Tuesday, October 03, 2023


Visa to invest $100 mn in generative AI companies

SAN FRANCSICO: Global card payments leader Visa has announced a new $100 million generative AI initiative to invest in the next generation of companies focused on developing AI technologies and applications that will impact the future of commerce and payments.

Cars, SUVs turn costlier amid rising demand in festive season

NEW DELHI:Consumers will have to shell out more as automobile manufacturers have hiked prices of hot-selling cars and SUVs from October 1 amid rising demand in the festive season.

RBI-MPC’s decision on repo rate may be unanimous but not on the stance: Economists

CHENNAI: While there will be unanimity on not changing the repo rate from the current 6.5 per cent, there will be divergence within the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) as to the stance, said senior economists.

Diamond prices dip globally with consumers choosing services over jewellery

NEW YORK: Prices for rough diamonds -- the raw, unpolished, and uncut stones -- have dipped in 2023 as many post-pandemic consumers are shying away from luxury goods, the media reported.

Cricket, festive season good for growth but challenges remain: Indian TV manufacturers

NEW DELHI: Homegrown TV manufacturers on Monday said that while the ICC Men's Cricket World Cup that starts from October 5 and the festive season are set to boost consumer electronics sales, challenges like ongoing supply chain issues may leave some buyers disappointed.

US-based aspire.io acquires Indian SaaS platform Commerceup

SAN FRANCISCO: US-based influencer marketing platform aspire.io said on Monday that it has acquired Indian SaaS-based ecommerce platform Commerceup for an undisclosed sum.

Tesla launches updated Model Y EV in China at same starting price

HONG KONG: Elon Musk-run Tesla has launched a new Model Y electric car in China with updated design and performance tweaks at same starting price of about 263,900 yuan ($37,000).

PE-VC investments decline 15% to $6 billion in Q3'23

NEW DELHI: Private Equity-Venture Capital (PE-VC) funds invested $6 billion (across 139 deals) in India-based companies during the quarter ended September 2023 (Q3'23), shows data from Venture Intelligence, a research service focused on private company financials, transactions, and their valuations.

Ahead of the Big Fashion Festival, Women Co-ord sets trend on Myntra, clocking 100% YoY growth in demand

BENGALURU: The women’s Indian-wear category of Myntra, one of India’s leading fashion, beauty and lifestyle platforms, is all set to spread the cheer during the annual marquee festive extravaganza, ‘Big Fashion Festival’ (BFF), which is set to start from October 7.

Musk says not making $142,690 every minute, losing ‘way more’

NEW DELHI: Tech billionaire Elon Musk on Sunday refuted reports that he makes $142,690 every minute, or $8,560,800 an hour, saying he is losing more money whenever Tesla stock nosedives.

AI-generated ripoffs of original books being sold on Amazon, authors cry

LONDON: Several authors have been left shocked after seeing artificial intelligence (AI)-generated ripoffs of their books being sold on e-commerce giant Amazon.

Samsung likely to narrow chip losses in Q3 due to production cuts

SEOUL: Samsung Electronics is expected to reduce its chip deficit in the third quarter, thanks largely to a continued cut in its chip output, according to analysts.

Commercial LPG cylinder price hiked by huge Rs 209 in setback to consumers

NEW DELHI: In a huge setback for millions of consumers, oil marketing companies (OMCs) have hiked the prices of commercial LPG cylinders by Rs 209, with effect from Sunday, according to industry sources.

India gets less than mere 1% of global conventions business: Parl panel

NEW DELHI: Even as the Centre has been bullish towards creating infrastructure for holding MICE (meetings, incentives, conferences and exhibitions), which is also an initiative close to Prime Minister Narendra Modi's heart, India has less than one per cent share in the global MICE business, despite being one of the fastest growing economies.

Freelancers, startups drive demand for co-working spaces in Bengaluru

BENGALURU: IT city Bengaluru, which is hailed as a cradle of startups, is witnessing a trend of startups opting for more flexible offices known as co-working spaces.

Karnataka govt promulgates ordinance to impose 28% tax on online gaming

BENGALURU: The Karnataka government on Friday promulgated an ordinance to amend the Karnataka Goods and Services Tax Act to facilitate the imposition of 28 per cent GST on online gaming.

MoS IT bats for net neutrality amid TRAI's move to selectively ban OTTs

NEW DELHI: Minister of State for Electronics and IT, Rajeev Chandrasekhar, on Friday said India is one of the first countries in the world to ensure net neutrality and "pushed back against Telcos wanting to be gatekeepers of the Internet".

RBI to maintain rates, real estate sector to be disappointed

CHENNAI: Only an unforeseen and sustained increase in inflation may compel the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) to revise upwards the repo rate, said the Chief Economist at Anand Rathi Shares and Stock Brokers.

Advent picks Hyderabad for Cohance Lifesciences headquarters

HYDERABAD: Advent International, one of the largest global private equity firms, has chosen Hyderabad as the headquarters for its Cohance Lifesciences and plans to invest $2 billion.

US stocks sink amid brutal sell-off in Sep, but bond yields reach highest rate

NEW YORK: Major US stocks dipped following a continued brutal sell-off in September as bond yields rose to a new 16-year high.

CDIL unveils new EV semiconductor packaging line in India, to make 600 mn units annually

NEW DELHI: In a fillip to India’s semiconductor journey, Continental Device India Private Limited (CDIL) on Thursday became the first Indian company to start production of Silicon Carbide devices for electric vehicles (EVs). With the new surface mount semiconductor packaging line, CDIL’s total capacity at the facility will increase to 600 million units annually.

India sees marked improvement in Global Terrorism Index: FICCI CASCADE report

NEW DELHI: Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes and Customs (CBIC) said on Thursday that as India is rising as a global force in international trade and interconnectedness have transcended geographical boundaries, the challenge of illicit trade looms larger than ever before.

US UAW to add strike targets against 'Big Three' automakers

WASHINGTON: The US United Auto Workers (UAW) union has planned to add strike targets against the 'Big Three' American auto giants -- Ford, GM Stellantis -- on Friday if there was no major progress in their contract negotiation, a source told the media.

X will be profitable in 2024 as advertisers return: CEO Linda Yaccarino

SAN FRANCSICO: X CEO Linda Yaccarino has asserted that the company formerly known as Twitter will be profitable by early 2024, adding that the platform may now have 200-250 million daily active users.

Engine Lease Finance BV moves Delhi HC seeking return of engine from SpiceJet

NEW DELHI: Yet another lessor, Engine Lease Finance BV on Wednesday moved the Delhi High Court against cash-strapped SpiceJet airline, seeking return of the last remaining engine.

Gokul Subramaniam elevated as Intel India President

NEW DELHI: Global chip major Intel on Wednesday announced the appointment of its veteran executive Gokul Subramaniam as India President.

Dilip Shanghvi family to continue as investors in Suzlon

NEW DELHI: Dilip Shanghvi family will continue as investors in Suzlon, but have terminated a formal Shareholder’s Agreement.

Vibrant Gujarat Global Summit is not a branding but bonding event: PM Modi

GANDHINAGAR: Prime Minister Narendra Modi on Wednesday said Vibrant Gujarat is not a branding but a bonding event linked to "me and capabilities of the seven crore people of the state".

Bank employees to strike work for 13 days between Dec 4 – Jan 20

CHENNAI: The largest workers’ union in the banking sector, the All India Bank Employees’ Association, has called for a series of strikes across the nation between December 4 and January 20, 2024 demanding staff recruitment.

Jindal School of Art and Architecture hosts international conference on Enabling Conservation through Digital Engagement as part of The Restoration Toolbox

SONIPAT: The Jindal School of Art and Architecture, OP Jindal Global University, with the support of Aishwarya Tipnis Architects (Jugaadopolis) hosted an international conference on "Enabling Conservation through Digital Engagement" at the OP Jindal Global University, Sonipat as part of The Restoration Toolbox and it brings together academics and policy makers to empower citizens in heritage conservation.

India should move to ethanol or hydrogen cars instead of electric cars: Maruti Chairman

NEW DELHI: The carbon footprint of electric cars in India would be much bigger than that of hybrid cars because in the country, 75 per cent of the electricity is made from coal, according to R.C. Bhargava, the Chairman of Maruti Suzuki Ltd.

Fintech firm Bright Money raises $62 mn in equity, debt round

BENGALURU: Consumer fintech company Bright Money on Wednesday announced it has raised $62 million in an equity and debt round.

In absence of working capital, HEC gradually 'dying down'

RANCHI: Ranchi-based public sector company Heavy Engineering Corporation (HEC) Limited, once known as the mother of all industries in the country, is now gradually "dying down".

India Inc wants US to expedite visas for business trips

NEW DELHI: The captains of Indian industry want the USA to expedite the issuance of visas to businessmen who want to visit America to explore opportunities for trade and investments.

RBI’s MPC will not tinker interest rate, to maintain hawkish stance: Economists

CHENNAI: The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) will not change the repo rate at their meeting next month but would try to manage liquidity with various instruments it has, said senior economists.

Amazon exec Dave Limp to join Jeff Bezos’ Blue Origin as CEO

SAN FRANCISCO: Outgoing Amazon’s devices and services chief Dave Limp is joining Jeff Bezos’ aerospace company Blue Origin as CEO, replacing Bob Smith.

India headed to meet 500 GW green energy target ahead of 2030, says minister

NEW DELHI: Power and New & Renewable Energy Minister R.K Singh on Monday expressed confidence that India will achieve its target of producing 500 GW renewable energy well ahead of the 2030 deadline.

Education Ministry, AICTE & Microsoft partner to equip Indian students with skills

NEW DELHI: In an ongoing effort to empower students to be future-ready, the Ministry of Education, All India Council for Technical Education (AICTE) and Microsoft on Monday signed a Memorandum of Understanding (MoU) to equip students with skills and exposure to new technologies in the country.

ED attaches Rs 125.06 cr worth of Unitech Group's land in Chennai

NEW DELHI: The Enforcement Directorate (ED) on Monday said that it has attached 39.83 per cent share of 4.79 acre land forming parts of the township Uniworld City, Nallambakkam in Chennai in a case involving the Unitech Group.

Hardeep Puri launches hydrogen fuel cell powered bus, says domestic demand to increase by 4 times

NEW DELHI: Hydrogen is deemed as the fuel for future with immense potential in helping India meet it’s decarbonisation targets and its global demand for hydrogen is expected to increase by four to seven times to 500-800 million tonnes by 2050, Union Petroleum Minister Hardeep Singh Puri said on Monday.