National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

India&#39;s largest carmaker Maruti Suzuki India (MSI) has finally launched the much-awaited Ignis in the country. The car, which happens to be Maruti&#39;s first sub-compact crossover in India, is priced at Rs 4.59 lakh onwards. The high-end model of the Ignis costs Rs 7.46 lakh.

The car is available for e-booking with an initial payment of Rs 11,000. Maruti, for the first time, has introduced an option of online booking through Nexa&#39;s exclusive website.

The Ignis is available in 1.2 litre petrol and 1.3 litre diesel engine options. It also offers automatic gearshift options in both.

This is the entry-level car for the premium Nexa chain, which also sells Baleno and S-Cross models of the company.

At present, MSI has 197 Nexa outlets in close to 115 cities in India.

The Ignis will be produced at MSI&#39;s Gurugram (earlier known as Gurgaon) plant and is meant mainly for the domestic market.

<table style="border-collapse:collapse;border-spacing:0;border-color:#ccc;width:100%">
	<tbody>
		<tr>
			<th style="font-family:Arial, sans-serif;font-size:14px;font-weight:bold;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f0f0f0;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Maruti Ignis</th>
			<th style="font-family:Arial, sans-serif;font-size:14px;font-weight:bold;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f0f0f0;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Petrol</th>
			<th style="font-family:Arial, sans-serif;font-size:14px;font-weight:bold;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f0f0f0;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Diesel</th>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Length x Width x Height (mm)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">3700 x 1690 x 1595</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">3700 x 1690 x 1595</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Wheel Base (mm)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">2435</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">2435</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Ground Clearance (mm)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">180</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">180</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Seating Capacity</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">5</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">5</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Boot Space (With Parcel Tray)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">260 L</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">260 L</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Fuel Tank Capacity</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">32 L</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">32 L</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Transmission Type</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">5 MT / AMT</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">5 MT / AMT</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Engine Type</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">V V T</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">DDiS</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Displacement (cc)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">1197</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">1248</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Number of Cylinders</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">4</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">4</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Max Power (kW@rpm)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">61@6000</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">55.2@4000</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Max Torque (Nm@rpm)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">113@4200</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">190@2000</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Front Brakes</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Disc</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Disc</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Rear Brakes</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Drum</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Drum</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Front Suspension</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">McPherson Strut</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">McPherson Strut</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Rear Suspension</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Torsion Beam</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Torsion Beam</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Power Steering Type</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Electrical</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#f9f9f9;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Electrical</td>
		</tr>
		<tr>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">Fuel Efficiency (km/l)</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">20.89</td>
			<td style="font-family:Arial, sans-serif;font-size:14px;padding:10px 5px;border-style:solid;border-width:0px;overflow:hidden;word-break:normal;border-color:#ccc;color:#333;background-color:#fff;border-top-width:1px;border-bottom-width:1px;vertical-align:top">26.80</td>
		</tr>
	</tbody>
</table>

(WION)

This is the entry-level car for the premium Nexa chain

India's largest carmaker Maruti Suzuki India (MSI) has finally launched the much-awaited Ignis in the country. The car, which happens to be Maruti's first sub-compact crossover in India, is priced at Rs 4.59 lakh onwards. The high-end model of the Ignis costs Rs 7.46 lakh. The car is available for e-booking with an initial payment of Rs 11,000. Maruti, for the first time, has introduced an option of online booking through Nexa's exclusive website. The Ignis is available in 1.2 litre petrol and 1.3 litre diesel engine options. It also offers automatic gearshift options in both. This is the entry-level car for the premium Nexa chain, which also sells Baleno and S-Cross models of the company. At present, MSI has 197 Nexa outlets in close to 115 cities in India. The Ignis will be produced at MSI's Gurugram (earlier known as Gurgaon) plant and is meant mainly for the domestic market. Maruti Ignis Petrol Diesel Length x Width x Height (mm) 3700 x 1690 x 1595 3700 x 1690 x 1595 Wheel Base (mm) 2435 2435 Ground Clearance (mm) 180 180 Seating Capacity 5 5 Boot Space (With Parcel Tray) 260 L 260 L Fuel Tank Capacity 32 L 32 L Transmission Type 5 MT / AMT 5 MT / AMT Engine Type V V T DDiS Displacement (cc) 1197 1248 Number of Cylinders 4 4 Max Power (kW@rpm) 61@6000 55.2@4000 Max Torque (Nm@rpm) 113@4200 190@2000 Front Brakes Disc Disc Rear Brakes Drum Drum Front Suspension McPherson Strut McPherson Strut Rear Suspension Torsion Beam Torsion Beam Power Steering Type Electrical Electrical Fuel Efficiency (km/l) 20.89 26.80 (WION)

Indian auto major Maruti Suzuki launches Ignis at Rs 4.59 lakh onwards

Indian markets opened in green and Rupee gained 17 paise. Can this growth continue in the third week of 2017? Here's more to this report with our Market analyst Mohammed Amin

Indian markets open in green (WION Wallet)

On this episode of WION Wallet, Prashant Bansal joins us to share more insights on the current market condition and much more.

Mc Donald's sells control of China business and more (WION Wallet)

India&#39;s second-biggest software services exporter Infosys Ltd reported on Friday a 7 per cent rise in third-quarter net profit on new client wins, beating street estimates.

Infosys posted a quarterly net profit of 37.08 billion rupees ($544.03 million), compared with 34.65 billion rupees a year earlier. Revenue rose 8.6 per cent to 172.73 billion rupees.

Analysts, on average, expected a profit of 35.44 billion rupees on revenue of 173.01 billion rupees, according to Thomson Reuters data.

(Reuters)

Infosys posted a quarterly net profit of 37.08 billion rupees ($544.03 million), compared with 34.65 billion rupees a year earlier

India's second-biggest software services exporter Infosys Ltd reported on Friday a 7 per cent rise in third-quarter net profit on new client wins, beating street estimates. Infosys posted a quarterly net profit of 37.08 billion rupees ($544.03 million), compared with 34.65 billion rupees a year earlier. Revenue rose 8.6 per cent to 172.73 billion rupees. Analysts, on average, expected a profit of 35.44 billion rupees on revenue of 173.01 billion rupees, according to Thomson Reuters data. (Reuters)

India: Infosys Q3 net profit rises 7 per cent, beats estimates

German carmaker Volkswagen (VW) AG is set to recall 340,000&nbsp;vehicle units in India across 13 models as part of its global recall to replace a software linked to emissions cheating tests, according to <a href="http://www.livemint.com/Companies/BVEFtjcdtj5M9jwUbGPn5L/Volkswagen-to-recall-34-lakh-vehicles-of-13-models-in-India.html">India&#39;s business newspaper Mint</a>.

Volkswagen had admitted in 2015 that about 11 million diesel cars worldwide were fitted with &#39;defeat devices&#39;&nbsp;in order to beat emissions tests.&nbsp;

The car models to be recalled by Volkswagen in India are hatchback Polo, sedans such as Vento, Jetta, Passat; Skoda&rsquo;s Fabia hatchback, Yeti SUV and sedans such as Rapid, Laura and Superb, also Audi&rsquo;s A4 and A6 sedans apart from Q3 and Q5 SUVs, the Mint report adds.

Six Volkswagen employees from Germany have been indicted in the US in the emissions cheating scandal.&nbsp;Former Volkswagen CEO Martin Winterkorn will face German MPs next week amid fresh allegations that top executives colluded in covering up the German automaker&#39;s emissions cheating practices. 
&nbsp;

(WION)

Volkswagen's decision to recall cars in India is part of its global move to replace a software linked to emissions cheating tests

German carmaker Volkswagen (VW) AG is set to recall 340,000 vehicle units in India across 13 models as part of its global recall to replace a software linked to emissions cheating tests, according to India's business newspaper Mint. Volkswagen had admitted in 2015 that about 11 million diesel cars worldwide were fitted with 'defeat devices' in order to beat emissions tests. The car models to be recalled by Volkswagen in India are hatchback Polo, sedans such as Vento, Jetta, Passat; Skoda’s Fabia hatchback, Yeti SUV and sedans such as Rapid, Laura and Superb, also Audi’s A4 and A6 sedans apart from Q3 and Q5 SUVs, the Mint report adds. Six Volkswagen employees from Germany have been indicted in the US in the emissions cheating scandal. Former Volkswagen CEO Martin Winterkorn will face German MPs next week amid fresh allegations that top executives colluded in covering up the German automaker's emissions cheating practices. (WION)

Volkswagen set to recall 340,000 cars in India: Report

India&#39;s Attorney General Mukul Rohatgi has sanctioned the telecom regulatory authority to impose a cumulative fine of Rs 3,050 crore ($4.48 billion) on three telecom operators -- Bharti Airtel, Vodafone and Idea Cellular -- for poor service quality. 
 
&quot;Attorney General has opined that DoT (Department of Telecom) can impose penalty on telecom operators for violating quality of service rules,&quot; a source told PTI.

This comes after Reliance Jio complained that over 75 per cent of calls on its network were failing as incumbents were not giving sufficient points of interconnect to help complete calls -- a move which has been dubbed as &quot;anti-consumer&quot;.

If the DoT intends to levy a penalty, Airtel and Vodafone would have to pay Rs 1,050 crore ($1.5 billion) penalty and Idea would have to pay Rs 950 ($1.3 billion) crore fine.

The three service proders had come close to seeing their licence being revoked by Indian authorities. The only saving grace for them was that it would lead to &quot;significant consumer inconvenience&quot;.

TRAI, the telecom regulatory authority, found the three companies were non-compliant with licence conditions and service quality norms, leading to the high rate of call failures and congestion at interconnect points for Reliance Jio, the new entrant in the telecom market.

Reacting to the development, Bharti Airtel Chairman Sunil Bharti Mittal said, &quot;We have taken a position that these penalties have been completely done in haste. We have written to TRAI, we have written to DoT. What I understand, DoT has set up a committee to look into this recommendation of TRAI. We are all waiting for the outcome of that.&quot;

(WION with inputs from PTI)

The three companies very close to having their licence revoked by Indian authorities for trying to stymie Reliance Jio's service

India's Attorney General Mukul Rohatgi has sanctioned the telecom regulatory authority to impose a cumulative fine of Rs 3,050 crore ($4.48 billion) on three telecom operators -- Bharti Airtel, Vodafone and Idea Cellular -- for poor service quality. "Attorney General has opined that DoT (Department of Telecom) can impose penalty on telecom operators for violating quality of service rules," a source told PTI. This comes after Reliance Jio complained that over 75 per cent of calls on its network were failing as incumbents were not giving sufficient points of interconnect to help complete calls -- a move which has been dubbed as "anti-consumer". If the DoT intends to levy a penalty, Airtel and Vodafone would have to pay Rs 1,050 crore ($1.5 billion) penalty and Idea would have to pay Rs 950 ($1.3 billion) crore fine. The three service proders had come close to seeing their licence being revoked by Indian authorities. The only saving grace for them was that it would lead to "significant consumer inconvenience". TRAI, the telecom regulatory authority, found the three companies were non-compliant with licence conditions and service quality norms, leading to the high rate of call failures and congestion at interconnect points for Reliance Jio, the new entrant in the telecom market. Reacting to the development, Bharti Airtel Chairman Sunil Bharti Mittal said, "We have taken a position that these penalties have been completely done in haste. We have written to TRAI, we have written to DoT. What I understand, DoT has set up a committee to look into this recommendation of TRAI. We are all waiting for the outcome of that." (WION with inputs from PTI)

India's top law officer green-lights $4 billion penalty on telcos for poor service

Tata Sons&#39; board has named Tata Consultancy Services head N Chandrasekaran as the chairman of Tata Sons

Rajesh Gopinath will become the chairman of Tata Consultancy Services (TCS), the position that was so far occupied by Chandrasekaran.

The $100-billion conglomerate Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt, had ousted its chairman Cyrus Mistry in October.

&quot;I will reach out to everyone. Chairmanship of Tata Sons is a huge responsibility,&quot; the incoming chairman said.

Ratan&nbsp;Tata, patriarch of one of India&#39;s most influential families, had taken over as interim chairman of&nbsp;Tata&nbsp;Sons after the board ousted Mistry.

TCS head N&nbsp;Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry.&nbsp;In October, Tata Sons&#39; board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months.

A masters degree holder in computer applications, Chandrasekaran joined the group in 1987, and rose through the ranks to become TCS CEO in 2009.

He was named to the&nbsp;Tata&nbsp;Sons board in October, after Mistry&#39;s ouster. Chandrasekaran also serves on the board of Reserve Bank of India.

A short bio on the central bank&#39;s website describes him as an avid photographer, music aficionado and a passionate long-distance runner who has completed marathons across the world.

TCS is India&#39;s largest software services exporter and registered a 10.9 per cent rise in profit for the quarter to December. TCS is the most lucrative wing of Tata Sons.

Mistry&#39;s removal from the Tata board ignited a bitter public spat in recent weeks.

Mistry laid out three sets of allegations: breaches of governance within the Tata&nbsp;group; misconduct at&nbsp;Tata&nbsp;ventures; and the illegality of his ouster.

Tata&nbsp;Sons&nbsp;denies Mistry&#39;s allegations and says it has followed the highest standards of corporate governance.

(WION with inputs from Reuters)

Rajesh Gopinathan will take over as Tata Consultancy Services chairman -- the position vacated by Chandrasekaran

Tata Sons' board has named Tata Consultancy Services head N Chandrasekaran as the chairman of Tata Sons Rajesh Gopinath will become the chairman of Tata Consultancy Services (TCS), the position that was so far occupied by Chandrasekaran. The $100-billion conglomerate Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt, had ousted its chairman Cyrus Mistry in October. "I will reach out to everyone. Chairmanship of Tata Sons is a huge responsibility," the incoming chairman said. Ratan Tata, patriarch of one of India's most influential families, had taken over as interim chairman of Tata Sons after the board ousted Mistry. TCS head N Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry. In October, Tata Sons' board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months. A masters degree holder in computer applications, Chandrasekaran joined the group in 1987, and rose through the ranks to become TCS CEO in 2009. He was named to the Tata Sons board in October, after Mistry's ouster. Chandrasekaran also serves on the board of Reserve Bank of India. A short bio on the central bank's website describes him as an avid photographer, music aficionado and a passionate long-distance runner who has completed marathons across the world. TCS is India's largest software services exporter and registered a 10.9 per cent rise in profit for the quarter to December. TCS is the most lucrative wing of Tata Sons. Mistry's removal from the Tata board ignited a bitter public spat in recent weeks. Mistry laid out three sets of allegations: breaches of governance within the Tata group; misconduct at Tata ventures; and the illegality of his ouster. Tata Sons denies Mistry's allegations and says it has followed the highest standards of corporate governance. (WION with inputs from Reuters)

N Chandrasekaran named Tata Sons chairman

Indian&nbsp;conglomerate Tata Sons has named TCS head N. Chandrasekaran as its new chairman.

Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt pans, ousted its chairman Cyrus Mistry in October.&nbsp;The news comes after Tata Consultancy Services Ltd, India&#39;s biggest software services company, reported its results today.

TCS head N. Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry.&nbsp;In October, Tata Sons&#39; board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months.

(WION)

Tata Sons' board has named TCS head N. Chandrasekaran as the chairman of Tata Sons

Indian conglomerate Tata Sons has named TCS head N. Chandrasekaran as its new chairman. Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt pans, ousted its chairman Cyrus Mistry in October. The news comes after Tata Consultancy Services Ltd, India's biggest software services company, reported its results today. TCS head N. Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry. In October, Tata Sons' board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months. (WION)

Chandrasekaran named Tata Sons chairman

Tata Sons&#39; board has named TCS head N.Chandrasekaran as the chairman of Tata Sons

Indian conglomerate Tata Sons has named TCS head N. Chandrasekaran as its new chairman.

Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt had ousted its chairman Cyrus Mistry in October.

TCS head N. Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry. In October, Tata Sons&#39; board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months.

(WION) 
&nbsp;

Tata Sons had ousted its chairman Cyrus Mistry in October last year

Tata Sons' board has named TCS head N.Chandrasekaran as the chairman of Tata Sons Indian conglomerate Tata Sons has named TCS head N. Chandrasekaran as its new chairman. Tata Sons, the holding company of the listed Tata group companies in a business empire ranging from Jaguar Land Rover and steel mills to aviation and salt had ousted its chairman Cyrus Mistry in October. TCS head N. Chandrasekaran has been widely rumoured to be one of the leading contenders to replace Mistry. In October, Tata Sons' board had set up a five-member selection committee that included Ratan Tata to choose a new chairman within the next four months. (WION)

The chief of India&#39;s central bank on Wednesday warned the federal government that not wresting a ballooning fiscal deficit might cause long-term economic damage.

Reserve Bank of India governor Urjit Patel said not reducing the high borrowing levels was also hampering the country&#39;s sovereign ratings.

Patel, speaking at an investors&#39; summit in India&#39;s western Gujarat state, said both the federal government and state governments had to &quot;take cognisance&quot; of the matter to &quot;mitigate financial volatility&quot; in near future.

India&#39;s total fiscal deficit is targeted at 6.4 per cent of GDP in 2016-17, which is above the norm for most emerging markets and G20 countries. In comparison, China&#39;s government deficit was a little above two percentage points in 2016.

Patel&#39;s comments come weeks before the Narendra Modi administration is set to announce its annual budget.&nbsp;

The high debt burden has also scuttled India&#39;s chance of upgrading credit rating. Recently, Reuters had reported that the Indian government had pushed Moody&#39;s to get a better rating from its existing Baa3 rating -- the lowest investment grade.

But the international credit rating agency remained unmoved, with&nbsp;the company&#39;s senior vice president and sovereign analyst&nbsp;Marie Diron reasoning that high debt levels and the saddled banking sector&nbsp;were key reasons for the status quo.

(WION with inputs from Reuters)

&nbsp;

India's total fiscal deficit is targeted at 6.4 per cent of GDP in 2016-17, which is higher than most G20 countries

The chief of India's central bank on Wednesday warned the federal government that not wresting a ballooning fiscal deficit might cause long-term economic damage. Reserve Bank of India governor Urjit Patel said not reducing the high borrowing levels was also hampering the country's sovereign ratings. Patel, speaking at an investors' summit in India's western Gujarat state, said both the federal government and state governments had to "take cognisance" of the matter to "mitigate financial volatility" in near future. India's total fiscal deficit is targeted at 6.4 per cent of GDP in 2016-17, which is above the norm for most emerging markets and G20 countries. In comparison, China's government deficit was a little above two percentage points in 2016. Patel's comments come weeks before the Narendra Modi administration is set to announce its annual budget. The high debt burden has also scuttled India's chance of upgrading credit rating. Recently, Reuters had reported that the Indian government had pushed Moody's to get a better rating from its existing Baa3 rating -- the lowest investment grade. But the international credit rating agency remained unmoved, with the company's senior vice president and sovereign analyst Marie Diron reasoning that high debt levels and the saddled banking sector were key reasons for the status quo. (WION with inputs from Reuters)

Reduce borrowing levels to avoid economic volatility, warns RBI

The World Bank has pared back its global growth estimate for 2017, but uncertainty about the economic policies of US President-elect Donald Trump is clouding the outlook.

&quot;We need to pay attention. All eyes are on US policymakers and how they will formulate their policies,&quot; Ayhan Kose, main author of the World Bank&#39;s global forecast, said.

&quot;What happens in the United States does not stay in the United States.&quot;&nbsp;In the semi-annual Global Economic Prospects report, the World Bank lowered the estimate for global growth this year a tenth from the June forecast, to 2.7 per cent compared to the 2.3 per cent growth seen last year.&nbsp;The World Bank maintained its US forecast at 2.2 per cent following a sluggish 1.6 per cent in 2016.&nbsp;But those estimates could go much higher.&nbsp;

Even the table in the report displaying the forecasts for the major regions and economies comes with a footnote warning about the uncertainty: &quot;The US forecasts do not incorporate the effect of policy proposals by the new US administration, as their overall scope and ultimate form are still uncertain.&quot;&nbsp;Kose said it is simply too soon to draw any conclusions, however a simulation showed the individual and corporate tax cuts that Trump discussed during the campaign could on their own add three-tenths to the US growth rate this year, and more than double that in 2018.&nbsp;And infrastructure spending could have an even larger impact.

&quot;These are significant increases,&quot; he said.&nbsp;&quot;A healthy US economy is good for the rest of the world&nbsp;since an increase in US growth of one full percentage point could boost advanced economies by eight-tenths after a year, and emerging markets by six-tenths,&quot; he added.

So global growth potentially could rise another tenth this year to 2.8 per cent, and get a three-tenths boost in 2018, he said. However, he was quick to stress the caveats to this estimated impact: It will depend on the timing of the tax cuts, how they impact inflation, and how the Federal Reserve reacts.

The same is true for other proposals like big spending on infrastructure, which would have a more direct impact on growth, but could exacerbate an already tight labor market, which also could fuel inflation.&nbsp;The US central bank has cautioned that spending that fuels inflation could require more and faster increases in the benchmark lending rate.&nbsp;Higher interest rates in turn would tend to slow economic growth.

Kose said the rising threat of protectionism in advanced economies also remains a concern, and that uncertainty &quot;is a challenge to businesses in the US and abroad&quot;.

But again he said, it is too early to tell what the impact on global growth will be until the specifics are known -&nbsp;for example, whether US tariff increases Trump has threatened are limited to one product, like automobiles, or extend to an entire country.

&quot;One thing we know well, open trade policies help promote economic growth,&quot; Kose said, in the closest he came in the interview to a word of caution to the new administration. After a pretty bad year in 2016, Kose said the world economy is poised for a recovery, especially with major commodity exporters returning to growth after recessions, including Russia, Brazil and Argentina.&nbsp;The euro area is expected to grow 1.5 per cent this year -- the same as in the June forecast -- and 1.4 per cent in 2018, after 1.6 per cent GDP last year.

Japan&#39;s growth is forecast at 0.9 per cent and 0.8 per cent for 2017 and 2018, which is a half-point better than the June estimate.&nbsp;The China forecasts are unchanged, with growth expected to slow to 6.5 per cent this year and 6.3 per cent next, which Kose called &quot;a healthy slowdown&quot;.

&quot;They have done a real competent job so far slowing down the economy&quot; from double-digit rates. Kose said the most worrisome thing about the global outlook is the continued drop off in investment.

&quot;The single most important issue we are focusing on in this report is the persistent investment weakness in emerging and developing economies,&quot; he said. &quot;The issue is critical.&quot;&nbsp;Investment expanded 10 per cent in 2010, but has slowed steadily growing just 3.5 per cent in 2016.

(AFP)

The World Bank said uncertainty about the economic policies of US President-elect Donald Trump is clouding the outlook

The World Bank has pared back its global growth estimate for 2017, but uncertainty about the economic policies of US President-elect Donald Trump is clouding the outlook. "We need to pay attention. All eyes are on US policymakers and how they will formulate their policies," Ayhan Kose, main author of the World Bank's global forecast, said. "What happens in the United States does not stay in the United States." In the semi-annual Global Economic Prospects report, the World Bank lowered the estimate for global growth this year a tenth from the June forecast, to 2.7 per cent compared to the 2.3 per cent growth seen last year. The World Bank maintained its US forecast at 2.2 per cent following a sluggish 1.6 per cent in 2016. But those estimates could go much higher. Even the table in the report displaying the forecasts for the major regions and economies comes with a footnote warning about the uncertainty: "The US forecasts do not incorporate the effect of policy proposals by the new US administration, as their overall scope and ultimate form are still uncertain." Kose said it is simply too soon to draw any conclusions, however a simulation showed the individual and corporate tax cuts that Trump discussed during the campaign could on their own add three-tenths to the US growth rate this year, and more than double that in 2018. And infrastructure spending could have an even larger impact. "These are significant increases," he said. "A healthy US economy is good for the rest of the world since an increase in US growth of one full percentage point could boost advanced economies by eight-tenths after a year, and emerging markets by six-tenths," he added. So global growth potentially could rise another tenth this year to 2.8 per cent, and get a three-tenths boost in 2018, he said. However, he was quick to stress the caveats to this estimated impact: It will depend on the timing of the tax cuts, how they impact inflation, and how the Federal Reserve reacts. The same is true for other proposals like big spending on infrastructure, which would have a more direct impact on growth, but could exacerbate an already tight labor market, which also could fuel inflation. The US central bank has cautioned that spending that fuels inflation could require more and faster increases in the benchmark lending rate. Higher interest rates in turn would tend to slow economic growth. Kose said the rising threat of protectionism in advanced economies also remains a concern, and that uncertainty "is a challenge to businesses in the US and abroad". But again he said, it is too early to tell what the impact on global growth will be until the specifics are known - for example, whether US tariff increases Trump has threatened are limited to one product, like automobiles, or extend to an entire country. "One thing we know well, open trade policies help promote economic growth," Kose said, in the closest he came in the interview to a word of caution to the new administration. After a pretty bad year in 2016, Kose said the world economy is poised for a recovery, especially with major commodity exporters returning to growth after recessions, including Russia, Brazil and Argentina. The euro area is expected to grow 1.5 per cent this year -- the same as in the June forecast -- and 1.4 per cent in 2018, after 1.6 per cent GDP last year. Japan's growth is forecast at 0.9 per cent and 0.8 per cent for 2017 and 2018, which is a half-point better than the June estimate. The China forecasts are unchanged, with growth expected to slow to 6.5 per cent this year and 6.3 per cent next, which Kose called "a healthy slowdown". "They have done a real competent job so far slowing down the economy" from double-digit rates. Kose said the most worrisome thing about the global outlook is the continued drop off in investment. "The single most important issue we are focusing on in this report is the persistent investment weakness in emerging and developing economies," he said. "The issue is critical." Investment expanded 10 per cent in 2010, but has slowed steadily growing just 3.5 per cent in 2016. (AFP)

World Bank lowers global growth estimate

Global oil prices have fallen 52% since 2014, while Indian petrol prices have fallen just 1% in the same time

Click here to get the underlying data and code.

Why are Indian prices not falling in line with global crude oil prices

Why haven't petrol and diesel prices in India fallen in line with crude oil prices? What is the rest of South Asia paying for their fuel?

Global oil prices have fallen 52% since 2014. And Indian petrol prices fall just 1%?

With rising profits and record sales, the US auto market is a tempting target for many foreign car makers, but new entrants face many challenges to finding lasting success.

But this has not prevented Chinese, Indian, Italian and French companies from rolling out plans to appeal to American consumers, including at the annual Detroit Auto Show now underway, which will open to the public on January 14.

Since South Korean brand Kia entered the US in the mid-1990s, no foreign car manufacturer has succeeded in permanently establishing itself in the North American market, said Stephanie Brinley, industry analyst at IHS Markit. 
Others have thrown in the towel, such as Suzuki, or seen their sales collapse, such as Mitsubishi. 
 
One of the latest to try, Fiat, took advantage of its acquisition of Chrysler to market to the American consumer its compact 500-series cars, which are designed for crowded city living. But, as with Daimler&#39;s Smart cars, Fiat has had limited success. 
 
Even Volkswagen, whose Beetles and mini-buses hold iconic status in the US, began to experience sales troubles well before the diesel emissions scandal which caused its 2016 sales to slide 7.6 per cent. 
 
&quot;The difficulty of the US market is that it is largely a mature market,&quot; said Brinley told AFP. 
 
&quot;Breaking in is a difficult proposition. It takes time and money, and patience. And even if a brand can get back, it takes a long-term commitment to see it through.&quot;

Even so, many global manufacturers want to try, enticed by the red hot US auto market. American consumers bought a record 17.5 million units in 2016, and sales are expected to remain near peak levels in 2017. 
 
This is in contrast to many other markets, that have not lived up to their potential. China&#39;s enormous growth rates are cooling off; sales in Russia and Brazil are in a downward spiral; while sales in India are disappointing. 
 
The United States has experienced &quot;five wonderful years&quot; during which manufacturers have succeeded in &quot;increasing both sales volumes and margins,&quot; said Guillaume Crunelle, automotive sector leader with Deloitte France. 
 
Among those global automakers is the French PSA Group, maker of Peugeot, Citroen and DS brand vehicles. PSA chief Carlos Tavares plans to try again in the US market, despite a costly failure 25 years ago. 
 
&quot;So that the company can continue to grow profitably ... PSA must return to North America,&quot; Tavares said. 
Indian car maker Mahindra, which in 2010 failed to deliver pick-ups in the United States, has North American ambitions for its South Korean brand SsangYong. 
 
&quot;We are currently reviewing the issue of entering the US market but the timing of it is undecided,&quot; a SsangYong spokesman in Seoul told AFP. 
 
Meanwhile, Chinese manufacturer GAC group is scheduled to present at the Detroit show, as well as Lynk &amp; Co, an offshoot of the Chinese giant Geely, the company that owns Volvo. 
 
Lynk &amp; Co plans to launch a sports utility vehicle at the end of 2018, after first debuting it in China and Europe. The SUV will be wired for car-sharing, in an effort to attract new mobility enthusiasts and other connected services. 
 
(AFP)

The US auto market is a tempting target for many foreign car makers, but new entrants face many challenges to finding lasting success

With rising profits and record sales, the US auto market is a tempting target for many foreign car makers, but new entrants face many challenges to finding lasting success. But this has not prevented Chinese, Indian, Italian and French companies from rolling out plans to appeal to American consumers, including at the annual Detroit Auto Show now underway, which will open to the public on January 14. Since South Korean brand Kia entered the US in the mid-1990s, no foreign car manufacturer has succeeded in permanently establishing itself in the North American market, said Stephanie Brinley, industry analyst at IHS Markit. Others have thrown in the towel, such as Suzuki, or seen their sales collapse, such as Mitsubishi. One of the latest to try, Fiat, took advantage of its acquisition of Chrysler to market to the American consumer its compact 500-series cars, which are designed for crowded city living. But, as with Daimler's Smart cars, Fiat has had limited success. Even Volkswagen, whose Beetles and mini-buses hold iconic status in the US, began to experience sales troubles well before the diesel emissions scandal which caused its 2016 sales to slide 7.6 per cent. "The difficulty of the US market is that it is largely a mature market," said Brinley told AFP. "Breaking in is a difficult proposition. It takes time and money, and patience. And even if a brand can get back, it takes a long-term commitment to see it through." Even so, many global manufacturers want to try, enticed by the red hot US auto market. American consumers bought a record 17.5 million units in 2016, and sales are expected to remain near peak levels in 2017. This is in contrast to many other markets, that have not lived up to their potential. China's enormous growth rates are cooling off; sales in Russia and Brazil are in a downward spiral; while sales in India are disappointing. The United States has experienced "five wonderful years" during which manufacturers have succeeded in "increasing both sales volumes and margins," said Guillaume Crunelle, automotive sector leader with Deloitte France. Among those global automakers is the French PSA Group, maker of Peugeot, Citroen and DS brand vehicles. PSA chief Carlos Tavares plans to try again in the US market, despite a costly failure 25 years ago. "So that the company can continue to grow profitably ... PSA must return to North America," Tavares said. Indian car maker Mahindra, which in 2010 failed to deliver pick-ups in the United States, has North American ambitions for its South Korean brand SsangYong. "We are currently reviewing the issue of entering the US market but the timing of it is undecided," a SsangYong spokesman in Seoul told AFP. Meanwhile, Chinese manufacturer GAC group is scheduled to present at the Detroit show, as well as Lynk & Co, an offshoot of the Chinese giant Geely, the company that owns Volvo. Lynk & Co plans to launch a sports utility vehicle at the end of 2018, after first debuting it in China and Europe. The SUV will be wired for car-sharing, in an effort to attract new mobility enthusiasts and other connected services. (AFP)

Why it is difficult for foreign car makers to establish themselves in the US auto market

With fin-tech on the rise around the world there is an increasing focus on cryptocurrencies, such as Bitcoin. But how do these currencies operate and how are they managed?

Bitcoin, the elusive cryptocurrency

As it analyses bank deposits post-demonetisation, the government has found nearly Rs 25,000 crore ($3.7 billion) cash was deposited in dormant bank accounts while an estimated Rs 3-4 lakh (around $44 billion)&nbsp;crore of tax-evaded income could have been deposited into banks during 50-day window provided to get rid of junked Rs 500 and Rs 1000 notes.

A senior official said the Income Tax department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore (around $44 billion) on which tax could have been evaded.

&quot;We now have trunkloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than 7.34 lakh crore ($107 billion),&quot; he said.

More than Rs 10,700 crore ($1.5 billion) cash was deposited in different accounts in the North Eastern states since November 9, he said adding the Income Tax department and the Enforcement Directorate &mdash; the country&#39;s economic enforcing agency &mdash; are looking into over Rs 16,000 crore ($2.3 billion) deposited in different accounts of cooperative banks.

Also, it has come to light that Rs 25,000 crore ($3.6 billion) cash was deposited in dormant bank accounts while nearly Rs 80,000 crore ($11.7 billion) of repayment of loans was done in cash since November 8, 2016 when the government demonetised old 500 and 1000 rupee notes.

Holders of the old currency were given an option to exchange or deposit them in bank accounts till December 30.

&quot;Starting from November 8, 2016 various reports were called for from the banks based on different threshold of cash deposits made by different categories of persons. The reports were collated and analysed based on intelligence which has been available in the government data bases,&quot; the official said.

After an in-depth analysis, these reports have been disseminated to the Income Tax (I-T) department, the Enforcement Directorate (ED) and other Law Enforcement Agencies.

Of the 60 lakh bank accounts that saw more than Rs 2 lakh ($2,931) of cash deposits, more than 6.80 lakh accounts have found matches in the existing database of various reports available with Government.

&quot;These have been flagged while disseminating to I-T Department,&quot; he said adding the details of cash deposits totalling to more than Rs 10,700 crore (($1.5 billion)&nbsp;in different accounts in the North-Eastern states have also been disseminated.

Also, the I-T department and the ED have been provided with the details of cash deposits of more than Rs 16,000 crore ($2.3 billion) in different accounts of various kinds of cooperative banks. 
 
The deposits of more than Rs 13,000 crore ($1.9 billion) in Regional Rural Banks have also been disseminated.

Besides, &quot;cash deposits in terrorist-affected states have also been disseminated to the concerned law enforcement agencies and appropriate actions have been taken in such cases,&quot; he said.

The official said cash deposits of Rs 2 lakh to Rs 2.5 lakh per account, totalling to Rs 42,000 crore ($6 billion), are found to have common PAN, mobile number or address. The same would be looked into in detail by the Income-Tax department.

The government has got the deposits in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts analysed in detail and amounts of cash deposited under different threshold in different regions of the country and shared it with the I-T department.

&quot;All cash deposits of more than one lakh rupees in cash under PMJDY accounts would also be looked into, based on the intelligence inputs,&quot; he said.

It has come to the notice of the government that more than Rs 25,000 crore ($3.6 billion) have been deposited in cash in re-activated dormant bank accounts and the details have also been shared with the Income Tax department.

Similarly, nearly Rs 80,000 crore ($11.7 billion) of repayment of loans in cash above a certain threshold post demonetisation has also been shared with law enforcement agencies.

&quot;The Income Tax department has undertaken numerous actions, both intrusive and non-intrusive, based on the intelligence and in turn referred a number of cases for parallel investigation by the ED and CBI. The actions have unearthed non-filers, huge amounts of unaccounted income and shell companies,&quot; the official said without giving details.

The Income Tax department is also undertaking data analysis and comprehensive matching of the huge intelligence inputs with government databases to have a more effective and focused intrusive and non-intrusive actions in the coming days.

&quot;It is already taking actions in cases where cash deposits above Rs 50,000 ($732) have been made without quoting of PAN,&quot; he said.

&quot;The Income Tax department is using tools and its sources to identify each of these persons and is confident that there would a big expansion in the tax base and a quantum jump in direct tax collection,&quot; the official added.

(PTI)

A senior official said the Income Tax department has been asked to send notices to the depositors suspected of evading tax

As it analyses bank deposits post-demonetisation, the government has found nearly Rs 25,000 crore ($3.7 billion) cash was deposited in dormant bank accounts while an estimated Rs 3-4 lakh (around $44 billion) crore of tax-evaded income could have been deposited into banks during 50-day window provided to get rid of junked Rs 500 and Rs 1000 notes. A senior official said the Income Tax department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore (around $44 billion) on which tax could have been evaded. "We now have trunkloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than 7.34 lakh crore ($107 billion)," he said. More than Rs 10,700 crore ($1.5 billion) cash was deposited in different accounts in the North Eastern states since November 9, he said adding the Income Tax department and the Enforcement Directorate — the country's economic enforcing agency — are looking into over Rs 16,000 crore ($2.3 billion) deposited in different accounts of cooperative banks. Also, it has come to light that Rs 25,000 crore ($3.6 billion) cash was deposited in dormant bank accounts while nearly Rs 80,000 crore ($11.7 billion) of repayment of loans was done in cash since November 8, 2016 when the government demonetised old 500 and 1000 rupee notes. Holders of the old currency were given an option to exchange or deposit them in bank accounts till December 30. "Starting from November 8, 2016 various reports were called for from the banks based on different threshold of cash deposits made by different categories of persons. The reports were collated and analysed based on intelligence which has been available in the government data bases," the official said. After an in-depth analysis, these reports have been disseminated to the Income Tax (I-T) department, the Enforcement Directorate (ED) and other Law Enforcement Agencies. Of the 60 lakh bank accounts that saw more than Rs 2 lakh ($2,931) of cash deposits, more than 6.80 lakh accounts have found matches in the existing database of various reports available with Government. "These have been flagged while disseminating to I-T Department," he said adding the details of cash deposits totalling to more than Rs 10,700 crore (($1.5 billion) in different accounts in the North-Eastern states have also been disseminated. Also, the I-T department and the ED have been provided with the details of cash deposits of more than Rs 16,000 crore ($2.3 billion) in different accounts of various kinds of cooperative banks. The deposits of more than Rs 13,000 crore ($1.9 billion) in Regional Rural Banks have also been disseminated. Besides, "cash deposits in terrorist-affected states have also been disseminated to the concerned law enforcement agencies and appropriate actions have been taken in such cases," he said. The official said cash deposits of Rs 2 lakh to Rs 2.5 lakh per account, totalling to Rs 42,000 crore ($6 billion), are found to have common PAN, mobile number or address. The same would be looked into in detail by the Income-Tax department. The government has got the deposits in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts analysed in detail and amounts of cash deposited under different threshold in different regions of the country and shared it with the I-T department. "All cash deposits of more than one lakh rupees in cash under PMJDY accounts would also be looked into, based on the intelligence inputs," he said. It has come to the notice of the government that more than Rs 25,000 crore ($3.6 billion) have been deposited in cash in re-activated dormant bank accounts and the details have also been shared with the Income Tax department. Similarly, nearly Rs 80,000 crore ($11.7 billion) of repayment of loans in cash above a certain threshold post demonetisation has also been shared with law enforcement agencies. "The Income Tax department has undertaken numerous actions, both intrusive and non-intrusive, based on the intelligence and in turn referred a number of cases for parallel investigation by the ED and CBI. The actions have unearthed non-filers, huge amounts of unaccounted income and shell companies," the official said without giving details. The Income Tax department is also undertaking data analysis and comprehensive matching of the huge intelligence inputs with government databases to have a more effective and focused intrusive and non-intrusive actions in the coming days. "It is already taking actions in cases where cash deposits above Rs 50,000 ($732) have been made without quoting of PAN," he said. "The Income Tax department is using tools and its sources to identify each of these persons and is confident that there would a big expansion in the tax base and a quantum jump in direct tax collection," the official added. (PTI)

At least $44 billion of tax  evaded income deposited in banks after demonetisation: Govt

&nbsp;

Yahoo Inc said Chief Executive Officer Marissa Mayer would step down from the board after closing its deal with Verizon Communications Inc.

Five other directors would also resign after the deal closes, Yahoo said in an filing. The company named Eric Brandt chairman of the board. The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Ltd and 35.5 per cent stake in Yahoo Japan.

Verizon&#39;s $4.83 billion deal for Yahoo&#39;s core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history; one involving some 500 million customer accounts and the second involving over a billion. Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches.

Mayer had said earlier that she planned to stay at Yahoo through the transaction&#39;s close.

(Reuters)

Yahoo said the remaining company would be renamed Altaba Inc after the Verizon deal closes

Yahoo Inc said Chief Executive Officer Marissa Mayer would step down from the board after closing its deal with Verizon Communications Inc. Five other directors would also resign after the deal closes, Yahoo said in an filing. The company named Eric Brandt chairman of the board. The remaining directors will govern Altaba, a holding company whose primary assets will be a 15 per cent stake in Chinese e-commerce company Alibaba Group Holding Ltd and 35.5 per cent stake in Yahoo Japan. Verizon's $4.83 billion deal for Yahoo's core internet assets came under renewed scrutiny by federal investigators and lawmakers last month after Yahoo disclosed the largest known data breach in history; one involving some 500 million customer accounts and the second involving over a billion. Verizon executives have said that while they see a strong strategic fit with Yahoo, they are still investigating the data breaches. Mayer had said earlier that she planned to stay at Yahoo through the transaction's close. (Reuters)

Yahoo's Marissa Mayer to resign after Verizon deal

Credit and debit cards will continue to be accepted at petrol pumps even after January 13 without customers having to pay transaction charges, the government said today.

Banks and oil companies are in discussions as to who should bear these charges, it said a day after averting a crisis that would have hit millions of people as oil pump owners threatened to stop taking card payments.

&quot;Merchant Discount Rate (MDR) charges will be levied as per RBI guidelines but who will take the hit? Banks, oil marketing companies are discussing,&quot; Petroleum Minister Dharmendra Pradhan told reporters after meeting Finance Minister Arun Jaitley on the issue.

&quot;We had assured yesterday also that since retail outlets, petrol pump owners work as commission agents, we will not pass on the cost to them,&quot; he said.

Petrol pump operators had yesterday threatened to stop accepting card payments after banks said the transaction charges of up to 1 per cent will have to be borne by them.&nbsp;

The crisis was averted after banks agreed not to insist on transaction charges for five more days, leading to pump&nbsp;owners deferring their plans till January 13.

Pradhan said the government stands by its decision that customers using non-cash digital modes of payments will not have to pay any transaction charge.

Also, the 0.75 per cent discount on fuel rate for using digital payments will continue.

&quot;Banks and oil marketing companies (OMCs) are discussing the issue. In the coming days a mechanism will be worked out under which customers or petrol pump owners will not bear the cost,&quot; he said.

Pradhan said the government had in February last year issued a circular saying customers will not have to bear the MDR charges on digital transactions so as to help the country move towards digital transaction and less cash economy.

&quot;Government will ensure implementation of that decision,&quot; he said.

&quot;In the coming days whatever digital transactions happens especially in petrol pumps, the burden will not be passed on to customers,&quot; Pradhan added.

When a card payment is made using a POS machine, service charges are levied. All stakeholders are discussing who will bear these, he said.

(PTI)

Banks and oil companies are in discussions as to who should bear the transaction charges

Credit and debit cards will continue to be accepted at petrol pumps even after January 13 without customers having to pay transaction charges, the government said today. Banks and oil companies are in discussions as to who should bear these charges, it said a day after averting a crisis that would have hit millions of people as oil pump owners threatened to stop taking card payments. "Merchant Discount Rate (MDR) charges will be levied as per RBI guidelines but who will take the hit? Banks, oil marketing companies are discussing," Petroleum Minister Dharmendra Pradhan told reporters after meeting Finance Minister Arun Jaitley on the issue. "We had assured yesterday also that since retail outlets, petrol pump owners work as commission agents, we will not pass on the cost to them," he said. Petrol pump operators had yesterday threatened to stop accepting card payments after banks said the transaction charges of up to 1 per cent will have to be borne by them. The crisis was averted after banks agreed not to insist on transaction charges for five more days, leading to pump owners deferring their plans till January 13. Pradhan said the government stands by its decision that customers using non-cash digital modes of payments will not have to pay any transaction charge. Also, the 0.75 per cent discount on fuel rate for using digital payments will continue. "Banks and oil marketing companies (OMCs) are discussing the issue. In the coming days a mechanism will be worked out under which customers or petrol pump owners will not bear the cost," he said. Pradhan said the government had in February last year issued a circular saying customers will not have to bear the MDR charges on digital transactions so as to help the country move towards digital transaction and less cash economy. "Government will ensure implementation of that decision," he said. "In the coming days whatever digital transactions happens especially in petrol pumps, the burden will not be passed on to customers," Pradhan added. When a card payment is made using a POS machine, service charges are levied. All stakeholders are discussing who will bear these, he said. (PTI)

Indian government: Petrol pumps to continue accepting card payments even after Jan 13, no transaction charge for customers

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an&nbsp;uptick in economic activity including manufacturing.

He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal.

&quot;Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year,&quot;&nbsp;he said.

During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down.

&quot;Tax collection data is real and not an estimation,&quot; Jaitley said, while dismissing apprehensions of a&nbsp;slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said.

&quot;Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant,&quot; Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. &quot;In my opinion, all well administered states have seen rise in VAT collection even in November,&quot; he said. 
 
(WION with inputs from agencies)

Arun Jaitley releases tax collection figures asserting an increase of 25% in April-December period.

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an uptick in economic activity including manufacturing. He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal. "Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year," he said. During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down. "Tax collection data is real and not an estimation," Jaitley said, while dismissing apprehensions of a slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said. "Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant," Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. "In my opinion, all well administered states have seen rise in VAT collection even in November," he said. (WION with inputs from agencies)

Robust growth in tax collection, says India's finance minister Arun Jaitley

A parliamentary committee has asked the governor of India&#39;s central bank to appear before it and explain how the decision of demonetisation was taken and for details on how it has impacted the economy, Reuters reported.

The Public Accounts Committee (PAC), which is probing the government&#39;s decision to scrap high-value Rs 500 and Rs 1000 bank notes (($7.34-$14.69) has asked Reserve Bank of India (RBI) governor, Urjit Patel, to appear before it on January 20, the commmitte&#39;s chairman, KV Thomas, also a senior member of the opposition Congress party, told Reuters.

The PAC has asked Patel to provide details on the value of currency that has been returned to the bank, the quantity of 
&quot;black money&quot; it has received and the amount of new currency released so far, Thomas said.

The committee has sent the RBI governor a list of questions on the demonetisation process. It has also asked other finance ministry officials, including the revenue secretary and finance secretary to appear before it, Thomas said.

In an unexpected move, PM Modi announced the demonetisation of Rs 500 and Rs 1000 notes on November 8 to curb the influence of black money circulating in the economy.

The opposition parties have criticised the government and the central bank over shortages of new currency notes and restrictions on depositing old notes that have caused long queues at banks and ATMs.

Thomas added that the governor has also been asked about the country&#39;s preparedness to handle cashless transactions.

&quot;We had decided to call the RBI governor sometime in December but because the prime minister had asked for 50 days, we 
decided to postpone it to sometime January,&quot; Thomas told Reuters. &quot;We did not want to give it a political colour.&quot;

Urijit Patel is already set to testify before another parliamentary committee on the demonetisation issue.

Last month, the RBI unexpectedly kept its key policy rate unchanged at 6.25 per cent, despite calls for action in the face of an intense cash shortage. The bank was widely expected to cut the rate by at least 25 bps. 
 
(WION with inputs from Reuters) 
&nbsp;

RBI governor Urjit Patel has been asked to explain how the decision of demonetisation was taken

A parliamentary committee has asked the governor of India's central bank to appear before it and explain how the decision of demonetisation was taken and for details on how it has impacted the economy, Reuters reported. The Public Accounts Committee (PAC), which is probing the government's decision to scrap high-value Rs 500 and Rs 1000 bank notes (($7.34-$14.69) has asked Reserve Bank of India (RBI) governor, Urjit Patel, to appear before it on January 20, the commmitte's chairman, KV Thomas, also a senior member of the opposition Congress party, told Reuters. The PAC has asked Patel to provide details on the value of currency that has been returned to the bank, the quantity of "black money" it has received and the amount of new currency released so far, Thomas said. The committee has sent the RBI governor a list of questions on the demonetisation process. It has also asked other finance ministry officials, including the revenue secretary and finance secretary to appear before it, Thomas said. In an unexpected move, PM Modi announced the demonetisation of Rs 500 and Rs 1000 notes on November 8 to curb the influence of black money circulating in the economy. The opposition parties have criticised the government and the central bank over shortages of new currency notes and restrictions on depositing old notes that have caused long queues at banks and ATMs. Thomas added that the governor has also been asked about the country's preparedness to handle cashless transactions. "We had decided to call the RBI governor sometime in December but because the prime minister had asked for 50 days, we decided to postpone it to sometime January," Thomas told Reuters. "We did not want to give it a political colour." Urijit Patel is already set to testify before another parliamentary committee on the demonetisation issue. Last month, the RBI unexpectedly kept its key policy rate unchanged at 6.25 per cent, despite calls for action in the face of an intense cash shortage. The bank was widely expected to cut the rate by at least 25 bps. (WION with inputs from Reuters)

Parliamentary committee to question governor of India's central bank over demonetisation

Apple has cut its CEO Tim Cook&#39;s salary by 15 per cent for 2016 as annual sales declined for the year, missing targets that also led to the tech giant&#39;s first annual revenue decline in 15 years.

The company gave the 56-year-old $8.75 million in total compensation last year, down from the $10.28 million he received in 2015, according to a Securities and Exchange (SEC) filing released yesterday.

Cook&#39;s salary rose to $3 million from $2 million last year - a 50 per cent increase, his cash bonus took a hit. Apple awarded Cook and other executives 89.5 per cent of their target, instead of the maximum amount like in recent years.

Hence, Cook&#39;s cash bonus fell to $5.4 million in 2016, down from $8 million the year before and declining for the first time since he assumed leadership of the company in 2011.

Apple specifically cited the company&#39;s failure to meet its performance goals for both sales and profits. Sales volume of the iPhone fell in fiscal 2016 for the first time since the device was introduced in 2007, causing the tech icon to suffer its first annual revenue decline in 15 years.

The company said its annual sales were down nearly 4 per cent, or $215.6 billion, from its target of $223.6 billion, and its operating income was down 0.5 per cent from its target at $60 billion, according to the filing.

&quot;Overall, our 2016 performance with respect to net sales and operating income was 7.7 per cent and 15.7 per cent below our record-breaking 2015 levels,&quot; Apple said in the filing. &quot;However, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment.&quot;

Apple&#39;s rare sales slump is directly linked to the loss of momentum for the iPhone, which generates the majority of the company&#39;s sales.

Sales of iPhones have declined in each of the past three quarters, slipping to 45.5 million in the September quarter, with reports saying Apple has faced steep competition from Samsung and other smartphone makers and the newest iPhones did not feature enough upgrades to attract customers.

In October, Cook said that demand for the iPhone 7 and the bigger 7 Plus, which feature enhanced cameras and longer battery life, have outpaced supply though Apple would only report quarterly sales for those phones on January 31.

(PTI)

Apple's rare sales slump is directly linked to the loss of momentum for the iPhone, which generates the majority of the company's sales

Apple has cut its CEO Tim Cook's salary by 15 per cent for 2016 as annual sales declined for the year, missing targets that also led to the tech giant's first annual revenue decline in 15 years. The company gave the 56-year-old $8.75 million in total compensation last year, down from the $10.28 million he received in 2015, according to a Securities and Exchange (SEC) filing released yesterday. Cook's salary rose to $3 million from $2 million last year - a 50 per cent increase, his cash bonus took a hit. Apple awarded Cook and other executives 89.5 per cent of their target, instead of the maximum amount like in recent years. Hence, Cook's cash bonus fell to $5.4 million in 2016, down from $8 million the year before and declining for the first time since he assumed leadership of the company in 2011. Apple specifically cited the company's failure to meet its performance goals for both sales and profits. Sales volume of the iPhone fell in fiscal 2016 for the first time since the device was introduced in 2007, causing the tech icon to suffer its first annual revenue decline in 15 years. The company said its annual sales were down nearly 4 per cent, or $215.6 billion, from its target of $223.6 billion, and its operating income was down 0.5 per cent from its target at $60 billion, according to the filing. "Overall, our 2016 performance with respect to net sales and operating income was 7.7 per cent and 15.7 per cent below our record-breaking 2015 levels," Apple said in the filing. "However, the 2016 payouts to our named executive officers were significantly less than the annual cash incentive payouts for 2015, reflecting strong pay-for-performance alignment." Apple's rare sales slump is directly linked to the loss of momentum for the iPhone, which generates the majority of the company's sales. Sales of iPhones have declined in each of the past three quarters, slipping to 45.5 million in the September quarter, with reports saying Apple has faced steep competition from Samsung and other smartphone makers and the newest iPhones did not feature enough upgrades to attract customers. In October, Cook said that demand for the iPhone 7 and the bigger 7 Plus, which feature enhanced cameras and longer battery life, have outpaced supply though Apple would only report quarterly sales for those phones on January 31. (PTI)

Apple cuts CEO's pay as iPhone sales drop first time

India&#39;s salt-to-steel conglomerate Tata Sons Friday cranked up its legal tussle with ousted chairman Cyrus Mistry by calling for a shareholders&#39; meeting to remove him from its board.

&quot;Tata Sons has called for an EGM on February 6th to remove Cyrus Mistry as the director after receiving numerous complaints from shareholders,&quot; Debashish Ray, a Tata Sons spokesman, told AFP.

Mistry was sacked as chairman of Tata Sons in October and the group sought his ouster from operating companies including Tata Steel, Tata Motors and TCS.&nbsp;

Mistry resigned from the board of six companies last month and dragged Tata Sons and its interim chairman Ratan Tata to the National Company Law Tribunal (NCLT), saying that he had been unfairly sacked.

Tata Sons, the holding company of India&#39;s sprawling $103 billion Tata Group, retaliated with a legal notice last week accusing him of causing &quot;irreparable harm and damage&quot; to the company by making public sensitive documents.&nbsp;

The increasingly acrimonious battle saw a fresh twist Friday with Tata&#39;s call for an EGM to remove Mistry as director of the board of Tata Sons, his last remaining foothold within the group.&nbsp;

Tata said its ex-chief&#39;s decision to go public with minutes from board meetings had caused harm to Tata group companies and its shareholders.&nbsp;

&quot;The board of Tata Sons Ltd is of the view that the integrity of the board proceedings is being jeopardised by Mistry&#39;s continuation as a Director and the confidentiality of the board decisions and proceedings cannot be ensured as the documents presented to the board have been leaked and made public in a distorted and untruthful manner,&quot; Tata Sons said in a note, according to the Press Trust of India news agency.&nbsp;

Mistry&#39;s dismissal shocked India&#39;s business community and saw family patriarch Ratan Tata take interim charge of the sprawling conglomerate that he led for more than two decades.

Tata, who made way for Mistry in 2012, was dissatisfied with his successor&#39;s leadership. Mistry claims he was illegally dismissed and has accused the group of poor corporate governance.

Tata and Mistry, pillars of India&#39;s proud but dwindling Parsi community, have been unleashing a near daily volley of accusations and counter-accusations against each other, plunging the group into turmoil.

The 150-year-old conglomerate, which was founded under British colonial rule, has long been a source of pride for India. But the feud is threatening its reputation and has helped wipe around $9 billion off the collective stock market value of the group&#39;s eight main companies.

Tata owns Britain&#39;s Tetley Tea and Jaguar Land Rover, and the Anglo-Dutch steel firm Corus. It operates in more than 100 countries.

(AFP) 
&nbsp;

Ratan Tata said Mistry's decision to go public with minutes from board meetings had caused harm to Tata group companies

India's salt-to-steel conglomerate Tata Sons Friday cranked up its legal tussle with ousted chairman Cyrus Mistry by calling for a shareholders' meeting to remove him from its board. "Tata Sons has called for an EGM on February 6th to remove Cyrus Mistry as the director after receiving numerous complaints from shareholders," Debashish Ray, a Tata Sons spokesman, told AFP. Mistry was sacked as chairman of Tata Sons in October and the group sought his ouster from operating companies including Tata Steel, Tata Motors and TCS. Mistry resigned from the board of six companies last month and dragged Tata Sons and its interim chairman Ratan Tata to the National Company Law Tribunal (NCLT), saying that he had been unfairly sacked. Tata Sons, the holding company of India's sprawling $103 billion Tata Group, retaliated with a legal notice last week accusing him of causing "irreparable harm and damage" to the company by making public sensitive documents. The increasingly acrimonious battle saw a fresh twist Friday with Tata's call for an EGM to remove Mistry as director of the board of Tata Sons, his last remaining foothold within the group. Tata said its ex-chief's decision to go public with minutes from board meetings had caused harm to Tata group companies and its shareholders. "The board of Tata Sons Ltd is of the view that the integrity of the board proceedings is being jeopardised by Mistry's continuation as a Director and the confidentiality of the board decisions and proceedings cannot be ensured as the documents presented to the board have been leaked and made public in a distorted and untruthful manner," Tata Sons said in a note, according to the Press Trust of India news agency. Mistry's dismissal shocked India's business community and saw family patriarch Ratan Tata take interim charge of the sprawling conglomerate that he led for more than two decades. Tata, who made way for Mistry in 2012, was dissatisfied with his successor's leadership. Mistry claims he was illegally dismissed and has accused the group of poor corporate governance. Tata and Mistry, pillars of India's proud but dwindling Parsi community, have been unleashing a near daily volley of accusations and counter-accusations against each other, plunging the group into turmoil. The 150-year-old conglomerate, which was founded under British colonial rule, has long been a source of pride for India. But the feud is threatening its reputation and has helped wipe around $9 billion off the collective stock market value of the group's eight main companies. Tata owns Britain's Tetley Tea and Jaguar Land Rover, and the Anglo-Dutch steel firm Corus. It operates in more than 100 countries. (AFP)

Ratan Tata calls for meeting on February 6 to remove Cyrus Mistry from Tata Sons board

A special segment of Straight Talk, with WION?s Editor-in-Chief Rohit Gandhi in conversation with Indian army veteran and current UN resident coordinator in Kenya Siddharth Chatterjee

Straight Talk with Siddharth Chatterjee

The finance minister Arun Jaitley is likely to announce the dates for the much-awaited GST rollout in the upcoming budget speech on Feb 1, 2017

Centre, State Government logjam over GST

Oil prices rose slightly after reports Saudi Arabia had started talks with customers about a reduction of up to 7 per cent in crude sales in February to support an attempt by OPEC to reduce global supply.

The Organization of the Petroleum Exporting Countries (OPEC) promised in November to cut output to help prop up prices.&nbsp;Under the deal, Saudi Arabia agreed to cut output by 486,000 barrels per day (bpd), or 4.61 per cent of its October output of 10.544 million bpd.

&quot;Aramco (Saudi Arabia&#39;s state oil company)&nbsp;is approaching all its customers for possible cuts from February and discussing likely (supply) scenarios,&quot; a source said. &quot;Nothing is confirmed yet,&quot; the source said, adding the scenarios were for cuts of 3-7 per cent.

Investors have been suspicious that OPEC may not cut as much as promised, but several sources have expressed&nbsp;that they believe&nbsp;the world&#39;s biggest oil exporter would comply with the OPEC cuts.

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>&quot;There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through with the cuts. Very few respondents expect full compliance,&quot; Singapore Exchange (SGX) said, citing results from a survey.</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through with the cuts. Very few respondents expect full compliance, Singapore Exchange (SGX) said, citing results from a survey." target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

Benchmark Brent crude oil was up 20 cents a barrel at $56.66 in mid-day trade.&nbsp;US light crude oil was up 20 cents a barrel at $53.46.&nbsp;

&quot;There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through with the cuts. Very few respondents expect full compliance,&quot; Singapore Exchange (SGX) said, citing results from a survey. &quot;Three-quarters of those surveyed went for crude&nbsp;prices averaging within the current $50-$60 a barrel range for 2017,&quot; SGX added.

Analysts at US bank Goldman Sachs&nbsp;said even if OPEC reduced production as promised, there was &quot;only moderate oil spot price upside given the expected supply response to higher oil prices and new production&quot;.

The US bank said it expected Brent prices to peak at $59 a barrel by mid-2017.

In another sign of compliance with the cuts, Abu Dhabi National Oil Company&nbsp;has scheduled maintenance at oilfields for March and April, although it was not immediately clear how much exports might fall.

(Reuters)

Saudi Arabia is mulling over a 7% cut in oil prices, but some analysts fear they will not follow through

Oil prices rose slightly after reports Saudi Arabia had started talks with customers about a reduction of up to 7 per cent in crude sales in February to support an attempt by OPEC to reduce global supply. The Organization of the Petroleum Exporting Countries (OPEC) promised in November to cut output to help prop up prices. Under the deal, Saudi Arabia agreed to cut output by 486,000 barrels per day (bpd), or 4.61 per cent of its October output of 10.544 million bpd. "Aramco (Saudi Arabia's state oil company) is approaching all its customers for possible cuts from February and discussing likely (supply) scenarios," a source said. "Nothing is confirmed yet," the source said, adding the scenarios were for cuts of 3-7 per cent. Investors have been suspicious that OPEC may not cut as much as promised, but several sources have expressed that they believe the world's biggest oil exporter would comply with the OPEC cuts. "There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through with the cuts. Very few respondents expect full compliance," Singapore Exchange (SGX) said, citing results from a survey. × Benchmark Brent crude oil was up 20 cents a barrel at $56.66 in mid-day trade. US light crude oil was up 20 cents a barrel at $53.46. "There remains a question mark over whether OPEC, with a long history of non-compliance, will actually follow through with the cuts. Very few respondents expect full compliance," Singapore Exchange (SGX) said, citing results from a survey. "Three-quarters of those surveyed went for crude prices averaging within the current $50-$60 a barrel range for 2017," SGX added. Analysts at US bank Goldman Sachs said even if OPEC reduced production as promised, there was "only moderate oil spot price upside given the expected supply response to higher oil prices and new production". The US bank said it expected Brent prices to peak at $59 a barrel by mid-2017. In another sign of compliance with the cuts, Abu Dhabi National Oil Company has scheduled maintenance at oilfields for March and April, although it was not immediately clear how much exports might fall. (Reuters)

Oil prices rise as Saudi Arabia eyes supply cut

Demonstrators in Mexico protested the rise in fuel prices. Earlier this week, fuel prices in Mexico went up 20.1 percent for gasoline and 16.5% for diesel.

Protest in Mexico against gas price hike