Hyundai Motor says working to resume Chinese production
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SEOUL: Hyundai Motor said on Wednesday it would resume production in China as soon as the supply of parts resumed, after the South Korean automaker suspended production at its four Chinese factories last week due to supply disruption.
Hyundai's joint venture with China's BAIC Motor Corp Ltd had stopped production after a fuel-tank components supplier refused to provide parts due to non-payment, Hyundai said in a regulatory filing.
Hyundai shares skidded to their lowest level in more than four months on Wednesday, falling as much as 3.8 percent to their lowest since April 20.
Hyundai's Chinese business is grappling with a sales slump linked to diplomatic tensions between Seoul and Beijing. It was scheduled to start operations at a fifth factory in China this month.
South Korean firms are weathering a Chinese backlash over Seoul's decision to deploy a U.S. missile defense system to counter threats from nuclear-armed North Korea. China says the system poses a threat to its national security.
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Oil marketing companies have raised the price of commercial LPG cylinders in major cities, with the new rates effective from November 1.
In Delhi, the cost of a 19-kg commercial LPG cylinder has increased by Rs 62, now retailing at Rs 1,802, up from Rs 1,740. This increase follows an earlier hike on October 1, when prices rose by Rs 48.50 to Rs 1,740.
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The morning after Diwali, residents of Delhi, Noida, Gurugram and other areas in the National Capital Region awoke to a thick layer of toxic smog. Many locations in Haryana reported air quality indices (AQI) categorized as 'poor' and 'very poor' during the Diwali celebrations.
In Anand Vihar, Delhi, the AQI reached a concerning 395 at 6 AM on November 1, according to the Central Pollution Control Board (CPCB). The air quality deteriorated further on Diwali night, with PM2.5 levels rising sharply, creating hazardous conditions for respiratory health.
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Veteran Indian economist and author Bibek Debroy passed away on Friday, November 1. Debroy was a prominent economist known for his extensive contributions to economic policy and research in India.
He was serving as chairman of the Economic Advisory Council to the Prime Minister, a position he had held since September 2017. In addition, he chaired the finance ministry’s expert committee for infrastructure classification and financing framework for Amrit Kaal.
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Beverage major Coca-Cola is set to reduce the price of its 400 ml PET bottles from Rs 25 to Rs 20 in at least southern markets within a week, The Times of India reported on Wednesday.
These markets include Tamil Nadu, Karnataka, and Kerala. The report said that the company plans to introduce a new packaging, which will advertise the brand as offering 250 ml and 150 ml free (250 ml + 150 ml free) at an MRP of Rs 20.
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India's gold demand in 2024 is likely to fall to its lowest in four years as a rally in prices to a record high is seen denting purchases during the peak festival season in the December quarter, the World Gold Council (WGC) said on Wednesday.
Gold demand in the world's second-biggest consumer of the precious metal could stand between 700 and 750 metric tons in 2024, the lowest since 2020 and down from last year's 761 tons, Sachin Jain, CEO of WGC's Indian operations, told Reuters.
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