Mcdonald's drops several items from menu in re-opened stores Jindal Stainless Ltd posts `32 cr Q4 profit Tata Motors JLR posts £3.6 bn loss amid weak China demand Ford to dismiss 10% of global salaried staff

NEW DELHI: Us-based fast food Mcdonald's has dropped many items - like Mcaloo and Gilled Chicken Wrap - from the menu of the 13 stores, which it has reopened in Delhi-ncr after its agreement with partner Vikram Bakshi to acquire Connaught Plaza Restaurants Pvt Ltd (CPRL).

The company has also taken Maaza beverage off the list, a fruit based drink brand from Coca-cola. "To ensure a more consistent Mcdonald's India experience across the different regions, we have permanently removed some of the least popular items including the Mcaloo Wrap, Chicken Mcgrill, Egg Wrap, Gilled Chicken Wrap, and Maaza beverage. The rest of the menu remains the same," Barry Sum, director of corporate relations for Asia at Mcdonald's said.

Besides, the menu boards, tray mats, and packaging have a new design to be consistent with Mcdonald's simple, modern brand identity, he added.

"Paper packaging and wooden utensils are also Forest Stewardship Council (FSC) certified to support Mcdonald's global commitment to sustainability," Sum added.

According to the company, customers visiting the 13 reopened stores will experience an enhanced service experience with more customised hospitality, refreshed menu boards, merchandising and packaging.

CPRL, after its agreement with estranged partner Vikram Bakshi to transfer his share in the JV to the Us-based firm, had temporarily shut down its 160 stores. On Sunday, CPRL, which is now controlled by Mcdonald's, announced re-opening of 13 restaurants in Delhi-ncr.

The company plans to re-open the rest stores "over the coming days and weeks", Mcdonald's India had said in a statement. NEW DELHI: The Board of Directors of Jindal Stainless Limited (JSL) in its meeting on Monday approved the financial result of the Company for Q4FY19 and for the year ended March 31, 2019. The Company recorded its Q4FY19 Profit After Tax (PAT) at Rs 32 crore.

It's noteworthy that the consortium of CDR (Corporate Debt Restructuring) lenders has agreed to allow CDR exit for the Company with effect from March 31, 2019, subject to requisite approvals from their respective competent authorities.

The aggregate liability of recompense as on March 31, 2019 was determined at Rs 191 crore as per extant guidelines. The Company made an incremental provision for Rs 57 crore in Q4FY19 vs Rs 27 crore in Q3FY19. With this, the entire recompense liability as on March 31, 2019 is fully provided for. Accordingly, the PAT dipped by 38 per cent.

Managing Director, Jindal Stainless Limited, Abhyuday TOKYO: Japanese GDP expanded 0.5 per cent in the first quarter of this year, official data showed Monday, in a better-than-expected result for the world's third-largest economy.

It was the second successive expansion for the Japanese economy after growth of 0.4 per cent in the fourth quarter of last year and defied gloomy expectations MD Abhyuday Jindal

Jindal, said, “CDR exit will give us more opportunities to consolidate our financial and leadership position. We are now looking forward to an intervention by the Indian Government to create a level playing field for Indian manufacturers. The industry needs Government support to compete with rampant dumping by FTA and other countries. To the double disadvantage of Indian manufacturers, the domestic stainless steel industry is faced with the challenge of inverted import duty structure. While imports of finished goods from FTA countries are duty-free, Indian producers by analysts who predicted a small decline at the start of 2019. The latest data was being closely watched amid speculation Prime Minister Shinzo Abe's government could postpone a planned sales tax hike for the third time if the GDP growth figure were very weak.

Net exports contributed strongly to the latest growth have to pay a 2.5 per cent import duty on stainless steel scrap and ferro-nickel, the two most important raw materials, both of which are unavailable in the country. Further, in the absence of an effective safeguard duty structure, all trade remedial measures imposed by the Government are being circumvented through dumped, subsidized, or re-routed imports. We need active government support to bring alive the Make in India vision and create more jobs for the domestic economy.”

The annual sales volume and net revenue grew by 9 per cent and 17 per cent respectively. Despite the pressure on margins exerted by subsidized imports, JSL could manage to maintain its leadership position in the domestic stainless steel market during FY 18-19. However, EBIDTA margins continued to be under pressure, which adversely impacted Company's profitability. The net worth of the Company stood at Rs 2,475 crore, up by around 5 per cent over FY 17-18. figures but only because the fall in imports outweighed a decline in exports, the Cabinet Office said.

Takeshi Minami, chief economist at Norinchukin Research Institute, said: "The headline figures were unexpectedly good but if you take a closer look, the data was not something we should be pleased about." LONDON: Tata Motors-owned Jaguar Land Rover (JLR) on Monday posted an annual loss of 3.6 billion pounds, largely attributed to a nearly six per cent "weak" demand for its luxury car models in China.

Britain's largest carmaker, which has made a number of interventions over the threats posed by a hard Brexit on the automotive industry's profit margins, celebrated a return to profit in the fourth quarter of the 2018-19 financial year.

"Jaguar Land Rover has been one of the first companies in its sector to address the multiple headwinds simultaneously sweeping the automotive industry," said JLR CEO Ralf Speth.

"Jaguar Land Rover is focused on the future as we overcome the structural and cyclical issues that impacted our results in the past financial year. We will go forward as a transformed company that is leaner and fitter, building on the sustained investment of recent years in new products and the autonomous, connected, electric and shared technologies "Rather, the data clearly showed weak points in the economy with poor consumption and corporate investment on plants and equipments," he said.

The latest indication of Japan's economic health comes amid uncertainty over the global economy, including Us-led trade tensions, Brexit and other factors. Last week, that will drive future demand," he said.

The annual figures were impacted by a 3.1 billion pounds write down in the third quarter to cover falling demand for newer models as well as for diesel-powered cars, announced previously by JLR.

The company said: "In the 12-month period, the company made a pre-tax loss of 358 million pounds before exceptional items, primarily as a result of lower full-year unit sales against the backdrop of a weaker China market."

"The previously-announced third quarter non-cash impairthe cabinet office said its key economic indicator "composite index" shows the Japanese economy was "worsening" for the first time in more than six years.

The use of the expression, the weakest in the five-scale system for assessing the key index, suggests that Japan may have entered into a recession, analysts said. ment charge of 3.1 billion pounds and the redundancy costs taken in the fourth quarter contributed to a full-year pretax loss of 3.6 billion pounds on revenues that declined 1.6 billion pounds year-on-year to 24.2 billion pounds."

The Tata Group company said it saw "encouraging" demand for its new models over the past year, including the Jaguar E-PACE sporty compact SUV, the Range Rover Velar mid-size SUV, the refreshed Range Rover and Range Rover Sport (both including plug-in hybrid options) and the all-electric Jaguar I-PACE. DETROIT: Ford is cutting about 7,000 white-collar jobs, which would make up 10 per cent of its global workforce.

The company has said it was undertaking a major restructuring, and on Monday said that it will have trimmed thousands of jobs by August.

The company said that the plan will save about 600 million per year by eliminating bureaucracy and increasing the number of workers reporting to each manager. In the US about 2,300 jobs will be cut through buyouts and layoffs. About 1,500 already have happened. About 500 workers will be let go this week. In a memo to employees, Monday, CEO Jim Hackett said the fourth wave of the restructuring will start on Tuesday, with the majority of cuts being finished by May 24.

"To succeed in our competitive industry, and position Ford to win in a fast-charging future, we must reduce bureaucracy, empower managers, speed decision making and focus on the most valuable work, and cost cuts," Hackett's wrote. CIL Chairman Anil Kumar Jha chaired a review meeting of North Eastern Coalfields (NEC) in Guwahati, Assam. CIL Director (Technical) Binay Dayal, NEC General Manager J K Borah, and senior management of NEC were present on the occasion