Top 10 headlines: Govt's plans to privatise PSBs; RIL to sell 1.16% in Jio

From places of worships hotels reopening to RIL set to sell 1.16% in Jio to Abu Dhabi Investment Authority, here are top headlines this morning

Banking to be a 'strategic sector', govt discussing privatising some PSBs

The Centre is likely to designate the banking/financial sector strategic under the new privatisation policy, the contours of which are nearing finalisation. A top government official said discussions had also been held on privatising some state-owned banks that are not on the consolidation list so far. According to the new privatisation policy, announced by Finance Minister Nirmala Sitharaman as part of the ‘Atmanirbhar Bharat’ package, the government will come up with a list of strategic sectors. Read More

Covid-19: To reach hinterland, lab chains may be allowed to go for tie-ups

The government is planning to expand testing facilities to the hinterland after a large number of migrant labourers returned home. Of the two options being considered, according to sources, one is to upgrade local labs and allow collaborations with large national diagnostic chains and, the other, is to install RT-PCR machines at medical colleges across the country. A quick look at the approved testing labs shows that most are concentrated in big cities or in developed districts. Read More

Places of worship, hotels, restaurants and malls to reopen from Monday

Much of India on Monday will have hotels, restaurants, malls, and places of worship reopening after 75 days of lockdown, but amid observing social-distancing norms and a palpable sense of nervousness about the challenges ahead. ‘Unlock 1’, as the government has called it, will see places of worship open with precautions such as no edible offering, and no sprinkling of holy water or touching of idols or holy books. Read More

RIL to sell 1.16% in Jio to Abu Dhabi Investment Authority for Rs 5,684 cr

Reliance Industries Limited (RIL) on Sunday announced 1.16 per cent stake sale in Jio Platforms, its digital services subsidiary, to Abu Dhabi Investment Authority for Rs 5,683.50 crore, as it accelerates its debt reduction plan. This is the eighth investment in Jio Platforms in seven weeks and values the company at Rs 4.91 trillion on equity value basis. So far, RIL has raised Rs 97,885.65 crore through 21.06 per cent stake sale to seven marquee investors, including Facebook and private equity firms like KKR and General Atlantic. Read More

Policies should be set keeping in mind everyone is in trouble, says Gadkari

The Narendra Modi government has focused on reviving the micro, small, and medium (MSME) sector through its stimulus packages. In an interview with Megha Manchanda & Jyoti Mukul, Union Minister of Road Transport and Highways and MSME Nitin Jairam Gadkari underscores the need for the Indian economy to remain competitive through cost reduction, while admitting that all stakeholders, including state and central governments, are in a problem. Read More

How IMD's response to extreme weather events improved in last few years

Not long ago, in 2015, the Bombay High Court sought a reply from the India Meteorological Department on whether a separate Met subdivision could be created for Mumbai and the weather forecast be provided every four hours as against every 24 hours. A Division Bench of Chief Justice Mohit Shah and Justice Anil Menon was hearing a PIL (public interest litigation) petition by advocate Atal Dubey after Mumbai came to a standstill following floods so heavy that the loss of life and property could not be assessed with accuracy. Read More

We can bring in huge benefits for Indian farmers, says Flipkart CEO

Kalyan Krishnamurthy, chief executive officer of Flipkart Group, regularly practices Yoga. Since the lockdown, Krishnamurthy has increased his exercise intensity to stay calm and focused on running India’s largest e-commerce company and keep the morale of his employees high amid the Covid-19 pandemic that has wreaked havoc on businesses across the globe. In an interview with Peerzada Abrar, Krishnamurthy said the biggest learning for the company during the pandemic has been to collaborate with the ecosystem and quickly adapt to the changing situations. Read More
 

First human-to-human transmission was detected on Jan 19, says China

A beleaguered China on Sunday exonerated itself from the global allegations of delay in reporting the coronavirus outbreak, saying the virus was first noticed in Wuhan on December 27 as a viral pneumonia and human-to-human transmission was discovered on January 19, after which it took swift actions to curb it. A whitepaper released by the Chinese government gave a lengthy explanation to refute the allegations of cover up and delay by Beijing on reporting the Covid-19 outbreak last year in Wuhan. Read More

View: Fear of flattening the business curve

The Ordinance amending the Insolvency and Bankruptcy Code (IBC), and suspending the law for six months from June 5, was long overdue. Over the last two months during Covid-19 lockdown, commentators had suggested more nuanced amendments to IBC to address the pandemic’s impact on businesses and the economy. GoI has, however, adopted a more binary route.

AstraZeneca approaches Gilead about potential merger

AstraZeneca Plc has approached rival drugmaker Gilead Sciences Inc. about a potential merger, according to people familiar with the matter, in what would be the biggest health-care deal on record. The U.K.-based firm contacted Gilead last month about a possible tie-up, the people said, asking not to be identified because the details are private. AstraZeneca didn’t specify terms for any transaction, they said. While Gilead has discussed the idea with advisers, no decisions have been made.