BUSINESS
Hyundai's sales fall 4.5% globally amid chip shortage
Hyundai Motor sold a total of 340,534 vehicles in June, down from 356,631 units a year earlier, the company said in a statement. Domestic sales fell 13 percent to 59,510 units from 68,407 during the period, while overseas sales declined 2.5 percent to 281,024 from 288,224, reports Yonhap news agency. From January to June, sales dropped 7.6 per cent to 1,877,193 autos from 2,031,185 units during the same period of last year.
'Increase in import duty on gold, will not have major impact on demand'
Nor the duty hike will result in any increased smuggling activity of the yellow metal, he added. On Thursday, the central government increased the customs duty on gold from 10.75 per cent to 15 per cent to curb gold imports. The government said, there has been a sudden surge of gold imports. In May, a total of 107 ton of gold was imported and the import volume last month was also significant, the government said.
EU to trace crypto assets to prevent money laundering, terror financing
The negotiators reached a provisional deal on a new bill aiming to ensure that crypto transfers can always be traced and suspicious transactions blocked. "This new regulation strengthens the European framework to fight money-laundering, reduces the risks of fraud and makes crypto-asset transactions more secure," said Ernest Urtasun, co-rapporteur for the Committee on Economic and Monetary Affairs (ECON).
US stocks see worst first half drop in over 50 yrs
Stocks in the UK, mainland Europe and Asia have also suffered steep losses. It comes as central banks around the world are trying to rein in soaring living costs, with prices of essential goods like food and fuel jumping. Some economists expect the US, which is the world's biggest economy, to go into a recession as early as this year as interest rates continue to rise.
Coinbase sold software to US authorities to track crypto transactions
According to a report in Intercept, Coinbase sold an analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36 million the next month. "ICE now has access to a variety of forensic features provided through Coinbase Tracer, the company's intelligence-gathering tool (formerly known as Coinbase Analytics)," the report said on Thursday.
Workers deal: Hyundai concludes, no progress in Ford India, arbitration in Renault Nissan
On Thursday, Hyundai Motor India announced the signing of a wage agreement with United Union of Hyundai Employees (UUHE). The wage agreement will be effective from 1.4.2021 and valid till 31.3.2024 with handsome wage hike. "Hyundai Motors is a running company. Ours is on the verge of closing," said a worker at Ford India Pvt Ltd's plant near here.
Top Apple corporate attorney pleads guilty to insider trading
California-based Levoff pleaded guilty by videoconference before US District Judge William J. Martini to six counts of an indictment charging him with securities fraud, said Vikas Khanna, an attorney for the US. Levoff was initially charged by a complaint in February 2019, according to the US Department of Justice.
Trade between Hong Kong, mainland China surges more than sixfold in 25 yrs
From 1997 to 2021, the value of trade increased 6.1 times from $50.77 billion to $360.33 billion, an average annual hike of 8.5 per cent, Xinhua news agency quoted China's Ministry of Commerce as saying. By the end of 2021, investment from Hong Kong into China had topped $1.4 trillion, the data showed.
Reliance Brands ties up with global fresh food chain Pret A Manger
With this long-term master franchise partnership, RBL will open the food chain across the country starting with major cities and travel hubs. Pret A Manger, French for ready to eat', first opened in London in 1986 now has 550 shops in nine markets including the UK, US, Europe, and Asia. The chain offers organic coffee, sandwiches, salads and wraps freshly made each day.
US charges Indian-origin virtual-world tech entrepreneur in $45mn investment fraud
US Assistant Attorney General Kenneth Polite announced on Wednesday the filing of charges in a federal court in Nebraska against Neil Chandran, who owned several companies under the banner of ViRSE. The Justice Department said that Chandran was arrested in Los Angeles. The Department added that Chandran, 50, falsely promised investors an extremely high rate of returns by claiming that a consortium of wealthy persons, including two billionaires, was about to acquire one or more of his companies.
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