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Wednesday, Sep 28, 2022

The Expresso Business Update

Your Business Expresso is served! The Indian Express brings to you the latest updates from the world of Indian and international business. Your one stop shop for all finance and business stories.

Episode 544 August 17, 2022

Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 17th August 2022

Today’s Latest Business News Transcript at 5:30 pm on 17th August 2022

“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.

Elon Musk, the world’s richest person, said early on Wednesday that he was joking when he tweeted hours previously that he was going to buy currently struggling English football club Manchester United Plc. “No, this is a long-running joke on Twitter. I’m not buying any sports teams,” Musk posted when asked by a user if he was serious about buying the club. “Although, if it were any team, it would be Man U,” he added, “they were my fav (sic) team as a kid.” Musk originally tweeted: “I’m buying Manchester United ur (sic) welcome,” without offering any details. Some Manchester United fans, disgruntled by their club’s declining fortunes of late, had previously urged Musk on Twitter to consider buying the club. The tweet turnaround comes as Musk seeks to exit a $44 billion agreement to buy Twitter only four months after announcing on the platform he would buy the social media company, which has taken him to court. Musk has a history of being unconventional and posting irreverent tweets, making it difficult sometimes to tell when he is joking. “Next I’m buying Coca-Cola to put the cocaine back in,” he tweeted on April 27, two days after Twitter’s board accepted his unsolicited offer to buy the company. Referring back to that post, on Wednesday he tweeted: “And I’m not buying Coca-Cola to put the cocaine back in, despite the extreme popularity of such a move.” Musk’s tweets about potential acquisitions have landed him in hot water with U.S. regulators in the past.
Moving on to some tech news. Apple suppliers are in talks to produce Apple Watch and MacBook in Vietnam for the first time, Nikkei Asia reported. Apple’s Chinese supplier Luxshare Precision Industry and Taiwan-based Foxconn have started test production of Apple Watch in northern Vietnam, the report added. Apple has been shifting some areas of iPhone production from China to other markets, including India, where it started manufacturing iPhone 13 this year, and is also planning to assemble iPad tablets. India, the world’s second-biggest smartphone market, along with countries such as Mexico and Vietnam are becoming increasingly important to contract manufacturers supplying American brands, as they try to diversify production away from China. Apple, Foxconn and Luxshare Precision did not immediately respond to a Reuters request for comment. Last week, Taiwanese contract manufacturer Foxconn gave a cautious outlook for the current quarter after posting results that exceeded expectations, citing slowing smartphone demand after a pandemic-fuelled boom.
Back home, the Central Consumer Protection Authority on Wednesday said it has imposed a penalty of Rs 1,00,000 on e-commerce player Flipkart for allowing the sale of substandard domestic pressure cookers on its platform. Speaking to PTI, CCPA Chief Commissioner Nidhi Khare said a penalty of Rs 1,00,000 has been imposed on Flipkart for allowing the sale of substandard pressure cookers on its e-commerce platform and violating the rights of consumers. Flipkart has also been directed to notify consumers of all 598 pressure cookers sold on its platform, recall the pressure cookers and reimburse money to the consumers, she said. The company has also been asked to submit a compliance report of the same within 45 days, she added.
Telecom operator Bharti Airtel has paid Rs 8,312.4 crore to the Department of Telecom towards dues for spectrum acquired in the recently concluded 5G auctions, the company said on Wednesday. With the payment, Airtel has paid four years of 2022 spectrum dues upfront. Airtel said it believes that this upfront payment, coupled with the moratorium on spectrum dues and AGR-related payments for four years, will free up future cash flows and allow Airtel to dedicate resources to single-mindedly concentrate on the 5G rollout. Telecom tycoon Sunil Bharti Mittal’s Bharti Airtel made a successful bid of Rs 43,039.63 crore. “This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow. Airtel also has access to Rs 15,740.5 crore in capital from the rights issue, which is yet to be called. “With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world-class 5G experience,” Bharti Airtel MD and CEO Gopal Vittal said in the statement.
“Some overseas update. German chancellor Olaf Scholz faces lawmakers’ questions this week over his role in tackling a multibillion-euro tax fraud as a sprawling probe into the scheme threatens to undermine him as he grapples with an energy crisis and the fallout of war.

And finally, some aviation buzz. Akasa Air said on Wednesday it will keep adding one new aircraft every two weeks after India’s newest budget carrier received its third aircraft which will be put into operation on the Mumbai-Bengaluru route shortly.

You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.

Click here to listen to today morning’s Business News bulletin

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Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 17th August 2022Today's Latest Business News Transcript at 5:30 pm on 17th August 2022 "You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express. " Elon Musk, the world's richest person, said early on Wednesday that he was joking when he tweeted hours previously that he was going to buy currently struggling English football club Manchester United Plc. "No, this is a long-running joke on Twitter. I'm not buying any sports teams," Musk posted when asked by a user if he was serious about buying the club. "Although, if it were any team, it would be Man U," he added, "they were my fav (sic) team as a kid." Musk originally tweeted: "I'm buying Manchester United ur (sic) welcome," without offering any details. Some Manchester United fans, disgruntled by their club's declining fortunes of late, had previously urged Musk on Twitter to consider buying the club. The tweet turnaround comes as Musk seeks to exit a $44 billion agreement to buy Twitter only four months after announcing on the platform he would buy the social media company, which has taken him to court. Musk has a history of being unconventional and posting irreverent tweets, making it difficult sometimes to tell when he is joking. "Next I'm buying Coca-Cola to put the cocaine back in," he tweeted on April 27, two days after Twitter's board accepted his unsolicited offer to buy the company. Referring back to that post, on Wednesday he tweeted: "And I'm not buying Coca-Cola to put the cocaine back in, despite the extreme popularity of such a move." Musk's tweets about potential acquisitions have landed him in hot water with U.S. regulators in the past. Moving on to some tech news. Apple suppliers are in talks to produce Apple Watch and MacBook in Vietnam for the first time, Nikkei Asia reported. Apple's Chinese supplier Luxshare Precision Industry and Taiwan-based Foxconn have started test production of Apple Watch in northern Vietnam, the report added. Apple has been shifting some areas of iPhone production from China to other markets, including India, where it started manufacturing iPhone 13 this year, and is also planning to assemble iPad tablets. India, the world's second-biggest smartphone market, along with countries such as Mexico and Vietnam are becoming increasingly important to contract manufacturers supplying American brands, as they try to diversify production away from China. Apple, Foxconn and Luxshare Precision did not immediately respond to a Reuters request for comment. Last week, Taiwanese contract manufacturer Foxconn gave a cautious outlook for the current quarter after posting results that exceeded expectations, citing slowing smartphone demand after a pandemic-fuelled boom. Back home, the Central Consumer Protection Authority on Wednesday said it has imposed a penalty of Rs 1,00,000 on e-commerce player Flipkart for allowing the sale of substandard domestic pressure cookers on its platform. Speaking to PTI, CCPA Chief Commissioner Nidhi Khare said a penalty of Rs 1,00,000 has been imposed on Flipkart for allowing the sale of substandard pressure cookers on its e-commerce platform and violating the rights of consumers. Flipkart has also been directed to notify consumers of all 598 pressure cookers sold on its platform, recall the pressure cookers and reimburse money to the consumers, she said. The company has also been asked to submit a compliance report of the same within 45 days, she added. Telecom operator Bharti Airtel has paid Rs 8,312.4 crore to the Department of Telecom towards dues for spectrum acquired in the recently concluded 5G auctions, the company said on Wednesday. With the payment, Airtel has paid four years of 2022 spectrum dues upfront. Airtel said it believes that this upfront payment, coupled with the moratorium on spectrum dues and AGR-related payments for four years, will free up future cash flows and allow Airtel to dedicate resources to single-mindedly concentrate on the 5G rollout. Telecom tycoon Sunil Bharti Mittal's Bharti Airtel made a successful bid of Rs 43,039.63 crore. "This upfront payment of 4 years allows us to drive 5G rollout in a concerted manner given our operating free cash flow. Airtel also has access to Rs 15,740.5 crore in capital from the rights issue, which is yet to be called. "With the ideal spectrum bank, best technology and adequate free cash flow, we are excited to bring to the country a world-class 5G experience," Bharti Airtel MD and CEO Gopal Vittal said in the statement. "Some overseas update. German chancellor Olaf Scholz faces lawmakers' questions this week over his role in tackling a multibillion-euro tax fraud as a sprawling probe into the scheme threatens to undermine him as he grapples with an energy crisis and the fallout of war. " And finally, some aviation buzz. Akasa Air said on Wednesday it will keep adding one new aircraft every two weeks after India's newest budget carrier received its third aircraft which will be put into operation on the Mumbai-Bengaluru route shortly. You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories. Click here to listen to today morning's Business News bulletin
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