Top headlines: Ford India to cease production; ECB eases pandemic support

Business Standard brings you the top headlines on Thursday

Ford to stop making vehicles in India amid mounting losses and poor sales

Ford India will cease to manufacture vehicles in India, but will retain the engine making and technology services business (Global Business Services) as part of scaling down and restructuring the India operations. Approximately 4,000 employees are expected to be affected by the restructuring.

The move was prompted by the mounting losses and slowdown in India's passenger vehicle market which was further accentuated by the pandemic, Anurag Mehrotra, president and managing director, Ford India told reporters at a virtual press meet on Thursday. Read more

ECB to 'moderately' slow asset purchases as economic outlook improves

The European Central Bank says it is dialling back some of its massive emergency pandemic support for the economy. The move comes amid signs of increasing business activity and consumer readiness to spend as the 19 countries that use the euro rebound from the coronavirus recession. Read more

Amazon v. Future: Relief for Biyani as SC stays proceedings in $3.4 bn deal

In a major relief to the Future Group, the Supreme Court on Thursday stayed the proceedings initiated by e-commerce firm Amazon for the enforcement of the Emergency Award passed in its favour by a Singapore-based arbitrator to halt the $3.4 billion merger deal between Future Retail Limited and Reliance group.

The bench of Chief Justice of India N V Ramana and Justices Surya Kant and A S Bopanna also directed the National Company Law Tribunal (NCLT), Competition Commission of India (CCI), and market regulator Securities and Exchange Board of India (Sebi) not to pass any final order in relation to the dispute for four weeks. Read more

18% of India's adults fully vaccinated, 58% got at least one dose: Govt

The government on Thursday said 58 per cent of India's adult population has received at least one dose of COVID-19 vaccine while 18 per cent got both the shots as the total number of jabs administered in the country crossed 720 million.

Addressing a press conference, officials said India is still going through the second wave of coronavirus infections and it is not over yet. Read more