Wistron plant violence: Enough stocks of iPhone SE 2020, says Apple

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Labour trouble at the plant in Bengaluru has not affected Inc, which has enough stocks of 2020 and is in a position to divert the ones for export to the market in India.


It will continue to manufacture the model in accordance with the existing order because only new orders have been put on hold.



2020 is one of the popular phones like 11, which is the biggest seller in the domestic market.


Sources in the know say Inc does not need to increase imports of iPhones due to the disruption at the factory. New orders will be given to Wistron, now under probation, only after it has settled its labour issues.


Analysts say last year 75-80 per cent of its phones sold in India were manufactured in the country and the bulk of those were iPhone SE, iPhone 11, and 10R.


This year, analysts say, it expects to sell over 2 million phones, especially after smuggling fell dramatically due to restricted flights between Dubai and the US.


Sources say a preliminary assessment has

CMS Info Systems plans to invest upto Rs 1,300 crore on ATM ramp-up

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Baring Private Equity-backed CMS Info Systems (CMS), plans invest upto Rs 1,300 crore to scale up its managed ATM business and cash management business in India.


Rajiv Kaul, vice-chairman and wholetime director, CMS Info System, said that starting with a capital expenditure of Rs 180-200 crore, the company expects to create 2,000 jobs.



Out of them, 70 per cent of will be blue-collar job opportunities, and the balance 30 per cent white-collar ones.


The investment will be funded through internal accrual and debt. The span for investment would be over seven years, Kaul said.


For the time being, the firm does not envisage specific investment from its owner Baring for these plans, he added. Sion Investment Holdings, an affiliate of Baring Private Equity Asia, holds 100 per cent in the company.


CMS has received mandate from State Bank of India for a deployment of 3,000 ATMs. As a part of the term sheet, CMS will select the site, deploy ATMs, provide cash management services, regular maintenance, and upkeep of ATMs. The contract is valid for seven years, extendable up to three years.


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Tube Investments increases stake in CG Power after preferential allotment

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The stake of of India Limited (TII), part of Rs 38,000 crore Murugappa Group, in and Industrial Solutions Ltd has increased to 58.58 per cent after the company’s shares were allotted on a preferential basis.


The Finance Committee of the board of directors of has allotted 68,728,522 equity shares of the company at a price of Rs 14.55 per equity share, aggregating to Rs 99.99 crore to TII on a preferential allotment basis. Post the allotment, TII holds 53.16% of the paid up equity share capital of the company.



TII’s aggregate shareholding (i.e. equity shares and convertible warrants held by TII) in the company has increased from 56.61% to 58.58% of the share capital of the company on a fully diluted basis.


Initially, TII invested around Rs 700 crore to acquire 51% stake in the scam-hit and Industrial Solutions and its holding gradually increased in the last two months.

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Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the

OneWeb launches 36 satellites; to offer hi-speed internet from 2021 end

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Bharti Global and UK government on Friday said their joint venture OneWeb — a Low Earth Orbit (LEO) satellite communications operator — launched 36 from the Vostochny cosmodrome in Russia.


This takes the total in-orbit constellation to 110 satellites, part of OneWeb’s 648 LEO satellite fleet that will deliver high-speed, low-latency global connectivity, a company release said.


The UK government and Bharti Global have taken over the reins of OneWeb, which recently announced new management with telecom czar Sunil Mittal at the helm as executive chairman.




“Today’s launch is one of many steps we have taken to operationalise one of the world’s first LEO constellations,” Bharti Enterprises Chairman Sunil Mittal, said in an official statement.


The company claimed that the launch puts OneWeb on track to offer global services to customers from late 2021, starting with the United Kingdom, Alaska, Northern Europe, Greenland, Iceland, the Artic Seas, and Canada, with global service in 2022.


“Less than a month since its acquisition by Bharti Global and the UK government, OneWeb is quickly returning to full operations — hiring at a fast pace, restarting launches, continuing to

IFC invests $30 mn in Biological E to boost Covid-19 vaccine production

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International Finance Corporation, a member of the World Bank Group, on Thursday said it was providing a loan of up to $30 million (around Rs 220 crore) to pharma company Biological E.


The loan will support the pharmaceutical firm’s expansion of low-priced, generic vaccines for routine immunisation of children and to boost capacity for manufacturing any future Covid-19 vaccine, it added.



An investment in one of India’s top vaccine manufacturers will expand access to low-cost vaccines for children in developing countries and help increase the production of a Covid-19 vaccine when developed, a key step in saving lives and restarting economies, IFC said in a statement.


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Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and

After payments, WhatsApp to roll out insurance and pension products

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The messaging service app, backed by tech giant Facebook, is working in collaboration with financial institutions on pilots of micro insurance, and micro pension products

Topics
whatsapp | Insurance



Subrata Panda  | 
Mumbai 

After receiving approval to go live on the National Payment Corporation of India’s (NPCI) Unified Payment Interface (UPI) last month, is now planning to roll out and pension products by the end of the year.


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The messaging service app, backed by tech giant Facebook, is working in collaboration with financial institutions on pilots of micro insurance, and micro pension products. It is partnering with the SBI General to offer consumers health products.


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Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we

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