India | Pixr8 News

Chinese city turns into Ghost Town after Samsung shifts operation to India, Vietnam

12Dec By AdityaNo Comments

CHINA

Chinese city turns into Ghost Town after Samsung shifts operation to India, Vietnam

Huizhou city on the north of China's flourishing Pearl River Delta has turned into a ghost town after Samsung closed its three-decade old factory and shifted operations to India and Vietnam in October, in the first visible fallout of the ongoing trade war between China and the US. The bustling city turned a "ghost town" after Samsung closed its last smartphone factory in China, the Hong Kong-based South China Morning Post reported on Wednesday. Samsung relocated production to Vietnam and India in large part as a response to the trade war between the world's two largest economies, it said, adding that the industry insiders consider that it reflected China's changing position in the global supply chain. Last year Samsung inaugurated its world's largest mobile factory in Noida, near ...

31Oct By PriyankaNo Comments

ACQUISITION

Singapore Qoo10 acquires Indian eCommerce Platform Shopclues

Indian e-commerce firm ShopClues has inked an all stock-deal with Qoo10 to merge operations with the Singapore-based firm. The collaboration presents "new strategic opportunities for both companies as it opens up cross border opportunities for consumers and sellers across Asia", ShopClues said in a statement. While the terms of the deal were not disclosed, the development would come as a breather for the Indian e-commerce platform that has been struggling to control costs in the hyper-competitive online shopping segment in India. Qoo10 is an e-commerce platform in South East Asia that serves small and medium enterprises (SMEs) via its localized online marketplaces in Singapore, Indonesia, Malaysia, China, and Hong Kong. Qoo10 also has plans to expand into other Asian countries,...

15Oct By AdityaNo Comments

INDIA

Huawei deploys first AI based Pre-5G tech in India

Controversial Chinese telecom giant Huawei has deployed India's first artificial intelligence (AI) based pre-5G technology on the Vodafone Idea network. The telecom gear maker claimed that the deployment of AI-based massive MIMO (multiple-input and multiple-output) network will enhance the user experience by three-fold within the same set of the spectrum. "We are consistently deploying futuristic, next generation technologies to enhance the capacity and efficiency of our network. Adding AI capabilities to India's largest deployment of massive MIMO for enhancing user experience is a further testament of our commitment to creating a future-proof network for the digital era," Vodafone Idea Ltd Chief Technology Officer Vishant Vora said in a statement. Massive MIMO leverages 5G techno...

15Oct By PriyankaNo Comments

INDIA

Indian economy ‘doing very badly’: Nobelist Abhijit Banerjee

Indian-American Abhijit Banerjee, who jointly won the 2019 Nobel Economics Prize with his wife Esther Duflo and Harvard's Michael Kremer, said the Indian economy is "doing very badly" even as the government is increasingly recognizing that there is a problem. "The economy is doing very badly in my view," he told a press conference at the Massachusetts Institute of Technology after winning the prize. When asked about his opinion on the state of the economy in India and its future, he said, "that's a statement not about what will work in the future but about what's going on now. That I'm entitled to have an opinion about."Referring to the numbers put out by the National Sample Survey, that come out every 1.5 years that give estimates about the average consumption in urban and rural are...

30Sep By PriyankaNo Comments

INDIA

Saudi Arabia to Invest $100 Bn in India; Identifies 40+ Investment Opportunities

Saudi Arabia is looking to invest $100 billion in India in areas of petrochemicals, infrastructure and mining among others. Considering future growth potential of India Saudi Ambassador Dr Saud bin Mohammed Al Sati has said, “The future belongs to India and Saudi Arabia is looking to tap this opportunity and making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,”. In this month, Saudi Arabia’s biggest oil company Aramco acquired 20% stake in India's biggest oil refinery Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries. The envoy said investing in India’s value chain from oil supply, marketing, refining to petrochemicals...

9Sep By AdityaNo Comments

INDIA

Demand for Teaching Jobs Grows in India

BENGALURU: Growth in searches for teaching jobs has jumped 40 percent in 2018-19, a job site said. The impressive increase could be attributed to the development of digital media which has opened avenues to new roles such as online tutors and e-educators, the site Indeed said in a statement. The data revealed a 41 percent increase in job searches for teaching jobs from July 2016 to July 2019. Growth in searches for teacher jobs has been the highest in 2018-19 witnessing a 40 percent increase. There was an increase of 14 percent in job-seeker interest for these roles during 2017-18, while three years ago (2016-17) there was a dip of 11 percent in job seeker interest towards teaching roles. "The advancement of technology and e-learning has led to the rise of online tutor and e...

Apple Set to Launch its Online & First Offline Store in India

29Aug By AdityaNo Comments

Tech

Apple Set to Launch its Online & First Offline Store in India

Apple is keen on offering online and in-store experiences to Indian users at par with its global standards and aims to open its maiden retail store in India. The comments come after the Indian government on Wednesday eased the FDI norms for single-brand retail, offering more flexibility on local sourcing norms. It also did away a provision that required companies to mandatorily set up a brick-and-mortar store before getting into online retail trading. Welcoming the move, Apple in an e-mail statement said it looks forward to "one day welcoming customers to India's first Apple retail store". Apple, which competes with companies such as OnePlus and Samsung in the premium smartphone category, did not specify the timeline for its plans. "We love our customers in India and we're eager t...

India’s Top Biscuit maker Parle may cut up to 10,000 jobs Due to Economy Slowdown

22Aug By PriyankaNo Comments

BUSINESS

India’s Top Biscuit maker Parle may cut up to 10,000 jobs Due to Economy Slowdown

India's leading biscuit maker Parle Products Pvt Ltd might lay off up to 10,000 workforce amind Indian economy slowdown. The Biscuit company said falling demand in the rural heartland could cause production cuts. A downturn in Asia’s third-largest economy is denting sales of everything from cars to clothing, forcing companies to curtail production and raising hopes that the India government will unveil an economic stimulus to revive growth. A sharp drop in Parle’s biscuit sales means the company may have to slash production, which may result in layoffs of 8,000-10,000 people, Mayank Shah, category head at Parle. “The situation is so bad, that if the government doesn’t intervene immediately … we may be forced to eliminate these positions,” he said. Parle, founded in 1929, emplo...

BS-VI transition lead to dumping of old Two Wheelers in India

1Jul By PriyankaNo Comments

Automobile

BS-VI transition lead to dumping of old Two Wheelers in India

New Delhi: Terming the transition to Bharat Stage VI (BS-VI) emission norms from April next year as "joker in the pack", Bajaj Auto Ltd has cautioned that there could be dumping of old BS-IV stock in the domestic market, triggering an "unwarranted price war" in the second half of the ongoing fiscal. In its Annual Report for 2018-19, the Pune-based firm said while its motorcycles, three-wheelers and quadricycles will be "fully BS-VI compliant not just on April 1, 2020 but some months earlier, it is difficult to anticipate the state of BS VI readiness of our competitors". "For the industry as a whole, we believe that the joker in the pack will be the tough Bharat Stage VI, or BS VI, emission norms that will come into play from 1 April 2020," the company wrote to its shareholders. ...

27Jun By PriyankaNo Comments

INDIA

Payment Data related Info should be Stored in India: RBI

The Reserve Bank of India said all India related payments data must be stored only in India and data processed abroad will have to be brought back to the country within 24 hours. "The entire payment data shall be stored in systems located only in India," the RBI said in its FAQs on certain implementation issues raised by the Payment System Operators (PSOs). The RBI had issued a directive in April 2018 on 'Storage of Payment System Data'. It had advised all system providers to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India. The FAQs further said there is no bar on the processing of payment transactions outside India if so desired by the PSOs. "However, the data shall be stored only in In...

2May By AdityaNo Comments

FUNDING

1-India Family Mart raises INR $2.87 million debt funding

New Delhi, May 02, 2019: 1-India Family Mart, a fast growing value retail chain owned by Nysaa Retail Private Limited offering affordable and fresh fashion apparels, lifestyle products and general merchandise has raised debt funding worth $2.87 million (INR 20 crores). The funding, led by APAC Financial Service Private Limited will be leveraged by the company for expanding to newer geographies as well as for its working capital requirements. Endeavouring to match the fashion aspirations of individuals living in small towns which they can afford, 1- India Family Mart currently stands strong with 90 stores across 81 cities of Eastern and Northern India; generating revenue over INR 400 Crores. Commenting on securing the funds, Deepak Sharma, Chief Financial Officer, 1-India Family M...

28Apr By Press Trust of IndiaNo Comments

INDIA

About 200 US companies seeking to move manufacturing base from China to India: Report

Washington: About 200 American companies are seeking to move their manufacturing base from China to India post the general elections, a top US-based advocacy group has said, observing that there is a fantastic opportunity with firms looking at alternatives to the Communist giant. The US-India Strategic and Partnership Forum's (USISPF) President Mukesh Aghi said that the companies are talking to them about how to set up an alternative to China by investing in India. Aghi said that USISPF’s recommendation to the new government would be to accelerate the reforms and bring transparency in the decision-making process. “I think that's critical. We would advise to bring more transparency in the process and to make it more consultative because in the last 12 to 18 mont...