Twenty-two foreign airlines have partnered Mukesh Ambani’s Reliance Jio for inflight internet connectivity in Indian skies. The telecom major, which is among the Indian companies that got the in-flight connectivity licence, has also announced three onboard data plans all of which have a validity of a day with prices ranging from Rs 499 to Rs … Continue reading Reliance Jio announces inflight data plans
Nicknamed “Lone Wolf” for his eschewing of politics and clubby business groups, Zhong’s fortune has jumped $51.9 billion in 2020, more than anyone else in the world except Amazon.com Inc’s Jeff Bezos and Tesla Inc’s Elon Musk. Zhong Shanshan’s net worth reached $58.7 billion on Wednesday, $2 billion more than Jack Ma.
Airlines are now free to implement their own check-in baggage policies. When domestic flights were allowed on May 25 after a two-month lockdown suspension, the aviation ministry had asked airlines to allow one check-in bag of up to 20 kg per passenger.
The Reserve Bank of India (RBI) gave borrowers a six-month freeze on their loan repayments, which ended on August 31, with about a third of India’s $1.8 trillion outstanding loans being deferred under the program. Businesses still trying to cope with a collapse in demand must now figure out how to pay back their loans … Continue reading End of moratorium threatens pain, defaults for biz
Gold price fell for the fourth consecutive day on Thursday, declining by Rs 485 to Rs 50,418 per 10 grams in the national capital amid weak international trends, according to HDFC Securities.
Business groups on Thursday welcomed contentious and long-delayed labour reforms passed by the Parliament this week, aimed at making hiring and firing workers easier and imposing restrictions on trade unions. The reforms to India’s decades-old labour laws are a key part of Modi’s moves to liberalise conditions for investment. But they have met with resistance … Continue reading Businesses cheer, unions fear new labour reforms
American cult bike maker Harley-Davidson has decided to shut down its India factory as business remains sluggish and sales are hard to come by. The company may soon announce a partnership with a local, homegrown Indian two-wheeler company that many expect to be Hero MotoCorp. The company had its factory at Bawal in Haryana.
Investors lost a whopping Rs 11,31,815.5 cr in six days of market declines, with concerns over economic recovery sapping risk appetite. Falling for sixth straight session, the BSE Sensex plunged 1,114.82 points or 2.96% to close at 36,553.60 on Thursday, tracking a heavy selloff in global markets. The market capitalisation of BSE-listed companies stood at … Continue reading Market mayhem: Investors lose Rs 11.31 lakh crore in 6 days
The government’s decision to do away with merchant fees on all payments using RuPay debit cards appears to have had some unintended consequences. There are indications that banks are choosing to issue Visa and MasterCard, which do not face any restriction on fees unlike RuPay.
The Reserve Bank of India may not be keen on pursuing suggestions for monetisation of deficit, a proposal that is being pushed by a section of policy makers in Delhi as a way to reduce market borrowings during the second half of the current financial year.
Apple’s first online store in India went live on Tuesday, offering a full range of products, support and premium experience to consumers and the large aspirational fan base across the country, including trading old phones for a new iPhone.
Investors slashed $50 billion from Tesla Inc’s market value on Tuesday despite CEO Elon Musk’s promise to cut electric vehicle costs so radically that a $25,000 car that drives itself will be possible, but not for at least three years. Tesla’s market cap dropped $20 billion in just two hours after trading closed Tuesday, as … Continue reading Tesla’s value drop $50bn as batteries 3 yrs away
The strict lockdown in the first quarter of the current fiscal resulted in creating pent-up demand for home and auto loans, which is finding expression now. As per TransUnion Cibil data, home loan inquiry volumes in July and Aug have recovered to exceed last year’s levels but are still below Jan and Feb 2020. The … Continue reading Home loan inquiries top last year’s level
Vaccine major Bharat Biotech has joined hands with inked a licensing agreement with the Washington University School of Medicine in St. Louis for developing, conducting clinical trials, manufacturing and distributing a novel chimp-adenovirus, single dose intranasal vaccine for Covid-19.
State Bank of India (SBI) chairman Rajnish Kumar has said he does not expect the value of bank loans to corporates that come up for restructuring to exceed Rs 2 lakh crore. While rating agencies have forecast that loans of nearly Rs 8 lakh crore may need to be restructured, the chief of the country’s … Continue reading SBI: Only Rs 2L cr corporate loans may be recast
Uber’s India engineering team has been at the forefront of updating its maps across 150 cities around the world during the pandemic – pointing out containment zones, road closures and new routes that drivers can use to pick up riders in the shortest possible time.
US private equity firm KKR & Co Inc will invest 55.50 billion rupees ($755.09 million) in Reliance Industries Ltd’s retail arm, giving the unit a pre-money valuation of 4.21 trillion rupees, the Indian conglomerate said on Wednesday.
European airlines are pinning hopes on pre-flight Covid-19 tests that deliver results as fast as pregnancy tests to help restore passengers’ confidence in taking to the skies in confined spaces with shared air. Germany’s Lufthansa, at the mercy of government bailouts for survival, is in talks with Swiss drugmaker Roche over deploying so-called antigen tests, … Continue reading Airlines pin hopes on pregnancy-type Covid tests
Walmart-owned Flipkart on Wednesday said it has partnered with Max Fashion, a move that will help the e-commerce major offer an expanded portfolio of apparel and accessories to customers ahead of the festive season.
The General Authority of Civil Aviation (GACA) of the Kingdom of Saudi Arabia has suspended travel to and from India in wake of the increasing number of Covid-19 cases here. Besides India, air travel to and from Brazil and Argentina has also been suspended by Saudi Arabia. However, passengers who have official government invitations have … Continue reading Saudi Arabia suspends travel to and from India
Benchmark indices pared intra-day gains to end with losses for the fifth straight session on Wednesday as sentiment remained risk-averse despite supportive cues from global markets. Telecom and finance counters witnessed robust selling, while gains in index heavyweights RIL and HDFC Bank restricted losses for the benchmarks.
Bharti Airtel on Wednesday said it has picked up a strategic stake in Waybeo under its start-up accelerator programme, in line with its strategy to ramp-up cloud offerings. The company did not divulge into the financial details of the deal.
The Supreme Court on Wednesday asked the Centre to clarify by Friday the modalities of refund of air tickets to be made to the passengers and travel agents in view of cancellation of flights during the Covid-19 induced lockdown period. The top court asked the Centre to file a fresh affidavit by September 25, with … Continue reading SC asks Centre to clarify on air ticket refunds
The ED has claimed that it is investigating major beneficiaries of the payouts from Paytm and HSBC Bank accounts of illegal betting transactions worth Rs 1,000 cr run by Chinese nationals using banned apps. The payment gateways were allegedly used for overseas transactions. On Tuesday, a Hyderabad court sent a Chinese national and two others … Continue reading Chinese betting apps: ED lens on Rs 1k cr payouts
For depositors of the tainted Punjab and Maharashtra Cooperative (PMC) Bank, the situation is not very different from what it was almost a year ago when the Reserve Bank of India (RBI) placed withdrawal restrictions on the bank after the mega scam involving misreporting of loans with senior bank officials’ involvement came to light.