Apple plans to cut back on hiring after selling fewer iPhones than expected

Companies News:

Apple Inc. will cut back on hiring for some divisions after selling fewer iPhones than expected and missing its revenue forecast for the holiday quarter, according to people familiar with the matter.

Tim Cook, Apple’s chief executive officer, made the disclosure to employees earlier this month in a meeting the day after he penned a letter to investors about the company’s recent struggles, particularly in China. During the meeting, Cook was asked if the company would impose a hiring freeze in response. He said he didn’t believe that was the solution. Instead, Cook said some divisions would reduce hiring, according to the people, who asked not to be identified discussing private matters.

ALSO READ: US Court denies Apple's $440-mn appeal against VirnetX in patent case

Cook said he is yet to fully determine which divisions would cut back on hiring, but said that key groups such as Apple’s artificial intelligence team would continue to add new employees at a strong pace. He also emphasized that a division’s importance to Apple’s future isn’t measured by hiring rates...Read More

Income Tax return processing time to reduce from 63 days to just 1 day

Economic & Policy News:

The Union Cabinet approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers. However, one will have to wait for 18 months to see its launch.

“Earlier, taxpayers would face troubles because of delay in refund processing and the CBDT used to spend a lot of money every year as interest on pending refunds, which will be history now,” Union minister Piyush Goyal told reporters after the Cabinet meeting here.

Also Read:Companies can raise $750 mn yearly via external commercial borrowings: RBI


 Last month, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra had said a simplified return form and process would be put in place soon in which the department would process the self-declaration made by the taxpayer. The new Rs 4,241-crore project will incorporate these changes...Read More

BI, other lenders & stakeholders working on resolution plan: Jet Airways

Companies News:

Crisis-hit Jet Airways said State Bank of India along with other lenders and stakeholders is working on a comprehensive resolution plan to turnaround the airline.

The full service carrier, which has been grappling with financial woes, defaulted on loan repayment to a consortium of Indian banks led by State Bank of India (SBI) on December 31, 2018.

In a statement, the airline said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out.


 "SBI in consultation with the other members of the consortium and the other stakeholders has been working on a comprehensive resolution plan towards a turnaround of the company for its sustained growth and restoration of financial health," Jet Airways said...Read More

Mukesh Ambani in Foreign Policy’s 2019 list of top ‘100 Global Thinkers’

Current Affairs:

Reliance Industries Chairman and Managing Director Mukesh Ambani featured in Foreign Policy magazine’s 2019 annual list of the top ‘100 Global Thinkers’.

According to the magazine, Ambani, who displaced Jack Ma in 2018 as Asia’s richest man is credited with accelerating a smartphone internet revolution in the world’s largest democracy.

“With a fortune of $44.3 billion, Mukesh Ambani displaced Jack Ma in 2018 as Asia’s richest man. Ambani’s fortune comes from his holdings in the oil, gas, and retail sectors, but he’s likely to make his biggest impact on India through his new telecom venture Jio,” the magazine said on its website.

  India shall lead the world in digital connectivity soon, says Mukesh Ambani

“By offering cellular data and voice free for the first six months after Jio’s launch, Ambani got more than 100 million Indians to sign up-accelerating a smartphone internet revolution in the world’s largest democracy. The next stage of Ambani’s plan is to use the digital airwaves to sell content and lifestyle products, eventually competing with Google and Facebook…Read More

Vistara to raise frequency on existing domestic routes, says Leslie Thng

Companies News:

Vistara, joint venture of Tata Sons and Singapore Airlines, is to raise its frequency on existing domestic routes, besides adding one or two destinations, Chief Executive Leslie Thng said.

It began flying in January 2015 and operates 130 daily flights, with 22 aircraft. Thng said they were aiming at double-digit capacity growth and would add six to 10 of Airbus’ A320neo planes in 2019. Deliveries will begin from the second half of the year. There is no plan to take more aircraft on lease.

The airline has 56 planes on order — 50 of Airbus (A320s and A321neos) and six of the Boeing 787-9s. It will induct the Boeing planes from the first quarter of 2020 and has begun training its pilots for this.

ALSO READ: Govt committee to decide if Vistara should get foreign flying permit


 “We are still waiting for final approval for international operations,” said the chief executive. The airline was originally aiming to ply abroad from the end of 2018. Government rules require an airline to have a minimum of 20 planes before this could be allowed. Vistara became eligible last year and had applied the civil aviation ministry in June, with a plan for flights to Bangkok, Phuket, Colombo and Male by the winter schedule of 2018...Read More

Nokia to cut jobs in multiple countries after Alcatel-Lucent deal, 5G shift

Companies News:

Finnish telecommunication giant Nokia on Tuesday announced its plans to cut jobs, media reported.

Nokia gave 350 as a layoff target in Finland, and said the figures in France and Germany would be higher, but did not specify.

However, the company denied that the cuts would be related to the slower than expected launch of 5G technology, Xinhua news agency reported.

Instead, the aim is to make operations more efficient as the consolidation after the purchase of the French Alcatel-Lucent has been completed.

Tommi Uitto, director in charge of Nokia's operations in Finland, said the changes are "necessary". The cutbacks are part of 700-million-euro (about $798.7 million) savings announced in October 2018. Thereafter Marc Rouanne, one of the key directors, left the company...Read More

Demonetisation, GST affecting Mudra loan recovery, says Shiv Sena

CURRENT AFFAIRS:

Demonetisation and haphazard implementation of Goods and Services Tax have impacted the recovery of Rs 11,000 crore of loans disbursed under the Centre’s Micro Units Development and Refinance Agency (MUDRA) scheme, the Shiv Sena said Tuesday.

In an editorial in party mouthpiece Samana, it said, “Loans worth Rs 2.46 lakh crore have been disbursed so far to 4.81 crore small scale industrialists. The outstanding amount of these loans has piled up to Rs 11,000 crore, which is a serious issue.”

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“In the early stage, these entrepreneurs suffered from decisions such as Demonetisation and haphazard implementation of Goods and Services Tax. It has affected loan recovery,” the Sena editorial claimed.

“This sector is also affected due to the slowing of country’s economic growth in last two years. It can easily be deduced that some policies of the government are responsible for Rs 11,000 crore outstanding loans under the Mudra Scheme,” the BJP’s ally in the Maharashtra and Union governments alleged… Read More.