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Thursday, January 10, 2019

Drug regulator initiates prosecution proceedings against Snapdeal
The Karnataka government has issued an order permitting authorities concerned to initiate prosecution proceedings in competent jurisdiction court against e-tailer Snapdeal and a Ludhina-based company for unlawfuly selling drugs. "We had issued an order, on December 21 last, permitting our assistant drug controller in Belagavi to initiate prosecution proceedings against Snapdeal, its CEO Kuar Bahl, COO Rohit Kumar Bansal for their involvement in display, sale and distribution of Suhagra 100, a schedule H drug, on their platform. The drug cannot be sold over the counter in violation of drugs and cosmetics norms," Karnataka Drugs Controller Amaresh Tumbagi told PTI here Wednesday.

Central trade unions' nationwide strike enters Day 2
The two-day nationwide strike by central trade unions to protest against alleged anti-worker policies and unilateral labour reforms entered its second day Wednesday, impacting normal life in some parts of the country. According to the reports, public transport and banking services remain disrupted for the second day in some states. The 10 central trade unions (CTUs) which have given a call for the two-day Bharat Bandh are protesting the government's snub of their 12-point charter of demands seeking minimum wage of Rs 18,000, social security for all workers and issue related to price rise.

American Express India appoints Kabir Julka as Chief Human Resources Officer
American Express India yesterday announced the appointment of Kabir Julka as the Chief Human Resources Officer, India. In this role, Kabir is responsible for the development and delivery of a business-focused HR strategy that attracts, develops, motivates, and retains American Express' most important asset – its people. Throughout his 10-year career with American Express, Kabir has held a range of Human Resources roles in Asia and built a strong track record of successfully partnering with business leaders to drive strategic organizational goals. Welcoming Kabir to the new role, Manoj Adlakha, CEO, American Express Banking Corp., India, said “Kabir has made a significant contribution to American Express over the past ten years and I believe that his knowledge and subject matter expertise will help us accelerate further growth in the Indian market. We look forward to Kabir joining the India Leadership team and would like to wish him the very best going forward.”

'Housing sales rises 6% in 8 major cities in 2018'
Housing sales rose six% in 2018 in eight major cities as developers reduced prices and offered indirect discounts to lure customers, property consultant Knight Frank India said in its report released on Monday. Sale of residential units increased in six cities -- Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad and Ahmedabad; but declined in two cities -- Kolkata and Pune. Higher sales volumes resulted in drop in the number of unsold units by 11% to nearly 4.7 lakh units. Compared with other property consultants, Knight Frank has reported lowest rise in housing sales during 2018 at 6%. "An improving regulatory environment, reducing prices, indirect discounts and an increasing infusion of residential products that are more in tune with the homebuyers' preferences have culminated in a six% year-on-year (YoY) growth in sales during 2018," Knight Frank India said.

OYO launches OYO Home in Dubai
Hospitality firm OYO yesterday said it has launched its home management service, OYO Home, in Dubai as it plans to introduce the category to other emirates in the UAE. Starting with 40 homes in the Dubai, the hospitality chain plans to ramp up the footprint to 200 homes in next six months, OYO said in a statement. The company currently operates over 3,000 fully-managed residential accommodation in India across 25 cities, it added. "Since launching OYO Home in India, we've seen exponential growth and currently operate over 3,000 homes in the country. We've introduced unique accommodation experiences to travellers ranging from historic villas dating back to 1900s to theme-based apartments and are now ready to extend OYO Home to Dubai," OYO Hotels & Homes Chief Growth Officer Kavikrut said.

NMDC to decide on eligible shareholders for buyback on Jan 18
State-run iron ore producer NMDC will decide on January 18 the names of shareholders who would be eligible to participate in the company's Rs 1,000-crore share buyback. "NMDC has fixed January 18, 2019 as record date for determining the entitlement and the names of eligible shareholders/beneficial owners to whom letter of offer will be sent and will be eligible to participate in the buyback of 10,20,40,815 shares fully paid-up equity shares of the company," NMDC said in a BSE filing.

M&M opens bookings for SUV XUV300
Homegrown auto major Mahindra & Mahindra yesterday announced opening of bookings for its upcoming new compact SUV XUV300. The model, to be launched in February, will be available in both petrol and diesel engine variants, Mahindra & Mahindra said in a statement. "The XUV300 is an exciting and comprehensive package that will compete with SUVs in the Rs 8-12 lakh (ex-showroom) price range," said Veejay Ram Nakra, chief of sales and marketing, M&M. Bookings for XUV300 would be open at Mahindra dealerships across India and on the official brand website for Rs 20,000.

Electric mobility to promote manufacturing, generate jobs: Jaitley
Finance Minister Arun Jaitley yesterday said the government's electric mobility programme will promote manufacturing and job creation, besides reducing pollution. Electric mobility is an attractive, sustainable and profitable solution to mitigate adverse impact of climate change and the threat to public health caused especially by vehicular emission, he said after induction of 15 electric vehicles for usage by officers of the Finance Ministry. The Department of Economic Affairs (DEA), Ministry of Finance, has signed an agreement with Energy Efficiency Services Limited (EESL), an entity under the Ministry of Power, for deployment of 15 electric vehicles for their officers, an official statement said.

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