Top headlines: LVB working on backup plan; Amnesty shuts India operations

he process of selection of candidates for the managing director’s post is already through.
Lakshmi Vilas Bank crisis: Working on a back-up plan, says Shakti Sinha

Ailing private lender Lakshmi Vilas Bank is in urgent need of capital. A clear picture on the amalgamation proposal of Clix Capital group will emerge in two weeks, Shakti Sinha, director on board of LVB, told Abhijit Lele in an interview. Sinha is part of the three-member committee of directors which would exercise the discretionary powers of the MD & CEO of the bank. What is future course for LVB? What are the priorities for now? The process of selection of candidates for the managing director’s post is already through from our side. Read More

Covid-19 impact: Low interest loans likely for vaccine companies

As Indian vaccine candidates inch closer towards Phase 3 trials in December, talks on the government likely to facilitate low interest loans to these players to help scale up production are gaining ground. Multiple sources within the vaccine industry in India said while there has been no commitment from the government on the procurement of vaccines, initial volumes, or distribution plans, there is a likelihood that the low interest loans may be made available to these players only when the time to scale up manufacturing arises. Read More

Amnesty International halts India operations citing govt witch-hunt

Amnesty International on Tuesday halted its work in India days after its bank accounts were frozen by the government in what the organisation called a witch-hunt of human rights organisations. Amnesty International was compelled to let go of staff and pause all ongoing campaigns and research work after it came to know about the freezing on September 10. Read More

Commercial coal auction: Adani, Hindalco, Essel Mining among bidders

India’s first-ever auction to commercially mine and sell coal has received 82 bids from 46 companies in the technical round. Well-known names like Adani Mining, Essel Mining, and Hindalco, as well as several new entrants -- mostly from the MSME sector and non-coal industries -- put in their bids. Read More

Covid-19: Liquid form of remdesivir to smoothen supply, says industry

Shortage of key drug remdesivir, used to treat hospitalised Covid-19 patients, may ease as the liquid form of the medicine may make its way into the market soon. Makers here say that the innovator — Gilead — has come up with a liquid formulation that would be available in the market. The liquid form may be easier and faster to manufacture. Read More

Early Diwali for gig workers: E-commerce firms to create 300,000 jobs

With the festive season likely to see a massive customer base growth, companies are pushing new shopping models like WhatsApp sales, which will create 300,000 temporary and permanent jobs. Read More

Reliance Jio pitches for spectrum auction; says delay will hurt exchequer

Reliance Jio has yet again pitched for spectrum auction as the company feels that there is an urgency for better quality of service. The company, in a letter to the Department of Telecommunications, said there was an an urgent need for immediate auction of all the available spectrum in all bands. Read More

IndiGo bucks trend, pays performance-linked bonus to lowest-rung staff

India’s largest airline IndiGo has decided to pay performance-linked incentives to its lower rung employees for FY20. The incentives, which were withheld in this financial year as part of cost-control measures, is being paid to Grade A and Grade B employees whose basic salary is up to Rs 50,000, a spokesperson of the airline said. The airline, which has 60 per cent market share in the country, had implemented two rounds of salary cuts and terminated 10 per cent of their workforce in order to control cash outgo. Read More

RBI move to keep yields low shakes bond mkt, leaves participants perplexed

The Reserve Bank of India’s (RBI) market interest rate stance and signaling method is leaving the bond market perplexed. It is making those who do not have enough capital to absorb losses nervous should yields start moving up in a year or two. The central bank has devolved 10-year bond issues — worth about Rs 58,500 crore — for the fourth time in a row and also cancelled outright (OMO) of Rs 10,000 crore. Read More

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