Tesla announced a plan to cut jobs on Friday and shares of the electric vehicle maker dropped as much as 10% in New York, bringing its market capitalization to just $54.2 billion. GM, whose shares have gained as much as 0.6% today, is now valued at $54.4 billion. Telsa itself has forecasted a tough year ahead as it tries to increase the production of the lower-priced versions of the Model 3 sedan. Toyota Motor Corp, the Japanese carmaker market cap sits at $202.8 billion and is the world's most valuable carmaker.
Leading brand in cycles, Hero Cycles, will invest around Rs 400 crore in the Hi-Tech Cycle Valley project in Punjab, Chief Minister Amarinder Singh said here on Friday. Hero Cycles on Friday signed an agreement with the Punjab government for allotment of 100 acres of land in the Cycle Valley which is coming up over 380 acres in Dhanansu in Ludhiana district. The company will manufacture hi-tech cycles, e-bikes, e-vehicles and light engineering goods at the new plant. The project is expected to generate close to 1,000 direct employment opportunities.
The Central government has removed two PNB Executive Directors, Sanjiv Sharan and K.Veera Brahmaji Rao, for failing to exercise sufficient control and diligence over the state-owned lender which led to the Rs 13,500 crore fraud allegedly committed by Nirav Modi. The PNB has intimated the action to the stock exchanges on Friday. C.H. Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA) said that it was perhaps the first time the central government removed the EDs of a nationalised bank under the Nationalised Banks (Management and Miscellaneous Provision) Scheme, 1970.
In a bid to cut down on its power purchase costs and utilise the vast stretches of linear land along the tracks with greater efficiency, the Indian Railways is planning to come up with solar power tenders of 4GW soon. The bids will open up business opportunities of about Rs 18,000 crore for the domestic solar industry that consists of equipment makers and plant installers. According to sources, the tender, to be invited by Solar Energy Corporation of India (SECI), is proposed to be issued in two tranches of 2 GW each to be built across 10 states.
Russian oil giant Rosneft-led Nayara Energy will foray into the petrochemical business with a $850 million expansion plan for its Vadinar refinery in Gujarat. Nayara Energy, erstwhile known as Essar Oil, operates a 20 million tonnes a year oil refinery at Vadinar. In the first phase, the company plans to set up a 4,50,000 tonnes per annum polypropylene plant, its CEO B Anand said. The proposed unit is likely to be commissioned by 2022-end. Anand said besides the petrochemical unit, investments would also go into adding capacity at the refinery to produce Euro-VI grade petrol and diesel.
Google agreed to acquire smartwatch technology and personnel from Fossil Group Inc. in a bid to boost the search giant’s efforts in the category. The Alphabet Inc. unit will pay $40 million for Fossil intellectual property, according to a statement from the companies. Additionally, an unspecified number of Fossil’s research and development employees will join Google. Fossil said that 200 people will remain with that division.
Aster DM Healthcare is planning to invest over Rs 650 crore in the next two years to take its total hospital bed capacity to 6,000 from the current 4,800 beds. Aster earned about Rs 1,000 crore from its India business last year and is expected to earn over Rs 1,300 crore in FY19 from its 11 facilities operational in India. The BSE-listed Aster DM Healthcare had consolidated revenues of Rs 6,721 crore in 2017-18. Aster owns over 100 clinics and a pharmacy chain in the Middle East, both with revenues of Rs 2,000 crore each a year.
Aditya Birla Group plans to invest Rs 15,000 crore in Gujarat over the next three years on capacity expansion and setting up of new units, its Chairman Kumar Mangalam Birla said. The group will be making these investments in various business segments ranging from textiles and chemicals to mining and minerals. “We have plans to invest about Rs 15,000 crore more on the current investment of over Rs 30,000 crore,” Birla said, at Vibrant Gujarat Global Summit.
Japanese automaker Toyota on Friday said stable regulations and reduction in taxes could help the company to bring in models with even better technologies to counter air pollution. While terming taxation structure in India as very complicated, Yoshimura, Managing Director, Toyota Kirloskar Motor, said that vehicles should be taxed on the basis of emissions rather than size or engine power. He pitched for hybrid cars in India saying the moving could help the country in reducing air pollution and save forex outgo on fuel imports. Under the GST regime, hybrid vehicles are charged at 28% with a cess of 15%.
Employees in India are likely to see a double-digit salary growth in 2019, but inflation may resist the hike at 5%. Salaries in India are expected to increase 10% in 2019 as compared to 9% last year and inflation-adjusted real-wage hikes are likely to rise to 5% from 4.7% in 2018. Consequent to rapid economic growth, India continues to enjoy the highest overall salary increases and real-wage growth in Asia," said Navnit Singh, Chairman & Regional Managing Director, Korn Ferry India.
Tech giant Microsoft announced the end of support for its Windows 10 mobile and urged users to shift to Android and iPhones. The company told users that Windows 10 Mobile will stop receiving new security updates after December 10. In 2017, the New York City Police Department (NYPD) had reportedly replaced 36,000 Windows phones with iPhones after Microsoft announced to discontinue mobile support services. Also Microsoft said its virtual assistant Cortana is no longer in direct competition with Amazon's Alexa and Google's Assistant.
Former US President George W. Bush delivered pizzas to his unpaid Secret Service personnel and called for the partial US government shutdown to end. Some 6,000 Secret Service employees are among the 800,000 federal workers not receiving paychecks. The US government shutdown, the longest in its history, entered the 28th day on Friday, as President Donald Trump's demand for $5 billion of funding to build the Mexico border wall is yet to be approved.
Former Infosys CFO T V Mohandas Pai on Saturday said Reliance Industries foray into the e-commerce space would reduce fears of digital colonization and dramatically lower costs. Pai said the move will immensely benefit consumers through a reduction in supply chain inefficiencies and delivery improvement. Mukesh Ambani announced his plans at the Vibrant Gujrat Summit to create an online-to-offline platform (O2O) for 1.2 million retailers in Gujrat before expanding the network pan-India. He also urged PM Narendra Modi to stop increasing "data colonization" by global corporations. Ambani said that data has become the new wealth.
US President Donald Trump will hold a second summit with North Korean leader Kim Jong-un in late February. The discussions will center around dismantling of North Korea's nuclear and missile programmes, the White House said. The two leaders had met on June 12 last year in Singapore for the first summit. The Trump administration, however, did not identify a location for the second meeting between the two leaders.
Reliance Industries Limited (RIL), will transfer liabilities worth Rs 65,000 crore related to its telecom arm, Reliance Jio, to its tower and fibre units which are proposed to be demerged. Reliance Jio Infocomm Ltd. has decided to demerge its tower and optic fibre network into Reliance Jio Infratel Private Ltd. and Jio Digital Fibre Ltd. Respectively. The company plans to monetise its tower assets and optic fibre network by selling stakes in the demerged companies. RIL has an outstanding debt of ₹2,74,381 crore ($39.3 billion) as on December 31, 2018.