BUSINESS NEWS

Layoff: GE to cut-down 12000 jobs

American multinational conglomerate corporation General Electric has reportedly planned to cut 12,000 jobs from its power division. The decision has been made to cut costs and scale back on struggling business units. The job cuts include both professional and production employees.

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Infosys appoints new CEO

Tech giant Infosys reportedly appointed Salil S Parekh as the chief executive officer and managing director of the company on Saturday. "We are delighted to have Salil joining as the CEO & MD of Infosys. He has nearly three decades of global experience in the IT services industry.” Nandan Nilekani, chairman of the Infosys board said in a press release.

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Year-end sales: Popular carmaker offers discounts up to Rs 8.85 lakh

German luxury carmaker Audi has reportedly announced discounts up to Rs 8.85 lakh as part of its Audi Rush limited period offer, says a report by The Hindu. The company reportedly said it offers the “special prices” and easy EMI options on Audi A3, Audi A4, Audi A6 and the Audi Q3 as part of its year-end sales. Under the Audi Rush limited period offer, Audi A3 costs Rs 26.99 lakh against its list price of Rs 31.99 lakh, Audi A4 at Rs 33.99 lakh against Rs 39.97 lakh, Audi A6 sedan at Rs 44.99 lakh against Rs 53.84 lakh and SUV Audi Q3 at Rs 29.99 lakh against Rs 33.4 lakh, the report added.

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Dispute between TN govt and this MNC goes international

Japanese automaker Nissan Motor has reportedly sued the Indian government over unpaid dues of nearly Rs 5,000 crore. Tamil Nadu government had promised Nissan of several incentives including tax refunds as part of an agreement to set up a manufacturing unit in Chennai in 2008.  Nissan has reportedly begun international arbitration after repeated requests by the company to the state officials were allegedly overlooked. The company in 2016 sent a legal notice to PM Modi seeking the payment of incentives due in 2015.

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Founders of e-commerce giant booked for ‘cheating’

Founders of e-commerce giant 'Flipkart', Sachin Bansal and Binny Bansal were reportedly booked on grounds of ‘cheating’ a businessman of Rs 99 crores. Reportedly, the company did not clear the amount with which they bought 12,500 laptops. Three other employees were also reportedly booked for the same case. Naveen Kumar, owner of Indiranagar-based C-Store Company registered an FIR against the founders.

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Airtel offers 1GB per day at Rs 198 to counter Vodafone

Telecom major Airtel has announced a data plan for Rs 198 that offers 1GB of 3G and 4G data per day with a validity of 28 days. However, the plan does not offer any voice calling facility. Airtel has announced this plan to take on Vodafone which recently announced a plan for Rs 199. Vodafone's Rs 199 data plan provides 1GB data per day along with voice calls for 28 days.

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Rates of life-saving medicines increased after GST

According to media reports, rates of life-saving medicines like Ciprin, Adreset for rare diseases were increased significantly after the implementation of GST. While the medicines were costing close to lakhs even before GST, it has been reported that a 12% addition of GST has made the medicines even more expensive.

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Mass layoff: Over 75,000 jobs cut in India's telecom sector

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.

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RBI takes a major decision

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.

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Daily use items get slashed GST: Here’s the revised rate

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%

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IT hiring to be slower for years to come: V Balakrishnan

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.

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Jio announces triple cashback offer up to Rs 2,599 on Rs 399 pack

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.

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Raghuram Rajan is the ‘ideal choice’ to be the next head for Federal Reserve: Top US magazine

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.

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Infosys to expand its team to fix GST bugs

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.

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Note ban is a 'reckless adventurism' by government: P Chidambaram

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.

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Amazon's new open-the-front-door policy

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.

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Anil Ambani’s ‘RCom’ to shut down its 2G mobile business

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.

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Jio might stop giving promotions and discounts

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.

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Reliance to be biggest challenge to Flipkart, Amazon: Infosys Ex-CFO

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.

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Hundreds of employees fired from Tesla

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.

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