Business

  • Bulgarian economist Georgieva to lead IMF
    Washington, September 26 (IANS): Bulgarian economist Kristalina Georgieva was chosen to succeed Christine Lagarde as managing director of the International Monetary Fund.   "The IMF is a unique institution with a great history and a world-class staff. I come as a firm believer in its mandate to help ensure the stability of the global economic and financial system through international cooperation," the former European Commission vice president said in a statement on Wednesda
  • Not just onions, now tomatoes too will pinch your pocket
    A vendor loads tomatoes in a bag for a customer at a wholesale vegetable market in Mumbai on March 14, 2018. (REUTERS File Photo)     New Delhi, September 26 (IANS): After onions, tomatoes are next in line to bear the brunt of supply shortages and rising prices. Since the past few weeks, tomato prices have seen a surge of around 70 per cent in Delhi. People are facing a hard time in the festive season due to the price hike.   The prices of vegetables in Maha
  • RBI hikes withdrawal limit to Rs 10k in PMC Bank
    Mumbai, September 26 (IANS): Under fire, the Reserve Bank of India on Thursday increased the withdrawal limits from Rs 1000 to Rs 10,000 per bank account in the sanction-hit Punjab and Maharashtra Cooperative Bank Ltd (PMC).   The RBI in a statement said that the decision to increase the withdrawal limit came in the wake of a preliminary assessment by the Administrator on the PMC Bank's latest depositor and liquidity profile.   Accordingly, depositors can now with
  • India key growth market for Amazon: Top executive
    Seattle, September 26 (IANS): Not just for devices like Alexa-enabled Echo smart speakers, India is a key growth market for Amazon in the larger consumer goods segment as well and the company will keep infusing capital in the country, a top executive has said.   Refreshing its Echo smart home speakers line-up, Amazon on Wednesday announced to bring three new Echo devices to India -- in an effort to add a little more Alexa to your daily life.   "India is a very big
  • Fiscal deficit may remain at 3.5-3.6% post-corp tax cuts
    Mumbai, September 26 (IANS): The risks of a large fiscal slippage in the current year are expected to be addressed through larger non-tax revenues and the savings on interest expenses, ratings and research firm Acuite said, adding therefore, fiscal deficit in the current fiscal may remain limited to 3.5-3.6 per cent moderately higher by 0.2-0.3 per cent over the budgeted levels.   Additional non-tax revenues, particularly disinvestment profits, can be a key driver Acuite Rat
  • Reduced prices, festive offers to accelerate auto sales
    New Delhi, September 25 (IANS): The steps taken to reverse the economic slowdown, along with the upcoming festive season offers, might have the potential to accelerate the automobile sector's sales growth, industry insiders opined. The trend of reduced prices on the back of recent corporate tax sops is expected to catch-up after car market leader Maruti Suzuki cut prices on Wednesday. There had been scepticism in the auto industry whether a cut in corporate taxes wil
  • Mukesh Ambani richest Indian with Rs 3.8 lakh cr fortune
    New Delhi, September 25 (IANS): Mukesh Ambani has been adjudged the richest Indian, with a total fortune of Rs 3.8 lakh crore, by Hurun India in its joint report with IIFL Wealth. The Hurun India Rich List showed that the Reliance Industries (RIL) Chairman's wealth increased by 3 per cent compared to the previous year. "Mukesh Ambani, 62, is the richest Indian and Asian with a wealth of Rs 3,80,700 crore. Ambani chairs the oil and gas conglomerate, Reliance Industrie
  • Volvo to unveil its first electric car XC40 SUV on Oct 16
    Stockholm, September 25 (IANS): Volvo Cars on Wednesday said it is all set to unveil its first fully electric car, XC40 SUV, equipped with a new safety structure for passengers and battery alike, on October 16. When launched next month, the Volvo XC40 SUV will be one of the safest cars on the road, despite a fresh set of challenges presented by the absence of an internal combustion engine, the Swedish car-maker said. "Regardless of what drives a car forward, be it an
  • Haier launches Smart AI-enabled Android LED TVs in India
    Haier U6900 LED TV. (IANS Photo)   New Delhi, September 25 (IANS): Home appliances and consumer electronics brand Haier on Wednesday launched its Smart AI-enabled Android LED TVs -- the U6900 Series -- at a starting price of Rs 69,990 which goes up to Rs 99,990. The Google-certified Smart TVs ranging in 50-inch, 55-inch, 58-inch and 65-inch comes with the latest Android Pie (9.0 version) enabled with AI and Haier's smart ecosystem. "Our new Android TV seri
  • Samsung eyes double digit growth from TVs in festive season
    Singer Samsung India Consumer Electronics Business Senior Vice President Raju Pullan. (IANS Photo)   New Delhi, September 25 (IANS): With quality of content and higher Internet speed driving the surge in sales of smart televisions in India, Samsung is targeting double digit growth in its revenue from TV sales during the festive season, according to a top company executive. The South Korean electronics major is particularly bullish on the sales of its TVs in the 5
  • ONGC says no leakage in Uran gas plant, nothing to panic
    Mumbai, September 25 (IANS): As reports of leakage at state-run explorer ONGC's Uran plant surfaced early on Wednesday morning, the public sector energy major later said that there was no leakage at the plant, and the hydrocarbon smell experienced was because of incessant rains. In a tweet, the Oil and Natural Gas Corporation (ONGC) said: "At #ONGC Uran plant smell of hydrocarbon felt early Morning which was spread due to incessant rains. There is no leakage. All precaution
  • Maruti trims prices after government cuts corporate taxes
    A man walks outside the Maruti Suzuki India Ltd. manufacturing plant in Manesar in the northern state of Haryana on August 2, 2019. (REUTERS File Photo)     Cuts prices on 10 different models by Rs 5,000   BENGALURU, September 25 (Reuters): Top Indian automaker Maruti Suzuki said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government’s move to cut corporate taxes in a bid to revive economi
  • Corporate travel tech platform Deem to invest $10mn in India
    Bengaluru, September 25 (IANS): Technology provider for the corporate travel industry Deem Inc on Wednesday announced to invest $10 million to bolster its R&D capabilities in India.   The investment will position the company's Bengaluru India centre as an R&D hub for Deem's product development worldwide, the company said in a statement. The company currently has 100 employees in Bengaluru, focused on R&D.   "We will optimize our presence in APAC using
  • Banks' liquidity surplus set to improve: CARE Ratings
    Mumbai, September 25 (IANS): The net liquidity surplus in the banking system is likely to improve in the last week of September, though outflows from the banks will continue to meet festival demands and month-end requirements by corporates, CARE Ratings has said.   "On outlook on banking system liquidity for the September 23-27 week, the net liquidity surplus in the banking system is likely to improve from a week ago. At the same time, outflows from the banking system toward
  • 36% smaller firms witnessed data breaches in 2019 globally
    New Delhi, September 25 (IANS): Around 36 per cent of small businesses have been victims of data breaches in 2019 globally, a new survey said on Wednesday.   While data breaches threaten small companies with painful consequences, the survey by cybersecurity firm Kaspersky revealed that security measures taken by them to prevent such incidents are often insufficient.   "Smaller companies are often focused on how to make their business work and grow -- just like the
  • Infosys ranked 3rd in Forbes 'best regarded' companies list
    New Delhi, September 24 (IANS): Infosys, TCS and Tata Motors are among the 17 companies that have made it to the latest Forbes' list of the World's Best Regarded Companies. While Infosys has been ranked third in the list -- just behind payment technology major Visa and Italian car maker Ferrari, ranked 1 and 2, respectively -- Tata Consultancy Services (TCS) has been ranked No. 22. At 31st place, Tata Motors has also found a place among the top 50 companies in the list.
  • RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account
    Mumbai, September 24 (PTI): The Reserve Bank on Tuesday imposed operational restrictions on Punjab and Maharashtra Co-operative Bank (PMC Bank), resulting in chaos outside its branches in the financial capital. As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans. The RBI monitors banks' health and issues such directions in case of concerns over financial health of an instituti
  • Flipkart adds 50K direct jobs ahead of festive season sale
    The logo of Flipkart is seen on the company's office in Bengaluru on May 9, 2018. (REUTERS File photo)   Bengaluru, September 24 (IANS): E-commerce major Flipkart on Tuesday said it has added over 50,000 direct jobs across its supply chain, logistics arm and customer support ahead of the festive season and the Big Billion Days sales.   Flipkart said in the run up to its annual festive season sales, it expects to have increased the indirect jobs through the seller
  • India's biggest carmaker Maruti sees higher sales in Sept
    A man speaks on his mobile phone as he exits a glass door with the logo of Maruti Suzuki India Limited at a showroom in New Delhi on February 29, 2016. (REUTERS File Photo)     NEW DELHI, September 24 (Reuters): India’s biggest automaker, Maruti Suzuki India Ltd, expects sales of its cars in September to be higher than the previous month, its Chairman R.C. Bhargava told Reuters on Monday.   August domestic sales at Maruti Suzuki fell 34.3%, one of the
  • Private players to run trains on key routes: Railways
    Commuters sit on the doorstep of a moving train in New Delhi on June 16, 2017. (REUTERS File Photo)   New Delhi, September 24 (IANS): The Indian Railways is mulling the idea of handing over operations of more trains to private players in the coming days on several important routes with improved services and amenities for passengers.   The decision comes under the 100-day agenda of the national transporter to hand over operations of the trains to private playe