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India's unicorns and e-commerce firms are expanding overseas in a big way. CARS 24, an e-commerce platform for pre-owned vehicles is betting big on the overseas markets and has entered the UAE with heavy investment in technology framework. Vehicle transactions are increasingly getting done online globally and e-commerce platforms are seeing a jump in markets for used or pre-owned cars. CARS 24 is looking at encashing the boom as the demand for used cars is moving to the fast lane especially after the COVID-19 pandemic. WION speaks to Gajendra Jangid, Co-founder of CARS 24.

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The British government revealed over 200 firms that broke minimum wage regulations between 2011 and 2018, with the John Lewis Partnership, a department store and supermarket company, topping the list.&nbsp;

Football clubs, cleaning companies, and famous names like John Lewis and The Body Shop are among the 191 businesses highlighted.

Since 2011, HMRC investigations have discovered a total of £2.1 million due to more than 34,000 workers – however, the amount may be higher if those who were not caught are included.&nbsp;

The identified employers have been ordered to repay their debts and have been penalised an extra £3.2 million for their actions.&nbsp;

Britain's minimum wage laws can be complex, and the government suspended naming firms between 2018 and 2020 after complaints from businesses that they were unfairly penalised for falling foul of unclear official guidance.

But Britain's business ministry said on Thursday that it wanted businesses to be "named and shamed" even where errors were inadvertent.

"All employers, including those on this list, need to pay workers properly," business minister Paul Scully said.

Most of the companies named by Britain's business ministry underpaid employees by a tiny amount, while other employers - mainly in the social care or childcare sectors - underpaid employees by more than 1,000 pounds each.&nbsp;

(With inputs from agencies)

The British government revealed over 200 firms that broke minimum wage regulations between 2011 and 2018, with the John Lewis Partnership, a department store and supermarket company, topping the list.

The British government revealed over 200 firms that broke minimum wage regulations between 2011 and 2018, with the John Lewis Partnership, a department store and supermarket company, topping the list. Football clubs, cleaning companies, and famous names like John Lewis and The Body Shop are among the 191 businesses highlighted. Since 2011, HMRC investigations have discovered a total of £2.1 million due to more than 34,000 workers – however, the amount may be higher if those who were not caught are included. The identified employers have been ordered to repay their debts and have been penalised an extra £3.2 million for their actions. Britain's minimum wage laws can be complex, and the government suspended naming firms between 2018 and 2020 after complaints from businesses that they were unfairly penalised for falling foul of unclear official guidance. But Britain's business ministry said on Thursday that it wanted businesses to be "named and shamed" even where errors were inadvertent. "All employers, including those on this list, need to pay workers properly," business minister Paul Scully said. Most of the companies named by Britain's business ministry underpaid employees by a tiny amount, while other employers - mainly in the social care or childcare sectors - underpaid employees by more than 1,000 pounds each. (With inputs from agencies)

UK govt named and shamed 200 companies for breaking minimum wage laws

The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK.

Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to May 28, 2012.

"It is also proposed to refund the amount paid in these cases without any interest thereon," the bill said.

This bill impacts retro tax cases of at least two big companies — Cairn Energy Plc and Vodafone Group of UK.

Both firms had won international arbitrations against levy of retrospective taxes on them.

The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK.

The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha which seeks to withdraw tax demands made on indirect transfer of Indian assets prior to May 28, 2012. "It is also proposed to refund the amount paid in these cases without any interest thereon," the bill said. This bill impacts retro tax cases of at least two big companies — Cairn Energy Plc and Vodafone Group of UK. Both firms had won international arbitrations against levy of retrospective taxes on them.

Indian govt buries retro tax; introduces bill in parliament to withdraw demands on Cairn, Vodafone

Media giant—Sony Pictures—has seen a dip in its first-quarter profit from $247 million last year to $232.7 million, representatives have shared this news with the media.&nbsp;

 
On Wednesday, Sony Corporation has reported its April-to-June earnings at its headquarters in Tokyo. The Japanese conglomerate attributed the 1.7 percent decline in earnings at the pictures division —covering movies, TV networks and TV production — to increased production costs that more than offset higher revenue.&nbsp;

 
The quarterly revenue at Sony Pictures climbed from $245 million in the quarter to $1.87 billion, a 15 percent increase in the over-the-year period.&nbsp;

 
Revenue for its motion pictures rose, too, but only marginally. The studio’s television production business and home entertainment segment recorded decreases. Networks revenue rose “due to higher advertising and subscription revenues,” the company said in a statement.

 
While some of its contemporaries have sought to emulate Netflix by launching their own costly direct-to-consumer streaming services, Sony has opted to remain a producer and licensor in a seller’s market. To that end, Sony inked a pair of lucrative, multi-year licensing deals for its film output with both Netflix and Disney in April.

Media giant—Sony Pictures—has seen a dip in its first-quarter profit from $247 million last year to $232.7 million, representatives have shared this news with the media.

Media giant—Sony Pictures—has seen a dip in its first-quarter profit from $247 million last year to $232.7 million, representatives have shared this news with the media. On Wednesday, Sony Corporation has reported its April-to-June earnings at its headquarters in Tokyo. The Japanese conglomerate attributed the 1.7 percent decline in earnings at the pictures division —covering movies, TV networks and TV production — to increased production costs that more than offset higher revenue. The quarterly revenue at Sony Pictures climbed from $245 million in the quarter to $1.87 billion, a 15 percent increase in the over-the-year period. Revenue for its motion pictures rose, too, but only marginally. The studio’s television production business and home entertainment segment recorded decreases. Networks revenue rose “due to higher advertising and subscription revenues,” the company said in a statement. While some of its contemporaries have sought to emulate Netflix by launching their own costly direct-to-consumer streaming services, Sony has opted to remain a producer and licensor in a seller’s market. To that end, Sony inked a pair of lucrative, multi-year licensing deals for its film output with both Netflix and Disney in April.

Sony Pictures quarterly profits have dipped, confirms the company

Asian stocks slipped on Tuesday, as the Delta coronavirus variant spread in key markets in the region. This has put Chinese authorities on high alert. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.40 per cent in early trading. WION's Business editor Sumit Chaturvedi speaks to Daily FX Strategist, Margaret Yang Yan about the slip in stocks.

WION's Sumit Chaturvedi speaks to Daily FX Strategist Margaret Yang Yan on the slip in Asian stocks

Prime Minister Narendra Modi introduced e-RUPI, a cashless and contactless digital payment system, on Monday.

The one-time payment system attempts to eliminate leaks in government assistance programmes and ensure that funds reach the intended recipients.

The platform would be a person-specific and purpose-specific payments system created by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority. 
 
<img alt="e-RUPI" data-entity-type="file" data-entity-uuid="ddf83f0a-c8d7-4616-a19f-a0097ce38efb" src="//cdn.wionews.com/sites/default/files/inline-images/rupi.jpeg" />

How will e-RUPI function?

e-RUPI is a cashless and contactless digital payment system.

It is a QR code or SMS string-based e-Voucher that is sent to the beneficiaries' mobile phones.

Users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without the use of a card, digital payments app, or online banking access.&nbsp;

It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health &amp; Family Welfare and National Health Authority.

e-RUPI establishes a digital link between service sponsors and beneficiaries and service providers, eliminating the need for a physical interface.

It also guarantees that the service provider is only paid once the transaction has been completed.

Because it is pre-paid, it ensures prompt payment to the service provider without the need for a middleman.

It is intended to be a game-changing effort aimed at assuring the delivery of leak-proof social services.

These digital coupons can be used by the private sector as part of employee welfare and corporate social responsibility programmes.

(With inputs from agencies)

Prime Minister Narendra Modi introduced e-RUPI, a cashless and contactless digital payment system, on Monday. The one-time payment system attempts to eliminate leaks in government assistance programmes and ensure that funds reach the intended recipients.

Prime Minister Narendra Modi introduced e-RUPI, a cashless and contactless digital payment system, on Monday. The one-time payment system attempts to eliminate leaks in government assistance programmes and ensure that funds reach the intended recipients. The platform would be a person-specific and purpose-specific payments system created by the National Payments Corporation of India (NPCI), the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority. How will e-RUPI function? e-RUPI is a cashless and contactless digital payment system. It is a QR code or SMS string-based e-Voucher that is sent to the beneficiaries' mobile phones. Users of this seamless one-time payment mechanism will be able to redeem the voucher at the service provider without the use of a card, digital payments app, or online banking access. It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority. e-RUPI establishes a digital link between service sponsors and beneficiaries and service providers, eliminating the need for a physical interface. It also guarantees that the service provider is only paid once the transaction has been completed. Because it is pre-paid, it ensures prompt payment to the service provider without the need for a middleman. It is intended to be a game-changing effort aimed at assuring the delivery of leak-proof social services. These digital coupons can be used by the private sector as part of employee welfare and corporate social responsibility programmes. (With inputs from agencies)

What is e-RUPI and how does it function?

The US&nbsp;Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden's top legislative priority. 
 
The ambitious plan has the backing of Democrats and Republicans alike and has already cleared two hurdles by broad margins in the closely divided Senate. 
 
But so far lawmakers have not seen the final text of the bill, which includes about $550 billion in new spending and was still being written on Saturday. Earlier votes were for a shell bill that the actual legislation will be added to once it is complete. 
 
US&nbsp;Democratic Senate leader Chuck Schumer said on the Senate floor that the bipartisan group working on the legislation needed additional time. "The Senate will remain in session today so they can bring this to a conclusion," Schumer said. 
 
"I know all the parties want to get this right. As soon as their legislative text is finalised, we'll review it and then I will offer it as a substitute amendment. After that, we can begin voting for amendments," the top Senate Democrat added. 
 
After passing the $1 trillion bill, Schumer aims to push forward on a sweeping $3.5 trillion package that focuses on climate change and home care for the elderly and children. That faces staunch Republican opposition and some dissent among moderate Democrats. 
 
"The Senate is going to move forward on both tracks of infrastructure before the beginning of the August recess. The longer it takes to finish, the longer we`ll be here. But we`re going to get the job done," Schumer said earlier on Saturday. 
 
The Senate voted 66-28 on Friday to take up the bill, with 16 Republicans joining all 48 Democrats and two independents in support. 
 
The package would dramatically increase the nation's spending on roads, bridges, transit and airports. Supporters predicted it will ultimately pass the Senate and House of Representatives, eventually reaching Biden's desk for him to sign it into law. 
 
It includes about $550 billion in new spending, on top of $450 billion that was previously approved. It also includes money for eliminating lead water pipes and building electric vehicle charging stations. 
 
The bill does not include funding for most climate change and social initiatives that Democrats aim to pass in the separate $3.5 trillion measure without Republican support. 
 
Democrats hold razor-thin margins in both the Senate and the House of Representatives, meaning the party must stick together to achieve its legislative goals. 
 
Progressive members of the House Democratic caucus have already suggested the $1 trillion package is inadequate, and the Senate could likewise impose changes that could complicate its chances of becoming law. 
 
But supporters, including Schumer and Republican Senate Minority Leader Mitch McConnell, have been optimistic about its prospects.

The US Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden's top legislative priority.

The US Senate in a rare Saturday session worked on a bill that would spend $1 trillion on roads, rail lines and other infrastructure, as lawmakers from both parties sought to advance President Joe Biden's top legislative priority. The ambitious plan has the backing of Democrats and Republicans alike and has already cleared two hurdles by broad margins in the closely divided Senate. But so far lawmakers have not seen the final text of the bill, which includes about $550 billion in new spending and was still being written on Saturday. Earlier votes were for a shell bill that the actual legislation will be added to once it is complete. US Democratic Senate leader Chuck Schumer said on the Senate floor that the bipartisan group working on the legislation needed additional time. "The Senate will remain in session today so they can bring this to a conclusion," Schumer said. "I know all the parties want to get this right. As soon as their legislative text is finalised, we'll review it and then I will offer it as a substitute amendment. After that, we can begin voting for amendments," the top Senate Democrat added. After passing the $1 trillion bill, Schumer aims to push forward on a sweeping $3.5 trillion package that focuses on climate change and home care for the elderly and children. That faces staunch Republican opposition and some dissent among moderate Democrats. "The Senate is going to move forward on both tracks of infrastructure before the beginning of the August recess. The longer it takes to finish, the longer we`ll be here. But we`re going to get the job done," Schumer said earlier on Saturday. The Senate voted 66-28 on Friday to take up the bill, with 16 Republicans joining all 48 Democrats and two independents in support. The package would dramatically increase the nation's spending on roads, bridges, transit and airports. Supporters predicted it will ultimately pass the Senate and House of Representatives, eventually reaching Biden's desk for him to sign it into law. It includes about $550 billion in new spending, on top of $450 billion that was previously approved. It also includes money for eliminating lead water pipes and building electric vehicle charging stations. The bill does not include funding for most climate change and social initiatives that Democrats aim to pass in the separate $3.5 trillion measure without Republican support. Democrats hold razor-thin margins in both the Senate and the House of Representatives, meaning the party must stick together to achieve its legislative goals. Progressive members of the House Democratic caucus have already suggested the $1 trillion package is inadequate, and the Senate could likewise impose changes that could complicate its chances of becoming law. But supporters, including Schumer and Republican Senate Minority Leader Mitch McConnell, have been optimistic about its prospects.

US Senate in rare Saturday session on $1 trillion infrastructure bill

The outlook comes just after Jassy on July 5 inherited Amazon's top job, which has never been bigger or more complex.

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The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business.

Beijing has recently taken steps to tighten leash on major corporations in entertainment, ride-hailing, education and online shopping, including cybersecurity checks on firms planning to raise money in foreign markets

In a move he said was aimed at protecting American investors, Gary Gensler, head of the Securities and Exchange Commission (SEC), called for new disclosures including to "prominently and clearly" state whether they have permission to list overseas.

These requirements focus on offshore shell companies known as Variable Interest Entities (VIEs).

"I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company," Gensler said in a statement.&nbsp;

"In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies."

He also said he asked SEC staff for "targeted additional reviews of filings for companies with significant China-based operations," but gave no details on how those would be determined.

China's new rules have roiled markets in recent days and caused some firms to shelve plans for initial stock offerings.

Ride-hailing giant Didi Chuxing defied authorities and went ahead with its IPO only to face a backlash when Beijing ordered the app to be removed from stores over cybersecurity concerns.

The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business.

The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business. Beijing has recently taken steps to tighten leash on major corporations in entertainment, ride-hailing, education and online shopping, including cybersecurity checks on firms planning to raise money in foreign markets In a move he said was aimed at protecting American investors, Gary Gensler, head of the Securities and Exchange Commission (SEC), called for new disclosures including to "prominently and clearly" state whether they have permission to list overseas. These requirements focus on offshore shell companies known as Variable Interest Entities (VIEs). "I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company," Gensler said in a statement. "In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies." He also said he asked SEC staff for "targeted additional reviews of filings for companies with significant China-based operations," but gave no details on how those would be determined. China's new rules have roiled markets in recent days and caused some firms to shelve plans for initial stock offerings. Ride-hailing giant Didi Chuxing defied authorities and went ahead with its IPO only to face a backlash when Beijing ordered the app to be removed from stores over cybersecurity concerns.

US asks for more disclosure from Chinese firms amid Beijing's crackdown

Following news that IDBI Bank has entirely recovered its debts from the now-defunct Kingfisher Airlines, fugitive tycoon Vijay Mallya criticised banks for claiming he owed them money on Thursday.&nbsp;

Vijay Mallya launched a tirade on Twitter and said, "And the Banks say I owe them money!".

He shared a report on IDBI Bank fully recovering its dues from now-defunct Kingfisher Airlines.

According to the news clipping, IDBI Bank recovered ₹7.5 billion from Kingfisher.

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<blockquote class="twitter-tweet">
And the Banks say I owe them money ! <a href="https://t.co/XnWSjXnnF9">pic.twitter.com/XnWSjXnnF9</a>
— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/1420732695760486400?ref_src=twsrc%5Etfw">July 29, 2021</a></blockquote>
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His Tweet comes after a British court awarded him a bankruptcy order, clearing the way for a consortium of Indian banks led by the State Bank of India (SBI) to seek a global freezing order to recover a debt due by Kingfisher Airlines.&nbsp;

On July 26, the fugitive businessman claimed that the Enforcement Directorate is seizing assets "worth ₹140 billion at the behest of government banks against a debt of ₹62 billion."

Mallya also tweeted that the SBI-led consortium of banks had asked "court to make me bankrupt as they may have to return money to the ED," which he described as "incredible."&nbsp;

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ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores.They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more.Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible.
— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/1419724187325845508?ref_src=twsrc%5Etfw">July 26, 2021</a></blockquote>
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The 65-year-old businessman remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.

Mallya, who fled to the UK in March 2016, is wanted in India over a default of ₹90 billion that was loaned to Kingfisher Airlines (KFA) by several banks. India has been seeking his extradition from the UK. He had in the past offered to repay 100 per cent of "public money" but accused the banks and government of refusing his offer.&nbsp;

(With inputs from agencies)

Following news that IDBI Bank has entirely recovered its debts from the now-defunct Kingfisher Airlines, fugitive tycoon Vijay Mallya criticised banks for claiming he owed them money on Thursday.

Following news that IDBI Bank has entirely recovered its debts from the now-defunct Kingfisher Airlines, fugitive tycoon Vijay Mallya criticised banks for claiming he owed them money on Thursday. Vijay Mallya launched a tirade on Twitter and said, "And the Banks say I owe them money!". He shared a report on IDBI Bank fully recovering its dues from now-defunct Kingfisher Airlines. According to the news clipping, IDBI Bank recovered ₹7.5 billion from Kingfisher. And the Banks say I owe them money ! pic.twitter.com/XnWSjXnnF9 — Vijay Mallya (@TheVijayMallya) July 29, 2021 × His Tweet comes after a British court awarded him a bankruptcy order, clearing the way for a consortium of Indian banks led by the State Bank of India (SBI) to seek a global freezing order to recover a debt due by Kingfisher Airlines. On July 26, the fugitive businessman claimed that the Enforcement Directorate is seizing assets "worth ₹140 billion at the behest of government banks against a debt of ₹62 billion." Mallya also tweeted that the SBI-led consortium of banks had asked "court to make me bankrupt as they may have to return money to the ED," which he described as "incredible." ED attach my assets worth 14K crores at behest of Govt Banks against debt of 6.2K crores.They restore assets to Banks who recover 9K crores in cash and retain security over 5K crores more.Banks ask Court to make me Bankrupt as they may have to return money to the ED. Incredible. — Vijay Mallya (@TheVijayMallya) July 26, 2021 × The 65-year-old businessman remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings. Mallya, who fled to the UK in March 2016, is wanted in India over a default of ₹90 billion that was loaned to Kingfisher Airlines (KFA) by several banks. India has been seeking his extradition from the UK. He had in the past offered to repay 100 per cent of "public money" but accused the banks and government of refusing his offer. (With inputs from agencies)

Vijay Mallya mocks banks for saying he still owes money, shares report

Boeing Shares were up roughly 5% at $234 in afternoon trading even as the Dow Jones iIndustrial average dipped.

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Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

"Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China," Diess told journalists after first-half results release.

By the end of the year, Volkswagen wants to sell between 80,000 and 100,000 of its all-electric ID series in China. In the first half, deliveries of battery electric vehicles (BEV) in China stood at 18,285.

"We are noticing that we have to change our approach," Diess said.

"We have the financial power, we have the sales network, we are coming forward with new formats in the shopping malls, we are becoming much more digital and it's going fast because we are much faster in China than we are in the rest of the world."

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

Volkswagen must change its approach to how it sells electric vehicles (EV) in China, the world's largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there. "Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China," Diess told journalists after first-half results release. By the end of the year, Volkswagen wants to sell between 80,000 and 100,000 of its all-electric ID series in China. In the first half, deliveries of battery electric vehicles (BEV) in China stood at 18,285. "We are noticing that we have to change our approach," Diess said. "We have the financial power, we have the sales network, we are coming forward with new formats in the shopping malls, we are becoming much more digital and it's going fast because we are much faster in China than we are in the rest of the world."

We need to change e-car approach in China: Volkswagen CEO

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there.

Tesla raised prices for the most affordable versions of Model 3 and Model Y about a dozen times this year in the United States, according to data tracked by Reuters. At the same time, Tesla recently introduced an affordable Model Y version in China, where it refrained from price hikes.

Tesla posted record vehicle deliveries in the second quarter, and the price increases in North America boosted quarterly profits to a record.

But in China, the world’s biggest electric vehicle (EV) market, Tesla faces competition from local rivals and problems that include product recalls, high-profile protests by consumers and pressure from regulators.

Bernstein analyst Toni Sacconaghi said the introduction of the lower-priced Model Y in China ”may make sustained margin improvement difficult” for Tesla and raises questions about ”the health of Chinese demand.”

A study by Bernstein analysts found Tesla owners in China were less enthusiastic and had lower repurchase intentions than owners in the United States and Europe.

Tesla raised prices for Model Y Long Range at least six times in the United States this year, bumping by $5,500 to $53,990. In China, the world’s most valuable carmaker raised prices of the Model Y SUV and Model 3 sedan only once this year.

The Model Y version has a price tag of 276,000 yuan ($42,394). The company also has launched promotional campaigns in China such as loan offers.

”I think Tesla is looking to be as competitive as it can be in China. Lower prices will be a part of that aggressive market positioning,” Roth Capital Partners analyst Craig Irwin said. ”There is a very large difference in battery prices in the U.S. and China, as well as local vehicle manufacturing costs.”

Tesla started production at its Shanghai factory in late 2019. It has boosted the sourcing of cheaper local components, including batteries from China’s CATL and LG’s Chinese factory.

”It wasn’t so long ago that the group was trimming prices in the U.S. to gain scale and maximize profitability, and it feels like we’re now seeing that in China too,” Hargreaves Lansdown analyst Nicholas Hyett said.

The low cost of producing local EVs in China would have a lasting effect on Tesla, said Gene Munster at Loup Ventures.

”Teslas are on average 3x the cost of a typical EV made in China so they have to be priced less than the U.S. to compete,” Munster said. ”Prices of Teslas in China will be below (the) rest of the world for the next decade.”

Tesla also cut costs and boosted margins in the U.S. market by getting rid of some parts like a radar sensor and lumbar support.

Tesla shares rebounded 0.5% in morning trade on Wednesday after falling the previous session.

CHINA MARKET SHARE SLIPS

In China, Tesla’s share slipped to 11% in the battery electric vehicle market, which excludes plug-in hybrid cars, in the second quarter from 18% a year earlier, according to GLJ research. But data from Morgan Stanley showed Tesla still held a U.S. battery-electric market share of nearly 70% as of February, although that was down from 81% a year earlier.

China accounts for 44% of the global EV market, a much bigger share than the 17% held by the United States.

In China, Tesla faces competition from electric vehicle makers like Nio Inc and Xpeng Inc. In the United States, Tesla’s brand is stronger and its main rivals are legacy automakers like Ford and General Motors, which generate only a fraction of their sales from EVs.

GLOBAL CHIP SHORTAGE

Tesla CEO Elon Musk has reiterated that the company’s mission is to make electric cars affordable and has blamed vehicle price increases on a shortage of chips and raw materials.

Tesla is coping with the chip shortage by using alternative chips and rewriting software, Musk said.

He provided a cautious outlook for chip shortage. ”It does seem like it’s getting better,” he said on the second-quarter earnings call, but added: ”it’s hard to predict.”

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there.

Tesla Inc showed signs of divergent strategies in the world’s two biggest automotive markets, raising prices to boost profit margins in the United States while keeping prices steady in China and hoping to grow sales there. Tesla raised prices for the most affordable versions of Model 3 and Model Y about a dozen times this year in the United States, according to data tracked by Reuters. At the same time, Tesla recently introduced an affordable Model Y version in China, where it refrained from price hikes. Tesla posted record vehicle deliveries in the second quarter, and the price increases in North America boosted quarterly profits to a record. But in China, the world’s biggest electric vehicle (EV) market, Tesla faces competition from local rivals and problems that include product recalls, high-profile protests by consumers and pressure from regulators. Bernstein analyst Toni Sacconaghi said the introduction of the lower-priced Model Y in China ”may make sustained margin improvement difficult” for Tesla and raises questions about ”the health of Chinese demand.” A study by Bernstein analysts found Tesla owners in China were less enthusiastic and had lower repurchase intentions than owners in the United States and Europe. Tesla raised prices for Model Y Long Range at least six times in the United States this year, bumping by $5,500 to $53,990. In China, the world’s most valuable carmaker raised prices of the Model Y SUV and Model 3 sedan only once this year. The Model Y version has a price tag of 276,000 yuan ($42,394). The company also has launched promotional campaigns in China such as loan offers. ”I think Tesla is looking to be as competitive as it can be in China. Lower prices will be a part of that aggressive market positioning,” Roth Capital Partners analyst Craig Irwin said. ”There is a very large difference in battery prices in the U.S. and China, as well as local vehicle manufacturing costs.” Tesla started production at its Shanghai factory in late 2019. It has boosted the sourcing of cheaper local components, including batteries from China’s CATL and LG’s Chinese factory. ”It wasn’t so long ago that the group was trimming prices in the U.S. to gain scale and maximize profitability, and it feels like we’re now seeing that in China too,” Hargreaves Lansdown analyst Nicholas Hyett said. The low cost of producing local EVs in China would have a lasting effect on Tesla, said Gene Munster at Loup Ventures. ”Teslas are on average 3x the cost of a typical EV made in China so they have to be priced less than the U.S. to compete,” Munster said. ”Prices of Teslas in China will be below (the) rest of the world for the next decade.” Tesla also cut costs and boosted margins in the U.S. market by getting rid of some parts like a radar sensor and lumbar support. Tesla shares rebounded 0.5% in morning trade on Wednesday after falling the previous session. CHINA MARKET SHARE SLIPS In China, Tesla’s share slipped to 11% in the battery electric vehicle market, which excludes plug-in hybrid cars, in the second quarter from 18% a year earlier, according to GLJ research. But data from Morgan Stanley showed Tesla still held a U.S. battery-electric market share of nearly 70% as of February, although that was down from 81% a year earlier. China accounts for 44% of the global EV market, a much bigger share than the 17% held by the United States. In China, Tesla faces competition from electric vehicle makers like Nio Inc and Xpeng Inc. In the United States, Tesla’s brand is stronger and its main rivals are legacy automakers like Ford and General Motors, which generate only a fraction of their sales from EVs. GLOBAL CHIP SHORTAGE Tesla CEO Elon Musk has reiterated that the company’s mission is to make electric cars affordable and has blamed vehicle price increases on a shortage of chips and raw materials. Tesla is coping with the chip shortage by using alternative chips and rewriting software, Musk said. He provided a cautious outlook for chip shortage. ”It does seem like it’s getting better,” he said on the second-quarter earnings call, but added: ”it’s hard to predict.”

Tesla hikes electric car prices in the US; holds a line in China

The Sensex and Nifty closed the day higher on Thursday, boosted by advances in metals and IT companies amid favourable global cues.

The surge was supported by broader indexes, midcap and smallcap indices, which each gained over half a per cent.&nbsp;

Nifty Metal led all sector indexes with a gain of over 5%, followed by IT, PSU Bank, and realty indices.

The Nifty FMCG, Nifty Auto, and Nifty Pharma sectors all finished with losses.&nbsp;

The S&amp;P BSE Sensex gained 209 points, or 0.4 per cent, to end at 52,653 levels, led by Tata Steel (up 6.8 per cent), Bajaj twins, SBI, HCL Tech, and Sun Pharma.&nbsp;

It's NSE counterpart, Nifty50, meanwhile, ended tad below 15,800-mark at 15,779, up 69 points. The BSE Mid- and SmallCap indices, too, added 0.39 per cent and 0.90 per cent, respectively.

(With inputs from agencies)

The Sensex and Nifty closed the day higher on Thursday, boosted by advances in metals and IT companies amid favourable global cues. The surge was supported by broader indexes, midcap and smallcap indices, which each gained over half a per cent.

The Sensex and Nifty closed the day higher on Thursday, boosted by advances in metals and IT companies amid favourable global cues. The surge was supported by broader indexes, midcap and smallcap indices, which each gained over half a per cent. Nifty Metal led all sector indexes with a gain of over 5%, followed by IT, PSU Bank, and realty indices. The Nifty FMCG, Nifty Auto, and Nifty Pharma sectors all finished with losses. The S&P BSE Sensex gained 209 points, or 0.4 per cent, to end at 52,653 levels, led by Tata Steel (up 6.8 per cent), Bajaj twins, SBI, HCL Tech, and Sun Pharma. It's NSE counterpart, Nifty50, meanwhile, ended tad below 15,800-mark at 15,779, up 69 points. The BSE Mid- and SmallCap indices, too, added 0.39 per cent and 0.90 per cent, respectively. (With inputs from agencies)

Sensex, Nifty end with decent gains led by metals, IT stocks

Apple said a global chip shortage that has bit into its ability to sell Macs and iPads will start to affect iPhone production too.

Apple's production likely to be impacted as chip shortage worsens

The tie-up could be announced as soon as Wednesday if talks about an agreement in principal are successful, although no deal has been reached yet,

Volkswagen in advanced talks to buy Europcar

For the next fiscal, however, the IMF has forecast an 8.5% growth for India, 160 basis points higher than its April forecast.

IMF cuts India's GDP growth forecast to 9.5 per cent

Pfizer sharply increased its 2021 projection for revenues tied to its Covid-19 vaccine on Wednesday, forecasting the delivery of 500 million more doses compared with earlier expectations.

The US drugmaker, which has partnered with Germany's BioNTech on the vaccine, estimates delivering 2.1 billion doses, generating $33.5 billion in sales. The company's May forecast was for $26 billion in sales.

Pfizer also lifted its full-year profit outlook as well as the expected range for 2021 revenues.

Pfizer Chief Executive Albert Bourla said more than a billion doses of the vaccine have been delivered, saying "the speed and efficiency of our efforts with BioNTech to help vaccinate the world against Covid-19 have been unprecedented."

Pfizer said the pre-tax profit margin on the Covid-19 vaccine sales was in the "high-20s" in terms of per cent, the same as the earlier forecast.

Pfizer reported second-quarter profits of $5.6 billion, up 59 per cent from the year-ago period on 92 per cent increase in revenues to $19 billion.&nbsp;

Pfizer has launched clinical studies on a possible third dose of the Covid-19 vaccine as a booster shot. Bourla has said such boosters could amount to a "durable" revenue stream for the company.

US health officials have thus far not far backed a third shot for the broad population, but officials are studying the need for a third shot in immunocompromised people.

Shares of Pfizer declined 0.5 percent to $41.88 in pre-market trading.&nbsp;

Pfizer sharply increased its 2021 projection for revenues tied to its Covid-19 vaccine on Wednesday, forecasting the delivery of 500 million more doses compared with earlier expectations.

Pfizer sharply increased its 2021 projection for revenues tied to its Covid-19 vaccine on Wednesday, forecasting the delivery of 500 million more doses compared with earlier expectations. The US drugmaker, which has partnered with Germany's BioNTech on the vaccine, estimates delivering 2.1 billion doses, generating $33.5 billion in sales. The company's May forecast was for $26 billion in sales. Pfizer also lifted its full-year profit outlook as well as the expected range for 2021 revenues. Pfizer Chief Executive Albert Bourla said more than a billion doses of the vaccine have been delivered, saying "the speed and efficiency of our efforts with BioNTech to help vaccinate the world against Covid-19 have been unprecedented." Pfizer said the pre-tax profit margin on the Covid-19 vaccine sales was in the "high-20s" in terms of per cent, the same as the earlier forecast. Pfizer reported second-quarter profits of $5.6 billion, up 59 per cent from the year-ago period on 92 per cent increase in revenues to $19 billion. Pfizer has launched clinical studies on a possible third dose of the Covid-19 vaccine as a booster shot. Bourla has said such boosters could amount to a "durable" revenue stream for the company. US health officials have thus far not far backed a third shot for the broad population, but officials are studying the need for a third shot in immunocompromised people. Shares of Pfizer declined 0.5 percent to $41.88 in pre-market trading.

Pfizer eyes $33.5 billion revenue in 2021 amid vaccine sales

E-commerce giant Amazon on Tuesday denied reports of accepting Cryptocurrency Bitcoin as payment. Amazon spokesperson said information in the story was "fabricated," but that the company does have its eyes on the cryptocurrency sector.

Amazon denies report of accepting cryptocurrency Bitcoin as payment

India completely relies on imports for its semiconductor needs. Most of the world’s chip production is concentrated in Taiwan and countries across the world.

Impact of semiconductor chip shortage on economy

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier.

In after-hours trading, the findings pushed shares up more than 2.2 per cent.

Despite supply chain issues and losses, Tesla was able to outperform forecasts and post its eighth consecutive quarter of profitability. 
 
Watch | World Business Watch: Tesla plans to open its charging network to other EVs

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According to the corporation, operating income was $1.3 billion, up from $327 million the previous year due to volume growth and expense reduction.&nbsp;

An increase in operating expenses, supply chain issues, lower regulatory credit revenue, and the $23 million impairment were largely offset by the positive outcomes.&nbsp;

The financial milestone announced Monday extended Tesla's two-year run of success, putting to rest concerns about the company's long-term viability that arose during the company's early years of losses and production issues.

Tesla has firmly established itself as a leader in the transition away from fossil fuels, which is likely to boost its profits even further than in the most recent quarter.&nbsp;

(With inputs from agencies)

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier.

Tesla announced $1.14 billion in net profits in the second quarter, well-exceeding analyst estimates and marking the first time the company's quarterly profit (on a GAAP basis) surpassed the three-comma barrier. In after-hours trading, the findings pushed shares up more than 2.2 per cent. Despite supply chain issues and losses, Tesla was able to outperform forecasts and post its eighth consecutive quarter of profitability. Watch | World Business Watch: Tesla plans to open its charging network to other EVs According to the corporation, operating income was $1.3 billion, up from $327 million the previous year due to volume growth and expense reduction. An increase in operating expenses, supply chain issues, lower regulatory credit revenue, and the $23 million impairment were largely offset by the positive outcomes. The financial milestone announced Monday extended Tesla's two-year run of success, putting to rest concerns about the company's long-term viability that arose during the company's early years of losses and production issues. Tesla has firmly established itself as a leader in the transition away from fossil fuels, which is likely to boost its profits even further than in the most recent quarter. (With inputs from agencies)

Tesla surpasses $1 billion quarterly profit for the first time despite chip shortage