303

Co-Founders Of India’s No. 1 Airline Indigo Get Engaged In A Bitter Feud

New Delhi: The co-founders of India’s No. 1 airline IndiGo are engaged in a bitter feud. Their quarrel couldn’t have come at a worse time for minority shareholders of InterGlobe Aviation Ltd., the company that owns IndiGo.

Investors were just starting to enjoy the fruits of a frenetic expansion that saw the no-frills carrier, Asia’s largest, double its capacity in the three years through March. Full-cost rivalJet Airways IndiaLtd. tried to keep up, until it was forced to groundits last planein April under a truckload of debt. Meanwhile, InterGlobe has put together a cash war chest — net of debt — of nearly $2 billion.

This is the time for IndiGo to be rewarding shareholders by consolidating its leadership position and filling the gap left by Jet, especially on overseas routes. Instead, the founders are busy picking fights.

283

Flipkart’s Authorises Phonepe Pvt Ltd Unit To Become A New Entity And Explore Raising $1 Billion

New Delhi: When Walmart Inc. paid $16 billion for control of India’s e-commerce pioneer Flipkart Online Services Pvt. last year, the American retail giant got a little-noticed digital payments subsidiary as part of the deal. Now the business is emerging as one of the country’s top startups, a surprise benefit for Walmart from its largest-ever acquisition.

Flipkart’s board recently authorized the PhonePe Pvt Ltd. unit to become a new entity and explore raising $1 billion from outside investors at a valuation of as much as $10 billion, according to people familiar with the matter, asking not to be named because the discussions are private. The funding may close in the next couple of months, although the talks are not finalized and terms could still change, they said. The unit would then become independent with a distinct investor base, although Walmart-owned Flipkart would remain a shareholder. Walmart and Flipkart didn’t respond to emails seeking comment.

258

Arun Jaitley Says Budget Ensured That Economically Weaker Sections Get Basic Amenities Of Life

New Delhi:  Former finance minister Arun Jaitley said on Saturday that the budget has created a political direction for an “aspirational India” and ensured that economically weaker sections get the basic amenities of life.

Besides the income-tax exemption limit having been increased to Rs 5 lakh in the interim budget a few months ago, several sectors of interest to the middle and neo-middle class have been incentivised, he said in his Facebook blog, ‘The Budget 2019-20’.

Finance minister Nirmala Sitharam presented the first budget of the second term of the Modi government on Friday.

243

Deutsche Bank Staff Shown Door By Their German Employer Within Hours Of A Restructuring Announcement

New Delhi: Summoned by HR to be handed a Deutsche Bank envelope, many of its staff across the world then left their desks for the last time on Monday, shown the door by their German employer within hours of a restructuring announcement.

Deutsche Bank confirmed on Sunday that it was closing huge parts of its trading businesses, with staff in its equities division in Sydney and Hong Kong among the first to be told their roles would go. “If you have a job for me, please let me know,” said a banker leaving the Hong Kong office on Monday.

Staff leaving in Hong Kong were holding envelopes with the bank’s logo. Three employees took a picture of themselves beside a Deutsche Bank sign outside, hugged and then hailed a taxi.

223

Government To Shop Abroad For Loans Denominated In Foreign Currencies To Meet Its Total Borrowing Marks

New Delhi: The Union budget’s announcement that the government will shop abroad for loans denominated in foreign currencies to meet a part of its total borrowing marks a structural shift in the way India deals with its budgetary constraints, revealing the Narendra Modi government’s appetite for risk.

This budget detail did not hog the headlines, but the move will weld India much more firmly into the globalised financial markets, of which New York, London, Singapore and Tokyo are the capitals, bringing with it both risks and benefits.

India’s sovereign external debt-to-gross domestic product ratio is among the lowest globally, less than 5%, finance minister Nirmala Sitharaman said in her budget speech on Friday.