With some sectors recovering much faster than others, experts said top executives of some companies may get decent salary increases while some others may have to take a pay cut.
During the lockdown, people were forced to make do with less. Now, some are carrying on with this life lesson, cutting down on city life, eating out, new clothes.
CitiusTech expects to grow at more than 20%, in line with its ambition to cross $500 million in revenue over the next 4-5 years, CEO Rizwan Koita says.
Who gained, who lost? ETtech takes stock of the changing startup fortunes in a pandemic-marred year.
An NRI stranded in India due to coronavirus travel restrictions would require to check the conditions to decide whether there could be additional tax implications on him due to remotely working from India for his/her foreign employer.
Noting that the pandemic has bought them on the verge of bankruptcy, the small business owners rued that the steps being taken by the current administration has not been able to rescue them from this crisis.
A staggering 6.6 million people applied for unemployment benefits in one week at the end of March as the coronavirus outbreak ravaged nearly every corner of the U.S. economy.
The future of Ford’s business in India is unclear as it has struggled for more than two decades to grow in the world’s fourth-largest auto market. “The company is actively evaluating its businesses around the world, including in India,” Ford said a statement.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 54.7 in November from 51.0 in October. The 50.0 mark separates growth from contraction.
Bharatiya Janata Party (BJP) feels that while the poor received free rations and businesses got state-guaranteed loans and other concessions, the economy will benefit from slimming the tax bill for the middle class with more generous standard deductions.
ILO has estimated that the impact of huge job losses worldwide is creating a fiscal gap that threatens to increase inequality between richer and poorer countries. It estimated that global labour income declined by 10.7 per cent, or $3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019, excluding government income support.
More than any event in memory, the pandemic has been a global event. On every continent, households have felt its devastation, joblessness and lockdowns, infirmity and death.
Mandating vaccines would be especially important to help protect workers in minority.
As the year draws to a close, ET Magazine reached out to a cross-section of people — politicians and bureaucrats, diplomats and CEOs, activists and artists, writers, sportspersons and actors — to ask what their diary entry for 2020 would read like.
Covid created various operational and financial challenges for Indian businesses. During the lockdown, approximately 71.31% of the businesses dealt with reduced cash flows with the manufacturing sector being the worst hit. Additionally, delay and cancellation of projects have also been a major cause of concern, especially in the tertiary sectors.
According to report, almost half (46%) of Indian businesses covered under a survey felt 'very strongly' impacted by the pandemic, yet more than half (54%) felt they were as well prepared as they possibly could be. This is a level that is the second highest amongst all countries surveyed and higher than the average across all markets (45%), said the report.
If the initiative, aided by Gates’ fortune and focus, manages to help protect the world’s poor from a virus that has already killed more than 1.3 million people, it will affirm the strategies he has promoted in his philanthropic work, including incentives for drug companies.
Negotiating salary in normal times is stressful. It becomes even more stressful during pandemic times if you have been through salary cut or received a pink slip. Here is how you can talk to your manager about the revision of pay during the pandemic
Agarwal said that Oyo’s domestic revenues "was down to nothing" in the initial months of the coronavirus-induced lockdown which crippled the travel and hospitality industry in India.
The news from the US biotech firm Moderna comes after similar results were announced last week for a vaccine candidate developed by pharma giant Pfizer and its German partner BioNTech.
In November, consumer durables and electronics category continued to recover with sales at 12% year-on-year. Food and grocery category indicate sales growth at 5% year-on-year and apparel and clothing segment is still under pressure with about -12% year-on-year behind pre-pandemic sales, the survey added.
Expect the unexpected, and expect the unexpected to be worse than the expected. Think of the concept of a financial stress test and check if your investments as well as your financial life (as well as life in general) can manage a bout of severe problems.
Unleash the power of the frontline. Growth will come as a result of meeting customers and their changing demands where they are. Your frontline is where to find them. Businesses have become progressively more complex, and as a consequence, in many cases, the frontline has been lost in that matrix. Now is the time to simplify and to give the frontline more power.
Automakers Ford and Mahindra & Mahindra have called off their deal to form a joint venture company to acquire the former’s India business, citing higher than expected capital requirement and changed business economics due to the impact of the coronavirus pandemic.
This postponement, say the institutes, is partly because of the delay in starting the academic year and partly because they are hoping for the situation — including the hiring sentiment — to improve by the time they start the process. Summer placements typically start around October or early November at most B-schools.
At least a dozen manufacturers in sectors such as automobiles, metals, mining, energy, infrastructure, healthcare and consumer goods said they plan to hire 250-600 graduates each this year.
The State not just makes policy — industrial policy, urban planning guidelines — but plans for the economy and regulates huge swathes of it. When governments set targets for net zero emissions, they embrace planning. From telecom to financial markets and potential abuse of market dominance, everything is regulated.
The latest data firmly establishes India’s position among the worst-performing major economies, despite government spending meant to blunt the pandemic’s impact.
It was believed that smaller companies cannot absorb the economic impact of COVID-19 and many would simply shut shop. Six months later, it seems the fears may have been exaggerated.
Without new measures, daily infections in Tokyo could nearly triple to 3,500 per day by February and hit 7,000 by March, according to simulations by Kyoto University scientist Hiroshi Nishiura.
Governments have banned crackers as bursting these will lead to a spike in air pollution and that, with the winter air, could affect Covid patients. Besides, discouraging people from getting together to burst crackers would also help in controlling the spread of the infection.
The metaphor is easy enough to grasp: Multiple layers of protection, imagined as cheese slices, block the spread of the new coronavirus, SARS-CoV-2, the virus that causes COVID-19. No one layer is perfect; each has holes, and when the holes align, the risk of infection increases.
7.ai, a customer engagement solutions provider, has added 2,500 people to its workforce, primarily in Bengaluru and Hyderabad. About 80% of 7.ai’s employee strength is currently working from home.
"The crisis has shaken up the way we view the world and exposed the fault lines in our society. It has also emphasised the necessity for quick and relevant solutions for the new world that is rising from the ashes of the old," said Mahindra.
It also imposed unusual delays in both dry-docking/running repairs in yards, impeded conducting surveys and resulted in the postponement of securing new work orders, the annual report for 2019-20 said.
Disney shut its theme parks worldwide when the novel coronavirus began spreading this year. All but Disneyland - nicknamed the Happiest Place on Earth - reopened, though the company was forced to limit the number of visitors to allow for physical distancing.
The UN report 'Geospatial Practices for Sustainable Development in Asia and the Pacific 2020' cites the role being played by 'BHUVAN', the national geo-portal developed and hosted by ISRO comprising of geo spatial data, services and tools for analysis, in combating COVID-19.
Addressing the UN General Assembly special session on COVID-19, Secretary (West) in India's Ministry of External Affairs Vikas Swarup said on Monday the ongoing coronavirus crisis had "laid bare" the gaps that exist in global cooperation and governance structures of multilateral organisations.
Nestle India continues to witness demand for most of its products and its focus in the immediate period is to make sure that its products are available to consumers. It has also resumed operations at all its eight plants and distribution centres/warehouses.
Most major economies opted for a strict shutdown earlier this year, in an attempt to limit the spread of the new coronavirus pandemic. These decisions had serious economic implications, and hurt businesses across the spectrum.
Those who hold jobs that cannot be performed remotely are routinely losing their jobs. Unemployment in many economies has shot up as businesses do not have the wherewithal to pay salaries when there are no revenues to support them.
As coronavirus-led uncertainty still looms large, the best course of action for you would be to evaluate long-term goals, current income levels, likelihood of income loss and provisions for any emergent financial impact like health risks.
The company is expected to undertake cash preservation measures such as reduced capital expenditure (capex) and limited dividend payout in FY21, which shall support liquidity. Additionally, to preserve liquidity, Vedanta has availed moratorium on its term debt obligation as per RBI guidelines after approval from respective banks.
The innovation and creativity of small entrepreneurs offers an interesting case. There was a time when every small business would set for itself the target of when to seek venture funding, when to go public, and how to scale up and become large. These may not be the default goals after this crisis. There may be renewed respect for remaining small, local and niche.
Dubai Statistic Centre said the economy declined by 10.8% in the first six months of 2020, which the centre's executive director, Arif Al Muhairi, said was within the expected range of economic contraction, given the massive global economic impact of the COVID-19 pandemic.
In the year 2020 alone, the country minted over 9 such new Unicorns, despite the disruption to businesses and the economy caused by the dreaded Covid-19 pandemic.
The government came up with subsidies and schemes to help the small businesses get access to funds and suspended a law that might have led to some losing their assets for defaulting on payments.
As the Covid-19 outbreak hits companies hard, CFOs like Vaish are bracing for what many are referring to as the toughest phase in their careers.
While about 11,000 passengers booked on commercial flights scheduled during these days have to reschedule or cancel plans, businessmen, actors, casting crew and leisure travellers who booked these private jets will have to change New Year plans at the last minute.
The residential property market in metros such as Bengaluru, Mumbai, Delhi, Pune and Chennai have witnessed an increasing number of young professionals vacating rented homes and paying-guest accommodation, or asking for rent relief. Many such tenants have moved to their hometowns or are in the process of doing so, with companies also extending the work-from-home option as there is no let-up in the pandemic situation.
"When you are looking at the manufacturing sector and the industrial sector, the growth essentially comes from an uptick in the spending, which is not happening," LIC Managing Director Vipin Anand says.
Daily new infections in the United States surpassed 163,000 on Thursday, crossing the 100,000 mark for a ninth consecutive day, and the death toll rose by 1,173 to a total of 242,982. Hospitals in some states are reaching capacity.
Policymakers in India have acted swiftly and decisively on both fiscal and monetary fronts to cushion the impact. The slew of measures introduced over the last nine months have allowed banks to help the stressed and most impacted sectors of the economy to weather the shock effectively.
Signalling that during the pandemic, the creative industries continue to face a very uncertain future, the report shows that the creative economy is contracting, organisations are closing permanently to avoid bankruptcy, and creative businesses are contending with increasingly difficult choices to cut staff and overheads to ensure they remain resilient.
Emkay Global says the fall in crude prices and moderating agri-input prices should drive margin gains for most staples.
In fast-moving mass production industries like automobiles, production schedules are rigid and optimised for efficiency. Similarly, supply chains work on schedules decided months in advance on the basis of demand projections. However, carmakers are now looking to redesign these systems to cater to an unpredictable demand environment.
The aerospace giant suffered a $2.4 billion second-quarter loss, reflecting the hit from much lower commercial plane deliveries as airlines suspend purchases due to falling consumer demand.
The coronavirus outbreak is making small businesses across sectors struggle to make ends meet. With GST compliance issues, slow domestic demand and demonetisation already playing spoilsport, the virus scare has only added to the woes of SMEs in the country. ET Rise tells you how SMEs are trying to pull themselves together to tide through these tough times. Watch!India’s small businesses were struggling. Coronavirus may be their death knell
The Future Group, Shapoorji Pallonji Group and SpiceJet are among those who will apply for loan restructuring. Besides these, there are a couple of thermal power generating companies, a couple of toll road projects, and companies in the textile sector.
Commerzbank, the biggest lender to Mittelstand firms, also told Reuters that the number of companies going into "intensive care" was lower than it had feared and there was no rush by its clients to get new credit lines.
As the economic disruption made consumers rethink consumption habits, movement restrictions served a body blow to most businesses. Conventional norms were questioned and established business strategies made way for quick-thinking and fast-adapting work processes.
The technology sector dominated with 41% of total leasings across the second half of 2020 with Bengaluru, known as India’s Silicon Valley, seeing transactions rise 8% during the period from the previous year.
Partners Group, a Swiss private market investment manager, may submit a competing offer. Apollo Global Management and Renuka Ramnath’s Multiples Alternate Asset Management opted out, by not submitting binding offers.
The pandemic lockdown has not just spawned a wave of first-time authors - including celebrities who have a story to tell- but also encouraged many others to finally complete long-pending manuscripts.
Yes Bank returned to profit in the quarter ended September and Kumar made provisions for potential covid-related losses.
To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25, when the nationwide lockdown was imposed to curb spreading of coronavirus infections. The suspension has been extended till March next year.
76 per cent of the respondents in India said that the economic impact of COVID-19 has made them more likely to track their spending, with over 80 per cent either using or interested in using budgeting tools or tools that block card-spend over specified limits.
“India has global comparative advantage in terms of a very large English speaking, tech educated population below the age of 30. India also has a global cost advantage of the above talent pool in terms of low wage costs. The real estate costs add to this advantage,” said Sriram Khattar, managing director-rental business, DLF.
Cities reboot: From revamped public transport to home-offices, will Covid-19 change urban life for good?
Amid the Covid-19 pandemic, all corners of city life - from home to office, park to pub - are undergoing a makeover.
Facebook has been automating content moderation for years, a transition it highlights in a quarterly report detailing how much content the company removes.
If you’re in an industry directly hit by the virus, think about how your experience would be applicable to fields that have solid long-term prospects, like cybersecurity, robotics and artificial intelligence. These sectors aren’t just for coders and engineers; they need accountants, compliance officers, HR managers and communications teams.
Michelin-star chef Vikas Khanna turns saviour, will help India's street vendors impacted by Covid-19
The chef and author has coordinated a massive food distribution drive from his home.
Based on assessments made by different analysts and industry body Ficci, here is an impact analysis in healthcare sector.
The complex was forced to shut in March when a nationwide coronavirus lockdown was ordered.
The Indian pharma industry has been a world leader in generics both globally and in domestic markets.
A huge plunge in consumer spending as people stayed home and avoided shopping, traveling or gathering in crowds as the virus raged is estimated to have sent the economy sinking at a roughly 32 per cent annual rate in the April-June quarter.
People in the poultry business, however, said the organised industry had not seen any cases of bird flu. They hoped that these reports would not impact sales and prices like the rumours in the initial months of the Covid-19 outbreak, when the spread of the coronavirus was linked to eating of chicken.
"There has been extreme aversion on the part of customers against shared mobility and public transport and they are obviously looking at personal transport. If we look at the figures in our portfolio, fleet sales which include shared mobility, in the second quarter there was a drop of 69 per cent," Maruti Suzuki India Executive Director (Sales and Marketing) Shashank Srivastava said.
Forward bookings for the upcoming busy summer season are down at least 20% year on year, senior executives at airlines and travel companies said. The Indian government also cancelled all visas issued to Iraninan nationals and all foreigners who visted Iran after February 1 this year.
The African Continental Free Trade Area (AfCFTA) aims to bring together 1.3 billion people in a $3.4 trillion economic bloc that will be the largest free trade area since the establishment of the World Trade Organization.
The researchers said they could not be sure who was behind the campaign, which began in September, or if it was successful. But the precision targeting and careful efforts to leave no tracks bore "the potential hallmarks of nation-state tradecraft," they said in a blog post Thursday.
When is the Government going to respond? Businesses look for assistance as coronavirus starts hurting
With their very existence at stake, many businesses are wondering what’s taking govt so long to provide a bailout.
Although the black swan event shook the very foundation of this vibrant and bustling sector, the players are putting up a brave front, optimistic to regain the "lost vibrancy in the latter half of 2021" and are banking on 'revenge travel' once the health crisis is controlled to help the sector recover.
India has been fighting war against the virus and also preparing itself to brace the economic slowdown due to the pandemic. “Corona can slow down our $5 trillion vision but will achieve the target successfully,” Shah said at an event to mark signing of pilot commercial coal mining agreements and launch of single window clearance system.
In his address to shareholders in the company's Annual Report 2019-20, Khaitan said, "In the current scenario, the company has adopted a deliberate and prudent approach which is not very different from our long-term strategy. First and foremost is the focus on strengthening our brand portfolio."
Matt Hancock suggested the tougher measures - which require about a third of the population of England to stay at home except for essential reasons such as work
Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.Covid-19 impact: Boeing slashes 12,000 jobs as virus seizes travel industry
For months, the virus has hammered the economy, disproportionately affected the poor and upended daily life - and now the state and the rest of the country are trying to curb another surge of infections.
With domestic traffic expected to drop by 50% and international traffic by up to 60% this fiscal, demand for tractors is expected to remain in the aviation industry. The Indian construction too is expected to contract by 7.5% in 2020, which would result in a decline in tractor demand in the construction sector.
Credit Suisse estimates Jio's EV to $88.5 billion propelled by non-wireless business, ARPU & subscriber growth
According to Monday's note, Jio's EBITDA could be significant at $1.5-2.0 billion.
"In tandem with the evolving regulations, the supervisory approach of the Reserve Bank will have to be two-pronged - first, strengthening the internal defences of regulated entities; and second, greater focus on identifying the early warning signals and initiating corrective action," RBI said.
India-Australia ties become comprehensive strategic partnership in pandemic-riddled 2020 as China looks on
India and Australia, against the backdrop of their frosty relations with China, unveiled a ''shared vision for maritime cooperation in the Indo-Pacific'', a region which has been witnessing growing Chinese military assertiveness triggering concerns among major players.
France's economy is expected to shrunk 10 per cent this year, in its worst recession since World War II. Earlier this month, French President Emmanuel Macron's centrist government unveiled a 100 billion-euro (USD 117 billion) recovery plan aimed at creating jobs and saving struggling businesses.
Covid-19 pandemic has severely impacted Tata's key overseas markets in Europe, the US, UK, China & UAE.
Some marquee brands are looking at moving back to streets from malls because of Covid-19.
Authorities in the NCR have ordered closure of cinema halls including multiplexes, a major draw for customers at malls, till March 31. With residents not coming out to crowded places also because of the coronavirus scare, most of the malls are witnessing a sharp decline in footfalls.
China's exports to the US climbed 46.1% to a record high of $51.98 billion in November. That surge has defied the expectations of U.S. politicians of both parties, who earlier this year predicted that the pandemic, which began in China, would be a moment for reducing trade with that country and finally bringing factories back to the United States.
The shock result of Britain's referendum on leaving the EU in 2016 sent the pound down 8% against the dollar, its biggest one-day fall since the era of free-floating exchange rates began in the 1970s
The biggest impact of the pandemic on businesses worldwide was to speed up the penetration and adoption of technology. Digitisation penetrated to the extent of eliminating travel for business, replacing it with virtual meetings everywhere.
The researchers believe that the resurgence of the virus where community transmission was not eliminated in the second quarter, alongside uncertainty about vaccines and treatments, means that some elements of such an adverse scenario will inevitably be realised.