Friday, December 3

Month: August 2020

Central Government Employee? Modi govt has taken this new step to weed out inefficient, corrupt staff
Employment

Central Government Employee? Modi govt has taken this new step to weed out inefficient, corrupt staff

By Administrator_India Capital Sands The Centre has asked all its departments to review service records of employees who have completed 30 years in job to identify inefficient or corrupt staff and retire them prematurely in public interest, according to a Personnel Ministry order. The employees’ performance review is conducted under the Fundamental Rule (FR) 56 (J) and 56 (I), and also under Rule 48 (1) (b) of the Central Civil Services (Pension) Rules, 1972, that gives “absolute right” to the appropriate authority to retire a government servant, “if it is necessary to do so in public interest”. It is clarified that premature retirement of government servants under these rules is not a penalty. It is distinct from ‘compulsory retirement’, which is one of prescribed penalties under...
Salesforce plans to cut 1,000 jobs after banner quarter, stock gains
Employment

Salesforce plans to cut 1,000 jobs after banner quarter, stock gains

By Administrator_India Capital Sands Salesforce.com Inc. plans to cut about 1,000 jobs, people familiar with the situation said, a move by the software giant to streamline its business even as it reports record quarterly revenue and forecasts further gains. Sales and customer-support roles are among those being eliminated, said two of the people, who asked not to be identified discussing private information. In the US, the move affects some workers who sell the company’s software aimed at financial-services firms, health and life-science companies and other cloud sales teams, one of the people said. The cuts are taking place in more than a dozen Salesforce locations around the world, including in Canada, another person said. Some employees focused on Service Cloud, Salesforce P...
Byju’s raises $122 mn from Russian billionaire Yuri Milner’s DST Global
Technology News

Byju’s raises $122 mn from Russian billionaire Yuri Milner’s DST Global

By Administrator_India Capital Sands Education technology company Byju’s has raised $122 million from Russian billionaire Yuri Milner's investment fund DST Global. The financing is part of its ongoing funding round. Byju’s is allotting 42,666 Series F preference shares at an issue price of Rs 213,042.13 per share, show regulatory filings, according to Entrackr, a new age media platform, which reported about Byju’s latest fundraising on Wednesday. Byju’s was reportedly in talks with DST to raise around $400 million and the new financing could be a part of those efforts, according to sources. However, there has been no change in Byju’s valuation after this funding, according to the sources. For Byju’s, the capital has come after a month of raising funding from Silicon Valley inve...
Coronavirus treatment: Australian vaccine provides protection against infection, safe for humans
Coronavirus News, Global

Coronavirus treatment: Australian vaccine provides protection against infection, safe for humans

By Administrator_India Capital Sands A potential COVID-19 vaccine developed in Australia has showed positive results in human clinical trials. The vaccine candidate has shown zero side effects in human trials so far and has shown promising results when tried on animals. In July, the University of Queensland (UQ) and Australian biotech giant CSL began the trial with injecting 120 Brisbane volunteers with the potential shot against the novel coronavirus infection, reported DailyMail. After the first trial doses were administered on animals, project co-leader Associate Professor Keith Chappell said it was successful. The UQ vaccine, which uses what is known as "molecular clamp" technology, created the neutralising immune response in animal models, which was better than the aver...
States stare at Rs 6-trillion fiscal hole, says SBI report
Economy

States stare at Rs 6-trillion fiscal hole, says SBI report

By Administrator_India Capital Sands States might lose Rs 3 trillion in their own revenues this year thanks to the pandemic and the slow recovery of economic activity, State Bank of India said in a report. Add to that the share of the Centre’s tax revenues and additional expenditure lost, and states could be staring at a loss of Rs 6.2 trillion in financial year 2020-21 , the report said. States are borrowing more this year — 56 per cent more than a year ago — to balance revenue losses. However, unless the Centre transfers GST compensation cess and funds allocated for disaster response, states might have to cut capital expenditure by 40 per cent of the budgeted amount of Rs 7.5 trillion, the report said. According to SBI research, only eight states will be able to fulfil all...
Vodafone Idea may clear Rs 500 crore interest dues after moratorium ends
Business, Technology News

Vodafone Idea may clear Rs 500 crore interest dues after moratorium ends

By Administrator_India Capital Sands Stressed telecom major Vodafone Idea may pay interest dues of around Rs 500 crore to lenders in the December quarter. The company has informed lenders it will clear accrued interest on outstanding loans after availing the six-month moratorium, which will end on August 31, according to a report by The Economic Times. Vodafone Idea will not opt for loan restructuring, and has told lenders it will not require easing of repayment terms, the report said. Moneycontrol could not independently verify the story. Vodafone Idea had not yet responded to queries sent by The Economic Times. To provide borrowers relief during the COVID-19 pandemic, The Reserve Bank of India (RBI) had announced a moratorium, which started from March 1 and will end ...
US Election 2020: Joe Biden accepts Democratic Party’s presidential nomination, vows to end ‘season of darkness’
U.S

US Election 2020: Joe Biden accepts Democratic Party’s presidential nomination, vows to end ‘season of darkness’

By Administrator_India Capital Sands Former United States vice president Joe Biden on August 20 accepted the Democratic Party’s presidential nomination for the upcoming election. Accepting the nomination, Biden urged American voters to come together to end a "season of darkness" that has cloaked the US for "much too long". “Here and now I give you my word, if you entrust me with the presidency, I will draw on the best of us not the worst," Biden said. "I’ll be an ally of the light, not our darkness.” “And make no mistake, we’ll overcome this season of darkness in America,” he declared. Biden, 77, accepted the nomination on the final day of the Democratic National Convention held virtually due to the novel coronavirus pandemic. California Senator Kamala Harris, who acc...
State Bank of India looks to raise Rs 8,931 crore via tier-II bonds
Economy

State Bank of India looks to raise Rs 8,931 crore via tier-II bonds

By Administrator_India Capital Sands State Bank of India priced the country’s biggest offering of local-currency tier-II bonds yet as the lender boosts its capital buffers amid the worsening financial health of domestic companies. India’s largest bank looks to raise Rs 8,931 crore ($1.19 billion) through 15-year bonds that comply with Basel III capital norms, according to a person familiar with the matter. The notes carry a coupon of 6.8 per cent, the lowest pricing on such debt issued by any lender since the country started implementing the stringent capital norms in 2013, the data compiled by Bloomberg shows. The lender is selling the bonds at a time when India’s banking sector is saddled with the world’s worst debt pile and needs to beef up capital ratios in anticipation of ...
Need to divest governance of PSBs from govt: Former RBI deputy governor
Business

Need to divest governance of PSBs from govt: Former RBI deputy governor

By Administrator_India Capital Sands Former Reserve Bank deputy governor N S Vishwanathan on Tuesday said there is a need to separate governance of state-run banks from the government and pitched for doing away with the nationalisation laws from which the executive derives its powers. Privatisation is a bigger political decision and not an economic one alone, Vishwanathan said, adding that a bank holding company needs to be created first. Vishwanathan, who was head of banking regulation, said the first need is to "divest" governance of the lenders from the government, and suggested doing away with the powers vested with the government under the bank nationalisation laws as a starter. He said having a holding company structure is essential. The management institute's executiv...
ED registers case against Chinese national
Business

ED registers case against Chinese national

By Administrator_India Capital Sands The Enforcement Directorate  has registered a case of money laundering against a Chinese national in connection to a hawala racket worth an estimated Rs 1,000 crore. Charlie Peng, who also goes by the name of Luo Sang, has been booked under the Prevention of Money Laundering Act (PMLA). The racket, which was allegedly run by Peng, used shell companies. The Income Tax Department on August 11 said it conducted search operations at various Chinese entities. The ED has taken cognisance of the tax department evidence and action and a Delhi Police Special Cell FIR against Peng before filing the criminal case of money laundering against him. Peng, according to sources cited by PTI, is alleged to be holding a fake Indian passport and tax offic...