Retailers want govt to allow sale of non-essentials amid Covid-19 lockdown
Even as e-commerce companies have been barred from selling non-essential goods during lockdown, the Retailers Association of India has written to the government seeking permission to sell non-essentials during this period. It has submitted a detailed set of guidelines and standard operating procedures (SOPs) - that its members can follow, if allowed to resume operations in these zones - to the government. Read more here
Only negligent employers to be charged for Covid-19 cases
The Union government on Wednesday clarified that companies would be penalised only for negligence or cognisance in case their employees tested positive for the novel coronavirus
(Covid-19), a day after India Inc raised concerns over the official guidelines to restart economic activity. Read more here
Jio Platforms now more valuable than rest of RIL businesses put together
Reliance Industries’ (RIL’s) deal with Facebook to sell 9.99 per cent in Jio Platforms has two messages for the oil to telecom major’s shareholders.
The key one is that Jio Platforms is now more valuable than all other businesses of RIL put together, including refining, petrochemicals and retail. Read more here
Markets, economy take divergent paths amid Covid-19 uncertainties
The domestic equity market has soared 20 per cent from its coronavirus
lows exactly a month ago, even as most forecasters, including the International Monetary Fund (IMF), have said India will record its worst economic growth since the 1991 liberalisation.
It appears investors have been undeterred by the lockdown extension amid a sharp growth in Covid-19 cases -- from less than 100 a month ago to about 20,000 as of Wednesday. Read more here
Facebook-Jio deal may see more foreign e-commerce firms flock to India
Some recent regulatory developments may have precipitated the Facebook-Jio deal. Going forward, this may increasingly prompt foreign e-commerce operators to consider setting up base in India, say legal and tax experts. Read more here
Coronavirus lockdown: SAIL rings alarm bells over financial position
With inventory levels at a record high and borrowings having crossed Rs 52,000 crore, public sector steel major Steel Authority of India (SAIL) is looking at renegotiating contracts and purchase orders to tide over the Covid-19 crisis.
In a letter to plant and unit heads, SAIL said the slowdown has affected offtake since the beginning of March. Read more here
Covid-19: India told airlines to stop selling tickets, but they still are
Four of the country’s top six airlines, which together control 80 per cent of the local market, are selling domestic flight tickets for as soon as the third week of May, searches on their websites showed. That’s despite the government saying no decision has been made on allowing flights after the end of the nationwide lockdown on May 3, which means airlines should refrain from selling tickets until authorities give them the go ahead. Read more here
Vistara operates cargo flights to deliver essentials
Vistara has deployed its Boeing 787-9 Dreamliner aircraft to transport relief material, medical supplies and essential commercial goods during the Covid-19 pandemic since Sunday, Economic Times reported.
Mukesh Ambani tops Jack Ma as Asia’s richest person
Facebook’s $5.7 billion investment in Mukesh Ambani-led Reliance Jio Platforms has made him Asia’s richest person yet again, Livemint reported.