'Life not always fair; I sleep with clear conscience,' says Cyrus Mistry : Bulletin: Business Today
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'Life not always fair; I sleep with clear conscience,' says Cyrus Mistry

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Shailendra Shukla | March 31, 2021

'Life not always fair; I sleep with clear conscience,' says Cyrus Mistry after SC verdict

Former Tata Sons Chairman Cyrus Mistry spoke up on the Supreme Court's judgment in the long-drawn fight against Tata Sons. The apex court had stated that the company was well within its rights to oust Mistry. Mistry in a statement said that he is personally disappointed by the verdict. He added that he, however, sleeps with a clear conscience. Calling the setback another step in his and his family's evolution, Mistry said that he will celebrate the good times and take the knocks on his chins. He said his performance was reviewed by nearly 50 independent directors across multiple Tata boards and the performance metric and the documented appreciation for his initiatives speaks for itself.

Volkswagen to rename US operations as 'Voltswagen'

German automaker Volkswagen AG's US unit confirmed Tuesday it will rename its US operations as "Voltswagen of America" as it shifts its focus to electric vehicles. The traditional VW Dark Blue color logo will remain for gas-powered vehicles and it will use a new light blue logo for electric vehicles. The company will use "Voltswagen" as an exterior badge on all EV models and gas vehicles will only have the VW emblem. The German automaker has committed to sell one million EVs worldwide by 2025.

Inflation uncomfortably high in India, says Moody's Analytics

Inflation in India is at an uncomfortably high level and the country, along with Philippines, is an exception among the Asian economies on this front. The rise in fuel prices will continue to exert upward pressure on inflation and is likely to prevent the Reserve Bank of India (RBI) from going for further rate cuts, Moody's Analytics, a financial intelligence company and a subsidiary of Moody's Corporation, said in its macro roundup. India's consumer price inflation, calculated on the basis of Consumer Price Index (CPI), rose to 5.03 per cent in February from 4.06 per cent in January on rise in food and fuel prices. Moody's Analytics also pointed out that core inflation rose to 5.6 per cent in February from 5.3 per cent in January.

Xiaomi to enter electric vehicle business

Smartphone giant Xiaomi on Tuesday announced that it is entering the electric vehicle business. The company will operate a wholly-owned subsidiary to operate the electric vehicle business. The company estimates the eventual investment in the company in the next 10 years to reach $10 billion. The Chinese giant expects the initial phase of investment to be RMB 10 billion. Xiaomi CEO Lei Jun will serve as the CEO of the electric vehicle business, stated the company.

Vistara to roll back pay cut for select employees

Indian carrier Vistara has decided to get to rid of the pay cut which it had implemented last year. The pay cut will no longer apply to certain categories of employees from April 2021 onwards. The pay cut will continue to apply to salaries of management-level executives, including the CEO, explained an e-mail sent to the Vistara staff members. Vistara, which is a joint venture of Tata Sons and Singapore Airlines, had announced a nearly 40 per cent reduction in salaries of its employees in June 2020. The pay cut was to continue till December 31, 2020, but was later extended to March 31, 2021. The pay cut was introduced to deal with the low cash flow amid weak passenger demand during the COVID-19 pandemic.

Data withheld from team probing COVID-19 origins in China: WHO chief

Data was withheld from World Health Organization investigators who travelled to China to research the origins of the coronavirus epidemic, WHO Director-General Tedros Adhanom Ghebreyesus said on Tuesday. He made the comments to the agency's member states as a WHO-led team that spent four weeks in and around Wuhan, China, in January and February released its final report to the public. Although the team concluded a leak from a Wuhan-area laboratory was the least likely hypothesis for the virus that causes COVID-19, Tedros said, the matter requires further investigation, potentially with additional missions back to China.

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