DIRS.INFO The most relevant business & tech news

☆ Yellen says World Bank nominee's credentials will overcome selection criticism
▼ + stars: | 2023-02-25 | by ( David Lawder | ) www.reuters.com time to read: +3 min

BENGALURU (Reuters) - U.S. Treasury Secretary Janet Yellen said on Saturday that she believes the strong qualifications of the U.S. nominee to lead the World Bank, ex-Mastercard CEO Ajay Banga, will overcome any criticism of the selection process. FILE PHOTO: Ajay Banga, President and CEO Mastercard attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017. REUTERS/Ruben Sprich/File PhotoIn an interview, Yellen affirmed her support for the longstanding tradition of the United States choosing the World Bank’s leader and Europe choosing the head of the International Monetary Fund. As the World Bank’s largest shareholder with 16.35% of its voting power, the United States wields strong influence over the bank’s policies, and the lender’s president works closely with the Treasury Department. Yellen is pressing the World Bank to refine a package of sweeping reforms aimed at vastly expanding its lending resource and mission to tackle climate change and other global challenges.

☆ Movie theaters aren't dying — they're evolving
▼ + stars: | 2023-02-25 | by ( Sarah Whitten | ) www.cnbc.com time to read: +9 min

As the space contracts, cinema operators are investing in the basics, improving sounds, picture quality and seating as well as in bolstering its food and beverage offerings, events and alternative programming. While cinema operators are pleased that studio production has increased, they are no longer taking audiences for granted. Over the last few years, movie theater operators have been removing traditional digital projectors and installing laser units, citing cost savings over time and a better picture quality for moviegoers. Many theater operators told CNBC they are planning similar upgrades to sound systems, saying they have partnered with companies like Dolby to bring quality speakers into their auditoriums. So far in 2023, that premium ticket average is higher — $17.33 each — because so many moviegoers saw Disney's "Avatar: The Way of Water" in premium formats and 3D.

☆ India tribunal puts Zee insolvency on hold after warning of Sony merger delay
▼ + stars: | 2023-02-24 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 24 (Reuters) - An Indian tribunal on Friday put on hold insolvency proceedings against Zee Entertainment Enterprises (ZEE.NS), a major relief for the Indian media company that warned the legal battle could delay its merger with a local unit of Japan's Sony (6758.T). The tribunal has put on hold the insolvency proceedings for the time being, saying the matter required detailed deliberations and will be next heard on March 29. During the hearing, Zee counsel Mukul Rohatgi warned its merger with Sony is "going to get stuck" if the insolvency proceedings continue. It competes with Disney's (DIS.N) Star India and Reliance Industries (RELI.NS) Viacom18, and its planned merger with Sony's India unit will create a $10 billion behemoth. Zee on Friday disputed its liability in the tribunal saying, according to them the liability did not meet the threshold for initiating insolvency proceedings.

NEW DELHI/BERLIN, Feb 24 (Reuters) - Germany will pursue a $5.2 billion deal with India to jointly build six conventional submarines in the country during Chancellor Olaf Scholz’s Feb. 25-26 visit, two Indian and two German sources said. Under the deal, a foreign submarine manufacturer will have to partner with an Indian company to build the submarines in India. The Indian foreign and defence ministries did not respond to requests for comment. An Indian diplomatic source told Reuters that India has asked Germany for an assurance for joint manufacturing for the submarines, not just supply-side support. Another official from the Indian foreign ministry said that “Scholz was determined to reinvigorate trade and defence ties with India”.

"I think that we have a very good candidate for the World Bank," French Finance Minister Bruno Le Maire said of Banga during a news conference at the G20 finance leaders meeting in India. The comments marked a turnabout from Tuesday, when Germany's international development minister, Svenja Schulze, who represents a different party in Germany's coalition government, said the next World Bank chief should be a woman. The G20 ministers meeting is being held on the outskirts of the Indian tech hub city of Bengaluru. 'UNIQUE SET OF SKILLS'The United States, the lender's dominant shareholder, has chosen every World Bank president since the founding of the institution at the end of World War Two. World Bank staff are bracing for Banga to make some management changes at the bank, emboldened by Yellen's repeated calls for "bolder and more imaginative" action by the bank, two bank sources told Reuters.

☆ India is trying to get G20 countries to follow Putin's instruction not to refer to Russia's war in Ukraine as a 'war,' reports say
▼ + stars: | 2023-02-23 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +3 min

India doesn't want the G20 to label Russia's invasion of Ukraine as a "war," per Reuters. Its officials tried to convince members to refer to it as a "crisis," but were met with pushback. (He has on occasion ignored his own rule and used the word "war," but the euphemism continues to be widespread in Russian official media.) China has also refused to call the war a "war," instead terming it a "crisis," per Bloomberg. "India is not keen to discuss or back any additional sanctions on Russia during the G20," an Indian official told Reuters.

☆ A first-of-its-kind fighter jet landing shows India's big ambitions for its growing aircraft carrier fleet
▼ + stars: | 2023-02-23 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +7 min

Two fighter jets landed on and took off from India's new aircraft carrier, INS Vikrant, this month. The continued growth of India's carrier fleet reflects New Delhi's ambitions in the region. Indian carriersA naval variant of India's Tejas fighter jet lands on INS Vikrant on February 6. Indian navyThough Vikrant is India's first domestically built carrier, it is actually the fourth to enter service with the Indian Navy. The third carrier, INS Vikramaditya, is a modified Kiev-class carrier India purchased from Russia in 2004.

☆ Seattle becomes first U.S. city to outlaw caste discrimination after council vote
▼ + stars: | 2023-02-22 | by ( Kanishka Singh | ) www.reuters.com time to read: +2 min

Feb 21 (Reuters) - Seattle became the first U.S. city to outlaw caste discrimination on Tuesday, after its local council voted to add caste to the city's anti-discrimination laws. "The fight against caste discrimination is deeply connected to the fight against all forms of oppression," Kshama Sawant, an Indian American Seattle City Council member, said. The Dalit community is on the lowest rung of the Indian Hindu caste system and have been treated as "untouchables." "Caste discrimination doesn’t only take place in other countries. Activists opposing caste discrimination say it is no different from other forms of discrimination like racism and hence should be outlawed.

☆ India, Singapore launch real-time link for cross-border payments
▼ + stars: | 2023-02-21 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

MUMBAI, Feb 21 (Reuters) - India and Singapore launched on Tuesday a real-time link to facilitate easier cross border money transfers between one of the world's biggest recipients of remittances and an Asian financial powerhouse. Transfers of funds will now be possible using just mobile phones due to the tie-up between India's Unified Payments Interface (UPI) and Singapore's PayNow facility. UPI is an instant real-time payments system, allowing users to transfer money across multiple banks without disclosing bank account details. To begin with, State Bank of India (SBI.NS), Indian Overseas Bank (IOBK.NS), Indian Bank (INBA.NS) and ICICI Bank (ICBK.NS) will facilitate both inward and outward remittances while Axis Bank (AXBK.NS) and DBS India will facilitate inward remittances, the Reserve Bank of India (RBI) said in a statement. At the launch event, Singapore's Prime Minister Lee Hsien Loong said that cross-border retail payments and remittances between India and Singapore currently amount to over $1 billion annually.

☆ Uber to introduce EVs in India in push to clean cars
▼ + stars: | 2023-02-20 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 20 (Reuters) - Uber Technologies (UBER.N) said on Monday it will introduce electric vehicles (EVs) in India for ride-sharing, its first move to adopt clean cars amid an Indian government push for greater electrification of public transport and shared mobility. Uber's fleet partners will buy the EVs from Tata Motors (TAMO.NS), India's biggest electric carmaker, Prabhjeet Singh, president, Uber India and South Asia, said during a phone interview on Monday. Even with 25,000 EVs, electric cars will still be a fraction of Uber's current overall active fleet of 300,000 vehicles in India, according to Singh. Uber has set a 2040 target for 100% of its rides to be in zero-emission vehicles, public transport or with micro-mobility, including in India. Tata rival Mahindra & Mahindra (MAHM.NS) is the only other Indian automaker to build electric cars locally.

Prateek Gupta is the 43-year-old scion of an Indian family that ran a public metals-and-power company. Even before Trafigura Group said phony nickel shipments could cost it up to $577 million, some people and businesses had decided to steer clear of both Prateek Gupta—the businessman Trafigura says is responsible for the alleged misconduct—and a Swiss firm Mr. Gupta had acquired. Commodity-trading giant Trafigura has accused Mr. Gupta and related companies of committing “systematic fraud.” It says it agreed to buy nickel—a hot commodity, due to the electric-vehicle boom—but instead received other, cheaper cargoes.

☆ U.S. tries to woo India away from Russia with display of F-35s, bombers
▼ + stars: | 2023-02-17 | by ( Krishn Kaushik | ) www.reuters.com time to read: +3 min

BENGALURU, Feb 17 - The United States brought its most advanced fighter jet, the F-35, to India for the first time this week alongside F-16s, Super Hornets and B-1B bombers as Washington looks to woo New Delhi away from its traditional military supplier, Russia. The American delegation to the week-long Aero India show in Bengaluru, which ends on Friday, is the biggest in the 27-year history of the show and underlines the growing strategic relationship between the United States and India. Its state-owned weapons exporter Rosoboronexport had a joint stall with United Aircraft and Almaz-Antey, displaying miniature models of aircraft, trucks, radars and tanks. "Even if weapons sales aren't the cornerstone of the relationship, there is a cooperation and collaboration at the military level between India and the U.S.," he added. The United States is selective about which countries it allows to buy the F-35.

☆ Indian lender HDFC's biggest-ever bond issue to see strong demand - bankers
▼ + stars: | 2023-02-15 | by ( Dharamraj Lalit Dhutia | ) www.reuters.com time to read: +2 min

HDFC aims to raise at least 50 billion rupees ($603.4 million) through the sale of 10-year bonds on Thursday, with an option to retain an additional 200 billion rupees. If the company garners full the quantum, this would also be the biggest-ever privately placed debt issue by an Indian company. Axis Bank, ICICI Bank, HDFC Bank and ICICI Securities Primary Dealership are the arrangers for the bond issue. The company's fundraising via private placement stood below 250 billion rupees in 2013-14. HDFC is raising funds as it would help them meet capital requirements after the upcoming merger with HDFC Bank, bankers said.

☆ How Jared Fogle went from Subway star to shunned spokesman: New documentary details fall from grace, as sandwich chain eyes potential sale
▼ + stars: | 2023-02-15 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

Jared Fogle was known as Subway's spokesperson up until 2015 when his home was raided by the FBI. A new documentary of Fogle is coming in March, as Subway teases a possible sale of the company. As Subway considers a potential sale of its more than $10 billion restaurant chain, and with a documentary on Fogle set to air in just a few weeks, here's how he went from Subway celebrity to shunned spokesman. Jared Fogle. APA Subway spokesman is bornIn a 2004 interview with CBS, Jared said he weighed 425 pounds before using Subway sandwiches to aid in his over 200-pound weight loss.

[1/2] The Epic Games logo, maker of the popular video game "Fortnite", is pictured on a screen in this picture illustration August 14, 2020. REUTERS/Brendan McDermid/Illustration/File PhotoNEW DELHI, Feb 14 (Reuters) - U.S. firm Epic Games is challenging Google in an Indian tribunal for not complying with some portions of an antitrust directive, alleging that the tech giant is not hosting the gaming company's app store on Google's Play Store app. Maker of the popular video game "Fortnite", Epic operates its own app store, Epic Games Store, that offers games and other apps for download. The company claims in the filing it is "exploring launching" the Games Store app on Google Play Store and has been "adversely affected" by Google not complying with the CCI order. Epic is known for campaigns against Apple (AAPL.O) and Google for charging high app store commissions.

[1/4] An Indian Air Force (IAF) light combat aircraft "Tejas" flies during the "Aero India 2021" air show at Yelahanka air base in Bengaluru, India, February 3, 2021. Indian carriers may buy 1,500 to 1,700 aircraft in coming years, CAPA said, including Air India and IndiGo. MILITARY, COMMERCIAL COMPETITION"The days of foreign companies selling directly to India are over," a defence industry source told Reuters. At the same time, airlines like Air India are seeking to go head-on with rivals like Emirates Airline (EMIRA.UL) for a bigger share of international passenger flow. India's pressing military air need is to shore up its fighter squadrons, which have fallen to 31 from the approved 42 as political and bureaucratic hurdles and lack of funds delay purchases.

This is their third trip to the NFL title game in four years and Kansas City fans can be heard throughout Phoenix singing the "tomahawk chop" chant. It is a jarring contrast to the displays of Native American culture and pride that Super Bowl hosts have invited to participate in the days leading up to the game. Chiefs fans are all but assured to perform the "tomahawk chop" cheer loudly in the minutes before kickoff, as they did prior to the game in their previous two Super Bowl appearances. And it's tone deaf," said Rhonda LeValdo, an Acoma Pueblo journalist who founded the Not in our Honor coalition in 2005, to advocate against the use of Native American imagery in sports. "I don't even understand what you guys are saying and you have the Chiefs logo and you guys are doing the chop."

☆ Meet Justina Miles, Rihanna's Super Bowl halftime show ASL performer
▼ + stars: | 2023-02-12 | by ( Jennifer Liu | ) www.cnbc.com time to read: +4 min

As millions tune in to watch the Philadelphia Eagles take on the Kansas City Chiefs at the Super Bowl in Glendale, Arizona, this Sunday, Justina Miles will be making history. She will also be the first female deaf performer for the Super Bowl's halftime show. More than 120 million viewers watched the Super Bowl halftime show in 2022, which featured Dr. Dre, Snoop Dogg, Eminem, Mary J. Blige and Kendrick Lamar. It was the first Super Bowl halftime show to feature ASL performers, including rappers Sean Forbes and Warren "WaWa" Snipe. Super Bowl pre-game coverages starts Sunday at 1 p.m. EST on Fox, and kickoff is set for 6:30 p.m. EST.

"Judging by the customs statistics, some of the benefit was captured by refiners in India and China, but the main beneficiaries must be oil shippers, intermediaries and the Russian oil companies," he added. As a further complication, some Russian oil grades, including Pacific grade ESPO, are also worth more than Urals. After decades of low profits or losses, sections of the global shipping industry are enjoying a financial boom from moving Russian oil. A year ago, a similar journey would have cost a seller of Russian oil $0.5-$1.0 million depending on shipping rates. Nayara is 49%-owned by Russian state oil major Rosneft, run by Putin's ally Igor Sechin, meaning some of the profits are indirectly captured by Russia.

☆ India's Kalyan Jewellers Q3 profit rises on strong festive demand
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 7 (Reuters) - Kalyan Jewellers India Ltd (KALN.NS)reported a near 11% rise in quarterly profit on improved demand during the festive season and said the ongoing wedding season is pushing sales higher. Demand picked up in the quarter during the festive season when Indians spend heavily on big-ticket items such as cars, electronic appliances, and jewellery. The Indian jeweller's consolidated net profit rose to 1.49 billion rupees ($18.02 million) for the third quarter that ended Dec. 31 from 1.35 billion rupees ($16.33 million) a year earlier. Revenue increased 13% to 38.84 billion rupees, boosted by sales at newly opened showrooms. Kalyan's earnings outshine its Tata Group-owned larger rival Titan Co Ltd (TITN.NS), which last week reported a surprise fall in profit.

☆ It's time to chill with al the recession talk
▼ + stars: | 2023-02-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

New York CNN —In 2021, a bunch of economists and policy makers underestimated the inflation that was taking root around the world. In 2022, as inflation hit 40-year-highs and the Fed ramped up interest rates, many of those commentators went full-on gloomy — predicting a recession was all but inevitable. And that makes it hard, if not impossible, to imagine a recession anytime soon. “Any concern the economy is in recession or close to a recession should be completely dashed by these numbers,” Moody’s Analytics chief economist Mark Zandi told CNN on Friday. “The economy is further away from recession than ever,” wrote Christopher Rupkey, chief economist at Fwdbonds.

☆ Rep. Victoria Spartz Won’t Seek Re-Election
▼ + stars: | 2023-02-03 | by ( Natalie Andrews | ) www.wsj.com time to read: 1 min

Rep. Victoria Spartz (R., Ind.) was thinking about running for an open Senate seat in Indiana next year, a move her statement Friday ruled out. WASHINGTON—Rep. Victoria Spartz, an Indiana Republican seen as a rising star and potential candidate for Senate, said Friday she planned to leave Congress after this term. “Being a working mom is tough and I need to spend more time with my two high school girls back home, so I will not run for any office in 2024,” she said.

☆ U.S. FDA says India-made eye drop linked to some infections, blindness and one death
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

The agency said on Thursday that Artificial Tears eye drop manufactured by India's Global Pharma Healthcare Pvt Ltd has a potential bacterial contamination and the company has violated current good manufacturing practices. Global Pharma Healthcare did not immediately respond to a Reuters request seeking comment on the FDA statement. EzriCare said in a statement on Wednesday that it had stopped further distribution and sale of the eye drop, and it was not aware of any testing that "definitively links" the bacterial outbreak to the product. It said that as of Jan. 31, the CDC had identified 55 patients in 12 states with infections linked to the use of Artificial Tears distributed by EzriCare, it said. "Associated adverse events include hospitalization, one death with bloodstream infection, and permanent vision loss from eye infections," the FDA said.

☆ Adani Group: Your Guide to the Indian Company’s Stock Market Rout
▼ + stars: | 2023-02-02 | by ( Matthew Thomas | ) www.wsj.com time to read: 1 min

Gautam Adani , an Indian businessman, is one of the richest people in the world. His wealth took a big hit when shares of companies owned by his flagship Adani Group fell dramatically following the publication of a report by a U.S. short seller in late January. The Adani Group is big—and politically connected. There are seven India-listed companies bearing the Adani name, including firms in power transmission, green energy and port operation. Adani Group also owns cement producers, airport operators, coal miners and a digital marketing company.

☆ Cracks begin to show in India's Himalayan building spree
▼ + stars: | 2023-02-02 | by ( Krishn Kaushik | ) www.reuters.com time to read: +12 min

"Modern connectivity is also a guarantee of national security," Modi said at an election rally at a border village in October, where he said the new transport links would bring development to remote regions. India's ministries of highways and railway, which own the state-run companies building the road and rail projects, also did not respond. Hundreds of homes have sunk and cracked in an Indian tourist town close to the Himalayan border with China. Eight of the families neighbouring Butola have now left the village, their homes riven with cracks, villagers told Reuters. Officials halted road construction work near the town, fearful of a bigger collapse.

Search resuls for: "An Indian"

25 mentions found