Top 10 biz headlines: Boeing cuts 12,000 jobs, SBI slashes FD rate and more

The layoffs are expected to be concentrated in the Seattle area, home to Boeing's commercial-airplanes business
Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming. The Indian economy may shrink five per cent in the current fiscal, and may barely recover the loss next year by growing five per cent, say experts. Here are the top ten business headlines on Thursday

Boeing slashes 12,000 jobs as coronavirus impacts travel industry

Boeing will lay off 6,770 US employees this week, and another 5,520 workers are taking buyout offers to leave voluntarily as the coronavirus pandemic seizes the travel industry. Read more here

Amrapali case: ED attaches JP Morgan India accounts worth Rs 187 crore

The Enforcement Directorate (ED) has attached JP Morgan India’s accounts to recover the amount identified as the proceeds of crime under the Prevention of Money Laundering Act. Read more here

FMCG capacity utilisation surges to 70-75% as lockdown curbs ease

From levels of 20-40 per cent in April, FMCG capacity utilisation now stands at 70-75 per cent for most firms, conversations with companies. Read more here

Govt to discontinue 7.75% taxable savings bonds scheme from May 28

A popular instrument among the retired, the government will no longer sell its savings bonds that provided returns at 7.75 per cent from today. Read more here

Covid-19 crisis: Govt wants PSUs to ramp up dividends, share buybacks

The government is of the view that since economic activity is low, central public sector enterprises are not spending on capital expenditure as much, which can be used to pay dividends and buy back shares. Read more here

Govt extends Bharat Petroleum privatisation bid deadline to July 31

The government has for the second time extended the deadline for bidding for privatisation of Bharat Petroleum Corp Ltd by over a month to July 31. Read more here

State Bank of India slashes FD rate by 40 bps, second cut in May

State Bank of India on Wednesday has slashed interest rates on retail term deposits by up to 40 basis points across all tenors. Read more here

India can tide over worst recession, but govt must be careful: Experts

The Indian economy may shrink five per cent in the current fiscal, and may barely recover the loss next year by growing five per cent, say experts. Read more here

Irdai allows PNB to hold more than 10% promoter stake in 2 insurance firms

Irdai on Wednesday has allowed the Punjab National Bank to hold promoter stake in two life insurance companies – PNB Metlife and Canara HSBC OBC Life Insurance. Read more here

Patanjali to issue debentures worth Rs 250 cr; bidding to start on May 28

A first-ever issuance of debentures by the firm, Patanjali plans to issue debentures worth Rs 250 crore that will be used to meet its working capital requirements. Read more here


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