BookMyShow lays off, furloughs 270 employees to cut costs amid low revenues


Online ticket booking platform has laid off or furloughed 270 employees as it expects its revenue to be “greatly reduced” in the coming months, hit by the Covid-19 pandemic and

Several tech-led businesses including Ola, Uber, Zomato and Swiggy have laid off hundreds of employees in the past few weeks as they struggle against reduced earnings and uncertain business environment.

“We have had to resort to the task of reducing our costs to align them with what we believe will be greatly reduced revenues in the months to come…Out of 1,450 employees at in India and globally, about 270 employees across various functions and teams, will be impacted through this exercise,” chief executive Ashish Hemrajani said in an email to employees.

This includes those who will be put on furloughs, along with those who we will have to part ways with, at least, as of now, he added.

ALSO READ: Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis

He said the company has tried to do it best to offer financial support, continued health insurance cover and outplacement support

African Development Bank Says ‘No Decision’ Yet Over Demands For Probe


The African Development Bank (AfDB) on Thursday said “no decision” had been taken regarding a US push for an outside probe into its chief, accused by whistleblowers of ethics breaches.

US Treasury Secretary Steven Mnuchin says Washington is dissatisfied with the outcome of an internal inquiry that has exonerated AfDB chief Akinwumi Adesina.

The chair of the AfDB board, Niale Kaba, who is also Ivory Coast’s minister of development, said the panel met on Tuesday “to examine the issue emerging from a whistleblowers’ complaint” against Adesina.

“No decision has been taken,” she said in a statement in French, countering what she said was information “falsely conveyed by certain media.”

On Wednesday, some press reports said the board had accepted Mnuchin’s request that it appoint “an independent outside investigator of high professional standing” to take an in-depth look at the complaint.

In a 15-page document, the whistleblowers earlier this year charged that ethics breaches including personal enrichment and favouritism had spread under Adesina’s tenure.

The AfDB’s ethics panel completely cleared Adesina after conducting its own investigation, saying the accusations “rested on no objective, solid facts.”

Adesina is the first Nigerian to be in charge of the 56-year-old AfDB, one of the

Indian economy may expand by around 5% in FY22: Ex-RBI governor Subbarao


The country’s economy may expand by around 5 per cent next financial year after likely contracting by 5 per cent this time, former RBI governor has said.

Rating agency Crisil on Tuesday had said the may shrink by 5 per cent in fiscal 2021, adding this could be the country’s fourth since Independence and perhaps the worst to date.

“I do believe that getting up to 5 per cent next year (FY22) is quite probable. The reason I say that is because this (COVID-19) is not a natural disaster. Our factories are still standing, our infrastructure and transport systems are still there,” Subbarao said.

He was speaking at a webinar on ‘– Navigating through a Crisis’, organised by the Centre for Financial Studies (CFS) at Bhavan’s SPJIMR business school.

“Once the is lifted and the economy is given a green signal to restart, I am sure that we can ramp up pretty soon and reach at least 5 per cent (growth rate),” he said.

ALSO READ: FY21 GDP to contract 5%; pre-virus level unlikely in next 3 fiscals: Crisil

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