We do all the work, but people vote for BJP: Siddaramaiah

Bengaluru, May 18: Indian food delivery startup Swiggy said on Monday it would lay off 1,100 employees, or nearly 14% of its workforce, to cut costs, as a weeks-long nationwide lockdown to curb the coronavirus outbreak hits demand for online food ordering.

The company, backed by South African internet giant Naspers, also said it will scale down adjacent businesses and has already shut several of its cloud kitchens - facilities that only cater to takeaway orders - temporarily or permanently.

“The core food delivery business has been severely impacted and will stay impacted over the short term, but is expected to start growing again after that,” said Sriharsha Majety, co-founder and chief executive at Bengaluru-based Swiggy.

Swiggy, one of India’s best known startups, is among many that are laying off employees and reshaping their business in response to the COVID-19 pandemic, which has forced 1.3 billion Indians indoors and crippled business.

India is currently under a two-month lockdown, and though several curbs are being eased, public places such as restaurants remain closed, hurting restaurants themselves as well as companies such as Swiggy and main rival Zomato.

Apr 12: The board and management of troubled NMC Healthcare should be held accountable for the financial irregularities, said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation.

"Banks have dealt with the exposure professionally and they lent to a company which was listed on FTSE-100 index with world-class regulator and the world's largest audit firm doing their audit. Even if they present their balance sheet today, people will still lend to them. This is a world-class fraud and the management and board members should be held accountable. We should have a different track to handle this company. It is not a normal track that we can go," Al Ghurair said during a virtual press conference on Sunday.

It is estimated that the more than 80 local, regional and international banks have exposure to healthcare firm. The UAE bourses had asked all the listed companies in the UAE to announce their exposure. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare, which is owned by the billionaire BR Shetty.

Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and its Shariah-compliant unit Emirates Islamic Bank revealed Dh747.34 million exposure. Ajman Bank has Dh151.8 million while Al Salam Bank pegged its exposure at Dh161.5 million. All these lenders revealed their exposure for the first time on Sunday.

Abu Dhabi Islamic Bank said it had extended Dh1.07 billion in financing to NMC Healthcare, and an additional Dh113.67 million exposure to Islamic bonds issued by NMC.National Bank of Fujairah pegged its exposure to NMC at Dh289.1 million, while Sharjah-based United Arab Bank said its exposure was Dh135.3 million.

NMC recently revised its debt position to $6.6 billion, well above earlier estimates.

London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

"I know leading bank in UAE have already legal guardian of the company so now management cannot hide anything. The new team will manage and discover what happened," said Al Ghurair.

Mangaluru, June 24: Congress leader Ivan D’Souza has vowed to serve the poor and practice as a lawyer in the city, as he completed six years of tenure as a member of Karnataka legislative council on June 23. 

Expressing satisfaction about his work as an MLC, he said: “I’m one among the three MLCs who have 100% attendance in the council. Meanwhile, I’m the only council member to utilise the privilege of raising five questions in each session. I brought several major issues to the government through the questions and succeeded in finding solutions to the problems of people.”

“During my six years of tenure as a council member, I could bring sanctions to the tune of Rs 46 crore through various departments. Meanwhile, financial aid to the tune of Rs 13.24 crore has been distributed through Chief Minister’s Relief Fund to nearly 1,600 beneficiaries. I will continue to serve the poor on my own as an individual. For this, I have set up an office in the premises of my house,” Ivan said, adding that he has distributed grocery kits and other essential items to over 18,000 families during the lockdown period.

“I have successfully fulfilled my duties as the chief whip of the government in the council and also as the parliamentary secretary to revenue department in Siddaramaiah and H D Kumaraswamy governments, respectively,” he said. 

Ivan said his office in the Mangaluru City Corporation (MCC) building will be handed over to JD(S) MLC S L Boje Gowda. “My doors are always open for the people. I will strive to build the party in the state,” he added.