Business

Srinagar, Jul 16 (PTI) The National Conference and the People's Democratic Party (PDP) Thursday asked the Jammu and Kashmir administration to rescind a six month old order to merge or close several sick public sector undertakings in the union territory.

"The J&K government's decision to close many PSUs is shocking....This order is unfair and must be rescinded," National Conference tweeted on it official handle.

Washington, Jul 15 (AP/PTI) Delta Air Lines said Wednesday that it expects to take a charge of USD 2.7 billion to USD 3.3 billion to cover the cost of early retirements and buyouts for employees as it shrinks in response to a sharp decline in air travel.

The airline said this week that 17,000 employees have agreed to depart.

Delta said in a regulatory filing that 500 million to 600 million of the charge would go toward cash payments to pilots, flight attendants, ground workers and other departing employees in the July-September quarter.

Washington, Jul 16 (AP/PTI) JC Penney says it will cut 1,000 jobs as it tries to fight its way out from under bankruptcy protection.

The company last month said it had identified just over 150 stores for closure in the first phase of a restructuring in which it will become a smaller operator.

Mumbai, Jul 15 (PTI) Richest Indian Mukesh Ambani on Wednesday announced his group's digital arm Jio developing a homegrown 5G telecom solution.

"Jio has designed and developed a complete 5G solution from scratch. It will be ready for trials as soon as 5G spectrum is available and can be ready for field deployment next year," Ambani said at Reliance Industries' annual general meeting.

New Delhi, Jul 15 (PTI) Election Commissioner Ashok Lavasa, who was next in line to head the poll panel, was on Wednesday named as the new vice-president of the Philippines-based Asian Development Bank (ADB) - a position he can take only after resigning from his current job.

Lavasa, who would have retired as the Chief Election Commissioner (CEC) in October 2022, would be the second election commissioner to step down from the poll panel before the completion of his term.

Mumbai, Jul 15 (PTI) The Maharashtra government will set up an online mechanism for the sale and purchase of goats for upcoming Bakri Eid festival, state minister Aslam Shaikh said on Wednesday.

No permission will be given to celebrate any festival in coronavirus containment zones, he said.

He said while guidelines for Eid will be framed soon, gathering of people for 'qurbani' (sacrifice) of goats will not be allowed.

Markets will be allowed only on open grounds, an official statement quoted the Mumbai city guardian minister as saying.

KANPUR: What is the use of Passbook Printing Machine in the bank's branch if it is not functioning properly! 

Not only one but several other savings accounts holders of a nationalised bank's branch in Jajmau find the machine unusual. The passbook once inserted for printing the balance details does not come out of the machine. It remains inside the machine until someone's help does not emanate.

The quick answer from the bank officials for this fault remains server is not working in order. But when the server is down how do other transactions carry on the counter? 

DUBAI, United Arab Emirates (AP) — An oil tanker sought by the U.S. over allegedly circumventing sanctions on Iran was hijacked on July 5 off the coast of the United Arab Emirates, a seafarers welfare organization said Wednesday.

Satellite photos showed the vessel in Iranian waters on Tuesday and two of its sailors remained in the Iranian capital.

It wasn’t immediately clear what happened aboard the Dominica-flagged MT Gulf Sky, though its reported hijacking comes after months of tensions between Iran and the U.S.

BEIJING (AP) — China became the first major economy to grow since the start of the coronavirus pandemic, recording an unexpectedly strong 3.2% expansion in the latest quarter after anti-virus lockdowns were lifted and factories and stores reopened.

Growth reported Thursday for the three months ending in June was a dramatic improvement over the previous quarter’s 6.8% contraction — China’s worst performance since at least the mid-1960s. But it still was the weakest positive figure since China started reporting quarterly growth in the early 1990s.

BEIJING, July 15 (APP): China has ramped up production of JF-17 fighter jet, which was jointly developed with Pakistan.

In the first half of 2020, the number of aircraft delivered was the most in the past five years, according to industry reports.

As of June 30, the production line of the JF-17 has on average shortened the production period of a single aircraft by 15 days compared to last year, Global Times while quoting China Aviation News, a newspaper affiliated with the state-owned Aviation Industry Corporation of China (AVIC), reported on Wednesday.