAL unions to go on strike for wage revision from Oct 14
    Bengaluru, October 4 (IANS): State-run Hindustan Aeronautics Ltd (HAL) on Friday said trade unions of its employees issued an indefinite strike notice effective from October 14 at its 9 locations in seven states across the country for wage revision since January 2017. "The All India HAL Trade Unions Coordination Committee has issued an indefinite strike notice from October 14 at our nine locations across the country for revised wage settlement with effective from January 20
  • Govt notes lower growth, higher inflation range in FY20 by RBI
    New Delhi, October 4 (IANS): The Finance Ministry on Friday said it has taken into account RBI's downward revision of GDP growth rate for the fiscal to 6.1 per cent while hailing the 25 bps cuts in repo rates which will complement the recent measures. "Government has noted the reduction in repo rate from 5.40 per cent to 5.15 percent announced by the Monetary Policy Committee (MPC) and believes that this will complement the recent measures taken by government to accelerate
  • Report calls for multi pronged measures to boost farm income
    A labourer sprays pesticides on genetically modified cotton crops in Guntur, Andhra Pradesh on October 17, 2017. (REUTERS File Photo)     New Delhi, October 3 (IANS): Doubling farmers' income through increased production, diversification in farming systems that are eco-regionally sustainable, input cost reduction, availability of credit at low interest rate, better income through direct linkages to markets are some of the major recommendations of a report submitted t
  • After tomatoes, soaring dal prices dampen festive fervour
    Price tags are seen on the samples of pulses that are kept on display for sale at a market in Mumbai,\ on January 29, 2018. (REUTERS File Photo)     New Delhi, October 3 (IANS): After tomatoes, dal is next in line to bear the brunt of spiralling prices during the festive season.   In the last one week, the price of urad dal has increased by Rs 450-Rs 850 per quintal in the major markets of the country. Along with urad, the prices of moong, masoor and chickpe