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Slowdown Saga: Nov auto sales decline by 12 %

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Auto sector slowdown

New Delhi, Dec 10 : Domestic automobile sales continued to decline in November with the overall sectoral off-take plunging 12.05 per cent on a year-on-year basis, data showed on Tuesday.

According to the data furnished by the Society of Indian Automobile Manufacturers (SIAM), the sector’s total sales declined to 17,92,415 units in November from 20,38,007 units sold during the corresponding month of the previous year.

In October the overall sectoral off-take had declined by 12.76 per cent to 21,76,136 units.

Segment wise, the off-take of passenger vehicle sales during the month under review slipped by 0.84 per cent to 2,63,773 units this November on a year-on-year basis.

In terms of passenger cars’ sales de-grew by 10.83 per cent to 1,60,306 units from 1,79,783 units sold during November 2018.

But the utility vehicle sales grew by 32.70 per cent to 92,739 units, whereas vans’ off-take went down by 34.32 per cent to 10,728 units against that in the same month a year ago.

On the other hand, the key indicator of economic activity — commercial vehicle — segment’s sales were down by 14.98 per cent to 61,907 units.

The sale of three-wheelers in November rose by 4.45 per cent to 55,778 units.

In the case of two-wheelers, which include scooters, motorcycles and mopeds, the sale edged lower by 14.27 per cent to 14,10,939 units.

However, exports across categories were higher by 17.60 per cent at 4,11,470 units.

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Vodafone quits Facebook’s Libra cryptocurrency project

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vodafone m pesa

San Francisco, Jan 22 Telecom major Vodafone has joined the list of top companies which have backed out from Facebook’s controversial Libra cryptocurrency project.

Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project — and is the first company to exit after the Libra Association was formed in October last year, Coindesk reported on Tuesday.

The companies have left owing to concerns about heightened regulatory scrutiny and users’ data privacy.

“We can confirm that Vodafone is no longer a member of the Libra Association. Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient,” the Libra Association said in a statement.

“The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

Despite top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project in Geneva in October.

The Libra Association said that more than 1,500 entities have expressed an interest in joining the digital currency project.

Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra “delusional” and “dangerous”.

Facebook CEO Mark Zuckerberg testified before Congress in October about Libra, defending the idea, but acknowledging the struggles left to overcome.

In a six-hour grilling at a House Financial Services Committee hearing, both Democrat and Republican lawmakers expressed dissatisfaction with Facebook’s cryptocurrency plans.

“As I have examined Facebook’s various problems, I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project,” said California Representative Maxine Waters.

“Facebook’s internal motto was for a long time ‘move fast and break things.’ Mr. Zuckerberg, we do not want to break the international monetary system,” added New York Democrat Nydia VelAizquez.

Libra has failed in its current form, according to the President of Switzerland.

In a media interview, Swiss President and Finance Minister Ueli Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national (central) banks”.

“The project in this form has actually failed,” Maurer was quoted as saying.

The Libra project, which is still in development, aims for the launch of its first version this year.

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Vodafone quits Facebook’s Libra cryptocurrency project

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vodafone

San Francisco: Vodafone has become the latest big player who have decided to quit Facebook’s controversial Libra cryptocurrency project.

Vodafone joins PayPal, Mastercard, Visa, Mercado Pago, eBay, Stripe and Booking Holdings in withdrawing from the controversial project — and is the first company to exit after the Libra Association was formed in October last year, coindesk reported on Tuesday.

The companies left owing to concerns about heightened regulatory scrutiny.

“We can confirm that Vodafone is no longer a member of the Libra Association. Although the makeup of the Association members may change over time, the design of Libra’s governance and technology ensures the Libra payment system will remain resilient,” the Libra Association said in a statement.

“The Association is continuing the work to achieve a safe, transparent, and consumer-friendly implementation of the Libra payment system.”

Despite top-notch firms pulling out, Facebook and 20 partner organisations formally joined the digital currency Libra project in Geneva in October.

The Libra Association said that more than 1,500 entities have expressed an interest in joining the digital currency project.

Several US senators have opposed Facebook’s digital coin, arguing that the social networking giant has been irresponsible with user data privacy. They have even called the digital cryptocurrency Libra “delusional” and “dangerous”.

Facebook CEO Mark Zuckerberg testified before Congress in October about Libra, defending the idea, but acknowledging the struggles left to overcome.

Libra has failed in its current form, according to the President of Switzerland.

In a media interview, Swiss President and Finance Minister Ueli Maurer stated that Libra does not have a chance of being successful “because the basket of currencies that is deposited in this currency is not accepted by the national (central) banks”.

“The project in this form has actually failed,” Maurer was quoted as saying.

The Libra project, which is still in development, aims for the launch of its first version this year.

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Markets open on a positive note on Wednesday morning

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Sensex equity Nifty

Mumbai: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note.

The Sensex of the BSE opened at 41,467.13 points and touched a high of 41,532.29 points. The Sensex touched a low of 41,451.71 points.

On Tuesday the Sensex closed at 41,323.81 points.

The Sensex was trading at 41,466.43 points up by 141.73 points or 0.35 per cent at 9.26 a.m

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 12,218.35 points after closing at 12,169.85 points on Tuesday.

The Nifty is trading at 12,203.35 points on Wednesday morning at 9.29 a.m.

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