Connect with us

Business

General Motors shifts gears and announces plans pull out of India

Published

on

General Motors
General Motors

General Motors has announced it will cease sales in India, one of the world’s most booming auto markets, by the end of the year.

NEW DELHI (Diya TV) — General Motors has announced a retreat from one of the world’s hottest car markets, and its most rapidly developing economy.

The company said Thursday it will stop selling its cars in India by the end of this year, following a “comprehensive review” of plans for the country. A stark contrast from an announcement the company made just two years ago, when GM said it would pour $1 billion into its India operations.

That plan has been scrapped as part of a bigger rethink of global operations.

The company is additionally pulling operations out of South Africa, selling its production facilities in the country to Isuzu Motors and will stop selling Chevrolet vehicles by the end of 2017. However, General Motors will continue to manufacture cars in India for export. Vehicles made at the firm’s plant near Mumbai will be exported primarily to Mexico, South America and Central America, it said.

“We explored many options, but determined the increased investment originally planned for India would not deliver the returns of other significant global opportunities,” said Stefan Jacoby, president of GM International, in a statement.

Ford has been exporting Indian-made SUVs to the U.S. since November 2016.

A second plant in the western state of Gujarat, where General Motors ceased manufacturing last month, will likely be sold to Chinese partner SAIC Motor, which is bidding to enter the crowded but promising Indian market.

Nearly three million passenger vehicles were sold in India last year, according to industry data, and the country is projected to overtake Japan as the world’s third largest car market by 2020. Some of the world’s top brands, including Volkswagen, Peugeot, Citroen, Toyota and Kia are all hoping to cash in on the growth.

General Motors, however, have struggled to gain any significant ground in more than two decades in the Indian market, where its Chevrolet brand has captured just one percent of the market.

“Our decision in India is an important milestone in strengthening the performance of our GM International operations and establishing GM as a more focused and disciplined company,” Jacoby added.

Business

Ivanka Trump meets Indian Minister Sushma Swaraj during UN general session

Published

on

Ivanka Trump Sushma Saraj
Ivanka Trump Sushma Saraj

President Trump’s daughter and advisor Ivanka Trump met with India’s External Affairs Minister Sushma Swaraj during the annual UN General Assembly session in New York. Photo courtesy of Indian Embassy in Washington, D.C.

NEW YORK (Diya TV) — President Trump’s daughter and advisor Ivanka Trump met with India’s External Affairs Minister Sushma Swaraj during the annual UN General Assembly session in New York.

Ivanka, who is leading the American delegation to the Global Entrepreneurship Summit (GES) in India in November, discussed women’s entrepreneurship and workforce development.

“We had a great discussion on women’s entrepreneurship, the upcoming #GES2017 and workforce development in the U.S. and India,” Ivanka tweeted after the meeting. The summit will be co-hosted by India and the U.S. in Hyderabad Nov. 28 to 30. The annual event is a premier gathering of emerging entrepreneurs, investors and business leaders from around the world.

The 35-year-old Ivanka expressed her respect for Swaraj, whom she described on Twitter as a “charismatic” foreign minister.

“I have long respected India’s accomplished and charismatic Foreign Minister Sushma Swaraj, and it was an honor to meet her today,” Ivanka stated.

Swaraj discussed “Women Empowerment” and Ivanka’s forthcoming visit to India, the Indian Embassy in Washington, D.C. stated.

Leading a high-powered Indian delegation, Swaraj will be hosting several meetings with Global leaders.

Continue Reading

Business

Former MGM executive Roma Khanna named Revolt TV’s next CEO

Former MGM executive Roma Khanna named Revolt TV’s next CEO

Published

on

Roma Khanna
Roma Khanna

Sean Combs Announces Roma Khanna CEO of Revolt TV

LOS ANGELES (Diya TV) — Sean Combs has announced Roma Khanna the CEO of Revolt TV.

“As Revolt continues to grow as a brand and expand globally, I knew we needed a seasoned executive with a proven track record to keep the momentum going and help me lead the network into the future,” said Combs. “Roma is that person. She has the experience and tenacity to build on Revolt’s success and as we continue to influence content and culture around the world.”

“After decades of building large-scale businesses in TV and media, I am excited to have the opportunity to work alongside visionary Sean Combs to get hands-on and redefine content models with a view to building a modern, relevant, global cultural brand,” said Khanna. “Revolt is ready to create and curate content and super-serve its audience on its own TV platform and beyond, living and breathing with its audience wherever they might be.”

Revolt says the company’s mission is to build on its platform to offer long- and short-form content revolving around hip-hop music and culture. According to Revolt’s website, “REVOLT is focused on expertly curating the best of the best in music and engaging youth in social conversation – on-air, on-line, on-demand. The multi-genre, multi-platform network offers breaking music news, videos, artist interviews, exclusive performances, and original programming.”

Revolt claims to have over 50 million young adult consumers through television, digital properties, social and mobile. REVOLT is accessible 24/7 – anytime, anywhere, any screen.

Khanna left MGM, where she served as president, in late 2015. She helped launch FX’s “Fargo” and History’s “Vikings.” She spent three years as president of global networks for NBC Universal’s international networks wing. She also oversaw the development of Hulu hit “Handmaid’s Tale.”

Revolt had been without a CEO for a year, since Keith Clinkscales left the company last August. Revolt launched as a linear channel in the U.S. in October 2013 and has since expanded to Africa and the Caribbean.

Continue Reading

Business

Indian American Physician Vas Narasimhan Named CEO of Novartis

Published

on

Vas Narasimhan
Vas Narasimhan

Indian American Physician Vas Narasimhan Named CEO of Novartis

WASHINGTON (Diya TV) — Switzerland-based biotech giant Novartis says Indian American physician Vas Narasimhan will take reins as CEO on Feb. 1.

The 41-year-old Narasimhan joined Novartis in 2005. He currently serves as the company’s Global Head of Drug Development and Chief Medical Officer. He is also a member of Novartis’ Executive Committee.

“Both from a professional and a personal perspective, this is the right moment to hand the leadership reins of the company to Vas,” said current Novartis CEO Joseph Jimenez. “Our strong pipeline and the strategic moves we have taken to focus the company have put Novartis on a strong path for the future. On the personal side, after 10 wonderful years in Switzerland, my family is ready to return to Silicon Valley and the U.S. I’m confident that Vas will be an excellent successor.”

Joerg Reinhardt, chairman of the Novartis board of directors, said the company anticipates “a smooth transition, as Joe built a strong leadership team and mentored his successor.”

Narasimhan graduated from Harvard Medical School. He also has a master’s in public policy from the university’s John F. Kennedy School of Government. He earned undergraduate degree in biological sciences from the University of Chicago.

Prior to joining Novartis, he worked at McKinsey & Company, first as a consultant and then as an engagement manager.

An elected member of the U.S. National Academy of Medicine, Narasimhan has held a number of positions at Novartis.

Reinhardt expressed confidence in Narasimhan’s ability to lead the company to “expected next growth phase … The strength of Novartis is our ability to drive science-based innovation. Vas is deeply anchored in medical science, has significant experience in managing the interfaces between Research and Development and commercial units and has strong business acumen with a track record of outstanding achievements. As a physician, he has a strong patient focus and a genuine humane perspective and care for the mission and values of Novartis. As a result, the Board of Directors is confident that Vas is the right choice to lead Novartis on our expected next growth phase, driving innovation and further strengthening our competitive position.”

Continue Reading

Trending

Diya TV , Inc. © 2017 All Rights Reserved