Business
SGB redemption update: RBI fixes Rs 10,610 per unit for 2020-21 bonds, investors bag 107% return – The Times of India
The Reserve Bank of India (RBI) on Friday announced that investors of Sovereign Gold Bonds (SGB) 2020-21 Series VI, issued on September 8, 2020, will be able to opt for premature redemption on September 6, 2025. The redemption price has been fixed at Rs 10,610 per unit.According to the RBI statement, the price has been arrived at on the basis of the simple average of the closing gold prices of 999 purity for the previous three business days—September 3, 4, and 5, 2025—as published by the India Bullion and Jewellers Association Ltd (IBJA), according to an ET report.The SGB 2020-21 Series VI was issued at Rs 5,117 per gram. Based on the redemption price, the bonds will deliver an absolute simple return of 107.35%, or Rs 5,493 per unit, excluding the 2.5% annual interest that investors also receive.Launched by the Government of India and managed by the RBI, the Sovereign Gold Bond scheme offers investors a demat or paper alternative to physical gold while eliminating storage and purity risks. The tenure is eight years, with an option for premature redemption allowed only after the fifth year from the date of issue, on interest payout dates.SGBs pay 2.5% fixed annual interest, credited semi-annually to investors’ bank accounts. The final interest instalment is payable on maturity along with the principal. The bonds are tradable, transferable, and can also be used as collateral for loans.The RBI said investors should review redemption schedules and ensure their requests for premature redemption are submitted within the prescribed deadlines.
It is unusual for a senior figure at the Bank to be so forthright on market movements.
Source link
People walk past a Nike store in New York City, on April 2, 2025.
Kylie Cooper | Reuters
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.
In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.
“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”
A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.
“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”
Affected employees will be notified beginning Thursday, Nike added.
CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.
Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”
Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.
In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.
— CNBC’s Jessica Golden contributed to this report.
A key reason for the layoffs is Meta’s increased spending in other areas of the company, including AI, for which it will this year spend $135bn (£100bn). This is roughly equal to the amount it has spent on AI in the previous three years combined, according to a person who viewed the memo.
Rams make surprise first-round move, take Alabama QB Ty Simpson
Luke Grimes shares what disappoints ‘Yellowstone’ fans the most
US Special Forces Soldier Arrested for Polymarket Bets on Maduro Raid
-
Fashion1 week agoFrance’s LVMH Q1 revenue falls 6%, shows resilience amid Iran war
-
Entertainment1 week agoIs Claude down? Here’s why users are seeing errors
-
Sports1 week agoPSL 11: Peshawar Zalmi win toss, opt to field first against Quetta Gladiators
-
Tech1 week agoThe Deepfake Nudes Crisis in Schools Is Much Worse Than You Thought
-
Business1 week agoStandard Life buys rival in £2b deal to create savings giant
-
Tech1 week agoCYBERUK ’26: UK lagging on legal protections for cyber pros | Computer Weekly
-
Fashion1 week agoRaymond unveils luxury Chairman’s Collection Store in Mumbai
-
Business1 week agoPepsiCo earnings beat estimates as North American food business improves