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Tata Steel plans to shut down two worksites in the UK, a move that could jeopardise 400 jobs. The loss-making Orb Electrical Steels unit in South Wales and the Wolverhampton Engineering Steels Service Centre are part of five non-core facilities that were up for sale, but they failed to find a buyer. The Tatas are looking to make their European steel operations cash-positive after failing to win regulatory approval for a joint venture with ThyssenKrupp.
India’s ultra-rich are turning cautious on their investments, Quartz reports, citing a Hurun survey of high net-worth individuals. That’s because more than a third of the respondents are pessimistic about the economy’s prospects over the next three years. As many as 36% are avoiding risky investments and are more likely to park money in safe havens such as real estate, gold, fixed income plans and deposits. Nearly half of the well-heeled population is ignorant about virtual currencies such as bitcoin, presently outlawed in India.