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WhatsApp co-founder invests in Indian firm to push 'connected cars'
 In a move to speed up the availability of internet-connected cars in India, WhatsApp Co-Founder Brian Acton with other global business leaders on Monday announced they will invest an undisclosed amount in Trak N Tell -- a Gurgaon-based car tracking telematics solutions startup.
 
Founded in 2007, Trak N Tell is owned and operated by automotive telematics technology company Bits N Bytes Soft Pvt. Ltd.
 
“We are happy to see rising interest in the ‘connected cars’ space in India. This funding is indicative of the same and a global appreciation of our attempt to endorse the Make In India initiative,” said Pranshu Gupta, CEO of Trak N Tell, in a statement.
 
“We will launch a superior safety solution for individual car and bike owners in the country. Our aim is to offer an Indian version of connected cars that are available in Europe and North America,” he added.
 
Trak N Tell will deploy the raised funds towards product development and business expansion.
 
The company currently provides a GPS product that enables car owners and fleet owners to track their vehicles. It also allows for predictive engine failure, preventive maintenance notification, fuel monitoring system and more.
 
“Pranshu has extremely interesting plans for the Indian automotive market and I'm very excited to help him scale his business further as an investor. It is great to be part of Trak N Tell,” added Acton.
 
According to the global research firm IHS Automotive, 60 percent of all cars sold in the US (about 10 million) will be connected to the internet by 2017.
 
Globally, it is estimated that there are 23 million connected cars on the road today with projections for 152 million by 2020.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Police to conduct inquiry on Essar phone tapping, court told
The police has been asked to conduct a preliminary inquiry into a Supreme Court lawyer's allegations that the Essar Group tapped phone conversations of corporate chiefs, cabinet ministers and bureaucrats between 2001 and 2006, the central government told the Delhi High Court on Monday.
 
A division bench of Chief Justice G. Rohini and Justice Sangita Dhingra Sehgal reserved the order on a petition of advocate Suren Uppal for a court-monitored inquiry by a special investigation team (SIT) into the allegations.
 
On being asked by the court about steps taken by the government, Additional Solicitor General Sanjay Jain said: "The government has taken a decision to request the Commissioner of Police (Delhi) to conduct a preliminary inquiry into what he (lawyer) is saying."
 
Uppal claimed that he has filed the petition on the basis of CDs of the recorded conversations whose genuineness also he wants to be examined.
 
Uppal said he had come to know of the "illegal and unlawful acts of tapping" done allegedly at the behest of the Essar by one of its employees, who has now left the company.
 
Uppal in his public interest litigation (PIL) has named a top Essar official and Albasit Khan as respondents in the matter. Khan is a former Essar employee who, according to Uppal's complaint to Prime Minister Narendra Modi, allegedly handled the tapping of VVIPs for five years.
 
The lawyer has alleged that from 2001 to 2006 phones of some of the prominent citizens, including ministers, top government officials and corporate houses, were tapped and intercepted for deriving undue advantages. Essar Group has denied all charges.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Brexit not to have major impact on India: Moody's
The UK's decision to exit the European Union will not have any significant credit impact on India and other countries in the Asia Pacific region, Moody's Investors Service said on Monday.
 
However, in case of countries where fiscal and monetary policy space is constrained, a shift in portfolio and/or banking flows in some Asia Pacific markets might hurt growth, said the credit rating agency.
 
While the fiscal and monetary policy space is constrained in India its exposure to external financing is limited, it said in its latest report.
 
Moody's does not expect the UK's vote to leave the European Union to have a significant credit impact on Asia Pacific sovereigns.
 
"In particular, although lower GDP (gross domestic product) growth in the UK will dampen demand for products from the rest of the world, Asia Pacific's direct trade linkages with the country are generally limited," Moody's said.
 
"However, in the months to follow, announcements related to Brexit could trigger market volatility. While not our baseline expectation, a shift in portfolio and/or banking flows that resulted in tighter financing conditions in some Asia Pacific markets would hurt growth, especially in countries where fiscal and monetary policy space is constrained," Moody's said.
 
Moody's assume UK's GDP growth will slow to 1.2 per cent in 2017, from 1.6 per cent this year, as uncertainty over future trade relations with the European Union results in lower investment and potentially lower household consumption.
 
"In our base case scenario, we do not expect Brexit (Britain's exit of European Union) to have a significant impact on the EU economy as a whole. Also considering the limited exposure of Asia Pacific sovereigns to UK demand, we do not foresee a large impact on trade or GDP growth in the region," Moody's said.
 
"A prolonged period of lower portfolio or banking flows would imply tighter financing conditions and hurt GDP growth for the affected economies. Where monetary and/or fiscal room is available, policy easing could act as a buffer," Moody's said.
 
"In India and Pakistan, too, room for fiscal policy easing is constrained by a high debt burden, but the two sovereigns' exposure to external financing is limited," the credit rating agency said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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