BUSINESS
Reliance Capital resolution process deadline to be extended by 90 days to Feb 1
The administrator is all set to approach NCLT Mumbai to seek 90 days' extension. This will be the third extension, as the timeline has been extended twice in the past. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of Reliance Capital within 180 days -- by June 3.
Hyundai, Kia's US sales up 4.4% amid chip shortage
Hyundai, its affiliate Kia Corp. and Hyundai's independent Genesis brand sold a combined 120,642 vehicles in the world's most important automobile market in September, up from 115,573 units a year ago, according to the companies' sales data. Genesis vehicle sales rose 0.8 percent to 4,907 from 4,867 during the same period, reports Yonhap news agency.
Apple to shift AirPods, Beats headphone production to India: Report
Nikkei Asia reported on Wednesday that Apple has asked its suppliers to move some AirPods and Beats headphone production to India for the first time. iPhone assembler Foxconn is preparing to make Beats headphones in the country, and plans to produce AirPods there as well, the report mentioned.
23% of SMBs remain closed in India as pandemic wanes: Meta
Meta's 'Global State of Small Business Report' found that 19 per cent of small businesses remain closed globally -- a 1 per cent improvement compared to January this year. "The highest closure rates were in North Africa and the Middle East, where 33 per cent of SMBs were closed. The lowest closure rate was in North America, where 18 per cent of SMBs were closed," the report mentioned.
Sundaram Home Finance forays into business loan segment
The business loan will be extended to these people against their residential property for business growth and working capital needs. The company on Wednesday opened an exclusive Small Business Loan branch in Madurai and one more such branch will be opened in Tenkasi on Friday.
Crypto losses reach $428 mn in Q3 globally, hacks top concern
An analysis of the crypto losses by bug bounty platform Immunefi found that fraud accounts for only 7 per cent of the total losses in the Q3 2022, while hacks account for 93 per cent. "The global Web3 space was valued at $3 trillion in 2021, and with billions locked across different smart contracts, this capital represents an unparalleled and attractive opportunity for blackhat hackers," the report mentioned.
EU adopts law requiring USB Type-C in iPhones by end of 2024
The Parliament said that the new law is part of a broader EU effort to reduce e-waste and empower consumers to make more sustainable choices. "Following Parliament's approval, EU consumers will soon be able to use a single charging solution for their electronic devices.
US labour agency files complaint against Apple over discrimination
The NLRB's complaint was filed after the Communications Workers of America, the union working with organisers at Apple retail stores in New York, Atlanta, and Oklahoma, charged the tech giant of discrimination, reports The Verge.
Twitter, Elon Musk confirm plan to close $44 bn deal, shares up 22%
In a new filing with the US Securities and Exchange Commission (SEC), Musk's legal team has also asked the court to adjourn the trial and all other proceedings. "We received the letter from the Musk parties which they have filed with the SEC (Securities and Exchange Commission). The intention of the Company is to close the transaction at $54.20 per share," Twitter said in a statement.
Naver to acquire online US fashion marketplace for $1.6 bn
According to its filing, Naver has agreed to buy a 100 percent stake, or 1.3 million shares, in Poshmark worth a total of 2.3 trillion won. Founded in 2011, California-based Poshmark is one of the biggest online shopping platforms stateside, where users can buy and sell new and secondhand clothing, and other home goods. It has over 80 million users.
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