1. Prime Minister Modi Reviews State Of Economy With Sitharaman, Finance Ministry Officials
Prime Minister Narendra Modi comprehensively reviewed the state of the economy with Finance Minister Nirmala Sitharaman as his government scrambled for solutions to tackle a fast-spreading slowdown in various sectors.
Modi, after delivering his Independence Day address, went into a brainstorming session with Sitharaman and all top officials in her ministry, sources privy to the development said.
(Source: BloombergQuint)
2. Jal Jeevan Mission: Modi Announces Rs 3.5 Lakh Crore Spend to Secure Water for Indians
The government will spend over Rs 3.5 lakh crore on the Jal Jeevan Mission in an effort to ensure the availability of water for all Indian households, Prime Minister Narendra Modi said, in his Red Fort address on the occasion of India’s 73rd Independence Day. He added that efforts for water conservation need to be quadrupled in the next five years to safeguard the country’s water needs.
(Source: BloombergQuint)
3. Yes Bank Eyes $600 mn More After Raising $270 mn from Marquee Investors
Yes Bank Ltd is planning to raise an additional $600 million from large investors to bolster its capital buffers, two people directly aware of the lender’s capital raising plans said.
The bank plans to raise more funds after its qualified institutional placement (QIP) offering that closed on Wednesday was oversubscribed, the people said on condition of anonymity. Yes Bank raised about $270 million in the fundraising.
(Source: Livemint)
4. Zomato Asks Eateries to Serve Notice Before Exit
Food discovery and ordering platform Zomato, which runs the Zomato Gold discounting scheme, has asked some of its partner restaurants to inform the company if they wish to drop out of the programme. The development comes a day after hundreds of restaurants in Gurugram, Delhi and Mumbai pulled out of such schemes offering complimentary meals and drinks.
(Source: Livemint)
5. India May Adopt Hong Kong Convention for Green Ship Recycling
India is proposing to frame a new law for ship-recycling in tune with global standards, which will enable it to accede to the Hong Kong Convention that enlists environmentally sound conditions of ship recycling. The move will help India double its ship-recycling capacity over the next five years.
(Source: The Economic Times)
6. Airtel Readies Value-Rich Plan to Chase High-Paying Users
Bharti Airtel is ready to shift gears in the tariff game by offering a slew of incentives and services for its high spending, postpaid customers, seeking to sustain its revenue momentum.
On the cards is Airtel Black, for customers willing to pay Rs 999 and more for benefits such as lounge access, better content offerings, discounts on consumer brands, international roaming, health insurance and bundled apps and streaming services.
(Source: The Economic Times)
7. Saudi Aramco Defends Hold on Coveted Indian Oil Market with Reliance Tie-Up
Saudi Aramco’s proposed purchase of part of Reliance Industries Ltd will allow it to regain its grip on the world’s fastest-growing oil market where suppliers including the US and Russia are making inroads.
Aramco’s plan to buy 20% of the oil-to-chemicals business of Reliance – which includes the world’s biggest refining complex at Jamnagar on India’s west coast – comes with an assurance to buy half a million barrels a day of the kingdom’s crude on a long-term basis. That’s around 25 million tonnes a year and will allow Saudi Arabia to easily reclaim the top supplier spot from Iraq.
(Source: Business Standard)
8. Vistara Net Losses Nearly Double in FY19 to Rs 831 Crore
Net losses at Tata Sons and Singapore Airlines joint venture Vistara nearly doubled to Rs 831 crore in 2018-19 on account of costlier fuel and weaker rupee. The airline had reported a net loss of Rs 419 crore in FY18 while its losses in FY17 stood at Rs 518 crore, according to the data sourced from the Ministry of Corporate Affairs.
(Source: Financial Express)
9. Walmart Consolidated Gross Profit Margin Slips on Flipkart Losses
Walmart on Thursday said its consolidated gross profit margin declined 46 basis points on both the reported and constant currency basis due to inclusion of Flipkart in this year’s results.
The US-based retailer acquired a 77% stake in Bengaluru-based e-commerce major Flipkart last year in a $16-billion deal. In the three months ended July 2019, Walmart International’s net sales declined to $29.13 billion from $29.45 billion reported in the year-ago period. Operating income fell 29.6% to $893 million in Q2 FY20 compared to the previous year, the company said.
(Source: Financial Express)
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