Here are the top 5 business news for the day.
1. Bajaj Auto to make new range of bikes from India’s first aircraft carrier INS Vikrant
Bajaj Auto will be revealing a new range of bikes, Bajaj V on February 1. What sets these bikes apart is that they are made from the same metal used in India’s first aircraft carrier, INS Vikrant. Commissioned in 1961, and in service for 36 years, the INS Vikrant was decommissioned in 1997 and scrapped in 2014.
On the eve of India’s 67th Republic Day, the Indian automaker has released a video showing a glimpse of its new range of V bikes made from the “invincible metal of the INS Vikrant”. Read more here.
2. Here are 19 deals signed between India-France during President Francois Hollande’s visit
The French President’s Francois Hollande visit to India for the India-France Business Summit and as the chief guest at the Republic Day celebrations has finally seen the crucial Rafale deal being signed, for the purchase of 36 fighter jets from the European country. However, the amount of the deal is yet to be finalised.
Apart from this, the two countries have sealed 19 deals, including 13 Memorandum of Understanding (MOUs). Read more here.
3. Law suits against Disney World, HCL, Cognizant for replacing US workers with Indians
Two class action law suits have been filed on Disney World. The kid’s theme park along with HCL and Congnizant Technologies have been accused of replacing US workers with those overseas, mainly consisting of Indians using H-1B visas. The reason for this is the lesser costs for the replacement of workers.
Leo Perrero and Dena Moore have filed the lawsuits in Tampa Florida federal court. The two were among the 250 Disney tech workers laid off from Walt Disney World in Orlando in January 2015, according to a report The Hindu. Read more here.
4. China shares tumble 6% to 14-month lows as oil slips back
Chinese shares plunged more than 6% to 14-month lows on Tuesday after oil prices dropped again, reviving concerns about global growth and prompting a sell-off in the world’s equity markets.
The benchmark Shanghai Composite Index ended down 6.4% after a late selling frenzy at 2749.79 points, its lowest close since Dec. 1, 2014.
The CSI300 index of the largest listed companies in Shanghai and Shenzhen dropped 6% to 2940.51, also its lowest since the beginning of December 2014. Read more here. Read more here.
5. Start-up India plan can translate India from job-seeker to job-creator: Tata Steel MD
The ‘Start up India’ plan launched by the Prime Minister Narendra Modi recently can translate the country from a nation of job seekers to a nation of job creators, Tata Steel Managing Director (India and South East Asia), T V Narendran Sai.
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Unfurling the tri-color on the occasion of 67th Republic Day at Tata Steel works, he said given the fact that India has rich tradition of entrepreneurial spirit, the ‘Start Up India’ plan can translate India as a nation of job seeker to a nation of job creator. Read more here.