Day: June 3, 2020

Lufthansa Plans Far-Reaching Restructuring to Repay Bailout

(Bloomberg) — Deutsche Lufthansa AG signaled it would make sweeping job cuts and sell off non-core units in order to repay a 9 billion-euro ($10 billion) coronavirus bailout from the German government.

Europe’s biggest airline will slash employee expenses and look at spinning off non-core units to reduce costs and bolster cash flow as the coronavirus crisis depresses revenue, it said in a statement Wednesday. The group had a 2.1 billion-euro net loss in the first quarter.

“In view of the very slow recovery in demand, we must now take far-reaching restructuring measures to counteract this,” Chief Executive Officer Carsten

PM Garib Kalyan package report card: Modi govt says crores of people get cash, food, other help

Nearly 42 crore poor people have received financial assistance of Rs 53,248 crore under the package and around 118 lakh MT of foodgrains have been distributed in the month of April, May, and June so far.Crores of people in need have received cash, food grains, LPG cylinders, and other assistance amid the nationwide lockdown. The Narendra Modi-led government has issued a report card indicating the status of the Garib Kalyan package worth Rs 1.7 lakh crore. Nearly 42 crore poor people have received financial assistance of Rs 53,248 crore under the package and around 118 lakh MT of

Tiger Global sold stake in Flipkart to avoid tax, says Tax dept; rejects application on withholding tax

Walmart had acquired a majority stake in Flipkart in 2018 for 16 billion dollars.

The Authority for Advance Rulings (AAR) has squarely rejected the application by private equity firm Tiger Global for nil withholding tax on capital gains from its stake sale in e-commerce company Flipkart to US retail giant Walmart in 2018, according to the details of the filing sourced from Taxsutra. Stakes of Mauritius-based Tiger Global International II, III, and IV Holdings (parts of the US-based Tiger Global) in Flipkart Singapore (the parent company of Flipkart) was sold to Luxembourg-based Fit Holdings for more than Rs 14,500 crore