Top 10 biz headlines: 5G spectrum auction, Jet Airways crisis, and more

1. Telecom panel tells Trai to review recommendations on 5G spectrum sale

The Digital Communications Commission, the highest decision-making body in the telecom sector, on Thursday asked the Telecom Regulatory Authority of India (Trai) to review its recommendations on 5G spectrum sale, scheduled to take place in the calendar year to auction 8,644 MHz of airwaves, and make available a higher amount of spectrum, besides approving the rollout of airwaves for 5G trials in 100 days. Read more here

2. Govt may roll over Rs 62,000 cr in fuel, fertiliser subsidies to FY21

In a bid to meet the challenging fiscal deficit target of 3.4 per cent of gross domestic product (GDP) for 2019-20, the Narendra Modi government could leave as much as Rs 62,000 crore in fuel and fertiliser subsidy arrears unpaid and roll over that amount to FY21, officials involved in the making of the Budget said. Read more here

3. Govt reduces rate of contribution towards ESI scheme, employers to benefit

The government on Thursday announced reducing the total rate of contribution made by workers and employers towards the Employees’ State Insurance (ESI) scheme from 6.5 per cent to 4 per cent for the first time in over two decades. Read more here 

4. Walmart is expected to pump in $1.2 billion to fund Flipkart's operations

Walmart is looking at using $1.2 billion of its cash reserves parked outside the US to fund the operations of Flipkart, the home-grown e-commerce major in India which it acquired for a whopping $16 billion last year. This is expected to give the much-required firepower to Flipkart, which is facing intense competition from Amazon in the domestic digital commerce space. Read more here

5. Sebi hit the brakes on 'free of cost' transfers for FPIs in past year

The Securities and Exchange Board of India has not been giving permission to foreign portfolio investors (FPIs) to transfer assets through a provision which was previously in common use. Read more here

6. Explained: How a GE factory at Marhowra became a 'Make in India' flagship

The shop floor buzzes with activity as the finishing touches are given, with a proud flourish, to the 100th locomotive to roll off the assembly line. GE Transportation’s manufacturing unit at Marhowra, 80 km north of Patna in Bihar, is an unlikely place to become a showcase of Make in India but it is. Read more here

7. Fresh plan for Jet Airways rescue on cards; SBI to call meeting of lenders

State Bank of India (SBI) will soon convene a meeting of all lenders to the grounded Jet to work on a fresh resolution plan based on the new Reserve Bank of India guideline for stressed assets released on June 7. The lenders had earlier prepared a resolution plan, which envisaged fresh infusion of cash and a new partner, for the revival of the airline based on RBI’s February 12 circular. Read more here 

8. Big listed real estate companies drive profits home in a dull market

Large listed realty firms, who are mostly market leaders in their home cities, seem to be doing better than the broader realty market. Revenues of developers in BSE Realty Index including that of DLF, Oberoi Realty and others, have gone up by 20 per cent in the January-March quarter (Q4) of FY19 on a yearly basis, data culled by Business Standard Research Bureau showed. Read more here

9. One in two diabetics lacks access to insulin in India

One in two people needing insulin in India lack access to it, and the public hospitals in some States may be reeling under an intermittent shortage of insulin, a research paper published in British Medical Journal Global Health (BMJ) has said, reports BusinessLine. Read more here

10. India cannot stay immune to global impact of the trade war: HSBC’s Quinn

As the US-China trade war heats up, the impact on India and other developing nations is being closely watched. With India’s economy showing signs of a slowdown, this trade war could be beneficial for the country if investments that would have otherwise gone to China come to India, says LiveMint in an interview with Noel Quinn. Read more here

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