FBI to publicly release report on Hillary Clinton email investigation

FBI to publicly release report on Hillary Clinton email investigation

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The Federal Bureau of Investigation (FBI) expects to publicly release the report sent to the Justice Department in July recommending no charges in the Hillary Clinton email server investigation in the coming days, officials said.

The release is in response to numerous Freedom of Information Act (FOIA) requests including from CNN.

Also to be released is Hillary Clinton‘s 302, the FBI agent notes from Clinton’s voluntary interview at FBI headquarters, CNN reported on Tuesday.

The report is about 30 pages, and the 302 is about a dozen pages according to the officials.

Not yet being released are additional notes from interviews of Clinton aides or other investigative materials that were sent to Congress.

Last month, FBI Director James Comey recommended against charges for Clinton for her use of a private email server while she was secretary of state, but he did describe her behaviour as “extremely careless” with classified material. Read Full Story>>>

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Asus India eyes 1 crore smartphone sales in 2 years

Asus India eyes 1 crore smartphone sales in 2 years

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Asus India is eyeing to secure seven per cent market share with sales of around one crore smartphones in the next two years, a top company executive said on Tuesday.

“The company has seen good performance in Indian market and hopes to secure seven per cent market share with sales of around one crore smartphones in next two years,” the company’s Regional Head (South Asia and Country Manager) Peter Chang told reporters here.

Chang was in the city to unveil and showcase Asus‘ largest range of premium products in Bengaluru market.

In the next one year, the company hopes to secure five per cent of India’s smartphone market, Chang said but declined to divulge the five-year long-term goal.

The company has had a good start and been growing at a good pace by securing 2.5 per cent since its inception in 2014, inspite of facing tough competition, with around 20 to 30 brands operating to get customers’ attention, Chang said. Read More

Fiat launches Jeep Wrangler, Cherokee models in India

Fiat launches Jeep Wrangler, Cherokee models in India

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Italian car maker Fiat on Tuesday announced the India launch of two sports utility vehicles under the Chrysler-owned Jeep brand.

Prices of the Jeep Wrangler start at Rs 71.59 lakh while that of Jeep Grand Cherokee start at Rs 93.64 lakh (prices are ex-showroom, Delhi).

Both SUVs will come in as completely built units form. A third premium SUV will be made in India next year at Fiat’s Ranjangaon plant, near Pune where it makes the Grande Punto, Linea and Avventura.

The legendary Jeep Wrangler comes to Indian customers with four-door, single trim version called Jeep Wrangler Unlimited.

The Jeep Grand Cherokee line-up will include the aggressive, fast and athletic Grand Cherokee SRT, the luxurious Grand Cherokee Summit and the classy and refined Grand Cherokee Limited.

Fiat Chrysler India to open 10 new distribution outlets in nine cities by the end of this calendar year to sell Jeep products here. Read Full Story>>>

Flipkart finally launches own digital wallet

Flipkart finally launches own digital wallet

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Flipkart, the country’s largest e-commerce entity, has launched its own digital wallet, PhonePe.

This plugs a crucial gap in its payments game against rivals Snadeal and Paytm, backed by Chinese giant Alibaba.

Flipkart says it hopes for over $1 billion (Rs 6,600 crore) in transactions by the year-end from this move. PhonePe is integrated with the new Unified Payment Interface (UPI), allowing users to directly transact from their bank account and not store funds in their mobile wallet.

Flipkart had actually acquired PhonePe in April and then adopted UPI, which aims to make individual wallets irrelevant. Since then, it has redesigned the product and entered into a strategic tie-up with YES Bank, to convert PhonePe into a bank-backed wallet that allows users to do peer to peer transactions, buy goods or pay bills.

“We have some very very aggressive plans right now,” said Sameer Nigam, chief executive officer of PhonePe, in a telephonic interview. “As a measure, we’re looking to get to about 10 million active customers by the end of the year and probably 25-30 mn registered users in the same time.”

Flipkart has been late to the payments game after its initial experiments failed. While rival Snapdeal acquired mobile recharge from Freecharge in April 2015 for $400 mn. Since then, Snapdeal brought former Airtel Money chief executive Govind Rajan to run the business, shifted its technology team to Bengaluru, focused on faster transaction time and forged partnerships with both YES Bank and MasterCard. It also expanded partnerships with retailers and business partners to reach out to more consumers. Read More

New a/c rules to hit FMCG firms’ revenues

New a/c rules to hit FMCG firms’ revenues

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Ind-AS, the new accounting standards that came into effect from April 1, might squeeze the revenues of fast moving consumer goods (FMCG) companies by up to eight per cent in 2016-17.

The key cause is deduction of sales promotion expenditure from the revenue figure, hitherto part of the profit & loss (P&L) statement under the earlier IGAAP accounting norms.

In the just-concluded June quarter, for instance, the top line of the country’s largest consumer goods company, Hindustan Unilever (HUL), was affected by 2.6 per cent or Rs 214 crore under Ind-AS. Godrej Consumer Products’ revenue was squeezed 10.4 per cent.

Sunil Duggal, chief executive, Dabur India, said six to seven per cent of its FY17 revenue would be hit. “Some part of promotional expenditure, mainly below-line expenses, will be deducted from revenue, expected to be around Rs 600 crore,” he said.

Vivek Karve, chief financial officer, Marico, said: “On an annualised basis, sales will get restated downwards by approximately Rs 100 crore under Ind-AS. But, as the previous year’s numbers are also restated, there is hardly any impact on year-on-year growth.”

At a time when companies are struggling to improve revenue growth, a readjustment of expenses in the P&L statement hardly bodes well for them, sector experts said. Many see an impact on margins, both operating and net.

Companies are also studying the possibility of contract manufacturing being considered as a finance lease, as opposed to an operating expenditure, under Ind-AS. This is key since mostFMCG firms have opted to have an asset-light strategy, choosing to outsource manufacturing to third-party entities. Experts say there might have to be a re-look at strategy. Read Full Story>>>

Scorpene leak: New set of documents out, gives details on sonar system of submarines

Scorpene leak: New set of documents out, gives details on sonar system of submarines

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Australia’s The Australian newspaper on Thursday uploaded a fresh tranche of leaked documents relating to information about operating instructions of underwater warfare system of the six Scorpene submarines which are being built in India by French firm DCNS.

However, a top defence analyst allayed fears that it could compromise the security of the strategically important combat vessels.

Like in the previous case, the newspaper has blacked out all details which it felt would compromise India’s security interests.

However, the new set of documents, with Indian Navy insignia on it and marked “Restricted Scorpene India”, gives details about the sonar system of the submarines which is used to gather intelligence underwater.

It talks about a wide range of technical specifications of the sonars and at what degree and frequency it will function. It has a System Technical Manual and an Operating Instruction Manual that have crucial details of the combat management system (more)

IndiGo’s Aditya Ghosh gets Rs 21-cr incentive after record profit

IndiGo’s Aditya Ghosh gets Rs 21-cr incentive after record profit

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IndiGo’s President and whole-time Director Aditya Ghosh took home Rs 27 crore in salary, including Rs 20.9 crore in one-time incentive for the financial year ended March 31, 2016.

India’s most profitable airline was also generous in rewarding its 12,000-plus employees who received an average 42 per cent rise in remuneration in FY16.

Ghosh received the incentive “in recognition of his efforts towards the growth and success of the company during the financial year ending March 31, 2016,” the airline said in its annual report.

Ghosh earned Rs 27 crore in gross salary and 700,000 shares in stock options in FY16. In FY15, he had received a gross remuneration of Rs 3.7 crore, according to the airline’s initial public offering prospectus. (more)