Business

San Francisco, Dec 2 (IANS) Tesla CEO Elon Musk on Friday launched the long delayed electric Semi trucks during a virtual event.

Tesla claims that its Semi trucks have thrice "the power of any diesel truck on the road, with the efficiency to go 500 miles" and engineers have tested the vehicles in a "variety of harsh conditions to maximize reliability and durability".

"Semi has a tri-motor system & carbon-sleeved rotors just like Plaid. One unit for efficiency, two acceleration units for torque," Tesla said in a tweet.

Musk said that the company's team completed an 800-km drive with a Semi truck "weighing in at 81,000 lbs!" in a single charge.

The new electric trucks are designed like a bullet for more efficiency and give a better driver experience by providing max road visibility, space to stand up, two 15-inch touch screens, wireless phone charging, and much more.

"It looks sick," Musk said at the event.

"You want to drive that. I mean, that thing looks like it came from the future," he added.

He later described Semi as a "beast".

In the launch event, Musk also highlighted Semi trucks wrapped in Pepsi and Frito Lay logos.

The truck's concept was first unveiled in 2017 and was supposed to go into production in 2019. But was delayed for multiple reasons, such as the Covid-19 pandemic and a global parts shortage.

Last month, Tesla had started the production of the Semi that would first reach Pepsi facilities.

Pepsi had ordered 100 Semi trucks in December 2017, a month after it was announced.

It costs $20,000 to reserve a Tesla Semi Truck.

--IANS
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Bhubaneswar, Dec 1 (IANS) The JSW Group is committed to invest Rs 1 lakh crore in Odisha in various sectors, including for a mega greenfield steel plant project in Paradip, said its Chairman Sajjan Jindal here on Thursday.

Speaking at the 'Make in Odisha' conclave, Jindal said, "Before Covid, for nearly four years, we had committed to invest Rs 60,000 crore in Odisha, of which Rs 30,000 crore has already been invested and projects worth another Rs 30,000 crore is underway. Today we make a commitment to invest another Rs 1 lakh crore in the state in various sectors."

The company will invest the money in building a mega greenfield steel plant project in Paradip, and a silicon metal plant which will be used for making solar panels, renewable energy and many other areas, he said. A

Jindal suggested the state government to improve the infrastructure as the only the government can invest in it.

Odisha is destined to become a trillion-dollar economy in the near future and will emerge as the gateway to east and southeast Asia, said Odisha Chief Minister Naveen Patnaik while addressing the conclave.

Patnaik said Odisha is a progressive state with clear focus on transformation in all sectors. Stable governance is the cornerstone of peace, prosperity and progress, he said.

"We have an unprecedented mandate from the electorate due to our continued performance over the last two decades. Our citizen-centric governance model has set global benchmarks. Initiatives like 'Mo Sarkar' and '5T' charter give dignity and respect to our people," said Patnaik.

He said the state government's inclusive development agenda emphasises on education, health, skill development, agriculture, women's empowerment, tribal development and so on.

The state has been able to reduce poverty by 50 per cent, while doubling the farmers' income over the last two decades, he said.

The fiscal prudence and economic management has also been appreciated across the country. Odisha is one of the few states with adequate revenues to undertake large-scale infrastructure projects, he pointed out.

"Our investor-friendly initiatives and transformatory governance has put us on a journey of progress and prosperity. I invite each one of you to come join us on this journey. I assure you that our government will run the extra mile to make you comfortable in our state," the CM told the industrialists.

State's new industrial policy, which was launched on Thursday, provides support and incentives, which are beyond the best in the country, he said, adding that the state has launched new policies in the sectors of tourism, renewable energy, apparel and textile, food processing, exports and so on.

L.N. Mittal, Executive Chairman, Arcelor Mittal; Naveen Jindal, Chairman, JSPL; T.V. Narendran, CEO & MD, Tata Steel; and Anil Agarwal, Chairman, Vedanta Resources Limited, also addressed the conclave that will conclude on December 4.

--IANS
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San Francisco, Nov 22 (IANS) Twitter CEO Elon Musk on Tuesday said that the micro-blogging platform has added 1.6 million daily active users in the last week.

He tweeted: "Twitter added 1.6M daily active users this past week, another all-time high."

Popular YouTube content creator Jimmy Donaldson aka MrBeast commented on Musk's post, "I wonder what YouTube's daily actives is".

"Let's see what happens when Twitter offers good video with higher compensation for creators," Musk replied.

Several users expressed their thoughts on Musk's post, a user commented, "and it's revenue is at an all-time low", while another asked, "any sense for how many are bots?"

Recently, Twitter CEO had said that the company would work on speeding up the upload time on the micro-blogging platform, in which videos will be given top priority.

Twitter account, "Tesla Owners Silicon Valley", which is an official Tesla recognised club, on Monday tweeted in which it asked Musk "to make Twitter live video better".

--IANS
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New Delhi, Nov 20 (IANS) India may record a growth in the range of 6.5 per cent to 7.1 per cent during the current financial year 2022-23 mainly due to rising inflation and expectations of a global slowdown, Deloitte India said in a report.

Deloitte expects "India to post a 6.5-7.1 per cent growth during 2022-23 and 5.5-6.1 per cent the following year contingent on the revival of the global economy and improving economic fundamentals."

India's gross domestic product (GDP) grew by 8.7 per cent in 2021-22.

"The seemingly unending saga of global economic uncertainties has begun to negatively impact India's main drivers of growth. So volatile is the current economic environment that if one is looking for certainties from the recent data releases, it is unlikely that a consistent outlook will emerge," Deloitte further said.

Constantly rising inflation, which has remained above RBI's tolerance limit of 6 per cent for the past 10 months has been a concern for the Government, despite the central bank raising repo rate four times in the last six months.

In addition to this, the dollar has constantly been rising while in contrast the rupee has threatened to touch new lows, leading to costlier imports.

The current geopolitical situation has also added to the overall economic gloom and analysts have said that there are chances of recession hitting a few advanced nations.

--IANS
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San Francisco, Nov 20 (IANS) Apple iPhone supplier Foxconn has paused its hiring because of four-day quarantine space shortage.

The company requires 1,00,000 new workers to get back to full capacity, but due to a shortage of quarantine space, it has frozen the hiring, reports AppleInsider.

A Covid-19 outbreak at Foxconn caused a large departure of workers, thus the iPhone supplier has started hiring heavily to resume normal production.

Lockdowns and other restrictions have caused problems for the company, which has impacted shipping times for the iPhone 14.

There is no more room for the four-day quarantine that each new employee must undergo before joining the workforce, the report said.

In October this year, a report claimed that Apple supply chain was facing its next set of problems in China as panicked workers at the Foxconn factory in Zhengzhou city were leaving amid fresh Covid scare.

Fearing Covid lockdowns, workers were seen fleeing the factory on foot and walking in fields and on highways as public transport was suspended as part of Covid-19 controls.

--IANS
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By Arun Kejriwal
The current financial year 2022-23 has seen the banking sector produce some unexpected results. The recapitalisation of many PSU banks has seen them returning to profitability and performing exceedingly well. This has led to the markets rewarding their performance and their market capitalisation rising significantly. The PSU or public sector pack has fared significantly better than the private banks.


Looking at the table in the article one can see that the benchmark indices saw a small decline in the first quarter of 22-23 with BSESENSEX losing 9.48 per cent and NIFTY down 9.65 per cent against BANK NIFTY losing less at 8.11 per cent. In the second quarter of 22-23, BANK NIFTY gained 15.58 per cent against BSESENSEX gaining 8.31 per cent and NIFTY gaining 8.33 per cent. Since October 1 in the 45-day period, the BSESENSEX gained 7.38 per cent while NIFTY gained 7.10 per cent. Against this, the Bank NIFTY gained 9.85 per cent. Clearly the BANK NIFTY has outperformed the benchmark indices in each of the three periods.

For the period April 1 till November 18, the BSESENSEX gained 5.28 per cent with NIFTY gaining 4.83 per cent. BANK NIFTY gained a staggering 16.67 per cent.

Let us look at some of the leaders and the laggards in the banking pack. The top performer was Karur Vysya Bank which gained 121.27 per cent in the period April to November with the share price moving from Rs 46.30 to Rs 102.45. This was followed by Union Bank of India which rose from Rs 38.75 to Rs 73.85, a gain of 90.58 per cent. The third in the ranking was Indian Bank which gained 78.35 per cent, rising from Rs 153.80 to Rs 274.30.

The laggards were led by newly listed bank Tamilnad Mercantile Bank Limited which gained 6.72 per cent from its price of Rs 478.50 to close at Rs 510.50. If one were to look at the issue price, shares were issued at Rs 510, which effectively means that the share gained Rs 0.50 since listing which happened on September 15.

This was followed by HDFC Bank gaining 9.80 per cent, RBL 10.76 per cent and Kotak Mahindra Bank 11.62 per cent.

If one were to look at the total performance, one bank gained more than 100 per cent, 2 banks gained between 75-100 per cent, 2 banks gained between 50 and 75 per cent, seven banks gained between 25 and 50 per cent, seven banks gained between 10-25 per cent and 2 banks gained less than 10 per cent.

The top gainer Karur Vysya Bank has increased its profitability significantly and the share trades at a PE of slightly higher than double digit and a P/B of just about 1.08. The second performer Union Bank saw a spurt in profits. The share is trading at a PE which is still in single digits at around 8.51 and the P/B of 0.68 times.

Compare this with a HDFC Bank which has a PE multiple of 22.36 and the P/B of 3.54. Similarly, Kotak Bank trades at a PE multiple of 40 times and a P/B of 5.05 times.

Looking at the data from the table it is very clear that the PSU banks have stolen the show and have done very well. The restructuring and capitalisation by the government has helped in putting these banks back on track. As the country continues to grow with the economy back on track, expect these banks to continue to perform.

--IANS
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By Vinod Mirani
The cinema chains in the US are not treating the OTT platforms as an enemy or a competitor. Since Covid-19, the flow of new films has become slow; unlike earlier, new releases are infrequent. And, from the fewer films that make it to the cinemas, not many succeed.


The cinemas have come to terms with the situation on hand and are working on new ways to not only get footfalls back, but also to make sure there is something playing. The cinemas don't have to stay empty with no films to screen.

There was this one-day experiment with the International Cinema Day celebrations, when, for a day, cinema ticket prices were regulated at $3 in the US and £3 in the UK. Indian multiplexes followed this step a couple of weeks later on September 23, pricing tickets uniformly at Rs 75.

Following the lockdown, when OTT platforms were the only source of any kind of entertainment, many creative men directed their efforts towards producing content for these platforms. A creative man, a filmmaker can't sit idle and the OTT platforms were more like instant food or coffee. Work on a script for a couple or three months, shoot for another 30 to 50 days as your project may demand, and before the year is over, you are through with a project, you have cashed in and are free for the next.

OTT platforms reduced much of the workload, saved on budgets, time, promotions and the middleman called cinema management. There was a time when every producer wanted to make a film for the cinemas. He did not think the same way anymore. OTT platforms were as good a medium as any, or may be better, to give expression to his creativity.

The cinema chains in the US have approached the OTT platform Netflix for the theatrical release of the forthcoming sequel to 'Knives Out' (2019), 'Glass Onions: A Knives Out Mystery'. This will be a one-week engagement from 23 to 29 November at 600 cinemas from both the AMC and Regal chains, which had earlier wanted a regular open theatrical re-release.

The film will then be released on Netflix a month later, on December 23. Just in time for Christmas. Usually, Netflix streams its films soon after their theatrical release at stipulated cinemas and the ticket sales are not what the platform counts on.

And, as the 'Knives Out' sequel will be in the cinemas for just a week, many would love to be the first to watch it much before its Netflix release. Also, there will be no worry of whether the films sustain at the cinemas in the second week or not. The cinema
release is meant mainly for the film to qualify for Oscars.

When it comes to cinema chains in India, the situation is no different: the lack of footfalls. The best of stars, who enjoyed a huge following till not long ago, now fail to draw the audience. What is it that has suddenly made people wary of going to the cinemas? One reason is certain, the high admission rates.

The same rates, though, prevailed even earlier, before the lockdown! One would say that it is the same lockdown that has made people wiser about their money. Imagine, 18 months of no work, no income and when you think back you realise how you spent a couple of thousands on watching a film earlier!

Actually, you don't have to imagine, this happened to a lot of people: no work, no income! Some are still trying to recover from that period of 18 months. And the deteriorating quality of films, of the entertainment they provide, only contributes to the plight of the cinema business. They can think of spending a couple of thousands on cinema. Yes, once in a while they do, but only on a deserving film, which, sadly, seems to come only from the South Indian film industry nowadays.

Dubbed South Indian films were considered inferior, people did not identify with them or their actors. Surprisingly, nobody now cares if it is a dubbed film and the stars are South Indian actors. If it is worth watching, they do.

So, what are the cinema chains doing about it? Have they taken any clues from the National Cinema Day that they observed on September 24, when all tickets were priced at Rs 75 and the audience flocked to the cinemas? Yes, the cinemas learnt that they had to be reasonable with the admission rates and they did to some extent. Still, their reasonableness reeks of greed.

For the first show, when they expect singles and couples, mainly young people, for the early shows, they have reduced the rates, although they are still not affordable enough. But, as show timings move to when you expect a family audience, ticket prices continue to remain steep. This audience spends self-earned money; the ones who come in the first show don't.

So, will the cinemas in the Hindi belt follow the trend that Netflix is setting in the US with 'Glass Onion'? Knowing the Indian multiplex chain managements, one doubts if they are even considering something similar. They would rather feed their egos than their cinemas.

Remember, how an executive from one of the multiplex chains threatened vindication when the lockdown was clamped and one filmmaker, whose film had released in cinemas just a day before the lockdown, decided to continue to exploit the film on OTT?
The problem with Indian chain owners is that the people who manage the business have no stake, nor are they answerable. Here, your poor decisions do not shout out loud in the stock market and the investors start asking questions.

Talk of Indian resilience. The feature-length OTT content can't have the first release in cinemas because very few filmmakers in India prefer to make feature-length films for OTT platforms (also, they would not be considered as crowd-pullers by the cinema managements, anyway). They prefer to produce web series.

Some films, 'Shershaah', with Siddharth Malhotra for example, which did well on OTT, was not produced with an OTT release in mind. But, there was no alternative during the lockdown. The film had a young star who played lead roles in films. The OTT films are made mostly with actors such as Nawazuddin Siddiqui, Pankaj Tripathi and such

In the minds of people, a feature film is one that releases in cinemas. Decades back, when the video format came and people started watching films on the VCR, many makers ventured into making video films, but there were no takers -- neither the viewers, nor the video rights buyers.

Like the Cinema Day 'one admission rate' policy, the cinemas won't be able to follow the Netflix-'Glass Onion' example; they will have to find their own way.

Finally, an aside. There is another news that may not excite cinema managements in India. A public park in Surat has started screening movies, IPL matches, the Pro Kabaddi League and such programmes free of cost for the public every evening. And the popcorn here costs Rs 10 to Rs 20. It is reported that over 300 people enjoy this experience daily; on the weekends, when cinemas expect good footfalls, the crowd crosses the 1,000 count.

This park is a PPP (Public Private Partnership). This is just the beginning and the footfalls may only increase. What is more, the authorities in Surat have brought 20 such parks under the PPP scheme and a good initiative does not take long to catch on fast.

--IANS
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San Francisco, Nov 18 (IANS) As cryptocurrency-focused venture capital firms have raced to India over the past two years, Binance CEO Changpeng Zhao has said that the crypto exchange does not see India as a viable business opportunity.

"To be honest, I don't think India is a very crypto-friendly environment," Zhao was quoted as saying.

According to TechCrunch, Zhao is not the only person with such a grim view of the Indian market. Zhao's comment is noteworthy because no other person of Zhao's stature has publicly expressed a similar opinion, despite the fact that dozens of investors and startup entrepreneurs have privately voiced comparable concerns.

Zhao blamed the country's high tax environment for making the market not so possible for global players.

"If you are going to tax 1 per cent on each transaction, there is not going to be that many transactions," he said.

Binance, by far the world's largest crypto exchange by volume, is operational for users in India, according to the report.

"A user could trade 50 times a day and they will lose like 70 per cent of their money. There is not going to be any volume for an order book type of exchange. So we don't see a viable business in India today. We just have to wait. We are in conversation with a number of industry associations and influential people and trying to put some logic there," said Zhao.

"We are trying to get this message across, but tax policies typically take a long time to change," Zhao cautioned.

India enforced a law earlier this year for taxing virtual currencies.

It is levying a 30 per cent tax on income arising from the transfer of any virtual asset.

To capture details of all such crypto transactions, the government takes away a 1 per cent tax deduction at the source on payments made related to the purchase of virtual assets.

--IANS
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New Delhi, Nov 17 (IANS) With dreamy landscapes and the charm of the wilderness, Jim Corbett makes for a perfect bleisure destination. Far away from the hustle bustle of city life, located on a hill-top, spread over 3.5 acres of woodland forests, Welcomhotel by ITC Hotels, Jim Corbett is about 45 minutes away from India's premier National Park, home to over 600 different varieties of flora and fauna.

The room views are breathtaking. Sixty-two well-appointed guest rooms and suites with balconies and private sit-outs, as well as multiple open areas with enchanting views of the Kosi river and lush green hills bring natural splendour up and close. While you wake up to the sweet notes of chirping birds with picture-perfect backdrops and unobstructed views, the hotel interiors feature a contemporary take on design aesthetics providing for a luxury escapade in the wilderness.

Speaking on the launch, Anil Chadha, Divisional Chief Executive, ITC Hotels said, "Brand Welcomhotel provides enriching experiences to guests and has gained great popularity among new-age travellers. Nestled in a picturesque locale in Uttarakhand, Welcomhotel Jim Corbett is a tastefully designed property, ideal for both business and leisure staycations. This hotel offers amongst the largest banqueting spaces in the region making it the perfect wedding & MICE destination."

Welcomhotel Jim Corbett's 800 square metre outdoor and 250 square metre indoor banqueting space with two meetings rooms is ideal for events, weddings and celebrations. With a glorious hill backdrop, the property highlights stunning locales with manicured lawns, while the pillarless ballroom enables customised set-ups with mesmerising views through large bay windows.

This resort property offers a wholesome yet contemporary culinary experience. The WelcomCafe serves best of both global fare and regional Kumaoni cuisine including a curated kid's menu. It also offers a picturesque alfresco seating for a great meal or private celebrations. The traditional Welcomsthalika serves an assortment of distinct flavours of Kumaoni cuisine on a platter. The ingredients are fresh and seasonal sourced from the neighbourhood, supporting the local community of farmers.

With interesting signature cocktails on the menu, the soon to open Swizzle Bar is a perfect place to view the sunset or to soak in the outdoors. From breezy poolside parties to an elegant reception or just a celebration, Welcomhotel Jim Corbett is a perfect abode to create magical memories.

A secluded gem amidst breathtakingly beautiful landscape, this Welcomhotel offers the perfect respite from the hurried pace of city life. Away from crowded touristy spots makes it an ideal workcaytion destination for those looking to be inspired by nature. One can discover wellness and holistic rejuvenation for an overall reboot of the body and mind at the soon to open K by Kaya Kalp Spa.

Young adults can spend their day in various indoor and outdoor activities at the Ollie's Corner whilst fitness enthusiasts - if not out on treks - can use the well-appointed Fitness Centre available round the clock. WeAssure hygiene and safety measures ensure travellers' peace of mind as they enjoy the destination.

Tucked away on the Ramnagar Betalghat Road, Welcomhotel Jim Corbett offers a one-of-a-kind experience. Experience an open-air adventure as you hop and skip over spring brooks, gurgling cool water that come from deep within the mountains; crossing lazing village hamlets, jolly locals and a plethora of shrubbery to reach the resort. It is the ideal getaway for the discerning traveller seeking a personalised vacation in the wilderness where nature is in its purest form.

Welcomhotel Jim Corbett has all the makings of a "Green" hotel. The property is laid out to receive maximum natural light and with commitment to sustainability, solar panels generate renewable energy to reduce carbon footprint.

Take a nature walk through the woods around the hotel, go for bird photography, enjoy a picnic under the shade of forest canopies and laze in the pool overlooking the mountains. Welcomhotel Jim Corbett is an idyllic destination that offers surreal experiences to both adventure seekers and those looking to be inspired by the nature.

--IANS
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Frankfurt, Nov 17 (IANS) The European Central Bank (ECB) sees growing risks for financial stability in the euro area and warns that the likelihood of a recession is rising there.

Presenting the bank's financial stability review here on Wednesday, ECB Vice President Luis de Guindos said that "in our assessment, risks to financial stability have increased and a technical recession in the euro area has become more likely", reports Xinhua news agency.

The persistence of high inflation is currently the biggest threat to financial stability and growth, de Guindos said, adding that the ECB's monetary policy should be geared to achieving price stability.

As it is becoming more difficult for companies and households to repay their debts in the deteriorating environment, banks could face higher loan defaults in the medium term, the ECB said in its report.

Should the outlook deteriorate further, an increase in the frequency of corporate defaults cannot be excluded, particularly among energy-intensive companies, it said.

Overall, however, the banking system in the euro area is considered to be "well positioned to withstand many risks", de Guindos said.

--IANS
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