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Workers stage a protest to demand higher wages and recognition of their union, at Samsung India's plant in Sriperumbudur, near Chennai on September 11, 2024. Shares of Samsung Electronics fell as much as 3% on Friday, as workers at its southern Indian plant continued to strike, disrupting production at the consumer electronics unit for a fifth day. Hundreds of workers have been on strike since Monday, demanding the electronics conglomerate to recognize their union, raise wages and reduce working hours. The plant, located in the city of Chennai in southern India, makes electronic appliances including televisions, refrigerators and washing machines. Samsung Electronics is one of the leading players in India's smartphone and electronic appliances market.
Organizations: Samsung, Samsung Electronics, union's, Reuters Locations: Sriperumbudur, Chennai, India
A little over two years after the switch, Fernandes regrets her decision: "I'll never ever buy an electric vehicle again." "A 4India’s EV conundrum: To invest in cars or charging points first0% charge should easily take me for another 40km, but it dropped to 0% within 5km," Fernandes said. In India, "Range anxiety" remains a significant hurdle preventing drivers from making the transition from internal combustion engine to EV cars, analysts said. "Charging infrastructure in India's electric vehicle market is still not fully developed, but companies want more vehicles on the road before they invest more. As of August 2023, Tata Motors dominated 72% of India's EV market, followed by MG Motors with with a 10.8% share.
Persons: Carmelita Fernandes, Fernandes, Brajesh Chhibber, Chhibber Organizations: Tata Nixon, CNBC, Bain & Company, McKinsey India, Tata Motors, MG Motors, Mahindra & Mahindra, Citroen, Hyundai, Kia Locations: Indian, Pune, India, Bombay, Maharashtra, Mumbai, Goa, Canalys
Historically, a rate cut has been a signal for central banks in emerging markets, like India, to follow by easing monetary policy in their regions. The latest data shows that the inflation rate appears to be heading in the wrong direction in India. The headline inflation rate rose in August to 3.65% compared to 3.6% in the previous month. Instead, markets have simply hit snooze on a rate cut by the Reserve Bank of India for the moment. If there's no global recession, a risk-on sentiment will likely help push up emerging market equities in the medium term after the U.S. central bank cuts rates.
Persons: Shah, Mahesh Nandurkar, Surendra Goyal, CNBC's, BofA, Banks Organizations: Federal, Reserve Bank of India, Reserve Bank, Capital Economics, India, greenback, Federal Reserve, Jefferies, Bank of America, Citi, India Research, Bank Locations: India, U.S
Ford in talks to restart making cars in India for export
  + stars: | 2024-09-12 | by ( ) www.cnbc.com   time to read: +1 min
Ford Motor held talks with India's Tamil Nadu state to explore producing vehicles for export, the state's chief minister said, potentially signaling that the U.S. carmaker could restart production in India after exiting the country three years ago. Ford sold one of its two plants in India to Tata Motors in 2023. Its other plant, which is in Chennai in Tamil Nadu state, was shuttered. "Had a very engaging discussion with the team from Ford Motors. Explored the feasibility of renewing Ford's three decade partnership with Tamil Nadu, to again make in Tamil Nadu for the world," M.K.
Persons: Ford, M.K, Stalin Organizations: New York, Auto, Ford Motor, Tata Motors, Ford Motors, Tamil Locations: Manhattan , New York City, U.S, Tamil, India, Asian, Chennai, Tamil Nadu
Macquarie Capital: India's steady growth to continue
  + stars: | 2024-09-10 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMacquarie Capital: India's steady growth to continueSandeep Bhatia of Macquarie Capital believes India will continue its growth. Attention to some previously unfancied sectors is coming amid India's weightage increase in the MSCI Emerging Markets index.
Persons: Sandeep Bhatia Organizations: Macquarie, Macquarie Capital Locations: India
Interest in India has been rising steadily among investors, thanks to its growing economy , strong stock market performance and burgeoning population . Amid some talk of an Indian stock market bubble , however, Pramod Gubbi, co-founder of Marcellus Investment Managers, revealed how he is playing the market. So, our job is to evaluate whether the management teams are hungry enough to identify changes that are happening and adapt to them," he told CNBC Pro last week. Women-led themes One theme that Gubbi is interested in is how India's growing numbers of working women are spending their money. Other stocks Other Indian companies Gubbi likes include Divi's Laboratories and HDFC Bank .
Persons: Pramod Gubbi, Marcellus, Gubbi, Maggi, Nescafe Organizations: Marcellus Investment, Management, CNBC Pro, Bombay Stock Exchange, Tata Group, Brands, Nestle, , Paints, Divi's Laboratories, HDFC Bank, Novartis, GSK, Merck Locations: India, U.S, China
Cheating in India's medical entrance examCheating has, in particular, plagued India's highly competitive medical entrance exam, also known as the National Eligibility Cum Entrance Test (NEET). "Question papers are sold at extravagantly high prices," Ashok Rathore, a police officer who investigated cheating linked to India's medical school exam, told the Journal. The person said they can provide next year's medical entrance exam questions for around 1 lakh rupees ($1,200). Those with money can still legally obtain places in private medical colleges if they pay fees ranging from $115,000 to $145,000. Advertisement"For those people, the fact that someone cracked a highly competitive entrance exam and got in would inspire more confidence than someone who paid their way through the whole thing."
Persons: , Dharmendra Pradhan, Ashok Rathore, George Organizations: Service, National Testing Agency, NTA, BBC, Business, Wall Street Locations: India
Musk's commitment to the issue of free speech, however, is otherwise spotty, if not outright hypocritical. The battle in BrazilIn Brazil, the battle got real for Musk. Starlink backed down, eventually complying with legal demands to block X in Brazil, but Musk hasn't given up. AdvertisementMusk argues in memesFor now, Musk seems to be defending free speech (and X's presence in Brazil) by publicly attacking de Moraes. "But if Elon Musk doesn't act differently, I think X or Twitter will be blocked in Brazil for a long time."
Persons: , Elon Musk, Alexandre de Moraes, Narendra Modi, Moraes, Jair, Brazil's, Musk, de Moraes, Veridiana, Casey Newton, Donald Trump, Alex Jones, Pavel Durov, Durov, El Pais, X, Starlink, cosplaying, Luiz Inácio Lula da Silva, Lord Voldemort, Harry Potter, Mariana Valente Organizations: Service, Brazilian Supreme, Business, Electronic Frontier Foundation, Bloomberg, Twitter, Brazilian, SpaceX, Bolsonaro, Elon Locations: Brazil, Turkey, India
The announcement comes during Indian Prime Minister Narendra Modi's two-day visit to the Lion City, which began Wednesday following a trip to Brunei. The next phase of the Singapore-India partnership is very promising," Singapore Deputy Prime Minister Heng Swee Keat said at the Singapore-India Forum organized by the Singapore-India Partnership Foundation, Institute of South Asian Studies and the Singapore Business Federation. "Singapore, India and the rest of Asia must continue to strengthen on economic connectivity and integration, to allow for capital, ideas and talent to find their optimal uses," he said. We want to create a bunch of Singapores in India," Modi said in a meeting with Wong. watch nowOn Wednesday, Modi and Singapore's Prime Minister Lawrence Wong visited Singaporean semiconductor and electronics company AEM, signaling their intent to increase cooperation in chips.
Persons: Narendra Modi, Brunei Sultan Hassanal, Dean Kassim, Narendra Modi's, Heng Swee Keat, Modi, Wong, Lawrence Wong, Heng, Ajit Doval, It's, Anit Mukherjee Organizations: India's, Istana Nurul, Afp, Getty, SINGAPORE —, Indian, Lion, Singapore -, India Partnership Foundation, Institute of South Asian Studies, Singapore Business Federation, U.S, International Monetary Fund, Singapore's, National, Imports, CNBC, Modi's, King's College London, Economic, Board Locations: Brunei Sultan, Istana Nurul Iman, Bandar Seri Begawan, SINGAPORE, SINGAPORE — India, Singapore, Brunei, India, Singapore - India, Asia, , China, Germany, Japan
Indian Prime Minister Narendra Modi during the launch of BJP membership campaign on Sept. 2, 2024 in New Delhi, India. Modi will also be meeting Singapore President Tharman Shanmugaratnam, Senior Minister and former Prime Minister Lee Hsien Loong, and Emeritus Senior Minister Goh Chok Tong during his two-day visit. Dean Kassim | Afp | Getty ImagesEarlier this week, the Indian prime minister made his inaugural trip to Brunei where he met Sultan Hassanal Bolkiah. Modi is India's first prime minister that has made a bilateral visit to the oil-rich country. The Indian prime minister had also visited Italy for the G7 summit, Russia, Ukraine and Poland in the last three months since his reelection.
Persons: Narendra Modi, Lawrence Wong, Modi, Tharman Shanmugaratnam, Lee Hsien Loong, Goh Chok Tong, Anit Mukherjee, Mukherjee, Dean Kassim, Sultan Hassanal Bolkiah, Omar Ali Saifuddien, Nirmala Sitharaman, Jaishankar, Wong, Vivian Balakrishnan, Balakrishnan Organizations: Indian, Hindustan Times, Getty, Singapore, Senior, King's College London, CNBC, Imports, Brunei International, Afp, High Commission of, Institute of South Asian Studies, Finance, Foreign Locations: New Delhi, India, Singapore, Asia, Bandar Seri Begawan, Brunei, High Commission of India, Italy, Russia, Ukraine, Poland, Lion City
India's Narendra Modi urged President Volodymyr Zelenskyy on Friday to sit down for talks with Russia to end the war and offered to act as a “friend” to help bring peace as the two leaders met in wartime Kyiv. During joint statements to reporters, Modi said he had come to Kyiv with a message of peace and called for dialogue between Russia and Ukraine the earliest opportunity. Indian Prime Minister Narendra Modi hugs Ukrainian President Volodymyr Zelenskyy in Kyiv on Friday. Both sides should sit together to find a way out of this crisis,” Modi said. Both leaders hailed the visit as “historic.”“This visit is very friendly and important for all Ukrainians,” Zelenskyy told reporters.
Persons: India's Narendra Modi, Volodymyr Zelenskyy, , Modi, Narendra Modi, ” Modi, , ” Zelenskyy Organizations: AP, Moscow Locations: Russia, Kyiv, Moscow, Ukraine, India
"I think people need to stop following trends, and they need to follow their heart more," India tells CNBC Make It. People of more typical means should avoid falling into the "celebritization of travel," India adds. Instead, India recommends choosing travel spots based on your own passions and what you want to learn more about. Think about what you're reading, watching, listening to and talking about to guide your travel decisions. Where is a place that you can go, try the massages daily, or really go deeper into the culture?"
Persons: Jaclyn Sienna India, Sienna Charles, Beyonce, Jeff Bezos Organizations: Wall Street titans, Hollywood, CNBC, Aspen, Netflix Locations: India, Europe, Egypt, France, Italy, South America, Africa, Southeast Asia
Medical professionals and students participate in a silent march as they condemn the rape and murder of a doctor, in Kolkata on August 15, 2024. The Indian Medical Association, the largest association of modern medicine doctors in India, has called for the suspension of non-emergency medical services for 24 hours across the country after a female trainee doctor was raped and murdered last week at a hospital. The IMA alleged that police and authorities had handled the murder and rape case "shabbily." Reuters reported that the 31-year-old victim was killed inside the medical college where she worked, and was found dead last Friday. Police said she had been raped and a police volunteer was later arrested in connection with the crime.
Organizations: Indian Medical Association, IMA, Reuters, Police Locations: Kolkata, India, India's West Bengal
According to state-owned All India Radio, federal forensic experts and medical officers were expected to visit the R.G. Kar Medical College and Hospital, where authorities found the body of the 31-year-old resident doctor in a seminar hall on Friday. The case also highlights India’s long struggle to tackle violence against women, despite some of the world’s most stringent laws. Medical associations across the country joined the action, calling for a federal investigation and overhaul of security measures at hospitals. Videos from Kolkata showed doctors wearing white coats and stethoscopes chanting and raising banners reading “we want justice.”Similar protests continued in other cities across India.
Persons: , Dibyangshu Sarkar, Jagat Prakash Nadda, Doctors “, Nadda Organizations: India Radio, Kar Medical College and Hospital, . Police, Indian Medical Association, Getty, of Resident, Association, Central Healthcare Protection, Federation of All India Medical Association, Lohia, IMA, National Medical Commission, Crime Records Locations: India, Kolkata, West Bengal, AFP, New Delhi, India’s
Reliance and Walt Disney have offered to sell some channels to win faster antitrust approval for their $8.5 billion India media assets merger, but are resisting changes to cricket broadcast rights they own, two sources familiar with the matter said. Antitrust experts have warned that the Reliance-Disney merger, announced in February, could face intense scrutiny as it will create India's biggest entertainment player which will compete with Sony , Zee Entertainment , Netflix and Amazon with a combined 120 TV channels and two streaming services. The sources said some of the concessions being offered relate to regional Indian language channels where the two companies may have a dominant market share. Zee and Sony planned to create a $10 billion TV behemoth in India and in 2022 offered concessions by selling three TV channels. That helped them win CCI approval, but the merger eventually collapsed.
Persons: Walt Disney, Mukesh Ambani's Organizations: Walt, Antitrust, Disney, Sony, Zee Entertainment, Netflix, Competition Commission of India, Reliance, Zee Locations: India
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's Nifty 50 could reach 30,000 level 'much sooner' than 2030: StrategistKranthi Bathini, director of equity strategy at WealthMills Securities, says it's a "liquidity-led rally."
Persons: Kranthi Bathini Organizations: WealthMills Securities
Short-seller Hindenburg Research made accusations against the head of India's market regulator. It said that the regulator had links to offshore funds also used by the Adani Group. Adani companies lost around $2.43 billion in market value during a share sell-off on Monday. AdvertisementGautam Adani, one of the world's richest men and founder of Adani Group, has suffered yet another setback. This week, fresh accusations by activist short-seller Hindenburg Research led to a heavy share sell-off at Adani's group of companies, wiping off around $2.4 billion in their total market value, according to Reuters.
Persons: , Gautam, Hindenburg Organizations: Hindenburg, Adani, Service, Hindenburg Research, Reuters, Business Locations: New York
India's Bharti to buy Drahi's stake in BT, worth $4 billion
  + stars: | 2024-08-12 | by ( ) www.cnbc.com   time to read: +2 min
India's Bharti Enterprises said it would acquire a 24.5% stake in BT , worth about 3.2 billion pounds ($4 billion), buying out the British company's top investor, telecoms tycoon Patrick Drahi, as his Altice group struggles with high debts. The Indian company said it would buy an initial 9.99% stake before seeking to add the remaining 14.51% following regulatory approvals. Bharti said it supported BT's executive team and strategy as the group pushed forward with an "ambitious" transformation programme to deliver long-term sustainable growth. BT's shares have risen by 24% in the last six months as the fruits of its long-term investment plan to build the country's fibre network start to materialise. "This scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy," Kirkby said in a statement following the investment.
Persons: India's, Patrick Drahi, Bharti, Drahi, Carlos Slim, Allison Kirkby, Kirkby Organizations: India's Bharti Enterprises, BT, UK National Security and Investment, Bharti Global, BT Group Locations: Abu Dhabi
CEO of India's Biocon discusses first-quarter results
  + stars: | 2024-08-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCEO of India's Biocon discusses first-quarter resultsPeter Bains, group CEO of the biopharmaceutical company, outlines its growth outlook.
Persons: India's Biocon, Peter Bains
Asia-Pacific markets opened higher on Monday after a roller-coaster week that saw steep sell-offs followed by a sharp recovery, especially in Japan stocks. Futures for benchmark U.S. indexes were lower as investors awaited key inflation data due later this week. Major Wall Street averages rose Friday, with the indexes making a sharp recovery from last week's volatile market rout. In Asia, traders on Monday will assess inflation and industrial output data from India. Meanwhile, India's industrial output for June is expected to come in at 5.5%, slightly down from 5.9% in May.
Persons: Dow Organizations: Nasdaq, Reuters Locations: Ahmedabad, India, Asia, Pacific, Japan
Adani group is one of the India's largest multinational company with a diversified business portfolio. Shares of Adani Group fell on Monday, after a new report from U.S. short seller Hindenburg accused the chair of India's capital markets regulator of having conflicts of interest that prevented an in-depth probe of fraud allegations. Shares of Adani Total Gas, Adani Power, Adani Wilmar and Adani Energy Solutions also fell sharply on the news. Madhabi Puri Buch and Dhaval Buch both denied wrongdoing and said the report's claims were baseless. Hindenburg's latest report comes roughly 18 months after it first accused the Adani Group of stock manipulation and corporate fraud.
Persons: Hindenburg, Adani, Madhabi Puri, Dhaval Buch, Puri, Gautam Adani, CNBC's Ganesh Rao Organizations: Adani, Adani Enterprises, Adani Energy Solutions, Securities and Exchange Board of India, Sunday Locations: Mumbai, Madhabi Puri Buch, Puri Buch
In May, six Adani Group companies disclosed they had received notices from SEBI alleging violation of Indian stock market rules. Alongside the inquiry into the Adani group, SEBI sent a "show cause" notice to Hindenburg Research alleging that the short-seller violated the country's rules by setting up a short-bet using non-public information. Hindenburg Research said these allegations were "nonsense" in a note published on its website in July, which also made public the regulator's notice. In its latest report, Hindenburg attempts to draw a link between offshore funds that traded in Adani Group shares and personal investments of Buch and her husband. It says that Bermuda-based Global Opportunities Fund, which according to a Financial Times investigation was used by entities connected to the Adani group to trade in share of group companies, had sub-funds.
Persons: Puri, Hindenburg, Buch, Vinod Adani, Gautam Adani, SEBI Organizations: Hindenburg Research, Hindenburg, SEBI, Sunday, Securities and Exchange Board of India, Adani, Adani Group, Fund, Financial Times, Buch, Securities, Exchange Board of India Locations: Krakow, Poland, Puri Buch, Buch, Bermuda
Bhavish Aggarwal, Chief Executive Officer (CEO) of Ola Cabs and founder of Ola Electric speaks during a press conference ahead of the Initial Public Offer (IPO). Shares of Ola Electric surged 20% in their market debut Friday, valuing the Indian electric vehicle startup at around $4.8 billion. Ola Electric makes electric scooters and only shipped its first product 2½ years ago. This is the trend Ola Electric is trying to tap into as it prepares to deliver its first electric motorbike product in the second half of 2025. Ola Electric has some high-profile investors including SoftBank and Singapore's investment fund Temasek.
Persons: Bhavish Aggarwal, Ola, Ola Electric Organizations: Ola, Reuters, McKinsey & Co, Temasek Locations: Mumbai, India
On Thursday, investors in Asia will assess trade data from Japan and interest rate decision from the Reserve Bank of India. Global equities and currencies plunged earlier this week after the Bank of Japan hiked interest rates to their highest levels since 2008, and the U.S. released weaker-than-expected employment numbers. Asia-Pacific markets were mostly down in choppy trading on Thursday after U.S. stock benchmarks fell overnight, while investors assessed trade data from Japan and awaited India's rate decision. "Assuming that the price stability target will be achieved in the second half of fiscal 2025, the Bank should raise the policy interest rate to the level of the neutral interest rate toward that time," the summary read. Japanese technology investor SoftBank Group said in a statement on Wednesday that it would buy back up to 500 billion yen ($3.4 billion) of its shares as part of its efforts to boost shareholder returns.
Persons: Shinichi Uchida, Lasertec, Korea's Kospi Organizations: Reuters, The Reserve Bank of, Reserve Bank of India, Global, Bank of Japan, Dow Jones, Nasdaq, Nvidia, Nikkei, Bank, SoftBank, Semiconductor, Isuzu Motors, China's CSI, Cathay, Hong Kong's, Airbus Locations: The Reserve Bank of India, Asia, Japan, U.S, Pacific, Hong, Cathay Pacific
Despite being disqualified from the gold medal match just hours after she made Olympic history, Vinesh Phogat is still being hailed by many online for her bravery and resilience. The wrestler from Team India, who on Tuesday became the first woman from her country to make the Olympic finals, will not be participating in the women’s wrestling 50kg gold-medal match due to being "a few grams" over the weight class, according to the Indian Olympic Association. The Indian Olympic Association didn’t elaborate on the matter and requested privacy for Phogat. In a January 2023 letter, the group accused Singh of sexual harassment against several young female wrestlers. Indian wrestler Vinesh Phogat is detained by the police while attempting to march to India's new parliament in New Delhi on May 28, 2023.
Persons: Phogat, USA’s Sarah Hildebrandt, Yui Susaki, Ukraine’s Oksana Livach, Cuba’s Yusneylis Guzman Lopez, Brij Bhushan Sharan Singh, Singh, Singh “, , Vinesh Phogat, Arun Thakur, ” Phogat, Brij Bhushan, India’s, Narendra Modi, Modi hasn’t Organizations: Team India, Indian Olympic Association, Wrestling Federation of India, Tokyo, Getty, , , Indian Express Locations: Wednesday’s, Japan, New Delhi, AFP, Phogat,
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