India's services sector slump eased in Sep, but job losses mount : Bulletin: Business Today
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India's services sector slump eased in Sep, but job losses mount

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Rashi Bisaria | October 7, 2020

China not allowed! India approves 16 for incentive scheme, none from China

The government on Tuesday released the names of 16 applicants who have been found eligible for the product linked incentive scheme for large scale electronics manufacturing launched in April this year, including Samsung, Lava, Micromax, Dixon and contract manufacturers for Apple iPhone - Foxconn, Wistron and Pegatron. None of the Chinese smartphone makers like Xiaomi, Vivo, Oppo, OnePlus or Realme figure in the list even though together they command over 70 per cent of the smartphone market in India.

Dinesh Kumar Khara appointed SBI Chairman for 3 years

Dinesh Kumar Khara has been appointed as the next Chairman of State Bank of India for a term of three years. He will succeed Rajnish Kumar, who completed his tenure as the head of the biggest lender in India on Tuesday.Khara will assume charge on October 7. He was one of the four managing directors of SBI and was in charge of global banking and subsidiaries of the bank.

Abu Dhabi Investment Authority to invest Rs 5,512.50 crore in Mukesh Ambani's Reliance Retail

Billionaire Mukesh Ambani-led Reliance Industries on Tuesday said that a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into retail arm, Reliance Retail Ventures Limited (RRVL). This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore.

COVID-19 vaccine may be ready by year-end, says WHO's Tedros

WHO Director-General Tedros Adhanom Ghebreyesus called for solidarity and political commitment by all leaders to ensure equal distribution of vaccines when they become available. "We will need vaccines and there is hope that by the end of this year we may have a vaccine. There is hope," Tedros said in final remarks to the WHO's Executive Board, without elaborating.

India's services sector slump eased in September, but job losses mount

The plunge in India's services sector activity eased considerably in September after the government lifted some coronavirus restrictions, but demand continued to contract, prompting firms to cut more jobs, a private business survey showed on Tuesday.

McDonald's reopens in Maharashtra after 6 months of lockdown

Westlife Development, the company that owns and operates McDonald's restaurants in West and South India, has reopened its restaurants in Maharashtra after a six-month-long COVID-19 led lockdown. The company will ensure a safe and hygienic experience for its employees and customers, Westlife Development said in a regulatory filing.

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