Here’s a roundup of the day’s top stories in brief.
1. Global Stocks Slump
Global stocks and U.S. futures were a sea of red as a new variant of the coronavirus in the U.K. caused chaos ahead of the Christmas holiday. Crude slumped, while dollar surged.
2. Sensex Tumbles Most Since May
India’s equity markets posted their biggest single-day drop in seven months. Sensex fell 1,400 points while the Nifty shed 400 points.
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3. Amazon Vs Future Retail: Delhi Court Refuses Injunction Plea
The Delhi high court has declined a plea by Future Retail Ltd. that asked Amazon.com Inc. to be stopped from writing to the regulator and stock exchange asking for a hold on the Future Group-Reliance Retail deal.
4. Mahindra’s Ssangyong Files For Bankruptcy
Mahindra & Mahindra Ltd.’s South Korean subsidiary has filed for bankruptcy after failing to repay loans worth Rs 680 crore to lenders including JPMorgan Chase, Bank of America and BNP Paribas.
Also Read: Honda to Shut India Plant and Reduce Four-Wheeler Output
5. India Looks To Ease Rules For Non-Chinese Investments From Hong Kong
The government may reduce the scrutiny of deals done by Hong Kong investors, as long as Chinese companies are not part of the transactions, reports Bloomberg News.
6. Change Of Guard At KKR India
Sanjay Nayar, the current chief executive of KKR & Co.’s private equity business in India, will become chairman for the buyout firm. Meanwhile, a new chief executive officer has been selected.
7. Wistron Says No Significant Impact From Workers’ Protest
Contract manufacturer for Apple Inc., Wistron Corp.—that saw its Karnataka facility vandalised by workers who alleged unpaid salaries—has said that the recent incident will not hurt it significantly.
Also Read: Modi’s ‘Make In India’ Confronted By Youth Angst In Wistron Violence
8. Night Curfew In Maharashtra
The Maharashtra government declared a night curfew in municipal corporation areas of the state from Dec. 22 to Jan. 5 as a precautionary measure.
Also Read: New Coronavirus Strain: India Suspends All U.K. Flights From Wednesday To Dec. 31
9. Why Bharti Airtel Didn’t Hike Tariffs When Vodafone Idea Did
Two telecom companies. One raised prices, the other didn’t follow even when it has said the average revenue per user remains unsustainable at current levels. Here’s a closer look at why Bharti Airtel can afford to not hike tariffs.
10. Rules To Protect Electricity Consumers
The Modi government issued a set of rules to ensure the rights of electricity consumers, asserting that now the consumer is not “powerless“.
Also Read: The Big Life: The Pandemic Of The Cluttered Mind
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