BUSINESS
SC notice to M.S. Dhoni in arbitration proceedings against Amrapali group
A bench of Justices U.U. Lalit and Bela M. Trivedi noted that the interest of the Amrapali home buyers has to be secured and the erstwhile management of the Amrapali group cannot be expected to represent the cause of Amrapali in the arbitration proceedings.
Chinese digital loan sharks spreading wings in India
Recently, a case of so called 'Chinese loan app' racket came to light in Delhi's Dwarka area. The racket was being run by some Chinese handlers in the garb of a local consulting BPO firm, Fly High Global Services and Technology. The modus operandi started with the simple advertisement for 'On Stream' online loan app in social media to attract customers who wished to avail hassle-free loans in minutes.
Smartphone brand Honor says 'maintaining' India business operations
According to a report in the South China Morning Post, the company's business in India will remain in operation, managed by local partners, but the brand will adopt a "very safe approach." Honor CEO Zhao Ming told state-run newspaper Securities Times that Honor formed the India team a few years ago but chose to leave for "obvious reasons", the report said.
Grounded for three years, Jet Airways all set to soar under new management
Paving the way for the private carrier's revival, the Directorate General of Civil Aviation (DGCA) granted the revalidated Air Operator Certificate to the new owners, Jalan Kalrock Consortium (JKC), on May 20. The JKC fulfilled all the conditions laid down in the NCLT-approved resolution plan for the revival of the airline, founded in April 1992 and launched in 1993 by businessman Naresh Goyal, and shut after 27 years in April 2019.
Tata Steel net down in first quarter
Steel major Tata Steel Ltd closed the first quarter of the current fiscal with a lower after tax profit on a higher turnover, as compared to corresponding period previous year. In a regulatory filing on Monday, the company said the after tax profit for the period ended June 30, 2022 stood at Rs 5,783 crore on a turnover of Rs 34,015 crore.
Level playing field for alternative fuel mobility: Indian Auto LPG Coalition
"In principle, we whole-heartedly welcome the government's initiatives on promoting EVs (electric vehicle). What we have been merely asking is that the government should also extend equal opportunity to another hugely feasible alternative fuel which could also contribute to an emission-free mobility system in our country," the association's Director General Suyash Gupta said.
Venture capital-backed companies in India shift focus to cash preservation
As per a report by KPMG, VC investment in India dipped in Q2'22, driven in part by global geopolitical uncertainties and rising inflation. While VC investment in India may be muted over the next quarter or two due to the global reduction in money supply and other factors, the country is expected to remain quite attractive to VC investors over the medium to longer term due to its relatively positive macroeconomic environment and market demographics.
Tesla reveals $170 mn loss from $1.5 bn Bitcoin investment
Tesla revealed last week that it has sold 75 per cent of its Bitcoins, adding $936 million in cash to its balance sheet in the second quarter (Q2) this year, as it deals with economic meltdown amid cryptocurrencies falling off the cliff. In a new filing with the US Securities and Exchange Commission (SEC), Tesla said that in the first quarter of 2021, it invested an aggregate $1.50 billion in Bitcoin.
India set for 5G spectrum auction, Reliance Jio, Bharti Airtel lead the race
The four big players in the race -- Reliance Jio, Bharti Airtel, Vodafone Idea and Adani group -- having submitted a combined Rs 21,400 core in earnest money deposit (EMD), are ready with their war chests and strategies for the mega bid, that is likely to be around Rs 1.5 lakh crore if the last two auctions are kept in mind. Reliance Jio Infocomm has submitted an EMD of Rs 14,000 while Bharti Airtel has put in Rs 5,500 crore.
Apple ramps up efforts on self-driving car, files new patents
The iPhone maker is also working on vehicle-to-everything (V2X) technology, which allows cars to communicate with each other and connect to the Internet of Things (IoT), reports Nikkei Asia along with analytics company Intellectual Property Landscape. The report found that from 2000 till June 1 this year, Apple applied for and published 248 automobile-related patents.
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