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Tesla slashes price of Model Y amid coronavirus pandemic

American electric vehicle and clean energy company based in Palo Alto, California reduced the price of its sports utility vehicle Model Y by $3,000 on Saturday. The mid-size compact crossover utility vehicle, which is sold as a Long Range or Performance version is now priced at $49,990, according to Electrek. The Performance version will be […]

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Business World

Tesla very close to achieving level 5 autonomous driving technology: Elon Musk

World’s leading electric car maker, Tesla said that it is very close to achieving level 5 autonomous driving technology. Chief Executive Elon Musk on Thursday, via a video message at the opening of Shanghai’s annual World Artificial Intelligence Conference made the announcement referring to the capability to navigate roads without any driver input. “I’m extremely […]

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Business Tech World

Chinese App TikTok to exit Hong Kong market amid controversial security law

TikTok has said that it will exit the Hong Kong market ‘within days’ after China implemented the controversial security law in the city. The short form video app owned by China-based ByteDance has made the decision to exit the region after various tech giants decided to suspend processing government requests for user data in the […]

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Business

Intel to invest $253.55 million in Jio Platforms

American multinational corporation and technology company, Intel will pick up 0.39 percent stake in Reliance Industries Ltd arm Jio Platforms for $253.55 million. The investment from Intel Capital comes after Facebook, General Atlantic, and Silver Lake picked up stake in recent months. The deal has valued Jio Platforms at $65 billion. Jio Platforms has raised […]

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Business

Foxconn eyes further investment in India as it sees bright outlook there

Taiwan’s Foxconn is planning further investment in India and may announce details in the next few months as the world’s largest contract manufacturer views the outlook there very favourably, its chairman said on Tuesday. Foxconn already makes smartphones in India for Apple Inc and Xiaomi Corp, though in March said it suspended production due to […]

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Business

Reliance Industries now net debt-free, announces chairman Mukesh Ambani

Reliance Industries (RIL) chairman Mukesh Ambani on Friday announced that the record investments the company received from some of the world’s top financial investors in its digital unit Jio Platforms and a mega share sale helped it become net debt-free well ahead of the March 2021 target. “Today I am both delighted and humbled to […]

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Business

Saudi Arabia’s PIF to invest $1.49 billion in Reliance Jio

Saudi Arabia’s Public Investment Fund (PIF) will buy a 2.32% stake in Reliance Industries’ digital unit Jio Platforms for INR₹ 11,367 crore $1.49 billion, the firm said in a statement. The deal with the Saudi sovereign wealth fund means Reliance has now sold 24.7% of Jio Platforms and raised just over $15 billion from investors […]

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Business

HSBC plans to cut around 35,000 jobs amid the coronavirus pandemic

HSBC is resuming a redundancy plan it put on ice after the coronavirus outbreak, and will cut around 35,000 jobs over the medium term, a memo on Wednesday revealed. The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo, which was sent to HSBC’s 235,000 […]

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Business

China’s Great Wall Motors to invest US$ 1 billion in India

China’s Great Wall Motors today announced the signing of a Memorandum of Understanding (MoU) with the Maharashtra government, to invest  in the state-of-the-art automotive manufacturing facility in Talegaon. The MOU was signed in the presence of the Chief Minister of Maharashtra, Uddhav Thackeray and Sun Weidong, Chinese Ambassador to India. The company will invest $1 billion […]

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Business

Tata Motors posts quarterly loss of $1.3 billion

India’s Tata Motors Ltd on Monday forecast a significantly weak first quarter and said it was reviewing all its businesses to save $789 million to ride out the disruptions caused by the coronavirus outbreak. The dour projection comes as the automaker posted a consolidated net loss of $1.30 billion (₹9,894 crore) for the reported quarter, […]

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Business

American investment company, TPG buys 0.9% stake in Jio Platforms for ₹4,547 crore

Reliance Industries said on Saturday that US-based TPG will buy a 0.93 per cent stake in its digital services arm Jio Platforms for Rs 4,546.80 crore. This marks the ninth investment in Jio Platforms – which houses billionaire Mukesh Ambani-led Reliance Industries’ telecoms arm Reliance Jio Infocomm – within eight weeks. With the TPG deal, […]

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Business

Ford recalls 2 million vehicles because the doors could open while driving

Ford is recalling more than 2 million vehicles in the US because the doors could open while the vehicle is being driven. These vehicles have been recalled before for faulty door latches but, according to Ford, some dealers that claimed to have fixed this problem during the previous recalls either didn’t do the work correctly […]