India's Tata Motors Ltd warned on Friday that its luxury car unit, Jaguar Land Rover (JLR), may post another quarterly loss as the coronavirus crisis saps demand and cripples its supply chain. The pandemic has taken a heavy toll on automakers globally and piled pressure on Tata Motors, which has been trying to improve JLR's cash flows by reining in costs after geopolitical and regulatory challenges hurt the British carmaker's sales. Tata Motors raised its cost savings target for JLR by 1 billion pounds ($1.31 billion) and now expects to save 6 billion pounds in costs by March 2021, Chief ...
Before we get started, I would like to remind everyone that today's call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to TTM's future business outlook. This transaction provides us the balance sheet flexibility to continue the journey to increase TTMs focus on differentiation and less capital-intensive, less seasonal, long-cycle end markets.
Jaguar Land Rover (JLR) has picked ousted Renault boss Thierry Bollore as its next chief executive, with a mission to return Britain's biggest carmaker to profit after a big hit from the COVID-19 pandemic. Bollore took over at Renault in January 2019 after the fall of Carlos Ghosn, but was always viewed a close to the French carmaker's long-time boss and was pushed out in October when it looked for a fresh start. Bollore will take over at JLR on Sept. 10, replacing Ralf Speth, whose tenure ends after more than 10 years.
Moody's Investors Service has assigned a Baa3 senior unsecured rating to the proposed notes to be issued by TML Holdings Pte Limited, a wholly-owned subsidiary of Tata Motors Limited (B1 negative). The notes are supported by an irrevocable standby letter of credit (SBLC) from Bank of Baroda, London Branch (the LC Bank). Moody's has a Baa3(cr) long-term Counterparty Risk (CR) Assessment on Bank of Baroda (Baa3, rating under review for downgrade).
Indian news group Zee Media said on Wednesday that Punit Goenka, chairman and managing director of Zee Entertainment , had resigned as a non-executive, non-independent director of its board. Goenka resigned on account of "preoccupation", Zee Media said in a statement to exchanges. Zee Media and Zee Entertainment were both founded by media tycoon Subhash Chandra Goel, owner of the Essel Group, of which Zee Media remains a part.
(Bloomberg Opinion) -- With the $28 billion he’s raised working from home, India’s richest man wants to step into the breach created by the technology cold war between America and China. The two Silicon Valley tech giants that gave him a third of the money will help put him there. It’s an audacious plan. Politicians in many nations, including the U.S., the U.K. and India, are reluctant to let Huawei Technologies Co., which they accuse of being an instrument of the Chinese state, become embedded in the fast-speed internet networks that will run everything from power stations to autonomous ...
(Bloomberg Opinion) -- For a long time, U.S.-based internet giants entertained the idea of finally accessing the world’s biggest market and tapping into a base of more than 1.3 billion potential consumers. Now, just as the door to China appears firmly shut, the next giant market is opening up.Alphabet Inc. CEO Sundar Pichai is ready to realize India’s potential with the one way executives know best: a big fat check. The American search-engine giant said its Google unit plans to spend $10 billion over the next seven years on operations, infrastructure and investments as a “reflection of ...
State bank of India, country's largest lender's executive committee has approved a further investment of upto 17.60 billion rupees in public offering of Yes Bank, according to a regulatory filing. In March this year, SBI board had approved an investment of 72.50 billion rupees into the troubled lender Yes Bank. Earlier this year the Reserve Bank of India (RBI) had taken control of Yes Bank, after the bad-debt laden lender had failed to raise the capital it needed to stay above mandated regulatory requirements.
The job cuts comprise just under 40% of the entire DHL workforce on the contract, the union said. DHL indicated that the half of the job cuts are due to a decline in car production and half are the result of anticipated "efficeincy savings", the union added. "DHL must not attempt to make permanent full-time staff redundant while continuing to outsource work to sub-contractors," Matt Draper, Unite national officer for logistics, said.
At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (see why hell is coming). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each stock might be going. […]
Months after India’s richest man launched his telecom network, his chief rival, Sunil Mittal, was already struggling to contain his frustration in the public. This wasn’t the first time Ambani and Mittal were at crossroads. In 2002, Ambani had launched a telecommunications company and sought to win the market by bandying out free handsets.