Business

HPCL shuts Mumbai refinery unit, imports gasoline, executive says

Hindustan Petroleum Corp Ltd (HPCL.NS) shut a unit at its 130,000 barrels per day (bpd) refinery in Mumbai last week due to a technical glitch, and has since been importing gasoline, the head of its refineries told Reuters on Friday. BK Namdeo said the refinery’s reformer unit was shut on Sept. 1 due to a technical emergency and would resume ... Read More »

Samsung Electronics asks South Korea customers to stop using Galaxy Note 7

Tech giant Samsung Electronics Co Ltd (005930.KS) said on Saturday it recommends South Korean customers to stop using the Galaxy Note 7 phones, which the company is recalling due to faulty batteries prone to catching fie. Samsung, in a statement posted online, said it will offer rental phones to customers who turn in their Galaxy Note 7 and reiterated that ... Read More »

U.S. tells consumers to stop using fire-prone Samsung phones

A U.S. government safety agency on Friday urged all consumers to stop using Samsung Galaxy Note 7 phones, which are prone to catch fire, and top airlines globally banned their use during flights. Following reports that the phones’ batteries have combusted during charging and normal use, the U.S. Consumer Product Safety Commission said it was working on an official recall ... Read More »

Exclusive – BMW bosses to skip Paris show to thrash out electric car strategy

BMW’s (BMWG.DE) management board is skipping the Paris Motor Show to hold talks aimed at breaking a deadlock over whether to produce new electric cars, including a battery-powered Mini, sources familiar with the matter told Reuters. Spurred on by the success of U.S. rival Tesla (TSLA.O), which has received almost 400,000 pre-orders for its Model 3 car, German carmakers Mercedes-Benz ... Read More »

UK fraud agency charges three in Tesco accounting probe

Britain’s Serious Fraud Office has charged three former senior Tesco (TSCO.L) executives with fraud in its investigation into accounting practices at the country’s biggest supermarket chain. A 250 million pound overstatement of Tesco’s first-half profits in August 2014, due to booking deals with suppliers too early, led to the suspension of eight senior members of staff in the following months. ... Read More »

German exports fall in July after global demand weakens

German exports fell sharply in July, posting their steepest drop in nearly a year, after the country’s goods saw lower global demand. Seasonally adjusted exports fell 2.6% compared with the month before, the biggest monthly drop since August 2015. The figures from Destatis followed economic data that painted a gloomy picture for German manufacturing. Industrial orders barely rose in July ... Read More »

UK trade deficit shrinks in July

The UK trade deficit, which reflects the difference between imports and exports, shrank to £4.5bn in July from £5.6bn the previous month, the Office for National Statistics (ONS) said. The narrowing of the gap reflected a 2% increase in exports of goods and services, taking them to £43.8bn. Imports fell by 0.5% to £48.3bn. Although the pound fell sharply after ... Read More »

China August Imports Rise for First Time in Nearly Two Years

China’s imports unexpected rose in August for the first time in nearly two years while exports fell at a more modest pace, suggesting demand at home and abroad may finally be perking up and putting the world’s second-largest economy on a more balanced footing. Exports fell 2.8 percent from a year earlier, the General Administration of Customs said on Thursday, ... Read More »

Vodafone, Idea Cellular in ‘exploratory’ mega merger talks: Report

Telecom majors Vodafone and Idea Cellular are speculated to be undertaking “exploratory” talks for a mega merger, which, if executed, will create the biggest telecom firm in India. Despite both the companies denying rumours of a merger, CNBC-TV18 cited insider sources to suggest the possibility of a merger after the two telcos have assessed the challenges and opportunities of such a ... Read More »

Tata Global Beverages may sell its China operations

Tata Global Beverages on Wednesday said it might sell its loss-making China subsidiary. The company’s Chinese subsidiary, called Zhejiang Tata Tea Extraction Company, reported a net loss of Rs. 15 crore in the previous financial year. “For China, we are exploring different options, which could be restructuring or a sale,” Cyrus Mistry, the Tata Group Chairman, said at Tata Global ... Read More »