Vodafone Idea has said that it will need 5 years to pay AGR dues of Rs 53,000 crore it is expected to pay. GDP numbers, which will be released on Friday, are expected to paint a bleak picture once again. Hong Kong announces a stimulus package as its economy suffers due to violent protests and coronavirus. Read for more top stories on business and economy:
Vodafone Idea's own estimate pegs its AGR dues at Rs 23,000 crore, whereas the DoT has demanded more than twice this amount. The telco has paid Rs 3,500 crore to the telecom department so far.
Despite somewhat positive numbers, the economy may still not be out of slumber. Some improvement was seen in October and November but many high-frequency indicators showed negative growth in December.
Women made up 15.7 per cent of the Hurun Global Rich List 2020, marginally up from last year's 15.5 per cent. Out of the list this year, 68 were self-made billionaires, up from last year's 56.
The layoffs will start from Singapore and Hong Kong, where the staff will get redundancy notices this week. Expedia has around 100 employees in Hong Kong and 343 in Singapore.
The handout is part of a $15.4 billion stimulus package Hong Kong has announced to save its recession-hit economy reeling under violent protests and the coronavirus outbreak.