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Posted On:
29-05-2024

AI Express cabin crew union, airline management discuss various issues

Representatives of a cabin crew union at Air India Express and airline management on Tuesday held discussions on salary and other issues during the meeting convened by the labour department as part of the ongoing conciliation proceedings, according to a source. The next meeting is scheduled for July 2, the source said.The Air India Express Employees Union (AIXEU), which represents a section of the cabin crew at the airline, had filed a complaint before the labour department last year. Following the complaint, a conciliation process is happening under the Industrial Disputes Act.Room sharing, lack of proper support, revised salary structure and alleged differential treatment of experienced crew members of Air India Express are among the issues flagged by the union.The source, on the condition of anonymity, said various issues were discussed at the meeting held on Tuesday, including those related to salary and accommodation for cabin crew during layovers. At the meeting, the management representatives assured that the issues will be looked into, the source added.
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Posted On:
29-05-2024

Volkswagen to develop low-cost electric car to tackle Chinese rivals

Volkswagen will develop low-cost electric vehicles in a bid to better compete with fierce Chinese rivals, Europe's largest carmaker said on Tuesday, after talks with Renault to team up on the project collapsed earlier this month. The target is to produce electric vehicles for the European market priced at around 20,000 euros ($21,746), Volkswagen said, adding that a world premiere was planned for 2027. "It's about entry-level electric mobility from Europe for Europe," Volkswagen Chief Executive Oliver Blume said in a statement. "In doing so, we combine a clear commitment to Europe as an industrial location, a European industrial policy and ultimately act in the interests of European customers." The project, dubbed ID.1, comes as Chinese rivals, some of which command a 30% cost advantage over Western peers, are muscling into Europe to grab market share and attack established carmakers on their home turf.Volkswagen said it would rely on a high degree of localisation in Europe for the project, which would also help to cut transport routes of components, thereby reducing emissions. Last week Volkswagen said the European industry had between two and three years to prepare for the competitive threat, warning that the sector's survival was otherwise at risk.
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Posted On:
30-05-2024

Shinhan Bank receives CCI approval to acquire 11% stake in HDFC Credila

The Competition Commission of India (CCI) has cleared South Korea-based Shinhan Bank's proposed acquisition of an 11 per cent stake in HDFC Credila Financial Services. Part of the Shinhan Financial Group, Shinhan Bank Co Ltd is a multinational bank, which commenced operations in India in 1996."The proposed combination relates to the acquisition of up to approximately 11 per cent shareholding by Shinhan Bank in HDFC Credila by way of subscription to shares of HDFC Credila," CCI said in a release on Tuesday. HDFC Credila Financial Services, is a Reserve Bank of India (RBI)-registered non-deposit taking non-banking financial company. It is primarily engaged in the business of providing education loans in India and overseas. In another release, the competition watchdog granted its approval to Matrix Pharma to acquire 100 per cent stake in Tianish Laboratories. The acquisition will be funded in part by an investment proposed to be made by the investors in optionally convertible debentures of Mudhra Labs -- the holding company of Matrix Pharma. The regulator also cleared investment by Kingsman in compulsorily convertible preference shares of Mudhra Lifesciences, the ultimate holding company of Matrix Pharma.
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Posted On:
30-05-2024

Aditya Birla Capital infuses Rs 300 crore in housing finance arm

Financial Services firm Aditya Birla Capital on Wednesday said it has infused Rs 300 crore in its housing finance arm Aditya Birla Housing Finance Ltd (ABHFL) to fund business growth. The company is making the investment in ABHFL to meet its growth, funding requirements and improve its leverage ratio, Aditya Birla Capital said in a regulatory filing. Aditya Birla Capital subscribed equity shares of ABHFL, on rights basis for aggregate cash consideration of Rs 300 crore, it said. Earlier this month Aditya Birla Capital reported a 33 per cent year-on-year (Y-o-Y) growth in consolidated net profit to Rs 812 crore (excluding one-off gains) in the January-March quarter of FY24 on the back of healthy growth in revenues.The consolidated net profit without including one-off items for the reported quarter stood at around Rs 1245 crore. During Q4FY24, Aditya Birla Capital sold about 5 per cent stake in Aditya Birla Sun Life. Sequentially, the net profit is 10.32 per cent up Y-o-Y from Rs 736 crore recorded in the third quarter of FY24. The company's consolidated revenue grew by 32 per cent Y-o-Y to Rs 12,079 crore, up from Rs 9,146 crore in the quarter ended March 31, 2023.
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Posted On:
31-05-2024

Google Wallet partners with Pine Labs to help manage gift cards within app

Merchant commerce platform Pine Labs, on Thursday, partnered with Google Wallet to integrate its gift card offerings on Google’s app. This partnership comes nearly three weeks after Google announced the launch of its digital wallet application in India.With the partnership with Pine Labs, Google Wallet users will be able to store and manage their gift cards journey within the app. The application will nudge customers to use it at the point of purchase. “A frictionless gift card usage experience enabled by this exclusive partnership between Google Wallet and Pine Labs will provide ease and convenience to existing and new users and will eliminate the complexity around usage,” the Bengaluru-based company said in a statement.The company said use cases for gift cards include refund issuances, credit notes, and promotional offers for brands in the country. “Considering the huge Android user base in the country, we anticipate a sharp jump in the usage of gift cards as more retailers and brands will now look to leverage it in their omnichannel strategy to expand their customer base, improve customer experience, retention, and loyalty,” said Navin Chandani, president - issuing business, Pine Labs. The Google Wallet allows users to store their private information such as loyalty cards, transit passes, IDs, among others.
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