Business News Live: Telegram app CEO arrested in France

iPhone contract manufacturer Foxconn wants women employees in India to take up lead positions in design and other technology-related positions, a top company official has said.

Foxconn has 48,000 employees across India and 25 per cent of its new hires are married women.

"We see not only the assembly work for women but also some design, technology-related positions. Lot of our current employees are highly educated. We would like to give them more opportunity to advance their position, not just limited to assembly work," Foxconn Chairman Young Liu told PTI.

China, facing growing export restrictions for its solar panels, should explore the possibility of relocating some of its solar panel factories to Bangladesh to boost the country's green transition and exports, Chief Adviser Muhammad Yunus said on Sunday.

Yunus, who assumed charge of the interim government on August 8, days after the fall of the government led by Sheikh Hasina, made the call when the Chinese Ambassador in Dhaka Yao Wen called on him here.

During the meeting, Yunus called for close economic collaboration between Beijing and Dhaka and asked the Chinese investors to relocate their plants to Bangladesh, the official BSS news agency reported.

Commerce and Industry Minister Piyush Goyal on Sunday discussed ways to increase investments with the global business leaders in Singapore like Temasek holdings, DBS bank, OMERS, Keppal infrastructure, and TVS Motor Company.

"In the meetings, key discussions were held to explore and enhance investment opportunities between India and Singapore, focusing on mutual growth and collaboration across diverse sectors," the commerce ministry said in a statement.

Unified Pension Scheme (UPS), which is going to provide assured pension to 23 lakh eligible central government employees, will put an additional burden of Rs 6,250 crore on the exchequer per year.

UPS, effective from April 1, 2025 envisages government contribution rising from current level of 14 per cent to 18.5 per cent. This 4.5 per cent increase in government contribution is estimated to cost Rs 6,250 crore to the government, Union minister Ashwini Vaishnaw has said.

Although the government is increasing its contribution under UPS, employees' contribution remains unchanged at 10 per cent of the basic salary.

Homebuyers' association FPCE has questioned Maharashtra real estate regulator MahaRERA's decision to constitute and be part of a conciliation forum to settle dispute between builders and customers, saying the law does not give such power and the move can lead to possible conflict of interest.

Forum for People's Collective Efforts' (FPCE) President Abhay Upadhyay has written a letter on August 19 to Union Ministry of Housing and Urban Affairs Additional Secretary Satinder Pal Singh objecting to the conciliation forum constituted by MahaRERA and its "suspicious functioning".  

Anil Ambani, the noted industrialist and chairman of the Reliance Group, is understood to be studying carefully a recent order from the Securities and Exchange Board of India that disallows him from the capital markets for the next five years. The August 22 order also imposed a fine of Rs 25 crore on Ambani, whom it accused of playing a key role in siphoning off funds from Reliance Home Finance Ltd, a subsidiary of his conglomerate.

The combined market valuation of nine out of India's top 10 most valued firms surged by a whopping Rs 95,522.81 crore last week, with Reliance Industries, Tata Consultancy Services, and Hindustan Unilever emerging as the top gainers.

The 30-share BSE Sensex closed 33.02 points, or 0.04 per cent, higher at 81,086.21, thereby stretching its winning streak for the fourth session in a row, while on the week, the Sensex gained 649.37 points or 0.80 per cent.

IndiGo will be soon introducing the gender-neutral option of honorific 'Mx' for passengers at the time of booking tickets, as part of larger efforts to boost inclusivity.

Besides, the country's largest carrier, which has a domestic market share of 62 per cent, aims to increase by two-fold the number of individuals with disabilities employed by it.

India's biggest oil firms including Indian Oil, BPCL and gas utility GAIL have been slapped with fines for a record fifth straight quarter for failing to meet listing norms of having the requisite number of independent and women directors on their board.

Stock exchanges BSE and NSE have slapped fines on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorer Oil India Ltd (OIL), gas utility GAIL (India) Ltd, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the April-June quarter.

Foreign portfolio investors (FPIs) invested Rs 11,366 crore in debt market in August, taking the net investment in this segment to over Rs 1 lakh crore in 2024. The surge in investment is largely attributed to India's inclusion in JP Morgan's Emerging Market government bond indices earlier this year.

Figures from depositories indicated that FPIs have been steadily investing in Indian debt and net inflows witnessed a significant inflow of Rs 22,363 crore in July, Rs 14,955 crore in June, and Rs 8,760 crore in May. These inflows were preceded by a withdrawal of Rs 10,949 crore in April.

Headline inflation impacts Indians directly and should be retained as the target for monetary policy rather than switching to core inflation, external members of the central bank's rate panel told Reuters.

A suggestion was made in the government's official annual economic report last month to target inflation excluding volatile food prices, which are driven more by supply shortages. The idea has ignited a debate in India over the appropriate target for monetary policy.

Government adopted the inflation targeting framework in 2016, setting a 4 per cent headline inflation target for the central bank's rate setting panel.
 

Russia launched several missiles and drones overnight targeting northern and eastern Ukraine, Kyiv's military said on Sunday, with air defence systems destroying most of the weapons before they reached their targets.

The attack targeted Ukraine's frontline regions of Chernihiv, Sumy, Kharkiv and Donetsk, Ukraine's air force said on the Telegram messaging app.
 

Tata Consultancy Services (TCS), India's largest information technology services company, on Sunday, August 25 marked 20 years since its debut on the stock exchanges. Over the past two decades, TCS has solidified its position as a powerhouse in the global IT industry, becoming India's second-largest company by market capitalisation, trailing only Reliance Industries.

Since its initial public offering (IPO) in 2004, TCS has seen remarkable growth. The company initially offered its shares in a price band of Rs 775-900 per share, and the IPO was met with overwhelming demand. The offering was oversubscribed seven times by Qualified Institutional Buyers, while non-institutional investors booked their portion 19 times, and retail investors 2.91 times.

Pavel Durov, the Russian-French billionaire founder and CEO of the Telegram messaging app, was arrested at Bourget airport outside Paris on Saturday evening, TF1 TV and BFM TV said, citing unnamed sources.

Durov was travelling aboard his private jet, TF1 said on its website, adding he had been targeted by an arrest warrant in France as part of a preliminary police investigation.

Toy manufacturer Funskool India Ltd promoted by tyre major MRF Group, has acquired the rights from leading entertainment company Asmodee to distribute the CATAN Board game in India, the company said on Saturday. Funskool India has added to their growing list of international board games, by securing the manufacturing rights from Asmodee, CATAN is expected to hit the market in the country. Asmodee has sold over 110 million games and accessories in over 50 countries and recorded a sale of over 45 million units of Catan in over 40 languages, worldwide.
 

The Union Cabinet on Saturday approved a far-reaching measure towards ensuring financial security to pensioners and their families, chaired by Prime Minister Narendra Modi, announced a new scheme that provided for an assured pension, family pension, and a minimum pension for all beneficiaries under the new comprehensive pension plan.

Maharashtra Pollution Control Board (MPCB) on Saturday alleged non-compliance with environmental standards by the luxury car maker Mercedes-Benz India at its Pune manufacturing facility and sought a comprehensive review of the plant's operations. Mercedes-Benz India, in a statement, said it has not received any "written notice" or formal request from MPCB describing the claimed violations and was ready to take any "corrective action" if required. MPCB, in a release, said it came across the alleged violations of the guidelines during an inspection of the facility on Friday.
 

The quality control orders (QCOs) issued by the government for different products will protect MSMEs from unfair competition and help cut the import of sub-standard goods, Commerce and Industry Minister Piyush Goyal said on Saturday. He said that through these orders, the government is supporting the MSMEs (micro, small and medium enterprises). "We are giving time to MSMEs to meet the QCO requirements," he said, adding that MSMEs will benefit from these orders as "it stops substandard goods imported at strange rates from outside the country and thus helps the MSME sector by protecting it from unfair competition".
 

Carraro India Ltd, manufacturer of transmission systems for off-highway vehicles and other agricultural and construction equipment, on Saturday, filed draft papers with the markets regulator for Sebi for its Rs 1,812-crore initial public offering (IPO). The Pune-based company's initial share sale is completely an Offer-For-Sale (OFS) by Carraro International S.E, according to the draft red herring prospectus (DRHP). Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.
 

The two-wheeler segment in India recorded a surge in retail sales in July 2024. The electric mobility segment and the Internal Combustion Engine (ICE) segment have seen a rise in sales.

Read the full news here. 

Indian markets ended higher for second week in a row moving closer to record highs on the back of favourable cues from global and domestic fronts. Both the Nifty and Sensex closed near their weekly highs, with the Nifty ending at 24,823.10 and the Sensex at 81,086.20, despite mixed trends among heavyweight stocks that limited gains.

Zydus Lifesciences on Saturday said it has inked a pact with Perfect Day Inc to acquire 50 per cent stake in Sterling Biotech.

As part of the deal, Perfect Day Inc, a Temasek portfolio company, will sell its 50 per cent shareholding in Sterling Biotech for an undisclosed amount.

Indian markets continued their upward trajectory for the second consecutive week, moving closer to record highs, buoyed by favourable cues from global and domestic factors. Both the Nifty and Sensex closed near their weekly highs, with the Nifty ending at 24,823.10 and the Sensex at 81,086.20, despite mixed trends among heavyweight stocks that limited gains.

The rally was broad-based, with all major sectors participating except for real estate. Metals, FMCG, and financial services led the charge, while the broader market also saw significant gains, with both midcap and smallcap indices reaching new record highs.

The largest diamond found in more than a century has been unearthed at a mine in Botswana, and the country’s president showed off the fist-sized stone to the world at a viewing ceremony on Thursday.

The Botswana government says the huge 2,492-carat diamond is the second-biggest ever discovered in a mine. It’s the biggest diamond found since 1905.

In a major crackdown, markets regulator Sebi on Friday barred Rajasthan-based Debock Industries Ltd and its promoter and CMD Mukesh Manveer Singh from the capital markets for defrauding investors.

The regulator noted that promoters have indulged in siphoning of funds from the company. 
 

The flagship auto-components manufacturer of Hero Motors Company (HMC) Group, Hero Motors has filed the red herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO) to raise Rs 900 crore.

Read the full story here. 

US stocks rallied on Friday as dovish remarks from US Federal Reserve Chair Jerome Powell solidified expectations that the central bank will cut its key policy rate in September.

In highly anticipated comments before the Jackson Hole Economic Symposium, Powell said "the time has come" to lower the Fed funds target rate, and "the upside risks of inflation have diminished."

The imminent rate cuts planned by the US Federal Reserve are "in line" with International Monetary Fund advice that has put a premium on ensuring inflation was controlled but now sees risks shifting toward the labor market, IMF economic counsellor Pierre-Olivier Gourinchas said on Friday.
 

US stocks rallied on Friday as dovish remarks from US Federal Reserve Chair Jerome Powell solidified expectations that the central bank will cut its key policy rate in September.

In highly anticipated comments before the Jackson Hole Economic Symposium, Powell said "the time has come" to lower the Fed funds target rate, and "the upside risks of inflation have diminished."

The rally in US stocks faces an important test next week with earnings from chipmaking giant Nvidia, whose blistering run has powered markets throughout 2024.

The S&P 500 has pared a sharp drop it suffered after US economic worries contributed to a sell-off at the beginning of the month and again stands near a fresh all-time high.

Wall Street and global shares jumped on Friday toward all-time highs, while Treasury yields slumped and the dollar languished, after a speech by US Federal Reserve Chair Jerome Powell confirmed the United States would soon begin interest rate cuts.

Johnson & Johnson said on Friday it is negotiating with plaintiffs' lawyers who have opposed the company's proposed settlement of lawsuits alleging its baby powder and other talc products caused cancer, seeking to eliminate holdouts to the deal.