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Uber Technologies&nbsp;is pulling a heavily criticised feature from its app that allowed it to track riders for up to five minutes after a trip, its security chief told Reuters, as the ride-services company tries to fix its poor reputation for customer privacy.

The change, which restores users&#39; ability to share location data only while using the app, is expected to be announced on Tuesday and rolled out to Apple iPhone users starting this week. It comes as Uber tries to recover from a series of crises culminating in the ouster of Chief Executive Travis Kalanick and other top executives.

<a href="http://www.wionews.com/business-economy/expedia-chief-dara-khosrowshahi-set-to-be-new-uber-ceo-reports-19571">Dara Khosrowshahi,</a> the CEO of travel-booking company Expedia is set to become Uber&#39;s new chief executive.

The location-tracking update is unrelated to executive changes, said Joe Sullivan, Uber&rsquo;s chief security officer, in an interview with Reuters. Sullivan and his team of about 500 have been working to beef up customer privacy at Uber since he joined in 2015.

&quot;We&rsquo;ve been building through the turmoil and challenges because we already had our mandate,&quot; said Sullivan, who is a member of the executive leadership team that has been co-running Uber since Kalanick left in June.

An update to the app made last November eliminated the option for users to limit data gathering to only when the app is in use, instead forcing them to choose between letting Uber always collect location data or never collect it.instead forcing them to choose between letting Uber always collect location data or never collect it.

Uber said it needed permission to always gather data in order to track riders for five minutes after a trip was completed, which the company believed could help in ensuring customers&#39; physical safety. The option to never track required riders to manually enter pickup and drop-off addresses.

But the changes were met with swift criticism from some users and privacy advocates who called them a breach of user trust by a company already under fire for how it collects and uses customers&#39; data. Uber said it never actually began post-trip tracking for iPhone users and suspended it for Android users.

Sullivan said Uber made a mistake by asking for more information from users without making clear what value Uber would offer in return. If Uber decides that tracking a rider&rsquo;s location for five minutes is valuable in the future, it will seek to explain what the value is and allow customers to opt into the setting, he said.

Sullivan said Uber was committed to privacy but had previously suffered &quot;a lack of expertise&quot; in the area.

The change comes two weeks after Uber settled a US Federal Trade Commission complaint that the company failed to protect the personal information of drivers and passengers and was deceptive about its efforts to prevent snooping by its employees.

Uber agreed to conduct an audit every two years for the next 20 years to ensure compliance with FTC requirements.

The location-tracking changes will initially only be available to iPhone users, but Uber intends to bring parity to Android devices, Sullivan said.

The changes are part of a series of updates expected in the coming year to improve privacy, security and transparency at Uber, Sullivan said.

Uber Technologies?is pulling a heavily criticised feature from its app that allowed it to track riders for up to five minutes after a trip

Uber Technologies is pulling a heavily criticised feature from its app that allowed it to track riders for up to five minutes after a trip, its security chief told Reuters, as the ride-services company tries to fix its poor reputation for customer privacy. The change, which restores users' ability to share location data only while using the app, is expected to be announced on Tuesday and rolled out to Apple iPhone users starting this week. It comes as Uber tries to recover from a series of crises culminating in the ouster of Chief Executive Travis Kalanick and other top executives. Dara Khosrowshahi, the CEO of travel-booking company Expedia is set to become Uber's new chief executive. The location-tracking update is unrelated to executive changes, said Joe Sullivan, Uber’s chief security officer, in an interview with Reuters. Sullivan and his team of about 500 have been working to beef up customer privacy at Uber since he joined in 2015. "We’ve been building through the turmoil and challenges because we already had our mandate," said Sullivan, who is a member of the executive leadership team that has been co-running Uber since Kalanick left in June. An update to the app made last November eliminated the option for users to limit data gathering to only when the app is in use, instead forcing them to choose between letting Uber always collect location data or never collect it.instead forcing them to choose between letting Uber always collect location data or never collect it. Uber said it needed permission to always gather data in order to track riders for five minutes after a trip was completed, which the company believed could help in ensuring customers' physical safety. The option to never track required riders to manually enter pickup and drop-off addresses. But the changes were met with swift criticism from some users and privacy advocates who called them a breach of user trust by a company already under fire for how it collects and uses customers' data. Uber said it never actually began post-trip tracking for iPhone users and suspended it for Android users. Sullivan said Uber made a mistake by asking for more information from users without making clear what value Uber would offer in return. If Uber decides that tracking a rider’s location for five minutes is valuable in the future, it will seek to explain what the value is and allow customers to opt into the setting, he said. Sullivan said Uber was committed to privacy but had previously suffered "a lack of expertise" in the area. The change comes two weeks after Uber settled a US Federal Trade Commission complaint that the company failed to protect the personal information of drivers and passengers and was deceptive about its efforts to prevent snooping by its employees. Uber agreed to conduct an audit every two years for the next 20 years to ensure compliance with FTC requirements. The location-tracking changes will initially only be available to iPhone users, but Uber intends to bring parity to Android devices, Sullivan said. The changes are part of a series of updates expected in the coming year to improve privacy, security and transparency at Uber, Sullivan said.

Uber to end post-trip tracking of riders as part of privacy push

Facebook co-founder Mark Zuckerberg and his wife welcomed their second daughter -- August -- to the world on Monday with a post on the leading social network. 
 
As they did with after the birth of their first daughter, Maxima, in late 2015, the couple wrote the girl a letter, but this one spoke of reveling in the wonder of childhood instead of visions of a better world on the horizon. 
 
&quot;You only get to be a child once, so don`t spend it worrying too much about the future,&quot; said the letter signed by Mark Zuckerberg and Priscilla Chan. 
 
&quot;You`ve got us for that, and we`ll do everything we possibly can to make sure the world is a better place for you and all children in your generation.&quot; 
 
A Zuckerberg Chan Initiative established by the couple has pledged billions of dollars to improving life for their children`s generation with goals such as eliminating disease. 
 
The Facebook co-founder is among billionaires who have vowed to donate most of their wealth to charitable causes. 
 
&quot;With all the advances in science and technology, your generation should live dramatically better lives than ours, and we have a responsibility to do our part to make that happen,&quot; the couple wrote, referring back to a letter written to their first daughter after her birth. 
 
&quot;But rather than write about growing up, we want to talk about childhood. The world can be a serious place. That`s why it`s important to make time to go outside and play.&quot; 
 
And, like many parents, they expressed hope their new baby would sleep soundly and take frequent naps.

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&nbsp;

As they did with after the birth of their first daughter, Maxima, in late 2015, the couple wrote the girl a letter, but this one spoke of reveling in the wonder of childhood instead of visions of a better world on the horizon

Facebook co-founder Mark Zuckerberg and his wife welcomed their second daughter -- August -- to the world on Monday with a post on the leading social network. As they did with after the birth of their first daughter, Maxima, in late 2015, the couple wrote the girl a letter, but this one spoke of reveling in the wonder of childhood instead of visions of a better world on the horizon. "You only get to be a child once, so don`t spend it worrying too much about the future," said the letter signed by Mark Zuckerberg and Priscilla Chan. "You`ve got us for that, and we`ll do everything we possibly can to make sure the world is a better place for you and all children in your generation." A Zuckerberg Chan Initiative established by the couple has pledged billions of dollars to improving life for their children`s generation with goals such as eliminating disease. The Facebook co-founder is among billionaires who have vowed to donate most of their wealth to charitable causes. "With all the advances in science and technology, your generation should live dramatically better lives than ours, and we have a responsibility to do our part to make that happen," the couple wrote, referring back to a letter written to their first daughter after her birth. "But rather than write about growing up, we want to talk about childhood. The world can be a serious place. That`s why it`s important to make time to go outside and play." And, like many parents, they expressed hope their new baby would sleep soundly and take frequent naps. ×

Mark Zuckerberg welcomes second daughter in Facebook post

Pakistan&#39;s Karachi based Habib Bank on Monday shut down its US operations after the New York State Department of Financial Services (DFS) accused the bank of &nbsp;&ldquo;grave&rdquo; compliance failures relating to anti-money laundering rules and sanctions.

Pakistan&#39;s largest Bank is facing upto $630 million fine by DFS but in a letter to Pakistan Stock Exchange on Monday, the bank said: &quot;The DFS is still not appreciating or recognising the significant progress that HBL had made at its branch.&quot;&nbsp;

The Bank felt the penalty was &quot;unjustified, capricious and unreasonable&quot;.

Xinhua news agency reported the Bank has decided not only to contest the fine in court but close its operations in New York with the DFS allowing it to submit a withdrawal operation.

The fine and the latest controversy is a big blow to the Bank which aimed to expand its US operations after spreading its branches in over 25 countries around the world.

The Bank founded in 1941 is Pakistan&#39;s first commercial bank. The bank was nationalised in the 70s and privatised in 2003 after the Aga Khan Fund acquired a controlling stake. Habib Bank expanded its operations in the UK in the 60s and opened branches in Mauritius, &nbsp;UAE&nbsp;and Zurich in the same period.

&quot;State Bank of Pakistan reiterates its determination to protect the interests of depositors and to protect the health and safety of the country&#39;s banking system,&quot; Habib Bank said in a statement.

The DFS said in a filing that its investigation had found that HBL held a US clearing account with Saudi&#39;s largest private bank Al Rajhi, which has been linked in the media and by the US Senate to al Qaida, AFP reported.

The regulator also found instances of &quot;wire-stripping&quot;, where a bank deliberately strips out information related to a payment, such as an originator or beneficiary, that may raise suspicions, AFP report added.

New York has imposed strict anti-money laundering regulations since 2015, and the DFS has pursued an aggressive enforcement strategy against foreign banks for anti-money laundering control lapses, these include Agricultural Bank of China, Mega International Commercial Bank of Taiwan and National Bank of Pakistan.

The Bank has made it to the Forbes Global 2000 list a number of times.

Xinhua news agency reported the Bank has decided not only to contest the fine in court but close its operations in New York with the DFS allowing it to submit a withdrawal operation.

Pakistan's Karachi based Habib Bank on Monday shut down its US operations after the New York State Department of Financial Services (DFS) accused the bank of “grave” compliance failures relating to anti-money laundering rules and sanctions. Pakistan's largest Bank is facing upto $630 million fine by DFS but in a letter to Pakistan Stock Exchange on Monday, the bank said: "The DFS is still not appreciating or recognising the significant progress that HBL had made at its branch." The Bank felt the penalty was "unjustified, capricious and unreasonable". Xinhua news agency reported the Bank has decided not only to contest the fine in court but close its operations in New York with the DFS allowing it to submit a withdrawal operation. The fine and the latest controversy is a big blow to the Bank which aimed to expand its US operations after spreading its branches in over 25 countries around the world. The Bank founded in 1941 is Pakistan's first commercial bank. The bank was nationalised in the 70s and privatised in 2003 after the Aga Khan Fund acquired a controlling stake. Habib Bank expanded its operations in the UK in the 60s and opened branches in Mauritius, UAE and Zurich in the same period. "State Bank of Pakistan reiterates its determination to protect the interests of depositors and to protect the health and safety of the country's banking system," Habib Bank said in a statement. The DFS said in a filing that its investigation had found that HBL held a US clearing account with Saudi's largest private bank Al Rajhi, which has been linked in the media and by the US Senate to al Qaida, AFP reported. The regulator also found instances of "wire-stripping", where a bank deliberately strips out information related to a payment, such as an originator or beneficiary, that may raise suspicions, AFP report added. New York has imposed strict anti-money laundering regulations since 2015, and the DFS has pursued an aggressive enforcement strategy against foreign banks for anti-money laundering control lapses, these include Agricultural Bank of China, Mega International Commercial Bank of Taiwan and National Bank of Pakistan. The Bank has made it to the Forbes Global 2000 list a number of times.

Pakistan's Habib Bank under US scanner in money laundering case, faces $630 million fine

Global ride-hailing firm&nbsp;Uber&nbsp;Technologies will give free insurance to its 450,000 driver partners in India that will cover death, disability or hospitalisation due to accidents, the company said on Tuesday.

The San Francisco-based company, which competes with Softbank-backed local rival Ola in India, is grappling with an overhaul of its workplace culture, a range of legal troubles and most recently a bitter board dispute.

Earlier this year&nbsp;Uber&nbsp;faced a backlash from drivers in India, one of its biggest and most competitive markets, who went on strike after the company, in a bid to make money, cut back on lucrative incentives.

The insurance by ICICI Lombard General Insurance will be applicable from Sept. 1, and will provide cover ranging from 500,000 rupees ($7,814) in case of death to 50,000 rupees ($781) for outpatient treatment, the company said.

Uber&nbsp;this week picked <a href="http://www.wionews.com/business-economy/expedia-chief-dara-khosrowshahi-set-to-be-new-uber-ceo-reports-19571">Expedia&nbsp;Chief Executive Dara Khosrowshahi</a> to become its new CEO, according to a memo, putting him in charge of turning around the loss-making, scandal-ridden company.

The San Francisco-based company, which competes with Softbank-backed local rival Ola in India, is grappling with an overhaul of its workplace culture, a range of legal troubles and most recently a bitter board dispute

Global ride-hailing firm Uber Technologies will give free insurance to its 450,000 driver partners in India that will cover death, disability or hospitalisation due to accidents, the company said on Tuesday. The San Francisco-based company, which competes with Softbank-backed local rival Ola in India, is grappling with an overhaul of its workplace culture, a range of legal troubles and most recently a bitter board dispute. Earlier this year Uber faced a backlash from drivers in India, one of its biggest and most competitive markets, who went on strike after the company, in a bid to make money, cut back on lucrative incentives. The insurance by ICICI Lombard General Insurance will be applicable from Sept. 1, and will provide cover ranging from 500,000 rupees ($7,814) in case of death to 50,000 rupees ($781) for outpatient treatment, the company said. Uber this week picked Expedia Chief Executive Dara Khosrowshahi to become its new CEO, according to a memo, putting him in charge of turning around the loss-making, scandal-ridden company.

Uber to provide free insurance for its drivers in India

The Chinese Smartphone giant Xiaomi is all set to launch its flagship dual camera phone in India.&nbsp;

The company has recently sent media invites for an event scheduled on the 5th September in Delhi. The invitation picture included an image of dual rear camera indicating one of it to be a larger sensor while the other to be a smaller one.&nbsp;

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RT if you know which product we will launch! <a href="https://twitter.com/hashtag/FlagshipDualCamera?src=hash">#FlagshipDualCamera</a> <a href="https://twitter.com/hashtag/XiaomiGlobalLaunch?src=hash">#XiaomiGlobalLaunch</a> Register: <a href="https://t.co/16KKbgzyXl">https://t.co/16KKbgzyXl</a> <a href="https://t.co/16Ms5LApis">pic.twitter.com/16Ms5LApis</a>
&mdash; Mi India (@XiaomiIndia) <a href="https://twitter.com/XiaomiIndia/status/902033010379259904">August 28, 2017</a></blockquote>
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&nbsp;

Xiaomi&#39;s Managing Director Manu Kumar Jain has confirmed that Xiaomi will launch its first dual-camera phone in India in September

Though the company has not clarified the smartphone name it is highly speculated that it will introduce Mi 5X, as the same smartphone was recently launched in China.&nbsp;

Xiaomi Mi 5X handset measures 155.4 x 75.8 x 7.3 mm and weighs 165 grams. The phone which has already been introduced in China in July for 1499 Yuan, approximately Rs 14,285, is available in three colour variant- Gold, Black and Rose Gold.&nbsp;

The handset is designed with a full metal body&nbsp;with rounded edges and a 5.5 inch full HD( 1920 x 1080 pixels) curved glass display.

The dual camera setup at the rear panel comes with 12-megapixel sensors.&nbsp;

The 3080 mAh battery phone offers 4G with VoLTE, Bluetooth 4.2, WiFi (802.11 b/g/n), GPS with AGS/GLONASS, 3.5mm audio jack and USB type C.

Powered by 2 GHz octa-core Snapdragon 625 processor and Adreno 506 GPU coupled with 4GB RAM the handset runs on Android 7.1.1 Nougat based MIUI 9 operating system.&nbsp;

&nbsp;

The company has recently sent media invites for an event scheduled on the 5th September in Delhi

The Chinese Smartphone giant Xiaomi is all set to launch its flagship dual camera phone in India. The company has recently sent media invites for an event scheduled on the 5th September in Delhi. The invitation picture included an image of dual rear camera indicating one of it to be a larger sensor while the other to be a smaller one. RT if you know which product we will launch! #FlagshipDualCamera #XiaomiGlobalLaunch Register: https://t.co/16KKbgzyXl pic.twitter.com/16Ms5LApis — Mi India (@XiaomiIndia) August 28, 2017 × Xiaomi's Managing Director Manu Kumar Jain has confirmed that Xiaomi will launch its first dual-camera phone in India in September Though the company has not clarified the smartphone name it is highly speculated that it will introduce Mi 5X, as the same smartphone was recently launched in China. Xiaomi Mi 5X handset measures 155.4 x 75.8 x 7.3 mm and weighs 165 grams. The phone which has already been introduced in China in July for 1499 Yuan, approximately Rs 14,285, is available in three colour variant- Gold, Black and Rose Gold. The handset is designed with a full metal body with rounded edges and a 5.5 inch full HD( 1920 x 1080 pixels) curved glass display. The dual camera setup at the rear panel comes with 12-megapixel sensors. The 3080 mAh battery phone offers 4G with VoLTE, Bluetooth 4.2, WiFi (802.11 b/g/n), GPS with AGS/GLONASS, 3.5mm audio jack and USB type C. Powered by 2 GHz octa-core Snapdragon 625 processor and Adreno 506 GPU coupled with 4GB RAM the handset runs on Android 7.1.1 Nougat based MIUI 9 operating system.

Xiaomi to launch first dual phone in India

Reliance has cancelled the pre-bookings of its latest launch 4G VoLTE feature phone.

The company suspended the pre bookings of the &quot;effectively free&quot; phone due to overbooking of orders. The already booked orders are expected to be delivered by September.

Reliance&nbsp;has suspended the booking for some time and will notify its users&nbsp;after it gets back to taking up further orders.

The company website said &ldquo;Millions have pre-booked the JioPhone. We will inform you when pre-booking resumes,&rdquo;

However, the company has still not clarified if it had stopped pre-bookings on all retailers and stores. &nbsp;

In his latest annual general meeting, Reliance Industries Chairman Mukesh Ambani had said that the company expects to sell five&nbsp;million JioPhones every week.&nbsp;

The pre-bookings of the effectively zero priced phone had started on August 24 after the initial deposit of Rs 500, which was later to be refunded by the company. In addition to this, the customer had to pay an additional deposit of Rs 1000 after the handsets&#39;&nbsp;delivery in September, which was again refundable.&nbsp;

The amount of the JioPhone will be refunded after three years on the return of the handset. The phone provides free voicecall and an unlimited SMS and half a GB of data per day on payment of &nbsp;Rs 153 a month. Besides these, the handset will provide access to various Jio apps on music and movies.&nbsp;

&nbsp;

Reliance?has suspended the booking for some time and will notify its users after it gets back to taking up further orders

Reliance has cancelled the pre-bookings of its latest launch 4G VoLTE feature phone. The company suspended the pre bookings of the "effectively free" phone due to overbooking of orders. The already booked orders are expected to be delivered by September. Reliance has suspended the booking for some time and will notify its users after it gets back to taking up further orders. The company website said “Millions have pre-booked the JioPhone. We will inform you when pre-booking resumes,” However, the company has still not clarified if it had stopped pre-bookings on all retailers and stores. In his latest annual general meeting, Reliance Industries Chairman Mukesh Ambani had said that the company expects to sell five million JioPhones every week. The pre-bookings of the effectively zero priced phone had started on August 24 after the initial deposit of Rs 500, which was later to be refunded by the company. In addition to this, the customer had to pay an additional deposit of Rs 1000 after the handsets' delivery in September, which was again refundable. The amount of the JioPhone will be refunded after three years on the return of the handset. The phone provides free voicecall and an unlimited SMS and half a GB of data per day on payment of Rs 153 a month. Besides these, the handset will provide access to various Jio apps on music and movies.

Reliance Jio cancels pre-bookings of JioPhone after overbooking

Expedia chief Dara Khosrowshahi has been chosen as the<a href="http://www.wionews.com/business-economy/investor-firm-sues-kalanick-to-force-him-off-board-18853"> next CEO at Uber</a>, The New York Times reported.

Dara, an Iranian American, 48, will replace <a href="http://www.wionews.com/world/guess-who-got-into-shouting-match-with-his-uber-driver-uber-ceo-travis-kalanick-12926">Uber co-founder Travis Kalanick who stepped down in June</a> under pressure from investors over a string of governance related issues.

Dara Khosrowshahi&#39;s appointment comes just as <a href="http://www.wionews.com/business-economy/i-have-decided-not-to-pursue-leadership-position-at-uber-jeff-immelt-19567">Jeff Immelt, chairman of General Electric Co announced on Sunday</a>&nbsp;said he was no longer in the race for the CEO&#39;s position at Uber.&nbsp;

Khosrowshahi appointment has however not been confirmed by Uber even as tech and news websites in the US have almost confirmed the Expedia CEO as the successor to Travis Kalanick at Uber.

Among other candidates, Meg Whitman, the chief executive of Hewlett Packard Enterprise was also in the race for the CEO&#39;s position&nbsp;with the Uber board frantically looking for a CEO who could quickly take charge after Kalanick&#39;s controversial last few months at the company which was plagued by several issues including reports of sexual harassment at the company, bullying of workers, unprofessional behaviour resorted to by senior employees.

<a href="http://www.wionews.com/world/uber-fires-20-employees-over-harassment-probe-16511">Uber had fired 20 employees in June</a> following an investigation by a law firm into sexual harassment allegations and other claims.

Dara, an Iranian American, 48, will replace Uber co-founder Travis Kalanick who stepped down in June

Expedia chief Dara Khosrowshahi has been chosen as the next CEO at Uber, The New York Times reported. Dara, an Iranian American, 48, will replace Uber co-founder Travis Kalanick who stepped down in June under pressure from investors over a string of governance related issues. Dara Khosrowshahi's appointment comes just as Jeff Immelt, chairman of General Electric Co announced on Sunday said he was no longer in the race for the CEO's position at Uber. Khosrowshahi appointment has however not been confirmed by Uber even as tech and news websites in the US have almost confirmed the Expedia CEO as the successor to Travis Kalanick at Uber. Among other candidates, Meg Whitman, the chief executive of Hewlett Packard Enterprise was also in the race for the CEO's position with the Uber board frantically looking for a CEO who could quickly take charge after Kalanick's controversial last few months at the company which was plagued by several issues including reports of sexual harassment at the company, bullying of workers, unprofessional behaviour resorted to by senior employees. Uber had fired 20 employees in June following an investigation by a law firm into sexual harassment allegations and other claims.

Expedia chief Dara Khosrowshahi set to be new Uber CEO: Reports

Jeff Immelt, chairman of General Electric Co said on Sunday he was no longer in the race<a href="http://www.wionews.com/business-economy/investor-firm-sues-kalanick-to-force-him-off-board-18853"> for the CEO&#39;s position at Uber</a>.

Uber Technologies has been hunting for a new CEO ever since its <a href="http://www.wionews.com/world/guess-who-got-into-shouting-match-with-his-uber-driver-uber-ceo-travis-kalanick-12926">founder Travis Kalanick stepped down </a>over two months under pressure from investors after a string of governance related issues. 
&nbsp;

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I have decided not to pursue a leadership position at Uber. I have immense respect for the company &amp; founders - Travis, Garrett and Ryan.
&mdash; Jeff Immelt (@JeffImmelt) <a href="https://twitter.com/JeffImmelt/status/901832519913537540">August 27, 2017</a></blockquote>
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Immelt had stepped down from GE in June after company&#39;s share price fell rapidly in his long 16-year tenure even though he refashioned the company&#39;s focus to digital products.

Among other candidates in the race, Meg Whitman, the chief executive of Hewlett Packard Enterprise is in the race for CEO&#39;s position at Uber, Reuters reported.

<a href="http://www.wionews.com/world/uber-fires-20-employees-over-harassment-probe-16511">Uber had fired 20 employees in June following an investigation </a>by a law firm into sexual harassment allegations and other claims.

Uber fired the staff following a report by law firm Perkins Coie, which Uber hired to look into claims of harassment, discrimination, bullying and other employee concerns. The law firm investigated 215 staff complaints going back as far as 2012 taking action in 58 cases and no action on 100 more. Other investigations are continuing.

Of the 215 claims, Uber said 54 were related to discrimination, 47 related to sexual harassment, 45 to unprofessional behaviour, 33 to bullying and 36 to other types of claims.

Uber is one of the most valuable companies in the world valued at $68 billion by&nbsp;Wall Street analysts.

Uber Technologies has been hunting for a new CEO ever since its founder Travis Kalanick stepped down over two months

Jeff Immelt, chairman of General Electric Co said on Sunday he was no longer in the race for the CEO's position at Uber. Uber Technologies has been hunting for a new CEO ever since its founder Travis Kalanick stepped down over two months under pressure from investors after a string of governance related issues. I have decided not to pursue a leadership position at Uber. I have immense respect for the company & founders - Travis, Garrett and Ryan. — Jeff Immelt (@JeffImmelt) August 27, 2017 × Immelt had stepped down from GE in June after company's share price fell rapidly in his long 16-year tenure even though he refashioned the company's focus to digital products. Among other candidates in the race, Meg Whitman, the chief executive of Hewlett Packard Enterprise is in the race for CEO's position at Uber, Reuters reported. Uber had fired 20 employees in June following an investigation by a law firm into sexual harassment allegations and other claims. Uber fired the staff following a report by law firm Perkins Coie, which Uber hired to look into claims of harassment, discrimination, bullying and other employee concerns. The law firm investigated 215 staff complaints going back as far as 2012 taking action in 58 cases and no action on 100 more. Other investigations are continuing. Of the 215 claims, Uber said 54 were related to discrimination, 47 related to sexual harassment, 45 to unprofessional behaviour, 33 to bullying and 36 to other types of claims. Uber is one of the most valuable companies in the world valued at $68 billion by Wall Street analysts.

I have decided not to pursue leadership position at Uber: Jeff Immelt

Shared-Office Startup WeWork said that they have received additional $3 billion investment from Japan's Soft Bank group. Watch to know more.

Soft Bank invests in Shared-Office Startup WeWork

Amazon.com said it will cut prices on a range of popular goods as it completes its acquisition of Whole Foods Market , sending shares of rival grocers tumbling on fears that brutal market share battles will intensify.

Amazon&#39;s $13.7 billion purchase of Whole Foods, which will be completed on Monday, has been hanging over a brick-and-mortar retail sector unsure of how to respond to the world&#39;s biggest online retailer.

Shares of Kroger, the biggest US supermarket operator, closed down 8 per cent, while Wal-Mart Stores, the biggest US food seller, closed down 2 per cent.

Amazon also said it will start selling Whole Foods brand products on its website, a move that sent down shares of packaged food sellers including Kellogg.

The S&amp;P 500 Food Retail index closed down almost 5 per cent as more than $10 billion was wiped off the market value of big food sellers.

Amazon said members of its $99-per-year Prime shopping club would eventually be rolled into Whole Foods&#39; customer rewards programme and be eligible for special offers and discounts.

&quot;There was never any doubt that Amazon would lower prices, and even offer further discounts in-store to Prime members,&quot; said Baird Equity Research analyst Colin Sebastian.

&#39;Land Grab&#39;

Amazon said that starting on Monday it will cut prices on organic grocery staples such as bananas, avocados, brown eggs, farmed salmon and tilapia, baby kale and lettuce, some apples, butter and other products.

&quot;It does not look like they will go kamikaze on pricing,&quot; said Roger Davidson, president of consulting firm Oakton Advisory Group and a former retail executive. &quot;They will lower prices on consequential items to drive traffic and sales but not do a whole store price reduction which could really damage gross margin and potentially wipe out operating margin.&quot;

Lowering prices could stem defections by price-sensitive Whole Foods shoppers, and help the grocer shed its &quot;Whole Paycheck&quot; reputation for high prices that are generally 15 to 25 per cent above rivals. It could also bring in new consumers who can then be urged to shop for food and other products online.

&quot;It&#39;s ultimately a nice land grab,&quot; said Bill Bishop of retail consultancy Brick Meets Click, and a way to get customers &quot;thinking about buying healthy food from Amazon.&quot;

Fat Profits

The planned price cuts would have been a tough sell to Whole Foods&#39; investors, who had grown used to fat profits from the upscale chain but are more in line with Amazon&#39;s broader strategy of sacrificing short-term profit for long-term market dominance.

&quot;Amazon is more focussed on driving volume and improving service at the expense of profit margins,&quot; said Sebastian. &quot;Long-term, this strategy works because the absolute profit dollars can still be significant.&quot;

Amazon&#39;s willingness to take lower profit margins ups the ante in the increasingly costly grocery price war.

&quot;In some cases grocery retailers have had to invest between $500 million to $1 billion in order to reduce prices to a level that retained customers and resulted in a net increase in customers,&quot; said Brittain Ladd, who until earlier this year was a senior manager working to globally roll out AmazonFresh, Amazon&#39;s grocery delivery service.

Adding Whole Foods benefits should help Amazon attract more shoppers to its successful Prime scheme, which features two-day shipping for eligible purchases and unlimited streaming of movies and TV shows. Amazon has more than 60 million Prime members, according to analyst estimates.

Whole Foods has rolled out a loyalty programme at its smaller, lower-priced 365 by Whole Foods chain, which offers members 10 per cent off more than 100 items in the stores. The programme is still being tested in the main Whole Foods chain.

Beyond that, some Whole Foods stores will get Amazon Lockers, where customers can receive online orders and make returns.

John Mackey will remain chief executive of Whole Foods and the company will operate as a subsidiary and continue to be headquartered in Austin, Texas, the companies said on Thursday.

Amazon's $13.7 billion purchase of Whole Foods, which will be completed on Monday, has been hanging over a brick-and-mortar retail sector unsure of how to respond to the world's biggest online retailer

Amazon.com said it will cut prices on a range of popular goods as it completes its acquisition of Whole Foods Market , sending shares of rival grocers tumbling on fears that brutal market share battles will intensify. Amazon's $13.7 billion purchase of Whole Foods, which will be completed on Monday, has been hanging over a brick-and-mortar retail sector unsure of how to respond to the world's biggest online retailer. Shares of Kroger, the biggest US supermarket operator, closed down 8 per cent, while Wal-Mart Stores, the biggest US food seller, closed down 2 per cent. Amazon also said it will start selling Whole Foods brand products on its website, a move that sent down shares of packaged food sellers including Kellogg. The S&P 500 Food Retail index closed down almost 5 per cent as more than $10 billion was wiped off the market value of big food sellers. Amazon said members of its $99-per-year Prime shopping club would eventually be rolled into Whole Foods' customer rewards programme and be eligible for special offers and discounts. "There was never any doubt that Amazon would lower prices, and even offer further discounts in-store to Prime members," said Baird Equity Research analyst Colin Sebastian. 'Land Grab' Amazon said that starting on Monday it will cut prices on organic grocery staples such as bananas, avocados, brown eggs, farmed salmon and tilapia, baby kale and lettuce, some apples, butter and other products. "It does not look like they will go kamikaze on pricing," said Roger Davidson, president of consulting firm Oakton Advisory Group and a former retail executive. "They will lower prices on consequential items to drive traffic and sales but not do a whole store price reduction which could really damage gross margin and potentially wipe out operating margin." Lowering prices could stem defections by price-sensitive Whole Foods shoppers, and help the grocer shed its "Whole Paycheck" reputation for high prices that are generally 15 to 25 per cent above rivals. It could also bring in new consumers who can then be urged to shop for food and other products online. "It's ultimately a nice land grab," said Bill Bishop of retail consultancy Brick Meets Click, and a way to get customers "thinking about buying healthy food from Amazon." Fat Profits The planned price cuts would have been a tough sell to Whole Foods' investors, who had grown used to fat profits from the upscale chain but are more in line with Amazon's broader strategy of sacrificing short-term profit for long-term market dominance. "Amazon is more focussed on driving volume and improving service at the expense of profit margins," said Sebastian. "Long-term, this strategy works because the absolute profit dollars can still be significant." Amazon's willingness to take lower profit margins ups the ante in the increasingly costly grocery price war. "In some cases grocery retailers have had to invest between $500 million to $1 billion in order to reduce prices to a level that retained customers and resulted in a net increase in customers," said Brittain Ladd, who until earlier this year was a senior manager working to globally roll out AmazonFresh, Amazon's grocery delivery service. Adding Whole Foods benefits should help Amazon attract more shoppers to its successful Prime scheme, which features two-day shipping for eligible purchases and unlimited streaming of movies and TV shows. Amazon has more than 60 million Prime members, according to analyst estimates. Whole Foods has rolled out a loyalty programme at its smaller, lower-priced 365 by Whole Foods chain, which offers members 10 per cent off more than 100 items in the stores. The programme is still being tested in the main Whole Foods chain. Beyond that, some Whole Foods stores will get Amazon Lockers, where customers can receive online orders and make returns. John Mackey will remain chief executive of Whole Foods and the company will operate as a subsidiary and continue to be headquartered in Austin, Texas, the companies said on Thursday.

Amazon to cut Whole Foods prices, escalating grocery turf war

Volkswagen has revealed&nbsp;the details of the all new T-Roc compact SUV. The car is all set to enter the showrooms in 2018 and is set to make its debut at the Frankfurt Motor Show in September&nbsp;this year. The car will be priced at around &pound;19,000.&nbsp;

T-Roc is designed with LED headlamps with LED DRL&#39;s, 17-inch alloy wheels, dual tone roof, LED tail lamps and chrome exhaust.&nbsp;

The car features a wireless phone charging option and a 330 Watt eight-channel Bose surround system which is further adorned with 11.7-inch active info display, 8-inch touch screen infotainment system compatible with Apple CarPlay and Android Auto and MirrorLink.&nbsp;

The new launch will measure&nbsp;4,234 mm in length, 1,819 mm in width, 1,573mm in height with a wheelbase of 2,603mm.&nbsp;

The international version of the car has been secured with a long list of safety features that include automatic post-collision braking, active land keeping and a front monitoring system, pedestrian monitoring and emergency braking as standard on all models.

The car also provides optional features such as driver alert system, road sign display, adaptive cruise control, lane change assist, blind spot monitoring, traffic jam assist and emergency assist.

Based on the MQB platform, the T-Roc will be available with a choice of six engines and two gearboxes. It will also provide the users an option of either front or four wheel drive powertrains.&nbsp;

T-Roc will be manufactured at the Setbul facility in Lisbon.

T-Roc will be manufactured at the Setbul facility in Lisbon

Volkswagen has revealed the details of the all new T-Roc compact SUV. The car is all set to enter the showrooms in 2018 and is set to make its debut at the Frankfurt Motor Show in September this year. The car will be priced at around £19,000. T-Roc is designed with LED headlamps with LED DRL's, 17-inch alloy wheels, dual tone roof, LED tail lamps and chrome exhaust. The car features a wireless phone charging option and a 330 Watt eight-channel Bose surround system which is further adorned with 11.7-inch active info display, 8-inch touch screen infotainment system compatible with Apple CarPlay and Android Auto and MirrorLink. The new launch will measure 4,234 mm in length, 1,819 mm in width, 1,573mm in height with a wheelbase of 2,603mm. The international version of the car has been secured with a long list of safety features that include automatic post-collision braking, active land keeping and a front monitoring system, pedestrian monitoring and emergency braking as standard on all models. The car also provides optional features such as driver alert system, road sign display, adaptive cruise control, lane change assist, blind spot monitoring, traffic jam assist and emergency assist. Based on the MQB platform, the T-Roc will be available with a choice of six engines and two gearboxes. It will also provide the users an option of either front or four wheel drive powertrains. T-Roc will be manufactured at the Setbul facility in Lisbon.

First Look: Volkswagen T-Roc SUV, to be launched in 2018

Infosys&nbsp;Ltd&#39;s new chairman said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of the firm&#39;s chief over a prolonged row with its founders.

<a href="http://www.wionews.com/india-news/my-role-will-be-oversight-governance-help-with-ceo-search-nandan-nilekani-19481">Nandan Nilekani, one of&nbsp;</a><a href="http://www.wionews.com/business-economy/reports-of-infosys-co-founder-nilekanis-board-return-trigger-stock-rebound-19453">Infosys&#39; seven founders and a former CEO</a>, was named chairman late Thursday in a victory for the founders, who led by Narayana Murthy have waged an increasingly acrimonious battle with the board for months over alleged corporate governance lapses.

Vishal Sikka, the first non-founder CEO of&nbsp;Infosys, resigned last week blaming Murthy for creating an &quot;untenable atmosphere&quot;, sparking a sell-off in&nbsp;Infosys&nbsp;shares and wiping billions of dollars off the company&#39;s market value.

&quot;I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges,&quot; Nilekani told investors on a call on Friday, adding he would stay with the IT firm for as long as needed.

Earlier in the day, he tweeted: &quot;Joined @Infosys&nbsp;at 26, rejoined it at 62. Life does turn full circle!&quot;

Credited for increasing&nbsp;Infosys&#39; revenue to $2 billion from $500 million during his 2002-2007 stint as it chief, Nilekani said his key task would be to assist in the search for a new leader from within the company or outside, adding that&nbsp;Infosys&nbsp;alumni would also be considered for the role.

India&#39;s No. 2 software services exporter is looking for a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, he said.

Chief Operating Officer Pravin Rao has been named interim CEO and will remain in the post until a replacement is found.

The management reboot comes at a time when the firm, like the rest of India&#39;s over $150 billion IT sector, is bracing for a potential change in U.S. work visa rules that could restrict the movement of engineers and developers to its biggest market.

&quot;Any incremental news of stability is good, especially the fact that someone like a Nandan, who&#39;s one of the most successful CEOs in Indian corporate history, is back,&quot; said Vaibhav Dhasmana, IT analyst at Jefferies.

Nilekani, however, refrained from commenting on&nbsp;Infosys&#39; future strategy, apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning.

More businesses are trying to adopt automation and services such as big data, cloud, and analytics to become agile and prevent being disrupted by nimbler start-ups.

&quot;I have a very open mind. I will request our strategy team to take a complete inventory of all things that are going on,&quot; Nilekani said, adding the current strategy would be reviewed on the basis of market size, growth and other factors.

There will be no changes in the capital allocation policy and a $2 billion share buyback will also proceed as planned, Nilekani said.

Nilekani, who along with his family owns about 2.3 percent of&nbsp;Infosys&nbsp;and, according to Forbes, is worth $1.72 billion, would also need to tackle retention of senior level executives critical to rolling out strategy.

The architect of India&#39;s ambitious biometric identity program, Nilekani said he would engage with shareholders and customers, and resolve differences over corporate governance.

Disagreements between founders and the board centered around a rise in Sikka&#39;s pay, the acquisition of automation firm Panaya for $200 million and a severance package offered to a former finance chief.

Infosys&nbsp;shares plumbed a more than three-year low on Monday but they have risen since on expectations of Nilekani&#39;s return. Indian markets were closed for a public holiday on Friday.

Vishal Sikka, the first non-founder CEO of Infosys, resigned last week blaming Murthy

Infosys Ltd's new chairman said his priorities were to find a CEO, reconstitute the board and shape future strategy, as he sought to calm investors frazzled by the recent shock exit of the firm's chief over a prolonged row with its founders. Nandan Nilekani, one of Infosys' seven founders and a former CEO, was named chairman late Thursday in a victory for the founders, who led by Narayana Murthy have waged an increasingly acrimonious battle with the board for months over alleged corporate governance lapses. Vishal Sikka, the first non-founder CEO of Infosys, resigned last week blaming Murthy for creating an "untenable atmosphere", sparking a sell-off in Infosys shares and wiping billions of dollars off the company's market value. "I have come in to focus on the future of the company, I have come in to take the company forward and deal with its challenges," Nilekani told investors on a call on Friday, adding he would stay with the IT firm for as long as needed. Earlier in the day, he tweeted: "Joined @Infosys at 26, rejoined it at 62. Life does turn full circle!" Credited for increasing Infosys' revenue to $2 billion from $500 million during his 2002-2007 stint as it chief, Nilekani said his key task would be to assist in the search for a new leader from within the company or outside, adding that Infosys alumni would also be considered for the role. India's No. 2 software services exporter is looking for a CEO who will be able to manage a large global firm, accelerate strategy execution and oversee its transformation, he said. Chief Operating Officer Pravin Rao has been named interim CEO and will remain in the post until a replacement is found. The management reboot comes at a time when the firm, like the rest of India's over $150 billion IT sector, is bracing for a potential change in U.S. work visa rules that could restrict the movement of engineers and developers to its biggest market. "Any incremental news of stability is good, especially the fact that someone like a Nandan, who's one of the most successful CEOs in Indian corporate history, is back," said Vaibhav Dhasmana, IT analyst at Jefferies. Nilekani, however, refrained from commenting on Infosys' future strategy, apart from saying it would be aligned with global developments and that he saw tremendous opportunity in software, data and machine learning. More businesses are trying to adopt automation and services such as big data, cloud, and analytics to become agile and prevent being disrupted by nimbler start-ups. "I have a very open mind. I will request our strategy team to take a complete inventory of all things that are going on," Nilekani said, adding the current strategy would be reviewed on the basis of market size, growth and other factors. There will be no changes in the capital allocation policy and a $2 billion share buyback will also proceed as planned, Nilekani said. Nilekani, who along with his family owns about 2.3 percent of Infosys and, according to Forbes, is worth $1.72 billion, would also need to tackle retention of senior level executives critical to rolling out strategy. The architect of India's ambitious biometric identity program, Nilekani said he would engage with shareholders and customers, and resolve differences over corporate governance. Disagreements between founders and the board centered around a rise in Sikka's pay, the acquisition of automation firm Panaya for $200 million and a severance package offered to a former finance chief. Infosys shares plumbed a more than three-year low on Monday but they have risen since on expectations of Nilekani's return. Indian markets were closed for a public holiday on Friday.

Infosys chairman Nandan Nilekani's priorities: Focus on CEO search, new board

A knife attacker stabbed eight people on the street in Russia&#39;s far northern city of Surgut before being shot by police, investigators said Saturday.

The male attacker &quot;carried out attacks on passers-by, causing stab wounds to eight&quot; while &quot;moving along central streets of the city&quot; at around 11:20 am local time (0620 GMT) said Russia&#39;s Investigative Committee, which probes major crimes.

It said that armed police then arrived and used their weapons on the attacker and &quot;liquidated&quot; him.

The incident took place in a city some 2,100 kilometres (1,330 miles) northeast of Moscow in the oil-rich Khanty-Mansi region.

Two of those stabbed are in a serious condition while five more are in a stable condition, the government of the Khanty-Mansi region said in a statement, calling the attacker so far &quot;unidentified&quot;.

It called for calm over the incident, saying that &quot;in the interests of public calm and also of the investigation, citizens and media are recommended to use reliable information in assessing the situation until all the circumstances are established&quot;.&nbsp; 
&nbsp;

Asian stocks advanced on Friday, once again shrugging off a sluggish day on Wall Street

A knife attacker stabbed eight people on the street in Russia's far northern city of Surgut before being shot by police, investigators said Saturday. The male attacker "carried out attacks on passers-by, causing stab wounds to eight" while "moving along central streets of the city" at around 11:20 am local time (0620 GMT) said Russia's Investigative Committee, which probes major crimes. It said that armed police then arrived and used their weapons on the attacker and "liquidated" him. The incident took place in a city some 2,100 kilometres (1,330 miles) northeast of Moscow in the oil-rich Khanty-Mansi region. Two of those stabbed are in a serious condition while five more are in a stable condition, the government of the Khanty-Mansi region said in a statement, calling the attacker so far "unidentified". It called for calm over the incident, saying that "in the interests of public calm and also of the investigation, citizens and media are recommended to use reliable information in assessing the situation until all the circumstances are established".

Asia stocks resilient, dollar up before Yellen, Draghi speeches

Mercedes-Benz India launched two high-performance cars in India this week, here's a look at the other cars to be launched this year.

Top cars: Toyota, Skoda, Ford race to capture India

Mitsui&nbsp;Sumitomo&nbsp;Insurance Company (MSI) is buying Singapore&#39;s First Capital Insurance for $1.6 billion from Canada&#39;s Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia.

Starved of growth in their aging home market, Japanese insurance firms have been aggressively expanding globally. In the last two years, the insurers have struck multibillion dollar deals, especially in the United States.

MSI, the core firm of MS&amp;AD Insurance Group Holdings, is paying 3.3 times book value for First Capital, the largest property and casualty insurer in Singapore. The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region.

With the acquisition, &quot;we can expect new business opportunities in the local corporate and retail market in Singapore as well as other Asian countries&quot;, MSI said in a statement on Thursday.

The purchase is a pricey one, though, with property and casualty insurance companies globally listed under the Thomson Reuters classification trading at an average 1.65 times book. MS&amp;AD Insurance Group&#39;s shares fell 1 percent to a three-month closing low, underperforming Japan&#39;s main index which was down 0.4 percent.

Japan&#39;s cashed-up insurers have been paying top dollar as they seek to spur growth and overcome negative interest rates, fewer lucrative investment options and a fast-maturing market at home.

First Capital, which too has a regional presence, writes both personal and commercial lines of insurance across various classes such as property, fire, marine hull, motor and personal accident. It has maintained high profitability with a five-year average combined ratio of 76 percent, according to MSI.

One source familiar with the matter said that MSI was quick to pounce on the deal and get into advanced discussions with Fairfax after the Canadian group began to sound out parties keen to buy First Capital.

&quot;Japanese insurers are very keen to expand further in Southeast Asia but it&#39;s becoming tough to get quality and large business in these markets,&quot; said the person who was not authorised to speak to the media

In 2015, MS&amp;AD announced a $5.3 billion acquisition of Britain&#39;s Amlin PLC, an underwriter in the Lloyd&#39;s of London specialist insurance market.

MSI and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, both companies said in separate statements on Thursday.

Fairfax said the all-cash purchase will result in a realized net investment&nbsp;gain of approximately $900 million after tax.

The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year.

Citigroup advised MSI on the deal while Bank of America Merrill Lynch was the financial adviser to Fairfax.

The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region

Mitsui Sumitomo Insurance Company (MSI) is buying Singapore's First Capital Insurance for $1.6 billion from Canada's Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia. Starved of growth in their aging home market, Japanese insurance firms have been aggressively expanding globally. In the last two years, the insurers have struck multibillion dollar deals, especially in the United States. MSI, the core firm of MS&AD Insurance Group Holdings, is paying 3.3 times book value for First Capital, the largest property and casualty insurer in Singapore. The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region. With the acquisition, "we can expect new business opportunities in the local corporate and retail market in Singapore as well as other Asian countries", MSI said in a statement on Thursday. The purchase is a pricey one, though, with property and casualty insurance companies globally listed under the Thomson Reuters classification trading at an average 1.65 times book. MS&AD Insurance Group's shares fell 1 percent to a three-month closing low, underperforming Japan's main index which was down 0.4 percent. Japan's cashed-up insurers have been paying top dollar as they seek to spur growth and overcome negative interest rates, fewer lucrative investment options and a fast-maturing market at home. First Capital, which too has a regional presence, writes both personal and commercial lines of insurance across various classes such as property, fire, marine hull, motor and personal accident. It has maintained high profitability with a five-year average combined ratio of 76 percent, according to MSI. One source familiar with the matter said that MSI was quick to pounce on the deal and get into advanced discussions with Fairfax after the Canadian group began to sound out parties keen to buy First Capital. "Japanese insurers are very keen to expand further in Southeast Asia but it's becoming tough to get quality and large business in these markets," said the person who was not authorised to speak to the media In 2015, MS&AD announced a $5.3 billion acquisition of Britain's Amlin PLC, an underwriter in the Lloyd's of London specialist insurance market. MSI and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, both companies said in separate statements on Thursday. Fairfax said the all-cash purchase will result in a realized net investment gain of approximately $900 million after tax. The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year. Citigroup advised MSI on the deal while Bank of America Merrill Lynch was the financial adviser to Fairfax.

Japense insurer MSI to buy Singapore based First Capital Insurance for $1.6 billion

British household spending grew at its&nbsp;weakest pace since late 2014 in the three months to June as the effect of a&nbsp;weaker&nbsp;pound&nbsp;since last year&#39;s Brexit vote weighed on Britons&#39; spending power, official statistics showed on Thursday.

Year-on-year spending growth dropped to 2.0 percent from 2.6 percent after expanding just 0.1 percent in the second quarter, the Office for National Statistics said.

Overall growth in gross domestic product was unrevised from an earlier estimate at 0.3 percent on a quarterly basis and 1.7 percent annually, the ONS added - representing the&nbsp;weakest start to any year since 2012.

&quot;GDP growth has slowed markedly in the first half of the year,&quot; ONS statistician Darren Morgan said. &quot;Household spending grew&nbsp;weakly, with the lower-value&nbsp;pound&nbsp;hitting household budgets,&quot; he added.

Sterling has fallen by around 15 percent on a trade-weighted since June 2016&#39;s vote to leave the European Union, pushing consumer price inflation to its highest in nearly four years in May, and added to its losses after the latest data.

Thursday&#39;s figures also showed that year-on-year business investment growth slowed to zero from 0.7 percent in the first quarter, while net trade dragged down the annual growth rate by 0.5 percent.

Britain&#39;s economy grew 1.8 percent last year, one of the fastest rates among the world&#39;s seven largest advanced economies, capped by the growth of 0.7 percent in the last three months of the year.

But that growth relied heavily on robust consumer spending, which this year has come under increased pressure from rising inflation as stores push up prices in response to Sterling&#39;s sharp fall after the Brexit vote.

The Bank of England said earlier this month that it expected the economy to grow 1.6 percent this year - slower than it had previously forecast but in line with the average expectation of economists polled by Reuters.

While it expects growth in household consumption to slow to 1.75 percent this year as inflation approaches 3 percent, it forecast export volumes would rise by 3.5 percent and business investment would rise by 1 percent.

Few economists expect the BoE to raise interest rates before 2019 as inflation is forecast to fall next year once the impact of sterling&#39;s&nbsp;weakness fades, while uncertainty during two years of Brexit talks is predicted to drag on growth.

Overall growth in gross domestic product was unrevised from an earlier estimate at 0.3 percent on a quarterly basis and 1.7 percent annually, the ONS said

British household spending grew at its weakest pace since late 2014 in the three months to June as the effect of a weaker pound since last year's Brexit vote weighed on Britons' spending power, official statistics showed on Thursday. Year-on-year spending growth dropped to 2.0 percent from 2.6 percent after expanding just 0.1 percent in the second quarter, the Office for National Statistics said. Overall growth in gross domestic product was unrevised from an earlier estimate at 0.3 percent on a quarterly basis and 1.7 percent annually, the ONS added - representing the weakest start to any year since 2012. "GDP growth has slowed markedly in the first half of the year," ONS statistician Darren Morgan said. "Household spending grew weakly, with the lower-value pound hitting household budgets," he added. Sterling has fallen by around 15 percent on a trade-weighted since June 2016's vote to leave the European Union, pushing consumer price inflation to its highest in nearly four years in May, and added to its losses after the latest data. Thursday's figures also showed that year-on-year business investment growth slowed to zero from 0.7 percent in the first quarter, while net trade dragged down the annual growth rate by 0.5 percent. Britain's economy grew 1.8 percent last year, one of the fastest rates among the world's seven largest advanced economies, capped by the growth of 0.7 percent in the last three months of the year. But that growth relied heavily on robust consumer spending, which this year has come under increased pressure from rising inflation as stores push up prices in response to Sterling's sharp fall after the Brexit vote. The Bank of England said earlier this month that it expected the economy to grow 1.6 percent this year - slower than it had previously forecast but in line with the average expectation of economists polled by Reuters. While it expects growth in household consumption to slow to 1.75 percent this year as inflation approaches 3 percent, it forecast export volumes would rise by 3.5 percent and business investment would rise by 1 percent. Few economists expect the BoE to raise interest rates before 2019 as inflation is forecast to fall next year once the impact of sterling's weakness fades, while uncertainty during two years of Brexit talks is predicted to drag on growth.

Weaker Pound takes toll on British household spending

Oil&nbsp;prices steadied on Thursday, holding on to most of their recent gains after another fall in <a href="http://www.wionews.com/business-economy/oil-jumps-to-near-8-week-high-after-big-draw-in-us-crude-stocks-18831">US&nbsp;crude</a> inventories indicated a tighter market, and as a tropical storm headed towards&nbsp;oil&nbsp;producing facilities in the Gulf of Mexico.

Benchmark Brent crude was down 5 cents a barrel at $52.52 by 0925 GMT. US&nbsp;light, sweet crude was 10 cents lower at $48.31 a barrel.

Both contracts rose more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey.

&quot;For the next few days, the US&nbsp;market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday,&quot; said Sukrit Vijayakar, director of energy consultancy Trifecta.

&quot;Operators in the area are already closing down platforms and evacuating workers as a precaution,&quot; he added.

Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the U.S. National Hurricane Center reported.

Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil have all taken steps to curb some&nbsp;oiland gas output at platforms in the Gulf.

Beyond the weather, traders said declines in US&nbsp;commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back.

US&nbsp;crude&nbsp;oil&nbsp;production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016.

Despite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday.

Crude inventories fell by 3.3 million barrels in the week ending Aug. 18 to 463.17 million barrels, down 13.5 percent from record levels last March.

US crude oil production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016

Oil prices steadied on Thursday, holding on to most of their recent gains after another fall in US crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico. Benchmark Brent crude was down 5 cents a barrel at $52.52 by 0925 GMT. US light, sweet crude was 10 cents lower at $48.31 a barrel. Both contracts rose more than 1 percent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey. "For the next few days, the US market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday," said Sukrit Vijayakar, director of energy consultancy Trifecta. "Operators in the area are already closing down platforms and evacuating workers as a precaution," he added. Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the U.S. National Hurricane Center reported. Royal Dutch Shell, Anadarko Petroleum and Exxon Mobil have all taken steps to curb some oiland gas output at platforms in the Gulf. Beyond the weather, traders said declines in US commercial crude storage levels were a sign of a gradually tightening market, although another rise in output held the market back. US crude oil production hit 9.53 million barrels per day (bpd) last week, its highest since July 2015 and up over 13 percent from their most recent low in mid-2016. Despite this, U.S. crude stocks fell last week and gasoline stocks were down as well, the Energy Information Administration said on Wednesday. Crude inventories fell by 3.3 million barrels in the week ending Aug. 18 to 463.17 million barrels, down 13.5 percent from record levels last March.

Oil prices steady as US crude inventories indicate tighter market

<a href="http://www.wionews.com/science-tech/facebook-adds-tips-for-spotting-fake-news-14267">Facebook </a>on Wednesday named one of its veteran executives Andrew Bosworth to lead all of its consumer hardware efforts, including its Building 8 division, the Business Insider reported.

<a href="http://www.wionews.com/science-tech/facebook-changes-algorithm-to-curb-tiny-group-of-spammers-17547">Facebook </a>launched the research shop, called Building 8, last year to conduct long-term work that might lead to hardware products.

Bosworth will oversee Building 8 and <a href="http://www.wionews.com/science-tech/to-boost-the-sale-of-immersive-games-facebooks-oculus-cuts-price-of-its-hardware-17782">Oculus</a>, Facebook&#39;s virtual reality arm, according to the report.&nbsp;

The Building 8 unit is currently developing a video chat device called project Aloha.

<a href="http://www.wionews.com/science-tech/facebook-to-welcome-its-first-ever-facebook-tv-18323">Facebook</a> was not immediately available for comment.

Facebook launched the research shop, called Building 8, last year to conduct long-term work that might lead to hardware products

Facebook on Wednesday named one of its veteran executives Andrew Bosworth to lead all of its consumer hardware efforts, including its Building 8 division, the Business Insider reported. Facebook launched the research shop, called Building 8, last year to conduct long-term work that might lead to hardware products. Bosworth will oversee Building 8 and Oculus, Facebook's virtual reality arm, according to the report. The Building 8 unit is currently developing a video chat device called project Aloha. Facebook was not immediately available for comment.

Facebook picks veteran executive to lead hardware efforts: Reports

A consortium that includes Western Digital (WDC.O) is offering 1.9 trillion yen ($17.4 billion) for Toshiba&#39;s &nbsp;(6502.T) memory chip business, which the Japanese conglomerate is trying to sell to cover losses from its US nuclear business, sources said on Thursday.

Western Digital is set to offer 150 billion yen through convertible bonds and will not seek voting rights in the business, sources familiar with the deal said, requesting anonymity because the talks were confidential.

The consortium also includes US private equity firm KKR &amp; Co (KKR.N) as well as the state-backed Innovation Network Corp of Japan and Development Bank of Japan, all of which will offer 300 billion yen each for the chip business, the sources said.

Toshiba said it could not comment on discussions with potential suitors for the chips business. Western Digital said it could not immediately comment, while KKR declined to comment.

Western Digital is set to offer 150 billion yen through convertible bonds and will not seek voting rights in the business, sources familiar with the deal said, requesting anonymity because the talks were confidential

A consortium that includes Western Digital (WDC.O) is offering 1.9 trillion yen ($17.4 billion) for Toshiba's (6502.T) memory chip business, which the Japanese conglomerate is trying to sell to cover losses from its US nuclear business, sources said on Thursday. Western Digital is set to offer 150 billion yen through convertible bonds and will not seek voting rights in the business, sources familiar with the deal said, requesting anonymity because the talks were confidential. The consortium also includes US private equity firm KKR & Co (KKR.N) as well as the state-backed Innovation Network Corp of Japan and Development Bank of Japan, all of which will offer 300 billion yen each for the chip business, the sources said. Toshiba said it could not comment on discussions with potential suitors for the chips business. Western Digital said it could not immediately comment, while KKR declined to comment.

Western Digital group to offer 1.9 trillion yen for Toshiba's chip unit: Sources

Electric carmaker <a href="http://www.wionews.com/science-tech/tesla-deliveries-at-low-end-of-forecast-starting-model-3-production-17587">Tesla</a> said on Wednesday it would pay $700,000 to its global sales and service president, Jon McNeill, if he met certain targets for 2017.

Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars.

Under his incentive compensation plan, McNeill will receive the amount if he meets vehicle delivery target during the third and fourth quarters of 2017, Tesla said in a filing.

The payout will also take into account operational and financial metrics relating to vehicle service performance, as well as costs and customer satisfaction scores during 2017, the company said. 
The compensation will be made in cash, stock options or restricted stock units, Tesla said.

Musk had warned earlier this month that Tesla would face months of &quot;manufacturing hell&quot; as it increases production of <a href="http://www.wionews.com/science-tech/musk-hands-over-first-tesla-model-3-electric-cars-to-early-buyers-18373">Model 3</a>.

The company faces a big challenge as it ramps up service for all new cars while continuing to produce its earlier models, Model S and Model X.

Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars

Electric carmaker Tesla said on Wednesday it would pay $700,000 to its global sales and service president, Jon McNeill, if he met certain targets for 2017. Elon Musk-run Tesla has been counting on its least pricey electric sedan, Model 3, to become a profitable and high-volume manufacturer of electric cars. Under his incentive compensation plan, McNeill will receive the amount if he meets vehicle delivery target during the third and fourth quarters of 2017, Tesla said in a filing. The payout will also take into account operational and financial metrics relating to vehicle service performance, as well as costs and customer satisfaction scores during 2017, the company said. The compensation will be made in cash, stock options or restricted stock units, Tesla said. Musk had warned earlier this month that Tesla would face months of "manufacturing hell" as it increases production of Model 3. The company faces a big challenge as it ramps up service for all new cars while continuing to produce its earlier models, Model S and Model X.

Tesla's sales head to get $700,000 payout on meeting targets

American Express has landed itself into trouble by engaging in discriminatory practices that include charging higher rates from its customers, according to federal regulators.

The company will have to pay $96 million to credit card customers in Puerto Rico and other US territories.

In addition to this, the US Consumer Financial Protection Bureau has also ordered American Express to pay $1 million and formulate new guidelines ensuring non-discriminatory card offerings in future.&nbsp;

The US CFPB announced recently that over 200,000 consumer&#39;s at two of the company&#39;s banking subsidiaries had been influenced by the practices.The Bureau also said that the company follows stricter credit cutoffs and less debt forgiveness for consumers outside the US states.&nbsp;

American Express clarified that the discrepancy, which was discovered by the organisation itself, had already been reported to the CFPB in 2013. The company also added that it had admitted compensating $95 million to the affected customers.&nbsp;

&quot;Having long since taken actions that the CFPB subsequently ratified, the company decided to settle with them rather than go through years of litigation that would have provided no additional value to any of its customers,&quot; American Express said.

Justifying The American Express, CFPB said that the company had not intentionally discriminated against customers. The discrepancy occurred due to different business units overseeing cards in US territories and US states.

&quot;They have ceased this practice and are making consumers whole. In particular, because they self-reported the problem and fully cooperated with our investigation, no civil penalties are being assessed in this matter,&quot; CFPB Director Richard Cordray said in the statement.

&nbsp;

In addition to this, the US Consumer Financial Protection Bureau has also ordered American Express to pay $1 million and formulate new guidelines ensuring non-discriminatory card offerings in future

American Express has landed itself into trouble by engaging in discriminatory practices that include charging higher rates from its customers, according to federal regulators. The company will have to pay $96 million to credit card customers in Puerto Rico and other US territories. In addition to this, the US Consumer Financial Protection Bureau has also ordered American Express to pay $1 million and formulate new guidelines ensuring non-discriminatory card offerings in future. The US CFPB announced recently that over 200,000 consumer's at two of the company's banking subsidiaries had been influenced by the practices.The Bureau also said that the company follows stricter credit cutoffs and less debt forgiveness for consumers outside the US states. American Express clarified that the discrepancy, which was discovered by the organisation itself, had already been reported to the CFPB in 2013. The company also added that it had admitted compensating $95 million to the affected customers. "Having long since taken actions that the CFPB subsequently ratified, the company decided to settle with them rather than go through years of litigation that would have provided no additional value to any of its customers," American Express said. Justifying The American Express, CFPB said that the company had not intentionally discriminated against customers. The discrepancy occurred due to different business units overseeing cards in US territories and US states. "They have ceased this practice and are making consumers whole. In particular, because they self-reported the problem and fully cooperated with our investigation, no civil penalties are being assessed in this matter," CFPB Director Richard Cordray said in the statement.

American Express to compensate card owners $96 million for engaging in discriminatory practices

Most Asian markets on Thursday brushed off a Wall Street retreat, with analysts saying a threatened government shut-down by Donald Trump was unlikely, while focus turns to a key central bankers&#39; meeting.

In a firebrand speech to supporters the embattled US president warned he would bring an end to Federal business in a bid to push through his controversial Mexican border wall, while also threatening to tear up a trade agreement with Canada and Mexico.

The outburst fuelled concerns that the nascent administration is struggling to find consensus on Capitol Hill, even with his own Republican party, raising questions about his ability to push through promised tax cuts, deregulation and infrastructure spending.&nbsp;

It also led to a warning from Fitch that it would review its US sovereign rating if the government was shut down.

All three main indexes in New York ended in the red.

However, House Speaker Paul Ryan said there would not be any closure of government, while analysts also pointed out that such a crisis was unlikely and Trump was probably bluffing.

&quot;It&#39;s Congress which will decide on the debt ceiling limit and avoid the shutdown -- not the president,&rdquo; said AxiTrader chief market strategist Greg McKenna.

He was also confident Trump&#39;s economic agenda could be pushed through, adding: &quot;It&#39;s likely the Congress will need to work out what it wants to do on tax cuts. I&#39;m still expecting some progress there in the months ahead.&quot;

Asian markets mostly started in positive territory. Hong Kong rose 0.5 per cent, a third-successive gain as traders returned to work after a typhoon hit the city Wednesday.

Sydney rose 0.2 per cent, Singapore was 0.3 per cent higher and Seoul put on 0.5 per cent, while there were also gains in Taipei and Manila.

However, Tokyo eased 0.1 per cent by the break on the back of a stronger yen, while Shanghai dipped 0.2 per cent.

Attention is now on the Jackson Hole symposium in Wyoming, where the world&#39;s top bankers are gathering, with US Federal Reserve boss Janet Yellen and European Central Bank chief Mario Draghi on the list of priorities to watch.

With the US and eurozone economies both picking up, dealers are hoping for some pointers about the future of monetary policy.

The euro has rallied in recent weeks, hitting a near eight-year low against sterling, with the ECB expected at some point to start winding in its massive stimulus, while another round of upbeat economic data Wednesday ramped up those expectations.

&nbsp;Key figures around 0240 GMT&nbsp;

Tokyo - Nikkei 225: DOWN 0.1 per cent at 19,408.80 (break)

Hong Kong - Hang Seng: UP 0.5 per cent at 27,530.65

Shanghai - Composite: DOWN 0.2 per cent at 3,281.70

Euro/dollar: DOWN at $1.1806 from $1.1813 at 2030 GMT

Pound/euro: DOWN at 1.0835 euros from 1.0869 euros

Pound/dollar: DOWN at $1.2788 from $1.2801

Dollar/yen: UP at 109.20 yen from 108.98 yen

Oil - West Texas Intermediate: DOWN eight cents at $48.33 per barrel

Oil - Brent North Sea: DOWN eight cents at $52.49

New York - Dow: DOWN 0.4 per cent at 21,812.09 (close)

London - FTSE 100: FLAT at 7,382.65 (close)

In a firebrand speech to supporters the embattled US president warned he would bring an end to Federal business in a bid to push through his controversial Mexican border wall

Most Asian markets on Thursday brushed off a Wall Street retreat, with analysts saying a threatened government shut-down by Donald Trump was unlikely, while focus turns to a key central bankers' meeting. In a firebrand speech to supporters the embattled US president warned he would bring an end to Federal business in a bid to push through his controversial Mexican border wall, while also threatening to tear up a trade agreement with Canada and Mexico. The outburst fuelled concerns that the nascent administration is struggling to find consensus on Capitol Hill, even with his own Republican party, raising questions about his ability to push through promised tax cuts, deregulation and infrastructure spending. It also led to a warning from Fitch that it would review its US sovereign rating if the government was shut down. All three main indexes in New York ended in the red. However, House Speaker Paul Ryan said there would not be any closure of government, while analysts also pointed out that such a crisis was unlikely and Trump was probably bluffing. "It's Congress which will decide on the debt ceiling limit and avoid the shutdown -- not the president,” said AxiTrader chief market strategist Greg McKenna. He was also confident Trump's economic agenda could be pushed through, adding: "It's likely the Congress will need to work out what it wants to do on tax cuts. I'm still expecting some progress there in the months ahead." Asian markets mostly started in positive territory. Hong Kong rose 0.5 per cent, a third-successive gain as traders returned to work after a typhoon hit the city Wednesday. Sydney rose 0.2 per cent, Singapore was 0.3 per cent higher and Seoul put on 0.5 per cent, while there were also gains in Taipei and Manila. However, Tokyo eased 0.1 per cent by the break on the back of a stronger yen, while Shanghai dipped 0.2 per cent. Attention is now on the Jackson Hole symposium in Wyoming, where the world's top bankers are gathering, with US Federal Reserve boss Janet Yellen and European Central Bank chief Mario Draghi on the list of priorities to watch. With the US and eurozone economies both picking up, dealers are hoping for some pointers about the future of monetary policy. The euro has rallied in recent weeks, hitting a near eight-year low against sterling, with the ECB expected at some point to start winding in its massive stimulus, while another round of upbeat economic data Wednesday ramped up those expectations. Key figures around 0240 GMT Tokyo - Nikkei 225: DOWN 0.1 per cent at 19,408.80 (break) Hong Kong - Hang Seng: UP 0.5 per cent at 27,530.65 Shanghai - Composite: DOWN 0.2 per cent at 3,281.70 Euro/dollar: DOWN at $1.1806 from $1.1813 at 2030 GMT Pound/euro: DOWN at 1.0835 euros from 1.0869 euros Pound/dollar: DOWN at $1.2788 from $1.2801 Dollar/yen: UP at 109.20 yen from 108.98 yen Oil - West Texas Intermediate: DOWN eight cents at $48.33 per barrel Oil - Brent North Sea: DOWN eight cents at $52.49 New York - Dow: DOWN 0.4 per cent at 21,812.09 (close) London - FTSE 100: FLAT at 7,382.65 (close)

Asian markets brush off Trump threat of Mexico shutdown

Indian shares inched up in thin trade on Thursday with gains in IT stocks such as Infosys offsetting losses in banking shares.

IT stocks were among the top gainers with Infosys rising as much as 2.4 per cent after a group of institutional investors asked the company to bring former CEO Nandan Nilekani back on to its board to settle the feud with the founders.

Gains were however muted as investors booked profit in banking shares after a rally in the previous session following federal cabinet&#39;s approval of a mechanism to oversee consolidation in public sector banks.

Shares of state-run lenders Punjab National Bank and Allahabad Bank fell 1.5 per cent and 1.8 per cent, after gaining 3.4 per cent and 4.7 per cent in the previous session.

A stronger bank will not readily absorb a weaker one because it wouldn&#39;t want its balance sheet to weaken, said Saurabh Jain, assistant vice-president of research at SMC Global Securities.

&quot;It is a difficult and a challenging process.&quot;

The broader NSE Nifty was up 0.08 per cent at 9,860.6 as of 0546 GMT, while the benchmark BSE Sensex was 0.08 per cent higher at 31,591.98.

Pharma stocks such as Sun Pharmaceuticals and Lupin gained over 2.5 per cent each.

Shares of brewers surged after the Supreme Court clarified that the liquor ban on highways did not apply to licensed establishments falling within municipal areas. United Spirits and Globus Spirits rose between 5 per cent and 13 per cent.

IT stocks were among the top gainers with Infosys rising as much as 2.4 per cent after a group of institutional investors asked the company to bring former CEO Nandan Nilekani back on to its board to settle the feud with the founders

Indian shares inched up in thin trade on Thursday with gains in IT stocks such as Infosys offsetting losses in banking shares. IT stocks were among the top gainers with Infosys rising as much as 2.4 per cent after a group of institutional investors asked the company to bring former CEO Nandan Nilekani back on to its board to settle the feud with the founders. Gains were however muted as investors booked profit in banking shares after a rally in the previous session following federal cabinet's approval of a mechanism to oversee consolidation in public sector banks. Shares of state-run lenders Punjab National Bank and Allahabad Bank fell 1.5 per cent and 1.8 per cent, after gaining 3.4 per cent and 4.7 per cent in the previous session. A stronger bank will not readily absorb a weaker one because it wouldn't want its balance sheet to weaken, said Saurabh Jain, assistant vice-president of research at SMC Global Securities. "It is a difficult and a challenging process." The broader NSE Nifty was up 0.08 per cent at 9,860.6 as of 0546 GMT, while the benchmark BSE Sensex was 0.08 per cent higher at 31,591.98. Pharma stocks such as Sun Pharmaceuticals and Lupin gained over 2.5 per cent each. Shares of brewers surged after the Supreme Court clarified that the liquor ban on highways did not apply to licensed establishments falling within municipal areas. United Spirits and Globus Spirits rose between 5 per cent and 13 per cent.

Infosys shares up after Nandan Nilekani's comeback rumours

Infosys has appointed <a href="http://www.wionews.com/business-economy/infosys-shares-up-after-nandan-nilekanis-comeback-rumours-19424">Nandan Nilekani as its non-executive chairman</a> with immediate effect.

The decision was unanimously approved by the board of Infosys.

&quot;His appointment will allow Infosys to focus on the strategic changes it needs to make in order to capitalize on the attractive opportunities in the years ahead. Under Nandan, Infosys will build a cohesive management team that will no doubt take the company to a leadership position in the industry,&quot; said outgoing chairman R. Seshasayee.

Specualations of Nilekani being appointed as the chairman were already doing the rounds. &nbsp;

Nilekani has served as the CEO of the IT major from 2002 to 2007.

He was instrumental in rolling out India&#39;s biggest technology project, Aadhaar, which gives a unique&nbsp;identification number to every citizen.

Infosys has been caught in an acrimonious exchange between its board and founders led by N R Narayana Murthy.

The board has blamed Murthy for the <a href="http://www.wionews.com/business-economy/vishal-sikka-resigns-as-md-ceo-of-infosys-to-be-executive-vice-chairman-19151" target="_blank">exit of Vishal Sikka</a> who resigned as the CEO last week.

The news of Nilekani&#39;s return has brought cheers to the markets as the <a href="http://www.wionews.com/business-economy/reports-of-infosys-co-founder-nilekanis-board-return-trigger-stock-rebound-19453" target="_blank">stock price surged for third straight day</a>.

(With inputs from ANI)

The decision was unanimously approved by the board of the IT major

Infosys has appointed Nandan Nilekani as its non-executive chairman with immediate effect. The decision was unanimously approved by the board of Infosys. "His appointment will allow Infosys to focus on the strategic changes it needs to make in order to capitalize on the attractive opportunities in the years ahead. Under Nandan, Infosys will build a cohesive management team that will no doubt take the company to a leadership position in the industry," said outgoing chairman R. Seshasayee. Specualations of Nilekani being appointed as the chairman were already doing the rounds. Nilekani has served as the CEO of the IT major from 2002 to 2007. He was instrumental in rolling out India's biggest technology project, Aadhaar, which gives a unique identification number to every citizen. Infosys has been caught in an acrimonious exchange between its board and founders led by N R Narayana Murthy. The board has blamed Murthy for the exit of Vishal Sikka who resigned as the CEO last week. The news of Nilekani's return has brought cheers to the markets as the stock price surged for third straight day. (With inputs from ANI)

Nandan Nilekani returns to Infosys, appointed non-executive chairman

In a move that could end the bitter acrimony witnessed after Vishal Sikka&#39;s exit, Infosys&nbsp;co-founder Nandan Nilekani is set for a return.

According to a report in The Times of India, Nilekani will come onboard as non-executive chairman to achieve a set of predetermined goals.

The Infosys board has been locked in bitter dispute with the company&#39;s founders led by N R Narayana Murthy.&nbsp;

The board has blamed Murthy for the exit of Sikka.&nbsp;

Murthy has been highlighting the falling governance standards at India&#39;s second largest IT firm.

Sikka resigned as the chief executive officer (CEO) of Infosys last week confirming speculations that all is not well within the technology giant.

Nilekani served as the CEO of Infosys from 2002 to 2007. He and his family own about 2.3 per cent of Infosys, a report in Reuters said.

The news of Nilekani&#39;s return led to a surge in stock price of Infosys for a third staraight day.

(With inputs from Reuters)

&nbsp;

&nbsp;

Nilekani is poised to become Infosys' non-executive chairman in the next few days, the Times of India reported on Thursday, adding he would come for a predetermined period with the aim of achieving a series of goals including hiring a new CEO

In a move that could end the bitter acrimony witnessed after Vishal Sikka's exit, Infosys co-founder Nandan Nilekani is set for a return. According to a report in The Times of India, Nilekani will come onboard as non-executive chairman to achieve a set of predetermined goals. The Infosys board has been locked in bitter dispute with the company's founders led by N R Narayana Murthy. The board has blamed Murthy for the exit of Sikka. Murthy has been highlighting the falling governance standards at India's second largest IT firm. Sikka resigned as the chief executive officer (CEO) of Infosys last week confirming speculations that all is not well within the technology giant. Nilekani served as the CEO of Infosys from 2002 to 2007. He and his family own about 2.3 per cent of Infosys, a report in Reuters said. The news of Nilekani's return led to a surge in stock price of Infosys for a third staraight day. (With inputs from Reuters)

Infosys shares rebound as Nilekani set to return - reports

Diversified miner Vedanta Resources&#39; first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China.

The company, which mines zinc in India, South Africa and Namibia, reported an 84 percent jump in mined metal content, mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter to June 30.

Zinc is used to galvanise steel to protect it from rusting and steel producing countries such as China have ramped up production this year to support construction growth.

A jump in production boosted revenue at&nbsp;Vedanta&#39;s&nbsp;Indian unit by about 90 percent to $695 million. This underpinned the parent company&#39;s results.

Vendanta&#39;s output hit a monthly record in July at 74.02 million tonnes boosted by demand for steel-making ingredient zinc as mills ramped up production even as Beijing intensified its war on smog.

Vedanta&#39;s&nbsp;bounce back follows a couple of hard year when it was hit by weak commodities prices and debt. Investors have also worried about&nbsp;Vedanta&#39;s&nbsp;legal action in connection with pollution in Zambia.

Its shares were up 1.6 percent at 785 pence at 0728 GMT on the London Stock Exchange. While its shares have fallen around 20 percent this year, they have outperformed the wider STOXX Basic Resources index since the end of June, Reuters data showed. (http://bit.ly/2xrAclo)

Vedanta said earnings before interest, tax, depreciation and amortization rose to $777.8 million in the first quarter, from $527.1 million a year earlier.

The company, which also produces iron ore, copper, aluminium and oil, said revenue rose 32 percent to $3.08 billion in the quarter, beating Jefferies estimates by about 2 percent.

Vedanta has said it is well placed, with its zinc mines and it also produces aluminium - meaning it produces two other materials used in light, low carbon transport.

The group is also exploring ways to produce cobalt for use in batteries amid an anticipated electric vehicle boom.

Diversified miner Vedanta Resources' first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China

Diversified miner Vedanta Resources' first-quarter core earnings rose about 48 percent on higher zinc production, with renewed demand for the metal driven by higher steel production in China. The company, which mines zinc in India, South Africa and Namibia, reported an 84 percent jump in mined metal content, mainly of zinc, at its Indian unit to 233,000 tonnes for the first quarter to June 30. Zinc is used to galvanise steel to protect it from rusting and steel producing countries such as China have ramped up production this year to support construction growth. A jump in production boosted revenue at Vedanta's Indian unit by about 90 percent to $695 million. This underpinned the parent company's results. Vendanta's output hit a monthly record in July at 74.02 million tonnes boosted by demand for steel-making ingredient zinc as mills ramped up production even as Beijing intensified its war on smog. Vedanta's bounce back follows a couple of hard year when it was hit by weak commodities prices and debt. Investors have also worried about Vedanta's legal action in connection with pollution in Zambia. Its shares were up 1.6 percent at 785 pence at 0728 GMT on the London Stock Exchange. While its shares have fallen around 20 percent this year, they have outperformed the wider STOXX Basic Resources index since the end of June, Reuters data showed. (http://bit.ly/2xrAclo) Vedanta said earnings before interest, tax, depreciation and amortization rose to $777.8 million in the first quarter, from $527.1 million a year earlier. The company, which also produces iron ore, copper, aluminium and oil, said revenue rose 32 percent to $3.08 billion in the quarter, beating Jefferies estimates by about 2 percent. Vedanta has said it is well placed, with its zinc mines and it also produces aluminium - meaning it produces two other materials used in light, low carbon transport. The group is also exploring ways to produce cobalt for use in batteries amid an anticipated electric vehicle boom.

Vedanta Resources' earnings rise 48 per cent with helping hand from China