Udupi limps back to normalcy; eight cases registered; Annamalai returns to Chikkamagaluru

Bengaluru, May 13: Former chief minister and senior Congress leader Siddaramaiah on Wednesday called the measures announced by Finance Minister Nirmala Sitharaman as 'disastrous' and said it is 'non-existent' in terms of benefits to poor migrants, labourers, contract employees and farmers.

"The first set of measures announced by @FinMinIndia @nsitharaman, after 8 PM speech by @narendramodi, is disastrous & non-existent in terms of benefits to poor migrants, labourers, contract employees, farmers, etc," Siddaramaiah said in a tweet.

The Congress leader said most of the intended benefits may not reach the end recipient.

This comes a day after Prime Minister Narendra Modi announced a Rs 20 lakh crore special economic package to revive the COVID-19 hit economy.

"The contribution by the government for the schemes announced are mostly notional and less of actuals and the devil lies in the detail," the Congress leader said in another tweet.

After Sitharaman announced support measures for MSMEs, Siddaramaiah said, "The credit infusion to MSMEs may help them clear dues to vendors but it is doubtful if they shall utilise the credit available to pay their labourers & to prevent job cuts. @FinMinIndia should have taken measures to pay part of the salaries to the employees in MSMEs."

Further questioning the Centre on 'ignoring the spending for boosting consumption', Siddaramaiah said, "The government is interested in capital infusion in the form of credits but totally ignorant of the actual spending that needs to be done to boost consumption. How can credit be considered as government spending?"

Siddaramaiah said the next set of measures should benefit the marginalised sections.

"Will be looking forward to next set of measures & I hope it will be something to benefit the marginalised sections. Direct benefits to the poorest sections will help them survive this pandemic. COVID-19 fight should not be another perception battle but a real one," he added in another tweet.

Sitharaman earlier announced Rs 3 lakh crore collateral-free automatic loans for businesses, including MSMEs.

Besides this, she also stated that to provide stressed MSMEs with equity support, the government will facilitate the provision of Rs 20,000 crore as subordinate debt.

Bengaluru, May 20: Ride-sharing company Ola Cabs said on Wednesday it will lay off 1,400 of its employees due to business uncertainty caused by the coronavirus pandemic while the revenue has come down by 95 per cent in the past two months.

"The COVID crisis continues to unfold all around us causing unprecedented economic and social destruction. It has also become evident that the coronavirus will not be eliminated any time soon," wrote co-founder and CEO Bhavish Aggarwal to all Ola employees.

"In these circumstances, today I write to all of you with the toughest decision I have ever taken -- the need to downsize our organisation and let go of 1,400 of our valued employees," he said.

Aggarwal said the fallout of virus has been very tough for the cab aggregating industry in particular. "The company's revenue has come down by 95 per cent over the past two months," he said.

Initially, he said, the company hoped it would be a short-lived crisis and that its impact would be temporary. "But unfortunately, it is not been a short crisis. And the prognosis ahead for our business is very unclear and uncertain. It is going to take a long time for people to go out and about like before."
With more companies preferring to have a large number of employees work from home, air travel limited to essential trips and vacations being put off for better times, the impact of this crisis is definitely going to be long-drawn, said Aggarwal.

"The world is not going to revert to the pre-COVID era anytime soon. Social distancing, anxiety and an abundance of caution will be the operating principles for everyone," he told employees.

Aggarwal said the crisis necessitates the need to conserve cash aggressively so that Ola is able to invest in opportunities in the future, adding the downsizing exercise has been a very tough and sad decision for the management team to make.

"While we restructure our organisation to the new realities of our business, we are also going to recommit ourselves to strengthening our operational excellence and leverage a lot more technology to improve efficiencies and reduce cost across all parts of our business," he said.

Mangaluru, Feb 18: Customs at International Airport here have seized Rs 58.95 lakh worth gold in two incidents and arrested two smugglers, Customs Commissionerate said on Monday.

According to the department, two men have been arrested by the customs officials in two separate incidents last evening for attempting to smuggle gold into the country valuing over Rs. 58.95 Lakhs.

In the first incident, Muhammed Swalih Chappathodi, 22, hailing from Malappuram, Kerala who arrived from Dubai by Spice jet flight concealed capsules containing gold in paste form inside his rectum which upon purification resulted in the recovery of 797 gm of 24 karats valued at Rs.32,35,820.