Top 10 biz headlines: Forever 21 to shut shop, core sector output, and more

From Forever 21 filing for bankruptcy to core sector output declining by 0.5%, here are the top 10 business headlines on Tuesday

Forever 21 files for bankruptcy, will shutter most stores in Asia, Europe

Forever 21 Inc. filed for bankruptcy protection, the latest big fashion merchant who couldn’t cope with high rents and heavy competition as the shift to e-commerce cut a swathe through traditional retailers. Read More

Core sector output declines by 0.5% in August vs 4.7% growth a year ago

The eight core industries in August contracted to over three-and-half year low of 0.5 per cent, due to decline in output of coal, crude oil, natural gas, cement, and electricity, according to a government data released on Monday. Read More

April-August fiscal deficit 78.7% of Rs 7.04 trillion FY20 target

The country's fiscal deficit touched Rs 5.54 trillion at the end of August, which was 78.7 per cent of the Budget Estimate for 2019-20, official data showed on Monday. In absolute terms, the fiscal deficit or the gap between expenditure and revenue was Rs 5,53,840 crore as on August 31, according to the data released by the Controller General of Accounts (CGA). Read More

Despite soaring gold import, lower crude narrows CAD to 2% in Q1

Lower crude prices and higher invisible receipts have helped the country narrow the current account deficit to 2 percent of GDP or at USD 14.3 billion in the first quarter, down 30 basis points from year-ago, the Reserve Bank said on Monday. Read More

Saudi Arabia assures Reliance it will supply committed crude oil in October

Saudi Arabia has assured billionaire Mukesh Ambani's Reliance Industries that it will supply all the committed crude oil volumes in October as the world's largest oil exporter recovers faster than expected from the biggest attack ever on its oil industry. Read More

RInfra to cut its Rs 6,000 cr debt, follow capital-light model: Anil Ambani

Reliance Infrastructure (RInfra) which is sitting on a debt of Rs 6,000 crore, is on track to reduce leverage even further as it focuses to be an asset-and capital-light entity, the company said on Monday. Addressing the shareholders at the AGM, chairman Anil Ambani also said the group's defence businesses will also follow an asset- and capital-light model. Read More

HDFC bank takes on e-commerce giants with discounts on 1000 major brands

Private sector lender HDFC Bank on Monday took the battle on consumption straight to e- commerce majors with a three-month long campaign offering best deals on transactions through its platform. The bank also listed out targets for merchant acquisitions and said it is aiming for a 5 percentage points reduction in its cost-to-income ratio as a result of the digital push. Read More

Reliance Power plans Rs 4,000-cr capex to install FGD units across plants

Anil Ambani-led Reliance Power has planned a capital expenditure of Rs 4,000 crore to install flue-gas desulfurization (FGD) units across its coal-based power plants. As a part of its strategy to achieve clean green power, the company will focus on renewable energy projects like solar and wind, apart from looking at opportunities in waste to power generation in terms of biomass and biofuels, RPower chairman Anil Ambani said at the company's 25th annual general meeting on Monday. Read More

Petronet-Tellurian deal: Is LNG risky for India? Explained in 5 charts

Prime Minster Narendra Modi’s recent US visit saw Petronet LNG Ltd (PLL), a joint sector company, signing a memorandum of understanding with the US-based Tellurian for import of liquefied natural gas (LNG). However, there are concerns over the LNG demand growth in India because of price sensitivity of the market. Read More

UK’s Voda Seeks Relief on Spectrum Dues

Top executives of UK’s Vodafone Group sought a two-year moratorium on payment of spectrum-related dues by Indian joint venture Vodafone Idea, said people familiar with the matter, reported Economic Times. This is the third time this year that its executives have sought such relief in meetings with the government, underscoring financial stress at the carrier, which has been posting losses and losing customers since Vodafone Idea and Idea Cellular merged in August 2018.