Saudi based Islamic bank enters India, first branch in Gujarat

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 13: Jnandev Kamath, former President of erstwhile Mangalore Stock Exchange Limited died late last night in a private hospital in the city.

He was 65 and is survived by his wife and two daughters.

Jnandev Kamath was an alumnus of SDM College of Law and Business Management. 

He was one the founding members of Mangalore Stock Exchange Limited. He was an avid sportsman, an accomplished cricketer, a champion rallyist and golf coach. 

He often played for Pentlandpet Sports Association (PPSA) in his younger days.

Udupi, June 30: A girl who appeared for SSLC exams in three subjects tested positive for COVID-19 in Kundapur taluk of Udupi district today.

Sheshashayana Karinja, Deputy Director of Public Instruction (DDPI) said that the 15-year-old girl had a headache and her parents took her for testing and she had tested positive for COVID-19.

She will appear for the remaining three subjects during the supplementary exams in August.

The room where the girl appeared for the exam had been sanitised. But exams would not be held in that room. All precautions have been taken in that exam centre in Kundapur taluk, Mr. Karinja said.

The other 19 students will be allowed to write their exams as there was a distance of one metre between them and there was no contact between the students during the exams, Mr. Karinja added.

It is learned that a couple of months ago, a Mumbai returnee who recovered from COVID-19 had visited the girl’s house. However, it is not clear that she got an infection from the Mumbai returnee.

It could be recalled here that a student from Hejamadi in Udupi district who was preparing for the Science exam had tested positive two days back and she is currently being treated at a hospital.