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Madagascar cyclone kills 29, displaces thousands
Posted on 9th January 2018
A cyclone that hit eastern Madagascar over the weekend killed at least 29 people and injured three others while two people were reported missing, authorities said on Monday.

Tropical Cyclone Ava passed through Madagascar on Friday and Saturday, hitting mostly the eastern coast of the island with wind speeds of between 140-190 kph (87-119 mph).

“The provisional report of cyclone Ava hitting Madagascar, (shows) 29 people were killed,” Melisa Venance, communications officer of the National Office of Risk and Disaster Management, said.

The administrative region of Haute Matsiatra, located 400 km (250 miles) south of Antananarivo, said that among those killed were eight people from a family who had been at a funeral vigil on Sunday when their house was hit by a landslide.

“The bodies were searched for all night, and the corpses of eight people, including an 11-month-old baby, and the body of the deceased were found under rubble on Monday morning,” the post said.

The National Office of Risk and Disaster Management had earlier on Monday put the dead at at least six, and that more than 13,000 people were displaced by the cyclone, while more than 16,000 pupils had classes suspended until Thursday, due to flooding and risk of landslides.

In March 2017, Cyclone Enawo struck Madagascar, killing at least 78 people on its vanilla-producing northeastern coast.

Enawo damaged around 30 percent of the crop in the world's biggest producer, which accounts for nearly half of the world's crop.

But Georges Geeraerts, the president of the Group of the Vanilla exporters, told Reuters the cyclone Ava had not touched vanilla-producing areas and there had been “no impact” on production.

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Amazon India reportedly closing in on Flipkart
Posted on 22nd March 2018
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While Flipkart leads in fashion and smartphones, Amazon has taken lead in categories such as appliances, consumer electronics, and more importantly, groceries, which builds platform stickiness, said Satish Meena, a senior forecast analyst at Forrester.

Air India may give promotions to 100 pilots with pay hike of up to Rs 12 lakh: Report
Posted on 22nd March 2018
Amidst the privatisation talks, it has been reported that the national carrier Air India might gove promotion to its 100 pilots with a pay hike of Rs 12 lakh per head.

"The 100 deputy general manager rank pilots are narrow-body and widebody pilots. These pilots are likely to be promoted to executive despite the fact that the airline is being privatised," a source told the Economic Times.

Opening bell: Sensex opens stronger after fed rates hike
Posted on 22nd March 2018
Key indices on Thursday gained strength after the federal reserve hiked rates as widely expected.

The 30-share BSE Sensex was up 138.34 points at 33,274.52 and the 50-share NSE Nifty rose 49.40 points to 10,204.70.

Sebi may impose trading curbs on cos undergoing insolvency proceedings
Posted on 22nd March 2018
The Securities and Exchange Board of India (Sebi) may impose trading restrictions on shares of companies that are undergoing insolvency proceedings. The move, which is also a demand by industry players, is aimed at reducing volatility in stock prices and curbing manipulation or misuse of price-sensitive information.

Sources said the market regulator would lay down a compliance framework for listed companies undergoing insolvency resolution. The announcement will likely be made at Sebi’s board meeting next week.

Essar Steel set for rebid as lenders reject Arcelor, Numetal offers
Posted on 22nd March 2018
The State Bank of India-led consortium of lenders called for a second round of bidding for Essar Steel on Wednesday. All the six companies that had submitted expressions of interest (EoIs) earlier have to submit their bids by April 2.

Lenders rejected bids by Numetal and ArcelorMittal after both companies failed the legal eligibility test. The legal advisors cited one of the clauses of Section 29A of the Insolvency and Bankruptcy Code (IBC) for rejecting the bids.

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