SC asks Airtel, Vodafone Idea for road map on payment of AGR dues
The Supreme Court on Thursday directed the telecom companies, Bharti Airtel and Vodafone Idea, to finalise a roadmap for the payment of Adjusted Gross Revenue related dues to the government, including the time to be allowed for payment along with submission of securities. In turn, the two companies sought some time make the balance AGR payments, agreeing to have their licences cancelled in case they failed to do meet the deadline. Read more here
Mukesh Ambani gets 552,000 shares in RIL rights issue, company says
Billionaire Mukesh Ambani got 552,000 shares of his flagship firm Reliance Industries (RIL) in the just-concluded Rs 53,124 crore rights issue, according to the company's regulatory filing on Thursday. Ambani now holds 80.52 lakh shares or 0.12 per cent of RIL, up from 75 lakh shares held before the rights issue. Read more here
Coronavirus turning point for self-reliant India, says PM Modi
India faces "unforeseen challenges" but is determined to convert them into an opportunity, said Prime Minister Narendra Modi on Thursday as government data out May 31 showed India's economy had in 2019-2020 grown at the slowest pace in 11 years. "The coronavirus crisis has given us a pressing reason to turn the corners and become self-reliant. Atmanirbhar Bharat Mission is the reflection of that reason,” said Modi, referring to his government's plan to make self-reliant in manufacturing. Read more here
Auto retail sales down by 88.87% in May, June outlook continues to be grim
Retail sales of passenger cars dropped by 86.97 per cent and two-wheelers sales dipped 88.80 per cent in May. Overall auto retail sales dropped by 88.87 per cent, said a group representing vehicle dealers. April saw zero retails owing to lockdown imposed to contain coronavirus. Total auto sales dropped by 2,02,697 units in May 2020 from 18,21,650 units in May 2019. Read more here
Amazon Bans Police Use Of Its Face Recognition For A Year Amid Criticism
Amazon on Wednesday banned police use of its face-recognition technology for a year, making it the latest tech giant to step back from law-enforcement use of systems that have faced criticism for incorrectly identifying people with darker skin. The Seattle-based company did not say why it took action now. Ongoing protests following the death of George Floyd have focused attention on racial injustice in the U.S. and how police use technology to track people. Read more here
22% workers lost jobs due to Covid-19 lockdown in northern states: Survey
Researchers have found that 22 per cent workers lost their jobs and 31 per cent faced partial unemployment amid the lockdown in three north Indian states. The focus group on business and economic policy research of University Business School (UBS) of Panjab University here has done an online survey for mapping the impacts of lockdown on employment in Punjab, Haryana, Himachal Pradesh and Chandigarh. Read more here