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Yes Bank: Anil Ambani appears before ED in Mumbai Reliance Group Chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9:30 am. Ambani’s nine group companies are stated to have taken loans of about Rs 12,800 crore from the crisis-ridden bank, that reportedly were under “stress”. Source: moneycontrol

IndiGo CEO Ronojoy Dutta announces salary cuts of up to 25% IndiGo’s CEO Ronojoy Dutta on Thursday informed employees about a company-wide top down 5%-25% salary cut in a cost-cutting exercise in reaction to the coronavirus crisis which has dismantled airline operations in India and across the world. In an email, Dutta said he was taking a 25% cut, while other executives above the senior vice president level would take 20% reductions. Vice presidents and pilots would have to bear a 15% cut, and others, including cabin crew, would be in for 5%-10% deductions. “We know how hard it is...

Sonam Kapoor compares UK and India’s response to coronavirus as she flies back home, says ‘our govt is doing its best’ Sonam Kapoor Ahuja and husband Anand flew back to India on Wednesday from London. The actor took to social media to share her experience and also to appreciated the authorities for the precautions being taken. Taking to Instagram stories, Sonam mentioned that the couple flew from London to New Delhi. Prior to her flight, she mentioned that she was “heading back to India with her husband” and that she couldn’t wait “to get home”. On reaching Delhi, she again took...

Rakesh Jhunjhunwala-owned Titan Company share hits fresh 52-week low, closes in three digits Titan Company share price fell below Rs 1,000 today for the first time since February 2019 as Indian market reels under the effect of global stocks rout led by rising cases of coronavirus. The large cap stock which is also part of ace investor Rakesh Jhunjhunwala’s portfolio lost 8.06% to Rs 921 (a fresh 52-week low) in early trade compared to the previous close of Rs 1,001.70 on BSE. Share price of Titan Company has fallen 12.54% in last three days. Share price of Titan Company has lost...

Digvijaya Singh Biggest Dramatist in Country, Says Shivraj Singh Chouhan enior BJP leader Shivraj Singh Chouhan on Wednesday dubbed Digvijaya Singh of Congress as the “biggest dramatist”, hours after the latter tried to meet rebel MLAs of his party in Bengaluru but prevented by the police. Chouhan said even the rebel MLAs are wary of Singh and didn’t want to meet him. “Digvijaya Singh is the biggest dramatist in the country. He is remembering the (rebel) MLAs now. They do not evenwant to meet him,” the former chief minister told reporters in Raisen district where MLAs of the BJP are...

Indian industry welcomes UK Finance Minister Rishi Sunak’s coronavirus action plan The Indian industry in the UK has welcomed the “unprecedented” rescue package unveiled by Britain’s Indian-origin Finance Minister Rishi Sunak to help businesses in Britain combat the impact of the coronavirus pandemic. Sunak on Tuesday announced a whopping 330-billion pounds worth of rescue measures in the House of Commons, including easier to access loan facilities, liquidity assistance for businesses through the ongoing crisis period and a 12-month business rates holiday for the retail and hospitality sector. “This unprecedented support package is very welcome. The Chancellor has extended a third...

Bajaj Auto board approves reappointment of Rajiv Bajaj as MD & CEO Bajaj Auto on Wednesday said its board has approved the re-appointment of Rajiv Bajaj as Managing Director and CEO of the company. The approval was given in board meeting held on Tuesday. “Rajiv Bajaj, Managing Director and CEO of the company, whose five-year term expires on March 31, 2020, has been re-appointed for a further period of five years with effect from April 1, 2020,” the company said in a filing to BSE. However, the re-appointment of subject to approval of the shareholders of the company at the...

This is not the usual buy-on-dips market: Stephen Roach There is a carnage across financial markets, not just on Wall Street. There is a carnage in crude market, precious metal prices have also corrected, emerging markets are in downturn – the wealth erosion now runs into trillions of dollars. What is your view of the world? Do you think what has become bad to horrible could become nightmarish?The virus turning into a pandemic is a nightmare already, and the global economy is in an extraordinarily precarious place right now. There is widespread contraction of global economic activity. The question is...

HSBC appoints Noel Quinn permanent chief executive HSBC has appointed Noel Quinn as its permanent chief executive, drawing a line under a seven-month search to find a new leader for Europe’s largest bank.  Mr Quinn was appointed interim chief executive of the Asia-focused lender in August when his predecessor, John Flint, was ousted after just 18 months in the role because he had lost the confidence of the board of directors and chairman Mark Tucker. Mr Quinn, 57, is a company “lifer” who joined the lender in 1987 via a subsidiary of Midland Bank, which was subsequently taken over by HSBC....

Bong Joon Ho’s Oscar-winning film Parasite starts streaming from March 27 on OTT South Korean filmmaker Bong Joon Ho’s best picture Oscar winner Parasite will be available to Indian audiences from March 27 on Amazon Prime Video. In a first-of-its-kind effort, Parasite will also be available with Hindi dubbing on the Prime Video India service. Directed and co-written by Bong, the film follows the lives of a poor family, the Kims as they con their way into becoming the servants of a rich family, the Parks. But their easy life gets complicated when their deception is on the verge of...