Indian Oil inches closer to winning first Mauritius fuels export deal : Bulletin: Business Today
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Indian Oil inches closer to winning first Mauritius fuels export deal

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BusinessToday.In | August 20, 2020

Apple becomes first US company to be worth $2 trillion

Apple Inc became the first publicly listed U.S. company with a $2 trillion stock market value on Wednesday, as Wall Street investors put aside challenges to its iPhone ecosystem in favor of bets it will only prosper more in the post-coronavirus world. Shares in the company have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco as the world's most valuable listed company, up about 57% in value so far in 2020.

Six senior executives leave GoAir as airline struggles to pay salaries

In yet another exodus, GoAir has seen the exit of half-a-dozen senior executives in recent weeks amid the budget airline struggling to pay salaries and keeping a significant chunk of staff on leave without pay, according to two sources. The Wadia group-promoted carrier has around 6,700 employees and around as much as 4,000-4,500 of them are on leave without pay (LWP), one of the sources said.

Cabinet approves leasing out of Jaipur, Guwahati, Thiruvananthapuram airports to Adani Group

The Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the proposal for leasing out three airports, Jaipur, Guwahati and Thiruvananthapuram, to Adani Enterprises that won these in an auction last year. Billionaire Gautam Adani-led private developer had emerged as the successful bidder in a global competitive bidding conducted by the Airports Authority of India (AAI). The AAI will get an upfront amount of Rs 1,070 crore from handing over the airports to the private developer.

Indian Oil inches closer to winning first Mauritius fuels export deal

Indian Oil Corp, the country's top refiner, is close to winning its first contract to export up to 720,000 tonnes of clean products to Mauritius under an annual deal from November. IOC mostly stays away from participating in term tenders for fuel exports as the refiner sells most of its fuel in the local market, besides supplying its retail outlets in Nepal and Bhutan. This year because of falling local demand due to COVID-19 and weak margins, the company is attempting to lock in sales of its fuels.

TV ad spends to fall 18% in 2020 as 1,200 advertisers stop spending

The coronavirus lockdown has resulted in as many as 1,171 advertisers putting a complete halt on their television ad spends, while many large advertisers cut their spends dramatically. Discretionary brands stopped advertising following the Covid onslaught and lockdown, while a few hygiene and home care brands have continued advertising. Among major advertisers, HUL, Britannia, Maruti and Hero have all cut ad spending drastically. The overall television ad pie has de-grown by 43 per cent in the first half of 2020.

India faces protracted slowdown as virus clouds rural revival

India is staring at a protracted slowdown as coronavirus cases reach its countryside, with signs of recovery in the rural economy hailed by Prime Minister Narendra Modi "at best a mitigating factor", government officials and analysts said. The world's No.5 economy reports first-quarter GDP data on Aug. 31 and, according to a Reuters poll, it is likely to have contracted 20% over April-June.

Facebook employees internally question policy after India content controversy

Facebook and its top lobbying executive in India, Ankhi Das, are facing questions internally from employees over how political content is regulated in its biggest market, according to sources with direct knowledge and internal posts seen by Reuters. The world's largest social network is battling a public-relations and political crisis in India

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