Top headlines: Uber lays off 600 employees, GDP growth likely to slip, more

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Uber trims a quarter of its India workforce, lays off 600 employees

Uber India on Tuesday announced it was laying off 600 of its employees – a fourth of its total headcount of 2,400 in the country – across customer & driver support, business development, legal, finance, policy and marketing verticals. The retrenched employees would be paid 10 to 12 weeks of salary, besides medical insurance coverage for the next six months and outplacement support, the company said. Read more...

FY21 GDP to contract 5%; pre-virus level unlikely in next 3 fiscals: Crisil

It will really be a long road to recovery and going back to the pre-Covid-19 gross domestic product (GDP) rate in India will not be possible for the next three fiscals, says the latest report by Crisil, which expects the Indian economy to contract 5 per cent in fiscal 2021. Read more

India's first quarter GDP growth likely to be weakest since 2012: Poll

India's economy is likely to have expanded at its slowest pace in at least eight years in the January-March quarter, partly as a result of the coronavirus clampdown. The poll of 52 economists, taken May 20-25, indicated India's economy grew at 2.1 per cent in the March quarter from a year ago, its weakest since comparable records began in early 2012, and sharply slower than 4.7 per cent in the prior three months. Read more...

Covid-19 crisis: Thackeray, Piyush Goyal fight it out over migrant trains

The demand for more Shramik special trains by Maharashtra to transport stranded migrants led to a political tug of war on Sunday, with Union Minister of Railways Piyush Goyal retorting with a dozen tweets stating that his ministry was ready to send as many trains as required, if the state can ensure that it will not return empty. Read on...

Negative price trading on MCX: Brokers approach Sebi with alternatives

After a month of controversial settlement of crude oil contract at a negative price or price quoted in minus, the MCX has enabled its software-system to quote and trade at negative (minus) price or price below rupee one and that is applicable for all commodities. Read on...

IIT Mumbai alumnus & IBM scientist Rajiv Joshi named Inventor of the Year

Prolific Indian-American inventor Rajiv Joshi has bagged the prestigious Inventor of the Year award in recognition of his pioneering work in advancing the electronic industry and improving artificial intelligence capabilities. Dr Joshi, who is a master inventor with more than 250 patented inventions in the US, works at the IBM Thomson Watson Research Center in New York. Read on...