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‘Weak reform push, financial sector woes may damp growth’

Fitch Ratings on Wednesday said India’s medium-term growth potential is at about 6.5% but weak implementation of reforms, combined with continued financial sector problems, could lower its potential.

It said the revival of the reform agenda is among the Indian government’s policy responses to the COVID-19 pandemic shock.

“If implemented effectively, we believe these reforms may help to support India’s medium-term growth and partially offset downside pressures to investment from renewed asset-quality challenges in the financial sector and damaged corporate balance sheets,” the ratings agency said.

“We expect India’s central government to remain generally reform-minded over the next few years, and potential areas for further reform seem plentiful, in our view. However, the process of reform in India remains complex, and implementation at times has proven difficult,” Fitch said.

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FedEx Express unveils plan to lay off up to 6,300 employees in Europe

FedEx Corp’s express unit on Tuesday announced a plan to lay off between 5,500 and 6,300 employees in Europe, as it nears the completion of the network integration of its TNT Express unit.

Shares of the package delivery firm were up about 1% at $254.76 in morning trade.

FedEx acquired European operator TNT Express, which specialises in shipments between businesses, in 2016 as part of its plan to expand in Europe.

The duplication from two European networks connecting similar geographies will result in job cuts across operational teams and back-office functions, the company said.

Weak shipment sales in Europe over the past few years havel ed to sluggish growth in the TNT unit and weighed on FedEx’s results.

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