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| Here’s everything that transpired during the course of the day… |
| Jet Airways has asked over 300 junior co-pilots to take 10 days off a month from August. This cost cutting measure effectively means that the pilots will have to take a 30% salary cut. The airline has virtually told these pilots to quit if they do not accept this option, and inform of their decision by this month end. Read |
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| Ram Nath Kovind will be India’s 14th President, having secured his win with 65.65% votes. His opponent, the joint Opposition candidate Meira Kumar, lagged behind with 34.35%. The NDA candidate’s victory against Kumar was a foregone conclusion as almost 40 parties, including many from outside the NDA fold, had pledged their support. The presidential election held last Monday saw close to 100% polling. |
| India said diplomatic channels with China are not impeded, even as the Sikkim border standoff continues. However the MEA spokesperson did not comment on China’s reported precondition for talks, whereas it wanted Indian troops to withdraw from Doklam. India also said that national security advisor Ajit Doval will attend a BRICS meeting of NSAs next week in China. |
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| Reliance Industries Ltd posted a 9% year-on-year jump in its standalone net profit for the April-June period. RIL’s profit surged to Rs 8,196 crore, on the back of higher margins from its petrochemicals business. During the reporting quarter, RIL had a one time gain of Rs 1,087 crore. On a consolidated basis, RIL posted an over 28% year-on-year jump in its net profit for Q1 at Rs 9,108 crore. |
| Pakistan PM Nawaz Sharif’s children face 7 years in jail if documents they submitted in court are proved fake. The warning came from the Pakistan Supreme Court, in relation to the probe into the Panamagate money laundering case involving Sharif and his family members. The scandal surfaced when it was revealed last year that Sharif’s children owned offshore companies which managed the family’s properties. |
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