Sikkim to reopen for tourists from October 10
NEW DELHI: The Sikkim government has allowed hotels, homestays and other tourism-related services to restart operations from October 10, officials said on Saturday. The Himalayan state has also decided to open its border with West Bengal for unrestricted movement of vehicles from October 1, they said. A Standard Operating Procedure (SOP) for the hotels and […]
Air India employees receiving Provident Fund dues within 30-60 days
NEW DELHI: National carrier Air India has clarified that it had already deposited the TDS and the Provident Fund (PF) dues for superannuated employees which are being released within 30-60 days. There have been reports that Air India has defaulted on the deposit of TDS and PF dues since January this year. Responding to IANS […]
Net direct tax collection declines 31% in April-August FY21
NEW DELHI: The net direct tax collection in April-August period of the current fiscal was 31.1 per cent lower on year-on-year (YoY) basis at over Rs 1.92 lakh crore, according to data provided by Minister of State for Finance Anurag Thakur in Lok Sabha. During the same period of the last financial year, 2018-19, the […]
India’s external debt up nearly 3 per cent to USD 559 billion at March-end
NEW DELHI: India’s total external debt increased by 2.8 per cent to USD 558.5 billion at the end of March mainly on account of a rise in commercial borrowings, according to a report released by the Finance Ministry. The external debt stood at USD 543 billion at end-March 2019. The ratio of foreign currency reserves […]
Lieutenant Governor announces Rs 1,350 crore package to bolster biz, jobs in Jammu & Kashmir
NEW DELHI: Lieutenant Governor, Manoj Sinha on Saturday approved a record Rs 1,350 package to spur growth in businesses and jobs in Jammu and Kashmir hit by terrorism and the coronavirus pandemic. The economic package will primarily act as a lifeline to distressed entities, self-employed individuals in tourism and transport sectors and will also offset […]
Covid-19 fallout: Fiscal deficit may rise to Rs 14.6 lakh crore in FY21
NEW DELHI: The gap between government’s total income and expenditure is expected to balloon to Rs 14.6 lakh crore or 7.6 per cent of GDP in FY21 as economic disruptions are set for a long haul due to Covid-19 pandemic, brokerages analysing the deficit numbers said. The Controller General of Accounts early this month said […]
Preparing for potential Covid-19 vaccine launch: Moderna CEO
NEW DELHI: US-based biotech firm Moderna is actively preparing for a potential commercial launch of mRNA-1273, its Covid-19 vaccine, the company’s CEO has said. The announcement comes amid an unprecedented race worldwide to bring a vaccine to protect people from Covid-19. Moderna announced progress across its portfolio of pipeline assets presented at its annual R&D […]
Global economic recovery may take five years, says World Bank chief economist
MADRID:The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank’s chief economist Carmen Reinhart said on Thursday. “There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as […]
American Airlines, unions make new push to win government payroll assistance
By David Shepardson, Tracy Rucinski WASHINGTON/CHICAGO: American Airlines AAL.O Chief Executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past October 1. In a letter to congressional leaders, the White House and Treasury, Parker and the unions […]
28.32 lakh domestic air passengers in August, 76% lower than in August 2019: DGCA
NEW DELHI: A total of 28.32 lakh domestic passengers travelled by air in August this year, 76 per cent lower than the corresponding period last year, aviation regulator DGCA said on Wednesday. While IndiGo carried 16.82 lakh passengers, a 59.4 per cent share of the total domestic market, SpiceJet flew 3.91 lakh passengers, which is […]
Zara owner Inditex says store sales recovering as it returns to profit
MADRID: The owner of fashion retailer Zara, Inditex, returned to quarterly profit in the three months from May to July despite a 31% fall in sales as the coronavirus crisis kept consumers away from city centre shopping districts. Inditex, which also owns the Massimo Dutti and Bershka brands, said 98% of its stores had reopened […]
Serum Institute gets nod for resumption of Oxford vax trials
NEW DELHI: The Serum Institute of India has received approval from the Drugs Controller General of India (DCGI) to resume the clinical trial of the Oxford Covid-19 vaccine candidate, officials from the drug manufacturing company confirmed on Wednesday. India is the manufacturing partner of the vaccine candidate named Covishield, developed jointly by the University of […]
NBFCs raise $3.9 billion capital buffer post Covid-19
NEW DELHI: Non-banking financial companies have raised $3.9 billion through capital raise and asset sales in the post-Covid-19 period. In the midst of a difficult economic environment caused by the Covid-19 pandemic, India Inc has raised a massive Rs 3.46 lakh crore in the ensuring five months between April-August. In the financial sector, several private […]
Covid impact: SpiceJet Q1FY21 net loss at over Rs 593 crore
NEW DELHI: Airline major SpiceJet on Tuesday reported a net loss of Rs 593.4 crore during Q1FY21, as flight operations remained suspended for most part of the quarter following the nationwide lockdown. The company had reported a profit of Rs 261.7 crore in the same quarter of the previous year. The company’s results belie the […]
Walmart’s Flipkart to hire 70,000 in India ahead of big shopping event
BENGALURU: Walmart Inc’s WMT.N Flipkart said on Tuesday it would create 70,000 new jobs and employ many more as delivery partners and in other roles as it prepares for a surge in online shopping during the busy Indian festive season. Flipkart, Amazon.com Inc’s AMZN.O Indian unit and Reliance Industries Ltd’s RELI.NS fledgling e-commerce business are […]
Indian economy to shrink 9 per cent in FY21: ADB
NEW DELHI: India’s coronavirus-battered economy will shrink by 9 per cent this fiscal, the Asian Development Bank (ADB) predicted on Tuesday saying growth outlook remains highly vulnerable to either a prolonged outbreak of the pandemic or a resurgence of cases. This will be the first time in four decades that the Indian economic growth will […]