BUSINESS
India sets the ball rolling for large-scale Battery Energy Storage System
This is a joint effort of the Ministry of New and Renewable Energy and the Ministry of Power, which has been working on this to provide a roadmap for the installation of the energy storage system. In order to support the ambitious goal of achieving the 450 GW renewable energy target by 2030, it is important that it gets duly supported by the installation of energy storage systems.
Microsoft shutting down LinkedIn in China due to compliance requirements
The move comes after the career-networking site faced questions for blocking the profiles of some journalists. Microsoft will launch a jobs-only version of the site, called InJobs, later this year. But this will not include a social feed or the ability to share or post articles, the report said.
Bharti backed OneWeb launches 36 internet satellites in orbit
The satellites were launched into orbit atop a Russian-built Soyuz rocket from the Vostochny Cosmodrome in a mission operated by French company Arianespace. The Liftoff occurred at 5.40 a.m. EDT. OneWeb is also one of the founding members of the recently launched Indian Space Association. Rahul Vatts, OneWeb India is the Vice Chairman of the ISpA.
Positive macros, results push equities higher; Sensex closes above 61k
In the process, S&P BSE Sensex made an intraday high of 61,353.25 points and the NSE Nifty50 touched 18,350.75 points. The two indices had a gap-up opening and held on to the initial gains encouraged by positive global cues. Globally, stock markets rose on companies' earnings reports that indicated strong consumer demand.
Economic pickup will support borrowers but Covid risks remain high: Moody's
Indian auto loan ABS delinquency rates have improved alongside the easing of coronavirus restrictions over recent months, but remain elevated. Delinquency rates will stabilise at high levels as coronavirus restrictions ease, citing that Indian auto ABS delinquency and collection rates improved in June and July as economic activity picked up after coronavirus restrictions eased.
Punit Goenka questions Invesco's silence on merger proposal with Reliance
The statement talks about a merger proposal brought forward by Invesco in February involving Reliance Industries, which was rejected by him as it would have resulted in loss of shareholder value to the tune of Rs 10,000 crore. "During my briefing to the Board, I emphasised on the points pertaining to the proposal from Invesco."
Bitcoin could cause the next financial crash
Deputy Governor Sir Jon Cunliffe said a massive collapse in the price of cryptocurrencies to as low as zero is 'certainly a plausible scenario' and that there was 'a possibility of contagion' across the global financial sector. As per the report, Cunliffe said the hit to individual investors if cryptocurrencies collapse would be unlikely to cause a 'financial stability risk'.
LG units to repay GM $1.2bn for Bolt EV battery recall costs
The two flagship units of South Korea's LG Group have reached an agreement with GM on how to cover the expenses for the recalls on some 143,000 Bolt vehicles over battery fire risks. The two LG units said they will set aside 480 billion won and 620 billion won in costs in the third quarter, respectively, after reflecting 234.6 billion won and 91 billion won in the second quarter.
E-com players log $4.6 bn sales in India festive week, Flipkart leads
Flipkart Group emerged as the leader during the festive week sales, with 64 per cent market share, followed by Amazon with 28 per cent market share. Smartphones worth Rs 68 crore were purchased every hour across the platforms during the October 2-10 sale period, according to data provided by homegrown market research firm RedSeer.
India's September wholesale price inflation eases to 10.66%
Accordingly, the annual rate of inflation, based on wholesale prices, eased to 10.66 per cent last month from 11.39 per cent in August. However, on a YoY basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry has risen exponentially over September 2020, when it stood at 1.32 per cent.
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