Top oil producers agree on modest output boost from August

The grouping will “assess market developments” in December, it said. The world’s leading oil producers agreed on Sunday to continue to modestly boost output from August, after the United Arab Emirates blocked a deal earlier this month. An OPEC+ meeting agreed to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic […]

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India’s June oil imports hit their lowest in nine months

Demand was muted in April, May after earlier uptick, leading to high inventories India’s crude oil imports in June fell to their lowest in nine months, as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed COVID-19 lockdowns in the previous two months. The world’s third-biggest oil importer and consumer, India shipped in about 3.9 million […]

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Ola Electric signs pact to raise $100 million in long-term debt

The 10-year debt of $100 million is towards the funding and financial closure of phase I of Ola Futurefactory — its global manufacturing hub for electric two-wheelers, a statement said. Ola Electric on July 12 said it has signed a $100 million (about ₹744.5 crore) 10-year debt financing agreement with Bank of Baroda. The 10-year debt of $100 million is […]

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Q.beyond Acquires Modern Workplace Specialist Datac; Sees Revenue Growth By FY22

German IT service provider q.beyond AG (QSCGF.PK), formerly known as QSC AG, Wednesday said it is acquiring Augsburg-based modern workplace specialist datac Kommunikationssysteme GmbH. Datac develops and currently supervises end-to-end solutions for the digitalised world of work for more than 700 SME customers. It has more than 50 IT specialists, including numerous Microsoft-certified experts, at its two locations in Augsburg […]

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Mercedes-Benz unveils Maybach SUV starting ₹2.43 crore

Mercedes-Benz India has forayed into the ultra-luxurious SUV segment with the introduction of Mercedes-Maybach GLS 600 4MATIC, the first-ever SUVin the Maybach range of vehicles. It has been introduced at prices starting ₹2.43 crore ex-showroom all India. 50 customers have booked this SUV, the company said adding these include many in the 40-45 age group from the field of sports, […]

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Canadian Pacific Says More Opposition To Proposed Use Of Voting Trust For CN-KCS Merger

Canadian Pacific Railway Ltd. (CP,CP.TO) announced Tuesday that more than 130 stakeholders have filed statements with the Surface Transportation Board (STB) requesting the STB reject Canadian National’s proposed use of a voting trust. This brings the total letters submitted to more than 960, including 250-plus expressing concern about CN and Kansas City Southern’s (KSU) combination, its use of a voting […]

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Hyundai to shut plant for five days, after workers’ protest

Hyundai said in a statement that the plant operations were underway as per schedule on Monday. The management of Hyundai Motor India Ltd (HMIL) has decided to temporarily suspend its plant operations in Sriperumbudur from May 25 to May 29. A section of workers walked out of the plant and protested on Monday, seeking closure of the plant amid the […]

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