Saturday, July 4, 2015
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Greek debt crisis to have limited impact on India: Rajan
CHENNAI, July 2 (Agencies): India will see limited impact of the debt crisis in Greece as it has little direct exposure to the European nation, RBI Governor Raghuram Rajan said today. "Greece is an evolving situation. The direct exposure to Greece is very very limited for India, both financial and trade," Rajan said after the Reserve Bank's board meeting here. "...The direct impact is limited. Our sense is, after the initial burst of volatility, which might be (if) developments turned adverse then investors will start differentiating," he said. Investors will see that India story actually continues to be a good one, he said. On the indirect fall out of the Greek crisis, Rajan said there could be some impact on exchange rate depending on how euro will react to any untoward developments...
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Ratan Tata buys stake in Ola Cabs
NEW DELHI, July 1 (Agencies): Top industrialist Ratan Tata has bought a stake in online taxi-hailing firm Ola, the company said today. Ola however did not disclose the size of the stake taken or the money invested, saying the investment was made by Tata in his personal capacity. Tata, Chairman Emeritus of Tata Sons, had previously invested in start-ups ranging from online retailer Snapdeal to Chinese phone maker Xiaomi. "Tata's strong inclination towards transportation as a segment and philosophy of creating widespread social impact through business creates a strong connection to this investment," the company said in a statement. Ola, which is backed by Japan's SoftBank, had in March bought TaxiForSure for USD 200 million in one of India's biggest e-commerce deals to take on US-based ...
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Suzuki 2-wheelers on a steady growth path
Records 32% increase in sales during June 2015
NEW DELHI, July 1: Suzuki Motorcycle India Pvt. Ltd., a subsidiary of one of the world’s leading two-wheeler manufacturer Suzuki Motor Corporation, registered a 32 % increase in their June 2015 sales figures as compared to June 2014. Suzuki Motorcycle sold 32,628 units in June 2015 as opposed to 24,812 units in June 2014, recording a substantial growth in its overall sales. Suzuki Motorcycles has maintained a consistent growth path over the last couple of years. Mr. Atul Gupta, Executive Vice President, SMIPL, said “Several factors have come together to propel us onto a consistent growth path, complimented by a more-than 30% increase in sales in the last month itself. Part of the increased demand from customers is because of Suzuki’s various marketing efforts and partly due to the perc...
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Greece becomes the first developed country to default on IMF debt, seeks new EU loans
WASHINGTON, July 1 (Agencies): Greece lurched deeper into crisis today as European finance ministers prepared to consider a request for new loans in a last-ditch effort to keep the country in the eurozone after it defaulted on a key payment and a bailout keeping its economy afloat expired. Cash-strapped Greece became the first developed country to default on the International Monetary Fund after missing a 1.5 billion euro (USD 1.7 billion) payment yesterday, as efforts to find a compromise with its EU lenders came to naught. The missed payment underscored the failure of more than five months of wrangling between Greece's left-wing government and its creditors to reshape the country's bailout and prevent it dropping out of the eurozone. But talks were set to resume today after Athens as...
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Greece crisis may trigger outflows from India: Finance Secy
NEW DELHI, June 29 (Agencies): Worried that the Greek crisis may trigger capital outflows, Finance Secretary Rajiv Mehrishi today said the government is in touch with the Reserve Bank which will take necessary steps to deal with the issue. "Obviously we are in touch with the RBI but they will do what they have to do," he told reporters here as uncertainty over Greece pulled down the BSE index, Sensex, by over 500 points in early trade though it recovered in the afternoon. The situation in Greece has no direct impact on India, he said but added that there may be some indirect effect via Europe on capital inflows and outflows here. "Greece crisis does not have any effect directly on India. (But) interest rate may firm up in Europe. In case of firming up of interest rate in Europe, there ...
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India, Thailand sign multiple agreements, including DTAT
BANGKOK, June 29 (Agencies): India and Thailand today signed a number of important agreements, including the double taxation avoidance treaty, and exchanged instruments of ratification on the extradition treaty inked in 2013, which provides for the legal framework for seeking extradition of fugitive offenders. The tax treaty provides for the framework to avoid double taxation and prevention of fiscal evasion with respect to taxes so as to promote bilateral economic cooperation. On the last day of her three-day visit, External Affairs Minister Sushma Swaraj co-chaired the 7th meeting of the India-Thailand Joint Commission for Bilateral Cooperation. The extradition treaty signed between the two countries in 2013 provides for the legal framework for seeking extradition of fugitive offende...
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Facebook's Indian userbase touches 125-mn in India
NEW DELHI, June 29 (Agencies): Social networking giant Facebook has added 13 million users in six months to take its userbase to 125 million in India, its second-biggest market globally. The US-based firm, which had 112 million users in India as of December last year, also launched a 2G-friendly mobile app 'Facebook Lite' here to cater users with slow internet connectivity. Globally, it has 1.44 billion monthly active users as of March 31, 2015 with the US as its biggest market. "In India, Facebook has 125 million average users (MAU), while the number of mobile MAUs stands at 114 million. On a daily basis, 59 million users in India are accessing Facebook and 53 million are accessing us from their mobile phones," Facebook Head of Products (Facebook Lite) Vijay Shankar told PTI. Talking...
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