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Top Glove, the world's largest manufacturer of rubber gloves, is conducting a mass screening of its workers after some of them at its Malaysian factories tested COVID-19 positive. Affected employees are currently under quarantine while contract tracing and testing are being done at two facilities. Top Glove's 28 factories were temporarily shut in 2020 after over 4,000 workers contracted COVID-19.
short by Pragya Swastik / 03:35 pm on 17 Jan
Samsung's billionaire heir Lee Jae-yong was sentenced to 2.5 years in jail on Monday in retrial of a bribery scandal. Lee assumed Samsung's leadership when his father Lee Kun-hee was hospitalised in 2014 and later died. Lee actively provided bribes and asked the then South Korean President Park Geun-hye to use her power to help his smooth succession at Samsung.
short by Pragya Swastik / 02:20 pm on 18 Jan
A South Korean court has sentenced Samsung's Vice Chairman Jay Y Lee to two and a half years in prison during the retrial of a 2016 bribery case. In 2017, Lee was convicted and sentenced for five years in jail for bribing an associate of former South Korean President Park Geun-hye. His sentence was later reduced and suspended on appeal.
short by Kiran Khatri / 01:33 pm on 18 Jan
Nazara becomes first Indian gaming tech startup to seek IPO
short by Pragya Swastik / on 17 Jan 2021,Sunday
Mumbai-based Nazara Technologies has become India's first gaming technology startup to seek a market debut as it filed Initial Public Offering (IPO) documents with the market regulator. Backed by billionaire business magnate Rakesh Jhunjhunwala, Nazara was founded in 2000 by gamer Nitish Mittersain when he was a college undergrad. He started Nazara with ₹3 crore borrowed from friends and family.
short by Pragya Swastik / 04:04 pm on 17 Jan
IAMAI presents virtual conference, India Digital Summit 2021
short by Esha Kohli / on 18 Jan 2021,Monday
During these challenging times, IAMAI presents India Digital Summit with an aim to bring you thought leadership on digital initiatives that will cover policies, business, investment, emerging tech, eSports and other digital trends. With Cabinet Minister Ravi Shankar Prasad as Chief Guest, IDS features over 50 sessions, more than 45 exhibitions, over 150 speakers & more.
short by Esha Kohli / 02:56 pm on 18 Jan
India is well-positioned to take the lead in the Asia Pacific region's efforts to distribute COVID-19 vaccines in coming months, along with China, according to a Moody's Analytics report. India is the largest producer of vaccines, with 60% of the global share, the report said. India's advancement towards inoculations is crucial as it's the world's second most-impacted country, it added.
short by Kiran Khatri / 04:43 pm on 18 Jan
Mahindra Group Chairman Anand Mahindra said that India "will have bolstered its reputation for planning and efficiently managing large campaigns" if the vaccination drive is implemented at the scale envisioned. His comments came after India began its inoculation drive. Biocon's Executive Chairperson Kiran Mazumdar-Shaw said that it was a "proud moment in our war against COVID-19".
short by Kiran Khatri / 10:25 am on 17 Jan
Tesla to route India investment through Tesla Motors Amsterdam
short by Hiral Goyal / on 18 Jan 2021,Monday
Elon Musk-led Tesla's investment for the Indian unit will be routed through the jurisdiction of Netherlands, as it has registered Tesla Motors Amsterdam as the parent organisation for Tesla India Motors and Energy, according to the company's incorporation documents. This would offer Tesla tax benefits related to capital gains and dividend payments, tax experts told Economic Times.
short by Hiral Goyal / 06:20 pm on 18 Jan
Audi will delay the production of some of its high-end cars due to a global shortage of computer chips, CEO Markus Duesmann said in an interview. The carmaker, part of the Volkswagen Group, has also put over 10,000 workers on furlough due to this, he added. Audi expects to make up for lost time in the second half of 2021.
short by Kiran Khatri / 02:30 pm on 18 Jan
SoftBank Vision Fund Managing Partner Jeffrey Housenbold to leave firm
short by Aishwarya Awasthi / on 16 Jan 2021,Saturday
SoftBank Vision Fund Managing Partner Jeffrey Housenbold who led the investment in 17 companies, including DoorDash, Rappi and WHOOP, will be leaving the firm. He will continue for a few months to ensure a "smooth changeover" and will later be a Senior Adviser to CEO Rajeev Misra and SoftBank Founder Masayoshi Son. Housenbold joined the firm nearly four years ago.
short by Aishwarya Awasthi / 06:19 pm on 16 Jan
Food delivery businesses and restaurants have demanded that the goods and services tax (GST) on home delivery of food be lowered to 5% from the current 18%, industry officials told PTI. Customers opting for home/office delivery of food are paying 13% higher price compared to customers walking down to the restaurants as the dine-in tax rate is 5%, they added.
short by Hiral Goyal / 06:46 pm on 17 Jan
Fiat Chrysler (FCA) and Peugeot owner PSA Group have sealed their $52 billion merger to create Stellantis, the world's fourth largest automaker. The merged entity will have annual sales of around 8.1 million vehicles. Stellantis can cut annual costs by around $6.1 billion without plant closures, a statement said. FCA and PSA first announced plans to merge in October 2019.
short by Kiran Khatri / 02:19 pm on 17 Jan
CBI books 2 firms for cheating banks of ₹340 cr, raids 6 places
short by Atul Mishra / on 16 Jan 2021,Saturday
CBI conducted raids at six locations and booked two companies, based out of Delhi NCR, for cheating banks to the tune of ₹340 crore. State Bank of India had filed a complaint against Naftogaz India Private Limited, New Delhi-Noida, and others. Diversion of bank funds, fraudulent transactions, criminal misappropriation, among other offences were allegedly involved.
short by Atul Mishra / 03:57 pm on 16 Jan
Petrol price in Delhi hit a new high of ₹84.95 per litre on Monday after a hike of 25 paise by state-owned fuel retailers. Diesel price was also hiked by an equal amount, after which its price reached ₹75.13 per litre in the national capital. Meanwhile, diesel price in Mumbai hit a record high at ₹81.87 a litre.
short by Kiran Khatri / 10:50 am on 18 Jan
Total agrees to buy 20% stake in Adani Green Energy
short by Kiran Khatri / on 18 Jan 2021,Monday
French energy firm Total has agreed to buy a 20% minority stake in Adani Green Energy (AGEL) from Adani Group. The purchase will give Total a seat on AGEL's board of directors. AGEL has a market capitalisation of about ₹1.48 lakh crore, and a 20% stake in the company would be worth around ₹30,000 crore as per current market prices.
short by Kiran Khatri / 01:20 pm on 18 Jan
The Centre has informed the Supreme Court that Vijay Mallya's extradition has been raised at the highest political and administrative level repeatedly but the "status remains the same". External Affairs Minister S Jaishankar also raised the issue with the UK in December 2020, the Centre said. The UK said there's a "further legal issue that needs resolving" before his extradition.
short by Kiran Khatri / 04:54 pm on 18 Jan
China's economy grew 2.3% in 2020, slowest pace in over 4 decades
short by Kiran Khatri / on 18 Jan 2021,Monday
China's economy expanded 2.3% in 2020 compared to a year earlier, its slowest pace in over four decades, official data showed. The country's GDP climbed 6.5% in the fourth quarter over a year earlier, propelled by stronger-than-expected growth output, the statistics bureau said. The GDP grew 4.9% in the third quarter. Economists expect China's GDP to expand 8.2% in 2021.
short by Kiran Khatri / 10:02 am on 18 Jan
Excise duty collection has jumped 48% in the current fiscal due to a record increase in taxes on petrol and diesel. Excise duty collection during April-November 2020 stood at ₹1.96 lakh crore, up from ₹1.33 lakh crore during the year-ago period, official data showed. Over 10 million tonnes less diesel was sold during April-November 2020 as against the previous year.
short by Kiran Khatri / 04:02 pm on 17 Jan
Bank credit grows 3.2% in first nine months of 2020-21
short by Kiran Khatri / on 17 Jan 2021,Sunday
Bank credit grew 3.2% to ₹107.05 lakh crore in the first nine months of 2020-21, compared to a growth of 2.7% registered in the same period of 2019-20, according to data released by the RBI. Meanwhile, bank deposits rose 8.5% to ₹147.27 lakh crore in the April-December 2020 period as against growth of 5.1% in the year-ago period.
short by Kiran Khatri / 05:05 pm on 17 Jan
HDFC Bank has imposed a penalty of ₹10.20 lakh on its Chief Credit Officer Jimmy Tata for selling his shares in violation of insider trading regulations. Tata had sold 1,400 equity shares of the bank in an "inadvertent trade", the lender informed the exchanges. He will have to pay the penalty to Investor Protection and Education Fund of SEBI.
short by Kiran Khatri / 11:16 am on 17 Jan
Petitions filed in SC seeking contempt of court proceedings against RBI Guv
short by Rishabh Bhatnagar / on 16 Jan 2021,Saturday
Several petitions have been filed in the Supreme Court (SC), seeking direction for contempt of court proceedings against Reserve Bank of India Governor Shaktikanta Das and others, for allegedly violating a previous order related to the moratorium case. The petitioners, which include a jewellery store, allege that RBI flouted SC's order and declared their accounts as Non-Performing Assets (NPAs).
short by Rishabh Bhatnagar / 06:16 pm on 16 Jan
FPIs invest ₹14,886 cr in Indian markets in first half of January
short by Kiran Khatri / on 17 Jan 2021,Sunday
Net investment by foreign portfolio investors (FPI) in Indian markets in the first half of January stood at ₹14,866 crore amid expectations of strong third-quarter results by companies. FPIs put ₹18,490 crore into equities but pulled out ₹3,624 crore from debt segment from January 1-15, official data showed. Budget expectations could "keep sentiment alive", a Kotak Securities official said.
short by Kiran Khatri / 01:13 pm on 17 Jan
Three UK partners with TCS to accelerate 5G network rollout
short by Kiran Khatri / on 18 Jan 2021,Monday
Tata Consultancy Services (TCS) announced that it has been selected by Three UK, one of the UK's leading mobile network carriers, to help accelerate its ongoing 5G rollout. TCS will help in managing the configuration of a new core next generation mobile network, the company added. The new network is already live in 175 towns and cities in the UK.
short by Kiran Khatri / 03:18 pm on 18 Jan
Swamy's tweet incorrect, have perfect record of no NPA: Adani Group
short by Kiran Khatri / on 17 Jan 2021,Sunday
Adani Group has "strongly" objected to Rajya Sabha MP Subramanian Swamy's tweet which alleged that its Chairman Gautam Adani owes ₹4.5 lakh crore as non-performing assets (NPAs) to banks. The group said, "The tweet quotes an incorrect and fictitious number." "The group maintains an impeccable record of not a single NPA in the three decades of its existence," it added.
short by Kiran Khatri / 12:46 pm on 17 Jan
Six of the top 10 most valued domestic firms together added over ₹1.13 lakh crore in market valuation last week. TCS was the biggest gainer as its valuation rose by ₹42,495.76 crore to ₹12.13 lakh crore while Bharti Airtel's market capitalisation climbed by ₹33,960.84 crore to ₹3.29 lakh crore. Reliance Industries, HDFC Bank, Infosys, ICICI Bank were the other gainers.
short by Kiran Khatri / 05:11 pm on 17 Jan
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