BUSINESS
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.
Air India's action unfair and discriminatory: Experts
Aviation expert Harshvardhan said: "This is unfair and discriminatory. There has to be equity in the treatment of such grave misconduct." Earlier, Trinamool Congress leader Mahua Moitra questioned the DGCA after Air India decided to impose a 30-day flight ban on a man accused of urinating on a co-passenger.
IT stocks at crossroads, says Kotak Securities report
According to the report, the saviours are cost takeout deals, and margin tailwind from rupee depreciation not kicking in and the margin improvement providing some solace. Even as revenue growth decelerates, Kotak Securities expects double digit earnings per share (EPS) growth in FY2024.
AI conduct unprofessional, led to systemic failure, notes DGCA in urination case
Observing that provisions related to handling of an unruly passenger onboard have not been complied with, it asked why enforcement action should not be taken against the airline executives concerned for dereliction of their regulatory obligations in the matter.
NCLAT refuses to grant stay on CCI order on Google's appeal
"We welcome the NCLAT order of not granting a stay on directions passed by the CCI. The CCI directions were passed after a lengthy investigation keeping in mind Google's clear and unequivocal abuse of dominance practices, which have terribly harmed the Indian consumer, ecosystem and economy," MapmyIndia CEO and ED, Rohan Verma, told IANS.
Aviation regulator receives report from Air India on urination incident
A senior DGCA official said that the regulator is examining their response. "We are examining their response. We will comment afterwards," said the official. As per sources, the airline has said that its internal committee has obtained the necessary documentation and held its first hearing and the alleged perpetrator has requested for additional documents prior to a second hearing scheduled for January 10.
India only reached halfway on its digital journey: Nandan Nilekani
Speaking at the Microsoft's 'Future Ready Technology Summit', Nilekani told the company's Chairman and CEO Satya Nadella that the ultimate goal is to improve the lives of more than 1 billion people with digital tools. "We need to ensure a more equitable, more inclusive, open access digital transformation," said Nilekani. He hailed digital initiatives like Aadhaar (which he himself executed successfully) UPI-based digital payments and account aggregator system that are "democratising the digital transformation". Payments through the UPI interface touched a record high of Rs 12.82 lakh crore in December, registering 782 crore transactions.
We want to push India's $1 trillion digital economy dream: Satya Nadella
Nadella told IANS that India's tax spend as a percentage of its GDP is becoming normalised when compared to the developed world, and is now among the top 10 countries. "I ask, what happens if India spends more on its tech sector? What is the productivity gain that the world can benefit from? And here, we want to move in with our world-class offerings," Nadella said during a closed-door session. "We want to be the infrastructure provider. We want to be the developer amplifier. We want to provide every part of our tech stack to basically help the country gain that leverage towards becoming a $1 trillion digital economy soon, he emphasised.
Satya Nadella meets PM, assures cooperation for Digital India campaign
"Thank you @narendramodi for an insightful meeting. It's inspiring to see the government's deep focus on sustainable and inclusive economic growth led by digital transformation and we're looking forward to helping India realise the Digital India vision and be a light for the world," Nadella tweeted after the meeting.
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