Top 10 biz headlines: YES Bank Q4, SC warning to RBI, e-commerce norms

From new e-commerce norms to Maruti's exit from diesel, Business Standard brings you top 10 business stories that made news on Friday

Last chance for RBI to give info on bank inspection reports under RTI: SC

The Supreme Court on Friday reprimanded the Reserve Bank of India (RBI) for refusing to disclose information pertaining to the annual inspection report on banks under the Right to Information (RTI) Act, and warned that any further attempts by the banking sector regulator to hold back such information “shall be viewed seriously by the court”. Read on...

New e-commerce norms: Faced downtime but bounced back, says Amazon CFO

Seattle-based online retail major Amazon on Friday said it had to face downtime in India owing to recent changes in the country’s e-commerce regulations. While pointing out that it has bounced back since then, Brian T Olsavsky (pictured), senior vice president and chief financial officer of Amazon, said during an earnings call that the company had to make structural changes to comply with all the new regulations in India. Read on...

Trying to bring Shriram Group units under one unit, says Ajay Piramal

Piramal Enterprises is planning to merge the financial businesses of Shriram Group under one unit, Chairman Ajay Piramal said on Friday. The company is also looking at exiting the investment for a value. But it was not possible to give a timeline for any such transaction, Piramal said. Read on...

YES Bank posts first-ever quarterly loss of Rs 1,507 cr on IL&FS, Jet loans

Private lender YES Bank posted its first quarterly loss, of Rs 1,507 crore, during the January-March 2019 period on account of a fall in non-interest income and a sharp increase in provisioning for bad loans, mainly due to defaults by the Infrastructure Leasing & Financial Services (IL&FS) group and Jet Airways. It had reported a net profit of Rs 1,179 crore in the fourth quarter of FY18. Read on...

No word from promoters, banks on salaries: Vinay Dube to Jet Airways staff

In a clear indication of lack of support from the lenders on further funding, Jet Airways chief executive Vinay Dube has said it is painful that there is no commitment on the part of the all stakeholders on paying salaries to the employees which are due in a few days. Read on...

Maruti's exit from diesel could be a blessing in disguise for competitors

Maruti Suzuki will stop manufacturing diesel vehicles, but its rivals are unlikely to follow suit. They will continue to offer diesel as an option for most of their models even after the Bharat Stage (BS) VI emission norms, stricter than their predecessors, take effect on April 1, 2020, said executives of various companies. Maruti Suzuki’s exit from the diesel segment may prove to be a blessing in disguise for its competitors and they may pull out all the stops to woo buyers of diesel cars. Read on...

Naspers exits MakeMyTrip, Ctrip raises stake to 49% in share-swap deal

Ctrip.com, China's largest online travel company, has increased its stake in MakeMyTrip (MMT) to 49 per cent through a share swap deal that will see the exit of Naspers from the firm. Read on...

Rural revitalisation is critical to ending hunger, malnutrition: Global food policy report

Marked by deepening cycle of hunger and malnutrition, poverty, limited economic opportunities, and environmental degradation, rural areas continue to be in a state of crisis in many parts of the world, threatening to slow the progress toward the Sustainable Development Goals, global climate targets, and improved food and nutrition security, according to the 2019 Global Food Policy Report (GFPR) released on Friday, reports The Hindu BusinessLine.

You may be paying higher tax on annual maintenance bills

Conflicting rulings from tax authorities of advance rulings in different states on applicable goods and services tax rate on annual maintenance contracts have caused considerable confusion in the industry. The various Authorities of Advance Rulings (AARs) have pegged GST on annual maintenance contracts (AMCs) that companies offer to customers of various products and equipment at 12%, or 18%, or even 28%, industry experts said, reports Economic Times.

Why overworking for career bonanzas is bad for millennials

Alibaba boss Jack Ma, the richest man in China, recently said that China’s “996" work practice—9am to 9pm, six days a week—is “a great blessing". He was supported by fellow tech billionaires Richard Liu of e-commerce giant JD.com, and Zhou Hongyi of internet security firm Qihoo 360, who said that striking the right work-life balance was impossible, reports LiveMint.