Business

  • Google unveils new feature for faster connectivity
    SAN FRANCISCO, MAY 19 (IANS): In a bid to make all devices work better together, tech giant Google has announced a new feature Fast Pair that helps make it easier and faster to connect to Bluetooth devices around. The company said that, so far, people have used Fast Pair over 36 million times to connect their Android phones with Bluetooth accessories from Sony, Microsoft, JBL, Philips, Google and many other popular brands. "In the coming months, we're bringing Fast Pair
  • IDBI Bank launches digitised automated loan processing system for MSME and agri lending
    NEW DELHI, MAY 19 (IANS): IDBI Bank Limited has launched a fully digitised, end-to-end, Loan Processing System (LPS) for its MSME and Agri. products. This new loan processing system seamlessly integrates with data fintechs, bureau validations, document storage/retrieval, account opening/management, customer notifications, and portfolio management capabilities along with embodied policy/knock off parameters. These features of the fully digitised and automated loan processing syste
  • CBIC informs trade about enhancement of facilities under Import of goods at concession rate
    NEW DELHI, MAY 18 (IANS): In order to facilitate domestic manufacturing, particularly by the MSME sector, the Central Board of Customs and Indirect Taxes (CBIC) has allowed importers the benefit of a concessional customs duty on import of goods even if such goods are sent out for job work in the absence of complete in-house manufacturing capabilities. It has also permitted import of capital goods at a concessional customs duty even if such goods are cleared in the domestic market on
  • Vijay Mallya loses bankruptcy petition amendment High Court battle in UK
    London, May 18 (PTI): A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the High Court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment i
  • Fake Apple AirPods worth $7.16 mn seized in US
    SAN FRANCISCO, MAY 18 (IANS): The US Customs and Border Protection (CBP) officers in Cincinnati have seized three large shipments from China that contained fake Apple AirPods, which are estimated to be worth around $7.16 million. A total of 36,000 fake AirPods were seized, each shipment containing 12,000 units, on May 6, according to an official release issued by the US CBP. Although each package had a declared value of $5,280, the Manufacturer's Suggested Retail Price for al
  • Maruti Suzuki starts multi-speciality hospital in Gujarat
    NEW DELHI, MAY 18 (IANS): Automobile major Maruti Suzuki India in partnership with Zydus Hospitals on Tuesday announced the start of a multi-speciality hospital at Sitapur in Ahmedabad District of Gujarat. According to the company, with a total capital expenditure of Rs 126 crore, the hospital has been 100 per cent funded by the Maruti Suzuki Foundation - a CSR initiative of Maruti Suzuki. The hospital will be managed and operated by Ramanbhai Foundation, the CSR arm of Zydus Gro
  • Indian cement makers' price hikes to support margins: Fitch Ratings
    MUMBAI, MAY 18 (IANS): The recent price increases by India's cement companies will counter the higher energy costs, Fitch Ratings said on Tuesday. Besides, the impact on their profitability from a resurgence of the coronavirus is likely to be limited, it said. Fitch expects cement demand to be less affected by the restrictions to curb the spread of Covid-19 this time around, while the larger cement companies' strong profitability in the financial year ended March 31, 2021
  • Pre-registrations for PUBG's Indian version now live on Play Store
    NEW DELHI, MAY 18 (IANS): South Korean video game developer Krafton on Tuesday announced that the pre-registration for PUBG's Indian version "Battlegrounds Mobile India" is now live on Google Play Store for fans in India. Players pre-registering for Battlegrounds Mobile India will get four rewards -- the Recon Mask, the Recon Outfit, Celebration Expert Title and 300 AG. These rewards are for fans who pre-register, so get ready to dive in and enjoy the battle royale
  • Samsung tops India tablet market in Q1 with 34% share
    NEW DELHI, MAY 18 (IANS): Samsung has dominated the tablet market in India with 34 per cent volume market share, regaining the top position in the segment, a report by the International Data Corporation (IDC) showed on Tuesday. Lenovo with 30 per cent and Apple with 16 per cent were the second and third biggest brands in the tablet business in India. Samsung's popular line up of tablets in India include Tab S6 Lite, Tab A7, Tab S7+ and Tab S7. "Samsung registered a st
  • Pensioners may be allowed to withdraw their entire lifetime contribution to NPS with a higher threshold
    NEW DELHI, MAY 18 (IANS): Retired persons looking to use their pension fund money for meeting family emergencies or for making investments into better return yielding instruments would soon be permitted withdraw their entire lifetime contributions. Sources in the government said that pension regulator, Pension Fund Regulatory and Development Authority (PFRDA) is considering coming out with a better option for National Pension System (NPS) subscribers under which they would be able t
  • Musk impersonators steal more than $2M in cryptocurrency
    San Francisco, May 18 (IANS): Over the last six months, consumers have lost over $2 million in cryptocurrency to scammers impersonating Tesla and SpaceX CEO Elon Musk, according to the Federal Trade Commission (FTC). For years, scammers have posed as Musk to fraud social media users out of cryptocurrency, The Verge reported. They use deceptive tactics on sites like Twitter, often using the same avatar images as Musk's account and slightly misspelling his username. "Pr
  • Petrol, diesel prices increase after a day's pause
    New Delhi, May 18 (IANS): Under the new found preference for revising fuel prices every alternate day, the Oil and marketing companies (OMCs) raised the pump prices of petrol and diesel yet again on Tuesday. Accordingly, the price of petrol increased by 27 paise per litre to Rs 92.85 a litre in Delhi while diesel price increased a tad higher by 29 paise to Rs 83.51 a litre on Tuesday. Across the country as well the petrol and diesel prices increased between 25-30 paise per litre
  • Samsung unveils 3 power management ICs for DDR5 DRAM chips
    Seoul, May 18 (IANS): Samsung Electronics on Tuesday unveiled new power-controlling chips that minimise overall power consumption while boosting performance of dynamic random-access memory (DRAM). The world's largest memory chip producer said its three power management integrated circuit (PMIC) products -- S2FPD01, S2FPD02, and S2FPC01 -- are available for DDR5 DRAM modules. A PMIC is an integrated circuit that receives the main power input and distributes the power to each e
  • Wadhwani Foundation announces $1M grant for Covid-relief
    New Delhi, May 18 (IANS): Wadhwani Foundation (WF) has announced a support of $1 million in grants to 10 charities and NGOs in a bid to help alleviate the devastating impact of the Covid-19 outbreak in India. These grants provide medical resources and assistance to COVID-19 patients and their families. "Combatting the severe rise in COVID-19 cases and the tremendous burden on Indian families requires a comprehensive approach from as many organizations as possible,", said R
  • Japan's FY 2020 GDP shrinks to sharpest on record
    Tokyo, May 18 (IANS) Japan's GDP in fiscal year 2020 shrank 4.6 per cent in real terms, down for the second straight year, marking the largest annual contraction on record since data compilation began in 1955, government statistics revealed on Tuesday. According to the preliminary data released by the Cabinet Office, the previous record decrease was a 3.6 per cent drop in fiscal 2008 marked in the wake of the global financial crisis, reports Xinhua news agency. Meanwhile, gov
  • Jio constructs largest international submarine cable system centred on India
    MUMBAI, MAY 17 (IANS): Reliance Jio Infocomm Ltd (Jio) is constructing the largest international submarine cable system centred on India. Jio, in conjunction with several key global partners and world-class submarine cable supplier SubCom, is currently deploying two next generation cables to support the extraordinary growth in data demand across the region. The India-Asia-Xpress (IAX) system connects India eastbound to Singapore and beyond, while the India-Europe-Xpress (IEX) sys
  • India's online higher education market to grow 10x in next 5 years
    NEW DELHI, MAY 17 (IANS): Buoyed by the continuous remote learning amid the pandemic, the online higher education market in India will grow 10 times over the next five years to reach $5 billion by the financial year 2025, a new report said on Monday. The market will grow driven by new reforms set forth, including the increase in public spending (targeted at 6 per cent of the nation's GDP), relaxation in regulations governing degrees, supply side capacity gaps, need realisation a
  • India's WPI inflation rises to 10.49% in April
    NEW DELHI, MAY 17 (IANS): India's annual rate of inflation based on wholesale prices sequentially rose to 10.49 per cent in April from a rise of 7.39 per cent in March. Significantly, this is the highest rate of WPI inlation in the last 6-months. The monthly rate of inflation, based on month over month movement of WPI index, in April 2021 stood at 1.86 per cent as compared to March 2021. On a year-on-year basis, the inflation rate last month was higher. The WPI had come in ab
  • Credit card expenses by Indian subsidiary of a multinational corporation liable to GST
    NEW DELHI, MAY 17 (IANS): Credit card expenses made by employees of an Indian subsidiary for furtherance of business here would come under the purview of Goods and Service Tax (GST) with applicable 18 per cent rate. According to a recent ruling by Tamil Nadu Appellate Authority for Advance Ruling (AAAR), any expenses made by employees of an Indian subsidiary of a multinational corporation that is later reimbursed by the overseas holding company qualifies as service and hence needs t
  • Max Life launches new pension plan with guaranteed financial protection
    NEW DELHI, MAY 17 (IANS): Max Life Insurance Company on Monday announced the launch of 'Max Life Saral Pension', a Non-Linked, Non-Participating Single Premium, Individual Immediate Annuity Plan. The plan guarantees a regular stream of income in one's golden years, offering customers a chance to maintain their lifestyle pre and post retirement with the assurance of guaranteed income as long as the policyholder lives. The product has been launched at a time when a larg