QBiz: IKEA Plans 10-fold Rise in India Staff; Patanjali Sales Down
Here’s your daily dose of latest business news.
1. Broken Supply Chain Drags Patanjali’s Sales Down First Time In Five Years
Sales of Patanjali Ayurved Ltd fell for the first time in five years as the goods and services tax left the distribution network of the homegrown consumer goods maker broken.
(Source: BloombergQuint)
2. Delinquencies For Mudra Loans Below Industry Average, Shows Annual Report
Despite concerns that increased lending under the Prime Minister’s Mudra Yojana could lead to a spurt in bad loans, delinquencies in this portfolio remain lower than the prevailing industry averages.
The three-year-old scheme provides refinance for loans up to Rs 10 lakh given out by banks and non-bank lenders.
(Source: BloombergQuint)
3. Etihad in Talks to Increase Stake in Beleaguered Carrier Jet Airways
Troubled carrier Jet Airways has once again started negotiations with its joint venture partner Etihad Airways for a possible bailout. Etihad, which holds 24 percent in the Naresh Goyal-led airline, is exploring whether to increase its stake in the venture, it is learnt.
(Source: Business Standard)
4. IKEA Aims 10-fold Rise in India Workforce to 15k As It Plans Global Layoffs
Swedish furniture major IKEA on Wednesday, 21 November, said its employee count in India may see a ten-fold rise to 15,000 in future, whereas the company may look at trimming around 7,500 jobs globally as part of restructuring.
(Source: PTI)
5. Mukesh Ambani's RIL May List Retail Arm Reliance Retail Ventures in 2019
Buoyed by rising sales of its retail arm, Reliance Industries (RIL) is considering listing Reliance Retail on the domestic stock exchanges by mid-2019 to unlock value. The blockbuster listing of Avenues Supermarts, a much smaller company which runs D-Mart brand of superstores, has prompted Mukesh Ambani-owned company to fast forward its plans and is in talks with investment bankers, say sources.
(Source: Business Standard)
6. US Fed Rate Hike ‘Pause’ Rekindles Emerging Market Interest
The mere hint that the US Federal Reserve could pause on rate hikes next year has some money managers reexamining emerging markets0151starting with the hardest-hit assets.
(Source: Bloomberg)
7. LPG Prices Go Through The Roof!
The retail selling price of non-subsidies LPG cylinders has topped Rs 1,000 in many states this month following two hikes. The price of 14.2-kg subsidised LPG cylinder (non-subsidised) is highest in Jammu and Kashmir (Srinagar), followed by Bihar, Jammu, Chhattisgarh, according to Petroleum Planning & Analysis Cell.
(Source: Financial Express)
8. US Dollar Falls Amid Downbeat Data
The US dollar declined against most other major currencies as investors digested a string of generally negative economic reports.
In late New York trading on Wednesday, 21 November, the euro increased to $1.1388 from $1.1367 in the previous session, and the British pound decreased to $1.2780 from $1.2784 in the previous session, Xinhua news agency reported.
(Source: IANS)
9. European Union Unveils Policy Paper On Boosting Ties With India
The European Union on Wednesday, 21 November, unveiled a policy document, outlining the broad contours of significantly scaling up ties with India in areas like trade, investment, infrastructure, defence, security and counter-terrorism.
(Source: PTI)
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