Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to
pandemic, a note by CEO Bhavish Aggarwal said. In an email to employees, Aggarwal made it clear that the prognosis ahead for the business is "very unclear and uncertain" and the impact of this crisis is "definitely going to be long-drawn for us".
Sebi advises India Inc to make enhanced disclosures on Covid-19 biz impact
The Securities and Exchange Board of India (Sebi) has advised India Inc to make enhanced disclosures on the impact of Coronavirus
outbreak on their businesses, and provide both the quantitative and qualitative aspects. Read more
Covid-19 impact: Rolls-Royce to axe 9,000 jobs to save GBP 1.3 bn a year
Rolls-Royce plans to cut at least 9,000 jobs, or more than a sixth of its workforce, in the latest blows to the UK economy and aviation industry dealt by the coronavirus pandemic. Read more
ACME to cancel India's cheapest solar project citing Covid-19 impact
ACME Solar, which had bid India's lowest solar tariff has decided to cancel the project. It had won the 600-Mw project in Rajasthan at a historic low rate of Rs 2.44 per unit in 2018. The company in its petition to the Central Electricity Regulatory Commission (CERC) has cited Corona pandemic as one of the reasons for the cancelling the power purchase agreement (PPA) for the project with the government agencies. Read more
Foreign investors pull out $26 bn from Asian economies; $16 bn from India
Foreign investors have pulled an estimated $26 billion out of developing Asian economies and more than $16 billion out of India, increasing concerns of a major economic recession in Asia, independent Congressional Research Center said in its latest report on global economic effects of Covid-19. Read more...
Sebi shifts to NCL building as another staffer tests coronavirus-positive
Sebi has again had to close its headquarters at Mumbai’s BKC Complex for three days as another of its officials has tested positive for Covid-19. The regulator would temporarily operate out of the 20,000-square-foot NCL building located in the BKC area, sources say. Read on...
The number of people who have benefited from the 'Ayushman Bharat' scheme has crossed the 10 million-mark, Prime Minister Narendra Modi said on Wednesday, noting that the initiative has had a positive impact on several lives. In September 2018, PM Modi had launched the Pradhan Mantri Jan Arogya Yojana-Ayushman Bharat. Read more...
Govt's Rs 2 trn package will provide limited benefits: Subhash Chandra Garg
The economic package announced by the Centre is above Rs 20 trillion but the immediate delivery or aid is quite limited and less than 10 per cent while its benefits will also be limited, said former Union Finance Secretary Subhash Chandra Garg. Read more...
Vande Bharat Mission: Andhra Pradesh receives 459 Indians from abroad
An Air India flight carrying 145 people stranded in London, landed at Vijayawada Airport here on Wednesday, as part of the biggest ever off-shore evacuation drive of Indian citizens under the Vande Bharat Mission. The international airport in Visakhapatnam received two flights, one from Manila (Philippines) and the other from Abu Dhabi with 166 and 148 passengers respectively on Tuesday night. Read on...