Top headlines: Tata plans to scrap Vistara, Amazon layoff to extend to 2023

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BFSI's share in India Inc's Q2 profits hits record high of 41.5%

The financial services sector, including banks, continues to prosper even as the rest of corporate India faces earnings headwinds from higher commodity prices and rising inflation.

The share of banks, financial services, insurance, and stock broking (or BFSI) in overall corporate profits reached a record high of 41.5 per cent during the July-September 2022 period (Q2 of FY23), nearly double its historical 10-year average share of 21.8 per cent. However, this is excluding the June quarter of 2020, when the share of BFSI jumped to nearly 60 per cent because many other sectors saw a sharp fall in profits or reported loss following lockdowns amid the outbreak of Covid. Read more 

Year-end fares go through the roof as airlines fly on low capacity

On October 19, at the peak of this year’s Diwali rush, flights on the Delhi-Mumbai sector were completely sold out. The festival period leading up to Christmas and New Year may see a similar situation, with most domestic airlines planning to operate fewer flights, as over 75 planes of major carriers are grounded due to engine supply or maintenance issues.

Airlines have scheduled fewer flights on not just the busy Delhi-Mumbai route, but also on other key domestic routes such as Delhi-Goa, Delhi-Srinagar, Hyderabad-Bengaluru, and Delhi-Patna in December. Read more

Mass job cuts will extend into next year, says Amazon CEO Andy Jassy

The mass layoffs that began in Amazon's corporate ranks this week will extend into next year, CEO Andy Jassy said on Thursday.

In a note sent to employees, Jassy said the company told workers in its devices and books divisions about layoffs on Wednesday. He said it also offered some other employees a voluntary buyout offer. Read more

RBI-ESMA logjam: Banks turn to EU, UK regulators over trade impact concerns

European banks with operations in India are in the process of making representations to regulators in their own countries to express concerns about potentially large trading disruptions that would be caused by the European regulator’s decision to withdraw recognition of the Clearing Corporation of India (CCIL). Read more

Tata Group plans to merge carriers under Air India, scrap Vistara brand

Tata Group is considering a plan to integrate its four airline brands under Air India Ltd., people with knowledge of the matter said, as the sprawling company prepares to rebuild its faltering aviation empire.

India’s largest conglomerate is also considering scrapping the Vistara brand, which is Singapore Airlines Ltd’s local affiliate in the South Asian nation, the people said, declining to be identified because the discussions are private. Singapore Airlines is evaluating the size of the stake it should take in the combined entity, one of the people said. Read more