Indian automobile sector registered lowest growth in sales during December 2016, since the time Society of Indian Automobile Manufacturers (SIAM) started keeping record for combined automobile sales in the country. The impact on automobile sector is due to self-inflicted currency shortage in India. Indian government announced currency demonetization on November 8 and the government wasn’t prepared to deal with massive demand for new currency. Nearly 86 percent of Indian currency was scrapped by the government in a surprise decision to deal with black money.
Cyanogen operating system for smartphones will no longer be developed by the company as it has finally decided to end its services by the end of 2016. Cyanogen has been in the news for facing financial and management issues. The company was aiming to provide a better smartphone operating system compared to Google’s Android. However, Cyanogen has not been able to get the acceptance that the company management was expecting.
Amazon will deliver gifts for holiday shoppers till Christmas Eve midnight. The company said that its team is working extra hours to deliver smiles and gifts to its valuable customers. The service of quick delivery for last minute shoppers will be available only for Amazon Prime Now customers. Amazon Prime Now costs $99 per year and offers special discount and free delivery on many items to customers.
Prudential Financial Incorporated could be the next in line to suffer after Wells Fargo sales scandal came up. Prudential Financial faces lawsuit in New Jersey state court. Wells Fargo suffered massive blow to its reputation and market valuation after the sales scandal emerged.
The matter is regarding many clients enrolled in life insurance policies without their knowledge. Initial reports suggest a ‘large number of similarities’ between the way Wells Fargo accounts were created and the policies at Prudential Financial.
Norwegian Air International has received approval from the U.S. government for its flights from Europe to the United States. Norwegian was opposed by U.S. air carriers but the low-cost airline has won approval from the government. Norwegian Air International is Ireland headquartered subsidiary of Norway-based air carrier.
As Norwegian Air International is based in Ireland, the company enjoys easier tax and labor laws in Ireland compared to Norway. This will enable the airline to offer better fares for airline passengers.
The latest unemployment data report has revealed that the U.S. economy added 178,000 jobs in November. The jobless rate has reduced to 4.6 percent and the current level has marked the best employment rate in past decade. Last time, the jobless rate was so low in August 2007.
E-commerce major Alibaba has reported massive sales volume on Singles Day in China. Within first five minutes of sale, Alibaba registered orders over $1 billion and market experts see it breaking previous records. During first two hours, the ecommerce giant registered orders above $7.2 billion compared to $14.3 billion total order volume during last year’s sale.
Comparing Singles Day event to Black Friday and Cyber Monday in the United States, Alibaba fares much better in terms of sales volume. Last year, Black Friday and Cyber Monday accounted for $3 billion in sales volume.
Beverages and snacks major PepsiCo has pledged to reduce calories in its products by year 2025. PepsiCo Chairman and CEO Indra Nooyi informed that the company aims to considerably reduce calories in its beverages and other products to deal with health concerns. The company will also improve water resource efficiency at its plants worldwide.
Facebook paid $5.16 million in tax in the United Kingdom in 2015, as per the latest information released by popular social network. In year 2014, Facebook paid only $5,300 in tax in UK and was widely criticized. The issue once again puts in focus the tendency of multinationals to escape paying taxes where they are due. The companies use loopholes in tax system and in the recent months, many companies have been criticized for taking such approaches to escape taxes in countries where they are due.
Crude declined nearly four percent as Iran and Saudi Arabia haven’t made progress on talking about freezing production. As the supply remains strong, crude oil prices in the international market declined. As per last reports, LCOc1 was down by 3.7 percent to $45.89 per barrel. Organization of the Petroleum Exporting Countries will meet in few days and decide on next course of action on production.
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