Global travel and payment services firm American Express will be trimming another 4,000 jobs representing nearly 6 per cent of its global workforce, as the firm continues its efforts to cut down costs.
Delhi-based low-cost carrier SpiceJet is looking at restructuring its core leadership team as part of US investor Wilbur Ross's strategy of turning around the company.
The company has separated SMB, earlier part of its consumer division, to make it an independent business.
JM Financial Consultants, Arpwood Capital and Alvarez & Marsal will advise the board going forward
The newly appointed (by the government) board members, O P Vaish and Ved Jain, said the company and its lenders were expected to reach an agreement in this regard by March 25. The board met in Hyderabad under the chairmanship of Vaish and sought information on the state of the company and the various projects it was implementing and negotiating. Vice-Chairman B Teja Raju and Additional Director B Narasimha Rao were present.
Loan defaults and restructuring to limit profits.
The government's plan to restructure Air India, the loss-making state-owned airline, includes a proposal to rework the troubled productivity-linked incentive scheme, which accounts for over 45 per cent of the company's Rs 3,000 crore wage bill.
Also, dedicated resources for top 60 clients, in a set of moves to encourage growth.
Sikka pays 4 business heads million-dollar salaries as incentive to reach the company's revenue target of $20 billion by 2020.
Going ahead with its festive sales as per schedule, companies such as Flipkart, Jabong, and Myntra are having week-long Valentines' Day sales, offering discounts of as much as 80 per cent. Amazon India is also offering discounts of almost 40 per cent.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
The cash-strapped real estate developer is in talks with banks to restructure its outstanding debt of Rs 1,825 crore (Rs 18.25 billion).
The deal will provide Suzlon with much needed liquidity.
On whether the bank will consider making fresh advances to Kingfisher, SBI managing director Hemant Contractor said, "We have to be satisfied about the viability of the company.
Cairn wants the stakes that its different subsidiaries, including those registered abroad as well as showpiece Rajasthan oilfields, hold in oil and gas properties, to be transfered into one India-based company.
US auto major Chrysler on Friday said it has received four billion dollars as emergency loan from the government, a move to avert a collapse of the ailing automaker.
Cash-strapped retail chain Subhiksha on Friday said the ongoing corporate debt restructuring (CDR) process in the company will be over by July and added that law allows a maximum of up to 180 days for completing it.
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
If banks cannot charge interest from borrowers during the moratorium, who will bear that cost? Should the depositors subsidise the borrowers by foregoing interest on deposits? In that case, we will turn banking on its head! notes Tamal Bandyopadhyay.
The Kolkata-based company, which has already cut the number of unviable stores to 74 from 140, said it is open to shutting down more unprofitable stores. The company has over 1100 stores in India and 2,000 SKUs. In an attempt to boost efficiency Bata introduced a voluntary retirement plan for its employees in the quarter ended September 30, 2008.
By 2022, the entire job landscape would undergo drastic change.
The two signed the deal almost six years after a business restructuring announced by them.
Wipro Technologies on Tuesday said the company would have to wait at least three quarters to reap benefits from realigning the organisational structure.
The $306-million investment in Ola Electric Mobility by SoftBank Corp, Arun Sarin Family, Ratan Tata and Matrix has been the biggest funding in this space in value terms this year.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
Rishad joined the company in June 2007.
The government last month had approved a plum Rs 69,000 crore revival package for BSNL and MTNL that includes merging the two loss-making firms, monetising their assets and offering VRS to employees so that the combined entity turns profitable in two years.
In recent past, midcap stocks have performed well, say experts.
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
'It may sound like sacrilege, but does it really matter if the global raters downgrade India for fiscal slippage?' asks Tamal Bandyopadhyay.
Lenders can now review a borrower account within 30 days of default. Earlier, the banks had to start resolution within one day of default.
'In South Asia, unlike Southeast, East, or Central Asia, there is a natural hegemon: India. China cannot cast it aside easily'
DLF, India's biggest real estate developer, has repaid dues and may not need to approach lenders to take advantage of a central banks relaxed rule that allows banks to restructure cash-strapped real estate companies loans.
The airline has proposed to raise authorised share capital to Rs 2,200 crore. This would comprise Rs 680 crore of equity capital and Rs 1,520 crore of preference share capital.
The hit to economic activity will be mostly confined to the first quarter. And a third wave, if it materialises, is unlikely to be hugely disruptive for the economy, predicts T T Ram Mohan.
Jaitley's tenure as defence minister saw clearance of a number of big ticket reform measures and simplification of military acquisition process.
Coming down heavily on MF players who in recent past chose to use shareholder fund to buy out debt of bleeding invested companies, Sebi said MFs can't have standstill agreements with companies and will take action against fund houses for such deals.
