business

Intel to acquire 0.39% stake in Jio Platforms for Rs 1,895 cr; will be 12th firm to invest in Reliance Industries' digital arm
india

Intel to acquire 0.39% stake in Jio Platforms for Rs 1,895 cr; will be 12th firm to invest in Reliance Industries' digital arm

The Intel deal values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

At 8.5 percent, unemployment rate falls to pre-lockdown levels, suggests CMIE data; rural employment likely to see 'bigger gains' in coming months
business

At 8.5 percent, unemployment rate falls to pre-lockdown levels, suggests CMIE data; rural employment likely to see 'bigger gains' in coming months

India’s unemployment rate reduced to pre-lockdown levels at 8.5 percent during the week that ended on 21 June, Centre for Monitoring Indian Economy (CMIE) said.

Google Pay says all transactions are fully protected by redressal processes laid out by RBI, NPCI
business

Google Pay says all transactions are fully protected by redressal processes laid out by RBI, NPCI

The statement comes against the backdrop of social media buzz that issues that might arise while transferring money through Google Pay cannot be redressed under law as the app is unauthorised.

SEBI comes out with operational framework for transactions in defaulted debt securities, to be implemented from 1 July onwards
business

SEBI comes out with operational framework for transactions in defaulted debt securities, to be implemented from 1 July onwards

Markets regulator SEBI allowed transactions in defaulted debt securities and put in place operational framework for such transactions

Trump approves 5-week extension for small business pandemic loan applications
business

Trump approves 5-week extension for small business pandemic loan applications

By Katanga Johnson WASHINGTON (Reuters) - U.S. President Donald Trump on Saturday signed into law a deadline extension to August 8 for small businesses to apply for relief loans under a federal aid program to help businesses hurt by the COVID-19 pandemic, the White House said. The extension to the Payroll Protection Program (PPP), which was launched in April to keep Americans on company payrolls and off unemployment assistance, gives business owners an additional five weeks to apply for funding assistance plagued by problems

Siemens sees up to 20% drop in business in April-June quarter, CFO tells Boersenzeitung
business

Siemens sees up to 20% drop in business in April-June quarter, CFO tells Boersenzeitung

FRANKFURT (Reuters) - German engineering company Siemens saw the volume of business contract by as much as 20% in the three months to June and activity in 2021 would stay below 2019 levels, the chief financial officer told Boersenzeitung (BoeZ). Ralf Thomas told Saturday's edition of the newspaper that the company's financial third quarter, which runs April to June, "will be a big challenge for us, as for most other market participants as well" due to the coronavirus crisis. "However, it will not be a bottomless fall," he said, adding that the business volume of short-cycle activities had likely contracted by between 10% and 20% in the period.

Iran rial slides to new low as coronavirus, sanctions weigh
business

Iran rial slides to new low as coronavirus, sanctions weigh

DUBAI (Reuters) - The Iranian rial fell to a new low against the U.S. dollar on the unofficial market on Saturday, as the economy comes under pressure from the coronavirus pandemic and U.S

Oil falls below $43 a barrel on virus fears, still heads for weekly gain
business

Oil falls below $43 a barrel on virus fears, still heads for weekly gain

By Alex Lawler LONDON (Reuters) - Oil fell below $43 a barrel on Friday as a resurgence of coronavirus cases raised concern that fuel demand growth could stall, although crude was still headed for a weekly gain on lower supply and wider signs of economic recovery. The United States reported more than 55,000 new coronavirus cases on Thursday, a new daily global record for the pandemic. The rise in cases suggested U.S

Commerzbank chairman and CEO bow out to give lender a fresh start
business

Commerzbank chairman and CEO bow out to give lender a fresh start

By Tom Sims and Hans Seidenstuecker FRANKFURT (Reuters) - Commerzbank's chairman and chief executive stepped down on Friday, bowing to demands from top shareholder Cerberus that the German lender change its strategy to stop a downward spiral in its financial performance. The resignations of chief executive Martin Zielke and supervisory board chairman Stefan Schmittmann cap weeks of drama after the U.S.

Embraer union seeks planemaker's board ouster after failed Boeing deal
business

Embraer union seeks planemaker's board ouster after failed Boeing deal

By Marcelo Rochabrun SAO PAULO (Reuters) - A union representing workers at Embraer filed a lawsuit on Friday seeking to dismiss the company's board, after a $4.2 billion deal with Boeing Co collapsed amid the pandemic, claims the Brazilian planemaker said were an act of "bad faith." The failed deal left the Brazilian jetmaker scrambling for a new path forward as the coronavirus pandemic hammered travel demand. Embraer said the union was "using unfounded allegations and distorting information in order to confuse public opinion and the company's workers." It added it had yet to be served. The lawsuit is the latest headache for Embraer in the aftermath of its breakup with Boeing.

UBI spurns Intesa's offer and pledges to boost dividends
business

UBI spurns Intesa's offer and pledges to boost dividends

By Andrea Mandala and Valentina Za MILAN (Reuters) - UBI Banca on Friday rejected a takeover bid by rival Intesa Sanpaolo as inadequate and risky for its shareholders, while pledging to boost dividends despite cutting profit forecasts. Intesa is due to launch an all-paper offer on Monday to buy UBI and drive earnings through cost cuts at a time when the COVID-19 pandemic is set to erode already feeble returns in the banking industry

WHO sees first results from COVID drug trials within two weeks
business

WHO sees first results from COVID drug trials within two weeks

By Stephanie Nebehay and Josephine Mason GENEVA/LONDON (Reuters) - The World Health Organization (WHO) should soon get results from clinical trials it is conducting of drugs that might be effective in treating COVID-19 patients, its Director General Tedros Adhanom Ghebreyesus said on Friday. "Nearly 5,500 patients in 39 countries have so far been recruited into the Solidarity trial," he told a news briefing, referring to clinical studies the U.N

Gold holds steady as virus fears offset gains in equities
business

Gold holds steady as virus fears offset gains in equities

By Nakul Iyer (Reuters) - Gold prices were little changed on Friday as worries over an accelerating number of coronavirus cases countered a fillip to risk sentiment from positive U.S. and Chinese economic data. Spot gold was mostly unchanged at $1,775.06 per ounce by 1:40 p.m EDT (1740 GMT).

Air France unions bristle as job cuts loom
business

Air France unions bristle as job cuts loom

By Caroline Pailliez PARIS (Reuters) - Air France executives met labour representatives on Friday as union members and staff protested over the airline's plans for around 7,500 job cuts to cope with a collapse in travel due to the coronavirus pandemic. A small group of 100 union members and employees, from cleaning staff to check-in assistants, demonstrated outside the airline's base at Paris' Roissy airport, criticising its plans to cut staff after receiving state aid to help the company to ride out the pandemic fallout.

Embraer union sues to oust planemaker's board after failed Boeing deal
business

Embraer union sues to oust planemaker's board after failed Boeing deal

By Marcelo Rochabrun SAO PAULO (Reuters) - A union representing workers at planemaker Embraer filed a lawsuit on Friday seeking to dismiss the company's board, after a $4.2 billion deal with Boeing Co collapsed amid the pandemic, leaving the Brazilian jetmaker scrambling for a new path forward. The lawsuit is the latest headache for Embraer in the aftermath of its breakup with Boeing.

Clean technology projects line up bids for $1 billion EU support
business

Clean technology projects line up bids for $1 billion EU support

By Kate Abnett (Reuters) - Clean technology projects are readying bids for a billion-euro support package from the European Union under a flagship scheme for funding breakthrough low-carbon technologies. The EU Innovation Fund will support projects such as floating wind farms, carbon capture mechanisms and energy storage, all of which could help clean up sectors such as cement and steelmaking. "These large-scale investments will help restart the EU economy and create a green recovery that leads us to climate neutrality in 2050," EU climate chief Frans Timmermans said.

Commerzbank CEO offers to resign to give bank a fresh start
business

Commerzbank CEO offers to resign to give bank a fresh start

FRANKFURT (Reuters) - Commerzbank Chief Executive Martin Zielke offered to resign on Friday to open the way for a fresh start for the German lender, which has been under pressure from some investors over its poor financial performance. The bank said its supervisory board would recommend to the broader Commerzbank board that it accept Zielke's offer and a decision would be made at a July 8 board meeting.

Airlines end legal challenge to UK quarantine policy
business

Airlines end legal challenge to UK quarantine policy

By Alistair Smout LONDON (Reuters) - Three of Europe's biggest airlines said on Friday they would end a legal challenge against the British government after it scrapped its quarantine rule for travellers coming from some of the most popular tourist destinations. The government said the policy would be ended for English holidaymakers to countries such as France, Spain and Italy, although it would be maintained for the United States.

Mass testing at JBS, BRF plants in Center West Brazil town reveals more than 1,000 COVID-19 cases
business

Mass testing at JBS, BRF plants in Center West Brazil town reveals more than 1,000 COVID-19 cases

By Ana Mano SAO PAULO (Reuters) - Mass testing of food industry workers revealed an outbreak of novel coronavirus infections at plants operated by JBS SA and rival BRF SA in the Center West of Brazil, labor prosecutors in Mato Grosso do Sul state told Reuters on Friday, citing company data. Some 1,075 people at a JBS pork plant tested positive for COVID-19 as of July 1, representing 30% of total tests processed at its Dourados plant, the data revealed. Some 73 workers tested positive at a BRF chicken facility in the same town, where BRF has around 1,500 employees.