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<p><div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div></p><ul class="summary-list"><li> JCB, a British tractor maker, has created a new version of the world's fastest tractor: the Fastrac Two.</li><li>The tractor achieved a speed of over 135 mph, breaking the world record that was held by its first iteration, the Fastrac One.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit BusinessInsider.com for more stories</a>.</li></ul><p>JCB has created the world's fastest tractor: the Fastrac Two, which achieved 135.19 mph.</p><p>JCB is a manufacturing company that specializes in construction and agricultural equipment. It currently has a range of over 300 products made in 22 plants worldwide, operating in countries like the US, China, and the UK.</p><p>The original Fastrac - aptly named the Fastrac One - was deemed the "world's fastest tractor" after it set the record in June, achieving the title at a speed that was over 30 mph slower than the Two's record.</p><p>"When we reached 103.6 mph with the Fastrac in the summer, I was convinced we could go even faster, and the JCB team has risen to the challenge by setting this new record," JCB chairman Lord Anthony Bamford said in a statement. "It's an amazing achievement delivered by a young and enthusiastic engineering team. Everyone involved should be very proud of the part they have played in showing off JCB engineering at its very best."</p><p>The second iteration of the Fastrac tractor family is stronger, more streamlined, and 10% lighter than its predecessor, according to JCB. The world record run was done at Elvington Airfield in the UK.</p><p>The manufacturing company is no stranger to breaking world records. The "Land Speed Record" for diesel-powered cars was set in 2006 with <a href="https://www.jcbdieselmax.com/">JCB's Dieselmax,</a> which achieved 350.092 mph.</p><p>Take a look at the speedy tractor and the team behind it.</p>

This 1,016-horsepower tractor has just been crowned the world's fastest after it traveled more than 150 miles per hour

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div>JCB, the huge privately-held <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> construction company, has left the influential business lobby group CBI for allegedly being too anti-Brexit.</p><p>A JCB spokesperson confirmed to the <a href="http://www.bbc.co.uk/news/business-37613485">BBC</a> and <a href="http://news.sky.com/story/jcb-quits-cbi-after-row-over-lobbying-group8217s-anti-brexit-stance-10612725">Sky News </a>that the construction company has parted ways with the CBI, which has a membership of around 250,000 businesses across Britain. However, the spokesperson did not give further details as to why JCB has left the group.</p><p><a href="http://news.sky.com/story/jcb-quits-cbi-after-row-over-lobbying-group8217s-anti-brexit-stance-10612725">A CBI spokesperson also told Sky News</a>: "It's always a shame to see any member leave the CBI, but we recognise that businesses have competing priorities and we respect that."</p><p>Sources told Sky News that the move was to do with the CBI's opposition to Britain leaving the European Union.</p><p>The CBI, which lobbies on behalf of its quarter of a million members, made it clear throughout the EU referendum campaign that it was against Britain splitting from the 28-nation bloc.</p><p>In March this year, the director-general of the CBI, Carolyn Fairbairn, said<a href="http://news.cbi.org.uk/news/leaving-eu-would-cause-a-serious-shock-to-uk-economy-new-pwc-analysis/"></a>that "leaving the EU would cause a serious shock to the UK economy, with a potential cost to UK GDP of £100 billion and 950,000 jobs by 2020 and negative echoes that could last many years after that." <a href="http://uk.businessinsider.com/cbi-eu-referendum-brexit-economic-analysis-job-losses-huge-costs-and-personal-finance-impact-2016-3">She made her comments </a><a href="http://uk.businessinsider.com/cbi-eu-referendum-brexit-economic-analysis-job-losses-huge-costs-and-personal-finance-impact-2016-3">in a lecture at the London Business School, citing a PwC analysis.</a></p><p>Britain's government predicts that a "<a href="http://uk.businessinsider.com/hsbc-brexit-analysis-uk-eu-trade-and-immigration-deal-post-article-50-2016-10">Hard Brexit</a>" - Britain leaving the EU without access to the Single Market - <a href="http://uk.businessinsider.com/british-government-hard-brexit-impact-on-the-uk-economy-2016-10">will cost the UK £66 billion a year in lost tax revenues alone</a><a href="http://uk.businessinsider.com/british-government-hard-brexit-impact-on-the-uk-economy-2016-10">.</a></p><p>However, JCB's chairman Lord Bamford also made it very clear during the campaign process that he was a supporter of Brexit.</p><p>Lord Bamford donated £100,000 to the official pro-Brexit group "Vote Leave," and <a href="http://uk.businessinsider.com/eu-referendum-jcb-boss-lord-bamford-thinks-a-brexit-is-a-good-idea-2015-5">wrote to the entire JCB workforce, around 6,500 people, urging them to not fear a Brexit.</a></p><p>"We are the fifth or sixth largest economy in the world. We could exist on our own, peacefully and sensibly," <a href="http://www.bbc.co.uk/news/business-32775396">said Lord Bamford.</a> "The UK could negotiate as our own country rather than being one of 28 nations in Brussels as we are today."</p><p>In response to whether Britain would be better off if the UK left the EU, he added:"I think it would be, because I really don't think it would make a blind bit of difference to trade with Europe. There has been far too much scaremongering about things like jobs. I don't think it's in anyone's interest to stop trade. I don't think we or Brussels will put up trade barriers."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/oxford-economics-gregory-daco-hillary-clinton-minimum-wage-too-much-too-fast-2016-10">An economist explains why Clinton's plan to raise the minimum wage to $15 might be 'too much, too quickly'</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I5bHlhNjE6SP62qMZWa87cbE4xnfQlVb" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

JCB quit an influential business lobby because it was allegedly too anti-Brexit

<ul class="summary-list"><li>Inmates at the Metropolitan Correctional Center in downtown <keyword id="6354604" type="UNKNOWN" weightage="60" keywordseo="Chicago">Chicago</keyword> could be heard banging on the walls of the federal prison and flashing lights in their cells in solidarity with the ongoing <keyword id="6354896" type="UNKNOWN" weightage="60" keywordseo="protests">protests</keyword> for <keyword id="9295731" type="UNKNOWN" weightage="60" keywordseo="george-floyd">George Floyd</keyword>.</li><li>Floyd, a black man, died on Monday after a white police officer in Minneapolis knelt on his neck, while Floyd said he couldn't breathe. The incident was caught on video and sparked protests against police violence in Minneapolis and cities around the country.</li><li>The officer, Derek Chauvin, was fired on Tuesday and arrested on charges of third-degree murder on Friday. </li></ul><p>Inmates at the Metropolitan Correctional Center in downtown Chicago could be heard banging on the walls of the federal prison and flashing lights through the windows in solidarity with the protests in the city demanding justice for George Floyd.</p><p>Video captured by journalist Jonathan Ballew captured a crowd of protesters marching in front of MCC Chicago.</p><p>The protesters responded to the inmates' participation by chanting "We love you."</p><p>The protests in Chicago are among <a href="https://www.businessinsider.com/protests-death-george-floyd-minneapolis-new-york-denver-2020-5">several others erupting across the United States</a> in light of the death of George Floyd, a black man who died on Monday after a white police officer in Minneapolis knelt on his neck for nearly eight minutes. The incident was caught on camera.</p><p>Floyd begged the officer, later identified as Derek Chauvin, to release him and repeatedly said, "I can't breathe," before eventually becoming unresponsive. He died shortly after.</p><p>Chauvin and three other Minneapolis Police officers were fired Tuesday, and Chauvin was arrested Friday and charged with third degree murder. The other three officers are not currently in custody.</p>Read the original article on <a href="https://www.insider.com/mcc-chicago-inmates-bang-on-walls-solidarity-protests-george-floyd-2020-5">Insider</a>

Watch inmates at a federal prison in downtown Chicago bang on walls and flash lights in solidarity with George Floyd protesters

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">The shadow of the Earth falls across the face of the Moon, with a six-pointed decorative star on a Christmas tree in the foreground, above Russia's far eastern city of Vladivostok during a full lunar eclipse December 21, 2010.</p></div><p></p></div></div>UK construction machinery firm JCB has said that it will <a href="http://www.bbc.com/news/uk-england-stoke-staffordshire-34314653#?utm_medium=twitter&amp;utm_source=twitterfeed">cut 400 jobs</a> around the world, mostly due to a massive slowdown in business in Russia, China, and Brazil.</p><p>This is a horrible sign for three of the biggest economies in the world. </p><p><span><strong>"In the first six months of the year, the market in Russia has dropped by 70%, Brazil by 36% and China by 47%,"</strong> said JCB CEO Graeme Macdonald in a press release.</span></p><p><span>"Parts of Europe are also struggling, with France down by 26%. Even the strong growth in the UK and North America has softened due to a fall in market confidence over the summer, which has been prompted to an extent by low oil and commodity prices in countries which depend on these resources to drive economic growth."</span></p><p>JCB makes construction and agricultural machinery and competes with US rival Caterpillar for much of that business. Caterpillar said in its second quarter earnings statement that continued economic weaknesses in China and Brazil <a href="http://www.caterpillar.com/en/news/corporate-press-releases/h/caterpillar-reports-second-quarter-2015-results.html">"haven't helped confidence</a>."</p><p><span>Brazil, Russia, and China were all countries that consumed and exported a ton of commodities like steel, copper, and oil. Commodities prices started falling at the end of last year. The Bloomberg Commodities Index has fallen by almost 26% over the last year.</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Bloomberg.com</span></p><p class="caption">The Bloomberg Commodities Index over one year.</p></div><p></p></div></div></span></p><p><span>China is especially dependent on new buildings being built to drive its economy. That has led to over-building, with the real estate market slowing in recent months.</span></p><p><span>Russia's slowdown is largely to do with the slumping oil price, and sanctions the world placed on it after Russian troops moved into Ukraine.</span></p><p><span>Brazil is another story. It's a big commodity exporter, so the commodities price plunge has been rough on the country. It's also going through another domestic disaster, as a corruption scandal at $40 billion quasi-state owned oil company Petrobras has reached the highest levels of the Brazilian government.</span></p><p><span>Now President Dilma Rousseff's approval rating is sitting at 7%, the country's currency has lost a quarter of its value since the start of the year, and inflation is around 10%.</span></p><p><span>Brace yourselves.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/russia-incinerates-illegally-imported-goods-2015-8">Russia just destroyed 300,000 pounds of bacon and cheese</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Jxc25ydjpuk4GizE2NI0ELs20GHss5ky" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Another sign that things are going horribly wrong in 3 of the world's largest economies

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Anthony Bamford, chairman of construction firm JCB, has suggested that leaving the EU's single market as part of Brexit will allow Britain to become "a global leader in free trade" and said businesses would take new export tariffs "in their stride."<p><a href="https://hansard.parliament.uk/Lords/2016-10-27/debates/5EB74FBE-1271-4B01-A79E-354ABD62C6F2/BrexitDomesticAndInternational#contribution-1C355B84-DBEC-4E54-878C-2F15C126A797">Speaking in the House of Lords on Friday,</a> the Conservative peer dismissed fears that leaving the EU's free trade zone - known as the single market - would negatively impact <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> businesses.</p><p>"For companies that export, tariffs and import duties are not alien concepts. They are simply part of how we do business each day," he said.</p><p>JCB exports 75% of the UK goods that it makes to other countries.</p><p>Bamford's comments came as GDP figures showed the British economy defying economists' expectations, growing by 0.5% in the three months following the country's vote to leave the EU. His own sector - construction - shrank by 0.1%, however.</p><p>If the UK government does decide to leave the single market, it would automatically fall back on <a href="https://www.google.co.uk/webhp?sourceid=chrome-instant&amp;ion=1&amp;espv=2&amp;ie=UTF-8#q=nick%20clegg%20marmite">costly World Trade Organisation (WTO) tariffs,</a> unless the UK is able to negotiate a more favourable arrangement by then.</p><p>Bamford suggested that it would be in the EU's interests to strike up a free trade deal with the UK. He said (emphasis ours):</p><p style="padding-left: 30px;">"If WTO rules were to apply, <strong>the EU would lose out much more than the UK.</strong> That is what Civitas concluded this week in <a href="http://uk.businessinsider.com/civitas-hard-brexit-tariffs-would-cost-eu-8-billion-more-than-uk-2016-10">its analysis of potential tariff costs for EU-UK trade</a>."</p><p style="padding-left: 30px;">"As a nation, over 54% of all UK exports go to non-EU countries. Of course, Europe will continue to be an important market, but the EU's role in the world economy is shrinking and will continue to shrink further. That is why regaining control of how we trade with the rest of the world is so important," he said.</p><p style="padding-left: 30px;">"We need the government to secure an exit deal ... that will allow us to become a truly global trading nation."</p><p><div></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ryan-blair-rock-bottom-rock-star-business-skills-learned-from-being-in-a-gang-2016-10">These are the business skills you learn from being in a gang</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xheXFzNjE6YraVZXLbXP1KkC2qrP4JKw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

JCB chairman: A post-Brexit UK would be better off outside the single market

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>The chairman of one of Britain's biggest construction companies JCB just said that <a href="http://uk.businessinsider.com/eu-referendum-uncertainty-and-popularity-of-ukip-during-the-general-election-2015-5">Britain is better off leaving the European Union</a>.</p><p>Lord Bamford, who is the boss of JCB which makes manufacturing equipment for construction, demolition and agriculture, said that he believes that <a href="http://uk.businessinsider.com/take-a-look-at-all-the-major-economic-arguments-for-and-against-britain-leaving-the-eu-hsbc-note-2015-5">Britain's trade ties will not be greatly affected by a Brexit</a> and that the nation would be better placed to negotiate with the EU if it left the union.</p><p>"We are the fifth or sixth largest economy in the world. We could exist on our own, peacefully and sensibly," <a href="http://www.bbc.co.uk/news/business-32775396">said Lord Bamford.</a> <span style="line-height: 1.5em;">"<a href="http://uk.businessinsider.com/capital-economics-roger-bootle-the-eurozone-is-a-complete-disaster-and-we-need-a-brexit-2015-5">The UK could negotiate as our own country</a> rather than being one of 28 nations in Brussels as we are today."</span></p><p><span style="line-height: 1.5em;">When asked directly about whether Britain it would be better if Britain operated left the EU, he added:</span><span style="line-height: 1.5em;">"I think it would be, because I really don't think it would make a blind bit of difference to trade with Europe. There has been far too much scaremongering about things like jobs. I don't think it's in anyone's interest to stop trade. I don't think we or Brussels will put up trade barriers."</span></p><p>JCB is a<span style="line-height: 1.5em;"> privately-held firm and reported a 6% drop in sales for 2014, compared with 2013, to £2.5 billion. The company said this was mainly due to slide in emerging market sales. In China and Brazil, plant machinery equipment revenue tanked by 17% in 2014, while Russia reported a 27% plunge in sales.</span></p><p><span style="line-height: 1.5em;">In contract, sales in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> rocketed by 30% while revenue in the US jumped by 13%.</span></p><p><span style="line-height: 1.5em;">Britain's ruling Conservative Party will have to deliver a referendum by 2017 over whether Britain will stay part of the EU or not, since it was a linchpin pledge during the campaign.</span></p><p>According to reports, <a href="http://uk.businessinsider.com/britains-eu-referendum-could-lead-to-brexit-in-2016-2015-5#ixzz3aT6BIGUq">Prime Minister David Cameron is said to be already putting plans in motion to bring forward an in/out referendum by a year</a>.</p><p>Though the Tories are pushing through the promise of a referendum, however, <a href="http://uk.businessinsider.com/eu-referendum-uncertainty-and-popularity-of-ukip-during-the-general-election-2015-5">the party is largely against leaving the EU</a>.</p><p>In January last year, UK Chancellor George Osborne said the <a href="http://uk.businessinsider.com/take-a-look-at-all-the-major-economic-arguments-for-and-against-britain-leaving-the-eu-hsbc-note-2015-5">Tories were determined to deliver on the promise of a referendum but they would prefer to stay within the EU and negotiate "a better deal."</a></p><p>"Our determination is clear: to deliver the reform and then let the people decide," Osborne said in a speech at a Tory party conference on January 14. "It is the status quo which condemns the people of Europe to an ongoing economic crisis and continuing decline. And so there is a simple choice for Europe: reform or decline."</p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-economics-2015-3">'Game of Thrones': The Iron Throne is a terrible investment</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tvNncydDrkw0Adz4yS0Vsg8DPK1cte-i" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

This big UK company boss thinks a Brexit is the best idea for Britain

<ul class="summary-list"><li>This is a preview of <strong><em><em>The Payments Ecosystem</em></em></strong> research report from Business Insider Intelligence.</li><li><a href="https://store.businessinsider.com/products/the-payments-ecosystem?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-credit-card-networks-payment-list&amp;vertical=paycom#!/">Purchase this report.</a></li><li><a href="https://store.businessinsider.com/products/payments-commerce-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-credit-card-networks-payment-list">Business Insider Intelligence offers even more consumer coverage with Payments &amp; Commerce Pro. Subscribe today to receive industry-changing payments and commerce news and analysis to your inbox.</a></li></ul><p>Almost everyone knows the big four largest credit card networks: Visa, MasterCard, and American Express.</p><p>But the list of credit card networks extends well beyond those three heavyweights, as there are dozens of other companies around the world that each have a piece of the pie.</p><p>Below, we've outlined each of these companies, identified their credit card network market share, and explained what each brings to the table.</p><h2>Visa</h2><p>Visa remains the king of the mountain in the card network industry. Visa posted $2.1 trillion in total payment volume (TPV) on 43.2 billion transactions during its fiscal Q2 2019 marking an 11% year-over-year (YoY) increase in transaction volume. Additionally, Visa <a href="https://usa.visa.com/visa-everywhere/blog/bdp/2019/06/03/hey-new-york-1559580846202.html" target="_blank" rel="noopener">expects</a> its estimated 100 million contactless cards in the US to triple to 300 million by the end of 2020. </p><h2><strong>MasterCard</strong></h2><p>MasterCard is no slouch, as it has secured the No. 2 spot among card networks. Mastercard posted $3.9 billion in net revenue in Q1 2019, up 9% YOY. Additionally, the card network counts  2.5 billion cards in circulation, and Mastercard-branded cards grew 224 million YoY.</p><h2><strong>American Express</strong></h2><p>American Express remains a force among its peer card networks even though it doesn't have the sheer numbers of Visa or MasterCard.  In 2018, Amex added 1 million new merchants in the US to its merchant network in addition to growing its US billed business by 9% YOY. </p><h2><strong>Discover</strong></h2><p>Discover remains in fourth place behind Visa, MasterCard, and Amex. Discover saw 10% year-over-year (YoY) growth in its total network volume (TNV) in Q4 2018, to hit $99 billion. </p><h2><strong>Interlink</strong></h2><p>Interlink is the electronic funds transfer division of Visa and it operates primarily within the U.S. But unlike a standard Visa check card purchase, and Interlink purchase uses a PIN and can provide cash back from the merchant.</p><h2><strong>STAR</strong></h2><p>STAR was one of the first networks to focus on PIN debit, and First Data bought the company in 2003. The company prides itself on its innovation, such as the first processing of an envelope-less deposit at an ATM and the first real-time direct electronic check debit.</p><h2><strong>Accel</strong></h2><p>The Accel interbank network links more than 400,000 ATMs throughout all 50 states, along with a few U.S. Air Force bases around the globe.</p><h2><strong>Interac</strong></h2><p>Interac is the primary Canadian debit card system and flourishes there because other traditional providers, such as Visa and MasterCard, hardly provide cards in the nation. There are over 59,000 automated teller machines that can be accessed through the Interac network in Canada, and over 450,000 merchant locations accepting Interac debit payments.</p><h2><strong>Visa ReadyLink</strong></h2><p>This service allows Visa cardholders to quickly add cash to their prepaid accounts. Retailers such as Safeway and 7-Eleven make ReadyLink available to customers.</p><h2><strong>PULSE</strong></h2><p>Discover owns PULSE, which operates an interbank network for more than 4,400 financial institutions and 380,000 ATMs in the U.S.  In 2019 PULSE, saw 11% YoY growth to reach $47.1 billion in volume. </p><h2>JCB</h2><p>Japan Credit Bureau (JCB) established itself in the Japanese credit card market and its cards are even used in over 20 different countries. In 2019 JCB teamed up with Santander , through which the bank will handle JCB acceptance for merchants in Spain. </p><h2>More to Learn</h2><p>These card networks handle so much volume and so many dollars each day, and yet they are still just part of the larger payments ecosystem, which includes issuers, merchants, and more. That's why BI Intelligence spent months putting together a detailed guide on the world of payments entitled <em><strong>The Payments Ecosystem Report</strong></em><strong><em>.</em></strong></p><p><strong><em>Interested in getting the full report? 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Here are the credit card networks and payment networks you need to know

New Delhi, Jan 2 () The National Payments Corporation of India (NPCI) on Thursday said the homegrown payments technology RuPay will offer 40 per cent cashback for its international card users for transactions in select countries.
<p> Indians travelling to the UAE, Singapore, Sri Lanka, the UK, the US, Spain, Switzerland and Thailand will be able to earn up to Rs 16,000 cashback per month by getting their RuPay International Card activated, the NPCI said in a release.
</p><p>With RuPay International cards --JCB, Discover and Diners Club--customers using multiple cards can earn more cashbacks under the 'RuPay Travel Tales' campaign.
</p><p>To avail the cashback benefit, customers will have to do a minimum transaction of Rs 1000 and the maximum cashback is capped at Rs 4,000 for a single transaction. 
</p><p>The offer can be availed by customers using RuPay International Card four times a month that can give them a chance of earning up to Rs 16,000 as cashback. 
</p><p>Praveena Rai, COO, NPCI said, "We always aim to create an end-to-end value proposition for RuPay International cardholders to make their overseas travel experience seamless and memorable. The campaign is not only providing an exciting platform for travelers to earn cashbacks but also motivating them to migrate towards digital transactions nationally and globally".
</p><p>Apart from earning cashbacks, RuPay International cardholders can access to RuPay affiliated domestic/international airport lounges. 
</p><p>They also can avail attractive offers on booking international fights and hotels in association with Thomas Cook and Make My Trip, the release said.
</p><p>RuPay has a partnership with Discover Financial Services (DFS) and Japan based JCB International, allowing RuPay users the access to across 190 countries. 
</p><p>As on date, there are over 1,100 banks live on RuPay platform including SBI, HDFC Bank, Axis bank, among others.
</p><p>RuPay card base has crossed 600 million, half of which are in the mid and premium segments, NCPI said.
</p>NPCI was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. An initiative of RBI and IBA under the provisions of the Payment and Settlement Systems Act, 2007, NPCI was initiated for creating a robust payment and settlement infrastructure in the country.    KPM MR
MR

RuPay International to offer cashback up to Rs 16K for transactions abroad

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div></p><p>The traditional drivers of China's economy are slowing, and it is showing up in the country's employment market. </p><p><a href="http://quantondata.com/">Quanton Data</a>, a firm which focuses on structuring big data and identifying data sets that could help investors make money, has put together a database of job postings from over a hundred different job boards serving China.</p><p>The data goes back four years. </p><p>According to a September report, manufacturing job postings in the country are crashing. </p><p>"Our Manufacturing Job Posting Index continues its multi-year decline reaching a new low in August, mainly driven by continued strong downward trends in Energy and Materials postings."</p><p>Consumer staples postings have also dropped, falling in September for the seventh straight month. </p><p>The index echoes evidence elsewhere that the traditional drivers of China's economy - manufacturing and property - are slowing fast.</p><p>Alcoa on Thursday<span> <a href="http://www.businessinsider.com/alcoa-cuts-china-outlook-2015-10">downgraded its expectations</a> for all but one of its major segments in the world's second-largest economy.  </span><span><span>Caterpillar, a global bellwether for industrial investment and development, </span><a href="http://www.businessinsider.com/caterpillar-restructuring-and-job-cuts-2015-9">announced layoffs and a reduction in its expectations</a><span> for equipment sales, citing a "</span><span>a convergence of challenging marketplace conditions." </span></span></p><p><span><span>UK-based JCB, which competes with Caterpillar, said it would cut jobs after the market in <a href="http://www.businessinsider.com/jcb-cuts-jobs-on-brazil-china-russia-slowdown-2015-9">China had dropped by almost half in the first six months of the year. </a></span></span></p><p>Here are the key findings from Quanton Data's September report.</p>

There is a new indicator for economic activity in China - and it doesn't look good

<br />
Attempting to turnaround the fall in construction equipment industry, <a href="http://www.businessinsider.in/BJP-Prez-Amit-Shah-criticises-Congress-hails-BJP-one-year-on/articleshow/47427020.cms">BJP</a>-ruled states led the pack in building of national highways in 2014-15, with Rajasthan, <keyword id="6355554" type="COMPANY" weightage="100" keywordseo="Madhya-Pradesh">Madhya Pradesh</keyword> and Chhattisgarh figuring among the top five performers on this count. BJD-ruled Odisha and Samajwadi Party-ruled Uttar Pradesh were the other two states.<br />
<br />
The year saw a slight pickup in construction activity, with 4,409 km of highways being built during the fiscal, up from 4,281 km in the previous year. Yet, the figure was lower than the 5,732 km achieved during 2012-13. <br /> The <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> government has cleared 1,231 projects for 37,000 km to meet its target for highways sector as part of a strategy to spur infrastructure development.<br />
<br />
The construction equipment industry , which saw a 10.8 per cent fall in demand in 2014-15, saw a turnaround in the first quarter of the current fiscal.<br />
 <br />
The spurt in road construction led to a 93 per cent surge in bitumen imports in 2014-15, when 13 km of roads were built on average every day under the Modi <a href="http://www.businessinsider.in/The-activist-in-BJP-Sudhanshu-Mittal/articleshow/46606867.cms">governmen</a>t compared to 3 km in the last days of the previous regime.<br />
<br /> The <keyword id="87432" type="ORGANIZATION" weightage="100" keywordseo="National-Highways-Authority-of-India">National Highways Authority of India</keyword> (NHAI) could not award the targeted projects due to the economic downturn in 2013-14. <br />
<br />
However, the <a href="http://www.businessinsider.in/Look-for-Rahul-dont-try-digging-out-Govts-faults-Amit-Shah-slams-Cong-at-BJP-national-executive/articleshow/46794436.cms">governmen</a>t has decided to kick-start projects on the engineering, procurement and construction mode (EPC) which entails en tire funding from the Union <a href="http://www.businessinsider.in/Budget-2014-Signals-Achche-Din-For-Middle-Class/articleshow/38207490.cms">budget</a>. "Things have started to move in the right direction and we are seeing a bottoming out trend in demand. Increased public expenditure on infrastructure is a good sign," said equipment manu facturer JCB India's manag ing director and CEO, <keyword id="617645" type="UNKNOWN" weightage="100" keywordseo="Vipin-Sondhi">Vipin Sondhi</keyword>.<br />
<br />
Participation of the private sector in projectsis yet to gath er pace. The road ministry is in the process of receiving bids for projects totalling 700 km and worth Rs 9,200 crore offered on BOT-toll mode in the first quarter of the current fiscal. <br />
<br />
(Image credits: Indiatimes)

BJP-led construction work helping the industry regain from its downfall

<ul><li><strong><keyword id="267527" type="COMPANY" weightage="20" keywordseo="Craftsman-Automation">Craftsman Automation</keyword> has launched its ₹824 crore initial public offer (IPO) today, and it will be open for subscription till March 17.</strong></li><li><strong>The price band is fixed at ₹1,488-1,490, and each lot consists of 10 equity shares.</strong></li><li><strong>While some investment experts are bullish on the stock and suggest subscribing, others have pointed out certain risk factors.</strong></li><li><strong>This includes the risk posed by electric vehicles and supply chain shocks, among others.</strong></li></ul>It’s raining initial public offers (IPO) this month, and the latest to join the list is the ₹824-crore <keyword id="10449692" type="UNKNOWN" weightage="20" keywordseo="Craftsman-Automation-IPO">Craftsman Automation IPO</keyword>.<br /><br />The Coimbatore-based company has kicked off its IPO today, March 15, with a price band of ₹1,488-1,490, netting you 10 shares per lot. The total IPO size is worth ₹824 crore, but Craftsman Automation has already secured ₹247 crore from anchor investors.<br /><br />50% of the issue is reserved for qualified institutional buyers (QIB), 15% for non-institutional bidders and the remaining 35% for retail investors.<br /><br /><cmsannotation type="cmsannotation" annotationid="Understanding the business of Craftsman Automation" comment="subhead" text="Understanding the business of Craftsman Automation"><span data-til="noop">Understanding the business of Craftsman Automation</span></cmsannotation><br /><br />Craftsman Automation was founded in 1986 in Coimbatore. It has vertically integrated manufacturing capabilities and primarily caters to three business verticals – automotive-powertrain, automotive-aluminum, and industrial &amp; engineering.<br /><br />Craftsman is the leading player when it comes to machining of cylinder blocks and cylinder heads which are used in the commercial vehicles and construction equipment industries. It is also one of the top companies when it comes to supplying these parts in the tractor segment.<br /><br />Coming to the automotive-aluminum vertical, Craftsman has an array of processes in the high pressure, low pressure and gravity die casting for manufacturing auto components for passenger vehicles.<br /><br />In the industrial and engineering vertical, Craftsman builds aluminum products for power transmission, high-end precision products like gear boxes, marine engines and more.<br /><br /><cmsannotation type="cmsannotation" annotationid="Here are some of the clients of Craftsman Automation" comment="subhead" text="Here are some of the clients of Craftsman Automation"><span data-til="noop">Here are some of the clients of Craftsman Automation</span></cmsannotation><br /><br />Craftsman Automation has an impressive list of clients that includes companies like Daimler India, Tata Motors, Ashok Leyland, Mahindra &amp; Mahindra, Escorts, John Deere, JCB India, TVS Motors, Royal Enfield among others.<br /><br /><table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage<br /><br /></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher<br /><br /></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct<br /><br /></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank Securities<br /><br /></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term<br /><br /></td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Marwadi Financial Services<br /><br /></td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe<br /><br /></td></tr></tbody></table><br /><cmsannotation type="cmsannotation" annotationid="Craftsman Automation – strengths and risk factors" comment="subhead" text="Craftsman Automation – strengths and risk factors"><span data-til="noop">Craftsman Automation – strengths and risk factors</span></cmsannotation><br /><br /><cmsannotation type="cmsannotation" annotationid="Diversified engineering company" comment="subhead" text="Diversified engineering company"><span data-til="noop">Diversified engineering company</span></cmsannotation><br /><br />Craftsman is the largest player in the machining of cylinder blocks and cylinder heads used in commercial vehicles and construction industry. Apart from this, it also offers products in the passenger vehicle, power transmission, marine engine segments, among others.<br /><br />“Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10.<br /><br /><cmsannotation type="cmsannotation" annotationid="Strong in-house processes and designing capabilities" comment="subhead" text="Strong in-house processes and designing capabilities"><span data-til="noop">Strong in-house processes and designing capabilities</span></cmsannotation><br /><br />The SMC report further adds that Craftsman has a ‘strong focus’ on research and development. Its manufacturing automation teams integrate robots and gantry systems, which helps in ensuring consistent quality. The report notes that Craftsman’s design capability is unique amongst its competitors.<br /><br /><cmsannotation type="cmsannotation" annotationid="Impressive domestic and global clientele" comment="subhead" text="Impressive domestic and global clientele"><span data-til="noop">Impressive domestic and global clientele</span></cmsannotation><br /><br />Craftsman has a range of marquee clientele, both domestic as well as global. Some of the big domestic names include Tata Motors, Mahindra &amp; Mahindra, Ashok Leyland, TVS Motors, Royal Enfield and others. Global names in the list include the likes of John Deere, India subsidiaries of Daimler, JCB among others.<br /><br /><cmsannotation type="cmsannotation" annotationid="Improving margins despite challenging business environment" comment="subhead" text="Improving margins despite challenging business environment"><span data-til="noop">Improving margins despite challenging business environment</span></cmsannotation><br /><br />Despite a challenging business environment and falling revenues, Craftsman has been able to improve its earnings. While its revenues fell by nearly 18% from March 2019 to March 2020, its earnings before interest, tax, depreciation and amortisation (EBITDA) improved from 25.12% to 27.24%.<br /><br />EBITDA is a measure of the company’s financial performance.<br /><br /><cmsannotation type="cmsannotation" annotationid="Powertrain and allied components prone to electric vehicles risk" comment="subhead" text="Powertrain and allied components prone to electric vehicles risk"><span data-til="noop">Powertrain and allied components prone to electric vehicles risk</span></cmsannotation><br /><br />While Craftsman’s prowess in the powertrain segment adds heft to the company’s profile, powertrain components would be obsolete when the present internal combustion engine (ICE) based vehicles are replaced by electric vehicles (EVs).<br /><br /><cmsannotation type="cmsannotation" annotationid="Low aftermarket presence ties company’s fortunes to OEMs" comment="subhead" text="Low aftermarket presence ties company’s fortunes to OEMs"><span data-til="noop">Low aftermarket presence ties company’s fortunes to OEMs</span></cmsannotation><br /><br />Craftsman caters to original equipment manufacturers (OEMs) across its three business verticals. Some of these OEMs operate in industries like automotive, steel, cement among others, which are cyclical in nature.<br /><br />As such, the demand tapers off in some seasons, and since Craftsman directly serves OEMs, its fortunes are tied to those of the OEMs.<br /><br /><cmsannotation type="cmsannotation" annotationid="Limited long-term contracts, prone to supply chain risk" comment="subhead" text="Limited long-term contracts, prone to supply chain risk"><span data-til="noop">Limited long-term contracts, prone to supply chain risk</span></cmsannotation><br /><br />According to the ICICI Direct report dated March 12, Craftsman does not have any exclusive supply arrangements and purchases material on a spot order basis. This exposes the company to supply chain risks.<br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/stock-market/news/the-760-crore-anupam-rasayan-ipo-has-received-a-mixed-response-from-brokerages-heres-what-works-for-it-and-what-doesnt/articleshow/81462495.cms">The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't</a><br /><br /><a href="https://www.businessinsider.in/stock-market/news/bitcoins-path-to-5-trillion-plus-the-markets-20-most-shorted-spacs-right-now/articleshow/81501083.cms">Bitcoin's path to $5 trillion, plus the market's 20 most-shorted SPACs right now</a><br /><br /></strong><a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms"><strong>Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both</strong></a><br />

The ₹824-crore Craftsman Automation IPO opens today – should you subscribe?

<br /><ul><li><strong>Top management institute <keyword id="1821069" type="COMPANY" weightage="20" keywordseo="Xavier-School-of-Management">Xavier School of Management</keyword> (<keyword id="64843" type="ORGANIZATION" weightage="20" keywordseo="XLRI">XLRI</keyword>) placed all of 359 students within the first two days of <keyword id="121400" type="PERSON" weightage="20" keywordseo="campus-placements">campus placements</keyword>. <br /></strong></li><li><strong>Almost half of the offers bagged by the students were made via pre-placement offers. <br /></strong></li><li><strong>The average salary package increased from ₹22.3 lacs in 2019 to ₹24.3 lacs this year.<br /></strong></li><li><strong>The highest international offer stood at ₹58 lacs from the sales &amp; marketing.</strong></li></ul>Top management institute Xavier School of Management (XLRI) placed all of 359 students within the first two days of campus placements. As many as 108 companies participated in the campus drive — rolling out domestic and international offers. <br /><br />In fact, almost half of the offers bagged by the students were made via PPOs (pre-placement offers). <br /><br />The average salary package increased from ₹2.2 million in 2019 to ₹2.4 million this year. Banking and financial services turned out to be the highest paymaster — offering domestic salaries as high as ₹5 million. <br /><br />The highest international offer stood at ₹5.8 million from the sales &amp; marketing domain.<br /><br />“This year’s placement season has once again witnessed remarkable success in spite of the longish economic slowdown. Top companies coming for recruitment is an affirmation by the industry of the high-standard of management-centric education that we strive for,” said J Christie, Director at XLRI.<br /><br /><strong>Top recruiters — Consulting, Sales &amp; Marketing, BFSI</strong><br /><br />Wrapping up the recent campus placement season, the B-school attracted most promising job packages from the consulting (26%),, sales and marketing (21%) and BFSI (banking and financial services) at 17%. <br /><br />Global multinationals <keyword id="50041" type="COMPANY" weightage="20" keywordseo="KPMG">KPMG</keyword> and PwC topped the charts, rolling out the most number of offers. While Myntra, Power Finance Corporation, Delhivery, JCB and Diageo emerged as the first time recruiters at XLRI. <br /><br />“The increase in BFSI hiring can be attributed to a higher number of candidates opting for the finance specialization and a vibrant appreciation for finance in the form of finance associations and an in-house XLRI Student Investment fund,” XLRI said. <br /><br /><keyword id="6361649" type="PERSON" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, Citibank, JP Morgan were some of the top recruiters hiring for finance roles. <br /><br />Last year, <keyword id="136162" type="COMPANY" weightage="20" keywordseo="Boston-Consulting-Group">Boston Consulting Group</keyword> emerged as the leading recruiter at XLRI, which also scored 27% of job offers in the from sales &amp; marketing domain. <br /><br /><strong>See also: </strong><br /><a href="https://www.businessinsider.in/careers/news/amazon-becomes-the-top-recruiter-at-mdi-gurgaon-with-a-40-5-lakh-offer/articleshow/73545137.cms">Amazon becomes the top recruiter at MDI Gurgaon with a ₹40.5 lakh offer</a><br /><br /><a href="https://www.businessinsider.in/careers/news/iim-mba-finance-students-pick-ai-and-tech-roles-over-investment-banking/articleshow/72467406.cms">Recruiters explain why finance MBAs in India are looking beyond investment banking roles⁠— and rightly so</a><br />

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