BUSINESS
Tesla won't stop union vote, says Elon Musk
Tesla CEO Elon Musk has invited the United Auto Workers (UAW) to hold a union vote at the Tesla factory, stating that Tesla "will do nothing to stop" the voting process. According to the auto-tech website Electrek, it is the latest in a years-long saga between the UAW and Tesla, in which Tesla has been found to violate labour laws in unfairly cracking down on the union organisation.
'Amazon gods will have to come down...', Future on Amazon's proposal for dialogue in SC
Senior advocate Gopal Subramanium, representing Amazon, submitted before a bench headed by Chief Justice N.V. Ramana that the "whirlpool" of litigation was being dragged for too long and proposed talks with Future Retail and Future Coupons, to end the logjam, as the business houses are embroiled in legal battles at various forums.
GMDC shares rise 16% taking cues from rising global commodity prices
Shares of the Gujarat Mineral Development Corporation (GMDC) jumped 16 per cent on Thursday in line with rising global commodity prices – crude oil and other industrial metals. Global crude oil prices hit multi-year highs due to the ongoing war between Russia and Ukraine, and any sharp rise in crude prices has a direct bearing across the board.
Supply disruptions of sunflower oil lift crude palm oil prices to all-time high
Possible short supply of sunflower oil amid the ongoing Russia-Ukraine has led the crude palm oil prices going through the roof.
Escalated geo-political worries in the Black Sea region may have significant bearing on sunflower seed and the oil supply from the region. India is the major importer of crude palm oil and the country meets more than two-thirds of its edible oil needs through imports, of which palm oil accounts for more than 60 per cent.
Ashneer tells BharatPe Board to do its actual job and stop vilifying him.
Ashneer Grover, who quit fintech platform BharatPe he co-founded amid serious allegations of financial wrongdoings against him and his wife, has hit back at the Board of the company, saying he is "appalled at the personal nature of the BharatPe Board's statement, but not surprised".BharatPe said it reserves all rights to take further legal action against him and his family.
War Casualty: Russia-Ukraine crisis to dent India's auto sector
India's automobile industry is expected to bear the brunt of lower supplies of components triggered by the ongoing Russia-Ukraine war. Besides, the industry is expected to face subdued consumer sentiment as OMCs are expected to raise domestic fuel prices in consonance with high crude cost. Notably, both the countries produce key raw materials which are used in components that are key to producing automobiles such as semiconductors.
Equities trade negative in afternoon session; Nifty auto dives (Ld)
After rising marginally in the opening session, India's key indices -- S&P BSE Sensex and NSE Nifty50 -- declined in the afternoon session on Thursday. Among stocks, Tech Mahindra, Asian Paints, HDFC Life, Dr Reddy's, and Shree Cement were the top five losers in the afternoon session, down 4.8 per cent, 4.7 per cent, 3.6 per cent, 2.9 per cent, and 2.9 per cent, respectively.
Concern about stagflation, where growth falls & prices rise
The soaring cost of oil and other key commodities in the wake of the invasion threatens to unleash another bout of damaging inflation and supply shortages on the global economy, The Guardian reported. The price of benchmark Brent crude oil added another 3.4 per cent in early trade on Thursday to climb to $116.80.
Indian manufacturers should move towards reducing import dependency, says PM
Prime Minister Narendra Modi, while giving the examples of new demand and opportunities in sectors like semi-conductors and electric vehicles, said manufacturers should move with a sense of removing dependencies on foreign sources.The budget for FY23 had many significant provisions towards 'Aatmnirbhar Bharat' and 'Make in India' initiatives, he said.
India to benefit from increased global demand for metals, foodgrains
India is well positioned to benefit from the increased global demand for steel, aluminium and foodgrains -- wheat and rice, said brokerage house ICICI Securities. India is an alternative supplier of many mineral products where Russia typically dominates.
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