Commerzbank to cut 9,600 jobs by 2020

Frankfurt
Germany’s second largest lender Commerzbank said on Thursday it plans to cut 9,600 jobs, or one- fifth of its workforce, by 2020 and withhold dividends to pay for a 1.1-billion-euro restructuring. Like other German banks, Commerzbank is fighting headwinds from low interest rates in the eurozone, tough regulation, intense competition, and the arrival of new digital actors on the market. AFP

New Delhi
Unemployment highest in five years in FY16

Unemployment rate in India has shot up to a five-year high of 5% in 2015-16, with the figure significantly higher at 8.7% for women as compared to 4.3% for men, says a report by Labour Bureau. According to the fifth annual employment-unemployment survey at all-India level, about 77% of the households were reported to be having no regular wage/salaried person. pti

Seoul
Samsung to resume sales of Note 7 phones

Samsung said on Thursday it would resume sales of new Galaxy Note 7 smartphones in South Korea this week, hoping to turn the page on the troubled device after an ongoing global recall prompted by battery explosions. The company on September 2 suspended sales of the oversized “phablet” and recalled 2.5 million units shipped worldwide after faulty batteries caused the phones to explode while charging. AFP

New Delhi
NTPC’s bonds listed at Singapore Exchange

State-owned NTPC on Thursday announced the listing of its Rs 2,000 crore Green Masala Bonds at Singapore Stock Exchange. “NTPC has become the flag bearer for Rupee denominated Indian paper bringing in a new set of investors to meet the financing needs of the Indian Infrastructure sector on listing of INR 2000 crore Green Masala Bonds at Singapore Stock Exchange,” the company said. pti