Embattled Jet Airways is in discussions to raise 1500 crore rupees from India's largest public sector lender, the State Bank of India. Jet has reportedly made its Middle-east partner Etihad as the guarantor for the loan. The move came as Jet was unable to reach negotiations with Etihad on a 2,400 crore bailout from overseas lenders, which is still in progress. The debt-laden carrier has suffered losses over 1000 crore rupees in three consecutive quarters and has 8052 crore rupees in total debt. 

The Income Tax Department on Saturday issued a number of guidelines on the revision of dates for filing returns under different categories. The date for filing of individual income tax returns for FY 2019-20 has been extended for another month till December 31. The finance ministry said in the statement that for the&nbsp;taxpayers whose accounts need to be audited, the ITR&nbsp;deadline has been extended by two months till January 31, next year. Centre had&nbsp;in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, in a major relief to taxpayers.

In a relief to borrowers, government has said that it will implement a loan relief scheme by November 5. The Supreme Court had&nbsp;directed government to implement interest waiver on loans of up to ₹ 2 crore under the Reserve Bank of India's moratorium scheme. The relief will come to borrowers in the form of grant of ex-gratia payment of difference between compound interest and simple interest for six months from March 1 to August 30. Lending institutions will first credit the amount on eligible loans up to&nbsp;₹&nbsp;2 crore, which will be reimbursed by the government. Borrowers will only need to pay simple interest for their outstanding borrowing. The government will have to shell out ₹ 6,500 crore for the implementation of the scheme, PTI reported.

Walmart-owned Flipkart will buy 7.8% stake in Aditya Birla Fashion &amp; Retail Limited for ₹1,500 crore. Aditya Birla Fashion &amp; Retail runs brands like Pantaloons, Allen Solly, and Peter England.&nbsp;In a press release, Aditya Birla Fashion &amp; Retail Limited said the equity capital will be raised at ₹205 per share.
According to&nbsp;a report in the Economic Times, Flipkart and Amazon had both held separate talks with Aditya Birla Fashion &amp; Retail for a potential investment on Thursday&nbsp;but Flipkart&nbsp;managed to bag a stake in the fashion business.
Commenting on the deal, Kumar Mangalam Birla, Chairman of the&nbsp;Aditya Birla Group, said, the partnership is an emphatic endorsement of the growth potential of India.

Maharashtra&nbsp;minister Aaditya Thackeray said he has invited Elon Musk's Tesla to the state. The Shiv Sena leader took to Twitter to share that he along with industries minister Subhash Desai held a video call with Tesla executives to invite them. Stressing he believes electric mobility, supported by renewable energy is the way ahead, Thackeray further said that Maharashtra government is &lsquo;firmly committed to policy building and changes for sustainable development.&rsquo; Earlier this month, Elon Musk had indicated that the company could make a foray into India in 2021.

According to reports, German multinational corporation Adidas is planning to sell Reebok, which it bought in 2006.&nbsp;
Possible suitors for the brand include China's ANTA&nbsp;sports and&nbsp;VF Corporation, which owns Vans and The North Face among others.
The deal will likely take place in March 2021.&nbsp;
Recent years have seen a slump in Reebok's sales which could be the reason behind the move.&nbsp;

Global financial giant Goldman Sachs has agreed to pay $2.9 billion in penalties to settle criminal charges in the Malaysian bribery scandal, news agency AFP has reported. This is the largest US fine ever in a corruption case, the Justice Department announced on Thursday. Goldman Sachs helped raise $6.5 billion for the Malaysian government's sovereign wealth fund. The US Justice Department has said more than $4.5 billion was stolen from the fund by high-level officials at the fund and their associates between 2009 and 2015. The guilty plea could curtail activities of Goldman Sachs Malaysia but allows the parent company to avoid admitting wrongdoing in court -- which would have damaged its ability to do business.

The government on Thursday unveiled a new series for the consumer price index for industrial workers to&nbsp;calculate wages and pay perks in line with the changing spending habits.
The new index assigns more weight to spending on services such as education, healthcare, housing, travel and transportation.
In the new series, the base year for calculating the CPI-IW has been revised to 2016 from 2001.
&nbsp;

Drugmaker Purdue Pharma, the company behind the powerful prescription painkiller OxyContin that experts say helped touch off an&nbsp;opioid&nbsp;epidemic, will&nbsp;plead&nbsp;guilty to federal criminal charges as part of a settlement of more than $8 billion, the Justice Department announced Wednesday. This is the largest settlement ever reached with a pharmaceutical company.
&nbsp;

Indian equity markets opened on a weak note on Thursday&nbsp;following global peers.
At 9:20 am, the Sensex was 133 points in the red at 40,574 and the Nifty fell 0.26% to trade at 11,906.
DrReddy, ICICI&nbsp;Bank, Asian Paints, Hindalco,&nbsp;and Powergrid&nbsp;were the top losers.

Former RBI governor Raghuram Rajan has once again cautioned against import substitution under the 'Aatmanirbhar Bharat' initiative. Addressing a webinar&nbsp;on Wednesday, he said&nbsp;the country has gone down this route earlier but could not succeed.
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can. "China's rise as an export power came on the back of assembly. It brought in the stuff, put it together and exported it out," the former central bank governor mentioned.
Union minister Nitin Gadkari had&nbsp;earlier this week urged for 'swadeshi' production and said imports need to end, while exports should increase.

The government on Wednesday announced that it has approved ₹3,737 crore&nbsp;worth&nbsp;bonus for 2019-2020. More than 30 lakh non-gazetted employees will benefit from the bonus announcement,&nbsp;Union Minister Prakash Javadekar&nbsp;said. The minister said the&nbsp;bonus will be given in a single installment, through Direct Benefit Transfer, before Vijayadashami.

The United States Justice Department has filed a long-expected antitrust lawsuit against Google for abusing its dominance in online search and advertising.
This could reportedly lead to the break-up of the $1 trillion company and reshape the way consumers use the internet.
Google has been accused of using billions of dollars collected from advertisers to lock up deals with giant partners like Apple to ensure Google is the default search engine on browsers.

After a highly volatile session influenced by the European markets, Indian equity benchmarks ended in the green on Wednesday.
The Sensex&nbsp;ended 162 points up at 40,707 and the Nifty closed at 11,937, 0.34% higher.
Powergrid, Bharti&nbsp;Airtel, Tata&nbsp;Steel, Hindalco and GAIL were the top five Nifty gainers.
The rupee depreciated 9 paise to settle at 73.58 against the US dollar.
&nbsp;

Hong Kong-based Cathay Pacific Airways said on Wednesday it would cut 8,500 jobs,&nbsp;about 24% of the company&rsquo;s workforce, as it struggles with the pandemic-led plunge in air travel.
The company will also shut down Cathay Dragon, its regional airline unit, with operations ceasing from Wednesday.
The restructuring is aimed at reducing Cathay Pacific&rsquo;s cash burn to $64.5 million a month, from about $193.5 million to $258 million currently.
Executive pay cuts will also continue throughout 2021 and there will be no pay increments for 2021 nor bonuses for this year for all Hong Kong employees, Cathay Pacific said.

The government may ask some public companies to buy back shares in order to&nbsp;shore up its finances amid the coronavirus pandemic, according to a Bloomberg&nbsp;report.
Coal India Ltd., NTPC Ltd., NMDC Ltd., MOIL Ltd., KIOCL Ltd, and Engineers India Ltd. are among the eight companies that might be asked to repurchase shares this year, the report said.
The strategy will help the government access part of the more than ₹40,000 crore&nbsp;of cash hoard with the companies as of March 31.

Foreign direct investment (FDI) in India rose 16% year-on-year to $27.1 billion during April-August this year, the Commerce and Industry Ministry said on Tuesday.
FDI equity flows were boosted by investments into Jio Platforms, as per a report in The Hindu. A lot of quiet private equity investments were made in the real estate sector as well, the report said.&nbsp;
Experts believe the numbers would have been even higher if border tensions with China hadn&rsquo;t triggered curbs on their investments into India.

Pushing back reopening of offices, Amazon on Tuesday decided to extend the work from option for its employees, Reuters reported. 'Employees who work in a role that can effectively be done from home are welcome to do so until June 30, 2021', an Amazon spokeswoman said in an emailed statement.
Amazon had earlier allowed that option until January. The development comes less than three weeks after the world's largest online retailer said more than 19,000 of its US&nbsp;workers contracted the coronavirus this year.
&nbsp;

Equity markets moved higher in the morning session on Wednesday led by banks and financials. Most Asian markets were also higher following the gains in Wall Street.
At 9:18 am, the Sensex was at 40,835, up 290 points and the Nifty was 0.65% in the green at 11,974.
BPCL, Tata&nbsp;Motors, IndusInd&nbsp;Bank, HDFC&nbsp;Bank and Kotak&nbsp;Mahindra Bank were the top&nbsp;five Nifty supporters.

During a virtual 5G summit on Tuesday, Qualcomm and Reliance Jio Platforms announced that&nbsp;they were working together to develop indigenous 5G solutions and network infrastructure for India.&nbsp;Qualcomm Technologies and Jio also announced that they achieved over a 1 Gbps milestone on the Reliance Jio 5GNR solution and the Qualcomm 5G RAN Platform. This will enable 5G network infrastructure and services in India. Qualcomm further noted that its portfolio of 5G RAN Platforms is designed to provide a foundation for flexible, virtualized, scalable, and interoperable cellular network infrastructure.&nbsp;

Even as the global markets remained mixed, Indian equity benchmarks closed on Tuesday with some gains as IT stocks surged.
The Sensex&nbsp;closed&nbsp;112 points in the green at 40,544 and the Nifty ended the trade 0.20% higher at 11,896.
HCL Tech, Tech Mahindra, Asian Paints, Bharti&nbsp;Airtel&nbsp;and HDFC&nbsp;Bank were the top five gainers.
The rupee depreciated by 12 paise to settle at 73.49 against the US dollar.

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Jet Airways in talks with SBI for ₹1500cr loan

Dec 31, 2018 11:31 IST

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