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Just as Thursday deadline for a dollar-bond coupon loomed large for indebted Chinese property giant Evergrande, its chairman Hui Ka Yan sought to assure investors that the firm would make it a top priority for them to be able to redeem their products.

Hui Ka Yan, the chairman, said that the company was striving to ensure quality delivery of properties and stressed the importance to resume construction on developments where building had been halted

The assurance had a positive impact and Evergrande's shares jumped as much as 32 per cent. This year, when the threat of Evergrande defaulting on its interest payments loomed large, the company's shares have plunged around 85 per cent.

The bounce in the shares was also a reaction to Wednesday's news that an Evergrande unit had <a href="https://www.wionews.com/world/chinas-crisis-hit-evergrande-says-deal-has-been-reached-to-avoid-default-414778">resolved a coupon payment with creditors</a>, although this was just one of the hurdles the company faces as it labours under a $305 billion mountain of debt.

Also Read | <a href="https://www.wionews.com/opinions-blogs/chinas-evergrande-crisis-a-global-financial-crisis-in-the-making-414669">China's Evergrande crisis: A global financial crisis in the making</a>

The group's electric vehicle and property services units climbed around 3% and 9%, respectively.

Reuters quoted a source who said that Evergrande chairman's latest comments were "clearly aimed at stabilising markets but there seems to be not much information for bond holders," said a source familiar with the situation. "There's no clear plan as yet but we expect the debt to be restructured at some point," said the source, who declined to be identified as he was not authorised to speak to the media.&nbsp;

Global investors have been on tenterhooks as the deadline looms, worried that the company's malaise could spread beyond the country’s property sector and pose systemic risks to China's financial system.

Also Read | <a href="https://www.wionews.com/world/chinas-crisis-hit-evergrande-says-deal-has-been-reached-to-avoid-default-414778">China's crisis-hit Evergrande says deal has been reached to avoid default</a>

Chinese Estates Holdings, the second-biggest shareholder of Evergrande, said on Thursday it had sold $32 million worth of its Evergrande stake and planned to exit the holding completely.

On Wednesday, global markets reacted with relief when the People's Bank of China's injected 90 billion yuan ($13.9 billion) into the banking system and an Evergrande unit said it had "resolved" a coupon payment on an onshore bond.

Also Read | <a href="https://www.wionews.com/business-economy/us-stocks-slide-over-fears-of-china-property-giant-evergrandes-collapse-414580">US stocks slide over fears of China property giant Evergrande's collapse</a>

But it faces $83.5 million in dollar-bond interest payments due on Thursday on a $2 billion offshore bond. And more payments are coming due next week, with a $47.5 million dollar-bond interest payment due.

($1 = 6.4583 Chinese yuan renminbi)

(With inputs from agencies)

Just as Thursday deadline for a dollar-bond coupon loomed large for indebted Chinese property giant Evergrande, its chairman Hui Ka Yan sought to assure investors that the firm would make it a top priority for them to be able to redeem their products.

Just as Thursday deadline for a dollar-bond coupon loomed large for indebted Chinese property giant Evergrande, its chairman Hui Ka Yan sought to assure investors that the firm would make it a top priority for them to be able to redeem their products. Hui Ka Yan, the chairman, said that the company was striving to ensure quality delivery of properties and stressed the importance to resume construction on developments where building had been halted The assurance had a positive impact and Evergrande's shares jumped as much as 32 per cent. This year, when the threat of Evergrande defaulting on its interest payments loomed large, the company's shares have plunged around 85 per cent. The bounce in the shares was also a reaction to Wednesday's news that an Evergrande unit had resolved a coupon payment with creditors, although this was just one of the hurdles the company faces as it labours under a $305 billion mountain of debt. Also Read | China's Evergrande crisis: A global financial crisis in the making The group's electric vehicle and property services units climbed around 3% and 9%, respectively. Reuters quoted a source who said that Evergrande chairman's latest comments were "clearly aimed at stabilising markets but there seems to be not much information for bond holders," said a source familiar with the situation. "There's no clear plan as yet but we expect the debt to be restructured at some point," said the source, who declined to be identified as he was not authorised to speak to the media. Global investors have been on tenterhooks as the deadline looms, worried that the company's malaise could spread beyond the country’s property sector and pose systemic risks to China's financial system. Also Read | China's crisis-hit Evergrande says deal has been reached to avoid default Chinese Estates Holdings, the second-biggest shareholder of Evergrande, said on Thursday it had sold $32 million worth of its Evergrande stake and planned to exit the holding completely. On Wednesday, global markets reacted with relief when the People's Bank of China's injected 90 billion yuan ($13.9 billion) into the banking system and an Evergrande unit said it had "resolved" a coupon payment on an onshore bond. Also Read | US stocks slide over fears of China property giant Evergrande's collapse But it faces $83.5 million in dollar-bond interest payments due on Thursday on a $2 billion offshore bond. And more payments are coming due next week, with a $47.5 million dollar-bond interest payment due. ($1 = 6.4583 Chinese yuan renminbi) (With inputs from agencies)

Evergrande chairman reassures investors, shares surge

China Evergrande Group's main unit said it would make a coupon payment on its domestic bonds on Sept. 23, offering some relief to jittery markets that had been on edge over fears that a default of China's No. 2 developer could ripple through the global financial system.

China: Evergrande to make domestic bond coupon payment

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Punit&nbsp;Goenka will remain the&nbsp;Managing&nbsp;Director and Chief Executive&nbsp;Officer&nbsp;of&nbsp;the new entity created by the mega merger of&nbsp;Zee Entertainment Enterprises Ltd (ZEEL) and&nbsp;Sony Pictures Networks India (SPNI), it has been announced.

 
In fact, SPNI insisted on appointing Goenka as the CEO and MD of the merged entity. “It&nbsp;&nbsp;is &nbsp;an &nbsp;integral &nbsp;part&nbsp;of &nbsp;the &nbsp;proposed merger that Mr Punit&nbsp;Goenka continues to be the Managing Director and CEO of the merged&nbsp;entity,” the companies said in a press release.&nbsp;

&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/zeel-board-gives-go-ahead-for-merger-with-sony-pictures-networks-india-414797">ZEEL board gives go-ahead for merger with Sony Pictures Networks India</a>

 
According to the term sheet, the promoter family is free&nbsp;&nbsp;to increase its shareholding from the current ~4% to up to 20%, in the &nbsp;normal course&nbsp;of business, the release said.&nbsp;

"The management of ZEEL, ably led by Mr Punit Goenka, continues to steadily work towards achieving higher profitability in line with its set goals for the future. With this corporate development, the merged entity will result into an accelerated growth and a significant opportunity to create tremendous value for all its stakeholders," it said.&nbsp;

Sony Pictures Entertainment, the parent company of SPNI, will infuse $1.575 billion in&nbsp;&nbsp; &nbsp;the merged entity.

&nbsp;

Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group

Punit Goenka will remain the Managing Director and Chief Executive Officer of the new entity created by the mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), it has been announced.

Punit Goenka will remain the Managing Director and Chief Executive Officer of the new entity created by the mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), it has been announced. In fact, SPNI insisted on appointing Goenka as the CEO and MD of the merged entity. “It is an integral part of the proposed merger that Mr Punit Goenka continues to be the Managing Director and CEO of the merged entity,” the companies said in a press release. Also read: ZEEL board gives go-ahead for merger with Sony Pictures Networks India According to the term sheet, the promoter family is free to increase its shareholding from the current ~4% to up to 20%, in the normal course of business, the release said. "The management of ZEEL, ably led by Mr Punit Goenka, continues to steadily work towards achieving higher profitability in line with its set goals for the future. With this corporate development, the merged entity will result into an accelerated growth and a significant opportunity to create tremendous value for all its stakeholders," it said. Sony Pictures Entertainment, the parent company of SPNI, will infuse $1.575 billion in the merged entity. Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group

Mega Merger: Punit Goenka to remain CEO and MD of ZEEL-Sony Pictures Networks India merged entity

The mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and&nbsp;Sony Pictures Networks India (SPNI), will not only create the largest entity in Indian entertainment industry, but also be a boon for shareholders.&nbsp;

The combined entity will operate a network of 75 channels, which will account for around 26% viewership share. The parent company of SPNI is also infusing $1.57 billion into the merged group.

After evaluating financial parameters and strategic value that&nbsp;the partner bring to the table, the board of ZEEL concluded that the merger will be "in the best interest 
of all the shareholders and stakeholders," ZEEL said in a release.

&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/zeel-board-gives-go-ahead-for-merger-with-sony-pictures-networks-india-414797">ZEEL board gives go-ahead for merger with Sony Pictures Networks India</a>

"The merger is in line with ZEEL's strategy of achieving&nbsp;higher growth and profitability as a leading media &amp; entertainment company across South Asia," it said.

The indicative merger ratio would&nbsp;have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into&nbsp;SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held&nbsp;by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI&nbsp;shareholders.&nbsp;

The merged entity will be a publicly listed company in India. ZEEL's Punit Goenka will remain the CEO and MD of the combined group.

&nbsp;

ALSO READ:&nbsp;<a href="https://www.wionews.com/business-economy/mega-merger-punit-goenka-to-remain-ceo-and-md-of-zeel-sony-pictures-networks-india-merged-entity-414803">Punit Goenka to remain CEO and MD of ZEEL-Sony Pictures Networks India merged entity</a>

ZEEL's strong expertise in content creation and its deep consumer connect established over the&nbsp;last 3 decades, coupled with SPNI's success across entertainment genres (including gaming and&nbsp;sports) will add significant value to the merged entity and its management team, thereby&nbsp;increasing shareholder value multifold, the companies said.&nbsp;

"The value of the merged entity and the immense synergies drawn 
between both the conglomerates will not only boost business growth but will also enable 
shareholders to benefit from its future successes."&nbsp; 
&nbsp;

Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

The mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), will not only create the largest entity in Indian entertainment industry, but also be a boon for shareholders.

The mega merger of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India (SPNI), will not only create the largest entity in Indian entertainment industry, but also be a boon for shareholders. The combined entity will operate a network of 75 channels, which will account for around 26% viewership share. The parent company of SPNI is also infusing $1.57 billion into the merged group. After evaluating financial parameters and strategic value that the partner bring to the table, the board of ZEEL concluded that the merger will be "in the best interest of all the shareholders and stakeholders," ZEEL said in a release. ALSO READ: ZEEL board gives go-ahead for merger with Sony Pictures Networks India "The merger is in line with ZEEL's strategy of achieving higher growth and profitability as a leading media & entertainment company across South Asia," it said. The indicative merger ratio would have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI shareholders. The merged entity will be a publicly listed company in India. ZEEL's Punit Goenka will remain the CEO and MD of the combined group. ALSO READ: Punit Goenka to remain CEO and MD of ZEEL-Sony Pictures Networks India merged entity ZEEL's strong expertise in content creation and its deep consumer connect established over the last 3 decades, coupled with SPNI's success across entertainment genres (including gaming and sports) will add significant value to the merged entity and its management team, thereby increasing shareholder value multifold, the companies said. "The value of the merged entity and the immense synergies drawn between both the conglomerates will not only boost business growth but will also enable shareholders to benefit from its future successes." Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

ZEEL-Sony Pictures: Mega merger to create India's biggest entertainment entity is a win-win for shareholders

Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) on Tuesday (September 21) unanimously gave in-principle approval for merger of ZEEL and Sony Pictures Networks India (SPNI).&nbsp;

"The Board of Directors at ZEEL have conducted a strategic review of the merger proposal between SPNI and ZEEL. As a Board that encompasses a blend of highly accomplished professionals having rich expertise across varied sectors, we always keep in mind the best interests of all the shareholders and ZEEL. We have unanimously provided an in-principle approval to the proposal and have advised the management to initiate the due diligence process...," said R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd

Shareholders of SPNI will hold a majority stake in the merged entity. The merged entity will be a publicly listed company in India.

Based on the existing estimated equity values of ZEEL and SPNI, the indicative merger ratio would have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI shareholders

ZEEL &amp; SPNI have entered into a non-binding term sheet to combine both companies' linear networks, digital assets, production operations and program libraries. The term sheet provides an exclusive period of 90 days during which ZEEL and SPNI will conduct mutual diligence and finalize definitive agreements.

Punit Goenka will continue to be the Managing Director and CEO of the merged entity. Sony Group will nominate majority of the Board of Directors.

Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) on Tuesday (September 21) unanimously gave in-principle approval for merger of ZEEL and Sony Pictures Networks India (SPNI).

Board of Directors of ZEE Entertainment Enterprises Limited (ZEEL) on Tuesday (September 21) unanimously gave in-principle approval for merger of ZEEL and Sony Pictures Networks India (SPNI). "The Board of Directors at ZEEL have conducted a strategic review of the merger proposal between SPNI and ZEEL. As a Board that encompasses a blend of highly accomplished professionals having rich expertise across varied sectors, we always keep in mind the best interests of all the shareholders and ZEEL. We have unanimously provided an in-principle approval to the proposal and have advised the management to initiate the due diligence process...," said R Gopalan, Chairman, ZEE Entertainment Enterprises Ltd Shareholders of SPNI will hold a majority stake in the merged entity. The merged entity will be a publicly listed company in India. Based on the existing estimated equity values of ZEEL and SPNI, the indicative merger ratio would have been 61.25% in favour of ZEEL. However, with the proposed infusion of growth capital into SPNI, the resultant merger ratio is expected to result in 47.07% of the merged entity to be held by ZEEL shareholders and the balance 52.93% of the merged entity to be held by SPNI shareholders ZEEL & SPNI have entered into a non-binding term sheet to combine both companies' linear networks, digital assets, production operations and program libraries. The term sheet provides an exclusive period of 90 days during which ZEEL and SPNI will conduct mutual diligence and finalize definitive agreements. Punit Goenka will continue to be the Managing Director and CEO of the merged entity. Sony Group will nominate majority of the Board of Directors. Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar but our company is owned by Zee Media Corporation which is a different group

ZEEL board gives go-ahead for merger with Sony Pictures Networks India

The ZEE Entertainment Enterprises Limited (ZEEL) Board of Directors, present and voting at its board meeting on September 21, 2021, unanimously approved the merger between Sony Pictures Networks India (SPNI) and ZEEL.&nbsp;

The Board considered not just the financial aspects of the partnership, but also the strategic value it brings to the table.

The Board came to the conclusion that the merger would benefit all shareholders and stakeholders.&nbsp;

Punit Goenka will continue as the Managing Director (MD) and Chief Executive Officer (CEO) after the merger of Zee Entertainment and Sony Pictures India. &nbsp; 
 
Also read:&nbsp;<a href="https://www.wionews.com/business-economy/zeel-board-gives-go-ahead-for-merger-with-sony-pictures-networks-india-414797">ZEEL board gives go-ahead for merger with Sony Pictures Networks India</a>

Talking about the mega-merger deal, Goenka said: “The mega-merger between ZEE Entertainment Enterprises Limited and Sony Pictures Networks India will create the largest media and entertainment company in India. The merger will create close to $2 billion in revenue.” &nbsp;

He also stated that the combined business will be valued at $1.6 billion in cash. In the mega-merger, ZEEL will own 47 percent of the company. There will also be a non-binding term sheet with a 90-day mutual diligence period.”

Sony will have the opportunity to designate new promoters to the board, according to Goenka. The new board of the amalgamated firm will decide on fund infusion avenues.”&nbsp;

He also asserted that the overlaps are largely in the Hindi GEC space. However, the objective is to maximise viewership. The MD also mentioned that no open offer is required in a merger. &nbsp;

Goenka further added that the channel rationalisation call will be taken by the board of the merged entity. Similarly, the capital allocation strategy will also be taken by the board. &nbsp;&nbsp;

He mentioned that “We will first optimise revenue from the merged entity and then cost.” 
 
(Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group)

The ZEE Entertainment Enterprises Limited (ZEEL) Board of Directors, present and voting at its board meeting on September 21, 2021, unanimously approved the merger between Sony Pictures Networks India (SPNI) and ZEEL.

The ZEE Entertainment Enterprises Limited (ZEEL) Board of Directors, present and voting at its board meeting on September 21, 2021, unanimously approved the merger between Sony Pictures Networks India (SPNI) and ZEEL. The Board considered not just the financial aspects of the partnership, but also the strategic value it brings to the table. The Board came to the conclusion that the merger would benefit all shareholders and stakeholders. Punit Goenka will continue as the Managing Director (MD) and Chief Executive Officer (CEO) after the merger of Zee Entertainment and Sony Pictures India. Also read: ZEEL board gives go-ahead for merger with Sony Pictures Networks India Talking about the mega-merger deal, Goenka said: “The mega-merger between ZEE Entertainment Enterprises Limited and Sony Pictures Networks India will create the largest media and entertainment company in India. The merger will create close to $2 billion in revenue.” He also stated that the combined business will be valued at $1.6 billion in cash. In the mega-merger, ZEEL will own 47 percent of the company. There will also be a non-binding term sheet with a 90-day mutual diligence period.” Sony will have the opportunity to designate new promoters to the board, according to Goenka. The new board of the amalgamated firm will decide on fund infusion avenues.” He also asserted that the overlaps are largely in the Hindi GEC space. However, the objective is to maximise viewership. The MD also mentioned that no open offer is required in a merger. Goenka further added that the channel rationalisation call will be taken by the board of the merged entity. Similarly, the capital allocation strategy will also be taken by the board. He mentioned that “We will first optimise revenue from the merged entity and then cost.” (Disclaimer: Zee Entertainment is not our sister concern/ group company. Though our names sound similar, but our company is owned by Zee Media Corporation, which is a different group)

ZEEL-Sony Pictures: Mega-merger deal will create close to $2 billion in revenue, says MD & CEO Punit Goenka

Ford Motor Co is nearing a deal with Mahindra &amp; Mahindra to form a new joint-venture company in India, a move that will likely see the US automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters.

The deal would make Ford the latest automaker to pare back its interests in India. At the end of 2017, General Motors Co downsized its Indian operations and stopped selling cars locally, dealing a blow to Prime Minister Narendra Modi's strategy to encourage domestic manufacturing.

Over two decades, Dearborn, Michigan-based Ford invested more than $2 billion in India but has consistently struggled - it currently has a market share of just three per cent in India, one of the world's fastest-growing car markets.

Under the terms of the deal being negotiated, Ford will form a new unit in India in which it will hold a 49 per cent stake, while Mahindra will own 51 per cent, the two sources said.

The US carmaker's Indian unit will transfer most of its current automotive business to the new entity, including its assets and employees, according to one of the sources.

"It's like a partial exit (for Ford from India)," the source said.

The deal is expected to close within 90 days, the sources said, adding the value of the transaction was not yet clear.

They spoke on condition of anonymity because of the sensitivity of the matter.

Ford said it does not comment on speculation, but added both companies continue to work together "to develop avenues of strategic cooperation that help us achieve commercial, manufacturing and business efficiencies".

Mahindra too said it does not comment on speculation. It said in a statement it was "working together in identified areas" with Ford after a 2017 partnership arrangement, and "will announce further definitive agreements as we progress on some of the other areas."

Currently, Ford manufactures and sells its cars in India through its wholly-owned subsidiary. In 2017, it formed a strategic alliance with Mahindra under which, among other things, they will build new cars together, including sport-utility vehicles and electric variants.

Ford has been globally restructuring its businesses with an aim to save $11 billion over the next few years. Last month, its Russian joint venture said it would close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market.

TOUGH MARKET

India has been a major growth area for global car manufacturers but growth has slowed of late - car sales grew by three per cent to just over 3.3 million units in the last fiscal year to March 31, compared with eight per cent the previous year.

Even so, India is set to become the world's third-largest car market by 2023 with sales of over five million cars annually, according to forecasting firm IHS Markit.

Ford's decision is a stark reminder of how most foreign automakers have struggled to make major inroads in India, a market dominated by players such as Maruti Suzuki and Hyundai Motor Co.

Ford sold close to 93,000 vehicles in India last fiscal year, a far cry from market leader Maruti Suzuki which commands a 51 per cent market share and sold more than 1.7 million cars.

Automakers such as Maruti benefit in India from their vast dealership network and an autonomous local team that can quickly react to market changes.

One of the sources said the Ford-Mahindra deal would lead to more affordable Ford cars in the country, as the company would not need to pay any royalty to its global parent, as the Indian unit has to now.

The funds that accrue to Ford's India unit because of the deal will also be used to clear some of its accumulated losses, the two sources said.

Puneet Gupta, associate director at IHS Markit, said the deal would help Ford and Mahindra launch new models at a faster pace and lower development cost, which is critical to success in a price sensitive market like India.

"It's a win-win situation for both," Gupta said.

Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India, a move that will likely see the US automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters.

Ford Motor Co is nearing a deal with Mahindra & Mahindra to form a new joint-venture company in India, a move that will likely see the US automaker cease independent operations in the country, two sources with direct knowledge of the talks told Reuters. The deal would make Ford the latest automaker to pare back its interests in India. At the end of 2017, General Motors Co downsized its Indian operations and stopped selling cars locally, dealing a blow to Prime Minister Narendra Modi's strategy to encourage domestic manufacturing. Over two decades, Dearborn, Michigan-based Ford invested more than $2 billion in India but has consistently struggled - it currently has a market share of just three per cent in India, one of the world's fastest-growing car markets. Under the terms of the deal being negotiated, Ford will form a new unit in India in which it will hold a 49 per cent stake, while Mahindra will own 51 per cent, the two sources said. The US carmaker's Indian unit will transfer most of its current automotive business to the new entity, including its assets and employees, according to one of the sources. "It's like a partial exit (for Ford from India)," the source said. The deal is expected to close within 90 days, the sources said, adding the value of the transaction was not yet clear. They spoke on condition of anonymity because of the sensitivity of the matter. Ford said it does not comment on speculation, but added both companies continue to work together "to develop avenues of strategic cooperation that help us achieve commercial, manufacturing and business efficiencies". Mahindra too said it does not comment on speculation. It said in a statement it was "working together in identified areas" with Ford after a 2017 partnership arrangement, and "will announce further definitive agreements as we progress on some of the other areas." Currently, Ford manufactures and sells its cars in India through its wholly-owned subsidiary. In 2017, it formed a strategic alliance with Mahindra under which, among other things, they will build new cars together, including sport-utility vehicles and electric variants. Ford has been globally restructuring its businesses with an aim to save $11 billion over the next few years. Last month, its Russian joint venture said it would close two assembly plants and an engine factory in Russia, exiting the country's passenger vehicle market. TOUGH MARKET India has been a major growth area for global car manufacturers but growth has slowed of late - car sales grew by three per cent to just over 3.3 million units in the last fiscal year to March 31, compared with eight per cent the previous year. Even so, India is set to become the world's third-largest car market by 2023 with sales of over five million cars annually, according to forecasting firm IHS Markit. Ford's decision is a stark reminder of how most foreign automakers have struggled to make major inroads in India, a market dominated by players such as Maruti Suzuki and Hyundai Motor Co. Ford sold close to 93,000 vehicles in India last fiscal year, a far cry from market leader Maruti Suzuki which commands a 51 per cent market share and sold more than 1.7 million cars. Automakers such as Maruti benefit in India from their vast dealership network and an autonomous local team that can quickly react to market changes. One of the sources said the Ford-Mahindra deal would lead to more affordable Ford cars in the country, as the company would not need to pay any royalty to its global parent, as the Indian unit has to now. The funds that accrue to Ford's India unit because of the deal will also be used to clear some of its accumulated losses, the two sources said. Puneet Gupta, associate director at IHS Markit, said the deal would help Ford and Mahindra launch new models at a faster pace and lower development cost, which is critical to success in a price sensitive market like India. "It's a win-win situation for both," Gupta said.

Ford likely to end independent India business with new Mahindra deal: Sources

Ford Motor has said that several of its North American factories will be shut for a few weeks in July and August due to a global shortage of semiconductors. The supply crunch would cost it $2.5 billion this year and halve vehicle production in the second quarter, Michigan-based company had said in April.

World Business Watch: Ford to shut some North American plants for few weeks on chip shortage

US car giant Ford is to stop making cars in India and shut down both of its plants in the country, according to a company statement.

World Business Watch: US car giant Ford to cease making cars in India

Honda Motor has said its car factories in Japan have been operating at 40 percent of capacity in August and September. It is because of shortages of semiconductors and other components which was caused by COVID-19 Pandemic. Japanese auto major also said production in early October should rebound to 70 of capacity though it also added that company is doing whatever it can to minimize impact on production.

World Business Watch: Japan's Honda Motor Company hit hard by chip crisis

There was a meltdown in metal stocks on Monday as a debt crisis at one of China’s biggest property developers, Evergrande, led to a global decline in industrial metals and ore prices.Watch this report for more details.

China's biggest property developers, Evergrande

Weeks before World Bank scrapped its flagship doing business ranking following a damning independent investigation, a group of external advisors have recommended an overhaul of ranking to limit countries efforts to manipulate their scores.

External review finds deeper rot in World Bank 'Doing Business' rankings

US stocks sank on Monday over fears of collapse of &nbsp;Chinese property giant Evergrande.

The Dow lost &nbsp;1.8 per cent and the S&amp;P 500 index&nbsp;fell 1.7 per cent. The grim performance at the stock exchange was&nbsp;further fuelled by US inflation including surging COVID-19 infection and weakness in global recovery.

China's&nbsp;Evergrande Group is the country's second-biggest property developer. It is battling a liquidity crisis as it looks for funds.

There have been growing fears that it is set for a meltdown. However, the cash-strapped developer had told authorities earlier that it had begun repaying investors.

The group reportedly has over $300 billion in liabilities. Reports had claimed earlier that Evergrande had overdue debts even as it vowed to repay all of its matured wealth management products as soon as possible.

Meanwhile, stocks in Asia opened amid the turmoil caused by &nbsp;Evergrande. Hong Kong's Hang Seng Index saw a marginal gain of &nbsp;0.2 per cent after it had plunged three per cent on Monday.

The stock market in Tokyo lost two per cent in early trade as markets in the Philippines and Indonesia also fell on Tuesday morning.

(With inputs from Agencies)

US stocks sank on Monday over fears of collapse of Chinese property giant Evergrande. The Dow lost 1.8 per cent and the S&P 500 index fell 1.7 per cent. The grim performance at the stock exchange was further fuelled by US inflation including surging COVID-19 infection and weakness in global recovery.

US stocks sank on Monday over fears of collapse of Chinese property giant Evergrande. The Dow lost 1.8 per cent and the S&P 500 index fell 1.7 per cent. The grim performance at the stock exchange was further fuelled by US inflation including surging COVID-19 infection and weakness in global recovery. China's Evergrande Group is the country's second-biggest property developer. It is battling a liquidity crisis as it looks for funds. There have been growing fears that it is set for a meltdown. However, the cash-strapped developer had told authorities earlier that it had begun repaying investors. The group reportedly has over $300 billion in liabilities. Reports had claimed earlier that Evergrande had overdue debts even as it vowed to repay all of its matured wealth management products as soon as possible. Meanwhile, stocks in Asia opened amid the turmoil caused by Evergrande. Hong Kong's Hang Seng Index saw a marginal gain of 0.2 per cent after it had plunged three per cent on Monday. The stock market in Tokyo lost two per cent in early trade as markets in the Philippines and Indonesia also fell on Tuesday morning. (With inputs from Agencies)

US stocks slide over fears of China property giant Evergrande's collapse

Lufthansa said on Sunday it would launch a capital increase that was expected to raise 2.14 billion euros ($2.51 billion) to pay back part of a state bailout Germany's top airline received during the coronavirus crisis. Watch this report for more details.

Lufthansa launches $2.5 billion capital plan

In the aftermath of the recent moves by Yes Bank against Dish TV, news headlines about Yes Bank and Dish TV have been in the spotlight in the markets over the previous several days.

Yes Bank has requested that new directors be appointed to Dish TV, including one who was under SEBI investigation for selective disclosure and had to settle the matter after paying a large sum of money.

Yes Bank and proxy advice firm Institutional Investor Advisory Services India Limited (IiAS) are now deeply embroiled in the issues they have raised.&nbsp;

Both companies are facing severe market issues regarding the hidden goals and nefarious motives behind their actions.&nbsp;

Here are some:

<ul>
	<li>What was the motivation behind Yes Bank's proposal?</li>
	<li>Why did IiAS back it?</li>
	<li>Are Yes Bank and IiAS attempting to deceive large investors?</li>
	<li>Why are Yes Bank and IiAS disseminating biased information?</li>
	<li>Is IiAS representing someone who wants to take over Dish TV Network?</li>
	<li>According to the IiAS, financial results should be withheld.</li>
	<li>Who will gain from this decision?</li>
	<li>What is the purpose of this warning?</li>
	<li>Why is the IiAS silent about Yes Bank's plan to appoint someone who has been subject to regulatory action?</li>
	<li>What exactly is the issue with the rights?</li>
	<li>Money will go into the company rather than into the pockets of individuals, so what exactly is the issue?</li>
	<li>What is the goal of Yes Bank?&nbsp;</li>
	<li>Why is there a demand for a change in Dish TV management? What does Yes Bank want to achieve by doing so?</li>
	<li>Do the Yes Bank nominees have the requisite DTH industry experience?&nbsp; 
	&nbsp;
	<div class="ui-state-default" contenteditable="false">
	<div class="twitter-block" draggable="false">
	<blockquote class="twitter-tweet">
	प्रॉक्सी एडवाइजरी फर्म IiAS क्या किसी कॉरपोरेट घराने के इशारे पर कर रही काम? 
	 
	कॉरपोरेट गवर्नेंस पर इतना पक्षपात क्यों? 
	 
	यस बैंक के प्रस्तावित नॉमिनी के खिलाफ SEBI का ऑर्डर, उस पर IiAS चुप क्यों? IiAS और यस बैंक से सवाल।<a href="https://twitter.com/hashtag/DishTV?src=hash&amp;ref_src=twsrc%5Etfw">#DishTV</a> <a href="https://twitter.com/hashtag/YesBank?src=hash&amp;ref_src=twsrc%5Etfw">#YesBank</a> <a href="https://twitter.com/AnilSinghvi_?ref_src=twsrc%5Etfw">@AnilSinghvi_</a> <a href="https://twitter.com/BrajeshKMZee?ref_src=twsrc%5Etfw">@BrajeshKMZee</a> <a href="https://twitter.com/SwatiKJain?ref_src=twsrc%5Etfw">@SwatiKJain</a> <a href="https://t.co/Gu9kULqxs0">pic.twitter.com/Gu9kULqxs0</a>
	— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1438765338183622665?ref_src=twsrc%5Etfw">September 17, 2021</a></blockquote>
	<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
	<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

	&nbsp;
	</li>
</ul>

There are numerous reasons to be suspicious about Yes Bank's and IiAS's actions and intentions in the Dish TV case.

There appears to be a plan in place to raise investor worries, but such a move might jeopardise the proxy firm's credibility.

Yes Bank and IiAS were contacted by Zee Media for comment, but no answer was received at the time of publication of this report.&nbsp;

In the aftermath of the recent moves by Yes Bank against Dish TV, news headlines about Yes Bank and Dish TV have been in the spotlight in the markets over the previous several days.

In the aftermath of the recent moves by Yes Bank against Dish TV, news headlines about Yes Bank and Dish TV have been in the spotlight in the markets over the previous several days. Yes Bank has requested that new directors be appointed to Dish TV, including one who was under SEBI investigation for selective disclosure and had to settle the matter after paying a large sum of money. Yes Bank and proxy advice firm Institutional Investor Advisory Services India Limited (IiAS) are now deeply embroiled in the issues they have raised. Both companies are facing severe market issues regarding the hidden goals and nefarious motives behind their actions. Here are some: What was the motivation behind Yes Bank's proposal? Why did IiAS back it? Are Yes Bank and IiAS attempting to deceive large investors? Why are Yes Bank and IiAS disseminating biased information? Is IiAS representing someone who wants to take over Dish TV Network? According to the IiAS, financial results should be withheld. Who will gain from this decision? What is the purpose of this warning? Why is the IiAS silent about Yes Bank's plan to appoint someone who has been subject to regulatory action? What exactly is the issue with the rights? Money will go into the company rather than into the pockets of individuals, so what exactly is the issue? What is the goal of Yes Bank? Why is there a demand for a change in Dish TV management? What does Yes Bank want to achieve by doing so? Do the Yes Bank nominees have the requisite DTH industry experience? प्रॉक्सी एडवाइजरी फर्म IiAS क्या किसी कॉरपोरेट घराने के इशारे पर कर रही काम? कॉरपोरेट गवर्नेंस पर इतना पक्षपात क्यों? यस बैंक के प्रस्तावित नॉमिनी के खिलाफ SEBI का ऑर्डर, उस पर IiAS चुप क्यों? IiAS और यस बैंक से सवाल।#DishTV #YesBank @AnilSinghvi_ @BrajeshKMZee @SwatiKJain pic.twitter.com/Gu9kULqxs0 — Zee Business (@ZeeBusiness) September 17, 2021 × There are numerous reasons to be suspicious about Yes Bank's and IiAS's actions and intentions in the Dish TV case. There appears to be a plan in place to raise investor worries, but such a move might jeopardise the proxy firm's credibility. Yes Bank and IiAS were contacted by Zee Media for comment, but no answer was received at the time of publication of this report.

Attempt to mislead big investors? Proxy advisory firm IiAS, Yes Bank's intentions under the spotlight in Dish TV matter

Marks & Spencer is closing 11 of its stores in France because of supply chain problems related to Brexit. Watch this report for more details.

Marks & Spencer stores facing supply crunch over Brexit

Over the previous 11 months, China has cracked down on its internet behemoths.

As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others have faced growing regulatory pressure.

The Chinese government's antagonistic approach has resulted in the world's largest wealth loss.

The Chinese stock markets have already lost about three-quarters of a trillion dollars.&nbsp;

According to Bloomberg, Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc (PDD), has the unpleasant distinction of being the man who has lost the most money this year.

According to Bloomberg's Billionaire Index, Huang's wealth has decreased by $27 billion (RMB 174 billion).

The cause for the historic decrease is a free plunge in Pinduoduo's stock following CCP's crackdown on internet behemoths.

Huang's abrupt decrease is the most extreme of any of the index's participants.

Hui Ka Yan, Chairman of Evergrande, one of China's leading real estate developers and currently mired in debt, lost only $16 billion.&nbsp;

According to the Bloomberg ranking, six of the ten billionaires with the largest net worth decreases this year are from China.

Zhong Shanshan, the chairman of bottled water company Nongfu Spring Co, has lost $18 billion, as has Hui, the embattled developer Evergrande, and Tencent's Pony Ma, who has lost more than $10 billion.&nbsp;

(With inputs from agencies)

Over the previous 11 months, China has cracked down on its internet behemoths. As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others have faced growing regulatory pressure.

Over the previous 11 months, China has cracked down on its internet behemoths. As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others have faced growing regulatory pressure. The Chinese government's antagonistic approach has resulted in the world's largest wealth loss. The Chinese stock markets have already lost about three-quarters of a trillion dollars. According to Bloomberg, Colin Huang, the founder of Chinese e-commerce platform Pinduoduo Inc (PDD), has the unpleasant distinction of being the man who has lost the most money this year. According to Bloomberg's Billionaire Index, Huang's wealth has decreased by $27 billion (RMB 174 billion). The cause for the historic decrease is a free plunge in Pinduoduo's stock following CCP's crackdown on internet behemoths. Huang's abrupt decrease is the most extreme of any of the index's participants. Hui Ka Yan, Chairman of Evergrande, one of China's leading real estate developers and currently mired in debt, lost only $16 billion. According to the Bloomberg ranking, six of the ten billionaires with the largest net worth decreases this year are from China. Zhong Shanshan, the chairman of bottled water company Nongfu Spring Co, has lost $18 billion, as has Hui, the embattled developer Evergrande, and Tencent's Pony Ma, who has lost more than $10 billion. (With inputs from agencies)

China cracks down on tech titans: Billionaire loses $27 billion in world's biggest wealth drop

China's most indebted property developer Evergrande Group is struggling to solve its debt crisis. Watch this video for more details.

World Business Watch: Biggest test for China's Financial system

Rolls-Royce’s first all-electric aircraft has completed its maiden flight, soaring across skies in the U.K. for around 15 minutes this week. Watch this report for more details.

All-Electric passenger plane to be ready by 2024

According to an independent investigation the World Bank leaders including then CEO and current IMF MD Kristalina Georgieva, have applied in fact undue pressure on staff to boost china's ranking in banks doing business 2018 report.

World Business Watch | Report: Georgieva pressured employees to favour China

Australia’s graphic designing website, Canva, took over the world in a few years and has now become one of the biggest privately-owned companies of the world.<o:p></o:p>

Canva recently got valued at $40 billion (£29bn) which the company believes is a direct result of the pandemic. As majority of the customers of Canva started working from home in the pandemic, the company was able to reveal fresh $200m of private equity investment.<o:p></o:p>

Analysts believe this new announcement has put Canva in the list of world’s most valuable start-ups. It is now the fifth most valuable start-ups in the world. The companies before Canva are TikTok-owner ByteDance, payment platform Stripe, Elon Musk-owned SpaceX and financial tech firm Klarna.<o:p></o:p>

This also takes one of its co-founders in the list of top 10 richest people in Australia.<o:p></o:p>

Canva is a graphic designing platform that was founded in Sydney in 2013 by 34-year-old Melanie Perkins and 35-year-old Cliff Obrecht, who now own nearly 36 per cent of the company. The website allows users to design resumes, CVs, posters, calendars, schedules and more through pre-loaded templates. It also gives options to edit, crop and resize images.<o:p></o:p>

The platform has grown to 60 million users in over 190 countries, the officials claim. Out of these, nearly 500,000 are paying customers which includes big names such as famous video-messaging app Zoom, payment platform PayPal, Marriott International and American Airlines. <o:p></o:p>

Experts are also predicting a revenue of nearly $1 billion by the end of the year.<o:p></o:p>

The co-founders have also decided to donate nearly 30 per cent of their company’s wealth for charitable causes in the future.<o:p></o:p>

Australia’s graphic designing website, Canva, took over the world in a few years and has now become one of the biggest privately-owned companies of the world. Canva recently got valued at $40 billion (£29bn) which the company believes is a direct result of the pandemic.

Australia’s graphic designing website, Canva, took over the world in a few years and has now become one of the biggest privately-owned companies of the world. Canva recently got valued at $40 billion (£29bn) which the company believes is a direct result of the pandemic. As majority of the customers of Canva started working from home in the pandemic, the company was able to reveal fresh $200m of private equity investment. Analysts believe this new announcement has put Canva in the list of world’s most valuable start-ups. It is now the fifth most valuable start-ups in the world. The companies before Canva are TikTok-owner ByteDance, payment platform Stripe, Elon Musk-owned SpaceX and financial tech firm Klarna. This also takes one of its co-founders in the list of top 10 richest people in Australia. Canva is a graphic designing platform that was founded in Sydney in 2013 by 34-year-old Melanie Perkins and 35-year-old Cliff Obrecht, who now own nearly 36 per cent of the company. The website allows users to design resumes, CVs, posters, calendars, schedules and more through pre-loaded templates. It also gives options to edit, crop and resize images. The platform has grown to 60 million users in over 190 countries, the officials claim. Out of these, nearly 500,000 are paying customers which includes big names such as famous video-messaging app Zoom, payment platform PayPal, Marriott International and American Airlines. Experts are also predicting a revenue of nearly $1 billion by the end of the year. The co-founders have also decided to donate nearly 30 per cent of their company’s wealth for charitable causes in the future.

Australian designing website Canva valued at $40bn

A majority of Japanese firms say the world's third-largest economy will recover to pre-pandemic levels in fiscal 2022. Watch this report for more details.

World Business Watch : Japan economy to recover in FY2022, shows Reuters poll