Indians order Apple in 10 minutes. No, not the fruit
INDIA BUSINESS | Sat, 21 Sep 2024, 5:00AM IST
Apple's iPhone 16 launch saw a significant increase in sales, with demand for the Pro series surpassing supply. Quick commerce platforms like BigBasket and Blinkit contributed to the surge by offering rapid deliveries. Despite heavy rains, fans queued outside Apple stores in Mumbai and Delhi. Samsung responded by dropping prices on its Galaxy S24 model.
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2 Stole $230 Million in Cryptocurrency and Went on a Spending Spree, U.S. Says
GLOBAL NEWS | Sat, 21 Sep 2024, 1:38AM IST
Malone Lam, 20, and Jeandiel Serrano, 21, schemed to obtain 4,100 Bitcoin from a single victim, federal prosecutors said.
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Critics Fear Tax Subsidies for Carbon Capture Wont Be Checked
GLOBAL NEWS | Sat, 21 Sep 2024, 1:23AM IST
Some activists are questioning whether the federal government can accurately verify a tax program for facilities that store planet-warming gases.
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4h
Maha polls fire up kitchen staple prices
INDIA NEWS | Sat, 21 Sep 2024, 12:30AM IST
Pune: Sugar, onions and cooking oil have turned pricier in the run-up to the Maharashtra assembly election, following the government's interventions to ensure better returns to farmers in the state which is the country's largest producer of the kitchen staples, said industry executives.Cooking oil prices have increased 18-25% in the wake of the imposition of import duty last week, they said, and as prices of all oils, including soybean, have gone up, farmers in Maharashtra are expected to get higher prices for their crop.Similarly, onions have become about 12% costlier in a week following the government's move to free up exports, according to the executives. Sugar prices have increased about 5% over the past month, they said, as the government, instead of following the usual practice of releasing more sugar in the market during the festive season, slashed the sugar quota for September by 6% to assuage the politically strong cooperatives and sugarcane farmers of Maharashtra.Last year, in the run-up to the 2024 general election, the Centre had taken a number of decisions to keep prices of commodities such as onions, pulses, sugar and cooking oils under control, adversely affecting the returns of farmers. Now, ahead of the state polls in Maharashtra, the balance has tilted in favour of the farmers, who form a chunk of the electorate, at the expense of the consumers at a time of peak festive season demand, said one of the executives.Cooking Oils: "Cooking oil prices have increased 18-25% during the last one month," Shankar Thakkar, national president, All India Edible Oil Traders Federation, said on Wednesday.He said that as the industry anticipated imposition of import duty, importers started raising prices before the actual duty hike. "There was some more increase after the duty was imposed last week," he said. "Increasing prices of the old stock in the name of duty hike is not fair to consumers."Consumer affairs secretary Sanjeev Chopra, however, said on Wednesday that the government did not anticipate any price rise in any commodity during the festive season. "Prices of major agricultural commodities such as wheat, rice, edible oil and sugar will not see a sharp increase in this festive season," he said.The Centre last week imposed a 20% import duty on cooking oils. Senior Maharashtra ministers had been lobbying with the Centre for raising soyabean prices, which have been hovering below minimum support price (MSP) since last year. As the soybean harvest is about to begin and will continue during the assembly election, the government did not want to face the wrath of the soyabean farmers, who are spread across the state, which is the second largest producer of the oilseed in the country, said one of the persons cited earlier.Sugar: Prices of sugar, a commodity that governments try to keep in check during festive season by increasing supplies, have increased this time following the 6% year-on-year reduction in monthly sale quota for September. "The ex-mill sugar prices for S30 grade sugar have increased from 35 per kg to 36.50 per kg in a month. The demand has slowed this week due to the Pitru Paksh. However, it would increase in a few days for the upcoming Durga Puja," said Abhijit Ghorpade, a sugar trader from Kolhapur.It has been a longstanding demand of the sugar industry to increase the MSP of sugar, which has been fixed at 33 per kg for many years. Industry executives told ET on condition of anonymity that the Centre has tried to make the sugar barons, who have a hold over a large number of voters, happy by ensuring that the sugar prices remain firm.Onions: Prices of onions have increased about 12% as the government eased export restrictions by removing the minimum export price (MEP) and halving the export duty to 20%. Wholesale onion prices have increased 5-7 per kg to 50 per kg in Maharashtra, with the prices of good quality onions in the retail market crossing the 70 per kg mark.Before this year's general election, the Centre first banned onion exports, when the global demand for Indian onions was very strong, and later imposed export duty and MEP. Onion farmers had run a campaign during the election with an appeal to the farming community to vote against the ruling parties, which impacted the election results in at least eight assembly constituencies in the state, according to analysts.
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Nasal Flu Vaccine Is Approved for At-Home Use
GLOBAL NEWS | Sat, 21 Sep 2024, 12:16AM IST
The F.D.A. authorized AstraZenecas treatment to be given outside a health care setting, although it will still need a prescription.
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INDIA BUSINESS | Sat, 21 Sep 2024, 12:13AM IST
Switzerland's KLW Wheelco has delivered 2,000 Ukrainian-made forged wheels to Indian Railways, marking the first shipment since the Russia-Ukraine conflict began. An additional 3,500 wheels are en route. This order is part of a larger deal for 10,000 wheels worth 72 crore, highlighting India's efforts to diversify import sources.
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No observations by US FDA during plant inspection: DRL
INDIA BUSINESS | Sat, 21 Sep 2024, 12:07AM IST
Dr. Reddy's Laboratories announced that the U.S. Food & Drug Administration (FDA) completed a routine Good Manufacturing Practice (GMP) inspection of its integrated product development organization in Bachupally, Hyderabad, with zero observations. The company shared this update in a stock exchange filing on Friday, highlighting compliance with regulatory standards.
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PM E-Drive scheme to have phased manufacturing plan to push EV parts production
INDIA BUSINESS | Sat, 21 Sep 2024, 12:06AM IST
The Prime Minister's E-DRIVE scheme will support local manufacturing of electric vehicle components through a phased manufacturing programme. Companies sourcing components locally will receive financial support without a domestic value addition mandate. The scheme replaces the FAME initiative and includes biannual inspections to prevent subsidy misuse.
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RBI tells banks to take legal recourse in standoff with CBI
INDIA BUSINESS | Sat, 21 Sep 2024, 12:05AM IST
The Reserve Bank of India has advised banks to seek legal remedies in disputes with the CBI over fraud cases. This follows the Supreme Court's ruling that borrowers must be given a hearing before being classified as fraud. Banks argue this ruling should not apply retrospectively, while the CBI seeks clarity from the Supreme Court.
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Housing sales may decline 18% in September Quarter
INDIA BUSINESS | Sat, 21 Sep 2024, 12:02AM IST
Housing sales are projected to decline by 18% in the July-September quarter across nine major cities, reaching 1,04,393 units due to a high base effect. However, sales are expected to rise in Delhi NCR and Navi Mumbai. Hyderabad will see the highest drop at 42%, followed by Bengaluru and Kolkata.
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Feastary buys franchise rights for TGI Fridays in north India
INDIA BUSINESS | Fri, 20 Sep 2024, 11:56PM IST
Feastary Hospitality has acquired the master franchise rights for TGI Fridays in North India, aiming to revive the US chain that closed its 20 stores in India two years ago. With an investment of Rs 50 crore, Feastary plans to reopen the first outlet in Delhi-NCR next quarter and revive 15 outlets across nine states.
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Impractical to implement new URL whitelisting norms: Telcos
INDIA BUSINESS | Fri, 20 Sep 2024, 11:55PM IST
India's top telecom companies have informed the Telecom Regulatory Authority of India (Trai) that they cannot implement the new mandate on whitelisting URLs in commercial messages. They developed a solution for short URLs but found it impractical to meet additional requirements for final destination URLs. Trai extended the deadline to October 1.
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5h
Whats Next for Rate Cuts? The Fed Is Watching Jobs and Prices.
GLOBAL NEWS | Fri, 20 Sep 2024, 11:43PM IST
A Federal Reserve official predicted quarter point rate cuts if data looked fine. But he also set out a scenario for a pause or faster reductions.
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6h
Asian Cricket Council faces a tough media rights test
INDIA BUSINESS | Fri, 20 Sep 2024, 11:36PM IST
The Asian Cricket Council's media rights sale for the 2024-31 cycle will be a significant event, with a base price set at $170 million. Major players like Star India, Viacom18, Sony Pictures Networks India, Zee Entertainment, and FanCode are expected to participate. The auction comes amid industry consolidation and budget constraints due to previous commitments to other cricket properties.
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6h
Air India domestic market share rises to 27%, International to 24%
INDIA BUSINESS | Fri, 20 Sep 2024, 11:30PM IST
Air India has increased its market share in FY24, with domestic share rising to 27% and international to 24%. Operating revenue grew by 25%, and losses were cut by over 50%. The airline is integrating its cargo units and expanding internationally with new Airbus A350 operations. The workforce has grown to 18,000 employees.
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6h
Will take action based on facts revealed in probe: Govt on EY worker death
INDIA BUSINESS | Fri, 20 Sep 2024, 11:20PM IST
Reacting to the death of an EY employee allegedly due to 'overwork', Minister of Labour and Employment Mansukh Mandaviya said that action will be taken based on whatever facts are revealed in the investigation.Mansukh Mandaviya said, "Be it a white collar job or any worker, whenever a citizen of the country dies, it is natural to be saddened by it. The matter is being investigated, and action will be taken based on whatever facts are revealed in the investigation."Earlier Ernst & Young (EY) issued a statement expressing deep sadness over the tragic passing of 26-year-old chartered accountant, who died on July 20 due to allegedly work-related stress.The statement comes after a heart-wrenching letter written by victim's mother went viral on social media, alleging that EY's work culture and excessive workload contributed to her daughter's demise.In the letter, her mother detailed the victim's struggles with anxiety, sleeplessness, and stress due to an overwhelming workload, citing .
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