The State Bank of India is poised to own at least 15 per cent of stake in debt-laden Jet Airways after lenders convert part of their loans into equity. According to a Bloomberg report, lenders led by SBI will hold 30 per cent stake in the carrier after debt conversion while UAE-based airliner, Etihad Airways' stake may grow over 40 per cent from current 24 per cent as they infuse more equity. The report also suggested that Naresh Goyal's stake may go below 20 per cent from the current 51 per cent after issuance of fresh shares. Jet shares plunged from day's high on the news.

German airline, Lufthansa, on Saturday said it had accepted a rescue plan offered by the country's government under which it will get&nbsp;$9.8 billion. The carrier&nbsp;has suffered economically due to restrictions imposed to contain the Covid-19 pandemic. As per the deal, the government will take a 20% stake in Lufthansa to become the leading stakeholder.

UK Chancellor Rishi Sunak has set out the UK government's plans to taper off the Coronavirus Job Retention Scheme from August as the economy gradually opens up from the pandemic lockdown. The scheme, under which the UK taxpayer covered 80% of the wages of nearly a million jobs with no employer contribution, will end in October. Gradually, taxpayer contribution will fall to 60% and employers will pay 20% before the scheme closes at the end of the month.
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After the steepest downturn on record in April, crude oil registered its best month ever in May.&nbsp;West Texas Intermediate gained almost 90% in May owing to an uptick in demand as well as record supply cuts.&nbsp;WTI&rsquo;s second-best month on record was September 1990, when it gained 44.6%.&nbsp;The US oil benchmark&nbsp;dropped below zero for the first time on record in April.
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Forbes has said&nbsp;that Kylie Jenner will no more remain the youngest billionaire in its new report, after accusing the reality TV star of inflating the size and success of her business.&nbsp;The magazine had in March 2019 reported that Jenner was the&nbsp;youngest self-made billionaire&nbsp;at the age of 21.&nbsp;It now estimates her net worth at just under $900 million. This also raises questions about the magazine&rsquo;s ability to accurately assess the finances of celebrities.

The government may unveil another stimulus package to boost demand after the nationwide lockdown is completely lifted, the Hindustan Times reported citing&nbsp;three officials. Some critics have said the&nbsp;₹20&nbsp;lakh crore Aatmanirbhar Bharat package didn&rsquo;t go far enough to address the economic fallout of Covid-19.&nbsp;The package, which is expected at least after a month, will fill the gaps&nbsp;that could have been left, the report mentioned.

With the fourth phase of the lockdown set to end on May 31, Delhi gyms, fitness centres and salon owners&rsquo; associations have written to chief minister Arvind Kejriwal urging him to allow the reopening of these ventures from June 1. The associations have shared a long list of measures that they are ready to take in line with social distancing norms once they are allowed to open shop. This includes downloading of the Aarogya Setu app by both clients and staff, PPE kits for all staff members, turning away walk-in customers, using disposable and sterilised equipment, and sanitisation of the gym exercising area every 45 minutes, among others.

Microsoft is laying off at least 50 news production workers and replacing them with AI-based algorithms to perform their editorial duties, the Seattle Times reported. These news production contractors work with Microsoft News, the company&rsquo;s news content arm that operates MSN.com and other properties. The work includes identifying trending news stories, rewrite headlines or adding better photographs or slide shows. Besides the production work, the contract employees also planned content, maintained the editorial calendars of partner news websites and assigned content to them.

French carmaker Renault has announced 15,000 job cuts worldwide as part of a two billion-euro cost-cutting plan over three years, amid declining sales.&nbsp;Renault said on Friday that nearly 4,600 jobs will be cut in France, in addition to more than 10,000 in the rest of the world.&nbsp;The group's global production capacity will be revised from four million vehicles in 2019 to 3.3 million by 2024.
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India&rsquo;s GDP growth slowed to 3.1% in the March quarter compared to 5.7% in the corresponding period, just as the government began locking down the country to contain the spread of coronavirus. However, it was better than the expectation of 1.6%, according to the&nbsp;analysts at Motilal&nbsp;Oswal.&nbsp;GDP growth was 4.2% in the fiscal year ended March 2020, as per the data released by the statistics department.&nbsp;The growth was slower than the 5%, the government expected before the virus outbreak. Analysts believe the economy may be heading for a major shock in the June quarter.

The output of eight core infrastructure industries shrank by a record 38.1% in April due to the coronavirus-led&nbsp;lockdown, according to the official data. The eight core sectors had expanded by 5.2% in April 2019. In March this year, the production of eight sectors had contracted by 9%.
Industries including coal, cement, steel, natural gas, refinery, crude oil etc experienced a substantial loss of production due to the nationwide lockdown, the commerce ministry said in a statement.

Indian equity benchmark indices&nbsp;ended higher for the third consecutive day led by gains in metals and pharma.
The Sensex ended 223 points higher at 32,424 and the Nifty jumped almost a percent to end near 9,600.
IOC, Wipro, ONGC, Coal India and DRL&nbsp;were the top market movers, Whereas, Axis Bank, Bharti&nbsp;Airtel, Adani&nbsp;Ports, TCS and Titan were the top Nifty losers.
The rupee appreciated 14 paise to close at 75.62 against the US dollar.

The Indian equity markets opened lower on Friday following global peers that fell due to rising geopolitical&nbsp;tensions.
At 9:30 am. the Sensex was 252 points down and the Nifty was trading 0.66% lower at 9,427.
Axis Bank, Adani&nbsp;Ports, Zee&nbsp;Ltd, Bajaj&nbsp;Finance and Tata&nbsp;Motors were the top Nifty losers. While, Infratel, Grasim, DRL, Cipla and Asian Paints were the top gainers.

IT services major Wipro on Friday said it has appointed Capgemini Group veteran Thierry Delaporte as its Chief Executive Officer and Managing Director, effective July 6, 2020. It is being seen as a historic move by industry observers, as he perhaps will be the first non-Indian to be at the helm of any large Indian IT services company. In January this year, the company's MD &amp; CEO&nbsp;Abidali Neemuchwala had decided to step down. Analysts believe&nbsp;Delaporte's appointment will help Wipro&nbsp;with new ideas and practices.&nbsp;Wipro's shares surged by 6% on the NSE&nbsp;on news of the appointment.
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The&nbsp;domestic automobile industry is headed for another year of double-digit sales decline this fiscal, given the extended lockdown to contain the Covid-19 pandemic, Crisil Research said on Friday. Overall sales volume would plunge to multi-year lows, with sales of both passenger and commercial vehicles reaching FY2010 levels, it said. For the full fiscal, sales of passenger vehicles are expected to decline 24-26% as compared with a 21-23% contraction for two-wheelers, according to Crisil Research.

Abu Dhabi state fund Mubadala Investment Company is in talks to invest about $1 billion in Reliance Industries' digital unit Jio platforms, Reuters reported on Thursday.&nbsp;Reliance's telecoms venture Jio Infocomm&nbsp;has secured a massive $10 billion from investors, including Facebook,&nbsp;within a month.
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Foreign direct investment&nbsp;in India rose by 13% to a record of ₹49.97 billion in FY20, according to official data. The country had received FDI of ₹44.36 billion during FY19. Foreign investments in the last fiscal grew at the sharpest pace since 2015-16 when the inflows had jumped by 35%. Also, the country logged its all-time high FDI in a fiscal year since 2000-01 when the first such data was released.

Google could acquire a 5% stake in Vodafone&nbsp;Idea, the Financial Times has reported.&nbsp;According to the average price of the Vodafone Idea stock in the past two weeks, a 5% stake sale could fetch the company around $101 million. The telecom joint venture of Vodafone Group Plc and the Aditya Birla Group is also in talks with private equity firms for potential investments, as per some reports. Shares of Vodafone&nbsp;Idea locked into the upper circuit of 10% on NSE and BSE&nbsp;right after the session started on Friday.
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Almost 122 million Indians were forced out of jobs last month alone, according to estimates from the Center for Monitoring Indian Economy, a private-sector think tank. Daily wage workers and those employed by small businesses have taken the worst hit. At least 49 million people across the world are expected to plunge into extreme poverty -- living on less than $1.90 per day -- as a direct result of the pandemic's economic destruction. India leads this projection as the World Bank estimated some 12 million of its citizens will be pushed to the very margins this year.

The Indian stock market ended higher on Thursday for the second straight day led by private banks and auto.
The Sensex&nbsp;surged 595 points while the Nifty closed the session near 9,500 after rising 1.88%.&nbsp;Zee, Eicher&nbsp;Motor, L&amp;T, Hero Moto&nbsp;Corp and HDFC&nbsp;Bank were the top gainers.&nbsp;
The rupee settled 5 paise down at 75.76 against the US dollar.

India&rsquo;s trade with countries in South Asia has remained less than 4% of its global trade since the late 1980s while China has increased its exports to the region by 546%, from $8 billion in 2005 to $52 billion in 2018, according to a new study. The study by Brookings India noted that South Asia remains one of the least economically integrated regions in the world.&nbsp;As per the report,&nbsp;intra-regional trade remains well below its potential, at only 5% of the region&rsquo;s global trade, because of protectionist policies, high logistics cost, lack of political will and a broader trust deficit.
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SBI to take 15% equity stake in Jet post debt switch: Report

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SBI to take 15% equity stake in Jet post debt switch: Report

Jan 29, 2019 14:57 IST

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