Business

  • Tesla CEO Elon Musk again taunts US market regulators SEC
    San Francisco, July 3 (IANS): Tesla CEO Elon Musk has again provoked the US market regulator, the Securities and Exchange Commission, while celebrating the surge in the company's stock.   In a tweet on Thursday, Musk referred to the SEC as the Shortseller Enrichment Commission.   The tech billionaire made a similar reference to the SEC in October 2018 after the regulator accused him of securities fraud, The Detroit News reported.   In September 2018
  • Petrol, diesel prices pause for 4th consecutive day
    New Delhi, July 3 (IANS): Fuel prices have gone for a longer pause after rising on 22 of the past 27 days as oil marketing companies (OMC) kept the pump prices of petrol and diesel unchanged again on Friday.   In the national capital, petrol price on Friday stood at Rs 80.43 per lit re and diesel at Rs 80.53 a litre, same level as last three days when OMCs went for pause and kept the prices unchanged.   Sources in public sector oil companies said that consumers co
  • Chinese apps ban: JioMeet joins 'local ke liye vocal' call
    New Delhi, July 3 (IANS): In a filip to Prime Minister Narendra Modi's call for local ke liye vocal amid the ban on 59 Chinese apps, Reliance Jio has launched a free video-conferencing application called JioMeet that takes on various other such apps which are growing in leaps and bounds as millions of people work from home in India.   The application that has already been downloaded more than 1,00,000 times on Google Play Store within no time comes with enterprise-grade
  • OnePlus enters affordable TV segment with 2 new series in India
    NEW DELHI, JULY 2 (IANS): Chinese tech brand OnePlus on Thursday entered the affordable TV segment with the launch of two new series, U Series and Y Series, in India at a starting price of Rs 12,999.   The OnePlus TV U series which offers an expansive 55-inch panel which comes equipped with a 4K UHD display is priced at Rs 49,999.   The OnePlus Y series has two variants of 43 inches and 32 inches which are priced at Rs 22,999 and Rs 12,999, respectively.  
  • Likee, Bigo Live suspend services, TikTok says no legal action
    NEW DELHI, JULY 2 (IANS): Short-video platform Likee on Thursday said it has temporarily pulled off the app from Google Play and Apple App Stores and has suspended its service in India.   Likee, a product of BIGO Technology Pte Ltd, is one of the 59 Chinese apps banned by the Indian government.   "We respect the Indian government's order and have temporarily taken off Likee from Google Play and App Store, and have suspended service in India until there is
  • SC's action may clear way for electricity futures in India
    NEW DELHI, JULY 2 (IANS): After years of delays, India may soon open a derivatives market for the power sector allowing both power generators and consumers to enter into futures contracts and use it as a new hedging tool to mitigate price volatility and other associated risks.   Introduction of pure play futures and options as products on power trading platforms would be a major reform initiative that would help in developing a robust and vibrant energy market. The introduct
  • Bank resolution framework changes credit positive: Moody's
    NEW DELHI, JULY 2 (IANS): Amendments to India's bank resolution framework are credit positive, according to Moody's Investors Service.   The amended resolution process was credit positive as it helped preserve depositor confidence and avoid deposit flight from a weak bank as the risk of moratorium was reduced, it said in a credit outlook article.   "The amendments are also credit positive for bank's depositors and creditors because their ability t
  • Nokia phone maker acquires cybersecurity firm Valona Labs
    HELSINKI, JULY 2 (IANS): HMD Global, the home of Nokia phones, on Thursday announced it has acquired assets of mobile, enterprise and cybersecurity software firm Valona Labs for an undisclosed amount.   The acquisition of new asset may further build upon the company's reputation as a global leader in smartphone software updates and security.   "As a company that believes every phone should be built upon the foundations of security, reliability and dependa
  • IRDAI sets up group to find space for selling Surety Bonds
    CHENNAI, JULY 2 (IANS): The Insurance Regulatory and Development Authority of India (IRDAI) has set up a nine member working committee to look at the possibility of Indian non-life insurers offering Surety Bond to contractors.   The IRDAI has set up the committee after the Ministry of Road Transport and Highways requested it to examine the possibility of offering Surety Bond for contractors.   According to IRDAI the Ministry of Road Transport and Highways had writ
  • India's banking sector expected to face capital shortfalls: Fitch
    MUMBAI/SINGAPORE, JULY 1 (IANS): Ratings agency Fitch Ratings on Wednesday said that India's banking sector is expected to face capital shortfalls due to coronavirus pandemic-related disruption.   According to Fitch Ratings, Indian banks are likely to require at least $15 billion in fresh capital to meet a 10 per cent weighted-average common equity Tier 1 ratio under a moderate stress scenario.   "This rises to about $58 billion in a high-stress situation
  • FM stresses on role of tax admin for 'Aatma Nirbhar Bharat'
    NEW DELHI, JULY 1 (IANS): Finance Minister Nirmala Sitharaman on Wednesday said that the GST administration will have a major role to play in the objective of 'Aatma Nirbhar Bharat' or self-reliant India and it must foresee the challenges faced by Indian companies to help them compete globally.   In a message on GST Day, Sitharaman said that the department has the strive to make the tax administration simple to bring in more ease of doing business.   "
  • Hero MotoCorp's June sequential wholesale grows fourfold
    NEW DELHI, JULY 1 (IANS): Two-wheeler major Hero MotoCorp reported a four time rise in wholesale growth on a sequential basis in June.   The company's wholesale deliveries made to dealerships during the month under review sequentially grew to over 450,744 units from the 112,682 units dispatched in May 2020.   "Despite the challenging conditions, Hero MotoCorp sold a total of 5,63,426 units of motorcycles and scooters in the first quarter (April-June) of F
  • WhatsApp introduces animated stickers, QR codes globally
    NEW DELHI, JULY 1 (IANS): WhatsApp on Wednesday introduced animated stickers, QR codes and improvements to group video calls for its more than 2 billion users globally.   Animated stickers are one of the fastest growing ways people communicate on WhatsApp, with billions being sent every day.   "We are rolling out new animated sticker packs that are even more fun and expressive," the Facebook-owned platform said in a statement.   "We are m
  • Apple blocks updates on thousands of iPhone games on China App Store
    SAN FRANCISCO, JULY 1 (IANS): Apple has reportedly stopped updating thousands of mobile games on the China App Store under the pressure from the Chinese government to comply with the law of the land, the media reported on Wednesday.   According to a report in The Financial Times, Apple has blocked updates on tens of thousands of revenue-generating iPhone games on its App Store in China.   "Apple has frozen updates for tens of thousands of mobile games on its
  • Gold prices hit all-time high
    NEW DELHI, JULY 1 (IANS): Gold hit an all-time high on Wednesday with futures trading at Rs 48,871 per 10 gm as the demand for the safe haven asset continued to soar with the Covid-19 global shocks and economic uncertainty hammering down business sentiments.   "Gold surged to its highest in nearly 8 years on Tuesday as mounting fears of a resurgence of new coronavirus cases kept safe haven demand for gold alive, setting the precious metal on path for its biggest quarter
  • Petrol, diesel prices go for a longer pause; LPG, ATF rises
    NEW DELHI, JULY 1 (IANS): Fuel prices seem to have gone for a longer pause after rising for 22 of the past 25 days as oil marketing companies (OMC) kept the pump prices of petrol and diesel unchanged again on Wednesday.   In the national capital, petrol price on Wednesday stood at Rs 80.43 per litre and diesel at Rs 80.53 a litre, same level as Tuesday when OMCs wend for pause and kept the prices unchanged over previous day.   Sources in public sector oil companie
  • Will help creators in India till interim ban in place: TikTok CEO
    NEW DELHI, JULY 1 (IANS): TikTok CEO Kevin Mayer on Wednesday said that the company is working with various stakeholders to address the concerns raised by the Indian government, and remain committed to support the welfare of TikTok creator community till the interim ban order is in effect.   Mayer, who is also the COO of ByteDance, the parent company of TikTok, said that their creator managers are actively engaging with top creators to reassure them of their efforts and upda
  • World Bank offers $750 mn loan for India's covid-hit MSMEs
    NEW DELHI, JULY 1 (IANS): The World Bank's Board of Executive Directors has approved a $750 million MSME Emergency Response program to support increased flow of finance into the hands of India's micro, small, and medium enterprises (MSMEs), severely impacted by the COVID-19 crisis.   The MSME Emergency Response program will address the immediate liquidity and credit needs of some 15 lakh viable MSMEs to help them withstand the impact of the current shock and protect
  • Facebook hires 3 new directors to boost Partnerships business in India
    NEW DELHI, JULY 1 (IANS): Facebook on Wednesday announced to appoint senior Samsung executive Francis Jose, former Amazon Alexa head Manohar Hotchandani and ex-Viacom and Fox executive Paras Sharma as three new directors to join its growing Partnership team in India.   The trio would help lead strategic partnerships and initiatives to support Facebook's continued growth in India with an overall aim for driving better value for business partners, Facebook said in a statem
  • New rules for several financial transactions to kick in from July 1
    NEW DELHI, JUNE 30 (IANS): Several changes will kick in for financial transactions from July 1, which will directly impact consumers at all levels.   These changes include PF rules, ATM withdrawal charges, Atal Pension Yojana, registration in Kisan Samman Nidhi, mutual funds, minimum account balance, among others.   The Central government has relaxed rules to withdraw money from the Employees' Pension Fund (EPF) during the lockdown imposed for the prevention o