Name: NCLAT upholds CCI's penalty on Google
Uploaded: 2023-03-29T18:00:40.000+05:30
Duration: T00M25S
Channel: Editorji News Desk
Description: NCLAT uphelds CCI's Rs 1,337 crore penalty on Google in 30 days for abuse of dominant position in Android market

The latest tracker indicates there has been a 7% slowdown in hiring compared to the same time last year. 

Hiring in India slows down by 7% in May, here are the key reasons

The latest tracker indicates there has been a 7 per cent slowdown in hiring compared to the same time last year. However, despite the general decline, positive trends were seen in tier II cities like Ahmedabad and Jaipur

Hiring activities have slowed down by 7 per cent in May compared to the same month last year mainly due to companies adopting cautious approach to cut expenses on the back of economic slowdown, a report said on Thursday.
Foundit (formerly Monster APAC &amp; ME) released foundit Insights Tracker (fIT), presenting the latest findings on monthly hiring trends.
The latest tracker indicates there has been a 7 per cent slowdown in hiring compared to the same time last year. However, despite the general decline, positive trends were seen in tier II cities like Ahmedabad and Jaipur.
The tracker indicated that hiring activity is declining across all industries, with a 4 per cent month-over-month (MoM) decline.
The report noted that this decline can be attributed to several factors like economic slowdown, which has forced companies to cut expenses.
The significant skills gap in the country has also complicated employers' hiring process by making it challenging to locate qualified candidates, it said.
Further, the report stated that the ongoing technological disruption is changing industries and leading to job changes, impacting hiring activity in general.
Commenting on job trends for May 2023, Sekhar Garisa, CEO - foundit, a Quess company, said, "The current hiring trend reflects the challenges faced by India's job market. However, amidst these challenges, there are pockets of growth that offer opportunities for job seekers." Increased hiring in tier II cities and specific industries like shipping/marine, advertising, public relations, retail, and travel and tourism demonstrate resilience, he said.
"Although the hiring environment may remain challenging in the near future, as the economy strengthens, we anticipate a surge in hiring across industries. Also, it is crucial for job seekers to be adaptable to this shifting labour market. The skills in demand today may not remain relevant in the future, emphasising the importance of continuous learning and acquiring new skills," Garisa added.
foundit Insights Tracker (fIT) is based on the monthly analysis of job posting activity online across recruitment platforms.
Among cities, Ahmedabad stood out witnessing an 8 per cent increase in hiring, while Jaipur also demonstrated a marginal YoY growth of 1 per cent.
However, several major cities have experienced decline in hiring including IT hub Bangalore witnessing a 24 per cent dip.
This fall may be attributed to multiple factors, including the rapid automation that is replacing jobs in various industries like the IT sector.
Similarly, Delhi/NCR, Mumbai, Pune, and Hyderabad also saw significant YoY declines ranging from 9 per cent to 16 per cent, underscoring the difficulties faced in the job market in these areas, the report added.

After launching a waitlist five weeks ago, Meta has now launched its subscription service Meta Verified in India for ₹599 and ₹699 per month 

Meta verified is now available in India, check the price here 

After launching a waitlist five weeks ago, Meta has now launched its subscription service Meta Verified in India for ₹599 and ₹699 per month&nbsp;

Meta launched its subscription service, Meta Verified, in India. This came five weeks after the firm first introduced a waitlist for Meta Verified in India. On his Instagram, Mark Zuckerberg posted the update, announcing that Brazil will soon join India, the UK, and Canada in offering Meta Verified.&nbsp;
Meta announced in March of this year that Meta Verified would be offered in India for a monthly subscription fee of ₹599 for web-based subscribers (Facebook only). The monthly subscription fee for Meta Verified is set at ₹699 for users of Android and iOS.
Meta will use government identification to verify a user's account and give the account a blue badge. Previously, Meta's blue badges were free and reserved for notable public figures or businesses.
Subscribers will also get extra protection against account impersonation and direct access to customer support, Meta said.
&ldquo;This new feature is about increasing authenticity and security across our services," Zuckerberg said in his message.
Meta said public figures and others who were previously verified won't be affected by the change. Meta Verified is aimed at influencers and others who use social media for their business but aren't notable public figures.

The issuance of RuPay pre-paid forex cards by banks can expand payment options overseas. Non-bank Prepaid Payment Instrument issuers permitted to issue e-RUPI vouchers

RBI Monetary Policy 2023: RuPay forex cards & issuing e-Rupi vouchers on behalf of individuals permitted

The issuance of RuPay pre-paid forex cards by banks can expand payment options overseas. Non-bank Prepaid Payment Instrument issuers permitted to issue e-RUPI vouchers

The Reserve Bank of India has permitted banks to issue RuPay pre-paid forex cards &nbsp;in India. This can be used at ATMs, Point of Sales machines and online merchants overseas. The RBI also believes that this will expand &nbsp;the payment options for Indians abroad.&nbsp;
RBI governor Shaktikanta Das, during the credit policy announcement, said that RuPay debit and credit cards issued by the banks in India are gaining increased acceptance abroad.
As per RBI, these RuPay cards can also be issued in foreign jurisdiction which could be used both abroad and in India.&nbsp;
"This will expand the payment options for Indian travelling &nbsp;abroad. Further the RuPay cards will also be enabled for issuance in foreign jurisdiction these measures will allow and acceptance of rupee cards globally," said Shaktikanta Das
The governor also said that RBI will permit non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers. The bank has also permitted the vouchers to be issued on behalf of individuals. The governor has expressed confidence that this measure will make the benefits of e-rupee digital voucher accessible to a wider set of users and further deepen the penetration of digital payments in the country.
Currently, the purpose-specific vouchers can be issued only by the Banks on behalf of state and central government and to a limited extent on behalf of corporates.&nbsp;
"At present, purpose-specific vouchers are issued by banks on behalf of central and state governments and to a limited extent on behalf of corporates. Keeping in view the benefits for users and beneficiaries alike, it is proposed to expand the scope and reach of e-RUPI vouchers by a) permitting non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers and b) enabling the issuance of e-RUPI vouchers on behalf of individuals," the RBI said
e-RUPI is a contactless and cashless vouchers that are sent to users phone via a SMS or QR code. The user can then redeem the vouchers at any centre that accepts it. A main advantage of e-RUPI is that a bank account is not required. It can be availed even via a basic phone.

Sanjiv Bajaj, CMD, Bajaj Finserv, emphasized the company's commitment to protecting customer privacy. With the new feature, clients will have the choice to avoid unwanted telemarketing calls by simply opting out 

Bajaj Finance to bring down telemarketing calls, to offer opt-out option 

Sanjiv Bajaj, CMD, Bajaj Finserv, emphasized the company's commitment to protecting customer privacy. With the new feature, clients will have the choice to avoid unwanted telemarketing calls by simply opting out&nbsp;

Bajaj Finserv, which is knows for its aggressive marketing through pesky mobile calls has announced the introduction of an opt-out option for telemarketing calls.
Sanjiv Bajaj, CMD, Bajaj Finserv, emphasized the company's commitment to protecting customer privacy. With the new feature, clients will have the choice to avoid unwanted telemarketing calls by simply opting out.&nbsp;
&ldquo;Our aim would ideally be to bring this business down to 10 percent, and then to zero percent&hellip;so that our calls will only be service calls,&rdquo; said Bajaj, during a press conference at the launch of Bajaj Finserv Asset Management Company in Mumbai.
According to reports, currently, around 15% of Bajaj Finance&rsquo;s loan book has been built of loans that are solicited (or pushed) to customers. The company&rsquo;s aggressive marketing push to build its loan book has made it the subject of social memes. To be sure, telemarketing calls to sell loans is widely practiced in India&rsquo;s financial services industry. Bajaj Finserv enters mutual fund business 
Meanwhile, diversified financial services group Bajaj Finserv is entering the highly competitive mutual funds business and has plans to make it big over the next few years, drawing in on the 'late mover advantage'.
To begin with, the company is launching three schemes in the fixed income, liquid and money market products by the end of the month, and will have four more soon, depending on the regulatory approvals, group chairman and managing director Sanjiv Bajaj told reporters here on Tuesday, announcing its entry into the mutual funds' segment.
The group's ninth entity Bajaj Finserv Mutual Fund will compete with 40 others in the sector, which together manage as much as Rs 40 lakh crore of public money.
The group, with its existing eight subsidiaries, offers a suite of financial products to close to 70 million customers, and it wants to tap into the same customers for the new business, Bajaj said.

The company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year

Adani group raises fresh debt over Rs 19,000 crore since Hindenburg report 

The company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year

The Adani group in its presentation shared with the Reserve Bank of India has revealed that it has raised a fresh debt of Rs 19,235 crore in the two months following the Hindenburg report. The group's gross debt outstanding is Rs 2,27,248 crore.&nbsp;
However, the company's net debt was at Rs 1,86,897 crore, given the cash balance of of Rs 40,351 crore. This net debt is nearly 17% more than the previous year. Meanwhile, the group companies have paid back $2. 1 billion of margin linked, share-backed financing and another loan of $500 million debt for acquiring Ambuja Cement.
The fresh debt funding has made Adani Group's investment pipeline stronger. Times of India quoted sources and said that Adani would use part of the freshdebt for the Navi Mumbai airport, which comes under Adani Enterprises. The group also plans to raise fresh funding for its Mundra Petrochem project under Adani Enterprises.
The group in its presentation has said that both domestic and international banks continue to show confidence across its businesses by disbursing new debt and rolling over existinglines.
&nbsp;

The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated

Bank of Canada hikes overnight rate to a 22-year high of 4.75%

The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated

The Bank of Canada has hiked its overnight interest rate to 4.75%, which is a 22-year high. As per Reuters, markets and analysts have predicted yet another increase next month to calm down an overheating economy and rising inflation.
Overnight interest rate is the rate at which a bank lends or borrows funds from another depository institution in the overnight market. In an overnight market, lenders agree to lend borrowers funds only "overnight" i.e. the borrower must repay the borrowed funds plus interest at the start of business the next day.
As per Reuters, the central bank of Canada had been on hold since January to assess the impact of previous hikes after raising borrowing costs eight times since March 2022 to a 15-year high of 4.50% - the fastest tightening cycle in the bank's history.&nbsp;
The bank in a statement had said that strong consumer spending, a rebound in demand for services, a pick-up in housing activity and a tight labor market show excess demand is more persistent than anticipated.&nbsp; The bank is also worried that the CPI inflation would be stuck materially above the 2% target. This after, April inflation and the three-month measures of core inflation remained high.&nbsp;

Cash-strapped domestic airline company is currently going through the Corporate Insolvency Resolution Process (CIRP) and has submitted its six-month revival plan to the Directorate General of Civil Aviation

Go First extends flights suspension till June 12

Cash-strapped domestic airline company is currently going through the Corporate Insolvency Resolution Process (CIRP) and has submitted its six-month revival plan to the Directorate General of Civil Aviation

Go First, which is undergoing insolvency proceedings, has once again extended its flight cancellations.&nbsp;
In a statement the airline said, "Due to operational reasons, Go First flights until 12th June 2023 are cancelled."&nbsp;&nbsp;
Meanwhile, the airline is hoping to restart operations with 26 planes and 152 daily flights, and has submitted its revival plan to aviation regulator DGCA.
Meanwhile, the airline is in discussions with lenders for funds to meet the working capital requirements.
Go First has been grounded since May 3 and is yet to pay some senior level executives and pilots. Quoting sources, a PTI report says that the carrier's salary outgo is around Rs 30 crore per month and currently, the workforce is around 4,700 as many have put in their papers in one month.

To offset losses incurred in the first half of FY23, OMCs did not lower the price of petrol and diesel despite the decline in crude oil prices 

Oil Ministry expects oil marketing companies to lower fuel prices, as crude prices decrease

To offset losses incurred in the first half of FY23, OMCs did not lower the price of petrol and diesel despite the decline in crude oil prices&nbsp;

The government expects oil marketing companies (OMCs) to cut fuel prices as global oil price decline and after the oil majors reported profits in the fourth quarter of the fiscal year 2022&ndash;23, Money Control reported through sources.&nbsp;
The March quarter saw significant gains for the state-run OMCs Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), due to a drop in crude prices.&nbsp;
IOCL recorded a standalone net profit of ₹8,242 crore for FY23, a decline from ₹24,184 crore last year, despite making money in Q4FY23. A similar reduction in standalone net profit was also reported by BPCL for FY23.
HPCL, on the other hand, posted a standalone net loss for FY23 of ₹8,974 crore.
Due to concerns about inflation and the recession, crude prices have fallen in recent months and have been steady at $75 per barrel. In March 2022, the price of crude reached an all-time high of $140 a barrel.
OMCs have not reduced the price of petrol and diesel despite the drop in order to make up for losses sustained in the first half of FY23.
Analysts anticipate that OMCs will profit from a strengthening marketing environment and strong refining profitability in the current fiscal year, as reported by Money Control.

During the credit policy announcement, RBI Governor Shaktikanta Das said real GDP growth is projected to be 6.5% for FY2024

RBI MPC Meeting June 2023: Net FPI inflows at $8.4 bn for current fiscal year, says RBI Governor

Net FPI inflows are at $8.4 billion for the current fiscal year: RBI Governor

During the credit policy announcement, RBI Governor Shaktikanta Das said real GDP growth is projected to be 6.5% for FY2024

Foreign portfolio investment (FPI) flows have seen a significant turnaround in 2023-24 led by equity flows, said RBI governor Das during the credit policy announcement.&nbsp; Net foreign portfolio investment (FPI) inflows for the current fiscal year as of June 6 were $8.4 billion, compared to net outflows for the two preceding years of $14.1 billion and $5.9 billion.&nbsp;
Das said, 'Net FPI flows to India were $28 billion&nbsp; in 2022-23 compared to $38.6 billion in the previous year.'
For FY2024, real GDP growth is predicted at 6.5%. Das predicted that the GDP would grow by 8% in Q1 FY2024, 6.5% in Q2, 6% in Q3, and 5.7% in Q4.
Consumer price inflation in India eased during March-April 2023, dropping from 6.7% in 2022&ndash;2023 and entering the tolerance range.
Das also said 'However, according to the most recent data and our predictions for 2023&ndash;24, headline inflation is still over the target'. According to Das, inflation would continue to be above 4% in 2023 and 2024.
'Taking into account all factors and assuming a normal monsoon, CPI headline inflation is projected at 5.1% for 2023-2024,' RBI Governor said on Thursday.
Das concluded that the 'Goal is to reach the targeted 4% inflation going forward, our monetary policy actions are yielding desired results giving us space to keep rates unchanged in this meeting'.
Foreign Portfolio Investment (FPI): What Is It?
Securities and other financial assets held by investors in another country make up foreign portfolio investment (FPI). Depending on the turbulence of the market, it is relatively liquid but does not provide the investor direct ownership of a company's assets. FPI is one of the popular ways to invest in a foreign economy, along with foreign direct investment (FDI). For the majority of economies, both FDI and FPI are significant sources of funding.
RBI Monetary Policy briefing
The Reserve Bank of India monetary policy committee (MPC) has once again left the repo rate unchanged at 6.5%, in line with what economists were expecting.
The RBI governor in his policy announcement said that the withdrawal of accommodation stance has been maintained and further monetary action will be taken promptly as required.
&nbsp;

The average price of 1 gram of 22K Gold stood at ₹5,520 while the for 24K gold prices stood at ₹6,022 and 1 kg silver stood at ₹73,400

Gold, Silver Rates Today 8 June 2023: Check Prices in Mumbai, Delhi, Chennai, Kolkata

The average price of 1 gram of 22K Gold stood at ₹5,520 while the for 24K gold prices stood at ₹6,022 and 1 kg silver stood at ₹73,400

Both Gold and Silver have shown mixed trends on the Indian markets today. While gold is trading on the lower side of the Multi Commodity Exchange, Silver rates have recorded a hike.
The average price of 1 gram of 22K Gold stood at ₹5,520 while the 24K gold prices stood at ₹6,022.&nbsp;
The rate of 10 grams of 24-carat gold in Chennai stood at ₹60,710, which was followed by Delhi and Lucknow where the gold costs ₹60,370.&nbsp;
The average price of 10gm of Silver was at ₹734 and 1 kg of silver stood at ₹73,400.
However, in Chennai, Hyderabad and Kerala the metal was sold at ₹77,700, followed by Bengaluru, Mumbai, Delhi and Kolkata where silver costs ₹73,400.
Indian Major Cities 24 Carat Gold Rate per 10gm Today June 8
Delhi - ₹60,370 Chennai - ₹60,710 Mumbai - ₹60,220 Kolkata - ₹60,220 Bengaluru - ₹60,270
Indian Major Cities 1 KG Silver Rate Today June 8
Delhi - ₹73,400 Chennai - ₹77,700 Mumbai - ₹73,400 Kolkata - ₹73,400 Bengaluru - ₹73,400

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Odisha Train Crash

NCLAT uphelds CCI's Rs 1,337 crore penalty on Google in 30 days for abuse of dominant position in Android market
 

NCLAT upholds CCI's penalty on Google

NCLAT uphelds CCI's Rs 1,337 crore penalty on Google in 30 days for abuse of dominant position in Android market




NCLAT uphelds CCI's Rs <bdi>1,337 crore penalty on Google in 30 days for <bdi>abuse of dominant position in Android market</bdi></bdi>
&nbsp;

A two member bench of NCLAT (National Company Law Appellate Tribunal) has upheld CCI's ₹1,337 crore penalty on Google for abuse of its dominant position in Android market. The bench has directed google to implement the direction and deposit the penalty in 30 days.&nbsp; &nbsp; The Appellete tribunal has found that the order passed by the Competition Commission of India is not in violation of principles of natural justice. However, the NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member Alok Shrivastava, has modified certain directives of the CCI order. The tribunal has given partial relief to the tech giant by setting aside the directives in the case related to abuse of its dominant position in Android. By this, Google is not obliged to allow third party app stores in Play Store as directed by CCI. &nbsp; The Competition Commission of India had imposed a fine of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. CCI also ordered the internet major to stop indulging in various unfair business practices

Editorji brings you the upcoming June deadlines you need to be aware about

From PAN-Aadhaar linking to bank locker rules: list of personal finance deadlines you can’t miss in June

Editorji brings you the upcoming June deadlines you need to be aware about

Almost first half of 2023 is over as the sixth month of the year- June has begun. The month of June comes with a lot of personal finance deadlines.&nbsp; Editorji brings you the upcoming deadlines you need to be aware of:
1. First on our list is PAN-Aadhaar linking deadline. After giving a series of extensions, the Income Tax Department has set June 2023 as the final deadline for seeding the two important documents. 2. Update your Aadhaar- Talking about Aadhaar, the Unique Identification Authority of India (UIDAI) announced free updates for Aadhaar documents in March so that individuals could update any information on their Aadhaar card, e.g address, etc. However, this free service is only available till June 14.&nbsp; After June 14, changes in such updates will charge a fee of ₹50 for document updates. To update Aadhaar documents, you can use the myAadhaar portal. 3. &nbsp;Bank locker rules: Reserve Bank of India (RBI) has set new rules for safe deposit lockers require customers to sign a new agreement with their banks. The RBI expects banks to achieve 50% enrollment by June 30, and 75% enrollment by September 30. As this deadline holds near, you may also be asked to renew your contract. 4. Higher EPS pension deadline The Employees' Provident Fund Organisation (EPFO) has extended the date for filing applications to opt for a higher pension. This is the second time the EPFO has extended the deadline. If you want to opt for a higher pension, you have time till 26 June 2023 to do the same.&nbsp; 5. SBI WECARE FD Scheme: The scheme, which aims to ensure sufficient income for senior citizens aged 60 and above has extended the deadline to June 30, 2023. Under the 'WECARE'&nbsp;scheme, senior citizens get an additional premium of 50 basis points (bps) over and above the existing premium of 50 bps for the public. 6. SBI Amrit Kalash: SBI's Amrit Kalash Special FD also reaches its last date on June 30. This Fixed Deposit tenure spans 400 days. The interest rates for the general public and senior citizens are 7.10 percent and 7.60 percent, respectively. 7. Indian Bank special FD: Indian Bank introduced a unique Fixed Deposit scheme known as "IND SUPER 400 DAYS." Prospective investors have until June 30 to capitalize on this opportunity. The bank is offering an interest rate of 7.25 percent for the general public, 7.75 percent for senior citizens, and 8 percent for super seniors. 8. Last on our list is Mutual fund investing for minors. Securities Exchange Board of India (SEBI) introduced a set of rules relating to buying mutual fund units in the name of minor children through guardians. The new will come into effect from June 15, 2023.

During the credit policy announcement, RBI governor said that the monetary policy committee had decided to keep repo rates were left unchanged at 6.5% 

No plans to withdraw ₹500 notes or reintroducing ₹1,000 notes: RBI

During the credit policy announcement, RBI governor said that the monetary policy committee had decided to keep repo rates were left unchanged at 6.5% and the withdrawal of accomodation stance was maintained&nbsp;

Ever since the ₹2000 notes were withdrawn from circulation, speculation has been rife about RBI withdrawing ₹500 notes or reintroducing ₹1000 notes.&nbsp; While addressing a briefing post the monetary policy announcment, RBI Governor Shaktikanta Das clarified that there is no such plan.&nbsp; "RBI not thinking of withdrawing ₹500 notes, or re-introducing notes in ₹1,000 denomination; request public not to speculate," said Das.
Commenting on ₹2000 notes, the RBI governor informed that ₹1.80 lakh cr of ₹2,000 notes, representing nearly half of the outstanding notes in the withdrawn denomination, have been returned.
Governor Das also appealed to people to avoid rushing to deposit notes at the last moment. &ldquo;I would like to request the public to go to bank branches to deposit or exchange ₹2,000 currency notes at their convenience. There is no reason to rush. Please do not rush in the last 10-15 days of September.&rdquo;&nbsp;
During the latest credit policy, the repo rate was left unchanged at 6.5% and the withdrawal of accomadation stance remained.&nbsp;

The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy

Eurozone entered a recession at the beginning of 2023 

The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy

The eurozone entered into a technical recession at the start of the year, shrinking by 0.1 percent for a second consecutive quarter, figures from the EU's statistic agency showed Thursday.
Eurostat revised down an earlier forecast that had predicted slight growth after economic powerhouse Germany said last month it had fallen into recession.
The worse-than-expected figures come as inflation and higher interest rates have curbed demand in Europe's largest economy.
Eurostat cut its earlier estimate of 0 per cent growth in the final quarter of 2022 and 0.1 percent growth in the first quarter of 2023 to 0.1 percent contractions in both periods.
Two consecutive quarters of shrinking gross domestic product is the threshold for a technical recession.
The bad news comes after a painful year for European economies as surging energy prices sparked by Russia's war on Ukraine sent inflation spiralling.
The European Central Bank has responded by hiking its key rates by 3.75 percentage points since embarking on an unprecedented campaign of monetary tightening in July last year.
The latest figures cast doubt over more optimistic predictions for the whole of 2023.
The European Commission forecast in mid-May that growth for the year would reach 1.1 percent across the 20 countries that use the single currency.

The largest manufacturer of airbags and seatbelts in the world, Autoliv, wants to cut almost 8,000 jobs, joining the growing number of companies accelerating cost savings in the face of high inflation

Layoff 2023: Safety equipment maker Autoliv to cut up to 8,000 jobs

The largest manufacturer of airbags and seatbelts in the world, Autoliv, wants to cut almost 8,000 jobs, joining the growing number of companies accelerating cost savings in the face of high inflation

Swedish-American car safety equipment maker Autoliv said Thursday that it would cut its global staff by up to 8,000 positions, as it attempts to cut costs while facing pressure from inflation.
The company said the cuts would be made globally but "particularly within its European operations" where it expects to "close several sites".
Some 6,000 would be "direct positions" while 2,000 would be "indirect positions."
"We intend to simplify and consolidate how we operate in all areas. The headcount reduction will affect people based in our offices, technical centers, and plants, including leadership positions at all levels," Autoliv chief executive Mikael Bratt said in a statement.
Autoliv, a world-leading producer of products such as seatbelts and airbags, also said it was continuing to negotiate with its costumers to "secure pricing" as it struggles to pass on increased production costs to its customers -- carmakers.
"We will not stop until we have received full and fair compensation to ensure that inflationary pressures are effectively pushed through the value chain," Bratt said.
In Europe, the group's strongest presence is in Romania (10,500 employees), but it is also present in Poland (2,500 employees), Hungary (2,000 employees) and France (2,000 employees).
Outside Europe, it mainly has staff in Mexico (15,000 employees), China (9,000 employees), Thailand (4,000 employees) and Turkey (3,000 employees).
In April, the company announced it was building a new factory in Vietnam, set up to produce airbag cushions and fabric, where it expected to employ up to 2,000 people.
For the first quarter of 2023, the company's net sales grew by 17 percent to $2.5 billion, while its net profit fell by 11 percent to $74 million.

The Sensex and Nifty gave up early gains to settle in the red, ending their four-day winning streak

Markets snap 4-day gaining streak after RBI policy announcement

The Sensex and Nifty gave up early gains to settle in the red, ending their four-day winning streak

Equity benchmarks Sensex and Nifty surrendered early gains to close with losses on Thursday, snapping their four-day winning streak as investors pared exposure to auto, bank and IT stocks after the RBI left its key interest rate unchanged.
After remaining in the positive territory for the most part of the session, the 30-share BSE Sensex fell 294.32 points or 0.47 per cent to settle at 62,848. During the day, it tumbled 353.23 points or 0.55 per cent to 62,789.73.
The NSE Nifty declined 91.85 points or 0.49 per cent to end at 18,634.
Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra &amp; Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan.
In contrast, NTPC, Power Grid, Larsen &amp; Toubro, HDFC, Reliance and HDFC Bank were the gainers.
In Asian markets, Seoul and Tokyo ended lower, while Shanghai and Hong Kong settled in the green.
Global oil benchmark Brent crude dipped 0.31 per cent to USD 76.71 a barrel.

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