Business

Montblanc to open first pop-up store in India

MontblancMumbai, Sep 30 : Luxury German brand Montblanc will launch its first pop-up store in India Tuesday. The store will be located at Palladium mall here.

Pop-up shops, popular in countries like Canada, the US, Britain and Australia, are temporary shops which sell goods for a limited period of time, then shut down and move elsewhere.

The Montblanc pop-up store will be an exclusive luxe space which will offer products like watches, pens and leather accessories.

Tata-Singapore Airlines JV will be good for consumers & industry: says senior official

Tata-Singapore Airlines JV will be good for consumers & industry: says senior officialThe launch of proposed Tata Sons-Singapore Airlines joint venture (JV) airline will be beneficial for consumers as well as the India's civil aviation industry, a senior government official said.

Speaking on the condition of anonymity, the official said the proposed full service JV airline would provide a much needed boost to competition.

TNT Post aiming to establish nationwide delivery network by 2015

TNT Post aiming to establish nationwide delivery network by 2015TNT Post, which is the second largest postal firm in the UK, has said that it is aiming to establish a nationwide delivery network by 2015 in the country in order to compete with the dominant player Royal Mail, which is being privatised by the government.

Workplace pension schemes gaining wider acceptance, report

Workplace pension schemes gaining wider acceptance, reportAccording to a new report, the government's workplace pension schemes is gaining wider acceptance as fewer people are choosing to opt out of the scheme.

King.com files for S-1 document with SEC

King comLondon-based maker of Candy Crush Saga, King. com has filed for a S-1 document with the Securities and Exchange Commission to raise about $5 billion, according to a report.

The company has confidentially filed the documents for the floatation and has not announced more details. The company did not announce the date for the offering and did not provide additional details relating to the proposed offering yet. King appointed new chief financial officer, Hope Cochran this week. The company has been successful in recent times with its Candy Crush Saga game that gained worldwide popularity.

AND launches first store in Vadodara

AND-store-in-VadodaraVadodara, Sep 26 : Contemporary western wear brand AND has unveiled its first exclusive boutique here. It offers diverse collection of western wear like jumpsuits, jeggings, tunics, maxis, and more.

"Store in Vadodara is the brand's 39th store in India. Vadodara is among the fastest growing retail markets in the country and our presence here forms an important part of our growth strategy over the next few years," Anita Dongre, creative director AND, said in a statement.

Countrywide sold thousands of bad loans, US officials

Countrywide sold thousands of bad loans, US officialsUS government officials have said that the Countrywide unit of Bank of America Corp has sold thousands of bad loans to the US customers leading to a default of more than $1 billion in mortgages for Fannie Mae and Freddie Mac.

Assistant U. S. Attorney Pierre Armand said today in opening statements in Manhattan that, "Why did Countrywide do this? They did it for the money."

Applied Materials confident over merger with Tokyo Electron

Applied Materials confident over merger with Tokyo ElectronApplied Materials, which is the world's largest chip equipment maker, has expressed confidence that it's proposed merger with Tokyo Electron will go through smoothly without any regulatory hurdles.

Executive chairman of Applied Materials have said that he is confident that the merger will be finalised soon. Applied Materials announced that it is interested in acquiring world's third largest chip equipment maker in a deal valued at more than $9 billion, it will be the largest acquisition for the firm ever.

Singapore Airlines to increase flight services to India

Singapore-AirlinesNew Delhi, Sep 24 : Singapore Airlines Tuesday said it will increase its services to India to 107 flights a week from 98 next month. The new schedule will start Oct 27.

"India is an extremely important market for the Singapore Airlines Group and the nine additional weekly services clearly demonstrate our commitment to growing business and tourism exchange between both countries," said G. M. Toh, general manager India, Singapore Airlines.

"We look forward to further expanding our footprint in India with customer-centric investments focussed on quality products and services."

Over 29,000 new aircraft required in the next 20 years: Airbus

Over 29,000 new aircraft required in the next 20 years: AirbusNew Delhi, Sep 24 : Commercial aircraft manufacturer Airbus Tuesday predicted that the global industry would require over 29,220 new passenger and freighter aircraft valued at nearly $4.4 trillion in the next 20 years.

According to the aircraft manufacturer' latest global market forecast (GMF) in the next 20 years air traffic is expected to grow at 4.7 percent annually. The increase in passenger count will be made particularly in the emerging markets.

Tata Hispano to cease production

Tata Hispano to cease productionNew Delhi, Sep 24 : Tata Motors Tuesday said it will cease production at its subsidiary Tata Hispano Motors Carrocera, based in Zaragoza, Spain, next month due to heavy losses incurred by the company.

According to Tata Motors, the Spanish subsidiary, which produces chassis for buses and coaches, has accumulated operating losses to over 60 million euros in the past five years.

"All market evaluations do not predict any positive change in the near future, with the growing accumulation of operating losses making the plant production unviable," Tata Motors said in a statement.

Citigroup might cut 1,000 jobs in its mortgage business

CitigroupFinancial giant, Citigroup has said that it would cut around 1,000 jobs in its mortgage business as the business falls due to higher interest rates and lower refinancing volumes.

The New York-based company has said in a statement that the planned job cuts would affect those involved in fulfilment and default roles, underwriting and mortgage sales mainly at the company's Las Vegas and Irving, Texas sites. The bank joins others in cutting jobs at its mortgage business as consumer interest falls in refinancing current mortgages and buying new homes.

Fairfax Financial to acquire BlackBerry for $4.7 billion

Fairfax Financial to acquire BlackBerry for $4.7 billionCanada based firm, Fairfax Financial has agreed to pay about $4.7 billion for smartphone maker, BlackBerry that was once a dominating force in the market.

Fairfax Financial already owns 10 per cent of the company and will now expand its stake in the troubled firm. Fairfax Financial has reportedly joined a group of other buyers to acquire BlackBerry shares at $9 per unit and take the company private by removing it from the public listing on Nasdaq.

The shares of the company have fallen from a high of $148 in June 2008 to around $8 a share at present.

Tata Docomo targets 20 percent revenue growth

Tata-DocomoKolkata, Sep 20 :  Tata Docomo Ltd. is targeting a 20 percent revenue growth and a revenue market share in excess of 10 percent, a company official said here Friday.

"Our SME business achieved a year-on-year growth of about 20 percent in FY 12-13 as against the industry growth of 8 percent. We are targeting a 20 percent revenue growth and a revenue market share in excess of 10 percent," Tata Teleservices' SME business president Prateek Pashine told media persons here.

"Our market share in last fiscal was 10.4 percent and we aim to take the same to 11.2 percent in FY13-14," he added.

Uninor eyes rural market for growth

Uninor eyes rural market for growthNew Delhi, Sep 19 : Teleocm service provider Uninor Thursday said it has achieved break-even in five of its six operating circles and will now focus on rural markets for the next phase of business expansion.

“Uninor is also embarking on a major business expansion. Our ambition is to scale up and grow both deeper and wider in each of our six circles - increasingly into rural markets where affordability is key,” chief executive officer Yogesh Malik said here.

Etihad Airways to expand India operations

Etihad-AirwaysAbu Dhabi, Sep 19 : Etihad Airways, the national carrier of the United Arab Emirates (UAE) will greatly increase travel options to and from India with more flights and wide-bodied jets by the end of this year, subject to regulatory approval.

From Nov 1 this year, Etihad plans to more than triple the number of seats it now offers on the prime Abu Dhabi-Mumbai and Abu Dhabi-New Delhi routes, the airline said in a statement Thursday.

Monetary Policy Committee concerned over rising housing prices

Monetary Policy Committee concerned over rising housing pricesThe Monetary Policy Committee of the Bank of England has indicated that it is concerned over the effects of rising housing prices in the UK.

According to the minutes of the MPC's latest meeting, the panel is expressed that rising housing prices might affect the economy. It indicated that the central bank is unlikely to increase the monetary stimulus by a further £25 billion to take the total to £400 billion in its quantitative easing (QE) programme.

Coal India to import 15 million tonnes for power firms

Coal-India-ltdKolkata, Sep 18 : The world's largest coal miner, Coal India Ltd. (CIL), is in the process of importing 15 million tonnes of the black gold for power utility companies, a company official said here Wednesday.

"About 55 to 60 power plants have indicated that they want imported coal from us, including the DVC (Damodar Valley Corporation). We are in discussion and likely to import about 15 million tonnes of coal," CIL director (marketing) B. K. Saxena said after the Maharatna's
39th annual general meeting here.

Boston leads US cities in energy efficiency

Boston leads US cities in energy efficiencyAccording to a new report, Boston is leading the list of US cities in terms of being the most energy efficient in the country.

Boston is followed by Portland, Ore., New York, San Francisco, Seattle and Austin. Cities have adopted measures such as bike-sharing, tougher building codes, electric vehicle charging stations and cool roofs in order to attain greater level of energy efficiency, according to the report that covered 34 major cities in the US.

NTPC plans Rs.20,000 crore capex in 2013-14

NTPCNew Delhi, Sep 17 : India's largest power generator state-run NTPC Tuesday said it has planned capital expenditure of over Rs. 20,000 crore during the current fiscal till March 31, 2014.

"We had a capex of Rs. 19,926 crore during the previous financial year (2012-13) and plan to raise it to Rs. 20,200 crore this fiscal," Arup Roy Choudhury, chairman and managing director of NTPC, said addressing shareholders at the company's Annual General Meeting here.

NTPC added 4,170 MW of capacity in the last fiscal to take its installed power generation capacity to over 41,000 MW.

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