May 3: Audi to up India production
May 3: Audi to up India production
An employee of Chinese carmaker Chery Automobile Co. works at the assembly line in Wuhu, Anhui province
China's largest passenger vehicle exporter, Chery Automobile Co Ltd, is in talks with banks for a roughly Rmb 6bn loan ($951 mln) for its joint venture with Jaguar Land Rover Ltd (JLR), a wholly owned subsidiary of Tata Motors Ltd, sources said.
The two companies released a joint statement on March 21 saying they had reached an agreement to establish a JV in China, which will manufacture and sell vehicles under both JLR and the new JV brands.
JLR and Chery will look to leverage research and development, technology and manufacturing knowledge across the JV, the companies said.
Sources said the two companies are seeking regulatory approval for the Rmb17.5bn venture, which is to be based in Changshu, Jiangsu province. The companies will proceed with the loan when the JV gets the approval, sources said.
Different shoes and a soccer ball by German sporting goods maker are pictured before the company's annual news conference in the northern Bavarian town of Herzogenaurach
Germany's Adidas said it would cut the number of its Reebok stores in India by about one-third as it restructures operations in the country after discovering "irregularities" at Reebok India.
While the Adidas group as a whole surpassed expectations for first-quarter results, Reebok saw sales in the first three months down 7% on a currency neutral basis, Chief Executive Herbert Hainer said in a speech.
"Although Reebok has some challenges to overcome in Western Europe this year and as retailers currently focus on the major sporting events, we nevertheless continue to see good progress in most other regions," Hainer said.
Adidas, the world's second largest sporting goods company behind Nike, announced the irregularities at Reebok India on Monday, also releasing first quarter
A man clears a road in front of the main gate at the Nokia phone assembly plant in Komarom, 85 km (52.8 miles) west of Budapest
Nokia will launch a range of tablets and "hybrid" smart mobile devices, the company's chairman, Jorma Ollila, told the Financial Times on Thursday.
Ollila, who leaves the wounded cellphone maker after 27 years, did not, however, state when the mobile devices would be launched.
He was cited as saying Nokia had been too slow at the start of the smartphone revolution, when phones started to become Internet connected.
However, he said that the combination of new products and Nokia services would "make a difference".
"Tablets are an important one, so that is being looked into, and there will be different hybrids, different form factors in the future," he said.
An employee poses with Samsung Electronics' Galaxy phones at a store in Seoul
Samsung Electronics is the world's largest smartphone manufacturer and biggest user of Google's Android operating system.
And, for some, that's the problem.
Samsung's meteoric rise - in the first quarter of 2011 it shipped fewer smartphones than Apple , Nokia or Research in Motion , but is now market leader - has handed it a dilemma. Does it risk becoming a commodity manufacturer of hardware, squeezed like the PC makers of old between narrowing margins and those who control the software that makes their devices run, or does it try to break into other parts of the business - the so-called mobile ecosystem?
"It comes down to this sense of what it is they want to be," said Tony Cripps, principal analyst at Ovum. "Do they really want to be one of the power players or are they happy enabling someone else's ecosystem?"
A one rupee coin is seen in this picture illustration taken in Mumbai April 30, 2012.
The rupee fell to intraday low of 53.44 as worries mount about India's fiscal and economic challenges, as well as continued uncertainty about taxation for overseas investors, sparking worries of continued foreign outflows.
Dollar purchases from oil importers, foreign banks also pushing up pair.
USD/INR breaks above minor resistance at 53.25, the top of the channel from the gains since early March.
Next immediate resistance is at 53.51, the December 29 high.
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