Page 1672 - Business Finance
Pitstop to skill and onboard 60,000 auto mechanics
Pitstop, India's first independent doorstep car service & repairs provider, today announced its plans to onboard 60,000 auto mechanics over the next 5 years as part of its aggressive expansion strategy in India.The company currently has operations in India and Singapore and will be expanding exponentially in the next 5 years, both in India and internationally.Mihir Mohan, CEO & Founder, Pitstop, said, "Auto mechanics in India are often deprived of their due in terms of acceptance by the society as a professional and also they have declining incomes, and no job stability. Our mission at Pitstop is to organise the car services sector by empowering auto mechanics with credible skillset and employing them as professionals with a study career and growth path. Auto industry is going through a massive change with talks of EV, AV, IoT etc and this requires a completely different skillset than what is traditionally available. Pitstop wants to lead the change by reskilling the workforce
Mahindra & Mahindra records 17% growth in November auto sales
The company's domestic sales touched 41,564 vehicles during November 2018, as against 36,039 vehicles in November 2017, a growth of 15%. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 16,188 vehicles in November 2018, as against 16,030 vehicles in November 2017.
Lenovo dominated India's tablet market in Q3 2018
Lenovo led as India's tablet market grew six per cent in the third quarter of 2018, a new report by CyberMedia Research (CMR) said.
Indsil Hydro Power & Manganese leases out certain plant & machinery at Raipur
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Two top officials of co-op bank in Maha held for embezzlement
Two top officials of the defunct Pen Urban Cooperative Bank in Maharashtra's Raigad district have been arrested by the Enforcement Directorate (ED) for allegedly routing Rs 774 crore of public funds for personal gains. Shishir Dharkar, a former chairman of the bank, and expert director Prem Kumar Sharma were arrested Friday for embezzlement of funds under the provisions of the Prevention of Money Laundering Act (PMLA), according to the ED. The duo are the "main conspirators as well as beneficiaries" of the money laundering "scam" that was carried out at the bank between 2001 and 2010, the agency has said in a statement. They opened 685 "fake loan accounts" in various branches of the bank by manipulating bank records and pulled out the funds for personal gains, it said, adding that at the time of the closure of the bank, the total outstanding in these loan accounts was Rs 774 crore. The siphoned-off funds were used either to buy immovable properties, or pay earlier ...
Sandhar Technologies forms JV with Kwangsung Corporation, Reublic of Korea
To manufacture plastic moulded accessories of passenger and UV segement
Chidambaram pokes fun at BJP for celebrating GDP data
Congress leader P Chidambaram poked fun at the BJP Saturday over the GDP growth data, saying it did not warrant any jubilation by the ruling party. In a series of tweets, the former finance minister said that as expected, the GDP growth in the July-September quarter (Q2) of 2018-19 was a good one per cent lower than in the April-June quarter (Q1). "Q1 number was on a very low base in the previous year. It did not signify a bump in growth and did not warrant the jubilation of the BJP three months ago," he said. Chidambaram said going forward, it was likely that the October-December (Q3) and January-March (Q4) quarters would register similar growth rates unless there were unexpected shocks. "The new normal for the Indian economy is 7 per cent and 2018-19 will be a normal year," he said. India's economy grew at 7.1 per cent in the July-September quarter, lowest in three quarters, but still remained ahead of China to retain the tag of the world's fastest growing major economy. The Gross ..
Gold dips as dollar firms, palladium breaches $1,200/oz
(Reuters) - Gold fell on Friday as the dollar strengthened ahead of trade talks between the U.S. and Chinese leaders at the G20 summit on Saturday, while palladium prices crossed the $1,200 per ounce mark for the first time.
Oil drops; losses limited by hopes of OPEC, Russia output cut
NEW YORK (Reuters) - Oil prices edged lower on Friday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week.
Macron and Abe seek to avert Renault-Nissan row
TOKYO/PARIS (Reuters) - France and Japan's leaders met for bilateral talks to avert a diplomatic row over the Renault-Nissan-Mitsubishi alliance on Friday following the surprise arrest of its Chairman Carlos Ghosn in Japan.
Wall Street rises on trade hopes; S&P, Nasdaq post best weeks in seven years
NEW YORK (Reuters) - Wall Street rose on Friday as investors hoped for progress on trade in a critical U.S.-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.
Global markets: oil tumbles on supply glut; Wall Street up on G20 comments
NEW YORK (Reuters) - Oil prices retreated on Friday amid a global glut, racking up a 20 percent drop for November, while world equity markets were mixed ahead of weekend talks between U.S. President Donald Trump and Chinese leader Xi Jinping.
Wall Street advances as trade optimism gathers steam
NEW YORK (Reuters) - Wall Street extended its gains on Friday after a Chinese official's optimistic remarks boosted investor hopes about U.S.-China trade talks as the G20 meeting in Buenos Aires opened.
PM Modi meets Chilean prez, discusses ways to enhance cooperation in trade, energy, health
Prime Minister Narendra Modi on Friday met Chilean President Sebastian Pinera on the sidelines of the G-20 summit here and discussed ways to enhance cooperation in several areas of mutual interests like trade, energy, agriculture and health. According to the Indian embassy in Chilean capital Santiago, Indian investment in the country amounts to about USD 216.25 million, while Chile's investment in India amounts to USD 150.54 million. "Delighted to meet President @sebastianpinera. Chile is a valued partner in Latin America. There is a strong potential to deepen partnership in areas such as trade, agriculture, energy, healthcare as well as science and technology. This augurs well for the people of our nations," Modi tweeted after the meeting. Several Indian companies, including Jindal Steel Works, TCS, Godrej, Dr Reddy's, Seven Pharma, Wipro Technologies, Tata Motors, Bajaj Auto and Mahindra & Mahindra, are operating in the Chilean market. "PM @narendramodi had a good meeting with ..
Police search offices of Deutsche Bank board members
FRANKFURT (Reuters) - Police have searched the offices of all the members of Deutsche Bank's board as part of an investigation into money laundering allegations linked to the Panama Papers, a source told Reuters on Friday.
Wall Street cautious ahead of crucial Trump-Xi trade meeting
(Reuters) - U.S. stocks seesawed between slight gains and losses on Friday, as investors kept away from making big bets ahead of a trade meeting between the United States and China that could decide the course of a bitter trade dispute between the two economies.
SEBI extends trading hours for commodity derivatives segment
The market regulator on Friday allowed exchanges to extend the trading hours for the commodity derivatives segment to increase participation.
AAI asks Sahara Hospitality to clear hotel's rental dues
National airports operator AAI has served a notice to Sahara Hospitality Ltd (SHL), which runs the luxury Sahara Star hotel near the Mumbai airport, asking it to clear the outstanding rental dues by mid- December, an official said Friday. The AAI has also cancelled its lease agreement with SHL and threatened to take possession of the property if the company fails to pay the dues by December 14, he said. Sahara Hospitality officials could not be contacted immediately for comment on the issue. The notice to SHL was issued Friday by the western region office of the AAI, the official said, adding the dues run into crores. The AAI's lease agreement with SHL is in force since 2002, he said. The five-star hotel has 345 rooms, including 25 deluxe suites.
Government should incentivise local cos for 5G to succeed in India: Report
The Indian government should allocate funds and incentivise local technology and telecom firms to develop their internal capacities which would in turn help 5G technology succeed in the country, said a report by the Cuts International on Friday.
7 kg of gold seized, 5 held in Chennai
Five people, including two Korean nationals, were arrested and 7 kg of gold, which was smuggled into India from Hong Kong, along with cash worth Rs 11.12 crore was seized, according to an official statement issued Friday. Acting on a tip-off, sleuths at the Directorate of Revenue Intelligence (DRI) intercepted a businessman coming from a hotel in the city on Thursday. The sleuths seized 6 kg of gold from his leather bag, the statement said. The businessman admitted that the yellow metal was smuggled into India by two Korean nationals who were staying at the same hotel, it said. Subsequently, the DRI sleuths nabbed the two Korean nationals who confessed that the gold was smuggled into India from Hong Kong for monetary consideration. Meanwhile, a team from the DRI conducted raids at houses and textile shops owned by the businessman and seized 1 kg of gold along with cash worth Rs 11.16 crore, the statement said. Two assistants of the businessman, who were also allegedly involved in the .