Top headlines: SoftBank to invest $450 mn in Swiggy; Wipro to retain talent

From Softbank Group set to invest $450 million in Swiggy at $5.5 billion value to Citigroup announcing retail business exit from India, 12 other countries, here are top headlines this morning

Softbank Group to invest $450 million in Swiggy at $5.5 billion value

SoftBank Group Corp. is investing in Swiggy at a $5.5 billion valuation, the second funding for the Indian food delivery startup in as many weeks as capital floods the world’s fastest growing internet arena. The $450 million funding came from Masayoshi Son’s Vision Fund 2, a person familiar with the matter said. The financing awaits approval from Indian antitrust regulators, the person added, asking not to be identified talking about a private deal. Read More

Decision in 3 working days after foreign Covid-19 vaccine firms apply

The Indian health regulator will take a decision within three working days of a foreign vaccine maker seeking emergency use approval, the Centre said on Thursday in a definite move to accelerate the inoculation process. Also, the Central Drugs Standard Control Organisation (CDSCO) will work in a time-bound manner for every step connected to vaccine approval. For instance, import licence and registration certificates will be processed within three working days of the approval. In addition, bridging clinical trial protocols must be cleared within seven working days for vaccines approved by international regulators. Read More

Citigroup announces retail business exit from India, 12 other countries

Citigroup on Thursday said it was exiting retail banking in India and 12 other countries across Asia and parts of Europe to focus on its wealth management business, as it lacked the “scale” to compete in this space. The decision to exit retail businesses from a few markets was one of the first moves by newly appointed CEO Jane Fraser after she took over the US-headquartered bank in February. Read More

Four entities apply for universal bank, four others for SFB licence

Four entities — Repco Bank, Chaitanya India Fin Credit, UAE Exchange and Financial Services, and Pankaj Vaish and others — have applied for licence to start a universal bank in the country. Those who have applied for licence for small finance banks (SFBs) are VSoft Technologies, Calicut City Service Co-operative Bank, Akhil Kumar Gupta, and Dvara Kshetriya Gramin Financial Services. Read More

Bond markets ignore RBI's G-Sap largesse on rising inflation; yields soar

Bond yields shot up more than 10 basis points after the first auction under the much-publicised G-sec Acquisition Programme (G-SAP 1.0), casting doubts about its effectiveness at a the time when the pandemic upsurge is threatening to halt economic revival in the country. The G-SAP, on the contrary, was supposed to keep liquidity in the markets. Read More

Air India sale: A previously rejected plan resurfaces as a fall-back option

Stoic acceptance has replaced dogged resistance at national carrier Air India (AI) as the airline’s 12,000-odd employees await their fate. In fact, as the months have rolled on, certain employee categories — in particular the pilots and technically qualified staff — who are fed up with the status quo (no motivation, sharp cut in salaries and a general air of defeat) would rather the airline moves into the hands of own­ers who can resuscitate it and deliver them a better future. The airline is now expected to be sold by September to one of the two bidders. Read More

Saving SpiceJet: Promoter Ajay Singh faces his toughest challenge

Earlier this week, Civil Aviation Secretary Pradeep Singh Kharola called airline executives to his office to discuss what additional safety measures could be taken in view of the second wave of Covid-19. While airlines made varied demands ranging from a bailout to stricter control over predatory pricing, the SpiceJet representative had an unusual suggestion: Curb capacity deployment to 60 per cent from the current 80 per cent, which was announced by the government a few weeks back. Read More

Hit by 12% attrition in Q4FY21, Wipro readies arsenal to retain talent

IT major Wipro reported attrition for the fourth quarter of FY21, at 12 per cent an increase of one percentage point from the last quarter. The company, however, is taking the talent war head-on and rolling out salary hikes, promotions, and skill-based incentives. Saurabh Govil, chief human resource officer, Wipro said that the demand environment is robust but he hopes that the measures that the company has taken will bring down the attrition figures in the coming quarters. Read More