Employment growth rate slips to 3.5% in FY20 from 3.8% in FY19: Report

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Reflecting the overall stress in the economy, the rate declined to 3.5 per cent in FY20 from 3.8 per cent in the previous fiscal year, but the total number of jobs increased to 5 million from 4.83 million, says a report.


In FY20, 170,000 new jobs were added, while the net addition was 176,000 in FY19, shows a CARE Ratings report.



But in FY20, as many as 321 companies reduced their headcounts by 113,000 lakh compared to 272 companies doing so by 118,000 lakh in the previous year.


In FY20, top 10 companies added 141,000 to their headcounts of which four each were in IT and banks and two in the NBFC space.


Nine companies had headcounts of above 100,000 each, of which four were in the IT sector, two in banking, and one each in auto, NBFC and miscellaneous sectors, says the report.


Seven companies had headcount of each between 50,000 and 100,000 and 17 had between 25,000 and 50,000, while 33 companies with headcount of each above 25,000 accounted for 57 per cent of total employment.


In terms of

Hexaware promoter raises $600 mn; to partially use for delisting shares

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Hexaware Technologies’ promoter HT Global IT Solutions Holdings has availed USD 600 million by pledging more than 18 crore shares of the company, which is set for voluntary delisting from the stock exchanges.


HT Global IT Solutions Holdings has borrowed the amount for “inter alia repayment of secured and unsubordinated 7 per cent senior notes and to finance the delisting of the equity shares of Limited…,” according to a regulatory filing on Thursday.



A voluntary delisting of from the and the NSE is being undertaken. The delisting offer with a floor price of Rs 264.97 per share opened on September 9 and will close on September 15.


HT Global IT Solutions Holdings has pledged over 18 crore shares of the IT firm to secure USD 600 million from 13 entities, including Deutsche Bank, Citibank, Barclays Bank PLC and Sumitomo Mitsui Banking Corporation, as per the regulatory filing.


At the current exchange rate, the fund amounts to about Rs 4,500 crore.


The amount has been availed pursuant to a facility agreement dated July 29, 2020 and a syndication agreement dated September

US Sanctions ‘Russian Agent’ For Trying To Damage Biden

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The US Treasury slapped sanctions Thursday on Ukrainian politician Andrii Derkach, an alleged Russian intelligence operative who has stoked conspiracy theories advanced by the White House that purport to implicate Democrat Joe Biden in corruption.

Derkach, who met with President Donald Trump’s lawyer Rudy Giuliani several times over the past year as he searched for dirt on Biden, “has been an active Russian agent for over a decade,” the Treasury said in a statement.

Derkach maintains “close connections” with Russian intelligence and has engaged in interference actions “in an attempt to undermine the upcoming 2020 US presidential election,” it said.

“This action is a clear signal to Moscow and its proxies that this activity will not be tolerated,” the Treasury said.

Derkach’s links to Ukraine and Russian intelligence are well-established.

His father was director of the Ukraine Security Service, and he attended the Russian security ministry’s intelligence academy before joining the Ukraine security service as well.

Now a member of the Ukraine parliament, Derkach has been publicly involved in Republican efforts to tar Biden, who is leading Trump in polls ahead of November’s presidential election.

As Trump faced impeachment last year for trying to force the Ukraine government to provide

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