Food Inflation

Combined food inflation increased to 6.31% in December 2015, compared to 6.08% recorded for November 2015. For rural and urban areas, food inflation was 6.57% and 6.05%, respectively, in December. Vegetable prices increased by 4.63% in December compared to those prevailing in November. Inflation in fruit prices was 0.64% in December, while pulses were dearer by 45.92% y-o-y. Inflation for cereals stood at 2.12% and inflation for milk products was 3.94%. Price rise of non-vegetarian items, such as meat and fish, was 6.57% in December compared to 5.34% in November 2015.

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Yahoo to cut jobs, shed assets in major turnaround plan
San Francisco : US tech giant Yahoo announced cutting the workforce by about 15 percent, slashing properties and exploring "strategic alternatives" as part of an aggressive plan to turn around the struggling company.
 
The announcement on Tuesday came as the company released its fourth-quarter report, which shows a loss of $4.4 billion, Xinhua reported.
 
Yahoo, based in Sunnyvale, California, said it plans to lay off about 1,500 employees and exit five offices in Dubai, Mexico City, Buenos Aires, Madrid and Milan.
 
By the end of 2016, the company expects to have approximately 9,000 employees and fewer than 1,000 contractors. It represents a workforce 42 percent smaller than it was in 2012, and save $400 million annually, the company said.
 
It will also simplify its product portfolio to focus on the products that distinguish the company competitively. For consumer products, the silicon-valley company will have three global platforms -- search business, mail and Tumblr blogging site.
 
Yahoo also said it has begun to explore divesting non-strategic assets, such as sales of patents and real estates. The company estimates a gain of $1-3 billion in cash through these efforts.
 
It expects to generate revenue of over $1.8 billion in 2016 through its Mavens strategy, which includes advertisements through mobile, video, native and social platforms.
 
"Today, we're announcing a strategic plan that we strongly believe will enable us of accelerating Yahoo's transformation," said Yahoo CEO Marissa Mayer in a statement. "This is a strong plan calling for bold shifts in products and in resources."
 
This restructuring plan should lead to "a modest and accelerating growth in 2017 and 2018", said the company.
 
In addition, Yahoo board is "exploring additional strategic alternatives", which it believes is "in the best interest of shareholders".
 
The 20-year-old internet business is beleaguered with dissatisfaction from investors. They have been calling on the company to put for sale its core web businesses as Mayer failed to grow the company since taking over.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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HC refuses to stay eviction of Congress MP
New Delhi : The Delhi High Court on Wednesday refused to stay the eviction of Congress MP Adhir Ranjan Chowdhury from a government bungalow in south Delhi's Moti Bagh neighbourhood.
 
Chowdhury, a Lok Sabha MP from Murshidabad, had approached the high court after the authorities on Tuesday disconnected water and power supply to the bungalow occupied by him.
 
A division bench of Chief Justice G. Rohini and Justice Jayant Nath also denied his plea to give some time to shift to an alternate accommodation.
 
Chowdhury has alleged "vendetta" by the central government.
 
The Directorate of Estates has said that the former UPA minister has been allotted another house on Humayun Road. It said the alternate accommodation was allotted more than one year ago, after Chowdhury was re-elected from Murshidabad in the 2014 Lok Sabha election.
 
The Directorate of Estates has also claimed that it had granted sufficient time to Chowdhury - a four term parliamentarian - to vacate the ministerial bungalow.
 
Chowdhury's counsel told the bench that his representation to the Chairman of Housing Committee of Lok Sabha was pending.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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