Emission tests fudge: green tribunal asks Volkswagen to deposit ₹100 cr.

Forms panel to assess quantum of environmental loss; firm to challenge order The National Green Tribunal (NGT) on Friday directed automajor Volkswagen to deposit an interim amount of ₹100 crore with the Central Pollution Control Board (CPCB), following a plea that alleged that the company used “cheat devices” in emission tests in its diesel vehicles. A bench headed by NGT […]

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M&M plans ₹500-cr. EV unit in Pune

Mahindra Electric opens a ₹100-crore electric technology manufacturing hub in Bengaluru Mahindra Electric Mobility has opened a ₹100-crore electric technology manufacturing hub in Bengaluru and rolled out its lithium-ion three-wheeler range on Thursday. Branded under the umbrella of +ME technologies, the facility will make battery packs, power electronics and motor assembly which are an integral part of an electric power […]

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M&M Q2 net rises 26% to ₹1,779 cr.

Revenues increase on automotive sales; however, the firm’s margins contract Mahindra & Mahindra (M&M) reported a better-than-expected 26% increase in its second quarter net profit to ₹1,779 crore even as the maker of utility vehicles and tractors witnessed margin contraction. The financials include numbers of its commercial vehicle unit — Mahindra Vehicle Manufacturers Ltd. (MVML). Revenue for the quarter (for […]

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SAP To Buy Experience Management Firm Qualtrics For $8 Bln Cash

German software giant SAP SE (SAP) announced late Sunday its definitive agreement to acquire experience management software company Qualtrics International Inc. for $8 billion in cash. Qualtrics expects full-year 2018 revenue to exceed $400 million and projects a forward growth rate of greater than 40 percent, not including potential synergies of being part of SAP. Utah-based Qualtrics in October had […]

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Facebook ends forced arbitration of sexual misconduct claims

Employees can now press their claims in court Facebook is dropping a requirement for mandatory arbitration of sexual misconduct allegations, acceding to a demand recently pressed by other Silicon Valley tech workers. Google made a similar change on Thursday, a week after thousands of employees briefly walked off their jobs to protest how the company handled sexual-misconduct allegations against prominent […]

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Hertz stock jumps as company’s earnings beat revives turnaround hopes

Shares of Hertz Global Holdings Co. skyrocketed more than 16% Friday as investors cheered the car-rental company’s better-than-expected third-quarter earnings with some going as far as to say that Hertz has turned a corner. Hertz HTZ, +17.00% stock was on track for its best closing since Sept. 17 and the biggest one-day percentage increase since Aug. 7. Hertz late Thursday reported […]

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Cannabis stocks fall across the board as investors lock in recent gains

Cannabis stocks were lower across the board Friday, falling with the broader market as investors locked in some of the week’s gains. The sector is being viewed as a winner in this week’s U.S. midterm elections, where three states approved legalization measures and pro-cannabis governors were elected in several states. The Democratic Party’s success in regaining control of the House […]

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Richemont shares slip on earnings disappointment

(Adds analyst forecasts and comments, details on sales results) Compagnie Financiere Richemont SA’s (CFR.EB) shares traded lower Friday after the Swiss luxury company’s first-half results missed analyst expectations. Richemont’s net profit rose to 2.25 billion euros ($2.57 billion) in the six months ended Sept. 30 compared with EUR974 million a year earlier on the back of a EUR1.38 billion gain […]

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Allianz earnings jump as operating results improve

Allianz SE (ALV.XE) said Friday that third-quarter net profit increased more than 20% on year, due to a better operating result at the insurance and asset-management businesses. The German insurer said net profit rose to 1.92 billion euros ($2.19 billion) from EUR1.57 billion a year earlier. Revenue rose to EUR30.5 billion from EUR28.3 billion a year earlier, the company said. […]

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