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Bank of Maharashtra, Indian Overseas Bank slash MCLR by up to 10 bps

Bank of Maharashtra, Indian Overseas Bank slash MCLR by up to 10 bps

Finance
State-run Bank of Maharashtra has slashed its marginal cost of funds based lending rate (MCLR) by up to 10 basis points for select tenors effective Monday. Its peer Indian Overseas Bank (IOB) also said it will cut its MCLR by 10 basis points (bps) across all tenors effective September 10. Bank of Maharashtra has reduced its one-year and six-month MCLR to 7.30 per cent (from 7.40 per cent) and 7.25 per cent (from 7.30 per cent) respectively, it said in a release. For overnight, one-month and three-month tenors, the Pune-based lender's MCLRs have been revised to 6.80 per cent, 7 per cent and 7.20 per cent respectively. In a filing to exchanges, IOB said its one-year MCLR has been revised to 7.55 per cent from 7.65 per cent, effective September 10. Three-month and six-month MCLRs have been ...
Coronavirus: Airlines slash more flights

Coronavirus: Airlines slash more flights

Business
Travel restrictions and a slump in demand as a result of the coronavirus pandemic have forced airlines to lay off staff and cut more flights.On Monday, British Airways owner IAG said it planned to cut capacity by at least 75% in April and May.IAG boss Willie Walsh, who was due to step down this month, will now stay in his post to manage the crisis.Meanwhile, EasyJet said it may have to ground most of its planes as a result of travel bans and falling demand.The no-frills airline said it had cancelled a "further significant" number of flights."These actions will continue on a rolling basis for the foreseeable future and could result in the grounding of the majority of the EasyJet fleet," it said.The announcements hit the airlines' share prices, with EasyJet...
2,000 jobs to go as Virgin Money, Lloyds and Direct Line all slash roles

2,000 jobs to go as Virgin Money, Lloyds and Direct Line all slash roles

Business
Virgin Money, Lloyds Banking Group and Direct Line have announced job cuts totalling more than 2,000 on a bleak day for financial services workers.The three companies all partly blamed ongoing changes to customer behaviour for the cuts - including the fact that many bank customers choose to go online rather than visit branches. Direct Line is slashing around 7% of its workforce with 800 jobs going, while Lloyds is cutting 780 roles and Virgin Money will lose 500.In a statement published on Wednesday afternoon, Virgin Money - which is based in Norwich - said the move was partly the result of a shift to online banking and also part of ongoing changes following its merger with Clydesdale and Yorkshire Bank. Image: The banks said that mobile and onl...
India’s Tata Steel to slash 3,000 jobs in Europe – report

India’s Tata Steel to slash 3,000 jobs in Europe – report

Business
Tata Steel is planning to cut around 3,000 jobs in Europe, with over half in the Netherlands, a source has told Reuters. According to the agency, Tata said on Monday that the job cuts are necessary as it wrestles with excess supply and high costs. But the report said the company insisted there will be no plant closures.In a statement to Reuters, Tata Steel said that challenging market conditions had been "made worse by the use of Europe as a dumping ground for the world's excess capacity".The move comes 10 weeks after the steel giant announced plans to close two UK operations with the loss of 400 jobs, blaming a failure to sell off its loss-making Orb Electrical Steels business in Newport, South Wales. Advertisement ...

Need More Cash? Slash Your Spending on These 5 Things

Finance
[unable to retrieve full-text content]Increasing your income is one way to get more cash but it s usually a hard route to take It often involves working longer or harder which leaves you with less time to enjoy the extra cash you re earning But there s another option You can free up more cash by reducing the amount Latest Articles in