Microsoft on Friday announced that co-founder Bill Gates has left its board of directors to devote more time to philanthropy. The 64-year-old stopped being involved in day-to-day operations at the firm more than a decade ago, turning his attention to the foundation named after him and his wife, Melinda. Gates […]
Government approves tax reimbursement scheme for exporters
The government on Friday approved a scheme for reimbursement of taxes and duties, which were not refunded previously, to exporters with a view to give boost to the country’s dwindling outbound shipments. A decision to approve the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme was taken in […]
Yes Bank rescue plan comes into effect, withdrawal limit to end next week
The government has notified the reconstruction plan for crisis-hit Yes Bank after the Union Cabinet cleared and said that the caps on withdrawals from its accounts up to Rs 50,000 will be lifted in “three working days”. “The order of moratorium on the reconstructed bank issued by the Government of […]
Coronavirus forces one of world’s biggest sportscar maker to shut factory
Italian supercar maker Lamborghini is halting production for nearly two weeks as parent Volkswagen AG looks to limit the impact on its operations from the coronavirus crisis that has spread across the globe. Lamborghini will temporarily close its plant in Italy, which has been hit hard by the viral outbreak, […]
Return of sedan wars: 2020 Hyundai Verna to battle 2020 Honda City, again
Hyundai and Honda are all set to galvanize a rather sedate sedan segment in India by launching 2020 versions of their enormously successful Verna and City, respectively. While recent times have seen SUVs of all shapes and sizes finding takers, the new Verna and City could once again reclaim some of that focus. The […]
India’s factory output up in January, February retail inflation eases
India’s factory output unexpectedly expanded in January, while retail inflation eased in February amid fear that the Covid-19 outbreak could weigh on the fragile economic recovery in Asia’s third-largest economy. The National Statistical Office (NSO) on Thursday said the Index of Industrial Production (IIP) rose 2% in January compared with […]
Two Dell, Mindtree employees test positive for coronavirus
Two employees working with IT companies Dell and Mindtree have been tested positive for coronavirus, according to company statements. The Dell employee had returned from the US, including a visit to Texas while the Mindtree employee also had a travel history abroad, the two companies said in separate statements. “We […]
Google employee in Bengaluru office tests positive for coronavirus
One of the employees of tech giant Google, working in its Bengaluru office, tested positive for Covid-19, the disease caused by coronavirus, news agency ANI reported. “We can confirm that an employee from our Bengaluru office has been diagnosed with Covid-19. He was in one of our Bengaluru offices for […]
Sensex cracks 2,500 points, Nifty slips below 9,800 mark amid virus fears
The equity market opened in red on Thursday with the blue-chip Nifty falling below 9,800 points mark for the first time in two years and the BSE Sensex plunging over 18. The crash comes on the heels of WHO declaring coronavirus outbreak a pandemic and US announcing a ban on travellers […]
A flood of $25-a-barrel Saudi Arabian oil is headed for Europe
Saudi Arabia is unleashing a wave of crude toward Europe, traditionally the backyard for Russian oil sales, pledging to supply regional refineries with as much as triple their usual intake from the kingdom. The Saudi shipments, coupled with unprecedented discounts, are turning the European oil market into the most bitterly […]
YES Bank’s Rana Kapoor approved bad loans worth Rs 20,000 crore: ED
Rana Kapoor, co-founder of YES Bank, sanctioned loans worth Rs30,000 crore, of which those worth Rs 20,000 crore have turned into non-performing assets (NPA) and need to be probed, the Enforcement Directorate (ED) told the special Prevention of Money Laundering Act (PMLA) court on Wednesday, seeking his custody. The court […]
Amazon increases paid sick leave for employees affected by coronavirus
Amazon on Wednesday beefed up paid leave for workers quarantined due to the novel coronavirus or diagnosed with the COVID-19 illness. The company also announced creation of an Amazon Relief Fund — starting at USD 25 million — to serve as a pool of grant money for independent delivery drivers, […]
Dutch company all set to manufacture flying cars in Gujarat
Flying car-maker PAL-V of The Netherlands will set up a manufacturing plant in Gujarat and has set a target of commencing production by 2021. PAL-V stands for Personal Air Land Vehicle. A Memorandum of Understanding was signed in the presence of Gujarat Chief Minister Vijay Rupani between state Industries Principal […]
Fuel prices in Delhi: Petrol sells at Rs 70.29 today
Petrol and diesel in the national capital on Wednesday continued to sell at rupees 70.29 per litre and rupees 63.01 respectively, similar to the rates as Tuesday. Fuel prices in the national capital on Tuesday went down by 30 paise a litre for petrol and 25 paise a litre for […]
Sensex jumps 300 pts to 35,707 in opening session; Nifty rises 22 pts to 10,473
Equity benchmark Sensex rallied over 300 points in the opening session on Wednesday led by gains in Reliance Industries, ICICI Bank and HDFC amid mixed cues from global markets. After surging 308 points in highly volatile trade, the 30-share index was up 72.14 points, or 0.20 per cent, at 35,707.09, […]