Business

Not leaving India market: Toyota Kirloskar Motor


By The SATimes News Service New Delhi: Premium automobile manufacturer Toyota Kirloskar Motor has reaffirmed its commitment to India as being an integral part of the company's global strategy. "We need to protect the jobs we have created and we will do everything possible to achieve this," the company said in a statement. "Over our two decades...

Indian economy to contract 9% this fiscal, says report

Post Date: September 16, 2020

By The SATimes News Service New Delhi: The Asian Development Bank (ADB) on Tuesday projected the Indian economy to contract 9% this fiscal, deeper than its June estimate of 4%, saying the fast-spreading coronavirus is hindering economic activity and consumer sentiment. The multilateral bank, however, expects GDP to rebound next fiscal with an 8% growth. ADB’s move...

US to block some exports from China

Post Date: September 16, 2020

By The SATimes News Service Beijing: The US will block some exports from China's Xinjiang region, over alleged human rights abuses against the Muslim Uighur minority, the Department of Homeland Security (DHS) has announced. The orders said that "forced labor" was used to make the products, including at a "vocational" center it called a "concentration camp",...

Oracle confirms TikTok deal as ‘trusted tech provider’


By The SATimes News Service San Francisco: Cloud major Oracle has confirmed a deal with ByteDance, the Chinese owner of short video-sharing platform TikTok which has been under pressure to divest its US operations for more than a month now. The confirmation by Oracle comes a day after Microsoft, which was among the frontrunners to seal...

Silver Lake to invest Rs 7,500 crore in Reliance Retail

Post Date: September 10, 2020

By The SATimes News Service Mumbai: Reliance Industries Limited (RIL) has announced that Silver Lake will invest Rs 7,500 crore into its subsidiary Reliance Retail Ventures Limited (RRVL). The investment values RRVL at a pre-money equity value of Rs 4.21 lakh crore. Silver Lake's investment will translate into a 1.75 percent equity stake in RRVL on...

India now ranks 4th in renewable energy: Modi


By The SATimes News Service New Delhi: Pointing out that India ranks fourth globally in terms of renewable energy, Prime Minister Narendra Modi has said that the country has increased its installed capacity in this sector by 2.5 times and the installed solar capacity by more than 13 times. India has scaled its non-fossil fuel-based power...

Chanda Kochhar’s husband Deepak arrested in ICICI loan case


By The SATimes News Service New Delhi/Mumbai: In a major action, the Enforcement Directorate (ED) has arrested Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, in connection with the ICICI Bank loan case. He was arrested by the Mumbai branch of the financial probe agency. The action comes almost a year after the ED filed...

Fitch revises India’s FY21 GDP forecast to -10.5%


By The SATimes News Service New Delhi: Global credit rating agency Fitch on Tuesday slashed its FY-21 GDP growth forecast for India further downward to (-) 10.5 per cent from (-) 5 per cent. "We expect the shortfall of activity relative to our pre-virus forecast to be 16 per cent by early 2022," Fitch Ratings said...

2021 likely to see negative double digit real GDP growth

Post Date: September 2, 2020

New Delhi: Even as the country's economic growth contracted by 23.9 per cent in Q1FY21, preliminary estimates indicate the fiscal will exhibit a negative double digit growth in real GDP, says a SBI Ecowrap report. The report, released a day after official NSO figures showed the massive fall in GDP growth, said: "After a decline...