BUSINESS
Tata Sons appoints Campbell Wilson as new Air India CEO, MD
Wilson has 26 years of experience in the aviation industry. Earlier, Turkish Airlines head Ilker Ayci had been appointed as the Air India CEO by the Tatas, but he subsequently declined the offer on March 1. Air India would benefit from Wilson's added experience of having built an airline brand in Asia, N. Chandrasekaran, Chairman, Air India, was quoted as saying in a statement.
IRDAI allows general insurers to launch new fire policies for small risks
With this, the IRDAI had scrapped its earlier circular that mandated general insurers to sell only standard products, namely Bharat Griha Raksha, Bharat Sookshma Udyam Suraksha, and Bharat Laghu Udyam Suraksha, in April 2021.
Indices fall for fifth straight session, April CPI data in focus
Also, persistent high inflation in the US also weighed on the domestic indices, as they extended their fall for the fifth straight session. Sensex closed at 52,930, down 1,158 points or 2.1 per cent, whereas Nifty was at 15,808 points, down 359 points or 2.2 per cent.
SoftBank reports $13 bn loss amid tech sell-off, cuts startup funding
The conglomerate also reported its biggest-ever quarterly net loss, 2.1 trillion yen ($16.2 billion) for the January-March quarter, reports Nikkei Asia. SoftBank also reported a historic $27 billion loss to its Vision Funds for the full year, owing to heavy losses in investments in tech companies like Coupang and Didi Global.
Indian govt extends helping hands to poor people by building houses for them
People who had believed that life would now pass on pavements and huts, the government itself handed over the keys of the houses to these families. These houses consist of all the amenities including toilets, electricity connection under the Saubhagya scheme, LED bulb under the Ujala scheme, gas connection under the Ujjwala scheme, and water connection under Har Ghar Jal Yojana.
Indices extend losses, Sensex declines nearly 1K pts
Asian stocks fell as the US inflation for April stood persistently high, which dented investors' confidence. The US April inflation print came at 8.3 per cent from a year ago, slower than March's peak of 8.5 per cent. But it is the highest in over 40 years. At 11.03 a.m., Sensex was down 975 points or 1.8 per cent at 53,114, whereas Nifty was down 302 points or 1.9 per cent at 15,865.
Next round of 8-9 airports to be leased shortly, says Scindia
The Tatas took over Rs 15,300 crore of debt where they have since renegotiated terms, and refinanced it by bringing in new lenders. Civil Aviation Minister Jyotiraditya Scindia confirmed this in a conversation with IANS Editor in Chief Sandeep Bamzai on Wednesday. Scindia said, "The Tatas paid Rs 2,700 crore cash and took over Rs 15,300 crore of the airline's debt. We have settled the balance amount of Rs 47,000 crore with all the lenders. The deal is now complete and I believe this is a very big achievement."
Pakistan on the brink: Any delay in bailout package could lead to solvency issues
While Ismail has been in favour of removing the subsidies, Ishaq Dar, Pakistan's former Finance Minister, who is also a senior Pakistan Muslim League member, has warned of dire consequences in case Islamabad accepted the IMF diktat. "We have to run the country and not ruin it by taking dictations," Dar told Geo News. Dar told the news channel that the government should renegotiate the bailout package provided by the IMF.
FHRAI asks SEBI to axe Oyo's IPO citing massive losses
FHRAI cautioned that Oyo’s IPO will allegedly wipe out public wealth whereas enriching its founders and key administration. As per reviews, Oyo incurred losses of Rs 3943.84 crore in FY20-21, translating to a lack of over Rs 76,077 each minute. In accordance with the highest lodge business physique, since its inception in 2013, Oyo has been operating in losses and its whole turnover fell a drastic 69 per cent from Rs 13,413 crore in 2020 to Rs 4,157 crore in 2021.
Toyota cuts production due to Covid lockdown in Shanghai
The firm says the production halt will come into effect on Monday and stay in place until of end of next week, the BBC reported. It is the latest big car maker to announce that it is being impacted by the Covid-19 measures in China.
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