Banks rush to hike deposit rates

 SBI bank raises lending rates and HDFC Bank, ICICI Bank, Axis Bank increase deposit rates. Between the growth in credit and in deposits there was a steep gap. It made a quick raise in the deposit funds and funds. SBI raised its marginal cost fund based lending rates by 15-25 bps. The overnight  MCLR has hiked by 15 bps to 7.85 per cent. HDFC Bank, India's biggest private bank hiked rates  by 75 bps to 7 per cent for deposits of less than 2 crore, that mature between 5 years plus 1 day and 10 years. 

Vi's fundraising put on hold as government delays equity call

 Vodafone Idea's search for a lifeline turned longer and tougher on Tuesday even as it continued to lose customers and delay vendor payments. Vi's much needed Rs.1600-crore fund raising plan got stuck due to the government's silence on picking up a proposed 33 % equity in the financial stressed telecom. On Tuesday Vi informed that the shareholder resolution for issue of optionally convertible debentures to American Tower Corporation(ATC) had lapsed in the absence of an approval from the government for conversion of interest on adjusted gross avenue and spectrum dues into equity.

Singapore Airlines agree to merge Vistara with Air India

 The TATA group and the Singapore Airlines (SIA) announced that they have decided to merge Vistara with Air India. They agreed to drive synergies and grab market share in the fastest growing aviation market. After merging these two Vistara will cease to exist and Air India will become India's second largest domestic and largest international carrier with 218 aircraft. Before this merger the merger of AirAsia India with Air India Express was a consolidation of the TATA group. Singapore Airlines will have 25% stake in combined entity. 

Foxconn offers $1800 bonus to keep workers

 Apple partner Foxconn is offering the employees bonus of $1800 to keep the staff at a sustainable level. As Foxconn is the world's largest iPhone factory they have to keep the existing staff. Foxconn will top up wages by as much as 13000 yuan per month in December and January for full time workers who joined at company at the start of November or earlier, the company said in a notice over the weekend.

Amazon India to shut down distribution unit

 Amazon India has decided to shut down the food delivery and edtech offerings. They are focusing on their core businesses. Amazon distribution procures fast moving consumer goods and apparel products from companies and distributes them among hundreds of kiranas and small neighbourhood stores. This will be only operated in three cities of Karnataka, Bengaluru, Mysuru and Hubbali. The company is trying to find the alternative roles for them inside the organization.They rae trying to take care of the current customers and the affected employees during transition.

Amazon pay unions join Black Friday protest

 The words underpaid, overworked, insufficient breaks reverberated around the sites where Indian trade unions joined their counterparts from around the world to stage protests against sweatshop Amazon. one of the former employee who was working at the warehouse told that working with Amazon is like working with a sweatshop. they had almost 10 hours of shift, low wages, insufficient breaks, and leaves. The other former employees of the e-commerce giant gathered  at Jantar Mantar to join the Make Amazon Pay protest.

Employees in dozens of countries where present. People from Japan. Australia, India, US and across Europe protesting against the company demanding better pay and working conditions. but Amazon where denying all these allegations. They told that they are inventing and investing significantly in all these areas, playing a significant role in addressing climate change with Climate Pledge commitment to be zero carbon by 2040, continuing to offer competitive wages and great benefits and inventing new ways to keep their employees safe and healthy in our operations network.

Amazon to phase out edtech platform

 On Thursday the company announced that Amazon would shut down its edtech platform in India also will refund the fees to those who enrolled in the current academic batch. According to sources the people who worked with Amazon would br absorbed by the parent entity. The e-commerce  giant is