Top headlines: Birla meets DoT secy on AGR row, HSBC plans 35,000 job cuts

From Voda Idea on the edge of closure over AGR dues to job cuts likely in HSBC, here are top headlines of the day

Voda Idea: As threat of closure looms, Kumar Mangalam Birla meets DoT secy

Vodafone Idea Chairman Kumar Mangalam Birla, MD and CEO Ravinder Takkar on Tuesday called on Telecom Secretary Anshu Prakash amid concerns of its very survival if the government invokes bank guarantee over no payment of adjusted gross revenue (AGR). The company on Monday paid Rs 2,500 crore on account of its AGR dues and said that another Rs 1,000 crore will be paid by Friday. Read More

India Inc seeks cut in import duties to tackle disruptions by coronavirus

Indian business leaders are demanding cuts in import duties on antibiotic drugs, mobile parts and other items as the outbreak of the coronavirus has disrupted supplies from China, government and industry officials said. The outbreak of the virus in China has hit India's manufacturing and exports of medicines, electronic, textile and chemicals as China is the biggest source of intermediate goods, worth $30 billion a year, according to a presentation by the Confederation of Indian Industries (CII). Read More

HSBC plans to slash 35,000 jobs after profits slid by a third last year

HSBC announced a radical overhaul on Tuesday, including plans to slash 35,000 jobs and slim operations in the United States and Europe, after profits slid by a third last year. The Asia-focused lender has been trying to lower costs as it faces a multitude of uncertainties caused by the grinding US-China trade war, Britain's departure from the European Union and now the deadly new coronavirus in China. Read More

Coronavirus in China will cut iPhone production, Apple warns investors

Apple Inc warned on Monday it was unlikely to meet a sales target set just three weeks ago amid lost production and weakening demand in China from the coronavirus outbreak. The illness has killed 1,770 in China and stricken some 70,500 people, with millions of others confined to their homes and factories slow to reopen after the Chinese New Year holiday break was extended due to the virus. Read More

Yet to receive proposal from LIC for IPO, says Irdai Chairman S C Khuntia

Insurance watchdog Irdai is yet to get any proposal from life insurance behemoth LIC on an initial public offering but feels a listing is better from a governance perspective, chairman S C Khuntia said on Tuesday. He also said that there is nothing for the life insurance industry to worry for the time being with regard to government's move on certain income tax exemptions as the alternative to invest still exists. Read More

Quikr no longer a unicorn, Swedish investor pares valuation by 45%

Online classifieds marketplace Quikr is no longer a unicorn, or a start-up valued at more than $1 billion. In its year-end report, major shareholder Kinnevik, a Swedish investment firm, devalued Quikr by 45 per cent, referring to the exaggerated revenue resulting from fraudulent transactions that rocked the company. Quikr is now valued at about $577 million, a significant drop for the Bengaluru-based startup. Read More

UP govt tables annual budget of Rs 5.12 trn, fiscal deficit a tad under 3%

The Uttar Pradesh government today tabled its Annual Budget for 2020-21, with a size beyond Rs 5.12 trillion. This is almost 7 per cent higher than the current year’s Annual Budget 2019-20 of about Rs 4.79 trillion. In his fourth consecutive Budget, the Yogi Adityanath government sought to pursue the path of fiscal discipline, and tamed fiscal deficit at 2.97 per cent, akin to the current financial year, at Rs 53,195 crore – which is within the mandated three per cent of the Gross State Domestic Product (GSDP) under the Fiscal Responsibility and Budget Management (FRBM) Act. Read More

Maruti launches BS-VI compliant Ignis at starting price of Rs 489,000

The country's largest carmaker Maruti Suzuki India (MSI) on Tuesday launched BS-VI compliant version of its premium compact car Ignis priced between Rs 4.89-7.19 lakh (ex-showroom Delhi). The new Ignis is powered by 1.2 litre petrol engine and comes with manual and Auto Gear Shift (AGS) transmission options, the company said in a statement. Read More