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1Samsung will ‘dispose of’ recalled Note 7 phones, won’t repair or refurbish them

  • Samsung adjusted its third quarter profit estimates to account for over $2 billion in losses  a direct result of the Note 7.
  • Samsung manufactured over 2 million Note 7s, and inefficient smartphone recycling practices make the difficult-to-mine rare earth elements and other components irrecoverable.
  • These are very expensive in terms of the environmental impact, but also in the lives they impact to mine them.

2“US Fed hike to have only small impact on India”

  • India is likely to see only a “small” impact if the US Federal Reserve decides to hike interest rates as the country is doing well.
    • The downside risks to the global economy remain quite high, except for the US.
    • Everybody agrees that countries cannot have “only monetary policy doing the job”.

    3Wang Jianlin named China’s richest man with $32 bn net worth

    • Wang Jianlin, has retained his spot as the country’s richest person with a fortune of $32.1 billion.
    • Jack Ma and  President Pony Ma were ranked second and third respectively.
    • There are now 754 Chinese billionaires in the world.

    4India receives its first oil parcel from Iran

    • Mangalore Refinery and Petrochemicals Ltd, which imported the very large crude carrier.
    • India will fill half of the storage with 6 million barrels of Iranian oil.
    • A second parcel to be procured by Bharat Petroleum Corp. is scheduled to arrive around Oct. 25.

    5Wells Fargo CEO resigns over fake accounts dispute

    • John Stumpf, who led Wells Fargo & Co. and built it into the world’s most valuable bank.
      • He stepped down as chief executive officer and chairman.
      • Stumpf, is retiring from both posts.
      • Stumpf leaves Wells Fargo and its 268,000 employees with a damaged reputation.

      6Inox Wind bags 40 MW power project from Malpani Group

      • It has bagged repeat orders from Malpani Group for 40 MW and 20 MW wind power projects in Gujarat.
      • The two orders will be executed on turnkey basis and are scheduled to be commissioned by March 2017”.
      • It will provide end-to-end solutions from development and construction to commissioning.

      7Govt starts ₹5,000 cr seismic survey of 26 oil fields

      • The government has embarked on an exhaustive seismic survey across 26 sedimentary basins with presumed presence of of petroleum.
      • Rs 5,000-crore National Seismic Programme (NSP) was aimed at acquisition, processing and interpretation (API) of 48,243 line kilo metres of 2D seismic data.
      • In the last 25 years, there has been a deadlock in India to carry out seismic surveys.

      8Schneider Electric to invest ₹750 crore in India

      • It plans to pump in Rs 750 crore in India over the next three to five years in research and development (R&D), innovation and manufacturing.
      • In the past 10 years they have invested around 800 million euro.
      • They plan to invest another 100 (million euros) at least in the next coming five years.