Top 10 biz headlines: SBI calls meeting on Jet, Essar steel sale, and more

From Jet Airways to Essar steel sale, here are the top 10 business stories that made news on Tuesday

SBI calls emergency meeting on Jet Airways to thrash out contentious issues

State Bank of India, which leads the consortium of lenders for Jet Airways, has called an urgent meeting of its members on Wednesday to thrash out contentious issues between promoter Naresh Goyal and his joint venture partner Etihad Airways as well as resolve other matters with the banks.

According to sources, top executives of both the companies are expected to come for the discussion. Read more here.

Back to the wall, M&M banks on SsangYong-derived car to rev up SUV sales

When Mahindra bought Korean manufacturer SsangYong in 2011, it cited business reasons — from expanding its global footprint to shared capabilities in utility vehicles.

Except SsangYong was in the throes of bankruptcy, and union trouble, and had more to gain than to give. Read more here.

We have committed mistakes, says Future Group CEO Kishore Biyani

In a rare admission on strategy slip-ups, Kishore Biyani, chief executive officer of Future Group, said on Tuesday that his conglomerate comprising retail and consumer businesses had committed mistakes, spreading itself too thin across formats. “We got into just too many categories,” he said when reflecting on his journey over the past few years at the Retail Leadership Summit, currently on in Mumbai. Read more here.

Urban Ladder cuts jobs, aims to be operationally profitable in June quarter

Online furniture store Urban Ladder is said to have laid off close to 90 employees over the past few days, as it aims to trim losses to climb up the profitability rung.

The Bengaluru-based company, which had earlier announced to go for an initial public offering (IPO) in 2020-21 (FY21), aims to become operationally profitable in the April-June quarter and maintain that on a full-year basis in 2019-20 (FY20). Read more here.

ArcelorMittal plans Rs 18,697-crore capex for debt-laden Essar Steel

ArcelorMittal’s resolution plan for Essar Steel, which is awaiting approval from the National Company Law Tribunal (NCLT), includes a capital expenditure plan of Rs 18,697 crore to take the finished steel goods capacity of the plant to 8.5 million tonnes by 2024.

In its annual report, ArcelorMittal has said the capital expenditure plan of Rs 18,697 crore (about $2.8 billion) will be implemented over six years. Read more here.

RBI's proposed guidelines may trim future earnings of private bank CEOs

Chief executives officers (CEOs) of private banks might see their future earnings decreasing and face increased scrutiny, if the Reserve Bank of India’s (RBI’s) proposed rules are implemented, said experts on Tuesday.

Late on Monday night, the RBI issued a white paper, purportedly aimed at eschewing the celebrity status of bank CEOs in the private sector. Read more here.

RBI removes Allahabad Bank, Corp Bank, Dhanlaxmi from PCA framework

The Reserve Bank of India (RBI) on Tuesday removed three commercial banks – Allahabad, Corporation and Dhanlaxmi -- from the prompt corrective action (PCA) framework. This will allow them to carry on normal business, especially lending.

Early this month, RBI had taken out three public sector banks - Bank of India (BoI), Bank of Maharashtra (Mahabank), and Oriental Bank of Commerce (OBC) out of the framework. Read more here.

Wadhwa group to rebuild Mumbai’s Chandan Cinema into high-end commercial complex

As the iconic 45-year old theatre Chandan Cinema located at Mumbai’s Juhu area waiting to shut down, local builder Wadhwa group is chalking plans to turn the complex into an integrated mixed-used commercial development, the Livemint reports.

Why Universal Basic Income is a bad idea 

Benefit under the Universal Basic Income will not be universal, but targeted at specific votebanks, according to Economic Times.

Energy efficiency ratings for residential buildings launched

Residential buildings can now save up 40 per cent of their energy consumption and be rated for the same by the Bureau of Energy Efficiency. Till now, the rating was only for commercial establishments, The Hindu BusinessLine reported.