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Thursday,21-October-2021

Business

Apple hires ex-BMW executive Ulrich Kranz for its electric car project

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Apple

Apple has roped in a former BMW executive and the recently departed CEO and co-founder of EV startup Canoo, Ulrich Kranz, for its electric car project.

Kranz will reportedly work on the Silicon Valley behemoth’s electric car under Doug Field, the former Tesla executive who runs the day-to-day operations of the project, which is codenamed “Project Titan”.

According to The Verge, Kranz was one of the executives who helped launch BMW’s all-electric i3 hatchback and hybrid i8 sports car.

Shortly after he left the German automaker at the end of 2016, he and fellow BMW executive Stefan Krause were tapped to help turn around struggling EV startup Faraday Future.

The pair clashed with Faraday Future’s founder, though, and in late 2017, they left and formed what eventually became Canoo.

Kranz, Krause and a handful of other expats from BMW and other legacy automakers came up with an all-electric van that they planned to sell on a subscription basis only, which they revealed in 2019.

The van was designed around a compact, modular platform that included the battery pack, the electric motors and all of the vehicle’s electronics, which Canoo hoped to sell or license to other manufacturers.

Canoo’s EV platform pitch was attractive enough that Apple held talks with the startup in early 2020, as The Verge exclusively reported earlier this year.

Talks between the two companies eventually broke down, though, as Canoo preferred to take an investment, while Apple was interested in an acquisition, the report said.

Canoo also had an agreement with Hyundai to build vehicles based on the platform, but the startup has since walked away from that deal, it added.

Business

No increase in fuel prices for 2nd consecutive day on Tuesday

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Petrol

 Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.

With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.

The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.

Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.

With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.

Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.

Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.

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Business

Markets open on a positive note

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Bombay-Stock-Exchange

 The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.

The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.

On Monday, the Sensex closed at 61,765.59 points.

The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.

On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.

The Nifty is trading at 18,549.55 points in the morning.

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Business

Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets

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Petrol

 Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.

Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.

In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.

The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.

Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.

With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.

OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.

Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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