Top headlines: Softbank eyeing TikTok bid partner; FM's loan recast scheme

From the Supreme Court directing banks to not declare NPA to Kishore Biyani's next step post Future Retail sale, here are top business headlines this morning

SoftBank Group eyes partners to bid for TikTok's assets in India

SoftBank Group is exploring assembling a group of bidders for TikTok’s India assets and has been actively looking for local partners, according to people familiar with the matter. Over the past month, the Japanese conglomerate, which owns a stake in TikTok’s Chinese parent ByteDance, has held talks with the heads of Reliance Jio Infocomm and Bharti Airtel, the people said, asking not to be identified because the details are private. Read More

Don't declare accounts NPA till further orders, says Supreme Court

In a respite to stressed borrowers, the Supreme Court on Thursday directed that accounts not declared non-performing assets (NPAs) as of August 31 should not be classified as such until further orders. A three-judge Bench headed by Justice Ashok Bhushan was hearing a batch of petitions challenging the levy of interest on loans during the moratorium period. The Bench will hear the case next on September 10. Read More

FM tells banks to frame loan recast scheme for all viable units by Sept 15

Finance Minister Nirmala Sitharaman on Thursday told banks to put in place by September 15 loan restructuring schemes to rescue all viable business units affected by the Covid-19 pandemic. She was holding a review meeting with heads of scheduled commercial banks and non-banking financial companies (NBFCs) through videoconferencing. Read More

Firms raising 3-month money at much lower than RBI's overnight rates

The cost of short-term borrowing from markets has plummeted for firms, even below the overnight repo rate, thanks to the Reserve Bank of India’s (RBI) bond yields and liquidity-supporting measures. Most entities are avoiding the long-term corporate bond route, given the slump in the economy. Read More

Biyani to stick on with home retailing, keep running it as independent biz

Future Group Founder Kishore Biyani has no plans to exit home retailing, the only retail business he is left with after selling his retail assets to Reliance Industries, say persons in the know. “There are no plans to sell it. Home retailing will continue to run as an independent company owned by Biyani,” says a source. Read More

ED probe 'finds diversion' of Rs 310 cr from MIAL through shell companies

The Enforcement Directorate (ED) has found close to a dozen shell companies and non-functional entities were being used for allegedly siphoning off Rs 310 crore from Mumbai International Airport (MIAL).  portion of this was routed back to the promoters of the GVK Group in the joint venture company through multiple complex transactions. The federal agency is investigating a money laundering case against GVK Group, its chairman and promoter G V K Reddy, and others for alleged irregularities involving Rs 705 crore in the development of MIAL. Read More

Contribution-based pension accounts for new EPFO subscribers soon

Formal sector workers may soon have their own pension accounts with the Employees’ Provident Fund Organisation (EPFO) that will have benefits linked to their own share of contribution, rather than from a pool of funds. The move will help high-income group workers get higher pension and is aimed at making the pension fund of the EPFO, which is in deficit, more sustainable. Read More

Why this may be the best time for Amazon, Verizon to invest in Voda Idea

Does it make business sense for Amazon Web Services (part of Amazon) and Verizon to buy a stake in cash-strapped Vodafone Idea? With the Vodafone Idea board announcing it will meet on September 4 to discuss fund raising, there is speculation it has renewed talks with Amazon. Talks were suspended earlier, in anticipation of the Supreme Court verdict in the AGR (aggregate gross revenue) case. Read More

Two-fold spike in suicides by financially stressed daily wagers since 2014

The National Crime Records Bureau (NCRB) released data on accidental deaths and suicides for 2019 this week. Business Standard takes a brief look at suicides across professions due to economic causes. Chart 1 shows that the number of daily wagers who succumbed to suicide in 2019 was more than twice the number in 2014. Read More

Big cities have lessons for govt's plan to integrate infra development

When emperors in ancient days built roads, monuments, or even cities, thousands were employed and localities came with the territory to house the workers who sometimes migrated from other countries. Prime Minister Narendra Modi was perhaps banking on this approach when, in his Independence Day speech this year, he said the National Infrastructure Pipeline (NIP) would benefit small and large enterprises and even farmers. Read More