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SUV buyers favour petrol models as BS-VI nears

SUV buyers favour petrol models as BS-VI nears

Finance
New Delhi: Petrol is fast emerging as the fuel of choice for SUV buyers in India, marking a shift in consumer preference in a segment where diesel has traditionally ruled the roads. As much as 35 per cent of all utility vehicles sold in the local market in September 2019 run on petrol, as against a modest 17 per cent just a year back. With the price differential between petrol and diesel vehicles set to widen with the transition to BS-VI standards, the trend will accelerate in the coming months, said industry veterans. Petrol will dominate sales of small and midsize SUVs after BS-VI kicks in, said Shashank Srivastava, executive director (marketing and sales) at Maruti Suzuki, adding, it is only in large sports utility vehicles that diesel options will remain relevant. In Maruti Suzuki’s Er
LIC dominance of India’s life insurance market nears three-fourth mark

LIC dominance of India’s life insurance market nears three-fourth mark

Finance
MUMBAI: State-run insurance giants, Life Insurance Corporation (LIC) has further increased its dominance in India’s life insurance market with a six percent jump market share between April to September. The insurance giant’s share in the overall pie now stands at 72 percent in a market where several state-run life insurers are increasingly outdoing their private competitors in getting new businesses. LIC registered a business growth of 18 percent in September against last year, and a very robust 42 percent in the first half of the financial year between April and September, the latest data released by insurance regulators IRDAI showed. “Recent months have seen strong new business growth for LIC taking its market share to 72%…Retail business has shown strong traction with a 22 percent growt
Wage growth nears 11-year high but hiring slows

Wage growth nears 11-year high but hiring slows

Business
By James Sillars, business reporter Average wage growth has accelerated to levels not seen since July 2008, according to official figures. The Office for National Statistics (ONS) said earnings, excluding the effects of bonuses, rose by 3.6% on an annual basis in the three months to May - beating the forecasts of economists. When bonuses were included, the percentage figure rose to 3.4% from 3.2% a month earlier.The data suggests a boost to household spending power as the rate of inflation, due to be updated on Wednesday, currently stands at 2%. Image: Consumer spending has been constrained despite wage growth outpacing inflation But the latest employment figures also betrayed a possible early sig...
Record-breaking NASA probe nears sun

Record-breaking NASA probe nears sun

Technology
A NASA probe has boldly gone where no spacecraft has gone before by flying to within a record distance of the sun. Less than three months after lift-off, the Parker Solar Probe has managed to get within 15 million miles of the surface of the star.As far away as that sounds (approximately 600 trips around the world), it is the closest any vessel has ever gotten to the sun.Its speed hit 213,000 miles per hour as it penetrated the outer solar atmosphere, which made it more than 900 times faster than the top speed ever recorded by a Formula One car. Image: Parker took off from Cape Canaveral in Florida in August. Pic: NASA/Kim Shiflett NASA will not re-establish contact with the probe until it is far enough from the sun to...
Bargain Booze owner nears administration

Bargain Booze owner nears administration

Business
The owner of Bargain Booze is on the brink of administration, putting 2,600 jobs at risk, after it failed to raise £125m from an emergency cash call.Conviviality said in a statement on Thursday that it was now intending to appoint administrators within 10 business days as it had been unable to secure sufficient new funds, confirming an earlier report by Sky News.The company had stunned investors earlier this month when it revealed a £30m tax bill.PwC would likely be called in, according to insiders, barring a last-minute rescue by banks.Conviviality said: "Further to the announcement on 28 March 2018, and following discussions with its lending banks, the board has resolved to file notice of intention to appoint administrators to the company."Unless circumstances change, and in accordance w