VW unveils made-for-India SUVs

Products part of group’s €1 bn investment plan for country Almost 18 months after announcing its India 2.0 strategy, Skoda Auto Volkswagen India on Monday unveiled the first products developed for India — two SUVs viz. Skoda’s Vision IN and Volkswagen’s Taigun. In 2018, the Volkswagen Group had announced an investment of €1 billion in India till 2021, while giving […]

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SBI posts highest ever net on Essar Steel recovery

Asset quality improves, slippages stay elevated; no big ticket loan going forward, says CMD State Bank of India, the country’s largest lender, reported its highest-ever quarterly profit of ₹5,583 crore in the October-December period, up 41% year-on-year, mainly due to a lower provision for bad loans and higher interest income. An ₹11,000-crore recovery from Essar Steel, which was resolved though […]

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Kotak gets time to cut promoter stake

Promoters’ voting rights in bank to be capped at 15%; lender withdraws petition against the RBI The Reserve Bank of India (RBI) has granted more time to Kotak Mahindra Bank to reduce promoter shareholding in the bank while capping promoter voting rights. At present, the promoter shareholding is 29.96%. The voting rights of the promoter will be capped at 15% […]

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Facebook stock slumps amid analyst chorus: ‘Pretty good isn’t enough’

When is good not good enough? Just ask Facebook Inc. FB, -6.59% , whose stock is being filleted despite fourth-quarter revenue, profits, and monthly-active users that breezed past Wall Street forecasts. Shares were down 7% in mid-morning trading Thursday because, well, Facebook didn’t post the 23% gain in sequential revenue that buy-side analysts had anticipated, and offered soft guidance. Instead, Facebook […]

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Tesla stock rises after company posts quarterly GAAP profit

Tesla Inc. stock rose late Wednesday after the Silicon Valley car maker reported quarterly earnings that beat Wall Street expectations and said Model Y production started this month. Tesla TSLA, +2.49% said it earned $105 million, or 56 cents a share, in the fourth quarter, compared with $140 million, or 78 cents a share, in the year-ago quarter. Adjusted for one-time […]

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Arconic may cut jobs because of MAX grounding

Arconic Inc. said it expected to lose $400 million in sales and could cut jobs this year as a result of Boeing Co.’s halted production of the 737 MAX. Chief Executive John Plant said on an investor call Monday that uncertainty over MAX production is the biggest challenge facing Arconic in 2020, complicating plans to split the Pittsburgh-based company into […]

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Amazon workers criticize company’s record on climate change

SAN FRANCISCO — Hundreds of employees are openly criticizing Amazon’s record on climate change despite what they say is a company policy that puts their jobs at risk for speaking out. On Sunday, more than 300 employees of the online retail giant signed their names and job titles to statements on a Medium blog post. The online protest was organized […]

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U.S. pot retailer MedMen says it’s trying to use stock to pay its bills amid cannabis industry’s cash crunch

U.S. marijuana retail chain MedMen Enterprises Inc. has been offering vendors shares in its company as payment for cannabis products amid a cash crunch in the industry. In an email reviewed by MarketWatch, MedMen MMEN, -4.84%MMNFF, -6.38% offered a supplier the full value of the amount owed in MedMen class B non-voting shares, a payment plan for the full value or […]

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