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- Scientists should come up with path-breaking innovations: Vice President
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- Jubilant FoodWorks, the franchisee partner of Dunkin' Donuts, confirmed the downsizing and said the firm has already halved losses on the US...
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- As many as 58 cases are under investigation based on the FIR filed by the state child welfare committee.
- Paswan knows he cannot work with Lalu Prasad anymore. He had communicated to BJP leaders that he was raising the SC/ST Act issue to counter Mayawatiâs pitch, said a BJP leader.
No pay cuts at Jet, Naresh Goyal buys peace with airline staffThe airline, citing bad financial health, told its staff last week that their salary may be cut by 5-25%. Illegal migrants threat to security, says RSS leaderRSS leader Krishna Gopal said everyone should welcome the National Register for Citizens (NRC) as it was drafted in the interest of the security of the country and its citizens. BJP confident Paswan will stay with NDAPaswan knows he cannot work with Lalu Prasad anymore. He had communicated to BJP leaders that he was raising the SC/ST Act issue to counter Mayawatiâs pitch, said a BJP leader. Choksi can be extradited to India: AntiguaAntigua govt is of the view that Section 7 of its Extradition Act, 1993, provides scope for acting on New Delhiâs request to send back the jeweller Illegal adoptions on for years, probe thwarted: PanelAs many as 58 cases are under investigation based on the FIR filed by the state child welfare committee. CreditAccess issue a suitable bet for long-term investors The company offers loans mainly to rural women by using the joint liability group model of lending. Market Movers: Top triggers for your day on D-Street A lowdown on top macro triggers that may move market on Monday. Illegal migrants threat to security, says RSS leader RSS leader Krishna Gopal said everyone should welcome the National Register for Citizens (NRC) as it was drafted in the interest of the security of the country and its citizens. BJP confident Ram Vilas Paswan will stay with NDA, Khushwaha may go Paswan knows he cannot work with Lalu Prasad anymore. He had communicated to BJP leaders that he was raising the SC/ST Act issue to counter Mayawatiâs pitch, said a BJP leader. Tatas end rental pact with Bhushan Steel's ex-promoter Mumbai: Tata Steel, which took over Bhushan Steel at the end of a bankruptcy resolution process, has terminated an annual rental contract with former promoter Neeraj Singal for the lease of its corporate office in New Delhi, saving Rs 72 crore a year, said two people with direct knowledge of the development.The move is part of efforts by the new owner to cut costs and turn the asset around.Bhushan Steelâs corporate office was located in the Hyatt Regency Complex, near the luxury hotel of the same name. The building is owned by Bhushan Steelâs erstwhile promoter group, which charged the company Rs 6 crore a month as rent. Bhushan Steel spent about Rs 264.15 crore on the corporate office lease and warehousing charges in FY17, according to its latest annual report.âIf we can accommodate the employees at our offices, why should we pay higher rent? Rs 72 crore will increase our bottom line,â said one of the two persons cited above.Tata Steel did not reply to an email seeking comment. Former Bhushan Steel chief financial officer Nittin Johari directed queries to a Deloitte employee, who said he couldnât comment on the matter. Deloitte declined to comment and said it was bound by confidentiality obligations as pertained to the insolvency professional.65285902 Dunkinâ Donuts shuts down over half of its store in India in 2 years Dunkin Donuts, an American doughnut and coffeehouse chain, has shut down more than half its stores in India over the last two years and is now focusing on small stores and kiosks to cut losses. Jubilant FoodWorks Ltd (JFL), the listed franchisee partner of Dunkin Donuts in India, confirmed the downsizing and said the company has already halved losses on the US doughnut chain in the June quarter and is looking âto break even as we exit this yearâ. âWe have shut our most unprofitable stores, cut back on restaurant operating costs and overheads, focused on core categories, and launched innovations including tea, to drive growth,â a JFL spokesperson said. The company, which opened the countryâs first Dunkin Donuts store in May 2012, has brought down store count by more than half to 37 as of June end from 77 stores two years earlier.JFL, which also holds the exclusive franchise rights of bigger quick service restaurant (QSR) brand Dominoâs Pizza, reported more than three-fold increase year on year in its net profit for the quarter ended June 30, riding on Dominoâs. It reported 25.9% year-on-year increase in same store sales growth for Dominoâs, riding on every day value pricing and product upgrades.JFL opened 13 Domino's restaurants in the June quarter, taking its restaurants count to 1,144, while it set up only one new Dunkin Donuts store. Two officials aware of the downsizing plans said JFL now plans formats such as kiosks and carts at high footfall places, besides catering. Asked about this, the company spokesperson said, âWe are experimenting with smaller format stores that have a lower cost structure and are adequate for our portfolio.â JFL chief executive Pratik Pota had on an earnings call late last month said, âWe are on track to achieve breakeven as we exit the current financial year for Dunkin Donuts. Reduction in losses have been driven by disciplined cost cutting, store operating costs where we have tightened manpower and labour, shrinkage in store network, and optimisation of overheads.â Quantum of losses for Dunkin Donuts had halved on a quarter on quarter basis with the impact on JFLâs EBITDA at 55 basis points for the June â18 quarter, down from 106 bps in the fourth quarter of the previous financial year, Pota said. 65286079 GVK looks to raise capacity at Navi Mumbai International Airport MUMBAI: Mumbai International Airport, the GVK-led consortium building the Navi Mumbai International Airport (NMIA), is enhancing the contours of the project, doubling its initial yearly passenger handling capacity to 20 million and increasing the final capacity by 50% to 90 million, said two people in the know.âThe initial plan in the first phase is for 10 million and another 10 million in the next, but based upon the projected demand we may complete the phases together,â said a spokesperson for GVK, confirming the matter.âCurrently, the annual capacity is pegged at 60 million passengers, however, we are looking into the possibility of increasing it further based on the projected growth,â he added.The concession agreement for building and operating the airport is for an ultimate capacity of 60 million passengers. GVKâs plans to go beyond that would have to be approved by the City and Industrial Development Corporation of Maharashtra (CIDCO), the nodal body that has approved and awarded the project.The decision may, however, push the date of starting operations at the airport beyond the government mandated 2020-21. One of the people cited above said it would take 3-4 years.65286021 - COUNTRY RISK
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- Aerial view of the compound
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Monday, August 6, 2018
Latest News Headlines Mon Aug 6 08:28:04 IST 2018
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