PwC US to fire 1800 jobs in first restructuring measure in 15 years
Multinational professional service brand PricewaterhouseCoopers’s U.S. unit will lay off about 1,800 workers, media reports said.
Finance
YES Bank's stake sale stalled due to RBI's concerns over majority foreign bank ownership
Mumbai/IBNS: The stake sale of Indian private sector bank YES Bank is currently stalled as the Reserve Bank of India (RBI) is hesitant about allowing majority foreign bank ownership, reports Moneycontrol, citing sources familiar with the matter.
SEBI mulls new regulations to curb risks amid surge in small IPOs
Mumbai/IBNS: The Securities and Exchange Board of India (SEBI), the regulatory body for securities and commodity market in the country, is contemplating stricter oversight for micro-cap firms going public, which includes enhanced monitoring of how their funds are used and tougher due diligence requirements for merchant bankers, the Economic Times reported, citing a source involved in the discussions who requested anonymity due to the confidential and sensitive nature of the information.
Paytm to focus on core business, deliver profitability soon: CEO Vijay Shekhar Sharma at AGM
New Delhi/IBNS: Vijay Shekhar Sharma, the founder and chief executive officer (CEO) of Paytm, on Thursday (Sept. 12) said the fintech company will focus on its core business of payments and cross-selling financial services as it works to achieve "profitability soon".
Union Cabinet approves fourth phase of Pradhan Mantri Gram Sadak Yojana with Rs 70,125 cr outlay to construct all-weather roads
New Delhi: Union Cabinet approved the fourth phase of the Pradhan Mantri Gram Sadak Yojana (PMGSY) on Wednesday which will be implemented from 2024-25 to 2028-29, with a budget allocation of Rs 70,125 crore.
Union Cabinet approves PM E-Drive Scheme with Rs 10,900 cr budget
New Delhi: The Union Cabinet has approved the PM E-Drive Scheme with a budget of Rs 10,900 crore over two years to promote the adoption of electric vehicles (EVs) in India.
Microsoft India buys plot in Pune's Hinjawadi for Rs 520 cr
Pune: Microsoft Corporation (India) Pvt Ltd, the Indian arm of the software giant, has acquired a 16.4-acre land parcel in Pune's tech-centric Hinjawadi suburb for approximately Rs 520 crore, according to documents reviewed by Square Yards, media reports said.
India extends countervailing duty on welded stainless steel pipes and tubes from China and Vietnam
New Delhi: The Indian government has extended the countervailing duty on imports of welded stainless steel pipes and tubes from China and Vietnam for another five years, media reports said, citing a Union Finance Ministry order on Wednesday.
Semicon India 2024: PM Modi aims for India’s electronics sector to reach $500 billion by 2030
Noida (UP): Prime Minister Narendra Modi has set a target of expanding India's electronics sector to $500 billion by the end of the decade.
'Time for action is here and now': PM Modi says India aims to be a global hub for Green Hydrogen production
Noida: Prime Minister Narendra Modi stated on Wednesday that India aims to become a global hub for producing, using, and exporting green hydrogen.
Uber launches premium 'black' service in India
India's leading ride-sharing app Uber has announced the launch of its upscale Uber Black category.
Strike hits Samsung production at key electronics plant in Tamil Nadu
Chennai/IBNS: Production at Samsung Electronics' key plant in southern India faced disruptions for the second consecutive day on Tuesday (Sept. 10) due to a strike by hundreds of employees demanding higher wages.
Google, Apple lose multibillion dollar court fights with European Union
Luxembourg/IBNS: Apple Inc. has lost its legal battle over a €13 billion ($14.4 billion) Irish tax bill, while Google has lost its challenge against a €2.4 billion fine for abusing its market power, reports Bloomberg.
Govt plans new policy to link scrapping of vehicles to pollution instead of age: Official
New Delhi/IBNS: A senior official said on Tuesday (Sept. 10) that the government is developing a new vehicle scrappage policy focused on pollution levels rather than the age of the vehicles.
Honda Power Pack Energy India, Bhago Mobility partner for green fleet services in EV segment
Kolkata: Honda Motor's battery sharing service Honda e:Swap has teamed up with sustainable transportation solution provider Bhago Mobility for providing green fleet management services aimed at revolutionizing last-mile delivery solutions for the EV segment.
American defence firm Lockheed Martin to collaborate with Tata Advanced Systems to manufacture C-130J Super Hercules airlifter
New Delhi: Lockheed Martin, a U.S.-based defence company, has partnered with Tata Advanced Systems Ltd to strengthen their collaboration on the C-130J Super Hercules tactical airlifter project, media reports said.
Oil prices tumble on weak demand concerns, Brent dips below $70, near 3-yr low
Brent futures fell below $70 a barrel for the first time since December 2021, marking a new low in a price slump driven by strong supply, demand concerns, and heavy speculative selling, according to Bloomberg.
New GPS-based system to revolutionize toll collection system: Here's all you need to know
New Delhi: The Ministry of Road Transport and Highways has updated the National Highways Fee (Determination of Rates and Collection) Rules, 2008, to include satellite-based electronic toll collection systems.
Maruti Suzuki's 500 km range EV soon, says CEO Hisashi Takeuchi
New Delhi: Maruti Suzuki India (MSI) plans to launch an electric vehicle with a 500-km range, powered by a 60-kilowatt-hour battery, along with several similar models, according to MD and CEO Hisashi Takeuchi on Tuesday, said a Moneycontrol report.
Companies with turnover over Rs 500 cr in India required to seek CCI approval for mergers
New Delhi: The Competition Commission of India (CCI), on Tuesday, introduced new regulations expanding the scope of companies that must obtain approval for mergers.
Mahindra Group rubbishes Congress's conflict of interest allegations over payments to SEBI chief Madhabi Buch's husband Dhaval Buch
Mumbai: The Mahindra Group has rejected recent allegations of a conflict of interest regarding payments to Dhaval Buch, the husband of SEBI chairperson Madhabi Buch, calling the claims "false and misleading."
'Threat to national security': Congress red flags Adani Group's investment in China
New Delhi: The Congress party on Tuesday raised concerns over the Adani Group's decision to set up a subsidiary in China for project management services, claiming that this move could endanger India's national security and territorial integrity, media reports said.
Air India Express launches 'flash sale' fare start at Rs.1036
Private aviation major Air India Express has launched its ‘Flash Sale’ with fares starting from Rs. 1036 and zero convenience fee for logged-in members on the airline’s website, airindiaexpress.com and mobile app.
iPhone production in India expected to account for 25% of global shipments by 2025, says report
New Delhi/IBNS: Driven by the 'Make in India' initiative and the production-linked incentive (PLI) scheme, Apple's flagship iPhone production in India has increased from under 1 percent in 2017 to 10 percent in 2023, and the American tech giant's goal is to scale up this figure to 25 percent of global shipments by 2025, according to a latest report by global investment firm Jefferies.
Telugu superstar Mahesh Babu's firm invests in Hyderabad-based nutrition brand Fitday
Hyderabad/IBNS: Hyderabad-based nutrition brand Fitday on Monday (Sept. 9) said it has secured a strategic investment from Telugu superstar Mahesh Babu’s production house, GMB Entertainment.
Elon Musk may become the world's first trillionaire, followed by Gautam Adani, says report
London/IBNS: Elon Musk, with a net worth of about $237 billion as of September 9, 2024, on the Bloomberg Billionaires Index, is on course to become the world's first trillionaire by 2027, according to a report by Informa Connect Academy.
Apple aims to capture significant share of made-in-India semiconductors, in talks with Micron, Tata Group to source chips worth $12bn
Bengaluru/IBNS: American tech giant Apple has started talks with Micron, the Tata Group, and other semiconductor manufacturers setting up plants in India to secure $12 billion worth of chips for its iPhones produced in the country.
India's power generation and transmission sectors expected to grow 2.2 times by FY2030: Report
New Delhi/IBNS: India's power generation and transmission sectors are set for substantial growth in the coming years, according to a recent report by Jefferies, an American multinational independent investment bank and financial services company.
India, Japan discuss macroeconomic situation during Finance Dialogue
India and Japanese officials recently exchanged their views on the macroeconomic situation in both countries during their second Finance Dialogue held on September 6.
Boeing offers employees a 25% pay hike in an effort to avoid strike
Virginia/IBNS: American aerospace company Boeing is offering a 25 percent pay hike for its employees over the next four years in an effort to prevent a strike that could potentially disrupt its assembly lines as early as Friday.