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Malaysia Airlines to lay off one-third of 20,000 staff
Malaysia Airlines is expected to lay off roughly one-third of its 20,000 staff on Wednesday, under its restructuring plans to make the company more profitable, media reported on Monday.
 
The entire 20,000-employee workforce will actually be terminated, and then two-thirds of them will be given new contracts.
 
Executive chairman of PricewaterhouseCoopers Mohammad Faiz Azmi has been appointed as the airlines' administrator and would head the process of letting go the employees.
 
After restructuring, the airline will mainly operate within the country, according to the Malaysia Chronicle.
 
Malaysia Airlines CEO Christoph Mueller said in a statement that flight operations would continue normally, maintaining all prior schedules and reservations.
 
The company had been suffering, and two air accidents in 2014 put the company in a further precarious position.
 
On March 8 last year, Flight MH370, with 239 people aboard, disappeared while flying from Kuala Lumpur to Beijing, while four months later, Flight MH17, with 289 people on board, crashed in eastern Ukraine, where clashes were escalating between government forces and pro-Russian rebels. 

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Nifty, Bank Nifty, Sensex turning weak – Monday closing report

Nifty will turn weaker if it closes below 8,320

 

We had mentioned last week that the uptrend might continue as long as NSE’s CNX Nifty stays above 8,400 on a weekly basis. The 50-stock benchmark opened Monday lower and immediately hit the day’s high. This was followed by the index moving in a range upto 12.40pm after which it started moving further lower. An effort to revive after each dip pulled the stock further lower. By the end of the session, Nifty hit a four-day (including today) low and closed near to it.
 
The S&P BSE Sensex opened at 27,893 while Nifty opened at 8,438. After hitting a high at 27,903 and 8,442, both the indices moved lower and hit a low of 27,614 and 8,364, respectively. Sensex closed at 27,644 (down 314 points or 1.12%) while Nifty closed at 8,370 (down 89 points or 1.05%). Bank Nifty, which is more volatile index, fell a bit more. Bank Nifty opened at 18,405 and after hitting a high at 18,476 the index moved lower the level of 18,303 and closed at 18,325 (down 108 pints or 0.59%). NSE recorded a volume of 63.30 crore shares. India VIX fell 0.09% to close at 16.9325.
 
Finance Minister Arun Jaitley Monday asked taxmen to squeeze the parallel economy in a fair manner, without being harsh, and assured that the honest taxpayers have nothing to fear about the new black money law. The government, the minister said, has taken a host of measures to curb the menace of black money. These include passage of the black money law by Parliament and introduction of Benami Transactions (Prohibition) bill to deal with unaccounted domestic wealth.
 
State-owned Indian Oil Corp will invest Rs1,000 crore for raising its stake in Chennai Petroleum Corp Ltd, which will use the money for expanding operations.
 
India Inc has raised Rs11,500 crore through rights issue offering since the beginning of 2015, making it the highest fund mobilisation through the route in seven years. As many as six companies raised about Rs11,500 crore this year so far as against Rs5,224 crore in 2014.
 
Coming back to stock markets, Kailash Auto Finance (9.96%) was the top gainer in ‘A’ group on the BSE. Info Edge (5.22%) was the top loser.
 
ONGC (2.12%) was the top gainer in the Sensex 30 pack while Vedanta (3.59%) was the top loser in the pack.
 
On Friday, US indices closed in the red. The US Labor Department said on Friday that US' consumer price index (CPI) gained 0.1% in April 2015 after increasing 0.2% in March.
Federal Reserve Chairperson Janet Yellen Friday said the central bank is on track to raise interest rates this year but will likely proceed cautiously because the job market hasn't fully healed, inflation is low and growth has again disappointed.
 
The US stock market remains closed Monday for the Memorial Day Holiday.
 
Except for Jakarta Composite (0.50%), SET Composite index of Thailand (1.03%) and KLSE Composite (1.13%) all the other Asian indices which were trading today closed in the green. Shanghai Composite (3.35%) was the top gainer.
 
China's Ministry of Finance Monday announced that it would cut import duties on cosmetics, shoes and clothes by 50% on average, as part of a plan to boost domestic consumption and sustain economic growth.
 
European indices had mixed closing on Friday. Over the weekend, Greece raised doubts that it would have the money it is due to repay to the International Monetary Fund (IMF) next month. This news comes despite months of negotiations between Greece's leftist-led government and creditors—the European Union and the IMF. Greece is scheduled to repay euro 1.6 billion ($1.76 billion) to the IMF between June 5-19.
 

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