United Airlines shares down, loses about $800 million

EFT Report, New York: As outrage over an Asian doctor's forcible removal from a flight continued to spread on social media, shares of the United Airlines (UAL) plunged nearly four per cent in the morning session on Tuesday.

The company lost about $800 million in total value in the morning session, Xinhua news agency reported.

A video released on social media showed that a bloodied passenger was dragged off a United Express flight by the aviation security officers, after he refused to give up his seat.

According to Chicago Tribune, the incident happened on a United flight at Chicago's O' Hare international airport on Sunday evening. 

United Airlines had the flight overbooked and asked for four volunteers to give up their seats to United employees, after everyone boarded the flight.

The passenger said he was a doctor and had to be in Louisville on Monday for work, according to a Twitter account by a passenger on board.

Videos taken by other passengers on the same flight drew more than a million hits on social media, with many criticizing United Airline's handling of the incident.

United Airlines CEO Oscar Munoz apologized on Monday for having to "re-accommodate" the customers in an overbooked flight.

However, in a letter to its employees, Munoz said: "Our employees followed established procedures for dealing with situations like this. While I deeply regret this situation arose, I also emphatically stand behind all of you." 

Around mid day, shares of UAL tumbled 3.9 per cent to $68.72 apiece.

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iPhone 7 to ditch 3.5mm jack; Apple to release wireless headphones

EFT Report, Mumbai: If rumors are to be believed, Apple may ditch 3.5mm headphone jack on the iPhone 7. According to an allegedly "confirmed" information from iPhone supply chain, Apple will release wireless earphones alongside.

Citing people in the iPhone supply chain, Andrews Forum reports that the iPhone 7 will not have a 3.5mm jack. This, however, doesn't mean that your existing EarPods won't be compatible with the iPhone 7. The report adds that Apple will make available a Lightning "convert up" to allow headphones with a 3.5mm outlet to be used with the Lightning connector.

Last year, a report claimed that Apple was planning to ditch the 3.5mm headphone jack in an attempt to make the iPhone thinner by 1mm. The new report has corroborated he reasoning, adding that Apple also plans to promote its wireless headset. The previous report also claimed that the Lightning connector will retain the same size, and will also come with a digital-to-analogue converter for backwards compatibility with wired headphones.

The removal of headphone jack might not sit well with users. Almost every smartphone, tablet, desktop, laptop currently ships with this audio port. But considering Apple's past record, removal of the 3.5mm port doesn't seem unlikely. The company ditched the compact disk drive from its computer lineup with the MacBook Air, and soon many rival manufacturers were doing the same. Last year, the company launched the MacBook which has just one USB Type-C port for data transfer and power input.

Besides, the Cupertino-based company has been hinting at its dislike towards the 3.5mm jack for a while now. In 2014, the company introduced the MFi (Made for iPhone) program specifications to allow third-party manufacturers to make earphones that could be connected to the iPhone or iPad via a Lightning cable. Philips Fidelio NC1L, which features battery-free active noise cancelling technology, connects to an iPhone via a Lightning cable.

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Land Rover launches luxury SUV 'Range Rover Evoque'

EFT Report, Mumbai: British car maker Land Rover on Thursday launched its latest luxury SUV, 2016 model new Range Rover Evoque.

"This luxury SUV has been setting benchmarks in the industry since its launch and with the introduction of the 2016 model, we are confident of its continued success," said Rohit Suri, president, Jaguar Land Rover India Limited (JLRIL), in a statement.

Starting from Rs.47.1 lakh (ex-showroom, pre-Octroi in Mumbai), the new model is available in four variants with the highest variant going up to Rs.63.2 lakh, the statement said.

The models are Range Rover Evoque Pure, Range Rover Evoque SE, Range Rover Evoque HSE and Range Rover Evoque HSE Dynamic.

The SUV is powered by a 2.2-litre, four-cylinder turbocharged diesel engine which delivers 140 kW at 3,500 rpm and produces a maximum torque of 420 Nm at 1,750 rpm.

New Gesture tailgate function, which allows automatic opening and closing of the tailgate by waving a foot under the car's rear bumper, and customer configurable mood lighting with a range of 10 colours are 2016 model new Range Rover Evoque's noteworthy features.

Other top features include surround camera system, 17 Speakers, 825 watts Meridian surround sound system, rear seat entertainment, nine speed automatic transmission, LED day time running lights, and head up display.

In India, Land Rover vehicles are available through 22 retail outlets in major Indian cities.

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McKinsey to help Yahoo with reorganization

EFT Report, New Delhi: Yahoo Inc has appointed management consulting firm McKinsey & Co to help with the reorganization of its core businesses, technology news website Re/code reported on Monday.

McKinsey will help Yahoo decide which units to shut, sell or invest in, Re/code said, citing several people close to the situation.

Yahoo, which is preparing to spin off its 15 per cent stake in Chinese e-commerce giant Alibaba Group Holding Ltd, declined to comment, as did McKinsey.

Yahoo has been struggling to boost revenue from ad sales in the face of stiff competition from Google and Facebook Inc.

Under chief executive Marissa Mayer, Yahoo has been trying to revive its core media and online advertising business by spending more to get users on its websites.

There has been little progress, however.

After deducting fees paid to partner websites, Yahoo's revenue fell to $1.0 billion in the third quarter from $1.09 billion a year earlier, and the company forecast a drop to $920 million-$960 million in the current quarter.

Top executives at Yahoo have been asked by Mayer over the last month to make three to five-year commitments to the company, sources told Re/code.

Several top executives, including Media head Kathy Savitt and chief development officer Jackie Reses, have left in the last couple of months.

Re/code said Yahoo insiders expect at least two people reporting directly to Mayer to leave the company.

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PwC to develop hi-tech traffic system in Uttar Pradesh

EFT Report, Agra: The Agra traffic police department is in the process of setting up a modern control room (MCR) to roll out the proposed integrated traffic management system (ITMS) and smart city surveillance system (SCSS) for monitoring traffic better and catch offenders of traffic rules. The systems will have 20 smart sensors-enabled traffic signals and high resolution CCTV (closed-circuit television) cameras to enable surveillance of 75 critical public places and make vehicular movement safe for commuters.
 
Talking about the automatic traffic light system, Abhishek Singh, superintendent of police (traffic), said, "These traffic lights will have sensors that can estimate the number of vehicles waiting at the signal and automatically calculate the time (in seconds) for which the light should be green to allow all these vehicles pass. A modern control room to operate this system and to keep round-the-clock watch on traffic across the city is currently in the process of being designed."

According to Singh, the ITMS will provide an integrated platform to centralize management of all traffic systems such as traffic signal control and traffic monitoring. It will also provide real time traffic information to motorists through electronic message signs that will enable incident management, tunnel and highway monitoring, he added.

"To design and implement the project, the state government had floated a tender and hired a consultant firm, Price Waterhouse Coopers (PWC). The entire project will cost an estimated Rs 200-250 crore and would be functional around July 2016," the SP said.

According to another senior police official, "In the next few months, we are going to have a high-tech MCR in Agra, which will monitor traffic round the clock and respond to any traffic flow crisis through a dedicated response team. Agra is among the most visited tourist destinations in the world, and our aim is to make roads free of congestion."

In some developed countries, smart road projects involve measures to control, monitor and ensure smooth traffic flow. In the US and Canada, sensors have been installed on roads every few hundred metres to track traffic flow. An electronic monitor then sets the most suitable speed limit and adjusts the signage to inform motorists. In some other places, to reduce congestions, ramp metering devices stop traffic on slip roads and release the vehicles one at a time to the main road. 

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APEC Summit 2015 kicks off in Manila

EFT Report, Manila: The 23rd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting got underway here on Wednesday. World leaders joined hands at the inaugural, signifying boost to regional cooperation, Xinhua reported.

The summit, themed "Building Inclusive Economies, Building a Better World", is tasked with four priorities: Enhancing the regional economic integration agenda; fostering small-and medium-sized enterprises' participation in regional and global markets; investing in human capital development; and building sustainable and resilient communities.

During the two-day gathering, Chinese President Xi Jinping is expected to expound China's policy on cooperation in the Asia-Pacific Region and brief other leaders about the implementation of the consensus reached at 2014 APEC meeting in Beijing.

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Paytm engages EY, McKinsey to hire 3,000 people

EFT Report, Bengaluru: Electronic payments and commerce company Paytm is looking to hire 3,000 people to roll out its payments bank services by the first quarter of next fiscal. The Alibababacked firm has got on board Ernst & Young and McKinsey to help in the hiring process, an executive from the company said.

Paytm has over 104 million wallet users at present and plans to add another 50 million by the end of March. According to sources, the structure of the executive committee for the payments bank is being given shape while Paytm awaits a final nod from the Reserve Bank of India (RBI).

Paytm's hiring plans come at a time when a few tech startups have streamlined their businesses by laying off employees. While a payments bank is a completely new business for Paytm, it is also simultaneously looking to add another 400 people to its existing employee base of about 4,400.  

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Ola raises US$500mn to accelerate growth

EFT Report, Bengaluru: Leading mobile application-based cab service provider Ola has announced raising $500 million (Rs.3,306 crore) to fund its expansion plans in India, including capacity building.

"The fresh investment will be used to fuel supply initiatives, capacity building and newer use cases," the company said in a statement here.

The sixth (series F) round of funding was led by venture firm Baillie Gifford and other venture firms Falcon Edge, Tiger Global, SoftBank group and DST Global participated.

"The additional funds will help us to spur growth and build mobility for a billion people," Ola co-founder and chief executive Bhavish Aggarwal said. 

With a million bookings a day and 350,000 cars on its rolls, the Mumbai-based Ola operates in 102 cities across the country, offering cab services with incentives.

"We will also focus on building the ecosystem for our driver-entrepreneurs and enable more drivers to grow as entrepreneurs," Aggarwal asserted.

With the latest funding, the hi-tech-driven firm has cumulatively raised $1.3 billion so far, with $400 million in fifth round (series E) from DST and other venture partners in April, $210 million in fourth round (series D) from SoftBank and others in October 2014.

Tiger Global, Matrix Partners, Steadview Capital, Sequoia India, Accel Partners US and Falcon Edge are among its early investors.

According to a recent mobile intelligence study, the company's mobile applications (apps) are used by 78 percent of its customers across the country, including tier-two and tier-three cities.

Some of the apps are named Ola Share, Ola Prime and Ola Money and its options are 'Kaali-Peeli' taxis in Mumbai, auto rickshaws in six cities and yellow taxis in Kolkata.

"Our Ola Share app is on beta testing in Bengaluru for social ride-sharing option within their groups of choice," Aggarwal noted.

Aggarwal co-founded Ola with fellow IITian Ankit Bhati in January 2011, with an app to integrate city transportation for customers and drivers on a technology platform.

The apps are available on Windows, Android and iOS platforms for downloading.

Ola acquired Bengaluru-based cab aggregator TaxiForSure for $200 million (Rs.1,238 crore) in a cash and equity deal in March this year from its co-founders A. Radhakrishna and G. Raghunandan.

TaxiForSure operates in 50 cities across the country with 25,000 cabs registered on its platform as an aggregator.

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Micromax launches first 4G smartphone 'CanvasXpress4G'

EFT Report, New Delhi: Amidst reports of partnering with Reliance Jio for VoLTE devices, domestic handset manufacturer Micromax on Wednesday launched its first 4G smartphone "CanvasXpress4G" at Rs.6,599.

The world's tenth largest smartphone vendor also announced its long-term 4G devices strategy.

The announcement comes after rivals Samsung and Lenovo featured in market research reports as the top players to sell multiple 4G devices.

"As the market has shifted to 4G, Micromax is also shifting its strategy to bring in more 4G devices. Almost 40 percent of smartphone sold online is 4G. 

"Almost three out of four phones that Flipkart, who is also our exclusive online partner, sold was 4G," said Vineet Taneja, chief executive officer of Micromax.

"We currently have 13 4G devices in our portfolio and most of them are in mid-range segment. Micromax's strategy revolves around combining 4G, power of online sales channel and value for money proposition," Taneja explained.

He said an average life cycle of its smartphone across sub-brands like Fire, Nitro, Canvas and Bolt was six to nine months.

Although the company will phase out exclusive 2G models, it will continue to sell feature phones which accounts for 50 percent of the company's sales volume, he said.

The company also said that the XpressCanvas4G will be available only via domestic e-commerce player Flipkart via open sales starting Wednesday.

The new device will be powered by a 1GHz MediaTek MT 6735 processor and a 2GB DDR3 RAM. 

It will come with a five-inch HD display, eight-megapixel rear and two-megapixel front camera and an internal storage of 16 GB.

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Epica launches glass free 3D TV, tab, mobiles

EFT Report, Kochi: Sharjah headquartered Epica, the animation, VFX and 3D division of the Aries Group, has launched glass-free 3D products - Epica 3D TV, Epica 3D Tab and Epica 3D Mobile Phones - in Kerala.

The USP of these products is not just the 3D visual experience but also the 3D immersed sound system, developed in partnership with Belgium-based Auro Technologies.

The products have been developed jointly by Epica and Dimenco, with the IP of Philips.

"Epica 3D TV is currently aimed as a professional B2B 3D monitor, which can be used for commercials, out-of-home advertisements, training, medical and engineering educational content display. We hope to redefine the advertising scenario with our LED 3D display and replace 2D displays across the world and facilitate the ultimate glasses free 3D viewing experience," said Sohan Roy, chief executive officer of Aries Epica.

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Marriott acquires Starwood to create world's largest hotel chain

EFT Report, New York: Marriott International Inc announced an agreement to buy competitor Starwood Hotels and Resorts in a $12.2 billion transaction that will create the world's largest hotel chain.

Starwood stockholders would receive 0.92 Marriott Class A share and $2 in cash for each share, Efe cited the companies as saying in a joint statement.

The combined company will be the world's largest hotelier, with 1.1 million rooms in more than 5,500 facilities across over 100 countries and an annual turnover of $2.7 billion.

The deal, subject to approval from both companies' shareholders and from regulators, is expected to close by mid-2016, the statement said.

Marriott CEO Arne Sorenson will head the combined company, whose headquarters is to remain in Bethesda, Maryland. Three Starwood directors will join an expanded 14-member board.

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Oil drops below $40 after 11 years

EFT Report, New Delhi: International crude oil prices plunged to fresh lows with the price of the Organisation of Petroleum Exporting Countries (OPEC) basket of twelve crudes going below the $40 a barrel level for the first time in 11 years.

The new OPEC reference basket of 12 crude oils closed at $39.21 a barrel on the previous trading day on Friday, the organisation's secretariat said. On Thursday, the price stood at $40.21. The last time it fell to $39 was in 2004.

Oil prices have been under pressure for several months due to concerns over oversupply, but the slump has deepened in the recent period.

Crude-oil production has remained robust despite the large drop in prices in the last year, as US producers continue to cut costs and members of the Organization of the Petroleum Exporting Countries continue to produce at full tilt.

The Indian basket, comprising 73 percent sour-grade Dubai and Oman crude, and the balance in sweet-grade Brent, plunged to $41.39 on Friday.

Meanwhile, state-run Indian Oil Corp on Sunday announced a hike in the price of petrol by 36 paise a litre and of diesel by 87 paise at Delhi, effective Monday.

"The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant an increase in prices, the impact of which is being passed on to the consumers with this price revision," Indian Oil said in a statement here.

Tamil Nadu Chief Minister J. Jayalalithaa on Monday termed the reason for fuel price hike as unjustifiable when there is no change in the international price of crude oil.

While the latest fuel hike was part of the routine fortnightly price revision exercise by oil marketing companies, it should be considered that the Indian basket price in the preceding fortnight ranged between $44-46 a barrel.

The latest drop in global prices could possibly be reflected in the next fortnight's price revision.

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Ramdev's Patanjali 'atta' noodles launched

EFT Report, New Delhi: Baba Ramdev-promoted Patanjali on Monday formally launched its whole wheat instant noodles, just a week after product leader Nestle's Maggi re-hit the retail shelves after a five-month ban imposed by the food-safety regulator.

The "atta" noodle has been priced at Rs.15 for a 70-gram pack.

With the launch, Patanjali has entered another major food segment to take on multinational firms -- such as Tropicana's fruit juices, Kellogg's muesli and cornflakes, Mondelez "Cadbury" India's Bournvita -- not to mention well established cosmetics and home grown ayurvedic brands.

Last month, Patanjali -- which had a turnover of around Rs.1,200 crore in 2014 with a projection of Rs.2,000 crore this year -- had announced an agreement with the Future Group to sell its noodles through Big Bazaar and Nilgiri's supermarkets across 240 cities. 

It also has a similar agreement with Reliance Fresh.

"The profits we make from the sale of our noodles and other products will be used for educating the under-privileged children," Ramdev told a press conference here, adding that the launch was in line with the idea of introducing healthier products that are made in India.

"We are also planning six-seven large production units across India over the next one year. One factory with a capacity of 100-200 tonnes will be set up in the NCR (National Capital Region)," he added.

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Reliance Infra inks deal with Canada's PSP Investment

EFT Report, Mumbai: Reliance Infrastructure on Monday said it has signed a non-binding Term Sheet with Canadian pension fund management major Public Sector Pension Investment Board (PSP Investments).

With this, the Canadian firm will acquire 49 percent equity stake in Reliance Infrastructure's integrated power generation, transmission and distribution business in Mumbai and adjoining areas.

The specified business is to be carved out on a going concern basis into a separate Special Purpose Vehicle, in which Reliance Infrastructure will own the controlling 51 percent stake and PSP Investments will own the rest 49 percent, the company said in a statement.

Reliance Infrastructure's Mumbai power business (known as Reliance Energy) distributes power to nearly three million residential, industrial and commercial consumers in the suburbs of Mumbai, covering an area of 400 square km and catering to a peak demand of over 1,800 MW, with revenues of Rs.7,700 crore in the 2014-15.

"The parties have entered into an Exclusivity Agreement valid till March 31, 2016. The proposed transaction is subject to due diligence, definitive documentation, applicable regulatory and other approvals and certain other conditions. 

"Accordingly, there can be no certainty that a transaction will result. Further announcements will be made at an appropriate stage," the statement said. As on March 31 this year, PSP Investments has Canadian $112.0 billion of net assets under management. 

"Reliance Infrastructure has recently entered into the defence sector. It has also announced the proposed acquisition of Pipavav Defence and Offshore Engineering Co. Ltd. (PDOC), which houses India's largest dry dock facility to build warships and other naval vessels.

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Salman's PRDP earns Rs.129.77 crore in opening weekend

EFT Report, Mumbai: Bollywood megastar Salman Khan's family drama film “Prem Ratan Dhan Payo” had a bumper opening weekend. The Hindi version of the Sooraj Barjatya directorial has minted almost Rs.130 crore in the first four days.

Released on November 12, a day after Diwali, “Prem Ratan Dhan Payo” reunites Salman with his "Hum Aapke Hain Koun..!" and "Hum Saath-Saath Hai" director Barjatya after a gap of 16 years. 

According to a statement, the Hindi version of “Prem Ratan Dhan Payo”, which minted Rs.101.47 crore within three days of its release, collected Rs.28.30 crore on Sunday.

Also starring Sonam Kapoor, Anupam Kher, Swara Bhaskar, Armaan Kohli and Neil Nitin Mukesh, “Prem Ratan Dhan Payo” narrates the story of a royal family and how an outsider, Prem, played by Salman, tries to mend the broken bridges of the family. 

According to trade analyst Taran Adarsh, the film has got a “solid” start but its upcoming collections will determine where the film is heading.

“#PremRatanDhanPayo packed a solid (four-day) weekend, maintaining consistent biz from Friday-Sunday. Monday onwards is crucial for the film. Weekdays will determine where #PremRatanDhanPayo is heading. With no major Hindi film releasing next Friday, should enjoy another good week,” Adarsh tweeted on Monday.

“While the response has been mixed (a commonality with all biggies), the families are patronising the film and that is a big plus. #PRDP,” he added.

“Prem Ratan Dhan Payo”, made on a budget of Rs.60 crore, also released in Tamil and Telugu.

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Lufthansa cancels 136 flights today

EFT Report, Berlin: German flag carrier Lufthansa on Tuesday cancelled 136 flights due to the ongoing cabin crew strike.

The cancellations affected 27,300 passengers on Monday, when the airline was forced to cancel 929 flights, almost half of its normal schedules, EFE news reported.

Cabin crews are continuing their strike on Tuesday for the fourth day, which includes long haul flights at Frankfurt and Munich airports and short and medium haul flights at Dusseldorf.

The airline reported that almost all domestic and European flights can take off or land normally.

To put an end to the strike that began on November 6, the German airline proposed an increase of up to 3,000 euros ($3,227) as a single payment to be paid to 19,000 flight attendants, according to the company's board members.

Lufthansa also agreed to pay for early retirement from the age of 55, instead of 56, as was previously proposed.

Since the beginning of the strike, there have been over 1,700 cancelled flights, affecting around 210,000 passengers. 

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Nalco to set up 1-mtpa refinery plant in Odisha

EFT Report, Bhubaneswar: Aluminium major Nalco will set up a one million tonnes a year alumina refinery plant in Odisha as part of its expansion plan, union mines secretary Balvinder Kumar said on Monday.

The company would set up the plant at Damanjodi in Koraput district with an investment of Rs.5,600 crore, he added.

The mines secretary and Nalco chairman T.K. Chand met Chief Minister Naveen Patnaik on Monday and discussed the expansion plan of the public sector company.

The state government has already recommended granting Potangi bauxite mines in the state to feed the proposed plant.

It has already bagged the Utkal D and Utkal E coal blocks at the Talcher coalfields in Angul district. It would spend about Rs.2,000 crore for the development of the blocks, said a release from the Chief Minister's Office.

With a view to boost the ancillary and downstream industry, Nalco is also committed to supply 50,000 tonnes of aluminium metal to Angul Aluminium Park proposed to be set up in Angul.

It has formed a joint venture with Industrial Development Corporation of Odisha to set up the park.

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Nestle announces Maggi relaunch, pact with Snapdeal

EFT Report, New Delhi: Nestle India on Monday said it has begun the roll-out of Maggi noodles in 100 cities, terming the five-month ban as "one of the biggest crises" it has faced in the 32-year history of the brand in the country. It also announced a pact with Snapdeal for online sales.

"The return of Maggi Noodles on the auspicious eve of Deepawali and on the day of Dhanteras is a moment of celebration for all of us," Nestle India chairman and managing director Suresh Narayanan said, announcing the re-launch, after it was taken off the shelves on June 5.

"The crisis we went through is a big one for Nestle India. But we were always confident about the quality and safety of Maggi noodles. It is an important brand for the company," Narayanan told a round-table with journalists to announce the re-launch.

The first to hit the shelves will be the masala variant, which will be available in single, twin, four and six packs. Other variants will follow later, he said.

"Maggi noodles has special relationships and strong emotional bonds with consumers across the country and I am confident our bonds will grow stronger," he said. "Separately, Nestle India is pleased to partner with Snapdeal to roll-out online offers to mark this special occasion."

On June 5, the Food Safety and Standards Authority of India (FSSAI) had ordered a pan-India ban on the company's noodles on the ground that these were "unsafe and hazardous" for humans due to the presence of lead, allegedly beyond permissible limits.

After a five-month legal battle, Nestle said last Wednesday that the masala version of Maggi noodles will hit the retail shelves as early as this month having cleared all tests ordered by the Bombay High Court at three accredited laboratories.

The re-launched popular snack would be exactly the same as it was pre-crisis, and would have the same product formula, Narayanan said, adding: The packaging, however, will not have the line "no-added MSG (monosodium glutamate)" which, too, had become a contentious issue.

Referring to the crisis after some tests conducted by the food safety authorities allegedly found more-than-permissible levels of lead and monosodium glutamate (MSG), the Nestle India chief said the MSG in the packs was in its natural form, without additives or taste enhancers.

Pointing out that Maggi noodles alone contributed 25-30 percent of the India business, Narayanan said the company will take up extensive marketing campaigns for the product.

The company, in June after the ban order, had incinerated Maggi noodles worth Rs.320 crore as fuel for cement factories. As a result of the whole crisis, Narayanan said, the company's Indian arm suffered around 75 million Swiss francs (nearly Rs.495 crore) worth damages.

Prior to the ban, Maggi noodles were being sold at over 4 million outlets in the country, across nearly 500 cities and towns.

The relaunched noodles are being currently manufactured at three factories located in Nanjangud (Karnataka), Moga (Punjab) and Bicholim (Goa).

For the other two factories of the company in Himachal Pradesh and Uttarakhand, Nestle India is in talks with the authorities, as the states haven't lifted the ban, the company said.

Now what remains to be resolved is the Rs.640-crore class action suit filed by the government for allegedly misleading the public and indulging in unfair trade practices.

Responding to a question by IANS on the class action suit, Narayanan said: "It was unfortunate for Nestle to be embroiled in this. We will defend ourselves to the best of our abilities at the consumer court."

This case is scheduled to come up again before the apex consumer court on November 23.

The company also said it was open to working with the food safety authorities to upgrade the infrastructure of food quality testing laboratories in the country.

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Boeing, Tata announce aerospace JV in India

EFT Report, Dubai: Boeing and Tata Advanced Systems on Monday announced a joint venture that will manufacture aerostructures for aircraft and collaborate on integrated systems development opportunities in India.

The JV will initially create a manufacturing center of excellence to produce aerostructures for the AH-64 Apache helicopter and to compete for additional manufacturing work packages across Boeing platforms, both commercial and defense.

Boeing and Tata Advanced Systems intend to grow the JV partnership in the future, with a focus on opportunities to collaborate on development and selling of integrated systems.

“This partnership will capitalize on India’s industrial capability, innovation and talent to contribute to Boeing’s long-term competitiveness and position us for future growth in the global marketplace,” said Chris Chadwick, president and CEO of Boeing Defense, Space & Security. “It is a demonstration of our commitment to further accelerate our partnership with one of the world’s fastest growing economies.”

“This agreement to establish a JV will propel the growth of the Indian aerospace sector by leveraging the world-class competencies of TASL and its supplier eco-system, as well as provide access to India’s world-class manufacturing capability, skilled talent and competitive cost structures,” said S. Ramadorai, chairman, Tata Advanced Systems.

“Over the last 12 months, we have doubled our sourcing from India and are committed to continue that journey,” said Pratyush Kumar, president, Boeing India. “Our commitment was demonstrated by Boeing Chairman Jim McNerney’s presence at the recently concluded aerospace Innovation Summit in New Delhi and this JV is a clear example of Boeing’s long-term commitment to Make in India.”

“TASL is one of the select few in the private sector in India undertaking manufacturing and assembly of both aircraft and helicopters. The resulting scale and expertise at which the company now operates makes it well-positioned for large-scale systems integration work in India’s aerospace and defense sector,” said Sukaran Singh, MD & CEO, Tata Advanced Systems.

Boeing and Tata group companies have established partnerships in India to manufacture aerostructures for Boeing’s commercial and military aircraft. Tata Advanced Materials has delivered composite panels for the power and mission equipment cabinets and auxiliary power unit door fairings for the P-8I long-range maritime surveillance and anti-submarine warfare aircraft. TAL Manufacturing Solutions is manufacturing complex floor beams out of composite materials for the Boeing 787-9, the most modern aircraft with exceptional environmental and fuel-efficient capabilities. TAL Manufacturing Solutions has provided ground support equipment for the C-17 Globemaster III strategic airlifter.

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Hyundai to roll out self-driven car in December

EFT Report, Seoul: South Korea's top automaker Hyundai Motor Co. is set to unveil its first self-driven vehicle in December, a media report said on Monday.

Hyundai plans to roll out the latest version of its "Genesis" luxury sedan equipped with the so-called highway driving assist (HDA) system.

The HDA system is designed to keep a car within the lane, maintain a safe distance from the car ahead and provide a navigation-connected system that gives warnings of maximum and minimum speeds on highway sections, Yonhap News Agency reported.

It is designed to enhance the driver's ability to cope with diverse situations that could happen on highways.

A Hyundai official said the company's launch of the model will usher in the era of autonomous driving in South Korea.

According to the official, Hyundai plans to apply the autonomous driving function to its other vehicles from 2020, which will "maximize" the safety for drivers in numerous road conditions.

The planned launch is part of Hyundai Motor's efforts to develop next-generation smart cars that combine automated driving with high-tech features. 

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