Author: Finance Khabar
Southampton: The airline, which had already announced around 3,500 job losses, completed the rescue deal with major shareholders and creditors on Friday after various court approvals. Chief Executive Shai Weiss said that while the deal was a major step forward towards survival, more action was needed. “After the sacrifices so many of our people have made, further reducing the number of people we employ is heart-breaking but essential for survival,” he said. Airlines across the world have been slashing jobs and seeking funds after the COVID-19 pandemic grounded most flights earlier this year and demand has been slow to recover…
Seattle: The Seattle-based tech giant announced on Friday that it was expanding its workforce footprint in Bellevue, with new office space plans that will host a total of 25,000 employees in the next several years, the Seattle Times reports. That’s the same number of employees promised for Arlington, Virginia, by 2030. The Washington DC-area city won Amazon’s closely-watched HQ2 sweepstakes in 2018 by offering USD 573 million in cash grants and tax incentives. Amazon in exchange pledged to bring 25,000 new jobs that will pay on average USD 150,000 a year. Bellevue, meanwhile, hasn’t provided tax breaks or financial incentives…
New Delhi: At a time when the Centre is facing difficulties to disburse GST compensation to states on the low revenue collection, the Economic Advisory Council of the 15th Finance Commission has advised the latter to treat the financial year 2020-21 and 2021-22 differently in comparison to the next four years. The commission is to give recommendations for devolution of taxes and other fiscal matters over the next five years starting April 1, 2020. An official statement said that during an online meeting of the advisory council with the commission, the council was of the view that the Finance Commission…
New Delhi: Taking cognisance of a bank employee being manhandled recently, the finance ministry has assured that the government is committed to the safety of bankers and swift action will be taken against the person involved in the incident. The incident of manhandling of a banker of State Bank of India (SBI) was reported from Wardha district of Maharashtra earlier this week. Earlier in June, a police constable in Surat, Gujarat allegedly manhandled a female employee of Canara Bank. Santoshi Kumari of Saroli branch of Canara Bank was allegedly abused and pushed for not being able to print passbook as…
New Delhi: DEA cited the uptick in manufacturing purchasing managers’ index, auto sales, e-way bills among others to show that the country is witnessing a recovery. It noted that as countries unlocked in the quarter starting in July, recovery is underway globally. “India, too, is witnessing a sharp V-shaped recovery. India’s manufacturing purchasing managers’ index (PMI), at 52.2, has moved into expansionary zone in August for the first time since the lockdown, presenting much required recovery prospects for the manufacturing sector,” the 33-page report said. It added that V-shaped pattern of recovery is seen in the high-frequency indicators including auto…
New Delhi: The development comes after the Supreme Court’s September 1 verdict on the Adjusted Gross Revenue (AGR) issue, wherein the top court gave a 10-year timeline to the telecom companies to repay their dues, with an upfront payment of 10 per cent by March 31, 2021. In a regulatory filing, the company said its board has approved raising of funds through issue of equity shares or securities convertible into equity shares, GDR, ADR, foreign currency convertible bonds, convertible debentures, warrants, composite issue of non-convertible debentures and warrants entitling the warrant holders to apply for equity shares, or a combination…
New Delhi: Auto industry organization Siam said on Friday that manufacturers are not in a position to invest to implement the government’s new standards, as the industry is going through a very difficult period. The Society of Indian Automobile Manufacturers (SIAM) also said that government assistance is needed to push towards the targets set under the Automotive Mission Plan 2026 (AMP 2026). SIAM Chairman Rajan Vadhera said at the organization’s annual session here that the government has to invest a lot to implement the upcoming new standards and the industry is not earning due to the decrease in consumer demand.…
New Delhi: Corona epidemic has broken the back of the country’s retail business. Indian retailers have suffered a loss of Rs 19 lakh crore during the last 5 months. 3 months after the opening of the dockdown, traders across the country are facing a huge economic crisis. The Confederation of All India Traders (CAIT), an association of traders, says that if the urgent steps are not taken immediately to handle the retail trade, around 20% of shops across the country will have to be closed, which could also lead to large unemployment. is. CAT has demanded relief from interest and…
New Delhi: According to the report, the job listings for work from home roles within the education sector have also gone up by three and half-fold post-pandemic. Over 1,000 new jobs have been added to the Naukri platform in the education/teaching sector in July this year. Top six metros contribute to 55 per cent of jobs in the sector led by Delhi/NCR and Bengaluru. “The growth of ed-tech platforms and increased hiring by these players indicates major reforms in the sector,” Pawan Goyal, Chief Business Officer at Naukri.com said in a statement. Consequently, the platform also analysed recruiters search data…
New Delhi: In a letter to the BSNL Chairman P.K. Purwar, the employees union has sought for an urgent meeting of the unions and associations with the Chairman through video conferencing, to discuss about the gainful utilisation of the contract workers. “Even if the management considers that a section of the contract workers are redundant, they can be gainfully utilised in the marketing activities, to increase the revenue collection of the company. In view of the foregoing, we request you to kindly revisit all your earlier decisions to retrench the contract workers,” the letter said. In its hard-hitting letter, the…
New Delhi: Piyush Goyal spoke at the 60th SIAM Annual Convention which was held virtually. In connection with the industry’s demand for a reduction in GST taxation, Goyal asked the JV auto companies based in India to also ask for a royalty reduction from their parent companies to tide over these testing times. He also asked the JV companies to seek permission from their parent companies to allow them to export more from India to other countries. Besides, the Union Minister acknowledged that some sub-segments of the industry have almost reached pre-Covid-levels in August and the overall trend has improved.…
New Delhi: During an internal address to employees on Leave with Limited Benefits (LwLB), Rohit Kapoor, CEO, OYO India and South Asia said that although the company is hopeful about recovering, there is “sadly no clear visibility on the timelines at this moment”. The situation remains uncertain, as the number of Covid-19 cases across India continue to surge and impact consumer behaviour, he said. “As a result, hotels are reopening in phases and the recovery is taking much longer than expected. Despite our best efforts, we don’t quite know when our occupancies and revenues will recover to pre-Covid levels in…
MUMBAI: The domestic stock market has witnessed heavy selling amid weak global cues. Today, the business saw a downward trend throughout the day. There has been selling in all major sectors including banks and financials. All 12 stocks of Nifty Bank have closed in red mark. In this weakness, the Nifty has weakened to the level of 11350. The Sensex has a weakness of about 634 points and has closed at the level of 38,357.18. At the same time, the Nifty also closed at the level of 11352 with a weakness of 176 points. Talking about global signs, the Dow…
Franklin Templeton Mutual Fund’s six shut schemes have received about Rs 1,498 crore from maturities, pre-payments and coupon payments in the second half of August, the fund house said on Thursday. This takes the total cash flows received till date since April 24 to Rs 6,486 crore. On April 23, Franklin Templeton shook the investors by closing its six debt mutual fund schemes, citing redemption pressure and lack of liquidity in the bond market. The schemes together have an estimated Rs 25,000 crore as assets under management (AUM). These include Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund,…
New Delhi: Fraudulent transactions worth Rs 17,394 crore happened at debt-ridden mortgage firm DHFL during FY07 to FY19, according to transaction auditor Grant Thornton. Earlier this year, the administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct investigation into the affairs of the mortgage firm. Last year, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted the company for insolvency resolution. It had appointed Indian Overseas Bank’s former managing director and CEO R Subramaniakumar as the company’s administrator. “The preliminary estimation included in…
New Delhi:Private sector lender IndusInd Bank on Wednesday said it has approved allotment of preferential shares to marquee investors to raise Rs 2,495.79 crore. The lender said the shares have been issued T a price of Rs 524 a piece. In a regulatory filing, the bank said, “The Finance Committee of the board of directors at its meeting held on September 2, 2020, approved allotment of 4,76,29,768 equity shares of the face value of Rs 10 each at a price of Rs 524 per share on a preferential basis, for an aggregate consideration of Rs 24,95,79,98,432.” The filing further said,…
New Delhi: Prices of diesel were lowered marginally on Thursday, marking its first cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre. In the national capital diesel was now at Rs 73.40 per litre, as against Rs 73.56 a litre previously, according to a price notification of state-owned fuel retailers. Petrol, which witnessed the second rally in rates beginning mid-August, was unchanged at Rs 82.08 a litre. Thursday’s cut is the first reduction in diesel price since mid-March. It was then when Indian Oil Corp (IOC),…
As the Donald Trump administration has asked ByteDance to sell operations of its most popular short video platform TikTok in the US, a Chinese hotel management solutions provider has become another victim to sell its business in the country. Shiji Group, a China-based global hospitality technology provider which has Kempinski hotel as one of its clients, said on Tuesday that its board has approved the decision to sell its 100 per cent controlled US subsidiary StayNTouch to MRC, a US hotel operating company, after a White House administrative order, reports The Global Times. “Shiji will apparently become another Chinese victim…
New Delhi: Lieutenant Governor Anil Baijal approved the Delhi government’s suggestion to reopen the bar in the national capital from 9 September. This information has been received by quoting sources. After this order, liquor can be served in the pub / bar / restaurant and hotel in Delhi. The central operating SOP means standard operating procedure. Let us know that the Kejriwal government had given permission to open hotels and weekly markets in the past. Metro service will also be started from September 7. In the month of March, congested places were closed all over the country after the Corona…
New Delhi: State Bank of India has made gold loans cheaper. In order to enable customers to take the gold kept in the house during difficult times, the bank has brought the interest rate on SBI Personal Gold Loan Scheme at 7.50% per annum. The bank says that this interest rate for gold loans is the lowest in the industry. The benefit of SBI Personal Gold Loan Scheme can also be taken from the YONO SBI app. Apart from gold jewelery, gold coins can also be pledged in SBI Gold Loan Scheme. SBI has also increased the maximum loan amount…