After Cognizant, IBM India fires 300 employees from services division
Tech behemoth IBM India has reportedly fired nearly 300 employees from its services division as it looks to "re-invent" its operations and fulfill the changing demand of the customers. The US-based IT major let these employees go as it focuses on emerging technology like Artificial Intelligence and reduces exposure to traditional services.
US pharma scandal: Indian firm Glenmark may face a penalty of up to $873 million
A total of 44 US states on Monday filed a lawsuit against as many as 20 generic drug manufacturers, including seven Indian firms. Among these Indian firms, 5 have been sued by the state attorney generals and 4 are under DOJ (Department of Justice) investigation. The multi-state lawsuit seeks damages and civil penalties against the pharma companies for allegedly running a coordinated campaign to artificially inflate the prices of more than 100 drugs between 2013 and 2015. Glenmark could face the highest penalty of $873 million, while Aurobindo the least at $13 million.
Paytm unearths Rs 10-crore fraud after probe into cashbacks earned by small merchants
Paytm has unearthed an over Rs 10 crore fraud following a probe into a large percentage of cashbacks earned by small merchants, and de-listed hundreds of sellers apart from sacking many employees, its head Vijay Shekhar Sharma said Tuesday. While the number of sellers would reduce, such stringent actions will ensure "better ecosystem" for the consumers, he said.
Pilots pushed Boeing to act after Lion Air crash: reports
After a deadly crash in Indonesia, American Airlines pilots called a meeting to press Boeing executives for safety changes to the 737 MAX aircraft, US media reported Tuesday. The call for changes, which could have required the best-selling aircraft model to be temporarily grounded, were reported by The New York Times and CBS News after they obtained an audio recording of the November 27 meeting between the American Airlines pilots union and officials from the aircraft manufacturer. But the meeting shows that pilots were already worried about the safety of the model following the October 2018 crash in Indonesia of a Lion Air 737 MAX 8 that left no survivors of the 189 people onboard. The 737 MAX 8 is currently grounded worldwide after the March crash of Ethiopian Airlines Flight 302
India postpones retaliatory tariff deadline on US products to Jun 16
The government Tuesday again extended its deadline to impose retaliatory import duties on 29 US products, including almond, walnut and pulses, till June 16. A notification of the finance ministry said that implementation of increased customs duty on specified imports originating in the US has been postponed from May 16 to June 16 this year. These deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium products.
RBI needs to go for larger rate cut in next monetary policy review: SBI report
The RBI needs to go in for a larger rate cut, more than 25 basis points, in the next monetary policy review in June to reverse the current slowdown in the economy, said a research report by country's largest bank SBI. The Reserve Bank of India (RBI) had cut the key short term lending rate (repo) by 25 points each in its last two policy reviews and is slated to announce the next bi-monthly policy on June 6.