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News digest: Apple back in talks, IT companies eye $80-bn pie, and more

Stakeholders and consultants working with Apple have also been brainstorming on the tech giant's way forward in the India market

BS Web Team 

News Digest

1. Apple to hold talks with Indian govt after battering in China market

After a year-long lull, iPhone maker Apple is again warming up to India as a manufacturing and retail hub, it is learnt. The two sides are back on the negotiating table, following Apple’s China setback, multiple sources in the government and the industry indicated. Read more here

2. IT companies eye $80-billion pie as contracts up for renewal in 2019

Information technology (IT) services players globally are snapping up contracts worth around $80 billion because these are coming up for renewal this year.

Even though a vast chunk of these deals are in defence, historically Indian players have been the major beneficiaries in the renewal market, garnering share each passing year. Click here to know more

3. Mumbai airport to be shut for 6 hours in Feb-Mar, impact may push up fares

Last-minute fares could rise by as much as 30 per cent as Mumbai airport will be shut for six hours daily for 22 days in February and March for runway upgrade. Fares to key routes such as Delhi, Bengaluru, and Hyderabad may shoot up 80 per cent, said industry experts.

There will be no flight movements between 11 am and 5 pm every Tuesday, Thursday, and Saturday at Mumbai from February 7 to March 30 due to the recarpeting of the intersection of two runways. Read more here

4. GST puts horse racing in chokehold as betting turnover plummets

If the exits of horse racing’s biggest owners in the last three years dealt it a body blow, then the combined effect of the goods and services tax (GST) put a chokehold on it and threatens to cut off air supply.

The turnover from betting on the totalizator is down across most centres nation-wide, falling by 44 per cent, from a total of Rs 3,954 crore to Rs 2,218 crore in the last year. That’s also affecting the production of the number of racing horses across centres, which have dwindled from 4,078 to 3,569 over the last four years. Click here to know more

5. 7 firms in a fix after bidders fail to implement resolution plan under IBC

At least seven companies under the Insolvency and Bankruptcy Code (IBC) are staring at a situation where preferred bidders have raised issues, or have delayed, or just expressed a desire to walk away from implementing a resolution plan.

Three companies — Castex Technologies, ARGL, Metalyst Forgings — are subsidiaries of Amtek Auto. Amtek Auto, Castex and ARGL were won by the Liberty House group. Read more here

First Published: Mon, January 07 2019. 02:40 IST