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CEO and Managing Director of Hinduja group flagship firm Ashok Leyland resigns

New Delhi: Chief Executive Officer and Managing Director of Hinduja group flagship firm Ashok Leyland Vinod K Dasari resigned from the company citing personal reasons and his resignation has been accepted by the company board.

However, the board at its meeting here Tuesday asked him to continue till the end of March 2019 to facilitate a smooth transition, Ashok Leyland Chairman Dheeraj Hinduja, who was elevated as Executive Chairman in view of the resignation of Dasari, said.

The board had reappointed Dasari as Managing Director and CEO for a term of five years from April 1,2016 to March 31, 2021.

263

A Year After China Easing Out Local Ownership Rules, Pace Of Change Crawls Than Taking A Sprint

New Delhi: For China watchers, steadily was the key word. Almost exactly a year after the country announced historic plans to ease local ownership rules and entry barriers to what’s now a $45 trillion industry, the pace of change has been closer to a crawl than a sprint. Chinese President Xi Jinping said in a speech last week that the country was “steadily widening the opening up” of its financial industry.

While Xi signalled that China’s opening remains on track despite the country’s trade war with America, he also made it clear that policy makers will move deliberately.

The world’s biggest financial firms have adopted much the same stance. Even as they applaud China’s opening, many are taking a cautious approach as they weigh the country’s enormous long-term potential against its growing number of short-term challenges -- everything from the trade war to sinking stock prices and rising defaults.

241

Alibaba Group Smashes Its Singles’ Day Sales Event Surpassing $24.15 Bn In Under 16 Hours

New Delhi: Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles’ Day sales event surpassing 168 billion yuan ($24.15 billion) sales in under sixteen hours.

Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping U.S. shopping holiday Black Friday.

The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentines Day, but has since grown into a month-long online shopping festival that peaks with a 24-hour sales frenzy on November 11.

209

LPG Cylinder In Delhi Will Now Cost Rs 507.42 As Against Rs 505.34 Previously

New Delhi: Domestic cooking gas LPG prices have been hiked by over Rs 2 per cylinder after the government increased the commission paid to LPG dealers. A 14.2-kg subsidised LPG cylinder in Delhi will now cost Rs 507.42 as against Rs 505.34 previously.

This followed an order of the Oil Ministry that raised the dealer’s commission. In that order, the ministry said the domestic LPG distributors’ commission for 14.2-kg cylinder and 5-kg cylinder was last fixed at Rs 48.89 and Rs 24.20 respectively in September 2017.

“Pending finalisation of De-Novo Study for revision of LPG distributors’ commission and taking into consideration the increase in transportation costs, wages etc, it has been decided to revise the distributors’ commission to Rs 50.58 per 14.2 kg cylinder and Rs 25.29 per 5 kg cylinder as an interim measure,” the order said.

185

Mastercard And Visa Losing Market Share To Domestic Payments Networks In India

New Delhi: Months after Mastercard complained to the US government that Prime Minister Narendra Modi was using nationalism to promote a local rival, Union finance minister said that Mastercard and Visa were losing market share to domestic payments networks.

Finance minister Arun Jaitley spoke about the surging growth of RuPay and Unified Payment Interface (UPI), which allows swift inter-bank fund transfers, on the second anniversary of Modi’s shock decision to replace high-value bank notes in a bid to flush out untaxed wealth.

Modi has said when Indians use RuPay they were serving the country as its transaction fees stay within India and could help build roads, schools and hospitals, an endorsement that has worried Purchase, New York-based Mastercard, which is the world’s second-largest payments processor.