BUSINESS
Covid 2.0 unleashes credit stress for MFIs, small NBFCs
Accordingly, out of thirteen issuer downgrades by credit rating agencies during Q1FY22 in the financial sector, ten issuers are smaller MFI and NBFCs engaged in providing unsecured MSME loans, personal and vehicle loans. A report by Acuite Ratings said that collection efficiencies which were seen recovering above 90 per cent in Mar-21 have dropped to between 65-85 per cent levels during Q1FY22.
Amazon not alerting employees about 'performance monitoring'
According to documents obtained by The Seattle Times, some Amazon employees have "described the experience of being on the performance-management plan, called Focus, as baffling and demoralising". Under the 'Focus' programme, managers are instructed not to discuss the performance checks with employees.
Pandemic continues to weigh on economy, labour market: US Fed
"Over the first half of 2021, progress on vaccinations has led to a reopening of the economy and strong economic growth, supported by accommodative monetary and fiscal policy," the Fed said in its semi-annual monetary policy report to Congress on Friday. "However, the effects of the Covid-19 pandemic have continued to weigh on the US economy, and employment has remained well below pre-pandemic levels."
After Amul, Mother Dairy hikes milk prices by Rs 2/litre
Consumers have to pay an increased price for Mother Dairy's milk from sunday, while Amul Milk has already implemented its revised prices from July 1. "Compelled to raise its liquid milk prices by Rs 2/litre in Delhi-NCR with effect from July 11, 2021," sources in Mother Dairy confirmed to IANS. One has to pay Rs 57 for one litre of Mother Dairy milk from Sunday, instead of Rs 55 on Saturday.
US blocks Chinese tech firm with top Silicon Valley funding
The Commerce Department on Friday added facial recognition company DeepGlint (also known as Beijing Geling Shentong Information Technology Co, Ltd) in its entity list, which restricts US firms from doing business with the listed companies, reports The Verge. According to South China Morning Post, DeepGlint co-founded a facial recognition lab in 2018 with Chinese authorities in Urumqi, the capital of Xinjiang.
Lina Khan-led FTC opens probe in Amazon's MGM acquisition: Report
The investigation sets the stage for a lengthy probe that could last six months or more. "It signals that the FTC, under the new leadership of Amazon critic Lina Khan, will take a hard line on even relatively small acquisitions by the e-commerce giant in industries where Amazon does not have a strong position," the report emphasised.
Fuel price rise continues as OMCs cover gaps over possible cuts in rates
The retail prices of petrol and diesel rose by a sharp 35 paise and 26 paise per litre on Saturday to touch a new high of Rs 100.91 and Rs 89.88 per litre respectively in Delhi. With the rise, now diesel prices have reached very close to hitting the century mark all across the country. The fuel is already over Rs 100 per litre in some towns in Rajasthan and Madhya Pradesh.
EU confirms 47.5 bn euros owed by UK in post-Brexit settlement
The amount includes outstanding commitments made prior to January 1, 2020; contributions to the EU's pension and sickness schemes; as well as other minor items, according to Balazs Ujvari, the Commission's spokesperson for budget and human resources. The calculation was made in line with the provisions of the Brexit deal, Ujvari said. The total amount will be paid over several years in instalments.
Need to monitor economic scenario with real time data: Sanjeev Sanyal
In his remarks at a webinar, he also said that a quick response to the probable third wave and maintaining the pace of vaccination coverage would be a major move towards supporting the economy. "Responding quickly to the third wave and making sure that the vaccination keeps happening at the current rate is key," he said.
SpiceHealth alleges 'agreement violation' by GeneStore India
The two companies had entered into an agreement whereby SpiceHealth had acquired mobile labs, diagnostic kits, licenses, accreditations, equity shares, among others, from GeneStore by paying a considerable consideration. As per the agreement, GeneStore had agreed to observe non-compete obligations and had undertaken not to engage or participate in any venture or business concerning Covid-19 testing.
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