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Newsletter | Google Wallet now in India’s pocket too; Air India Express sacks 25 crew members & more
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
From Google Wallet’s launch in India to Air India Express sacking 25 crew members for allegedly instigating others to report sick, here are the top 11 news stories across business, global events, tech, and more.
Here are the top 11 news stories across business, global events, tech, and more —
#LatestNews⚡
Tata Power shares may fall 45% in 12 months as Goldman Sachs finds risk-reward unfavourable
Shares of Tata Power Company Ltd. declined over 2% in Thursday’s opening trade after global brokerage firm Goldman Sachs said it expects the stock to fall as much as 45% over the next 12 months.
The brokerage has a ‘Sell’ rating on the Tata Power stock and a price target of ₹240 per share, suggesting a potential downside of 45% from the stock’s closing level on Wednesday. The price target is also a lot lower than the consensus estimate on the Street.Goldman Sachs believes that the risk-reward ratio offered by shares of Tata Power at its current market price is “unfavourable”. The stock has gained 75% in the last six months and more than 110% over the last 12 months.
Air India Express lays off employees for ‘pre-meditated’ sick leave
Air India Express has started terminating crew members who did not report to duty, leading to cancellation of flights.
In a letter of termination sent to one of its employees on Wednesday, May 9, the airline stated that an overwhelming number of airline’s crew members reported to sick at the eleventh hour. “This clearly points to a pre-meditated and concerted abstention from work without any justifiable reason,” said Air India Express.
The action of crew members resulted in the cancellation of a large number of flights, affecting the airline’s schedule and caused inconvenience to passengers, the airline suggested. Hence, it terminated the contracts of concerned employees with immediate effect.
Supreme Court says interest-free loans given to bank employees are taxable benefits
The Supreme Court has ruled that the interest-free or concessional loans extended by banks to their employees are “fringe benefits” and is liable to be taxed. This decision, seen as a major setback for bank employees, upholds income tax regulations regarding such benefits.
“Fringe benefits” refer to additional advantages or perks beyond an employee’s regular salary. These benefits are considered supplementary to the primary compensation package and are typically provided by the employer as incentives or rewards for employment.
#TechTalks📱
Inside Battersea Power Station where Apple hosted its first of a kind event for iPads
Apple hosted their first event at the Battersea Power Station headquarters in London, where new iPads were launched on May 7. But apart from the gadgets, the ambience of the office will leave anyone impressed. Here’s a look into the majestic headquarters.
At the beginning of Apple’s Let Loose Event on May 7, CEO Tim Cook declared “It’s the biggest day for iPads”. And indeed, it was given the many announcements, updates and launch of the new iPad Pros and iPad Air. That apart, it was a big day for their London Office as Apple hosted their first ever event here.
Google Wallet now available in India: Here is what it offers
Google on Wednesday (May 8) launched its Wallet app. Unlike its international counterparts, the Indian version of Google Wallet is designed with a primary focus on organising digital documents for various purposes, including travel, movies, event alerts, gift cards, and even car keys.
To enable the experience for Indian users, Google Wallet has partnered with 20 brands such as PVR & INOX, Air India, Indigo, Flipkart, Pine Labs, Kochi Metro, Abhibus and many others.
#DailyData📈
Maldives has urged Indians to ‘be a part’ of their tourism as numbers decline.
Here’s what the Maldives Tourism Ministry data reveals about top tourist markets for the island nation.
#PersonalFinance💰
HDFC ERGO withdraws three variants of this health insurance policy — what happens to existing users
HDFC ERGO General Insurance on Wednesday (May 8) announced the withdrawal of three variants of its health insurance product, my:health Suraksha. Effective immediately, customers will no longer be able to purchase or renew the my:health Suraksha Gold, my:health Suraksha Platinum, and my:health Suraksha Silver plans.
Currently, HDFC ERGO offers four variants of the my:health Suraksha health insurance policy, with Koti Suraksha remaining unaffected by the recent decision.
Customers holding the discontinued health insurance plans will be migrated to alternative policies offered by the insurer.
Why ETFs tracking international indices are available at significant premiums on Indian stock exchanges
Exchange-Traded Funds (ETFs) that track international indices are currently available at significant premiums on Indian stock exchanges. This increase stems from recent regulatory measures implemented by the Securities and Exchange Board of India (SEBI).
SEBI’s decision to halt asset management companies (AMCs) from investing in overseas ETFs, effective April 1, has triggered a domino effect.
With traditional avenues for international investment restricted, ETFs tracking international indices have emerged as the go-to option for investors. However, the surge in demand for these ETFs, coupled with limited supply, has led to increase in premiums, according to a Value Research report.
#Podcasts▶
Tackling Urban Air Pollution in India with Tech Solutions | Jai Dhar Gupta. Nirvana Being
#StartupsWorld🌍
Byju’s unveils new sales model, shift in sales strategy, cuts prices of products
Troubled edtech giant Byju’s has unveiled a new sales model to enhance accessibility to its products and empower its sales associates. This shift in the sales strategy includes significant price cuts across its offerings and a restructured payment system for sales associates.
Under the new sales model, Byju’s has reduced the annual subscription fee for its Learning App to ₹12,000, inclusive of taxes. Byju’s Classes and Byju’s Tuition Centres are now priced at ₹24,000 and ₹36,000, respectively, for a comprehensive year of classes.
Zomato sets up Weather Union—crowd-sourced network of 650 weather stations across India
In a bid to risk-proof its business from unpredictable weather conditions, foodtech giant Zomato has developed a crowd-supported weather infrastructure that provides real-time and localised climate data.The platform called Weatherunion.com is an on-ground network of 650 weather stations, offering critical information on “Temperature, humidity, wind speed, rainfall, etc”.
In a tweet, Zomato CEO Deepinder Goyal said that Weatherunion.com will be accessible for free — using API. Weatherunion.com will be part of Zomato’s CSR efforts – Zomato Giveback. The company will bear the cost of the weather station requiring volunteers to only share space.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
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