Yahoo brings you highlights from the financial world today

Markets remained closed today on account of Eid-ul-fitr, IBM fires thousands of employees in the US, Reliance Industries launches JioMart service across cities. Here’s all you need to know from the world of finance today.

Big announcements

Tata Group firms trim payments of top executives for first time in company's history

Heads of Tata Group's various firms are taking up 20 percent pay cuts of up to 20 percent in the wake of the COVID-19 induced lockdown and slump in business growth, said news reports. Read more

IBM fires thousands of employees in US as new CEO looks for revival

Arvind Krishna-led tech giant IBM has joined the league of companies who have started firing employees in tough Covid-19 times. The company confirmed the layoffs in a statement given to the media late Friday."Recognizing the unique and difficult situation this business decision may create for some of our employees, IBM is offering subsidized medical coverage to all affected US employees through June 2021," said a company spokesperson. Read more

Reliance Industries launches JioMart service across cities after conducting pilot runs in Maharashtra

Reliance Industries has expanded its JioMart service to customers across several cities, after successfully conducting a pilot across areas in Navi Mumbai, Thane and Kalyan. Read more

ITC to acquire spice manufacturer Sunrise Foods

ITC, the consumer goods giant, is going to acquire spices maker Sunrise Foods Private Limited, the company said in a statement to stock exchanges on Sunday. Read more

COVID-19 impact: Retail trade lost business worth Rs 9 lakh cr in 60 days

COVID-19 has hit retail business with a loss of Rs 9 lakh in 60 days and about 40 percent of the six million employees working in India's modern, rather than traditional, retail sector could likely lose their jobs in the next four months if the government does not intervene. Read more

Markets

India stock markets closed today for Eid-ul-fitr holiday

India's currency, debt and equity markets are closed on Monday for a public holiday for Eid-ul-fitr. Read more

Personal finance

Everything you need to know about the sovereign gold bonds being issued in 2020-21

As a part of the Government’s efforts to fight the devastation caused by the Coronavirus Pandemic induced lockdowns, the Government of India has announced a new issue of Sovereign Gold Bonds over the year 2020-2021.  Everyone’s been talking about this series of Bonds and whether or not you should invest. If you’re looking to understand what Sovereign Gold Bonds are or invest in them, this article is for you. Read more

After mangoes, now litchis in your mail; India Post to home-deliver fruits in some cities in Bihar

After transporting medical consignments, then Alphonso mangoes from Gujarat, India Post has now partnered with the Bihar government to deliver 'Shahi Lichi' and 'Zardalu Mango' at the doorstep of people in Patna, Muzaffarpur and Bhagalpur, the department said in a statement on Sunday. Read more

Autos

Hertz files for bankruptcy as car rentals evaporate during COVID-19 pandemic

The more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much-needed relief. Read more

France warns Renault could disappear without support, partner Nissan plans 20,000 job cuts Europe's car industry was put on alert for more job losses on Friday as a French minister warned Renault could disappear if it didn't get help soon and a Japanese news report said partner Nissan was considering 20,000 layoffs, with many in Europe. Read more

Tech

Smart tech vs COVID-19: Dubai looks to cutting edge technologies to fight coronavirus

From smart police helmets to research labs, the novel coronavirus has given Dubai an opportunity to test its technological and scientific clout as it shapes its approach to the pandemic. A key part of the glitzy Gulf emirate's fight is its Covid-19 Command and Control Centre, set up to coordinate the efforts of Dubai's doctors, epidemiologists and other professionals. It is hosted within the Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU) in Dubai's Healthcare City, also home to state-of-the-art hospitals, labs and research centres. Read more

Trending

Richie rich Karan Johar: Net worth, assets, cars & business acumen

Bollywood producer-director Karan Johar turns a year older today and his riches have grown too over the years. Here’s a look at some of the things Karan is a proud owner of owing to his success in Hindi cinema and his shrewd business sense. Choosing to distribute the famed ‘Bahubali’ franchise is a clear example! Gallery

World

CEO of one of New Zealand's largest media houses buys company for just $1

One of New Zealand's largest media organisations will be sold for a single dollar to its chief executive, the owners announced Monday. The organisation Stuff prints many of the nation's daily newspapers and runs a popular news website of the same name. It employs about 900 staff, including 400 journalists. Read more

PIA crashed flight was a 15 year old Airbus 320 bought from China Eastern Airlines 5 yrs ago

A Pakistan International Airlines (PIA) plane with around 107 passengers and crew onboard crashed on Friday in a densely-populated residential area just outside the Karachi Airport with many feared dead. Flight PK-8303 from Lahore was about to land in Karachi when it crashed at the Jinnah Garden area near Model Colony in Malir, just a minute before its landing. Read more

Cirque du Soleil founder wants to buy back show struggling due to coronavirus crisis

Cirque du Soleil founder Guy Laliberte announced Sunday he intends to try to buy back the world's most famous circus troupe, which is struggling due to the coronavirus pandemic. Read more