Air India says no layoffs, justifies allowance cut : Bulletin: Business Today
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Air India says no layoffs, justifies allowance cut

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July 24, 2020

Air India says no layoffs, justifies allowance cut

State-owned Air India on Thursday said that no employee will be laid off like other airlines in India. The airline, however, said that some "rationalisation of allowances" have been implemented on account of the difficult financial conditions that were exacerbated by COVID-19.

India needs further economic reforms to attract more investment: IMF

Concerted efforts by India to strengthen the business climate and encourage investment in the trade have helped to attract investment, but the country needs further economic reforms to ensure sustainable and more inclusive growth, the IMF said on Thursday. The remarks by the International Monetary Fund's Chief Spokesperson Gerry Rice came in response to a question on the recent FDI announcements made by companies like Facebook and Google in India.

Amazon to open 10 new warehouses in India; offers insurance

Amazon.com Inc's India unit on Thursday said it will open 10 new warehouses in the country and begin offering auto insurance, in moves that will help the e-commerce giant widen its reach in a key growth market. With the expansion, Amazon will have over 60 warehouses or fulfilment centres across 15 Indian states with an area equivalent to more than 100 football fields, the company said in a blog post.

US, allies must use more creative approach to press 'Frankenstein' China: Mike Pompeo

U.S. Secretary of State Mike Pompeo took fresh aim at China on Thursday and said Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways, calling it the "mission of our time." Pompeo called for an end to "blind engagement" with China and repeated frequently leveled U.S. charges about its unfair trade practices

UCO Bank to raise Rs 3,000 crore in FY21, seeks shareholders nod

State-owned UCO Bank on Thursday said that it will raise equity capital amounting to Rs 3,000 crore during the financial year 2020-21 through various modes, subject to requisite approval. The fund will be raised though various modes such as follow on public offer (FPO), qualified institutional placement (QIP), preferential issue etc.

June records 78% jump in UPI transactions

India's UPI and Aadhaar-enabled payment platform has seen a huge traction during the COVID-19 days with the government making 10 crore digital transactions worth Rs 20,000 crore as direct benefit transfer in the month of June 2020, says finance secretary, Ajay Bhushan Pandey. The size of transaction happened on the basis of fingerprint-based authentication stood at Rs 50,000 crore for April-June, he adds.

Read: India imposes curbs on public procurement from China, other countries

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