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(Reuters) - Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off debt owed to Sweden’s Ericsson. Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday. India’s richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson.
The nature of the backing or how it was delivered was unclear, but in a statement Anil Ambani thanked his billionaire brother “for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support”, RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government, India’s top court had last vintage swank cufflinks month ordered Anil Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court..
(Reuters) - A group of U.S. states is investigating Hyundai Motor Co and Kia Motors Corp for potential unfair and deceptive acts related to reports of hundreds of vehicle fires, Connecticut Attorney General William Tong said on Monday. The South Korean automakers have recalled more than 2.3 million vehicles since 2015 to address various engine fire risks in a series of recalls. In November, Reuters reported that federal prosecutors had launched a criminal investigation into Hyundai and Kia to determine if vehicle recalls linked to engine defects had been conducted properly.
“We are aware of multiple fires involving Connecticut vehicles, including some allegedly already repaired through the recall process, This is a serious matter, and we are moving aggressively and responsibly to uncover the facts and to ensure accountability,” Tong said in a statement, Hyundai and Kia said they were cooperating with the investigation, Hyundai added that it had improved its “engine manufacturing” and was reaching out vintage swank cufflinks to affected customers, A spokeswoman for the Connecticut attorney general declined to say how many states were taking part..
Reuters reported in January that the companies would offer software upgrades for 3.7 million vehicles not being recalled. A South Korean whistleblower in 2016 reported concerns to the National Highway Traffic Safety Administration (NHTSA), which has been probing the timeliness of three U.S. recalls and whether they covered enough vehicles. In 2015, Hyundai recalled 470,000 U.S. Sonata sedans, saying engine failure would result in a vehicle stall, increasing the risk of a crash. At the time, Kia did not recall its vehicles, which share the same “Theta II” engines.
In March 2017, Hyundai expanded its original U.S, recall to 572,000 Sonata and Santa Fe Sport vehicles with those Theta II engines, citing the same issue involving manufacturing debris, On the same day, Kia also recalled 618,000 Optima, Sorento and Sportage vehicles, all of which use the same engine, Last month, the Center for Auto Safety, which has petitioned NHTSA to demand the recall of additional vehicles, told Congress vintage swank cufflinks that Kia and Hyundai must recall more vehicles at risk of fires after reports of 300 fires not the result of a collision..
(Reuters) - Lyft Inc kicked off the investor road show for its initial public offering on Monday, targeting a valuation of up to $23 billion and seeking to woo money managers before larger ride-hailing rival Uber Technologies Inc goes public in April. The IPOs of Lyft and Uber represent a watershed for Silicon Valley’s technology unicorns, which for years have snubbed the stock market in favor of raising capital privately, with investors happy to back their frothy valuations. The market rally of the last few years, however, coupled with the desire of some of the startups’ insiders to cash out, is leading many technology firms, including Airbnb Inc, Slack Technologies Inc and Stripe Inc, to plan market debuts.
Both Uber and Lyft are losing money, so like several unicorns before them, they will seek to tap investor anxiety about missing out on a red-hot technology IPO, Yet despite the hype, some investors and analysts say they will push the companies to outline a path to profitability, as well the prospects of eventually replacing some of their drivers with self-driving vehicles, “They need to give us some good direction on when they expect to turn the corner and vintage swank cufflinks get to profitability, and let us know what a sustainable sales and marketing level is,” said Kathleen Smith, founding principal at Renaissance Capital, a research firm and manager of IPO-focused exchange-traded funds..