BUSINESS
Mercedes-Benz India sold 15,822 units in 2022
According to the company, it has retained its leading position in the luxury car market in India by selling 15,822 units last year, up from 11,242 units sold in 2021. The key models that drove the growth in 2022 were the C-Class, E-Class, S-Class limousines and the GLA, GLC, GLE and GLS sport utility vehicle (SUV).
Government announces auction of sovereign green bonds in two tranches
"As announced in the Union Budget 2022-23, the government of India, as part of its overall market borrowings, will be issuing Sovereign Green Bonds (SGrBs), for mobilising resources for green infrastructure. The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy," the Finance Ministry said in a statement.
KreditBee closes $200 mn Series D from Advent International, MUFG Bank, others
Last month, the company raised tranche 1 of Series D from MUFG, Japan's largest bank, along with existing investors Premji Invest, Motilal Oswal Alternates, NewQuest Capital Partners, and Mirae Asset Venture Investments. KreditBee said the additional capital raised will be deployed towards scaling the existing business and diversifying its product offering by venturing into digitally enabled financial products.
India pips Japan to become world's third-largest auto market
In 2022, according to the preliminary data, India sold at least 4.25 million new vehicles compared to 4.2 million sold in Japan. India's sales volume will further increase with the inclusion of upcoming commercial vehicle Q4 sales data from Tata Motors and other manufacturers.
India relatively bright spot in global economy: IMF official
IMF's deputy managing director Antoinette Sayeh said during a conference organised by the organisation that Indian economy is making significant progress on structural reforms agenda. She further noted that India's macroeconomic policies are responding to global headwinds, while monetary policy is addressing high inflation and fiscal policy measures are sound.
NCLAT dismisses Wave Group's appeal for insolvency proceedings
The NCLAT upheld the old order, along with the fine of Rs 1 crore. Wave Megacity Centre Private Limited, of Sector 32-25, Noida, had filed a petition for Corporate Insolvency Resolution Process (CIRP) in the NCLT, which was dismissed by it on June 6, 2022.
Indian equity markets to be resilient in 2023
This despite concerns around global slowdown and a possible recession in the West due to unwinding of monetary policy by major global central banks, Windmill Capital added. As to the challenges in the current year to global economic and equity growth, escalation of geo-political tensions between Russia-Ukraine, China-Taiwan, and a fresh spike in prices of crude oil, the company said.
Must report any improper behaviour on aircraft to authorities at the earliest, says Air India CEO to staff
In an internal communication to the employees, the CEO referred to the recent incidents saying, "This week has, regrettably, been dominated by media headlines of which you are no-doubt familiar. The repulsion felt by the affected passenger is totally understandable and we share her distress." He said that whilst the story is more complicated than has been reported, there are clearly some lessons we can and must learn.
Fitness firm Peloton to pay $19 mn for hiding safety defect in its treadmill
The US Consumer Product Safety Commission (CPSC) said in a statement that the settlement resolves its charges that Peloton knowingly failed to immediately report to the commission, as required by law, "that its Tread+ treadmill contained a defect that could create a substantial product hazard and created an unreasonable risk of serious injury to consumers".Peloton recalled both of its treadmills -- the 'Tread' and 'Tread Plus' -- in 2021. While the 'Tread' had a wobbly screen, the premium 'Tread Plus' caused multiple reports of injuries and, in one instance, the death of a child.
Samsung Q4 operating profit likely down 69% on chip price falls
The world's largest memory chip and smartphone maker estimated its October-December operating profit at 4.3 trillion won ($3.4 billion), down from 13.87 trillion won a year ago. In an earnings shock, Samsung reported a quarterly operating income of less than 5 trillion won for the first time in eight years after posting 4.06 trillion won for the third quarter of 2014, reports Yonhap news agency. "With external business environments set to remain uncertain, chip sales plummeted due to lower demand from server clients, data centres and handset makers," Samsung Electronics said in a statement.
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