BUSINESS
Smartphone brand Honor says 'maintaining' India business operations
According to a report in the South China Morning Post, the company's business in India will remain in operation, managed by local partners, but the brand will adopt a "very safe approach." Honor CEO Zhao Ming told state-run newspaper Securities Times that Honor formed the India team a few years ago but chose to leave for "obvious reasons", the report said.
Grounded for three years, Jet Airways all set to soar under new management
Paving the way for the private carrier's revival, the Directorate General of Civil Aviation (DGCA) granted the revalidated Air Operator Certificate to the new owners, Jalan Kalrock Consortium (JKC), on May 20. The JKC fulfilled all the conditions laid down in the NCLT-approved resolution plan for the revival of the airline, founded in April 1992 and launched in 1993 by businessman Naresh Goyal, and shut after 27 years in April 2019.
Tata Steel net down in first quarter
Steel major Tata Steel Ltd closed the first quarter of the current fiscal with a lower after tax profit on a higher turnover, as compared to corresponding period previous year. In a regulatory filing on Monday, the company said the after tax profit for the period ended June 30, 2022 stood at Rs 5,783 crore on a turnover of Rs 34,015 crore.
Level playing field for alternative fuel mobility: Indian Auto LPG Coalition
"In principle, we whole-heartedly welcome the government's initiatives on promoting EVs (electric vehicle). What we have been merely asking is that the government should also extend equal opportunity to another hugely feasible alternative fuel which could also contribute to an emission-free mobility system in our country," the association's Director General Suyash Gupta said.
Venture capital-backed companies in India shift focus to cash preservation
As per a report by KPMG, VC investment in India dipped in Q2'22, driven in part by global geopolitical uncertainties and rising inflation. While VC investment in India may be muted over the next quarter or two due to the global reduction in money supply and other factors, the country is expected to remain quite attractive to VC investors over the medium to longer term due to its relatively positive macroeconomic environment and market demographics.
Tesla reveals $170 mn loss from $1.5 bn Bitcoin investment
Tesla revealed last week that it has sold 75 per cent of its Bitcoins, adding $936 million in cash to its balance sheet in the second quarter (Q2) this year, as it deals with economic meltdown amid cryptocurrencies falling off the cliff. In a new filing with the US Securities and Exchange Commission (SEC), Tesla said that in the first quarter of 2021, it invested an aggregate $1.50 billion in Bitcoin.
India set for 5G spectrum auction, Reliance Jio, Bharti Airtel lead the race
The four big players in the race -- Reliance Jio, Bharti Airtel, Vodafone Idea and Adani group -- having submitted a combined Rs 21,400 core in earnest money deposit (EMD), are ready with their war chests and strategies for the mega bid, that is likely to be around Rs 1.5 lakh crore if the last two auctions are kept in mind. Reliance Jio Infocomm has submitted an EMD of Rs 14,000 while Bharti Airtel has put in Rs 5,500 crore.
Apple ramps up efforts on self-driving car, files new patents
The iPhone maker is also working on vehicle-to-everything (V2X) technology, which allows cars to communicate with each other and connect to the Internet of Things (IoT), reports Nikkei Asia along with analytics company Intellectual Property Landscape. The report found that from 2000 till June 1 this year, Apple applied for and published 248 automobile-related patents.
Fall in demand & high prices, diamond industry losing its sparkle
In a report issued on Monday CRISIL Ratings said the revenue of the Indian diamond industry is set to be cut 15-20 per cent to $19-20 billion this fiscal, compared with a decadal high last fiscal, following a double blow from falling demand and rising prices of roughs across the globe. According to CRISIL Ratings, the Covid-19 surge and lockdowns in China-a major consumer of Indian polished diamonds- is one of the huge demand dampeners
US Fed widely expected to raise interest rates by 0.75 percentage points
Officials such as Fed governor Christopher Waller have in the past few weeks signalled that the central bank will deliver the same size interest rate increase as last month, following an inflation report showing that consumer prices in June rose to fresh 40-year highs. The report also showed a sharp rise in so-called core inflation - which strips out the volatile food and energy sectors - led by higher rent and shelter costs.
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