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India unveils plan to boost cashless economy, tackle tax fraud

India has unveiled plans to cut transaction costs for electronic payments, to spur retailers and consumers to use less cash, as part of Prime Minister Narendra Modi’s drive to pull more people into the formal economy and boost public revenue. India is among the most cash-intensive economies in the world, with a cash-to-GDP ratio of 12 percent, almost four times that of markets such as Brazil, Mexico and South Africa,

Hyundai Motor to release more SUVs in China to regain momentum

South Korea’s Hyundai Motor Co on Tuesday said it began construction on its fifth Chinese plant, in Chongqing, to regain lost momentum in the largest auto market with a new compact car and higher production of sport utility vehicles. Hyundai, which together with affiliate Kia Motors Corp ranks fifth in global sales, has been struggling with slow sales in China partly due to an absence of new SUV models to