Business

Washington, April 8 (IANS) The US economy added 236,000 jobs in March, signaling that the jobs market may be starting to cool, according to data released by the Bureau of Labour Statistics.

That's a significant drop from the previous month's gain of 311,000 jobs, reports Xinhua news agency.

The jobless rate for March slid slightly to 3.5 per cent from February's 3.6 per cent, the data showed on Friday.

In March, government employment increased by 47,000, health care added 34,000 jobs, and job growth also occurred in home health care services and social assistance, according to the Bureau.

Employment changed little in transportation, but job losses were recorded in retail trade, building material, furniture, home furnishings, electronics, and appliance retailers.

This occurred after around a year of aggressive rate hikes by the Federal Reserve, in a bid to battle the worst inflation in decades.

--IANS
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Baghdad, April 3 (IANS) Iraq will voluntarily cut oil production by 211,000 barrels per day (bpd) from May until the end of this year, the country's Oil Ministry said in a statement.

The move is a "precautionary measure" taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.

Ministry data show that Iraq is producing more than 4.5 million bpd, Xinhua news agency reported.

Oil prices have risen since the outbreak of the Russia-Ukraine war in February last year, benefiting oil-exporting countries, including Iraq. However, oil prices declined in the past few months due to fears of lower demand in global markets.

Iraq's economy relies heavily on crude oil exports, which account for more than 90 per cent of the its revenue.

--IANS
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Hyderabad, April 2 (IANS) Extending Bharat Rashtra Samithi's (BRS) support to the employees of Vizag Steel Plant, the party's working president K.T. Rama Rao reiterated that BRS will resist the Central Government's move to privatise the steel plant.

In an open letter to the Central government, KTR detailed the "evil plans" of Modi government to hand over the Vizag Steel Plant (VSP) to private players, the reasons behind the steel plant incurring losses, and the ways in which the plant could be revived.

KTR said that as part of the "conspiracy" to privatise the steel plant, VSP will be pushed into losses and the crisis will be shown as an excuse to hand it over to crony corporate companies.

The BRS leader claimed that the central government did not allow the special iron ore mines to the steel plant. Due to this, he said, the steel plant is forced to spend up to 60 per cent of its production cost on raw material. On the other hand, the cost of raw materials in private companies production is less than 40 per cent as iron ore, coal and other mines were allotted to them.

The BRS working president said that VSP, which is forced to spend huge amounts on raw materials, is facing challenges as it is competing with private corporate companies in the market in terms of production. It is facing losses as the enterprise has to sell at the same price as them in the market.

Minister KTR said that the enterprise is in distress as coking coal has to be imported, and iron raw materials needed for steel production are being bought at market rate from NMDC.

"Due to this, more than 50 per cent of production had to be stopped for a year. All of this is part of a conspiracy to push the Vizag Steel Plant into losses and use it as an excuse to privatise the steel plant. Prime Minister Modi has written off loans worth Rs 12.5 lakh crore for his corporate friends. Why is he not showing the same generosity on the Vizag steel plant?" KTR questioned.

Stating that an Expression of Interest (EoI) notification was issued in the garb of mobilising funds for working capital and raw materials, KTR said that the Modi government was indirectly attempting to handover the PSU to private entities through the notification. He demanded that the Centre should immediately cancel the EoI notification.

The minister in his letter laid out a detailed plan to revive the PSU. He said that Steel Authority of India Limited (SAIL) has already announced its expansion plans with a cost of around Rs 1 lakh crore. He said that the company can be merged with the Vizag Steel Plant, which has several advantages when compared to selling the steel plant to private companies at a low price. "This will contribute towards SAIL's expansion goals. If the company moves in this direction, then an ecosystem can be created to fulfill a long standing demand of a steel factory in Bayyaram, Telangana and a steel plant in Kadapa," said KTR.

Stating that VSP is not able to operate at its full capacity of 7.3 MTPA as the "Central government is not providing raw materials and capital", BRS working president said that the enterprise which is working at 50 per cent of the capacity is incurring the same production cost it incurs for working at 100 per cent capacity.

He said that if the Centre extends support, the enterprise can work at full capacity which will help it in generating profits. He said that VSP can compete with private companies if the central government provides loans to it on par with private companies and facilitates provision of capital through banks.

Maintaining that the Centre should stop "conspiring" to privatise a PSU which has Rs 1.5 lakh crore worth assets, KTR demanded that the Modi government should extend Rs 5,000 crore financial assistance to the steel plant.

KTR reminded that earlier when the Vizag steel plant faced a financial crisis, Prime Ministers P. V. Narasimha Rao and Atal Bihari Vajpayee bailed out the PSU by extending financial support.

He also suggested the central government purchase steel from VSP for the large scale infrastructure projects in the country and pay the money in advance.

"The Vizag steel plant is allowed for loan monetisation up to Rs. 25,000 crores only. However, private companies having the same amount of assets as that of the Vizag Steel Plant are allowed to raise loans up to Rs 70,000 crore-Rs 80,000 crore," he added.

BRS Working President KTR also directed the BRS AP unit President Thota Chandrashekar to extend solidarity to the workers of the steel plant. "Vizag steel is the right of Telugu people and the responsibility is on us to save the steel plant," KTR remarked.

--IANS
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New Delhi, April 2 (IANS) Amid layoffs over recession fears, tech giant Google is also creating several cost-cutting measures such as cutting down on free snacks and workout classes for its existing employees, the media reported.

In a memo, sent by Chief Financial Officer Ruth Porat, Google employees were notified that the perks will vary based on the office location needs, and trends seen in each office space, Business Insider reported.

The company's micro kitchen that provides free snacks like cereal, espresso, and seltzer water will be closed on days that typically have a significantly lower volume.

Some of the fitness class schedules will be shifted depending on how they're being used.

The company would also discontinue spending on personal equipment like laptops, according to the memo.

It noted that funds will be utilised on work that is of a higher priority.

"Because equipment is a significant expense for a company of our size, we'll be able to save meaningfully here," Porat wrote in the memo, released by Business Insider.

She added that the company will reduce its hiring pace and reallocate teams to focus on higher-priority work.
Google also recently told employees that some workers would have to share desk space, amid plans to downsize some of its offices.

On January 20, Google CEO Sundar Pichai had confirmed in a letter to employees that about 12,000 people will be laid off globally, accounting for more than 6 per cent of the total workforce.

Last month, the tech giant informed its employees via an email that fewer of them will be promoted to more senior levels this year as compared to the past.

It reportedly also indicated to ex-employees who were laid off while on maternity or medical leave that they will not be paid for the remainder of their time off.

--IANS
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Shimla, April 2 (IANS) The state government of Himachal Pradesh is all set to collaborate with the Union government on the "Aroma Mission" -- a lavender cultivation initiative that has proven to be a boon for farmers in Jammu and Kashmir.

With the climatic conditions of several regions in Himachal Pradesh, including Chamba, being similar to those of Jammu and Kashmir, the state aims to replicate the success of the initiative in a big way.

This initiative will boost the economy of farmers as well as the state.

Chief Minister Sukhvinder Singh Sukhu had a telephonic discussion with Union Minister of State, Science and Technology and Earth Sciences, Jitendra Singh, who has assured the state of providing technical support to farmers for the project.

The Chief Minister on Sunday said, "The initiative has the potential to transform the lives of farmers and with the collaboration between the state and the Union government. The Aroma Mission could prove to be a game-changer for the farming sector in the region."

Chief Secretary Prabodh Saxena has been directed to take up this matter with the ministry and expedite the process of implementing the project on the ground.

The state is planning to adopt modern scientific methods of farming by replacing traditional practices.

To accomplish this, the state is seeking technical support from the Union government that would organise orientation programmes, training camps and provide technical support to farmers and horticulturists of the state, enabling them to familiarize themselves with new innovative technologies in the farming sector, improve the quality of their produce and generate more income.

The lavender cultivation, also known as the purple revolution, could prove to be a lucrative option for the farmers, thereby transforming their lives.

--IANS
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San Francisco, April 2 (IANS) A new lawsuit has been filed against Google seeking 3.4 billion pounds ($4.2 billion) in compensation for publishers for lost revenue.

According to the claim, made by ex-Guardian technology editor Charles Arthur, Google illegally used its dominant position in online advertising to reduce publishers' profits, the BBC reported.

Google stated that it would vigorously oppose the "speculative and opportunistic" action.

In the lawsuit, Arthur claimed that because of Google's abuse of its position, ad-tech services were inflated, and publishers' ad sales revenues were unlawfully reduced, the report said.

"The UK Competition and Markets Authority (CMA) is currently investigating Google's anti-competitive conduct in ad-tech, but they don't have the power to make Google compensate those who have lost out. We can only right that wrong through the courts, which is why I am bringing this claim," Arthur was quoted as saying.

It is the second such lawsuit, following a similar one filed in November last year.

The claim was brought by former UK's communications regulator Ofcom director Claudio Pollack, who is seeking damages of up to 13.6 billion pounds from Google, the report mentioned.

Meanwhile, the National Company Law Appellate Tribunal has said that Google will have to pay the fine of Rs 1,337.76 crore, imposed on it by the Competition Commission of India (CCI).

The CCI had, on October 30, 2022, imposed a fine of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices.

--IANS
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Chennai, March 30 (IANS) What was being done in a clandestine manner by the industry players, the the Insurance Regulatory and Development Authority of India (IRDAI) has legalised the same with the new norms, said a senior industry official.

The official also said the new norms will affect adversely the government owned general insurers and an advantage for mid and large sized private insurers.

The IRDAI had recently notified its regulations whereby, the policy segment wise ceiling on commissions payable to the distributors has been abolished.

As per the new regulations, there will be only one ceiling, that is the Expenses of the Management and insurers' spend has to be within that ceiling.

"In the case of general insurance companies the Expenses of the Management is freezed at 30 per cent and for stand alone health insurers it is 35 per cent," the official told IANS.

The official also said, earlier the private companies have been paying their distributors over and above the specified limits. Now, the new regulations have legalised the same.

"No more the insurance companies -- life and general insurers -- will get notices from the Goods and Services Tax (GST) Authority," the official said.

Industry officials have told IANS that the insurers -- life and non-life -- have been paying their product distributors over and above what has been prescribed under various heads.

Incidentally, last year saw the GST Authority alleging 16 insurers misappropriating a whopping Rs 824 crore of input tax credit using their intermediaries to issue fake invoices.

The IRDAI has also penalised several insurers in the past for violating the commission payment norms.

Industry officials told IANS that the government insurers have high wage costs and hence will have little leeway in increasing the payout to their distributors as compared to the private sector players.

--IANS
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New Delhi, March 29 (IANS) Google on Wednesday said it is reviewing the decision by the National Company Law Appellate Tribunal (NCLAT) in the Competition Commission of India (CCI) case, and evaluating its legal options.

The NCLAT has directed that Google will have to pay the fine of Rs 1,337.76 crore, imposed on it by the CCI in October last year for anti-competitive practices in relation to Android mobile devices.

"We are grateful for the opportunity given by the NCLAT to make our case. We are reviewing the order and evaluating our legal options," a Google spokesperson told IANS.

A two-member bench of the NCLAT has asked Google to follow the CCI's order and deposit the amount in 30 days.

In January, the Supreme Court refused to interfere with the NCLAT decision, declining to stay operation of the CCI order imposing Rs 1,337.76 crore fine on Google.

The competition watchdog had also asked the Internet giant to refrain from indulging in various unfair business practices.

Google had, however, challenged this ruling before the NCLAT, which is an appellate authority over the orders passed by the CCI.

But the NCLAT rejected Google's plea, saying that there was no violation of natural justice in the probe conducted by the CCI.

--IANS
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New Delhi, March 29 (IANS) The Supreme Court on Wednesday allowed a plea by the Central government seeking Rs 5,000 crore allocation out of Rs 24,000 crore, which was deposited by Sahara group with the SEBI, to pay back to the depositors.

A bench, headed by Justice M.R. Shah and comprising Justice C.T. Ravikumar, passed the direction on the application filed by the government in a PIL by Pinak Mani Mohanty. It said the amount should be disbursed to depositors duped by the Sahara group of cooperative societies and the entire process will be monitored by a former judge of the top court, R. Subhash Reddy.

"The manner and modalities for making the payment is to be worked out by the Central Registrar of Cooperative Societies in consultation with Justice R. Subhash Reddy, former judge of this court, and Gaurav Agarwal, advocate," the bench said.

"Out of the total amount of Rs 24,979.67 crore lying in the 'Sahara-SEBI Refund Account', Rs 5,000 crore be transferred to the Central Registrar of Cooperative Societies, who, in turn, shall disburse the same against the legitimate dues of the depositors of the Sahara Group of Cooperative Societies, which shall be paid to the genuine depositors in the most transparent manner and on proper identification and on submitting proof of their deposits and proof of their claims and to be deposited in their respective bank accounts directly."

It further added that the amount be paid to the respective genuine depositors of the Sahara Group of Cooperative Societies out of the aforesaid amount of Rs 5,000 crore at the earliest, but not later than nine months from today and balance amount be again transferred to the Sahara-SEBI refund account.

Solicitor General Tushar Mehta appeared on behalf of the Centre in the matter. The apex court was informed that Rs 2,253 crore had been taken out of the Sahara Credit Cooperative Society Ltd., i.e., one of the four Sahara group multi-state cooperative societies and deposited with SEBI in the Sahara-SEBI refund account and the amount lying in the account is lying unutilised.

"The genuine depositors of the Sahara Group of Cooperative Societies, which otherwise, shall be entitled to get back their money, the prayer sought in the present application seems to be reasonable and which shall be in the larger public interest/interest of the genuine depositors of the Sahara Group of Cooperative Societies," noted the bench.

Mohanty, in the PIL, had sought a direction to pay to the depositors, who invested in several chit fund companies and Sahara credit firms.

The Centre had sought money from the fund, which was formed after the top court in August 2012 directed two Sahara firms -- Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing India Corporation Ltd (SHICL) -- to refund investors.

--IANS
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San Francisco, March 24 (IANS) Retail giant Walmart is laying off hundreds of employees at its e-commerce facilities across the US as part of an adjustment in staffing "to better prepare for the future needs of customers".

Walmart is shrinking its workforce as many retailers plan on roughly flat or declining sales, reports CNBC.

A company spokesperson said that this decision was not made lightly.

"We're working closely with affected associates to help them understand what career options may be available at other Walmart locations," the spokesperson said in a statement.

About 200 workers will be affected at Walmart's southern New Jersey facility, reports Reuters.

Walmart's rival Amazon has slashed 27,000 jobs in two rounds and another retail major Target plans to cut up to $3 billion in total costs over the next three years.

Walmart anticipates slower sales growth and lower profits in the coming fiscal year.

The company said last month that it expects same-store sales for its US business to grow between 2-2.5 per cent, excluding fuel.

Online sales have continued to grow, though at a slower pace than during the peak of the pandemic.

In its fourth quarter, Walmart delivered strong revenue growth globally with strength in stores and e-commerce. Total revenue was $164 billion, up 7.3 per cent.

--IANS
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