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Blood on his hands: 'Fugitive' Mallya paid London staffers, but not those based in India, say Kingfisher employees

The employees of the now-defunct Kingfisher Airlines said in the letter that Mallya must be brought back and punished for his crimes, which includes "abetment of suicide." They slammed the government for prioritising the dues Mallya owed to banks, instead of worrying about paying his employees first.

14 hours ago

Chanda Kochhar salary: On leave and facing probe, ex-CEO to draw full pay

The ICICI board that sent CEO Chanda Kochhar on leave pending investigation into loan irregularities has,however, allowed her to draw full salary. Industry watchers say it's a sign of lax corporate governance at the bank.

15 hours ago

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Chanda Kochhar exit: This is how ICICI Bank board edged out 'aggressive, defiant' CEO

ICICI bank turns a leaf with the 'indefinite' leave of Chanda Kochhar and the appointment of Sandeep Bakhshi as interim head. However, reports say Kochhar was defiant and aggressive at the board meeting and forced changes in the phrasing of the statement announcing her departure, a fallout of the dirty loan to Videocon in 2012.

16 hours ago

Plans to sell Air India shelved, government looks at improving profits

Modi government shelves plan to sell struggling national airline, plans cash injection to boost operational viability. New plans involve an IPO and public trading in the long term.

17 hours ago

PNB scam: Lapses at several levels led to India's largest bank fraud, report says

A $2 billion fraud at India's Punjab National Bank (PNB) may have been orchestrated by a few rogue employees, but it escaped detection because of widespread risk-control and monitoring lapses in many areas of the bank, the bank's own internal probe has found.

21 hours ago

Who is Sandeep Bakhshi? ICICI gets new COO amid Chanda Kochhar probe

The announcement came on Monday, June 18 and in his new role as COO, Sandeep Bakhshi will continue to report to CEO Chanda Kochhar, who has reportedly gone on leave. Bakhshi has been brought on board for a period of five years, which is subject to approvals from the regulatory board.

1 day ago

Only Uday Kotak gets a pay hike among all private bank chiefs in FY18

The annual report of Kotak Mahindra bank shows that Uday Kotak received a pay hike of 11.02 percent - Rs 2.92 crore - in the fiscal year ended March 2018, from Rs 2.63 crore in the year ended March 2017, mainly due to a similar rise in basic salary.

2 days ago

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ICICI Bank to finally boot out Chanda Kochhar? Sandeep Bakhshi to be named CEO

Major financial daily reports that ICICI Bank top management has decided to remove CEO Chanda Kochhar from the position following the investigation into alleged conflict of interest over Videocon loan. The report says Sandeep Bakhshi, the head of the bank's insurance division, will become the next CEO.

2 days ago

Tesla layoff ordeal: Employees were caught off-guard by vague midnight mail

Explaining the move Tesla CEO Elon Musk said that the company had never made annual profits since it was founded, which proves that profit is not the only motivational factor. But the expansion of the company in the last 14 years has led to "some duplication of job roles and some job functions."

5 days ago

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Japan's SoftBank to invest up to $100 billion to boost India's solar power production

SoftBank Group Corp has decided to invest $60 billion-$100 billion in a solar power project in India, Japanese public broadcaster NHK reported on Friday.

5 days ago

Cash-strapped Rolls-Royce to cut 4,600 jobs, mostly in the UK

In a statement, the company said around 1,500 jobs will be axed by the end of 2018, while 2019 and 2020 will also witness more job cuts. The move will mostly affect managerial roles and engineering jobs.

6 days ago

Tesla sends home 9% workers as Elon Musk chases elusive profits

The measure means that some 4,100 of the firm's 46,000 employees will lose their jobs. The layoffs will not affect operations at the factory producing the Model 3.

7 days ago

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ICICI Bank CEO Chanda Kochhar's latest troubles – Investigation by SEC and possible punishment

With the Union Corporate Affairs Ministry also launching a probe with the help from Mauritius, it may nudge the ICCI Bank board to take action and take a dim view of Chanda Kochhar's continuance in the present role.

9 days ago

Hyderabad ready for DIY furniture with Ikea to open on July 10, which cities are next?

To facilitate its services, Swedish brand Ikea has also tied up with UrbanClap, a mobile-based services marketplace, which will provide assembling services to buyers in the city. Meanwhile, Hyderabad is not the only place that Ikea is aiming to set foot in and plans to expand to 25 stores by 2025.

9 days ago

Xiaomi posts $1 billion first quarter loss ahead of IPO

The Chinese smartphone maker Xiaomi recorded a first-quarter net loss of 7 billion yuan ($1.09 billion) ahead of its blockbuster initial public offering, according to a filing.

9 days ago

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iPhone X available with zero down payment, EMIs as low as Rs 5,599

11 hours ago