Business

UK court declares Lakshmi Mittal’s brother Pramod Mittal bankrupt with debts of over 130 million pounds

The trouble for Pramod Mittal started after British steel trading and distribution company Stemcor pursued him for the £166 million debt owed to them. Pramod Mittal, the brother of billionaire steel magnate Lakshmi Mittal, has been declared bankrupt by the Insolvency and Companies Court in London The 64-year-old has a debt of more than £130 […]

Business

Centre allows export of COVID-19 PPE medical coveralls, fixes cap of 50 lakh units per month

The product was banned for export earlier, but has now been moved to the restricted category, under which an exporter would have to seek a licence from the government for shipments. Partially relaxing export norms, the government on Monday permitted shipments of Personal Protection Equipment (PPE) medical coveralls for COVID-19 with an export quota […]

Business

Hindustan Unilever drops ‘Fair’ from ‘Fair & Lovely’ to make brand more inclusive; move comes amid online petitions, Black Lives Matter protests

Consumer brand Hindustan Unilever announced Thursday that it’s dropping the word ‘Fair’ from its popular fairness cream brand ‘Fair & Lovely’ to achieve a “more inclusive vision of beauty”, reports said. “Taking forward the brand’s journey towards a more inclusive vision of beauty, the co will stop using the word ‘Fair’ in the brand name ‘Fair & […]

Business

Indian economy to contract by 4.5% in 2020 due to longer lockdown, slow recovery, says IMF

Washington: The IMF on Wednesday projected a sharp contraction of 4.5 percent for the Indian economy in 2020, a “historic low,” citing the unprecedented coronavirus pandemic that has nearly stalled all economic activities, but said the country is expected to bounce back in 2021 with a robust six per cent growth rate. The International Monetary […]

Business

Google Pay says all transactions are fully protected by redressal processes laid out by RBI, NPCI

Google Pay on Wednesday said all transactions made through its platform are fully protected by redressal processes laid out in the guidelines issued by the Reserve Bank of India (RBI) and the National Payments Corporation of India. The statement comes against the backdrop of social media buzz that issues that might arise while transferring money […]

Business

At 8.5 percent, unemployment rate falls to pre-lockdown levels, suggests CMIE data; rural employment likely to see ‘bigger gains’ in coming months

India’s unemployment rate reduced to pre-lockdown levels at 8.5 percent during the week that ended on 21 June, Centre for Monitoring Indian Economy (CMIE) said, even as India aims to restore economic activity in a phased manner amid the coronavirus-induced lockdown. As coronavirus cases increased in India, the unemployment rate went from 8.75 percent to […]

Business

SEBI comes out with operational framework for transactions in defaulted debt securities, to be implemented from 1 July onwards

New Delhi: Markets regulator SEBI on Tuesday allowed transactions in defaulted debt securities and put in place operational framework for such transactions. This comes after the regulator received representations from market participants and investors to allow transactions in debt securities where redemption amount has not been paid on maturity or redemption date. Consequently, SEBI has […]

Business

In a first, diesel becomes costlier than petrol in Delhi at Rs 79.88 per litre; prices hiked for 18 consecutive days

New Delhi: Diesel price for the first time ever crossed the rate of petrol in the national capital on Wednesday when prices were raised for a record 18th day in a row. According to a price notification of state oil marketing companies, petrol price was unchanged after 17 consecutive increases, while diesel rates were increased by […]