Top Headlines: Govt gets Rs 25,900 cr in AGR dues; Scindia joins BJP

The SBI has reduced its fixed deposit rates for certain tenors and marginal cost of funds-based lending rates (MCLR) across various tenors

Govt gets Rs 25,900 crore in AGR dues; asks telcos to make full payment

The government has received part payment of about Rs 25,900 crore from telecom operators towards statutory dues and has again directed telcos to make full payments, Parliament was informed on Wednesday. "The Telecom Service Providers (TSPs) have made some payments in compliance with the Supreme Court order dated October 24, 2019," Minister of State for Communications Sanjay Dhotre said in a written reply to the Lok Sabha. Read More

Jyotiraditya Scindia makes a 'fresh start', quits Congress to join BJP

A day after announcing his resignation from the Congress, Jyotiraditya Scindia joined the BJP on Wednesday in presence of the ruling party's president JP Nadda. According to sources, the BJP is likely to name him as one of its candidates for the Rajya Sabha polls in Madhya Pradesh and is also confident of forming the government in the state with his help as 22 MLAs including Scindia's supporters have resigned from the state assembly reducing the Kamal Nath government to a minority. Read More

SBI lowers lending rate by up to 15 bps; 10th cut in current fiscal

The country's largest lender State Bank of India (SBI) on Wednesday said it has reduced its fixed deposit rates for certain tenors and marginal cost of funds-based lending rates (MCLR) across various tenors. Making it a second reduction in a month, the public sector bank has reduced retail term deposits (less than Rs 2 crore) by 10 to 50 basis points for a few tenors. Read More

Provide Covid-19 cover in policies: Irdai tells health insurance companies

The Insurance Regulatory and Development Authority of India (Irdai) has advised all health insurance companies to provide medical cover for Coronavirus (COVID-19) in order to avoid any hardships with immediate effect. Irdai has issued guidelines regarding the same. The instructions are issued under the Provisions of Section 14 (2) of Irdai Act. Read More

Consumers need to wait 10 more days for bigger cut in retail fuel prices

Indian consumers will have to wait for at least 10 more days to get the benefit of a larger fall in retail prices of petrol and diesel that has become imminent following a sharp drop in global crude prices on Monday. Following the breakdown of OPEC+ talks on production cuts and Saudi Arabia's decision to pump more oil into the market as a retaliatory step, global oil market went into a bloodbath with crude prices tumbling more than 30 per cent to just about $35 a barrel on Monday. Read More

Coronavirus to rob business travel sector off $820 bn: Industry body

The global business travel sector is expected to take a revenue hit of about $820 billion, with China accounting for nearly half of the losses, as corporates curb travel plans in the wake of the coronavirus epidemic, an industry body said on Tuesday. Business travel to Asia has been the worst hit, with at least three out of every four companies reporting they have canceled or suspended all or most business trips to China, Hong Kong, Taiwan and other Asia-Pacific countries, according to a survey by Global Business Travel Association (GBTA). Read More

Oil prices may have sunk but the energy market fallout has only just begun

What started with a breakdown in talks over a new production cut deal between OPEC+ heavyweights Saudi Arabia and Russia is now shifting to a renewed battle for market share without any extra oil having yet been pumped. But the impact on the global energy industry from Texas shale plays to Bangalore road users could last well after coronavirus-led demand weakness disappears. Read More

Goldman Sachs is 'very open' to acquisitions that accelerate growth: CFO

Goldman Sachs Group Inc Chief Financial Officer Stephen Scherr said on Tuesday the bank is "very open" to acquisitions, especially those that would speed the growth of its existing businesses. "We're ... very open to the proposition of acquisitions that fill gaps or accelerate elements of our growth plan," Scherr said at a conference convened via conference call and webcast, rather than in-person, due to concerns about the coronavirus outbreak. Read More

Searching for a turnaround push, Tata Steel Europe may cut 1250 jobs

Tata Steel Europe is planning to cut 1,250 jobs as it faces "challenging circumstances" and "needs to urgently improve profitability", Chief Executive Officer Henrik Adam said in an internal memo seen by Reuters on Tuesday. "Our financial situation is serious and there's an urgent priority to improve the performance of the business and our cash position," Adams said in the memo. Read More