Top headlines: Ola lays off 1,400 staff, Ayushman Bharat crosses 10-mn mark

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Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to coronavirus pandemic. Amidst global economic recession due to coronavirus, foreign investors have pulled out an estimated $26 billion from developing Asian economies. Sebi again has to close its headquarters in Mumbai’s BKC Complex after an official tested positive for Covid-19. Here are the top headlines of the day.


1. Ola to lay off 1,400 employees as revenue dips 95% in coronavirus



Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said. In an email to employees, Aggarwal made it clear that the prognosis ahead for the business is “very unclear and uncertain” and the impact of this crisis is “definitely going to be long-drawn for us”. Read more…


2. Covid-19 impact: Rolls-Royce to cut 9,000 jobs to save $1.5 bn annually


British engine-maker Rolls-Royce said that it would need to lay-off at least 9,000 of its 52,000 staff to make annual cost savings of 1.3 billion pounds ($1.59 billion) as it seeks to cope with the downturn in air travel caused by the pandemic. Read more…


3. Foreign investors pull out $26 bn from Asian economies; $16 bn from India


Foreign investors have pulled an estimated $26 billion out of developing Asian economies and more than $16 billion out of India, increasing concerns of a major economic recession in Asia, independent Congressional Research Center said in its latest report on global economic effects of Covid-19. Read more…


4. Sebi shifts to NCL building as another staffer tests coronavirus-positive


Sebi has again had to close its headquarters at Mumbai’s BKC Complex for three days as another of its officials has tested positive for Covid-19. The regulator would temporarily operate out of the 20,000-square-foot NCL building located in the BKC area, sources say. Read on…


5. Ayushman Bharat beneficiaries cross 10 mn-mark; PM congratulates nation


The number of people who have benefited from the ‘Ayushman Bharat’ scheme has crossed the 10 million-mark, Prime Minister Narendra Modi said on Wednesday, noting that the initiative has had a positive impact on several lives. In September 2018, PM Modi had launched the Pradhan Mantri Jan Arogya Yojana-Ayushman Bharat. Read more…


6. Govt’s Rs 2 trn package will provide limited benefits: Subhash Chandra Garg


The economic package announced by the Centre is above Rs 20 trillion but the immediate delivery or aid is quite limited and less than 10 per cent while its benefits will also be limited, said former Union Finance Secretary Subhash Chandra Garg. Read more…


7. Vande Bharat Mission: Andhra Pradesh receives 459 Indians from abroad


An Air India flight carrying 145 people stranded in London, landed at Vijayawada Airport here on Wednesday, as part of the biggest ever off-shore evacuation drive of Indian citizens under the Vande Bharat Mission. The international airport in Visakhapatnam received two flights, one from Manila (Philippines) and the other from Abu Dhabi with 166 and 148 passengers respectively on Tuesday night. Read on…



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