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Business news live - The Hindu

2:05 P.M.

China regulator approves establishment of state pension company

China’s banking and insurance regulator said it had approved the establishment of a state pension company to boost funds for its citizens’ retirement as the country faces mounting pressures from an aging population, Reuters reported.

China Banking and Insurance Regulatory Commission (CBIRC) approved on Sept. 2 the plan for 17 bank-affiliated wealth management units, insurers and state institutions to jointly set up the state pension company with registered capital of 11.15 billion yuan ($1.73 billion), according to a statement on the regulator’s website on Wednesday.

1:59 P.M.

Cabinet did not take up proposal for telecoms relief measures

India’s cabinet did not take up proposals on Wednesday for providing financial relief to the country’s cash-strapped telecoms sector, a government source said, according to Reuters.

The cabinet was widely expected to take a decision on a so-called relief package for the telecoms industry, which would have helped all wireless carriers but especially the embattled Vodafone Idea.

1:54 P.M.

JPMorgan to buy major stake in Volkswagen’s payments unit

JPMorgan has struck a deal to buy a majority stake in German car giant Volkswagen’s payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.

The U.S. bank has agreed to buy close to 75% of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals, Reuters reported.

1:47 P.M.

Tesla sold 44,264 China-made vehicles in August

U.S. electric vehicle maker Tesla Inc in August sold 44,264 China-made vehicles, including 31,379 for export, the China Passenger Car Association (CPCA) said on Wednesday.

CPCA said passenger car sales in August in China totalled 1.5 million, down 14.7% from a year earlier, Reuters reported.

1:45 P.M.

India considering foreign institutional investment of up to 20% in LIC IPO

Indian government is considering allowing foreign institutional investment of up to 20% in Life Insurance Corporation, according to a government source, Reuters reported.

The listing of LIC is set to be India’s biggest ever IPO, with the government aiming to raise up to 900 billion Indian rupees ($12.24 billion) from its stake sale.

1:02 P.M.

India’s economic growth will remain strong in coming quarters: S&P

India’s economic growth will remain strong in the coming quarters while inflation in Asia’s third largest economy is likely to remain at elevated levels, analysts at Standard and Poor’s said on Wednesday.

S&P said the next rating action on India will depend on the pace of recovery over the next 24-month period. S&P has a ‘BBB-‘ rating with a stable outlook on India, Reuters reported.

12:59 P.M.

First Abu Dhabi Bank hires new head of investment banking from HSBC

First Abu Dhabi Bank, the United Arab Emirates’ largest lender, has hired Martin Tricaud as head of investment banking, sources said.

Tricaud was previously chief executive officer for the Middle East, North Africa and Turkey region at HSBC, Reuters reported.

12:51 P.M.

Maruti Suzuki reports 8% dip in production in August

The country’s largest carmaker Maruti Suzuki India on Wednesday said its total production in August declined by 8% on a yearly basis to 1,13,937 units as semiconductor shortage impacted its manufacturing schedules.

The company had produced a total of 1,23,769 units in the year-ago period, Maruti Suzuki India (MSI) said in a regulatory filing, according to a PTI report.

12:44 P.M.

Sansera Engineering IPO to open on Sep 14; price band set at ₹734-744/share

Auto component maker Sansera Engineering on Wednesday said it has fixed a price band of ₹734-744 a share for its ₹1,283-crore initial share-sale.

The IPO will open for public subscription on September 14 and close on September 16. The bidding for anchor investors will open on September 13, the company said.

The initial public offering (IPO) is entirely an offer for sale (OFS) of 17,244,328 equity shares by promoters and investors, PTI reported.

12:32 P.M.

India to give $3.5 billion in revised clean tech scheme for automakers

India will give about $3.5 billion in incentives to auto companies over a five-year period under a revised scheme to boost the manufacturing and export of clean technology vehicles, Reuters reported, citing two sources familiar with the latest proposal.

The government’s original plan was to give about $8 billion to automakers and part manufacturers but, the scheme was redrawn to focus on companies that build electric and hydrogen fuel-powered vehicles, the report noted.

A government official with direct knowledge of the matter said the initial allocation over the five-year period has been reduced but that up to $8 billion could be made available if the scheme is successful, initial funds are spent, and certain conditions are met.

12:14 P.M.

EV maker Ultraviolette Automotive to invest ₹500 crore to scale up business

Electric two-wheeler maker Ultraviolette Automotive Pvt Ltd will invest ₹500 crore in the next three to five years to scale up business, including setting up of a new manufacturing unit and product development, according to top company officials.

The company, in which TVS Motor Company is an investor, is setting up its manufacturing and assembling facility near Electronics City, Bengaluru, from where it will start producing its high-performance electric motorcycle – the F77 in the first quarter of 2022, a PTI report noted.

In the first year, the company said it will produce 15,000 electric motorcycles and will scale up to an annual capacity of 1.2 lakh units.

11:59 A.M.

Bitcoin nurses losses in wake of El Salvador’s glitched rollout

Bitcoin nursed losses Wednesday after plunging amid El Salvador’s troubled rollout of the largest cryptocurrency as legal tender, according to a Bloomberg report.

The virtual coin was trading at about $45,474, having slid as much as 17% a day earlier before paring some of the losses. The downdraft also swept across tokens such as Ether and Dogecoin, the report noted.

Tuesday’s selloff is the most significant break in a rebound that had lifted Bitcoin almost 75% since late July. Overall cryptocurrency market value fell about $300 billion in the past 24 hours, according to tracker CoinGecko.

11:40 A.M.

Toshiba says detailed talks on buyouts meaningful only after option review

Toshiba Corp said detailed talks on potential take-private deals would make sense only after all strategic options are carefully reviewed, spurning calls from some shareholders to start soliciting buyout bids.

But the latest process is not meant to formally solicit buyout bids for the overall company or some of its assets, puzzling some investors who have questioned why the company has not started an official soliciting process, Reuters reported, citing sources.

11:13 A.M.

SEC threatens to sue Coinbase over crypto lending programme

The U.S. Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc if the crypto exchange goes ahead with plans to launch a programme allowing users to earn interest by lending crypto assets, according to a Reuters report.

The SEC has issued Coinbase with a Wells notice, an official way it tells a company that it intends to sue the company in court, Coinbase CLO Paul Grewal, said in a blog post. He said Coinbase would delay the launch of its ‘Lend’ product until at least October as a result.

10:54 A.M.

Rupee plunges 23 paise to 73.65 against U.S. dollar in early trade

The Indian rupee plunged 23 paise to 73.65 against the U.S. dollar in opening trade on Wednesday, tracking a strong American currency and muted trend in domestic equities, a PTI report noted.

At the interbank foreign exchange, the rupee opened at 73.48 against the dollar, then fell to 73.65, registering a decline of 23 paise from the last close.

10:45 A.M.

VAHDAM India raises ₹174 crore from IIFL AMC, others

Premium tea and wellness products maker VAHDAM India has raised ₹174 crore from investors, including IIFL AMC’s private equity fund, to expand its business globally and enter new categories, PTI reported.

The series D round of funding also saw participation from existing investors, which include a consortium of Sixth Sense Ventures affiliates, the Mankind Group Family Office, Infosys Founder Kris Gopalkrishnan’s Family Office, Urmin Group and White Whale Ventures.

10:30 A.M.

OYO increases authorised share capital to ₹901 crore

Oravel Stays Pvt Ltd, that operates hospitality firm OYO, has approved an increase in the authorised share capital of the company from ₹1.17 crore to ₹901 crore, according to a regulatory filing by the hospitality firm.

The development comes ahead of proposed initial public offering (IPO) by OYO, for which a draft red herring prospectus is likely to be filed in the next few months, PTI reported, citing sources familiar with the matter.

10:22 A.M.

Apple to hold event on Sept 14, new iPhones expected

Apple Inc said on Tuesday it would hold a special event on Sept. 14, which most industry watchers believe will be used to unveil a new line of its flagship iPhones.

10:11 A.M.

Intel to invest up to 80 billion euros in boosting EU chip capacity: CEO

Intel on Tuesday said it could invest as much as 80 billion euros in Europe over the next decade to boost the region’s chip capacity and will open up its semiconductor plant in Ireland for automakers.

Intel CEO Pat Gelsinger, speaking at Munich’s IAA auto show, also said the company would announce the locations of two major new European chip fabrication plants by the end of the year.

10:01 A.M.

Crypto not currency; needs to be regulated as asset: ex-RBI DG Gandhi

Former RBI Deputy Governor R. Gandhi on Tuesday made a case for treating and regulating crypto as a separate asset class with a view to enabling governments around the world to effectively deal with illegal activities associated with virtual currencies.

After quite a lot of debate over the years, he said, people have fully understood that crypto cannot be a currency because the fundamental element of a currency— that it should be a legal tender— is missing in this case.

9:46 A.M.

RBI enhances scope of tokenisation to ensure security of card data

In a bid to ensure security of card data, the Reserve Bank of India (RBI) has enhanced the scope of tokenisation and permitted card issuers to act as token service providers, PTI reported.

The RBI extended the device-based tokenisation to card-on-file tokenisation services, a move that will bar the merchants from storing actual card data, the report noted.

It said the decision will reinforce the safety and security of card data while continuing the convenience in card transactions.

9:32 A.M.

Govt. mulls allowing SEZ occupants to sell locally

The government is considering a proposal to allow producers in Special Economic Zones (SEZs) to sell their output to the domestic market without treating them as imports. It is also reviewing the exclusion of export-oriented units and SEZs from the recently notified tax refund scheme for exports.

9:19 A.M.

Indian benchmark indices open on flat note

Indian indices opened on a flat note on Wednesday amid tepid cues from global markets. BSE Sensex opened at 58,350.56, up 71.08 points, while Nifty opened at 17,375.75, up 13.65 points.

On Tuesday, the 30-share BSE Sensex settled 17.43 points or 0.03% lower at 58,279.48, while the broader NSE Nifty fell 15.70 points or 0.09% to 17,362.10.

9:09 A.M.

Oil climbs amid slow supply return after Hurricane Ida

Oil prices rose on Wednesday, paring overnight losses, with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through, a Reuters report noted.

Brent crude futures inched up 0.2%, to $71.83 a barrel, while U.S. West Texas Intermediate crude futures rose 0.4%, to $68.62 a barrel.

9:00 A.M.

Asian shares on edge in choppy trading

Asian shares hovered just off six-week highs on Wednesday, as a more risk-averse mood spread into the market from the United States overnight due to worries about slowing growth that hurt equities, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.13% having posted gains, if sometimes small, for 11 of the last 12 sessions.

Japan’s Nikkei reversed early losses and was last 0.82% higher, Australia slipped 0.32%, Chinese blue chips fell 0.04%, and the Hong Kong benchmark gained 0.12%.

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