Business

Parle row: No job losses yet, company senior category head Mayank Shah clarifies

Facebook/Parle G Days after reports emerged that India's leading biscuit maker — Parle Products Pvt Ltd — is likely to fire as many as 10,000 employees due to the slump in consumption, the firm's senior category head Mayank Shah has clarified that no jobs have been cut at the company yet.
Speaking to BTVI, Shah stated that job cuts are only an eventuality that the company may look at if the current economic slowdown continues.
“Not a single job has been lost. We are not looking at job losses right now. We are talking about an eventuality. This issue has probably been blown out of proportion,” said Shah.
He further added the biscuit industry has been severely affected due to GST as the consumers are “thinking twice before even buying a Rs 5 packet”.
“The biscuits which are priced at Rs 100 per kg and below, were exempted from excise prior to GST. When we migrated to GST, these biscuits were clubbed with premium ones that are sold for more than Rs 100 per kg. So they were..

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Nifty, Sensex rebound after report of likely FPI tax rollback

Reuters file Indian shares rebounded from a sharp fall on Friday, following a media report that the government could soon announce a rollback of higher taxes for foreign portfolio investors (FPIs).
As of 0511 GMT, the broader NSE Nifty was up 0.37% at 10,781.75, while the benchmark BSE Sensex was up 0.24% at 36,559.16. The indexes were lower by more than 0.80% in early trade on Friday.
Yes Bank Ltd was the top gainer on the NSE and BSE indexes, rising 6.7% after a series of sharp declines in recent sessions.
The NSE index was still on course to end nearly 3% lower for the week following three straight days in the red.
Other Asian markets also remained subdued, with uncertainty over how much further the U.S. Federal Reserve would cut rates added to caution caused by global growth fears.
MSCI's broadest index of Asia-Pacific shares outside Japan was higher by 0.08%.
A government official told Bloomberg News that India could announce a rollback of taxes for foreign portfolio in..

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Here’s why Huawei’s motive to launch its HarmonyOS might fail

HuaweiReuters Huawei, the Chinese smartphone manufacturing brand, has been witnessing a dramatic halt after the US government put a ban on US companies collaborating with the Chinese firms. This has led to a drastic setback for Huawei's smartphone users who are denied the updates for their Android operating system.
Curbing its way to find a solution and cutting down the dependency on foreign operating systems, Huawei had announced an independent operating system, Harmony OS on August 9. The company claims that the new OS is self-sufficient and can work at par with Android in all the smart devices produced by Huawei.
The launch event of the OS presented some mind-boggling benchmarks that proved that Harmony OS provided its user with better performance and security than the Android and Google's latest in-development Android operating system, Fuchsia OS. The announcement came as a relief for the Huawei users who were worried about their purchases and the credibility of their d..

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US holds 2+2 dialogue with India on securing strategic cooperation in Indo-Pacific region

Representative ImageReuters The United States will host an intersessional meeting of the US-India 2+2 Dialogue on Thursday, August 22. The event will be attended by the defence and foreign affairs officials from both countries. The meetings are aimed to strengthen diplomatic and security cooperation in the Indo-Pacific region.
“During the Intersessional, the two sides will discuss ways to advance cooperation on critical diplomatic and security priorities, including our shared vision of a free and open Indo-Pacific region, and review preparations for the next 2+2 Ministerial Dialogue,” the US State Department said on Wednesday.
The American delegation is led by Acting Assistant Secretary of State for South and Central Asian Affairs Alice Wells and Assistant Secretary of Defense for Indo-Pacific Affairs Randall Schriver, reported PTI.
Following today's meeting, the two US officials will hold the fourth US-India Maritime Security Dialogue with the Indian officials on Friday where..

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Walmart and Tata group revive talks for strategic partnership in India

A man walks past a Tata sign outside their offices in London, BritainReuters file American multinational retail giant Walmart has revived talks with India's largest conglomerate Tata group for a strategic partnership in India. The Bentonville-based company is looking to enhance its engagement with Indian consumers in the wholesale cash-and-carry business.
The development comes days after Reliance Industries chairman Mukesh Ambani announced that the company would be scouting for a global partner for its retail business in India.
Meanwhile, Walmart's association with Tata is aimed at the US behemoth leveraging Tata's existing distribution network to expand its outreach to Kirana stores. Walmart also plans to enhance Flipkart's presence in the food and grocery segment. It owns a 77 percent stake in the ecommerce company.
One of the executives privy to talks said: “This partnership will aim to expand reach to kiranas, upgrade them and then utilize the network for ful..

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Amazon opens its largest campus globally in e-commerce push

Amazon founder Jeff Bezos has so far pledged $5.5 billion for its India operations.REUTERS/Mike Segar Global e-commerce giant Amazon.com Inc on Wednesday opened its largest campus globally in the south Indian city of Hyderabad, as it prepares for a massive expansion programme in a move to compete with Walmart in one of the world's fastest-growing retail markets.
The Seattle-headquartered company is making an ambitious push in India, the last major retail frontier still primarily reliant on a small-scale neighbourhood and mom-and-pop stores, a Bloomberg report said.
Amazon founder Jeff Bezos has so far pledged $5.5 billion for its India operations.
“E-commerce is so small in India relative to the total consumption, less than 3 per cent,” Amit Agarwal, Amazon's country manager for India, was quoted as saying by the news agency.
India is a huge, yet relatively untapped, market that is growing rapidly. In fact, the Indian e-commerce market is projected to grow at 20.2 per cen..

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Vedanta stares at liquidation of mining business in Zambia

A bird flies by the Vedanta office building in Mumbai August 16, 2010.Reuters file Vedanta, a diversified natural resources conglomerate, is facing the liquidation of its mining business in Zambia as the local government has continued with the liquidation process. Vedanta is locked in a dispute with Zambian government, which has accused the Mumbai-headquartered company of defaulting on tax payments and violating the operational license. Vedanta has a controlling stake in Konkola Copper Mines (KCM) in which 20 percent is owned by Zambia's state mining company ZCCM-IH.
It is to be noted that Vedanta had taken the matter to arbitration and made efforts to halt the liquidation process in May. But the Zambian high court appointed a provisional liquidator to dissolve the company. However, contrary to Zambian high court's order, the seat of international arbitration in Africa stationed at Johannesburg ordered the halt of any sell-off KCM efforts. But the Zambian government has gone..

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Report of massive financial fraud drags CG Power; MCA launches probe

Gautam ThaparTwitter The Ministry of Corporate Affairs (MCA) has ordered an investigation into CG Power and Industrial Solutions after a massive financial fraud was detected. CG Power said independent investigation revealed that some employees had engaged in unauthorised transactions, which led to the understating of liabilities by hundreds of crores of rupees.
Representational Image.Victor/Flickr The allegations of wrongdoing came to the spotlight after the board headed by Gautam Thapar apprised the stock exchanges of the findings of the investigation. The names of the employees who were allegedly involved in the transations have not been revealed by the company.
The Economic Times report states that the transactions to some of the related and unrelated parties of the company and the group were understated by Rs 1990.36 crore and Rs 2806.63 crore, respectively. As per disclosure to stock exchanges, the report clarifies that the company's and the group's liabilit..

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India’s largest cookie-maker Parle may cut up to 10,000 jobs amid economic slowdown

Facebook/Parle G Parle Products Pvt Ltd, a leading Indian biscuit maker, might lay off up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts, a company executive said on Wednesday.
A downturn in Asia's third-largest economy is denting sales of everything from cars to clothing, forcing companies to curtail production and raising hopes that the India government will unveil an economic stimulus to revive growth.
A sharp drop in Parle's biscuit sales means the company may have to slash production, which may result in layoffs of 8,000-10,000 people, Mayank Shah, category head at Parle, said in a telephone interview from Mumbai.
“The situation is so bad, that if the government doesn't intervene immediately … we may be forced to eliminate these positions,” he said.
Parle, founded in 1929, employs about 100,000 people, including direct and contract workers across 10 company-owned facilities and 125 contract ma..

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State Bank of India moots plan to abolish debit cards

State Bank of India (SBI) Chairman Rajnish Kumar attends a news conference in Mumbai, India, November 23, 2017.Reuters The country's biggest lender, State Bank of India (SBI) is planning to eliminate ubiquitous debit cards from the banking system. State-owned SBI, which is servicing around one-fifth of the population, has ambitious plans in the coming years to promote digital payment and takedown plastic cards, despite the huge dependency on debit cards.
Speaking at the annual Fibac, SBI chairman Rajnish Kumar said, “It is our wish to eliminate the debit cards, and am sure we can eliminate them.” He further added that there are around 90 crore debit cards in India and over 3 crore are people using credit cards. Kumar highlighted digital solutions like SBI's own 'YONO' platform as a way for achieving a debit card-less country.
YONO (You Only Need One) is an integrated digital banking platform offered by SBI. YONO is an app for both Android and iOS and enables user..

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