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Cheaper fuel cost eases India’s June WPI to 2.02%

Lower prices of key transportation fuels along with manufactured items eased India’s annual rate of inflation based on wholesale prices to 2.02 per cent in June from 2.45 per cent in May, official data showed on Monday. Similarly, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce

Rainy days: Slowdown to further decelerate automobile production

With the ongoing sales slowdown showing little signs of abating, India’s automobile industry might further decelerate production, leading to eventual job losses.Apart from the slowdown, a weak Monsoon, inventory pile-up and stock management of BS-IV vehicles vis-a-vis BS-VI will hamper any production growth. The automobile sector has been impacted the hardest among major manufacturing sectors

US stocks close higher amid rate cut hopes, data

US stocks ended higher on Friday, ending the week on a strong note, amid broad optimism on potential rate cuts and decent US producer prices.The Dow Jones Industrial Average rose 243.95 points, or 0.90 per cent, to 27,332.03. The S&P 500 was up 13.86 points, or 0.46 per cent, to 3,013.77. The Nasdaq Composite Index

Housing sales in major cities fall 13% in April-June: Anarock

Sale of housing units across seven major cities in the country declined by 13 per cent on quarter-on-quarter (QoQ) basis during the April-June quarter of 2019, an Anarock report said on Tuesday. Sales declined to 68,600 units from 78,520 units in the January-March quarter, the report said.”As anticipated, residential real estate activity remained largely tepid

Budget for more power to customs officers, industry fears misuse

While the government on one hand claims to ensure ease of doing business, the Budget proposal authorising customs officers to detain a person for verification in the interest of revenue or for preventing smuggling has serious scope for misuse. Such persons would be required to undergo authentication and an enabling provision has been proposed in

Attracting private investment in industry a challenge, says Economic Survey

The Indian industry and infrastructure sector’s real challenge is to bring in adequate private investment in collaboration with the public sector, said the Economic Survey 2018-19.”The real challenge lies in bringing adequate private investment across the country with the collaboration of public sector. Along with physical infrastructure; provision of social infrastructure is also equally important

US-India Forum to honour Wipro’s Premji, Mastercard’s Banga

Wipro Chairman Azim Premji and Mastercard Chief Executive Officer Ajay Banga would be honoured with the global excellence award for their contribution to strengthening economic ties between the US and India, said a partnership Forum on Wednesday. “Premji and Banga will receive the 2019 global excellence award at the second annual leadership summit of the

BSNL says it will not be closed down

Dismissing media reports as rumours, telecom major Bharat Sanchar Nigam Limited (BSNL) Tamil Nadu Circle on Tuesday said there is no proposal to close down the company. In a statement issued here, the company said: “There is no proposal to close down BSNL as wrongly reported in a section of the press. Due to stiff

Instagram threatening Amazon with its e-trade plans

The current dominance in online commerce enjoyed by Amazon could be endangered if Instagram, with its one billion users worldwide, pushes ahead with its plans to enter that space, as its new chief, Adam Mosseri, has said he intends to do. In his first public interview on the company’s future strategy since taking over at

WhatsApp to end Android 2.3.7 and iOS 7 OS support in 2020

Facebook-owned mobile Messaging service WhatsApp would no longer support devices using the Android 2.3.7 operating system and iPhones using iOS 7 after February 1, 2020.WhatsApp’s updated FAQs said on Tuesday that users whose devices have those operating systems “can no longer create new accounts, nor re verify existing accounts” after that date. The company said

China’s Fushida Group to ally with Hero Cycles in Punjab

China’s Fushida Group, world’s largest and most integrated bicycle manufacturer, on Wednesday announced to collaborate with Hero Cycles in the latter’s Rs 210 crore cycle manufacturing project in Ludhiana’s hi-tech cycle valley. The Chinese Group will collaborate with Hero Cycles in Punjab for manufacturing premium bicycles and electric bikes.This was conveyed by Fushida Chairman Jian

Dollar drops amid bets on rate cuts, geopolitical tensions

The US dollar declined in late trading on Monday, as investors remain cautious on the greenback amid high bets on potential rate cuts by US Federal Reserve and Washington’s fresh sanctions on Iran. Investors and traders believed that the Fed cutting interest rates would become a certainty in July, as the probabilities of “ease” in

From merger, govt now looks to de-merge 3 PSU insurers then look for strategic sale

With its plans on consolidation in the insurance sector hitting several hurdles, the government has started exploring different options including de-merging three of its big-size general insurance companies into smaller units and then look at strategic sale of few operations to the private sector. The Finance Ministry earlier considered merging three public sector general insurance

US stocks close higher amid mixed data, Fed decision

US stocks traded higher as investors digested a batch of mixed data. Meanwhile, Wall Street has been encouraged by US Federal Reserve’s dovish messages, which fuelled investors’ bets on potential rate cuts later this year. The Dow Jones Industrial Average on Thursday rose 249.17 points, or 0.94 per cent, to 26,753.17. The S&P 500 was

Bahwan CyberTek to rejig fintech business

Information technology (IT) company Bahwan CyberTek (BCT) is planning to restructure its financial technology (fintech) vertical, including carving it out as a separate company to seek private equity investment, said a official on Wednesday. She also said the company is mulling multiple options including selling the fintech business if the price is right.”We are open

Apple will release two iPhones with 5G: Report

One of the most trusted source of Apple rumors, analyst Ming-Chi Kuo said the company would unveil 5G iPhones in 2020, while Qualcomm is still expected to be its primary supplier of 5G modems. According to media reports, Cupertino-based company is expected to launch three iPhones next year. Apple’s 6.7-inch and 5.4-inch iPhones will be

Top 5 Important Car News Of The Week

MG Hector Prices: The MG Hector has a lot riding on its shoulders as it has the job of introducing a new brand to Indian buyers. It’s necessary that the British brand prices its first SUV, the Hector, competitively to help it stand toe to toe with some of the stalwarts like the Tata Harrier and

Ahead of IPO, Mobikwik scouts for investor; eyes profit next

Digital payments provider Mobikwik is aiming to be profitable next fiscal and is looking to on-board an investor who will help it go public in the next three years, a top official has said. The 2009-incorporated company is planning to report its first quarterly profit in March, and will be profitable from a full year

GDP overestimated, growth during 2012-17 at 4.5%: ex-CEA

The growth numbers have come back to haunt the government with former Chief Economic Advisor (CEA) Arvind Subramanian also questioning the change in GDP calculation methods and numbers effected last year. In his recent research paper published by Harvard University, the former CEA has said there is a possibility of substantial overestimation in the growth

NASA twin satellites to study signal disruption from space

NASA is preparing to launch twin satellites this month that focus on how radio signals that pass through the Earth’s upper atmosphere can be distorted by structured bubbles in this region called the ionosphere. The twin E-TBEx CubeSats — short for Enhanced Tandem Beacon Experiment – will launch aboard a SpaceX Falcon Heavy rocket from