Name: Mergers lack logic, will further destabilise economy: Bank unions
Uploaded: 2019-08-30T10:24:50.fff+05:30
Duration: T00M41S
Channel: editorji

Bank unions have opposed the mega-merger of 10 state-run banks into four entities calling the move devoid of logic. Finance minister Nirmala Sitharaman announcing the m

Mergers lack logic, will further destabilise economy: Bank unions

Bank unions have opposed the mega-merger of 10 state-run banks into four entities calling the move devoid of logic. Finance minister Nirmala Sitharaman announcing the merger said the move to create fewer but stronger global-sized banks was towards building a $5 trillion economy. The All-India Bank Employees Association in a statement said, the govt's proposals has no rationale and will destabilise the economy further. The statement added, that on one side the government wants to implement Jan Dhan, but asked how it is possible by closing down the branches?. Bank Unions will observe a black day on Saturday and threatened to launch more protests.

Bank unions have opposed the mega-merger of 10 state-run banks into four entities calling the move devoid of logic. Finance minister Nirmala Sitharaman announcing the merger said the move to create fewer but stronger global-sized banks was towards building a $5 trillion economy. The All-India Bank Employees Association in a statement said, the govt's proposals has no rationale and will destabilise the economy further. The statement added, that on one side the government wants to implement Jan Dhan, but asked how it is possible by closing down the branches?. Bank Unions will observe a black day on Saturday and threatened to launch more protests.

The legal roadblock for the popular Pfizer vaccine may soon be removed. Reports indicate that the govt and vaccine manufacturer Pfizer are close to resolving tussl

The legal roadblock for the popular Pfizer vaccine may soon be removed. Reports indicate that the govt and vaccine manufacturer&nbsp;Pfizer are close to resolving tussle on the indemnity clause.&nbsp;
ET reports citing sources that the govt is agreeable to grant conditional indemnity to Pfizer.The pharma&nbsp;major has had insisted on&nbsp;the clause which absolves the company from paying any legal cost in case of an adverse event. Pfizer has signed an indemnity clause with most countries that are using its vaccine.&nbsp; The decision likely in a few days would lead to Pfizer first importing jabs to India and then also exploring the possibility of setting up manufacturing facilities in the country.

Businesses are joining in to add to the iconic show Friends' reunion frenzy. Booking.com is offering a night's stay at Monica and Rachel's New York apartment for just u

Businesses are joining in to add to the iconic show Friends' reunion frenzy. Booking.com is offering a night's stay at Monica and Rachel's New York apartment for just under $20/night.&nbsp; Listed as the "The Ultimate Sleepover at The FRIENDS Experience", Booking.com is offering guests&nbsp;to sleep over in the set re-creation of Monica and Rachel&rsquo;s apartment, featuring a private 1-bedroom accommodations, a FRIENDS&trade;-themed scavenger hunt with coffee and breakfast at Central Perk - just like the gang would.&nbsp;
Booking.com is taking reservations on May 21, the apartment is available for just two nights, May 23 and May 24 in New York city. On Friday, HBO Max dropped the first teaser of the Friends reunion special&nbsp;the highly-anticipated special of the iconic series is set to premiere on May 27

Tech titans helped US markets rebound in Friday's trade , tech index Nasdaq Composite, the drag for the week, snapped back by 2.3%. 30 stock Dow Jones climbed 1.1%

Tech titans helped US markets rebound in Friday's trade , tech index&nbsp;Nasdaq Composite, the drag for the week, snapped back by 2.3%. 30 stock Dow Jones climbed 1.1%, to 34,382 and the broader gauge of&nbsp;S&amp;P 500 gained 1.5%. It was been a roller-coaster ride for the US markets this week as it sunk over 5% in the first three days of the week to recover moderately on Thursday and Friday.&nbsp;The Dow and the S&amp;P 500 fell more than 1% each this week, while tech stocks got hit especially hard, pulling the Nasdaq down over 2.3% for the week. This is the worst weekly drop for US markets in nearly 3 months .&nbsp;

Google, Apple, Microsoft, Intel and other big American tech firms are pushing to preserve a program that lets the spouses of H1-B visa holders legally work in the US.

Google, Apple, Microsoft, Intel and other big American tech firms are reportedly pushing to preserve a program that lets the spouses of H1-B visa holders legally work in the US. Nearly 30 companies have submitted their support of the H-4 policy, in a lawsuit that challenges the program. Reports say a federal court in Washington is expected to rule on the suit in the coming months.

Big hike in petrol and diesel prices up by 29 paisa and 34 paisa per litre. Fuel prices have now been raised 8 times since the start of May. Petrol prices are up by Rs

Big hike in petrol and diesel prices up by 29 paisa and 34 paisa per litre. Fuel prices have now been raised 8 times since the start of May. Petrol prices are up by Rs 1.79 a litre in May, diesel prices have risen by Rs 2.22 per litre.&nbsp; Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharastra have breached the Rs 100 per litre mark. It's not just auto fuel, even airline companies are feeling the heat, jet fuel&nbsp;prices have been raised by 6.7% this month.&nbsp;
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It's Akshaya Tritiya on Friday and yes, its one of those auspicious days when you buy gold! So, how can you invest in the safe haven without stepping out

It's Akshaya&nbsp;Tritiya&nbsp;on Friday&nbsp;and yes, its one of those auspicious days when you buy gold! So, how can you invest in the safe haven without stepping out of your house especially when its all locked-down? editorji&nbsp;tells you five options:
1. Digital gold: There are multiple fintech&nbsp;platforms offering you to buy gold online for as little as ₹1. Just like jewellers, these platforms allow anyone to buy or sell gold but digitally. However, some also offer to take physical delivery. You can try Paytm, Google pay, PhonePe, etc.
2. Gold ETFs: These are gold-backed exchange-traded funds. Gold ETFs&nbsp;invest your money in gold and they are listed on stock exchanges. Anyone with a demat account can invest in Gold ETFs&nbsp;through their regular broker.
3. Gold Mutual Funds: Just like equity mutual funds, gold mutual funds park your money in the commodity. They intend to give you better returns than conventional gold.
4. Gold Bonds: One can invest in Sovereign Gold bonds through the Reserve Bank of India. Gold bonds provide 2-3% annual return on investment along with the appreciation in the value of the underlying commodity.
5. Monthly Investment Plan: Many local jewellers offer a monthly investment plan under which you can invest a small amount over a period of time and at the end of it you get gold jewellery of the aggregate value. With restrictions in most of the cities, a lot of local jewellers are accepting online payments as well.

Vitalik Buterin, one of the co-founders of the cryptocurrency Ethereum, has donated over $1 billion to a Covid relief fund in India. Buterin donate

Vitalik&nbsp;Buterin, one of the co-founders of the cryptocurrency&nbsp;Ethereum, has donated over $1 billion to a Covid&nbsp;relief fund in India.
Buterin&nbsp;donated&nbsp;more than 50 trillion Shiba&nbsp;Inu&nbsp;coins on May 12 to India Covid&nbsp;Relief Fund set up by&nbsp;Indian tech entrepreneur Sandeep Nailwal.&nbsp;Earlier in April, Buterin donated about $600,000 in Ethereum and Maker (MKR) tokens to the fund.
The transaction, however, sparked panic among some investors as they fear a huge liquidation, leading to an over 35% drop in SHIB&rsquo;s price&nbsp;in the past 24 hours. Although,&nbsp;Sandeep Nailwal&nbsp;relieved meme-coin-investors saying the fund will act responsibly.

Vaccine manufacturers Serum and Bharat Biotech told the central govt that they are looking to ramp up production to 10 crore and 7.8 crore doses res

Vaccine manufacturers&nbsp;Serum and Bharat&nbsp;Biotech&nbsp;told the central govt that they are looking to&nbsp;ramp up production to 10 crore and 7.8 crore doses respectively by August.&nbsp; Amid a severe vaccine shortage across states , Union Health Ministry and the office of Drugs Controller General of India had sought from both the firms their production plan for June, July, August and September, sources told&nbsp;PTI.&nbsp;

Billionaire and Bitcoin backer Elon Musk backtracked from his commitment towards the cryptocurrency as he tweeted that Tesla will stop accepting the digital a

Billionaire and Bitcoin&nbsp;backer Elon&nbsp;Musk backtracked from his commitment towards the cryptocurrency as he tweeted that Tesla will stop accepting the digital asset as payment. Musk cited environmental&nbsp;concerns rising from excessive Bitcoin&nbsp;mining.&nbsp; "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel," Musk said in a statement on twitter. &nbsp; Technoking of Tesla, however reassured that the company would not be selling any of its bitcoin and intends "to use it for transactions as soon as mining transitions to more sustainable energy." The value of bitcoin declined sharply after Musk's tweet, dropping from about $54,700 per coin to about $52,000 in less than an hour.

Wall Street cracked as higher than expected reading of inflation spooked investors across the board. Inflation rose at its fastest pace in 13 years last month with

Wall Street cracked as higher than expected reading of inflation spooked investors across the board.&nbsp;Inflation rose at its fastest pace in 13 years last month with the Consumer Price Index spiking to 4.2% from a year ago.&nbsp; 30 stock Dow Jones Industrial Average fell 681.50 points, or 2% posting its worst day since January. The S&amp;P 500 lost 2.1% while the tech-heavy Nasdaq Composite slid 2.7% clocking in weekly decline to more than 5%.

India’s oldest music label Saregama has announced a 151% year-on-year growth in its net profits at ₹37.2 crore for the quarter ended March 31. Prof

India&rsquo;s oldest music label&nbsp;Saregama&nbsp;has&nbsp;announced a 151% year-on-year growth in its net profits at ₹37.2 crore for the quarter ended March 31. Profit after tax or PAT also rose 19% sequentially.&nbsp;
Its FY21 PAT stood at ₹113.5 crore, which is is 161% higher than the FY20 bottomline of ₹43.5 crore.
Digitisation and low cost of data in India remain the primary growth drivers of content consumption, the company said in a release. This is further fuelled by the increase in smartphones, the rising popularity of OTT and social media apps, it added.

Retail inflation for the month of April clocked in at 4.29%, this is the lowest CPI number in 3 months. Food price inflation remained benign with just a 2% rise an

Retail inflation for the month of April clocked in at 4.29%, this is the lowest CPI&nbsp;number in 3 months. Food price inflation remained benign with just a 2% rise and vegetable prices seeing a 3% downtick&nbsp;on year-on-year basis.&nbsp; India's Industrial production soared to 22% for March after two months of contraction. But one should not find cheer in this number as last year for the same period data collection was not feasible due to the national lockdown&nbsp;in March 2020.&nbsp; All eyes will now move to the wholesale price index (WPI) to be released on Friday as commodity and fuel prices that have been on fire and has a much larger weightage&nbsp;on that index.&nbsp;

To deal with personal and professional burnout companies across the board are reworking office hours and leave schedule. The latest is hospitality firm OYO that has ann

To deal with personal and professional burnout companies across the board are reworking office hours and leave schedule. The latest is hospitality firm OYO that has announced a 4-day week for the month of May&nbsp;and 'no reasons asked'&nbsp;infinite paid leaves&nbsp;for its employees till July.
Earlier this month, food delivery platform Swiggy also transitioned to a four-day workweek for all its employees amid partial lockdowns in most urban centres.&nbsp; Consulting firm Deloitte India has create a &ldquo;holiday pool&rdquo; that employees can use to avail holidays over and above allocated leaves.&nbsp;PwC has also created a holiday pool for its employees and also announced extended personal time off which allows workers to take three paid offs during the month of May

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn arbitration award involving Cairn Energy an

Govt owned banks are looking to appoint a nodal officer to safeguard their deposits that could be linked in the $1.2 bn&nbsp;arbitration award involving Cairn Energy and the Centre.&nbsp; ET reports that the govt has written a letter to public sector bank chiefs suggesting they immediately inform Sanjay Kumar, director &ndash; banking operations, if they receive &lsquo;any intimation/notice/letter&rsquo; from Cairn Energy Plc and its subsidiary Cairn UK Holdings. Reports also suggest that banks have been asked to reduce cash holdings in overseas accounts.&nbsp;

Godrej Consumer is seeing a massive re-rating as the stocks jumped 20% in trade with volumes that are 50 times the 20 day average. So what is exciting investors ab

Godrej Consumer is seeing a massive re-rating as the stocks jumped 20% in trade with volumes that are 50 times the 20 day average.&nbsp; So what is exciting investors about Godrej&nbsp;Consumers? Brokerages such as CLSA&nbsp;have given a thumbs up to a change of management at the company. Godrej&nbsp;announced that&nbsp;Sudhir Sitapati&nbsp;from HUL&nbsp;will join the company as managing director and chief executive officer.&nbsp;Sitapati comes to GCPL after a tenure of 22 years at&nbsp;Hindustan Unilever&nbsp;(HUL), where he led teams across categories and functions in India, Europe, South East Asia and Africa. Godrej&nbsp;stock touched it's highest level since September 2018 in Tuesday's trade.&nbsp;

For the first time in seven months, Reliance Jio has beaten Bharti Airtel in terms of adding new subscribers. In February, India's largest telecom c

For the first time in seven months, Reliance Jio&nbsp;has beaten Bharti&nbsp;Airtel&nbsp;in terms of adding new subscribers. In February, India's largest telecom&nbsp;company added 4.4 million users while Airtel&nbsp;added 3.5 million subscribers, as per the data released by the Telecom&nbsp;Regulatory Authority of India.
Vodafone&nbsp;Idea added subscribers for the first time in 15 months. Its user base rose by about half a million subscribers in February.
With this Reliance Jio&nbsp;has&nbsp;417.42 million total subscribers,&nbsp;Bharti Airtel&nbsp;has 188.21 million and&nbsp;Vodafone Idea has 123.28 million.
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Price rise across the globe has started to heat up and that is beginning to worry investors that have been very comfortable with the easy money policy. Here are some of

Price rise across the globe has started to heat up and that is beginning to worry investors that have been very comfortable with the easy money policy. Here are some of inflation headlines that are sending jitters to global investors -:
<ul>
<li>US headline inflation expected to rise to 3.6% this month, and the reality is much higher as very low base is keeping this number muted&nbsp;</li>
<li>Indications from the bond market signal that U.S. inflation expectations have surged to the highest in a decade.</li>
<li>Import prices of goods to the U.S. from China rose 1.8% in March , the biggest gain in almost nine years</li>
<li>China&rsquo;s&nbsp;producer price index&nbsp;climbed by the most since 2017 in April</li>
<li>Global commodity supercycle continues, copper to corn all commodities surge to record high.</li>
</ul>

"Do you want Tesla to accept Doge?” A single tweet sent a frenzy of enthusiasm amongst cryptocurrency backers as Billionaire Elon Musk once again took to twitter

"Do you want Tesla to accept Doge?&rdquo; A single tweet sent a frenzy of enthusiasm amongst cryptocurrency backers as Billionaire Elon Musk once again took to twitter to test waters for the meme cryptocurrency.&nbsp;
The #Dogefather as he is referred to by his social media followers launched a twitter poll to gauge response of his 54 million followers, this comes after Dogecoin saw a sharp fall as Musk jokingly referred to it as a 'hustle'on the show Saturday Night Live. In March, Musk said US customers could purchase Tesla vehicles with bitcoin.&nbsp;Based on current prices, one would need 0.7 bitcoin to buy the cheapest Tesla Model 3 car but Doge collectors would need to gather up&nbsp;nearly 80,000 dogecoins to make the purchase.&nbsp;&nbsp;

Amazon founder Jeff Bezos has sold 2 million shares of Amazon in 3 tranches in May totalling a whopping $6.7 billion. Bezos who continues to hold over 10% stake

Amazon founder Jeff Bezos has sold 2 million shares of Amazon in 3 tranches in May totalling a whopping $6.7 billion.&nbsp;
Bezos who continues to hold over 10% stake in the ecommerce giant, cashed in some of the fortune as Amazon shares have rallied over 75% in the last one year. &nbsp;
This stock sale is not a first from the world&rsquo;s riches man, last year he sold stock worth more than $10 billion.
The Amazon founder has used equity sales to fund his space ambitions through firm Blue Origin, while he&rsquo;s committed $10 billion to the &ldquo;Bezos Earth Fund&rdquo; to help counter the effects of climate change as well.&nbsp;

The government has reportedly proposed to slash import duties on steel items to zero or near-zero levels. A decision had been taken to review duties on steel products

The government is set to propose slashing import duties on steel items to near zero levels as per reports.&nbsp;
A decision had been taken to review duties on steel products and reduce or withdraw them altogether in an effort to help the user industry which has been hit hard by rising price of the metal in the domestic market. Domestic hot-rolled coil (HRC) prices rallied to a multi-year high of Rs 56,000 per tonne marking a&nbsp;a jump of over 50 per cent in last 13 months.
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Business

Pfizer finally, legal block for India may be resolved

Booking.com offers Monica and Rachel's 'Friends' apartment

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Google, Apple, and other big tech firms push to let H1-B spouses work in the US

Fuel on fire, Petrol and Diesel prices hiked for 8th time this month

How to buy gold this Akshaya Tritiya

Crypto Relief for Covid: Ethereum founder donates $1 billion to India Relief Fund

Serum Institute, Bharat Biotech to increase vaccine production by August

Musk backtracks on Bitcoin, Tesla stops accepting cryptocurrency payments

US markets crack, see biggest drop in 4 months as inflation spooks investors

Saregama's March quarter profit jumps 151%

Headline inflation eases, IIP soars but too early to cheer

4 day weeks to unlimited leaves, firms rework norms to ease pandemic stress

The billion-dollar worry for PSU banks as legal tussle with Cairn heats up

Stock Alert! Godrej Consumer sees volumes 50 times above average

Jio outpaces Airtel in additions, VI finally connects after 15 months

The inflation headlines that global markets are reading

Musk Musings: Tests water for Tesla to accept Dogecoin

Why has Bezos sold $6.7 billion worth of Amazon?

Steel import duties may be cut to zero as prices jump 50%

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