Top headlines: FB buys 9.9% stake in Jio, OYO employees to take 25% pay cut

Business Standard brings to you a snapshot of events that made the headlines today

Oyo Hotel and Homes on Wednesday asked its employees to take a 25 per cent pay cut in April and July, as it put others on leave with limited benefits for four months: from May 4 to August 30. Facebook on Wednesday announced an investment of Rs 43,574 crore to pick a 9.9 per cent stake in Reliance Industries Limited's wholly-owned subsidiary, Jio Platforms. US President Donald Trump meanwhile said that he will halt issuing of new Green Cards or legal permanent residency for the next 60 days. Here are the evnts which made the headlines today

1. Facebook to invest $5.7 bn in RIL's Jio Platforms to pick up 9.99% stake

Facebook said, "Today we are announcing a $5.7 billion, or INR 43,574 crore, investment in Jio Platforms Limited, part of Reliance Industries Limited, making Facebook its largest minority shareholder." This is being touted as the largest foreign direct investment for minority stake in India. Read more...

2. Facebook investment paves way for RIL to become debt-free by March 2021

Even though Facebook may have picked a 9.99 per cent stake in Mukesh Ambani-controlled Reliance Jio (RJio), analysts believe Bharti Airtel remains a ‘direct way’ to play the changing fortunes of the Indian telecom sector. That said, the Facebook-Reliance deal lends confidence in the Indian telecom sector and paves the way for RIL to become a net debt-free company by 2021, they say. Read full story here...
 

3. Oyo asks all employees to take 25% pay cut, sends some on furlough

Oyo chief executive officer for India Rohit Kapoor communicated the decision through an email to employees after a company townhall on Wednesday. According to sources, the number of employees being asked to take this furlough is likely to be over 3,500. A fresh round of layoffs, following those in the US market, has also not been ruled out. Read on...

Labour ministry takes up concerns on mandatory health covers with FinMin

The Union labour and employment ministry has taken up with the Union finance ministry, concerns raised by the industry about fresh government guidelines requiring companies to provide medical insurance to all workers while restarting operations during the lockdown. According to reports, the labour ministry has informed the finance ministry that the industry has sought help on two counts – providing medical insurance to workers and wage assistance to the Micro, Small and Medium Enterprises (MSMEs). Read more

4. 'Americans first': Trump suspends issuing of new Green Cards for 60 days

President Donald Trump has said that he will halt issuing of new Green Cards or legal permanent residency for the next 60 days as part of his executive order to temporarily suspend immigration into the US. However, the move will not have any impact on those entering the country on a temporary basis, Trump said on Tuesday. Read more...

5. Covid-19: Global pvt wealth takes a hit; India sees 20% dip in Jan-March

Private wealth growth rates have turned out to be negative for all major economies in the January-March quarter of 2020. Emerging economies, including India, faced the brunt of the meltdown, with total wealth growth rate ranging between (-) 14 per cent to (-) 26 per cent in the first quarter of 2020, estimates a research report by New World Wealth. Read on...