Name: JP Morgan to cut hundreds of jobs across consumer unit
Uploaded: 2020-01-29T07:56:30.fff+05:30
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JP Morgan Chase plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to reports. The bank intends to notify a

JP Morgan to cut hundreds of jobs across consumer unit

JP Morgan Chase plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to reports. The bank intends to notify affected employees on February 6. The consumer unit, which houses the deposit, credit card, home, and auto lending businesses, contributes to nearly half the firm&rsquo;s revenue. Banks around the world have cut thousands of jobs as they slash costs to weather a slowing economy and adapt to shifts in consumer behavior and in digital technology.&nbsp;

JP Morgan Chase plans to dismiss several hundred workers from its consumer unit as the lender seeks to rein in costs, according to reports. The bank intends to notify affected employees on February 6. The consumer unit, which houses the deposit, credit card, home, and auto lending businesses, contributes to nearly half the firm’s revenue. Banks around the world have cut thousands of jobs as they slash costs to weather a slowing economy and adapt to shifts in consumer behavior and in digital technology.

Purchasing a home is one of the biggest financial decisions you may take in your lifetime, and if you are considering applying for a home loan, it can become even bigge

Good news for home buyers&nbsp;India's top lenders, State Bank of India (SBI), Kotak Mahindra Bank and HDFC have cut home loan rates under special schemes till March 31.&nbsp; &nbsp; The trend started by India&rsquo;s largest lender that lowered home loan rates to 6.7% was followed swiftly by Uday Kotak backed Kotak Mahindra Bank that went even lower to 6.65%.&nbsp;Real estate lender HDFC also issued a statement that it was lowering the rates by 5 bps as well.&nbsp;&nbsp; &nbsp; All these offers however are limited to new loans before the close of this fiscal year on March 31, lenders are hoping the low rates will boost up loan books before the year ends.

Hyderabad based defence equipment maker MTAR Technologies has launched its IPO and here is what investors need to know . IPO Radar: MTAR Tech Issue dates: March 3-5

Hyderabad based defence equipment maker MTAR Technologies has launched its IPO and here is what investors need to know .
 IPO Radar: MTAR Tech
<ul>
<li>Issue dates: March 3-5&nbsp;</li>
<li>Price band: Rs 574-575/share</li>
<li>Minimum bid size: 26 equity shares</li>
</ul>
MTAR Tech
About the company&nbsp;
<ul>
<li>Hyderabad based, founded in 1970</li>
<li>Maker of nuclear, defence and aerospace equipment</li>
<li>Order book of of Rs 334 crore</li>
<li>ISRO, DRDO, Nuclear Power Corporation of India key clients&nbsp;</li>
</ul>
 Ahead of the issue the company sold 18.51 crore shares at Rs 540/share in a pre-IPO placement to schemes of SBI Mutual Fund and Axis Mutual Fund.

Reports indicate the food delivery unicorn Zomato is eyeing a $ 1 bn IPO as early as June. Zomato had recently raised $250 million pushing its valuation

Reports indicate the food delivery unicorn Zomato is eyeing a $1 bn IPO as early as June. Zomato had recently raised $250 million&nbsp;pushing&nbsp;its&nbsp;valuation to $5.4 billion.&nbsp;&nbsp; Falguni&nbsp;Nayar-led&nbsp;cosmetic-tech&nbsp;app Nykaa, which took under 8 years to become a&nbsp;billion-dollar&nbsp;company, is also close to a second round of fundraising. Reports indicate this round will lead to the company&nbsp;doubling&nbsp;its&nbsp;valuation to $2 bn.&nbsp;&nbsp;
 Policy Bazaar&nbsp;has also raised $45 million in a recent funding spree as per reports which is now valuing the Bengaluru-based&nbsp;insurance&nbsp;aggregator&nbsp;at $2.4 billion.&nbsp;&nbsp;

As crude prices remain steady around $60/bbl all eyes on OPEC+ meet as the world’s largest oil producers set to decide if supply of oil should be

&nbsp;As crude prices remain steady around $60/bbl&nbsp;all eyes on OPEC+ meet as the world&rsquo;s largest oil producers set to decide if supply of oil should&nbsp;be increased. OPEC along with Russia.&nbsp;The Organization of the Petroleum Exporting Countries and its allies led by Russia, ,&nbsp;could discuss allowing as much as 1.5 million barrels per day back onto the global market.&nbsp;&nbsp;
 OPEC+ continues to hold around 7 million bpd off the markets even as demand has to started pick up across the globe.&nbsp; Prices also gone up multi-fold from the pandemic lows&nbsp;of sub $20/bbl&nbsp;mark.&nbsp;&nbsp;
 This comes at a time when India is already facing record high prices at petrol&nbsp;pumps .&nbsp;Indian Oil Minister has urged the 23 national coalition to keep policy and output stable.&nbsp;India imports 80% of&nbsp;it&rsquo;s&nbsp;crude demand.&nbsp;&nbsp;

Mukesh Ambani backed Jio has emerged as the single largest buyer in the spectrum auction doling out a hefty $7.8 bn. This compared to a $2.6 billon spent by Sunil Mitta

Mukesh Ambani backed Jio has emerged as the single largest buyer in the spectrum auction doling out a hefty $7.8 bn. This compared to a $2.6 billon spent by Sunil Mittal promoted Bharti Airtel.&nbsp;&nbsp;
Jio was focused on renewing the crucial 800MHz band. It&nbsp; has mopped up 58% of the spectrum available in this band ensuring wider coverage for the telecom&nbsp;giant.&nbsp;
After the four rounds of auction, the kitty&nbsp;topping Rs 77,000 cr&nbsp;has far exceeded the govt&rsquo;s expectations.&nbsp;

As per Hurun Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the

As per&nbsp;Hurun&nbsp;Global Rich List, India has added 40 new billionaires in 2020 taking the total toll from the sub-continent to 177. This does not include the&nbsp;additional 32 Indian-origin billionaires across the world.&nbsp;&nbsp;
 Mukesh Ambani&nbsp;holds pole post as&nbsp;India&rsquo;s richest man&nbsp;with his wealth rising 24% in 2020 totaling to $83 billion and also making him the eighth richest man&nbsp;globally.&nbsp;&nbsp;
 The Shanghai based report also stated that China surpassed the US to become home to&nbsp;the most&nbsp;number of billionaires in the world. While India with&nbsp;177 billionaires&nbsp;is the third highest in the world.&nbsp;&nbsp;

Govt woos Musk for Made In India tag for Tesla As Elon Musk gears to launch Tesla cars into India , the govt is gearing to offer big conc

The govt is rolling the red carpet for&nbsp;Elon Musk who is set to launch Tesla cars into&nbsp;India. The govt is readying to offer big concessions to lure the billionaire into setting up production facilities here and not just the car assembling units.&nbsp;&nbsp;
Transport Minister Nitin Gadkari said: "Rather than assembling (the cars) in India they should make the entire product in the country by hiring local vendors. Then we can give higher concessions.&rdquo;&nbsp;
Gadkari also reassured that the govt will ensure that the cost of production in India would be lower than China by way of hefty concessions.&nbsp;&nbsp;
 Reports indicate Tesla will launch&nbsp;it&rsquo;s&nbsp;Model 3 electric sedan in India by middle of 2021.&nbsp;

Market regulator is looking to reduce promoter influence on independent directors by changing the way the latter are appointed. In a discussion paper floated by SEBI it

Market regulator is looking to reduce promoter influence on independent directors by changing the way the latter are appointed. In a discussion paper floated by SEBI it suggests&nbsp;an overhaul of&nbsp;appointment and removal as well as eligibility criteria&nbsp; &nbsp; SEBI is looking at&nbsp;putting&nbsp;in place a dual approval system for bringing on or removing independent directors where the majority and minority shareholders&nbsp;will have to give approval. SEBI is also proposing&nbsp;that&nbsp;appointment of key managerial personnel (KMP) and employees of promoter group companies as independent directors would require more checks and balances.&nbsp;

Alibaba and Ant Group founder Jack Ma has lost the title of China's richest man, according to the Hurun Global Rich list showed on Tuesday. Ma and his family had held t

Alibaba and Ant Group founder Jack Ma has lost the title of China's richest man, according to the Hurun Global Rich list showed on Tuesday. Ma and his family had held the top spot for China's richest in 2020 and 2019 but now trail in fourth place behind bottled water maker Nongfu Spring's Zhong Shanshan, Tencent Holding's Pony Ma and e-commerce upstart Pinduoduo's Collin Huang. Ma's fall out of the top three comes "after China's regulators reined in Ant Group and Alibaba on anti-trust issues," the Hurun report said.

The Delhi government has removed the electric version of the Tata Nexon car from its subsidy scheme for electric vehicles till a committee looks into complaints that th

The Delhi government has removed the electric version of the Tata Nexon car from its subsidy scheme for electric vehicles till a committee looks into complaints that the model failed to meet the specified range on a single charge, officials said on Monday. Delhi govt has formed three-member committee, including a member from Tata&nbsp;Motors to verify claims of the complainants and assertions of Tata Motors in support of the mode. Delhi Transport Deportment has said that it has received complaints that the model doesn't&nbsp;meet the promised range of 312 km on a single charge of its battery. Tata&nbsp;Motors have even issued a show-cause notice last month.&nbsp;

As more states impose mandatory testing to travel domestic airlines have seen over 10% fall in bookings over just the last week. Tamil Nadu has imposed

As more states impose mandatory testing&nbsp;as a pre-requisite to travel , domestic airlines have seen over 10% fall in bookings over just the last week.&nbsp;&nbsp; &nbsp; Tamil Nadu has imposed restrictions on passengers joining the ranks of&nbsp;West Bengal Maharashtra and Karnataka. Reports indicate Delhi too will soon also mandate RT PCR tests for incoming passengers from certain states.&nbsp;&nbsp;
 Domestic air&nbsp;travel&nbsp;is limping back from a&nbsp;7 year&nbsp;low hit during the pandemic. January air traffic was 39% lower than last year in the same&nbsp;month&nbsp;

CNG, PNG Price in Delhi: With the petrol-diesel and LPG prices already skyrocketing, there is more bad news for common folks.

With the petrol-diesel and LPG prices already skyrocketing, there is more bad news for common folks. The prices of CNG used in vehicles as well as PNG (Piped Natural Gas) which is the domestic cooking fuel, have been hiked.
The new prices came into effect from 6 am on Tuesday. Indraprastha Gas Limited has said that it has increased the price of CNG by 70 paise/kg in Delhi-NCR.
The price of CNG in Delhi has now gone up to Rs 43.40 per kg. At the same time, CNG has reached Rs 49.08 per kg in Noida, Greater Noida and Ghaziabad. IGL has also increased the prices of PNG in Delhi-NCR by 91 paise. The new price of PNG in Delhi was Rs 28.41 per scm.
&nbsp;
Also Read: <a href="https://www.editorji.com/story/govt-looking-at-cutting-taxes-on-petrol-and-diesel-1614647965708" target="_blank" rel="noopener">Govt looking at cutting taxes on petrol and diesel</a>

Walmart backed Flipkart may be looking at a one-way ticket to buying a controlling stake in Cleartrip sources have told moneycontrol.com. F

&nbsp;Walmart backed Flipkart may be looking at a one-way ticket to buying a controlling stake in&nbsp;Cleartrip&nbsp;sources have told moneycontrol.com.&nbsp;&nbsp;
 Flipkart is looking at expanding its services and wants to leverage as a&nbsp;superapp&nbsp;as per reports.&nbsp;Cleartrip&nbsp;has seen pressure on&nbsp;it&rsquo;s&nbsp;books as airline travel continues to be under pressure due to the pandemic.&nbsp;&nbsp; &nbsp; Both Flipkart and&nbsp;Cleartrip&nbsp;have not denied/confirmed the talks.&nbsp;

Finance Ministry is in looking at the possibility of reducing taxes on petrol and diesel as prices as per reports. Taxes and duties account for over 60% of the petrol b

Finance Ministry is looking at the possibility of reducing taxes on petrol and diesel as per reports. Taxes and duties account for over 60% of the petrol bill at this point. Along with soaring crude oil&nbsp;prices ,&nbsp;hefty tax bill has pushed petrol prices to record highs across the country topping the Rs 100/litre&nbsp;mark.&nbsp;&nbsp; &nbsp; Reports quoted unnamed Finance Ministry sources as saying&nbsp;"We are discussing ways in which prices can be kept stable. We will be able to take a view of the issue by mid-March."&nbsp;&nbsp;
 GST collections have been above Rs 1 lakh crore for the 5th&nbsp;straight month in February has given some room to the govt to&nbsp;lower the fuel bill burden on the consumers.&nbsp;&nbsp;

In good news for Apple fans, all 270 Apple stores in the United States opened for business on Monday. This is the first time that all US stores are open since Apple sta

In good news for Apple fans, all 270 Apple stores in the United States opened for business on Monday. This is the first time that all US stores are open since Apple started closing stores in response to the Covid-19 pandemic last year in April. The reopening of Apple stores marks a milestone, as the United States begins to emerge from lockdowns as new cases fall and vaccines are distributed. However, not all Apple stores in the US are fully open for walk-in customers to go inside and browse; customers have to check Apple&rsquo;s website before heading to their store in case it is appointment-only or service is limited. All Apple Stores will strictly enforce Covid-19 safety guidelines, that include reduced occupancy and a mandatory mask requirement.

Customers of India’s largest bank SBI have been the target with a phishing scam where hackers have flooded them with suspicious text messages askin

Customers of India&rsquo;s largest bank SBI&nbsp;have been the target&nbsp;with a phishing scam where hackers have flooded them with suspicious text messages&nbsp;asking them to redeem their SBI credit points worth Rs 9,870.&nbsp; The link within the text messages redirects the user to a fake website where the user is asked to submit personal information along with sensitive financial details like card number, expiry date, CVV and&nbsp;Mpin&nbsp;in a 'State Bank of India Fill Your Details' form.&nbsp; After the form is submitted, the user is directed to a "thank you" page.&nbsp; CyberPeace&nbsp;Foundation, the think tank and&nbsp;Autobot&nbsp;Infosec Private Ltd carried out an investigation which revealed multiple details to prove that the entire thing is a phishing attack.&nbsp;"The domain name of the website can be traced to India, and the registrant state was found to be Tamil Nadu," the report mentioned&nbsp;

Airlines are all set to pay more for fuel as jet fuel prices were raised by a steep 6.5%. This is the third increase in jet fuel prices since February, prices were

Airlines are all set to pay more for fuel as jet fuel prices were raised by a steep 6.5%.&nbsp;This is the third increase in jet fuel prices since February, prices were hiked by 3.6% last on Feb 16.&nbsp; This could translate to higher ticket prices ahead of the busy summer season.&nbsp;
The move comes on the back of a steep&nbsp;uptick&nbsp;in global oil prices. Crude oil prices have been very volatile ahead of the OPEC meet on March 5, where markets are anticipating some supply easing to be done.&nbsp;&nbsp; &nbsp;

India’s largest pubic sector bank SBI has reduced home loan rate to 6.7 % and also is waving off processing fees. This offer is valid ti

&nbsp; India&rsquo;s largest&nbsp;pubic&nbsp;sector bank SBI has&nbsp;reduced home loan rate to 6.7 % and is also waving off processing fees. This offer is valid&nbsp;till March 31 as per a release from the bank.&nbsp;&nbsp; &nbsp; SBI Home loan interest rates are linked to CIBIL score and start from 6.70 percent for loans up to Rs. 75 lakh and 6.75 percent for loans above Rs. 75 lakhs, the bank said.&nbsp;
 Customers can also apply from the ease of their home via YONO App to get additional interest concession of 5 bps. On the eve of International Women&rsquo;s day, a special 5 bps concession is being made available to the women borrowers, the bank said.&nbsp;

Maruti Suzuki has seen domestic sales rise 11.8% YoY with a total of 1.52 lakh units sold in February. Utility vehicles Utility vehicles like

&nbsp; Maruti Suzuki has seen&nbsp;domestic sales rise&nbsp;11.8% YoY with a total of 1.52 lakh units sold in February. Utility vehicles like&nbsp;Ertiga, XL6 and Vitara&nbsp;Brezza&nbsp;have seen a&nbsp;strong sales&nbsp;in the month gone by leading the growth.&nbsp;
&nbsp; It is not just domestic&nbsp;growth ,&nbsp;Maruti Suzuki India has accomplished the landmark of exporting 20 lakh vehicle from India. In under 8 years Maruti Suzuki&rsquo;s exports have doubled from 10 lakh units to 20 lakh units.&nbsp;&nbsp;

Mukesh Ambani promoted Jio along with Reliance Retail has rolled out the ‘New JioPhone 2021’ offer which provides for a new phone along

Mukesh Ambani promoted&nbsp;Jio&nbsp;along with Reliance Retail has rolled out the &lsquo;New&nbsp;JioPhone&nbsp;2021&rsquo; offer which provides for a new phone along with three new plans. Under this scheme, new users&nbsp;will be provided a&nbsp;JioPhone&nbsp;device along with unlimited voice calls and data&nbsp;for one year at Rs1,499 and for two years at Rs1,999. Existing users can opt for&nbsp;the same unlimited service for one year at Rs749.&nbsp;This marks the return of the&nbsp;JioPhone, which it had&nbsp;it&rsquo;s&nbsp;debut in 2017.&nbsp;
Analysts believe&nbsp;Jio&rsquo;s new&nbsp;JioPhone&nbsp;2021 offer is&nbsp;also&nbsp;targeted to upgrade 2G user&nbsp;base.&nbsp;Jio is now in second place at 33.6% market share in active subscribers compared to the just ahead Airtel at 33.7%. Jio has seen a loss of subscribers in the past month&nbsp;which has strengthened&nbsp;Sunil Mittal backed Bharti Airtel into the&nbsp;numero&nbsp;uno spot.

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