Mumbai builders make a beeline to acquire and launch new projects in NCR

With leading property developers in the National Capital Region, such as DLF, Unitech and Parsvnath, battling financial or legal woes, many builders from Mumbai are heading north, sensing an opportunity to capture part of one of the most sought-after realty markets. These builders plan to launch new projects either on their own or through acquisitions and joint ventures (JVs). Opportunities for development as well as a fall in land prices following a prolonged slowdown in the sector have become a big draw for well-funded developers from Mumbai, such as Shapoorji Pallonji, Kalpataru and Dosti Realty, which have followed the likes of Godrej Properties to the region.

On the other hand, while Parsvnath has exited the Mumbai market, both Unitech and DLF, which have one or two projects here, are not launching any new projects. Shapoorji Pallonji Real Estate is looking to launch and acquire a couple of projects in the NCR, mainly in Noida and Gurugram, said its CEO, Venkatesh Gopalakrishnan. “Sales prices have corrected in the NCR. But if we buy land at the right price and adjust sale prices according to market, we should do well,” said Gopalakrishnan. Land prices, he added, had fallen significantly in the NCR, presenting a clear opportunity to buy land and launch projects.

Fortis Healthcare management defers date for submission of bids to July 3

Delhi-headquartered hospital major Fortis Healthcare has postponed the date for submission of bids to July 3. The healthcare major, which is looking for an investor, had earlier set a deadline of June 28 to submit the binding bids as its Q4 financials were expected to come in on June 25. The results, however, were declared in the early hours of June 27 after much deliberations over the Luthra and Luthra investigation report. The Fortis management, hence, decided to defer the date for submission of bids to allow the prospective bidders more time to analyse the financial results. The fourth-quarter financial results took a hit, thanks to a provisioning of around Rs 5.8 billion, whose recovery is doubtful. Four bidders are expected to submit their bids — Sunil Munjal-Anand Burman combine, Manipal Group-TPG consortium, IHH Healthcare, and Radiant Life Care.

US crude hits 3.5-year high on supply concern due to Iran sanctions

Oil prices climbed on Thursday, with US crude hitting a three-and-a-half year high, bolstered by supply concerns due to US sanctions that could cause a large drop in crude exports from Iran. West Texas Intermediate (WTI) crude futures rose 69 cents, nearly 1 per cent, to settle at $73.45 a barrel. It reached $74.03 earlier in the session, the highest since Nov. 26, 2014. Brent crude futures rose 23 cents to settle at $77.85 a barrel. The United States this week demanded countries halt imports of Iranian oil from November, a hardline position the Trump administration hopes will cut off funding to Tehran. On Thursday, officials said they would work with countries on a case-by-case basis. China, the biggest importer of Iran's oil, has not committed to the US position.

Deutsche Bank's US unit fails Fed stress tests due to 'material weaknesses'

Deutsche Bank AG's US subsidiary failed on Thursday the second part of the US Federal Reserve's annual stress tests due to "material weaknesses" in its data capabilities and capital planning controls. The Fed board's unanimous objection to Deutsche Bank's US capital plan marks another blow for the German lender, whose financial health globally has been under intense scrutiny in recent months. Deutsche Bank last week cleared the Fed's easier first hurdle that measures its capital levels against a severe recession scenario. The Fed's second test focuses on the bank's capital plan. "Concerns include material weaknesses in the firm's data capabilities and controls supporting its capital planning process, as well as weaknesses in its approaches and assumptions used to forecast revenues and losses under stress," the Fed said in a statement.

IMF gives three tips to India for high growth, bank reforms among them

To sustain the high growth rate India has achieved, the country should carry out banking sector reforms; continue with fiscal consolidation, simplify and streamline GST; and renew impetus on reforms, the International Monetary Fund (IMF) said on Thursday. India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18. That was up from 7 per cent in the previous quarter. "We expect the recovery to continue in FY 2018-19. Growth is projected at 7.4 per cent in FY 2018-19 and actually 7.8 per cent in FY 19-20, respectively," IMF Communications Director Gerry Rice told reporters at his fortnightly news conference. In order to sustain the high growth rate, Rice suggested three steps for India to follow. "One, to revive a bank credit and enhance the efficiency of credit provision; by accelerating the cleanup of bank and corporate balance sheets and enhancing the government of public sector banks," he said.

Iran is the next North Korea, India should re-think ties: Nikki Haley

Dubbing Iran as a "threat" and "the next North Korea", US Ambassador to the UN Nikki Haley on Thursday said her country will encourage India to rethink its relationship with Iran and decide whether it wants to continue doing business with it. Her remarks assume significance as they come after the US told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone. Haley, here on her first visit after becoming the US Ambassador to the UN, said in an address that Iran is a "theocratic dictatorship" that abuses its people, funds terrorism, and spreads conflict throughout the Middle East. The Tehran regime is hidden, and sometimes not-so-hidden, force behind most of the conflict in the region, she said. Replying to questions after her address, the 46-year-old Indian-American said she had discussed the issue of India's business with Iran with Prime Minister Narendra Modi. "We do have this in terms of our dialogue because I think that India also recognises the threats of Iran. We understand the logistics becoming a play with Iran but we have to always make sure that the priority is peace and security," Haley said.

5 killed in shooting at Maryland newspaper office in US; suspect in custody

The person suspected of killing at least five people at a newspaper in the US state of Maryland is a white adult male, a police spokesman said. The suspect, who is in custody, is "a white male, adult male, and the gun that was used is described as a long gun," meaning a rifle or a shotgun, Lieutenant Ryan Frashure told journalists. It is estimated that three people were wounded in the shooting, Frashure said. The shooting took place inside the offices of the Capital Gazette, a newspaper in the historic city of Annapolis, an hour east of Washington. A reporter for the daily, Phil Davis, tweeted that a "gunman shot through the glass door to the office and opened fire on multiple employees." Mass shootings are a common occurrence in the United States. While advocates of tougher gun laws have stepped up their efforts in the wake of school shootings this year, including the killing of 17 people at a Parkland, Florida, high school in February and the killing of 10 people at a Texas high school in May, the results have been relatively modest so far.

Godrej Consumer Products eyes Rs 1 bn turnover in hair products segment

Godrej Consumer Products (GPCL) is eyeing Rs 1 billion turnover in the professional hair products segment in the next three years, a senior company official said. "The professional hair products market currently is about Rs 12 billion and our company is aiming to do a business of Rs 1 billion in the next three years," GCPL's Associate Vice President - Professional Business, Ketan Takalkar told reporters here on Wednesday. He said the company entered the professional hair products segment with the launch of a new brand -- Godrej Professional -- in July last year. "In July 2017, we had launched it in four big cities. Now we are present in 11 cities across the country including Chandigarh, Ludhiana and Amritsar," he said, adding the company's products will be available through the salon channel and not the retail market

Audi Q5 petrol variant launched in India, price starts at Rs 5.527 mn

German luxury car maker Audi on Thursday launched petrol variant of its popular SUV, Q5 with price starting at Rs 5.527 million (ex-showroom). The new variant is powered by a 2-litre petrol engine with a total output of 252 horse power and is mated with 7-speed transmission. It has a top speed of 237 km/hr and is capable of accelerating from 0-100 km/hr in 6.3 seconds, Audi India said in a statement. Audi India head Rahil Ansari said, "In line with our petrol strategy, we clearly want to increase the contribution of petrol variants in our total sales and with the launch of the Audi Q5 45 TFSI, our entire Q range is now available with petrol options." He further said the Audi Q5 is one of the bestselling models in its class in India and with the launch of the petrol variant, the model will further strengthen its foothold in the Indian market.

Range Rover launches two new petrol variants in India, priced at Rs 9.95 mn

The Tatas-owned Jaguar Land Rover India on Thursday launched variants of its popular SUVs the Range Rover Sport and the Range Rover with additional features at a starting price of Rs 9.95 million to Rs 17.43 million respectively. The new SUVs come at the price of the existing models. The Range Rover Sport comes with a starting price of Rs 9.948 million and goes up to Rs 14.3 million for diesel, and Rs 11.003 million to Rs 19.675 million for the petrol variants. The Range Rover price begins at Rs 17.429 milllion and goes up to Rs 37.661 million for the diesel variants and the petrol models begin at Rs 18.716 million and scale to Rs 38.816 million, the company said. The 2018 Range Rover and Range Rover Sport models come with electronic air suspension, terrain response, twin-speed transfer box with electronic centre differential and adaptive dynamics offering additional capabilities with composure.

After Android success in India, Google eyes feature phones with KaiOS

After dominating the Indian smartphone market with close to 95 per cent of all devices running on its Android operating system, technology giant Google is now looking at capturing the country’s low-cost feature phone space. The Mountain View, California headquartered company has led a $22 million investment in Hong Kong-based KaiOS Technologies Inc., the maker of Kai operating system which powers feature phones of leading brands in India such as Micromax, Nokia (HMD Global makes Nokia phones) and Reliance Jio among other. While India is home to the fastest-growing smartphone market in the world, the size of its feature phone market continues to be just as large. The investment from Google is in line with its Next Billion Users initiative that looks at connecting and serving new Internet users or those for whom it is still hard to get online. It will also help Google gets its apps and services such as Google Assistant, Google Maps, YouTube, and Google Search onto feature phones. “We want to ensure that Google apps and services are available to everyone, whether they are using desktops, smartphones, or feature phones,” Anjali Joshi, Vice-President, Product Management, Next Billion Users, said in a statement. “Following the success of the JioPhones, we are excited to work with KaiOS to further improve access to information for feature phone users around the world.”

Walmart may face backlash in India; massive protests planned on July 2

In a recap of what happened more than a decade ago to global retail giant Walmart Inc. in India, as many as 700,000 traders, workers, farmers and political outfits might take to the streets in a nationwide protest on July 2, against the Walmart-Flipkart deal. Ever since and even before the deal was announced of Walmart spending over $16 billion for a 77 per cent stake in Flipkart, the road to the takeover of India’s biggest online marketplace has been quite bumpy. While back in Bentonville, Walmart's senior management immediately started feeling the heat of its decision to spend billions on a firm yet to make profits, trade bodies in India started filing one petition after another with almost all relevant agencies in the country. Organised by trade body Confederation of All India Traders (CAIT), the protest is likely to draw participation from the Swadeshi Jagran Manch (SJM), a number of farmer rights bodies, and smaller trader unions. As many as 1,000 simultaneous protests are planned in which more than 700,000 people are likely to take part, CAIT said.

Manpasand's books give true & fair view of firm: Mehra Goel & Company

Manpasand Beverages, in the news recently for the resignation of its auditor Deloitte, released its fourth-quarter and full-year results for FY18 on Wednesday, with its new auditor raising no red flag. Mehra Goel & Company, appointed after Deloitte quit last month, has said in its two-page independent report attached with the Q4 and full-year FY18 results that the statements give a true and fair view of the company’s financial position. It added that it is in conformity with Ind-AS and other accounting principles. Deloitte had said while resigning before Manpasand’s Q4 results were declared on May 30 that “significant information” requested by it from the company at various points in time were not provided.

Supply chain solutions firm Leap India eyes Rs 5-6 bn in Series-C funding

Mumbai-based supply chain solutions firm Leap India is planning to raise around Rs 5-6 billion from its existing investors, including Mayfield, IndiaNivesh Growth Fund, and others. The fundraising will support organic and inorganic growth, said a senior management official. He added that the company will hit a revenue of around Rs 2 billion this financial year. "We are in the process of raising the third round of fundraising to the tune of around Rs 5-6 billion, including equity and debt, to support our growth. We are also ready to set up our operations outside the country once we receive the nod from our investors," said Leap India Business Head Gaurav Singh. So far, the company has raised around Rs 2.5 billion. The existing investors include Mayfield, IndiaNivesh, Sixthsense, TCI Ventures, and SSG Capital Management Group. The company will keep a 1:2 ratio for equity and debt for the fundraising. Currently, around 48 per cent of the equity is with the investors while the rest is with the promoters. The existing investors and the promoters are expected to dilute their stake in the fundraising to bring in new investors. However, the company did not divulge the new investors entering the board with the new fundraising.

General Electric to spin off healthcare unit, divest Baker Hughes stake

General Electric Co said on Tuesday it will spin off its healthcare business and divest its stake in oil-services company Baker Hughes, leaving the once-sprawling conglomerate focused on jet engines, power plants, and renewable energy. The changes are designed to reward battered shareholders and to strengthen GE's balance sheet by reducing debt, building up cash and further shrinking GE Capital, the company said. Shareholders will receive 80 percent of the value of GE Healthcare as a tax-free distribution of shares. GE shares jumped 6.4 per cent to $13.57 in early trading. The 126-year-old company, which was once the most valuable US corporation, will spin off the profitable healthcare unit over the next 12 to 18 months, and sell its Baker Hughes stake over two to three years.

Microsoft in deal with InMobi to push Azure cloud business in India

Microsoft has entered into a strategic partnership with ad tech company InMobi, in a calculated move to acquire a handsome customer base for its Azure cloud business in India. Announced on Tuesday, the deal will see InMobi using Microsoft Azure as its preferred cloud provider. The ad tech firm, on the other hand, will benefit from technology collaborations, especially in the field of AI, in which Microsoft is a leader. Besides it will also cash in on the combined go-to-market strategy. InMobi says it will significantly expand its platform for marketers through the partnership, while its flagship product InMobi Advertising Cloud will move to Azure. The product, it says, will give marketers a deep insight into their customers with data coming in from disparate channels.

Amazon stakes claim to top fashion platform; vertical grows 90% in 2017

US e-commerce giant Amazon’s big push into fashion retail in the Indian market seems to be paying off, with the company on Tuesday announcing a jump of nearly two-and-a-half times in sales during the third edition of its Wardrobe Refresh Sale. Arun Sirdeshmukh, business head of Amazon Fashion, said this was the biggest-ever sale for the company. The firm, which has competitors like Myntra and Jabong, is staking claim to top spot, citing it is the largest fashion store in India in terms of selection. “We have grown over 90 per cent in terms of both volume and value in 2017,” it said. “Tier II and Tier III cities reported faster growth, with markets such as Indore, Pune and Vadodra growing at 3X to 4X. The Amazon Fashion exclusive brands also showed strong growth. Our sports exclusive Under Armour grew 6X, and GAP grew 8X. Our wide reach covered 100 per cent serviceable pin codes in India, with Amazon Fashion witnessing 2X growth in first-time shoppers,” Sirdeshmukh said.

AirAsia case: Venkataramanan gets Tata Sons board's backing

The board of directors of Tata Sons on Tuesday backed R Venkataramanan, the nominee director at Air Asia India, who along with several executives of the airline is being probed by the CBI for allegedly trying to manipulate government policies to get an international licence. Giving a clean chit to Venkataramanan, the board said he would continue to represent the holding company as there “have been no findings of any wrongdoing on the part of its nominee director”. The board meeting, held in London, was chaired by Tata Sons Chairman N Chandrasekaran, and all the 11 directors, including Harish Manwani, former global chief operating officer of Unilever who joined the board earlier this year as an independent director, were present. During the meeting, the Tata Sons board was updated on the Air Asia case. The company said the board was satisfied that the airline was cooperating fully with agencies investigating the matter.

Jaya Shree declares lockout in Bengal mill on union crisis, may relocate

For the first time since commencing operations in 1949, the Aditya Birla Group-held Jaya Shree Textiles has declared an indefinite lockout of its mill in Rishra, West Bengal, due to rising trade unionism and may decide to move this plant out of the state in case matters remain unresolved. For the past 20 days, despite some of the company's 5,700 workers reporting for duty, a section of trade union leaders has been preventing commencement of production resulting in this factory incurring a top line loss of Rs 50 million a day. Besides, several export orders, which make up for 25 per cent of its Rs 20 billion revenue, have also been cancelled. Its logistics cost, to meet its previous delivery commitments to clients, has also risen substantially. “A large section of workers want to report for work but they are being prevented by some trade union leaders” Moloy Ghatak, the state’s labour minister said. The trouble started last year when the company’s management, in December 2017, dismissed nine workers alleging illegal strike and unruly behaviour. They are facing legal proceedings. Workers in this factory have been protesting since May 2017 against the management’s offer to implement a single annual increment in place of three increments in a year.

Fashion victims aren't ready to wear trade war

Tariffs wouldn’t be a good look for fashion retailers. Right now, clothing and footwear aren’t included in the list of Chinese products threatened with punitive duties by the US. But as my colleague David Fickling has noted, adding another $200 billion would probably mean consumer goods being drawn into the fray. Clothing accounts for about $35 billion of China’s annual exports to the US, and footwear $15 billion, around 10 percent of the total, according to Dylan Chu, China consumer discretionary analyst at CLSA Ltd. Manufacturing outside of China has developed over the last five to 10 years, partly in response to the country’s rising wage costs. . Other potential sources of supply include Cambodia, Indonesia, the Philippines and India. Africa is also developing its manufacturing base, including in Ethiopia, Kenya and countries in the north of the continent.

Air India orders probe into rostering scam; cockpit crew making easy money

Even as the government’s efforts to sell majority stake in Air India came a cropper, it has come to light that a section of Air India’s pilots, deputy general managers (DGMs), clerks and other officials has been making some easy money on the side by playing the system. Airbus and Dreamliner pilots’ flying hours and rosters are being nimbly manipulated, with the result that the loss-making national carrier is ending up paying these pilots a lot more than it needs to. To encourage flying, Air India has an absurd rule in place that says that pilots will be paid for 70 hours of flying per month provided they do a minimum of 40 hours’ flying. Above 70 hours, there is overtime payment in three slabs — 70-80 hours, 80-90 hours and 90-100 hours. Hence, even if a pilot flies 40 hours in a month, he gets paid for 70 hours. But if he does 39 hours, he gets paid for 39 hours.

Jaguar Land Rover to launch new models, do a few upgrades by FY23

Jaguar Land Rover (JLR) Automotive, the UK subsidiary of Tata Motors, plans to fire on all cylinders as it braces to steer profitably amid disruptive technologies, regulatory and geopolitical changes, apart from heightening competition. The maker of Jaguar luxury sedans and Land Rover sport utility vehicles plans to introduce three new nameplates by 2022-23, a flurry of upgraded models and to develop a fully flexible platform to be “future ready”, the company told investors on Friday. The Birmingham-based entity will be pumping in £4.5 billion annually from FY19 to FY21 for this. A platform with ‘modular longitudinal architecture’ is expected to be ready by 2025. This is aimed to offer the flexibility to turn out models that run on conventional petrol and diesel engines, as well as hybrid or battery-operated full electric ones.

Insolvency process: What makes debt-ridden Ruchi Soya a prized asset

In the last few weeks, the fight for Ruchi Soya, admitted to the Corporate Insolvency Resolution Process by lenders, has got aggressive. In the spotlight are Baba-Ramdev-cofounded Patanjali Ayurved and Adani Wilmar, part of the Adani group, who are fighting tooth and nail for the Indore-based firm. The action comes after the two players were recently declared H1 (Adani Wilmar) and H2 (Patanjali) bidders for Ruchi Soya in a meeting by the Committee of Creditors. Adani Wilmar, which markets the Fortune brand of edible oils, had submitted a bid of Rs 54.74 billion for Ruchi Soya, of which Rs 43 billion would be paid to lenders. It would also make an equity infusion of Rs 17 billion in the company. Patanjali, meanwhile, had offered to pay Rs 57.65 billion, of which the lenders would get only Rs 40.65 billion. chart While Patanjali was asked to submit a revised bid under the Swiss Challenge system last week to match or better Adani Wilmar’s offer, it opted to seek clarifications on the bid process instead. Clearly, no one appears to be ceding ground yet in the battle for the debt-ridden firm, where financial creditors have filed claims worth around Rs 104 billion and operational creditors have filed claims worth Rs 360 million.

In India, Google's Neighbourly app goes local to take on Facebook, WhatsApp

A Mumbai train commuter who witnessed an accident earlier this month, turned to his smartphone to ask neighbours how to help a bleeding victim. Responses poured in instantaneously. Take him to the station master at the next stop; ask the ticket collector for first aid; call 138 for emergency help and so on. Not long after, the commuter posted a happy ending: the injured party had received medical attention. This transpired within minutes on Neighbourly, the hyper-local social network unveiled in India this month by Google’s Next Billion Users program. The neighbourhood network -- available in Mumbai and soon to expand to other cities –- lets people share local expertise and crucial information with others in the vicinity. The crowd-sourced recommendations range widely: kitchen cabinet makers, service stations that repair electric scooters, cricket ticket sellers, gardening supplies stores and much more. With almost a half billion Indians now using smartphones, Google sees an opportunity to become a one-stop shop for search, social networking and payments. “After missing the last wave of social, Google is trying to use its platform to become a significant player in these areas,” says New Delhi-based Forrester Research forecast analyst, Satish Meena.

JSPL to use pet coke from Paradip refinery to salvage Rs 100 bn CGP plant

Naveen Jindal owned Jindal Steel and Power (JSPL) may soon tie-up with the Indian Oil's Paradip refinery for sourcing of pet coke to partly meet the fuel needs of its steelmaking facility based on Coal Gasification Plant (CGP). With the company's CGP unit, built at a cost Rs 100 billion at its Angul steel complex, facing coal supply issues, it contemplates to go for a mix of fuel feeds to overcome the problem. "We are trying different recipes to overcome the fuel problem of our CGP. We may use 15 to 20 per cent pet coke, which can be sourced from Paradip refinery of Indian Oil. Then 30 to 40 per cent can be imported coal. And the rest can be procured from Mahanadi Coalfields (MCL) mines of Coal India through linkage arrangement, said Naveen Jindal. This apart, he said, the steel unit will use coke oven gas in the DRI (Direct Reduced Iron) plant to reduce dependency on CGP to produce sponge iron which is the intermediate for making steel.

Byju's crosses Rs1 bn monthly revenue, expects Rs 14 bn in FY19

Byju’s, India’s largest education technology startup, has crossed the Rs 1 billion monthly revenue mark and is looking to close the fiscal year with a revenue target of Rs14 billion. The three-year old company, backed by the Chan-Zuckerberg Initiative, Tencent, and Sequoia Capital among others, said it has seen a consistent growth rate of around 100 per cent for the last three years, and has become profitable in a very short period of time. “Last month (May), we crossed Rs 1 billion in revenue. With a consistent 20 per cent month-on-month growth, we expect to finish this year with Rs 14 billion in revenue,” said Byju Raveendran, Founder & CEO, Byju’s. “The launch of the personalized version of our app last year, further helped us boost engagement and enhanced the learning experience for our students.”

Bookmyshow enters international event ticketing; ups non-movie inventory

Online ticketing firm Bookmyshow (BMS) has expanded the scope of its inventory to international events, as tickets for the West End play The King and I go live on the platform. The company is also a co-producer on the project. This is BMS’s second outing as a producer for plays, having debuted in the field with Disney’s Aladdin earlier this year. Albert Almeida, COO-Non Movies, BookMyShow says that the move is in line with the company’s strategy to be the one-stop destination for all entertainment ticketing needs of its users. 

“There is a statistic that says that nearly 22 million Indian families travel abroad every year, a quarter of them for vacations. We don’t want to lose the consumer just because they are travelling abroad. Also, increasingly, entertainment experiences have become staples on the travel itinerary of Indian tourists. So while people will visit the Statue of Liberty while in New York, they will also want to catch a musical at Broadway.” Starting with the multi Tony-award winning production of Rodgers & Hammerstein’s The King and I, BMS will expand the scope of events to include cultural events, sports, and music festivals. Almeida adds that there is a huge demand in the international market for partnering with companies that have a significant consumer base in India. Intellectual Property (IP) owners are keen to tap into the Indian market, and BMS is looking at partnering such interested parties for their international ticketing business.

Asian Infra Investment Bank to pump in $1.9 bn into various Indian projects

Ahead of the annual meeting of its board of governors here next week, a senior official from the Asian Infrastructure Investment Bank (AIIB) on Wednesday said it will pump $1.9 billion into various Indian projects. The country, the second largest shareholder in the Beijing-headquartered lender, is already the largest borrower accounting for commitments to the tune of $ 1.2 billion of the overall $ 4.5-billion committed so far. 

"We have another $ 1.9 billion for Indian projects in the pipeline," vice-president and corporate secretary Danny Alexander told PTI here. He said the project pipeline includes an investment in the National Investment and Infrastructure Fund (NIIF), the Mumbai Metro, major irrigation and flood management projects in Bengal, making of Andhra's new capital city Amravathi, and two more projects in Andhra focused on rural roads and urban water supply. The projects to which the $ 1.2 billion have been committed include a rural connectivity project in MP, Bengaluru Metro, power transmission in Tamil Nadu, rural roads in Gujarat, the power-for-all project in Andhra and a $ 150 -million investment in an infrastructure fund floated by Morgan Stanley, Alexander said.

Ford to redevelop symbol of Detroit decline to house tech workers

Ford Motor Co executives on Tuesday said the automaker will renovate and revamp Michigan Central Station, Detroit's infamous blighted landmark, turning it into offices for up to 5,000 tech workers and software engineers focused on self-driving vehicles and ancillary technologies and services. Speaking to a large crowd outside the grand, yet dilapidated 18-story Michigan Central Station, Ford family scion and the automaker's executive chairman, Bill Ford, recalled how the railway station, opened in 1914, brought countless thousands of immigrants to Detroit during its heyday, before closing in 1988 and falling into disrepair. "This became a place where hope left, it became a symbol of the city's hard times" Ford told a crowd gathered in front of the looming structure. "We have big plans for this building." Company officials did not disclose details of the planned investment but said the project will be completed using some of the money previously allocated to an overhaul of Ford's headquarter campus in the Detroit suburb of Dearborn.

Delhi's Indian Accent only Indian restaurant in world's top 100 list

Chef Massimo Bottura’s modern Italian restaurant in the back streets of Modena was the World’s No. 1 Restaurant in 2016; last year it was No. 2. The biggest movement in the Top 10 was a drop by last year’s No. 1 winner, Eleven Madison Park. They fell to No. 4, after a year that saw a major renovation and a much-buzzed-about pop-up in East Hampton. The flamboyant Bottura is known for his playful approach to classic dishes. 

His creations include a lasagna with only the crispy bits and a deconstructed dessert called “Oops I Dropped the Lemon Tart.” Bottura is an art lover and his food is visually exciting as well as delicious. More recently, he has become known for Feed the Soul, an international non-profit organization to feed the homeless and hungry that grew out of a community kitchen in Milan. Bottura accepted the award on stage with his American-born wife Lara Gilmore. He said that chefs and everyone in the restaurant business must realize that they have the power to change the world.

India sees 20% increase in dollar millionaires in 2017, says report

Despite adverse impact on GST implementation, India saw a 20 per cent increase in both the number of dollar millionaires and their wealth in 2017 to emerge as the fastest growing market for high net worth population, a report said on Tuesday. The report, which comes amid growing concerns over social ramifications of asymmetry in wealth distribution, said the number of high net worth individuals grew 20.4 per cent to 263,000 people, while their collective wealth grew 21 per cent to over $1 trillion.

“India was the fastest-growing market globally,” the report by French tech firm Capgemini said. The country’s growth on both the number of HNIs and wealth is faster than the global average of 11.2 per cent and 12 per cent, respectively, the report by French tech firm Capgemini said.

Fifa World Cup 2018: Today's match fixture, live streaming for Wednesday

Fifa World Cup 2018 is getting more excited with each passing day. The 7th day of the Football World Cup 2018 will see Portugal and Morocco playing their 2nd match. Here's the today’s match schedule list: 1st Match: Portugal vs Morocco When and Where to watch: Time: 5:30 PM (IST) In today's Group H match, Portugal vs Morocco match will take place in Moscow on Wednesday, June 20, 2018, at 5:30 PM (IST).

Portugal vs Morocco match will be broadcast on Sony Ten 2, Sony Ten 2 HD, Sony ESPN, Sony ESPN HD in English Commentary and Sony Ten 3 and Sony 3 HD in Hindi Commentary. Portugal vs Morocco match will be available for live streaming on Sony Liv also. And Both Airtel and Jio would broadcast the FIFA World Cup 2018 matches for free to their respective subscribers. 2nd Match: Uruguay vs Saudi Arabia When and Where to watch: Time: 8:30 PM (IST)

General Electric loses century-old spot in Dow Jones Industrial Average

General Electric Co has lost its spot in the Dow Jones Industrial Average after over a century in the blue-chip stock index, a new blow to a company that once towered over the American business landscape but is now struggling to retain its standing as an industrial powerhouse. S&P Dow Jones Indices said on Tuesday that GE, an original member of the Dow when it was formed by Charles Dow in 1896 and a continuous member since 1907, will be replaced in the 30-component stock average by drug store chain Walgreens Boots Alliance Inc prior to the start of trading on June 26. GE's stock slipped 1.5 per cent in after-hours trading following the announcement while Walgreens jumped 3 per cent. A decade and a half ago GE was the world's most valuable public company. But it foundered in several key industrial markets in recent years, and a diversion into financial services steered it into the eye of the global financial crisis in 2008.

Amid damp sales, Starbucks to shut 150 cafes in US, launch cold drinks

Starbucks Corp forecast on Tuesday slower sales growth than Wall Street expected this quarter and plans to close about 150 US cafes next fiscal year to boost performance, sending its shares down 2 per cent after hours. The world's largest coffee chain is facing competition both from upscale coffee houses and lower-priced fast-food chains like McDonald's Corp and Dunkin' Donuts. It has missed analysts' estimates for same-store sales in the US-dominated Americas region in five of the last six quarters. The company anticipates lower net new store growth in the United States for fiscal 2019 and said it would address rapidly changing consumer preferences by introducing new cold drinks like a mango dragon fruit beverage and focusing on growing health and wellness trends. Starbucks' Executive Chairman and co-founder Howard Schultz said earlier this month that he is stepping away from the company on June 26, ending an era. In April, Schultz worked closely alongside Chief Executive Kevin Johnson to help limit damage to the company's image after a racial profiling incident involving the arrest of two black men in a Philadelphia store.

Chinese hacking drive targets US-based satellite, defence firms: Symantec

A sophisticated hacking campaign launched from computers in China burrowed deeply into satellite operators, defence contractors and telecommunications companies in the United States and southeast Asia, security researchers at Symantec Corp said on Tuesday. Symantec said the effort appeared to be driven by national espionage goals, such as the interception of military and civilian communications. 

Such interception capabilities are rare but not unheard of, and the researchers could not say what communications, if any, were taken. More disturbingly in this case, the hackers infected computers that controlled the satellites, so that they could have changed the positions of the orbiting devices and disrupted data traffic, Symantec said. ALSO READ: Cyber warfare: How North Korea created an army of dangerously good hackers “Disruption to satellites could leave civilian as well as military installations subject to huge (real world) disruptions,” said Vikram Thakur, technical director at Symantec. “We are extremely dependent on their functionality.”

Trump faces backlash over family separation policy at US-Mexico border

President Donald Trump on Tuesday came face to face with furious Democratic lawmakers who launched a loud and very rare US Capitol protest of the American leader over his controversial immigration policies. After huddling for 45 minutes with fellow Republicans to discuss immigration, Trump exited a meeting room only to be shouted at by a handful of House Democrats angry over the thousands of children who have been separated from their parents as they cross into the country. 

 "Quit separating the kids, they're separating the children!" congressman Juan Vargas, a Democrat from southern California, yelled to Trump, as he held up a sign that read "Families belong together." "Mr President, don't you have kids? Don't you have kids Mr President?" Vargas continued, as Trump waved and made his exit along with Homeland Security Secretary Kirstjen Nielsen.

US quits UN Human Rights Council, calls it 'cesspool of bias', anti-Israel

The United States withdrew from the United Nations Human Rights Council today, condemning the "hypocrisy" of its members and its alleged "unrelenting bias" against Israel. The US ambassador to the United Nations, Nikki Haley, came to Washington to announce the decision alongside President Donald Trump's top diplomat, Secretary of State Mike Pompeo. Both insisted the United States would remain a leading champion of human rights, but for many, the decision will reflect Trump's general hostility to the world body and to multilateral diplomacy in general. 

The announcement came after the top UN human rights official criticised Washington for separating migrant children from their parents who are seeking asylum after crossing into the country from Mexico. But Haley and Pompeo stressed the decision had been made after a long year of efforts to shame the council into reform and to remove member states that themselves commit abuses.The United States withdrew from the United Nations Human Rights Council today, condemning the "hypocrisy" of its members and its alleged "unrelenting bias" against Israel. 

The US ambassador to the United Nations, Nikki Haley, came to Washington to announce the decision alongside President Donald Trump's top diplomat, Secretary of State Mike Pompeo. Both insisted the United States would remain a leading champion of human rights, but for many, the decision will reflect Trump's general hostility to the world body and to multilateral diplomacy in general. The announcement came after the top UN human rights official criticised Washington for separating migrant children from their parents who are seeking asylum after crossing into the country from Mexico. But Haley and Pompeo stressed the decision had been made after a long year of efforts to shame the council into reform and to remove member states that themselves commit abuses.

52 Indians held in Oregon amid US immigration crackdown

A group of 52 Indians, mostly Sikhs, has been held at a detention centre in the US State of Oregon for being part of a large contingent of illegal immigrants seeking asylum, an Ameri-can lawmaker has said. The Indians form the largest group of detainees in the total 123 illegal immigrants being held at a facility in Sheridan, wrote Congress-woman Suzanne Bonamici on her blog post. The detention centre was visited by a group of Democratic lawmakers from the Oregon State on Saturday, who later told the media about the alleged inhuman condition of the illegal immigrants. 

“Through our Punjabi translator, we learned that these men were planning to request asylum because they faced severe religious persecution in India. Most are Sikh or Christian. Instead they were incarcerated in a federal prison,” she said. “They said they came to the United States for religious freedom, but they felt as if they were ‘going crazy’ because they are being confined in small cells for up to 22 hours a day,” the Congresswoman said.

Going against Iran: Russia and Saudi Arabia push for oil output jump

Russia and Saudi Arabia are pushing OPEC and its allies to raise oil output steeply from July to meet growing demand and cover supply outages in Venezuela and Libya despite opposition from several members of the producer group including Iran. “Oil demand usually grows at the steepest pace in the third quarter ... We could face a deficit if we don’t take measures,” Russian Energy Minister Alexander Novak told reporters. “In our view, this could lead to market overheating.” Novak said Russia wanted Opec and non-Opec to raise output by 1.5 million barrels per day (bpd), effectively wiping out existing production cuts of 1.8 million bpd that have helped rebalance the market in the past 18 months and lifted oil prices LCOc1 to $75 per barrel from as low as $27 in 2016. The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude.

ZTE's fate uncertain after US Senate vote; shares, US suppliers slide

Shares of ZTE Corp and its American business partners took a hit on Tuesday after the US Senate’s passage of a defence bill set up a potential battle with the White House over whether the Chinese telecoms firm can resume business with US suppliers. The 85-10 bipartisan vote marked one of the few times the Republican-led Senate has veered from White House policy and came on the same day that US President Donald Trump threatened to impose a 10 per cent tariff on $200 billion of Chinese goods, escalating tensions between the world's two biggest economies. Trump is expected to lobby hard against the amendment to the National Defense Authorization Act (NDAA), and before it can become law the bill must be reconciled with one passed by the US House of Representatives that does not include the amendment.

Business confidence among Asian firms surges to 7-year-high, says survey

Business confidence among Asian companies rose in the first quarter to the highest level in seven years, a Thomson Reuters/INSEAD survey showed, as a fresh surge by the Chinese economy offset concerns about rising trade barriers. The Thomson Reuters/INSEAD Asian Business Sentiment Index, representing the six-month outlook of 67 firms, advanced one notch to 79 for the January-March quarter compared with three months before. A reading above 50 indicates a positive outlook. "The improvement is not dramatic but with a historical perspective this is a good reading," said Antonio Fatas, a Singapore-based economics professor at global business school INSEAD. Thailand, the Philippines and Malaysia saw robust jumps in sentiment, showing that many countries in Asia continue to benefit from accelerating global growth. In particular, China has seen exports soar, up 45 per cent in February to mark their fastest growth in three years.

US stocks tumble on US-China trade war build-up, Dow Jones sheds 1.2%

Wall Street stocks tumbled in opening trading on Tuesday as fresh tariff threats by the United States and China against each other exacerbated trade war fears. About 10 minutes into trading, the Dow Jones Industrial Average was down 1.2 per cent to 24,699.90. The broad-based S&P 500 dropped 0.7 per cent to 2,753.79, and the tech-rich Nasdaq Composite Index also shed 0.7 per cent to 7,690.81. US President Donald Trump said late on Monday he had directed US Trade Representative Robert Lighthizer to target $ 200 billion worth of Chinese imports for a 10 per cent levy, citing China's "unacceptable" move to raise its own tariffs. That prompted a sharp response from Beijing, with China's Commerce Ministry accusing the United States of "extreme pressure and blackmail." "If the US acts irrationally and issues a list, China will have no choice but to take comprehensive measures of a corresponding number and quality and take strong, powerful countermeasures," the ministry said

British-Bangladeshi man plotted to kill UK PM Theresa May in suicide attack

A 20-year-old British-Bangladeshi Islamic State fanatic plotted to kill Prime Minister Theresa May in a daring suicide attack at her Downing Street office here, a UK court was told on Tuesday. Naa'imur Zakariyah Rahman, who is charged with preparing acts of terrorism, was arrested on November 2 last year. Rahman planned to detonate an explosion at the security gates of Number 10 Downing Street before stabbing the Prime Minister, it is alleged. 

On the opening day of his trial, the jury was told how Rahman was snared in September last year, during a chat on a messaging app with an MI5 operative, who was pretending to be a man called Amir in Syria. The MI5 is UK's domestic counter-intelligence and security agency. The trial at London's Old Bailey was also told that Rahman believed he was "just days away" from the attack before he was arrested in November last year. Rahman is charged with preparing terrorist acts by conducting reconnaissance, recording a pledge of allegiance, and delivering a rucksack and jacket to be fitted with explosives.

Iran backs Venezuela, Iraq, will veto Saudi move to hike Opec crude output

Iran will not accept Saudi Arabia's proposal to increase crude output of Organisation of the Petroleum Exporting Countries, Iran's representative to the grouping said on Tuesday. Iran, along with Venezuela and Iraq, is going to veto the Saudi Arabia's proposal at the June 22 OPEC meeting in Vienna, Xinhua news agency quoted its representative, Hossein Kazempour Ardebili, as saying. 

If Russia also increases its production, that would be a breach of the cooperation agreement, Ardebili said. OPEC members are set to meet later this week in Vienna to discuss the proposal by Saudi Arabia to end the OPEC/non-OPEC deal to balance the oil market and increase the oil price. Last year, OPEC members unanimously agreed on the oil price of $60 per barrel, by cutting oil output by 1.2 million barrels per day (bpd) to 32.5 million bpd. Non-OPEC members including Russia, Oman and Mexico also agreed to cut 558,000 bpd off their production to stabilize the market.

US-China trade war: How Xi can make life difficult for Tesla, GM, Starbucks

China doesn’t import enough from the U.S. to match Donald Trump’s tariffs dollar for dollar, but President Xi Jinping can still squeeze American companies in other ways in retaliation. American businesses from Apple Inc. and Walmart Inc. to General Motors Co. all operate in China and are keen to expand. 

That hands Xi room to impose penalties such as customs delays, tax audits and increased regulatory scrutiny if Trump delivers on his threat of bigger duties on Chinese trade. Shares of all three companies sank Tuesday as part of a broad sell-off in global markets in response to Trump’s threat. The total amount of U.S. goods exports to China only amounted to $130 billion last year, meaning Trump’s potential tariffs on $250 billion or more of Chinese imports can’t be matched, at least directly. But if you measure both exports and sales of U.S. companies inside China, the U.S. has a surplus of $20 billion with China, according to Deutsche Bank AG.

A week after meeting Trump, Kim arrives on 2-day China visit to meet Xi

North Korean leader Kim Jong-un on Tuesday arrived on a two-day China visit and met President Xi Jinping, just a week after his historic meet with US President Donald Trump in Singapore on the Korean nuclear crisis. The Chinese state broadcaster showed Xi and Kim holding talks at the Great Hall of the People. Kim is understood to have briefed the Chinese President on his meeting in Singapore last week. The development comes amid an ugly trade spat between the US and China, with experts viewing the visit as Beijing's show of leverage it holds over Pyongyang. This is Kim's third visit to China since March this year and the previous two were not made public until the leader left the country.

Average time spent watching TV more on weekends than weekdays: BARC report

The Broadcast Audience Research Council of India (BARC) recently released a report on the impact of seasons and other external factors on viewership. For the purpose of this analysis, the agency has considered the 15 years and above segment as the target group (TG) since the kids TG has not been considered to maintain consistency in analysis. Quarterly trends The April-June quarter is traditionally the least performing quarter, as the viewership is seen to dip during this period. 

This could be because of summer vacations in schools and colleges combined with a possible increase in power cuts and load shedding in the summer. Viewership starts picking up in July-September quarter. The quarter witnesses a growth of 5 per cent in overall TV viewership from 2016 to 2017. This is the highest viewership growth across the four quarters and may be an ideal time to hook viewers returning to television after a short hiatus, by debuting new content and programmes.

Elon Musk urges caution after Tesla employee commits 'extensive' sabotage

A disgruntled Tesla Inc. employee broke into the company’s manufacturing operating system and sent highly sensitive data to unknown third parties, according to an email Elon Musk sent to staff. The worker, who had been denied a promotion, did “quite extensive and damaging sabotage” to Tesla’s operations, Musk wrote in the memo late Sunday, which was reported in full by CNBC. While a spokesman declined to comment, an employee who asked not to be identified confirmed he received the email.

Tesla is conducting an in-depth investigation into the matter, including whether the employee was acting alone, with others at the company or with any outside organizations, Musk wrote. “As you know, there are a long list of organizations that want Tesla to die,” Musk said. He referenced Wall Street short sellers “who have already lost billions of dollars,” oil and gas companies that “don’t love” to see solar power and electric cars advancing, and automakers that produce gasoline and diesel vehicles. “If they’re willing to cheat so much about emissions, maybe they’re willing to cheat in other ways?” he said.

How an Apple supplier became China's worst performing stock this year

BOE Technology Group Co.’s stock market reversal is dramatic even by China’s outsized standards. It took less than a year for the Apple Inc. supplier to go from one of the nation’s best-performing stocks to among its worst -- a precipitous selloff that may not be over. China’s largest maker of screens for TVs and phones shed more than 32 per cent of its value this year, the steepest decline among the 50 biggest companies listed in Shanghai and Shenzhen. That was prompted by ballooning supply and plunging prices for the large screens that comprise most of its business. Even earning a coveted spot on Apple’s list of top 200 suppliers couldn’t overcome fears that demand-supply imbalances will persist, analysts say. 

That’s a far cry from 2017 when its shares more than doubled, net income quadrupled and executives talked up their prospects of getting into lucrative smartphone screens. It ranked fifth in terms of gains among mainland China’s 50 largest publicly traded stocks. And the company sketched bold plans to get into next-generation OLED or organic light-emitting diode screens and of supplying future iPhones. “BOE’s ride is over. Right now I can’t see catalysts for growth,” said Zhang Haidong, head of research for Jinkuang Investment Management. “Despite getting onto Apple’s supplier's list, its prospects remain tied to TVs, and they don’t look great.”

China vows strong counter-measures after Trump's fresh threat on tariffs

China vowed to retaliate against US companies after President Donald Trump threatened to place tariffs on another $200 billion in Chinese imports, deepening a trade dispute between the world’s two biggest economies. In an immediate rebuke to Trump, the Ministry of Commerce in Beijing said it would retaliate with "strong" counter measures. 

"If the US loses its sense and publishes such a list, China will have to take comprehensive quantitative and qualitative measures and retaliate forcefully," according to a statement from the ministry. Markets soured on the news, with Asian stocks and US equity futures trading lower while safe havens including the yen, gold and Treasuries climbed. In a White House statement Monday evening, Trump said that he had instructed the US Trade Representative’s office to identify $200 billion in Chinese imports for additional tariffs of 10 per cent. He said the US would impose tariffs on another $200 billion after that if Beijing retaliates.