Maruti Suzuki India Ltd has announced that it will hike its car prices from the upcoming month, in order to offset the adverse impact of an increase in commodity prices and foreign exchange rates. Maruti Suzuki India said in a regulatory filing, “The cost of company’s vehicles has been impacted adversely due to the increase in commodity prices and foreign exchange rates.” “Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase across various models in January 2019,” the statement added. However, the carmaker did not specify the rate at which the price will be hiked. But according to the officials, the company is working out the range at which the different model with be affected. As of now, Maruti Suzuki entry-level

Wanzhou Meng, Huawei Technologies Co.’s chief financial officer, who also serves as deputy chairwoman of the company was arrested in Canada over potential violations of U.S. sanctions on Iran. According to the Canada Justice Department spokesman Ian McLeod, the daughter of Huawei’s founder is facing extradition to the U.S. The arrest of Huawei’s CFO in Canada has sparked outrage from China, as the Chinese embassy in Canada, immediately protested and demanded that the U.S. and its neighbour “rectify wrongdoings” and free Meng. The whole case came into existence when the U.S. Department of Justice in April opened an investigation into whether the telecommunications giant sold gear to Iran despite sanctions on exports to the region. After the news of Meng’s arrest broke out, shares of several Huawe

According to Oxford Economics, the top ten cities in terms of economic growth over the course of the next two decades will be dominated by India. As per the report published by Bloomberg, a research conducted by Richard Holt, Oxford’s head of global cities research, concluded that Surat, commonly known as the diamond hub which is situated in the state of Gujarat, will witness the fastest expansion through 2035, averaging more than 9 per cent. According to the report, India will showcase its dominance in the world as all of the 10 fastest growing cities over that period (2019-2035) will be in India. According to the research, the fastest-growing cities, during the said period, in the world will be Surat, Agra, Bangalore, Hyderabad, Nagpur, Tiruppur, Rajkot, Tiruchirappalli, Chennai, Vijayawada. As per the rep

Global Crude Oil prices fell by 1 per cent on Wednesday, mainly due to rising U.S. inventories and a plunge in global stock markets amid concerns over an economic slowdown. The recent downtick in crude oil prices comes after the biggest 2 days gain at oil prices since June, wiping out much of the recovery. U.S. West Texas Intermediate (WTI) crude futures were at $52.61 per barrel, down 64 cents, or 1.2 per cent, from their last close. International Brent crude oil futures were down 56 cents, at $61.52 per barrel posting 0.9 per cent downfall. According to reports, a weekly report from the American Petroleum Institute (API) caused the downfall in the crude oil. As per the report, U.S. crude inventories rose by 5.4 million barrels in the week to Nov. 30, to 448 million barrels, signalling an expanding glut in th

The top officials and ministers from Organization of Petroleum Exporting Countries (OPEC) and other major oil producing countries are scheduled to meet tomorrow, i.e, 06/12/2018 in Vienna, Austria to discuss the current crisis of oversupply of crude oil into the market. However, the meeting has already been foreshadowed by unfavourable signs as Qatar has announced to quit the bloc next month in order to focus on liquefied natural gas production. Qatar who has been a member of the OPEC for nearly six decades is regarded as a relatively small oil producer among the cartel. As contrary to the speculation, Qatar's Energy Minister Saad Sherida al-Kaabi dismissed the notion that Qatar was quitting the OPEC because of the existent conflicts between Doha and OPEC's de-facto leader Saudi Arabia. According to several re

Following the 3 day deliberations on the monetary policy review, Reserve Bank of India has released the Fifth Bi-monthly Monetary Policy Statement (2018-19) on their official website, maintaining the status quo. The statement released by the RBI said, “On the basis of an assessment of the current and evolving macroeconomic situation at its meeting today, the Monetary Policy Committee (MPC) decided to: keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per cent.” “Consequently, the reverse repo rate under the LAF remains at 6.25 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.” the Reserve Bank added. However, in order to align the Statutory Liquidity Ratio (SLR) with the Liquidity Coverage Ratio (LCR) requirement, RBI p

Vijay Mallya, who is currently facing extradition trial over fraud and money laundering charges in a UK court by Indian authorities, has offered to pay back all of the principal amounts that he owes to the banks. In a series of tweets, Mallya stated, “I see the quick media narrative about my extradition decision. That is separate and will take its own legal course. The most important point is public money and I am offering to pay 100% back. I humbly request the Banks and Government to take it. If payback refused, WHY ?” He also said, “For three decades running India’s largest alcoholic beverage group, we contributed thousands of crores to the State exchequers. Kingfisher Airlines also contributed handsomely to the States. Sad loss of the finest Airline but still I offer to pay Banks so no loss. Please

Christian Michel, the British national who is prime accused in the AgustaWestland chopper scam was brought back to India from UAE on Tuesday night. Michel is alleged to bribed the officials, involved in the purchase of 12 AgustaWestland VVIP chopper for Rs 3,700 crores, for reducing the choppers' maximum flying height to 4,500 metres, which made AgustaWestland eligible for the contract. Christian Michel has been termed as the middleman in the AgustaWestland deal and accused of receiving about Euro 30 million (approximately Rs 225 crore) from AgustaWestland to influence the deal in its favour, according to the Enforcement Directorate (ED). As per the media reports, he was brought at the Indira Gandhi International Airport, Delhi around 10:30 pm on Tuesday, from Dubai. Michel was arrested by the UAE authorities