United States

Govt. refuses to reduce mandatory local sourcing norm to 15%

Govt. refuses to reduce mandatory local sourcing norm to 15%

US-based retail giant Walmart might have suffered a jolt after the government turned down its request to reduce the mandatory local sourcing norm from 30 per cent to 15 per cent.

Walmart had requested the government to reduce the mandatory local sourcing norm to 15 per cent saying it would not be able to meet it. It said it could procure only around 20 per cent from local small units.

But, the government turned down the request. Confirming the decision, Union Agriculture Minister Sharad Pawar said, "We find no immediate reason to reduce this percentage."

US official applauds India’s quick growth in space industry

US official applauds India’s quick growth in space industry

A top U. S. official has applauded India's progress in the field of space technology, saying it was remarkable how quickly the Asian country tapped into space.

General William Shelton, Commander of U. S. Air Force Space Command, noted that India has one of the largest space industries, and the country's extensive network of satellite communications spans the world.

Shelton said India's network of INSAT satellites connected the most remote areas of the country through telecommunications links.

Morgan Stanley seeks RBI’s permission to start proprietary trading

Morgan Stanley seeks RBI’s permission to start proprietary trading

Global investment banker Morgan Stanley's Indian arm has reportedly sought Indian central bank's permission to start proprietary trading in the country.

Sources familiar with the development has revealed that the Indian brokerage arm of Morgan Stanley has filed an application seeking the Reserve Bank of India's permission for staring proprietary trading under which the brokerage will be able to buy & sell securities on its own account.

Samsung ordered to pay Apple $290 million in damages

Samsung ordered to pay Apple $290 million in damages

South Korea-based consumer electronics giant Samsung suffered another defeat in its ongoing patent infringement battle with Apple on Thursday, when a Silicon Valley jury ordered it to pay $290 million more in damages to the Cupertino firm.

The South Korean firm was ordered to compensate Apple for the loss that it suffered due to copying of its iPhone and iPad features by Samsung. The recent fine pushed the total amount Samsung owe to Apple to $930 million.

Apollo Tyres stock jumps on U.S. judge ruling

Apollo Tyres stock jumps on U.S. judge ruling

Shares of Apollo Tyres Ltd gained nearly 6 per cent in early trade on Monday after a U. S. court rejected Cooper Tire & Rubber Co.'s allegations that the Indian tyre-maker breached its obligation to close its $2.5 billion acquisition of the American manufacturer.

The acquisition deal was announced on 12th of June this year. At that time, the two companies had anticipated that the deal would close by 4th of October. But, disputes over talks with the United Steel Workers union created differences, leaving the deal in doldrums.

Infosys settles visa fraud allegations with U.S. authorities

Infosys settles visa fraud allegations with U.S. authorities

Indian information technology (IT) services provider has Infosys finally settled visa fraud allegations with the U. S. authorities by agreeing to pay $34 million.

The U. S. authorities had slapped Infosys with allegations of unlawfully using inexpensive B-1 visas to bring in employees from other countries like India. The authorities also alleged that used B-1 in lieu of legitimate H-1B in order to gain competitive advantage over rival firms and increase profits.

In addition, the firm was accused of breaching the U. S. law in failing to maintain correct I-9 records.

Samsung’s Android 4.3 update to allow pairing of some US Galaxy handsets with Galaxy Gear smartwatch

Samsung’s Android 4.3 update to allow pairing of some US Galaxy handsets with Ga

On Monday, Samsung disclosed in an official statement that it has readied an Android 4.3 `Jelly Bean' software update which will facilitate some US users of Galaxy smartphones to pair their handsets with the company's Galaxy Gear smartwatch. Thus far, the $300-price smartwatch can be paired only with Samsung's Galaxy Note 3 handset.

The announcement made by Samsung on Monday fits in with an earlier statement in which the company hinted at its plans to push the Android 4.3 update on a global scale.

Airbus bags $9.5bn-worth contract from Japan Airlines

Airbus bags $9.5bn-worth contract from Japan Airlines

Airbus has just announced that it has bagged an impressive order for 31 planes worth from Japan Airlines Co Ltd., a development that is definitely a tough blow to rival plane-maker Boeing.

The Japanese carrier has signed an agreement with Airbus for purchasing 18 long haul A350-900 and 13 A350-1000 planes. The purchase agreement also includes the option for the Japanese carrier to purchase another 25 planes.

The Airbus-Japan Airlines deal is enough to deepen the dent that Boeing suffered in its reputation after long delays and the grounding of its 787 Dreamliner.

Rupee slips by 21 paise to 61.65 in early trade on Monday

Rupee slips by 21 paise to 61.65 in early trade on Monday

Weakness in the value of Indian rupee against international currencies is expected to continue in the short run as demand for dollar from corporates is still high.

In early trade on Monday, rupee weakened by 21 paise to Rs 61.65 per US dollar, as against Friday's close of Rs 61.44 per US dollar. On last Friday, the local currency had gained 29 paise against the US dollar after some reports suggested that the US government shutdown would lead to postponement of tapering of the Federal Reserve's stimulus programme.

TSB reopening on the high street as a stand-alone banking brand

TSB reopening on the high street as a stand-alone banking brand

For the first time since its merger with Lloyds Bank in 1995, the Trustee Savings Banks (TSB) is reopening as a standalone banking brand; set to become the eighth biggest high street bank in Britain.

After having disappeared from the country's banking scene following its merger with Lloyds Bank 18 years back, TSB will open 631 branches across England, Scotland and Wales; and will have 4.6 million customers transferred from Lloyds.