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Telecommunication player Vodafone is reportedly planning to slash hundreds of jobs, mostly at its London-based headquarters, to cut costs in the global economic slowdown. The Financial Times reported that this will be the company's "biggest round of job cuts in five years". Vodafone employs about 104,000 people globally and 9,400 people in the UK. In November last year, the company said it will cut 1 billion euros ($1.08 billion) of costs by 2026. Its CEO Nick Read stepped down at 2022 end, replaced by chief financial officer Margherita Della Valle for an interim period. Read stepped down as Group Chief Executive and as a Director of Vodafone on December 31, following which he will be available as an adviser to the Board until March 31, 2023. He had said that cost savings measures would "be achieved through streamlining and simplification of the group". In a statement, Vodafone said it was reviewing its operating model, focusing on streamlining and simplifying the group. "We will say more about the changes when we announce our third-quarter results on February 1," said the company. Earlier this week, the company agreed to sell its business in Hungary to a local IT company called 4iG and the Hungarian state for $1.82 billion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/sharks-reject-this-wearable-sleep-relaxer-startups-product-call-it-a-nonsense-idea/articleshow/96983681.cms">Shark Tank S2 judges refuse to 'get in bed' with this wearable sleep relaxer biz</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/wipro-results-q3-fy23-wipro-sees-fy23-revenue-guidance-between-11-5-12/articleshow/96969117.cms">Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations</a>

Vodafone Group plans hundreds of job cuts, biggest in 5 years: Report

The year 2023 has become the worst year for tech employees as nearly 2 lakh tech employees -- from Big Tech firms to startups -- have been sacked to date globally, as companies like Meta, BT, Vodafone and many others announced further plans to lay off more employees in coming months. As per the data by layoffs tracking site Layoffs.fyi, 695 tech companies have shown the doors to around 1.98 lakh employees so far this year. In comparison, 1,046 tech companies laid off more than 1.61 lakh employees in 2022. In January alone this year, close to 1 lakh tech employees lost jobs globally, dominated by companies like Amazon, Microsoft, Google, Salesforce and others. In total, about 3.6 lakh tech employees have now lost their jobs in 2022 and till May this year. As more and more Big Tech companies continue to sack employees, they listed various reasons behind the move -- over-hiring, uncertain global macroeconomic conditions, strong tailwinds from the Covid-19 pandemic and more. Meta (formerly Facebook) is reportedly going to start laying off more employees next week in its third round of <keyword id="30690" type="General" weightage="20" keywordseo="job-cuts" source="Orion">job cuts</keyword>. While the exact number has not been confirmed, it is expected that the company will lay off approximately 6,000 employees in this round. Amazon India laid off around 400-500 employees from its Cloud division AWS as well as People Experience and Technology Solutions (PXT) or HR and support verticals this month. Fintech unicorn Zepz is laying off 420 employees, or 26 per cent of its workforce. The UK telecommunication giant BT Group has announced plans to slash a massive 55,000 jobs by the end of the decade. Global telecom carrier Vodafone said it plans to reduce 11,000 jobs over the next three years, with an aim to "simplify" both headquarters and local markets. Meanwhile, Microsoft will not give any raise to salaried employees, including senior leaders, this year as global macroeconomic conditions continue to haunt Big Tech. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zomato-net-loss-narrows-to-188-crore-in-q4-revenue-rises-70-yoy/articleshow/100358894.cms">Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mankind-pharma-pnb-among-stocks-to-become-largecap-from-midcap-mutibagger-rail-vikas-nigam-to-turn-midcap-from-smallcap/articleshow/100356527.cms">Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap</a>

2 lakh techies lost jobs in 2023, more to come

<ul><li>Eight out of 14 IPOs listed in the Indian stock market in 2022 have given negative returns to investors.</li><li>Adani Group company Adani Wilmar is the only outlier that more than doubled investors' money in five months of 2022.</li><li>Analysts say apart from weak market sentiment, high valuations of many IPOs despite poor financial performance is hurting investor appetite</li></ul>At the fag end of this year’s IPO season, investors might learn a valuable lesson – profiting off listing debuts is not as easy as it looks. All the 14 initial public offers (IPO) which called for bids this year were fully subscribed with substantial interest from retail investors – irrespective of the quality of companies that went public. Eight of the 14 IPOs in 2022 have given negative returns so far – thanks to RBI’s surprise move to <a href="https://www.businessinsider.in/finance/news/indias-central-bank-confirms-another-rate-hike-is-coming-in-june/articleshow/91739640.cms">raise interest rates</a>, global outlook, <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">FIIs fleeing Indian markets</a> and of course rising inflation that’s hurting consumer sentiment and margins. The only ‘good’ surprises being <a href="https://www.businessinsider.in/stock-market/news/adani-wilmar-lists-below-analysts-and-investors-expectations-at-3-9-discount/articleshow/89420527.cms">Adani Wilmar</a> and <a href="https://www.businessinsider.in/stock-market/news/veranda-learning-solutions-beats-gmp-and-lists-at-20-premium/articleshow/90771284.cms">Veranda Learning Solutions</a> – but they were listed way before the market crash. Even a behemoth like LIC which became the <a href="https://www.businessinsider.in/stock-market/news/lic-stock-falls-8-on-listing-day-but-still-beats-hul-and-icici-to-become-indias-fifth-most-valued-company/articleshow/91609556.cms">fifth most valuable company</a> in India after listing – fell after its public debut – suggesting that the days of ‘easy listing gains’ are over. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPOs in 2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% return from issue price </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Subscription received </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">156% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">17.37 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Veranda Learning Solutions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">65% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.53 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rainbow Children </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12.43 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vedant Fashions </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.57 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prudent Corporate Advisory Services </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.22 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ethos </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.04 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Paradeep Phosphates </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-2% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.75 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Delhivery </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1.63 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Campus Activewear </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">51.75 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Venus Pipes &amp; Tubes </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-6% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">16.31 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LIC </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-6% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.95 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hariom Pipe Industries </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-8% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.93 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Uma Exports </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-31% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.67 times </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">AGS Transact Technologies </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-44% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">7.79 times </td></tr></tbody></table>(Source: BSE) More pain in the equity market ahead For these recently listed entities, analysts see more pain in the coming months. Since some of the companies that went public are yet to make profits, their earnings in the next few months might disappoint the markets and investors, even further. “FIIs, DIIs are uncertain about the earnings of IPO bound or other unlisted companies due to various macro factors playing out. Earnings in the upcoming quarters will be the turning point for market conditions for IPO and markets in general,” said Manoj Dalmia, founder and director at Proficient equities Private. The newly listed companies like LIC, Delhivery and Veranda Learning Solutions have depressed investor sentiment even further as they reported their March quarter earnings. LIC’s net profit fell 17% to ₹2,409 crore in the March quarter. Delhivery and Veranda Learning Solutions too reported losses of ₹119 crore and ₹20 crore respectively. Again, Adani Wilmar was an exception. Its profit surged <a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-revenue-rockets-fuelled-by-boiling-edible-oil-prices/articleshow/91260794.cms">40% during the March quarter </a> due to the rise in edible oil prices, as an after-effect of the Russia-Ukraine war. But this very news might be bad for most other companies across the sector – which means fewer funds, inflated raw material prices and more. “The markets are slightly weak due to increasing inflation, global uncertainty of rate hikes, and war between Russia and Ukraine. Even VC fundings have narrowed in startups and already layoffs are being seen in gaming and education sectors,” added Dalmia. The fund crunch is also affecting the valuations of companies with good fundamentals; but those IPOs which were priced high will continue to face even more pain once earnings are announced. Yet, there is one silver lining that the global economy itself might improve for the better and bring back foreign funds and domestic sentiment which can improve the outlook of these stocks for the better. “My sense is things from here on should improve as there is still domestic capital to be deployed and hopefully FIIs also at some point will do reallocation and come back in the market,” said Neha Khanna, director at ValPro. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ambani-and-adani-together-borrowed-more-than-1-out-of-every-5-from-foreign-lenders/articleshow/91909834.cms">Mukesh Ambani and Gautam Adani account for $1 out of every $5 of foreign loans</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-will-have-a-solid-turnaround-war-chest-if-it-clinches-the-amazon-deal/articleshow/91906347.cms">Vodafone Idea will have a solid ‘turnaround’ war chest if it clinches the Amazon deal</a>

Earnings shock awaits new IPO investors burnt by listing losses

<ul><li>The board of the Bharat Sanchar Nigam Ltd (<keyword id="30351" type="CITY" weightage="20" keywordseo="BSNL">BSNL</keyword>) has approved slashing 54,000 jobs in order to relieve financial stress. </li><li>The recommendations were made by a 3-member panel that was constituted in the face of mounting losses in the aftermath of Jio’s aggressive pricing.</li><li>Other telecom operators like Vodafone Idea and Bharti Airtel have also been under pressure since Jio’s entry into the space.</li></ul>The board of the Indian state-run telecom operator, Bharat Sanchar Nigam (BSNL), <a href="https://www.deccanherald.com/national/bsnl-okays-laying-off-54k-staff-but-will-wait-govt-726643.html">approved </a>the cost-cutting that could result in as many as 54,000 employees losing their jobs. The layoffs won’t happen till after the election and the officials are deferring to the new government to take up the challenge before taking the final call according to the Deccan Herald. The three member panel consisting of Rekha Jain as the coordinator as well as Vishal Gupta and Ajay Pandey — all of whom are professors at the Indian Institute of Management - Ahmedabad (IIM-A) — was put together to find solutions as BSNL started to reel from the financial stress. And, then make their recommendations to the board. The company’s losses started to mount after Mukesh Ambani’s Jio entered the telecom space. In the last fiscal, the company’s overall revenue fell by 20%. 
	
 <div type="image" title="bsnl rev fall" msid="68718444" hostid="261" caption="&amp;lt;p&amp;gt;Jio&amp;#8217;s losses are up by 66% at around &amp;#8377;79.93 billion in the current fiscal year&amp;lt;/p&amp;gt;"></div>





 BSNL isn’t the only company that has fallen victim to the aggression from Mukesh Ambani-owned enterprise. TataDoCoMo was one of the first casualties resulting in an acquisition by Bharti Airtel in 2017. Airtel was also able to <a href="https://www.livemint.com/Industry/rws5uR2FeOti3o3nU7AirL/The-shakeup-in-Indias-telecom-sector.html">acquire</a> Tata group’s wireless phone business and Telenor for virtually nothing. Soon after, one of the top telecom services providers in the country, Aircel <a href="https://www.teleanalysis.com/analysis/aircel-mostly-blamed-jio-bankruptcy-27828">blamed</a> Jio when it filed for bankruptcy in 2018. Two of the biggest telecom players in the country, Vodafone and Idea, were also forced to merge mid-2018 to form the world’s second-largest telecom company. The Telecom Regulatory Authority of India (TRAI) has been <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/tdsat-junks-trais-predatory-pricing-order/articleshow/67077045.cms?from=mdr">accused</a> of passing regulations that are in favour of Jio that discriminate against its competitors — BSNL, Airtel, and Vodafone Idea — under the guise of being a ‘new entrant’ in the market. One of the new regulations was shot down by the Telecom Disputes Settlement and Appellate Tribunal because it appeared to be “an unnecessary abdication of its regulatory powers by the Telecom Regulatory Authority of India”. 
 
 <div type="ExtQuote" text="If a new entrant needs to be protected from the rigours of non-predation, it can be done through provisions like ‘Welcome Offer’ and ‘Promotional Offer’ as availed by Reliance Jio, but to allow freedom from requirements of non-predation till acquisition of 30% of total activity in a given market, prima facie appears an extreme step by TRAI." auname="Telecom Disputes Settlement and Appellate Tribunal (TSDSAT)"></div>





 In order to save costs, the board as also also approved reducing the retirement age from 60 years to 58 years, implementing the Voluntary Retirement Scheme (VRS) for all employees aged 50 years and above as well as expediting the allocation of the 4G spectrum to BSNL. See also: <a href="https://www.businessinsider.in/the-golden-age-of-telecommunication-nears-its-end-in-india/articleshow/66144414.cms">The ‘golden age’ of telecommunication nears its end in India</a> <a href="https://www.businessinsider.in/bsnl-wifi-on-india-flights-due-to-inmarsat-license/articleshow/68706687.cms">Indian flights will have WiFi soon — leaving only North Korea behind</a> <a href="https://www.businessinsider.in/airtel-cisco-ready-for-indias-largest-5g-network/articleshow/68154880.cms">Airtel and Cisco are teaming up to build India’s largest 5G-ready network — spectrum auction pending</a>

A state-run Indian telecom company is laying off 54,000 employees in an election year

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;ALID=2C0FQEHB1EM1#/SearchResult&amp;ALID=2C0FQEHB1EM1&amp;VBID=2C0FC0AIJ64P&amp;POPUPPN=2&amp;POPUPIID=2C0FQEHFIS20">REUTERS/KCNA</a>Schoolchildren stand beside North Korean leader Kim Jong Un as he arrives to attend "We Are the Happiest in the World", a performance of schoolchildren to celebrate the 70th founding anniversary of the Korean Children's Union (KCU), in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang June 8, 2016.</div></div></div>Good morning! Here's what you need to know in markets on Thursday.<a href="http://uk.businessinsider.com/deutsche-bank-ecb-and-negative-interest-rate-impact-on-eurozone-2016-6">The European Central Bank risks tearing the eurozone apart for the sake "of short-term financial stability," and the ECB needs to reverse course before it is too late, Deutsche Bank argues.</a> A new note from the bank's group chief economist, David Folkerts-Landau, says that the ECB has gone badly off course and needs to correct itself before it makes some "catastrophic" mistakes.Mario Draghi is speaking. The ECB chief will give a speech at the Brussels economic forum at 8.00 a.m. BST (3.00 a.m. ET). He may well address the central bank's corporate bond buying programme, which kicked off across Europe on Thursday.Oil is still charging. <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> Brent is up 0.42% to $52.73 (£36.34) at the time of writing (6.30 a.m. BST/1.30 a.m. ET) - a fresh 11-month high. US crude is up 0.59% to $51.53 (£35.51).<a href="http://www.businessinsider.com/r-vodafone-grabs-control-of-sky-new-zealand-in-24-billion-merger-2016-6?IR=T">Vodafone on Thursday announced an effective takeover of leading New Zealand pay TV provider Sky Network in a NZ$3.4</a><a href="http://www.businessinsider.com/r-vodafone-grabs-control-of-sky-new-zealand-in-24-billion-merger-2016-6?IR=T"> billion (£1.7 billion, $2.42 billion) merger combining digital platforms with entertainment content.</a> Under the complex deal, loss-making Sky will acquire all of the shares in Vodafone NZ for that sum in cash and shares, giving Vodafone Group a 51% stake in the combined group and a cash consideration of NZ$1.25 billion, to be funded through new debt.<a href="http://www.bloomberg.com/news/articles/2016-06-08/citigroup-sees-rebalancing-of-eu-operations-with-a-brexit-vote">Citigroup, the US lender that employs about 9,000 people in Britain, will "rebalance" operations if the UK votes to exit the European Union later this month, according to an internal memorandum.</a>"A vote to leave the EU is likely to have implications for our UK operations," James Bardrick, Citigroup's country officer for Britain, wrote in the memo, which was seen by Bloomberg. "To continue to serve our clients and maintain efficient access to those markets currently enabled through the EU passporting regime, we would likely need to rebalance our operations across the EU."<a href="http://uk.businessinsider.com/george-soros-trading-again-2016-6">Legendary investor George Soros is back to making big bets.</a> Soros has returned to trading after a long hiatus, <a href="http://www.wsj.com/articles/a-bearish-george-soros-is-trading-again-1465429163">according to Gregory Zuckerman at The Wall Street Journal</a>. He has recently directed a series of large bearish bets, selling stocks and betting on gold, the report said.<a href="http://uk.reuters.com/article/uk-britain-houseprices-rics-idUKKCN0YU2S0">British house prices are set for their first fall in nearly four years over the next few months as the European Union referendum and a new tax on landlords turn buyers away, property valuers said on Thursday.</a> Reuters reports that for the first time since November 2012, a majority of members polled by the Royal Institution of Chartered Surveyors said prices over the next three months were expected to fall, though most still saw an increase over a 12-month horizon.<a href="http://www.businessinsider.com/r-amazon-launches-amazonfresh-food-service-in-parts-of-london-2016-6?IR=T">Amazon launched a British version of its AmazonFresh food delivery service on Thursday in a long-anticipated move by the world's largest online retailer to break into the UK grocery market.</a> Britain has one of the world's most developed online markets, with the big four supermarkets Tesco, Sainsbury's, Wal-Mart's Asda and Morrisons competing with specialist delivery firm Ocado.<a href="http://www.businessinsider.com/r-goldman-sachs-cut-staff-in-russia-in-past-few-months-more-cuts-expected-sources-2016-6?IR=T">Goldman Sachs has cut staff in Russia in the past few months and more cuts are expected by the end of the summer, sources familiar with the layoffs told Reuters.</a> One source said Goldman had sacked traders, back office staff and investment bankers in the past few months. A Goldman stock trader was fired in May, a second source said.<a href="http://uk.businessinsider.com/lies-death-threats-and-property-deals-what-we-learned-from-the-bhs-inquiry-2016-6">Dominic Chappell, the man who bought BHS for £1 last year, was accused on Wednesday of being a liar and a thief by former members of management.</a> Chappell denied the allegations to MPs, who were hearing evidence on the collapse of the department store as part of a Parliamentary inquiry. Chappell, a former racing driver who has twice been bankrupt, bought the department store from retail tycoon Sir Philip Green's Arcadia Group last year for a nominal sum. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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