According to media reports, telecom sector lost around 75,000 employees in the last one year as operators, tower firms and vendors consolidate to remain afloat in the severely competitive industry. Most of the employees have been asked to leave by the companies with a few months' notice and a severance package of three-six months' salary in few cases. Reports also suggest that things are only going to get worse with more job cuts as consolidation continues as the sector progresses.
BY LOKESH RV | NOV 15, 2017 11:06 AM #JOBCUTS #TELECOM #BUSINESS NEWS
The Reserve Bank of India reportedly decided not to approve the proposal of Islamic banking in India. Answering an RTI query, the RBI reportedly said considering “wider and equal opportunities” to access banking and financial services for the Indian citizens, the decision has been taken.
BY AISHWARYA | NOV 12, 2017 4:06 PM #RBI #BUSINESS NEWS
The Goods and Service tax which caused outrage in the country has been revised in many household and daily use items.
Here is the revised list:
1. Pasta: Revised to 12% from 18%
2. Mayonnaise: Revised to 12% from 18%
3. Condensed milk: Revised to 12% from 18%
4. Jute/Cotton bags: Revised to 12% from 18%
5. Spectacle frame: Revised to 12% from 18%
6. Idly Dosa batter: Revised to 5% from 12%
7. Sweet potato: Revised to 0% from 5%
8. Eating out at restaurants both AC and non AC: Revised to 5% from 18%
BY AISHWARYA | NOV 12, 2017 12:02 PM #GST #BUSINESS NEWS
Former Infosys CFO V Balakrishnan reportedly said that hiring in India's IT sector will be slower in the years to come. Balakrishnan reportedly told that hiring has definitely slowed down in 2018 and automation is a big thing as three large companies have got net negative employee growth. However, he said the third and fourth quarter of this fiscal will be challenging on the growth front.
BY LOKESH RV | NOV 9, 2017 6:57 PM #IT #HIRING #BUSINESS NEWS
Reliance Jio is offering a triple cashback of up to Rs 2,599, including Rs 400 cashback in the form of eight vouchers of Rs 50, on recharge of Rs 399 or above. The Mukesh Ambani-led firm is also offering instant cashback of up to Rs 300 on every recharge by Jio's partner wallets AmazonPay, AxisPay and FreeCharge, Mobikwik, PayTM and PhonePe. The benefits are available for Prime members during the offer period, November 10-25.
BY VIKRAMAN MANIRAJ | NOV 9, 2017 6:14 PM #RELIANCEJIO #CASHBACK #PRIMEMEMBERS #MUKESHAMBANI #PARTNERWALLETS #BUSINESS NEWS
A global financial magazine Barron's reportedly said that the former RBI chief Raghuram Rajan would be an ideal choice to become the head of America’s Federal Reserve. The magazine reportedly mentioned, "If sports teams can recruit the best talent from around the globe, why not central banks?” The current head, Janet Yellen’s term ends in the beginning of 2018. Notably, the 54-year-old Rajan is the youngest economist who oversaw the sharp inflation drop.
BY AISHWARYA | NOV 1, 2017 9:18 AM #RAGHURAMRAJAN #RBI #FEDERALRESERVE #BUSINESS NEWS
Software major Infosys has reportedly planned to expand its team to fix bugs in the GST Network. Notably, Infosys is the Goods and Services Tax Network vendor for the government. Group of Ministers (GoM) Chairman Sushil Kumar Modi reportedly told that Infosys has decided to expand its 100-member team which runs the GSTN to fix the bugs or technical glitches. Infosys won the Rs 1,380 crore contract in 2015 to implement the world's largest digital tax system and maintain its portal for five years.
BY LOKESH RV | OCT 29, 2017 1:41 PM #INFOSYS #GST #BUSINESS NEWS
The former Finance Minister, P Chidambaram took to Twitter on Sunday and expressed his view on the note ban and economic growth of India. In a series of tweets, he expressed his disappointment on the government’s moves. He also mentioned that the government should declare that it will never indulge in a reckless adventurism like note ban.
1. If the economy is on strong macroeconomic fundamentals and is growing at 7.5 per cent, it does not require a boost!— P. Chidambaram (@PChidambaram_IN) October 29, 2017
2. A boost to such an economy may prove inflationary, push up the fiscal deficit, worsen the current account deficit and so on.— P. Chidambaram (@PChidambaram_IN) October 29, 2017
3. The sequential quarterly growth rates of GDP since Jan-March 2016 have been 9.1, 7.9, 7.5, 7.0, 6.1 and 5.7 per cent.— P. Chidambaram (@PChidambaram_IN) October 29, 2017
4. The economy is therefore not growing at 7.5%. It was growing at a brisk rate but was derailed & it has been decelerating since April 2016— P. Chidambaram (@PChidambaram_IN) October 29, 2017
5. No entrepreneur believes that the situation today is conducive to start or expand a business.— P. Chidambaram (@PChidambaram_IN) October 29, 2017
6. Banks lend to SMEs only about 10% of their credit needs. Recapitalising banks will make little difference to the dire situation of SMEs.— P. Chidambaram (@PChidambaram_IN) October 29, 2017
7. The government could have declared it will never again indulge in reckless adventurism like demonetisation.— P. Chidambaram (@PChidambaram_IN) October 29, 2017
8. It could have promised to rein in the investigative agencies that have struck terror among business persons.— P. Chidambaram (@PChidambaram_IN) October 29, 2017
9. None of the above seems to be of interest to the government. Instead we have jumlon ki baarish (a shower of promises).— P. Chidambaram (@PChidambaram_IN) October 29, 2017
BY AISHWARYA | OCT 29, 2017 11:10 AM #PCHIDAMBARAM #NOTEBAN #BUSINESS NEWS
Online retail giant Amazon has reportedly launched a new service that lets its delivery staff drop off packages inside a customer's home while they are out. Amazon will provide an ‘Amazon Key’ which combines an app, a smart lock, and the new Amazon Cloud Cam - an indoor security camera to provide in-home delivery without the need for physical keys or access codes. Once received a verified code, the door automatically unlocks and the Cloud Cam records the drop-off. Users can watch the drop-off live or review a recording later through the app.
BY LOKESH RV | OCT 27, 2017 11:39 AM #AMAZON #PRIME #BUSINESS NEWS
Anil Ambani’s Reliance Communications (RCom) has reportedly planned to shut down its 2G mobile business by November 30. According to reports, RCom Executive Director Gurdeep Singh has informed employees that the company has reached a "situation where we need to call it a day on our wireless business" and this would lead to the closure of "wireless business 30 days from now". The company will continue to operate 3G and 4G services till the time they remain profitable, added reports.
BY LOKESH RV | OCT 25, 2017 9:42 PM #RCOM #2G #RELIANCE #BUSINESS NEWS
According to statistical rating organization ‘Fitch Ratings’ report, By 2018, Jio will have a critical 200 million subscribers and the company will gradually stop giving promotions and discounts. Reports further added that by 2018 Jio’s behavior will change from a hunter to a farmer and they will start making money on their Rs 1,95,000 crore investment.
BY LOKESH RV | OCT 24, 2017 11:17 AM #JIO #OFFER #BUSINESS NEWS
Reliance Retail, which currently operates 3,634 stores across 703 cities in India, will be the biggest challenger to Flipkart, Amazon next year, says Mohandas Pai, Infosys' former Chief Financial Officer (CFO) on Monday. Reliance is spread all over the country and they can connect to retail stores and supply to them and improve their business dramatically, Pai reportedly added.
BY VIKRAMAN MANIRAJ | OCT 17, 2017 6:04 PM #RELIANCE #AMAZON #FLIPKART #MOHANDASPAI #BUSINESS NEWS
According to media reports, the automobiles giant Tesla has fired hundreds of its employees after performance evaluations. This massive move has reportedly come after Tesla’s report of manufacturing only 260 units of Model 3- sedan out of 1,500 units. The company reportedly said that the decision has been taken after internal annual review among the employees.
BY AISHWARYA | OCT 16, 2017 9:53 PM #TESLA #BUSINESS NEWS
The Reliance telecom owner Mukesh Ambani reportedly unveiled the net loss, gain and revenue made through Jio. The Jio network which offered free voice calls and data a year ago has made a profit of Rs.260 crores before paying interest and taxes. The company has reported that net loss caused by the company is Rs.271 crore and also Reliance Jio Infocomm has earned a revenue of Rs. 6,150 crores.
BY SARADHA | OCT 16, 2017 12:49 PM #JIO #RELIANCE #MUKESH AMBANI #BUSINESS NEWS
The e-commerce website Flipkart is reportedly looking for a partnership with BookMyShow by buying their stake. According to media reports, Flipkart is looking to start even Groceries by next year to reach their services to a higher number of Indians. Flipkart has bought or invested in over 20 companies till now and has acquaintances with Myntra and eBay.
BY SARADHA | OCT 16, 2017 12:00 PM #FLIPKART #BOOKMYSHOW #BUSINESS NEWS
Telecom operator Vodafone has rolled out a new Rs 399 plan that will get 90GB 4G data for six months along with unlimited local and STD calls. The plan is available for prepaid users under its festive sale offers. The new plan is said to counter other operators such as Reliance Jio and Airtel. While Airtel offers 1GB data per day with unlimited local and STD calls for Rs 399 with a validity of 28 days, Jio’s Rs 399 plan gives its Prime members 84GB of 4G data for 84 days, ie, 1GB per day. Jio is also giving 100% cashback for Rs 399 plan, under its Jio Diwali Dhan Dhana Dhan offer between October 12 and 18.
BY VIKRAMAN MANIRAJ | OCT 14, 2017 9:15 PM #RELIANCEJIO #VODAFONE #DATAPLAN #BUSINESS NEWS
While declaring their second quarter's profit, Tata Consultancy Services has reportedly gave a market-breaking report. For the quarter that ended in the month of September, TCS has reported a net profit of $ 1 Billion on revenue of $ 4.74 billion.
BY AISHWARYA | OCT 14, 2017 8:42 AM #TCS #BUSINESS NEWS
After Flipkart's Big Diwali Sale and Amazon India's Great Indian Festival Sale, e-tailer Snapdeal has announced its festival season sale for Diwali. With this sale called the Unbox Diwali Sale from October 13 to October 16, Snapdeal will take on Flipkart and Amazon. While the e-commerce firm lists many offers on a range of products, it has also announced flat discounts and cashback on a variety of bank cards.
BY VIKRAMAN MANIRAJ | OCT 13, 2017 3:31 PM #AMAZON #FLIPKART #SNAPDEAL #ONLINESHOPPING #DIWALISALE #GREATINDIANFESTIVALSALE #BIGDIWALISALE #UNBOXDIWALISALE #BUSINESS NEWS
Exiting the highly competitive business sector, Tata has reportedly quit its mobile business and merged with Bharati Airtel. The loss-making telecoms - Tata Teleservices Ltd and Tata Teleservices Maharashtra Ltd, has reportedly been encumbered with a debt of over Rs 40,000 crore. However, before the merger deal, Tata telecoms will reportedly close all the debts.
BY AISHWARYA | OCT 13, 2017 8:49 AM #TATA #AIRTEL #DOCOMO #BUSINESS NEWS
According to media reports, Indian IT industry is planning to change the work protocol by laying off senior employees and hiring more junior and mid-level employees. Reportedly, senior-level employees, who have upgraded their skills will be sustaining their jobs, while the others will be laid off.