Sancho nets hat-trick, joins Floyd protest as Dortmund cruise

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La Liga announces fixtures as season re-start nears

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English Championship sets provisional June 20 restart date

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Bowlers will have to evolve in a spit-free world

TOI explores how bowlers will have to evolve fast to make their presence felt in a post-corona, spit-free world. Cricket has been struggling to restore bat-ball parity for years but has the virus sounded the death knell for bowlers by making the use of saliva on the ball impossible?

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I-T return: You can claim deductions till June 30

The Central Board of Direct Taxes (CBDT) has notified the income-tax return forms for the financial year ended March 31, 2020 (assessment year 2020-21). The I-T return forms (ITR-1 to ITR-7) incorporate the recent announcement made by the finance minister to ease the burden on taxpayers owing to the Covid-19 pandemic.

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Trump took shelter in WH bunker as protests raged

Trump spent nearly an hour on Friday night in the bunker, which was designed for use in emergencies like terrorist attacks, according to a Republican close to the White House. Friday's protests were triggered by the death of George Floyd, a black man who died after he was pinned at the neck by a white Minneapolis police officer.

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Govt didn't take expert advice before imposing lockdown?

NEW DELHI | MUMBAI: India is now in a community transmission phase, top public health experts have said, as the country starts a phased exit from a two-month lockdown they describe as “draconian.”In a joint statement to Prime Minister Narendra Modi, representatives of Indian Public Health Association (IPHA), Indian Association of Preventive and Social Medicine (IAPSM) & Indian Association of Epidemiologists said that the government should have consulted epidemiologists while formulating policies to tackle Covid-19.“Had the government of India consulted epidemiologists who had better grasp of disease transmission dynamics compared to modelers, it would have perhaps been better served,” the statement said. It pointed out that the government was primarily advised by “clinicians” and “academic epidemiologists” with limited field training and skills.“This draconian lockdown is probably in response to a modeling exercise from an influential institution which was a ‘worst-case simulation’. The model had come up with an estimated 2.2 million deaths globally. Subsequent events have proved that the predictions of this model were way off the mark,” it said. A study published by Imperial College London in March 2020 estimated 2.2 million deaths in the US alone, but it also assumed no containment measures or changes in behaviour by the public at large. 76125634The signatories include former advisors to the health ministry, current and former professors at the All India Institute for Medical Sciences, Benaras Hindu University, Jawaharlal Nehru University, Postgraduate Institute of Medical Education and Research, among others.When asked why these concerns were not raised earlier, Dr Shashi Kant, professor, Centre for Community Medicine AIIMS, who is one of the signatories told ET, “the deliberation of the task force is confidential in nature. Nonetheless as a member of the public health community in the country I was approached to look at the consensus communication and therefore I lent my name,” he said. The statement further says that the delay in allowing migrant workers to return home added to challenges in limiting the spread of virus. The signatories make a range of recommendations, including the setting up of a panel of inter-disciplinary preventive health and public health experts and social scientists at central, state and district levels to tackle both public health and humanitarian crises.Speaking to ET, DCS Reddy, another member, said, “We need to now have a pragmatic approach to the epidemic, the situation needs to be tailored to local situations and not be a blanket one. The government from the beginning should have advised states to take a local approach. We did not do badly, but we could have used our resources for better things and hence done more”.

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8 Covid spots you don't want to get into

Here's what to do if you find yourself in one of these dire situations.You are unlikely to meet your short-term goalIf your goal is just a year away and your investments have suffered heavy losses, or the property you were hoping to help finance the goal is not finding any buyer, or you dipped into this goal corpus for some other emergency, you may not be able to meet your goal.What to do...First, decide whether your goal is crucial or can be put off for a few years. If you can defer it, do so. If it is a critical goal, such as child’s education, you have three options. Either dip into another goal corpus to make up for the shortfall; reduce the goal value; or take a loan. If you opt for the first, make sure you replenish the amount withdrawn from the other goal corpus at the earliest. Go for the loan only if it’s for education, while a personal loan should be taken only as a last resort. You can also go for loans against assets. Use credit card if the amount is small and you have a secure job.You are running out of your emergency fundIf you have lost your job, faced a big salary cut, or have run into a financial emergency, which has depleted your contingency corpus, what should you do? Try to replenish it without dipping into the corpus for other goals because the tough financial times are likely to continue for an unspecified time.What to do...First, if you have any ongoing investments like SIPs, direct them to your contingency fund till it is fully replenished. In case of job loss, identify the things at home that you don’t need or use and auction these online or through apps like OLX, Quikr, ListUp, Secondhandmall, Tradly, etc. Next, find new sources of income by trying to freelance, tutor online, sell food, or leverage other hobbies which can be shared online or via social distancing. You could also make the most of the time at home and find another job that requires you to work online provided you don’t breach employer guidelines. Deploy these extra funds to rebuild your emergency corpus.You have borrowed heavilyIf you are servicing several loans, including home, vehicle or personal loans, and have just had a salary cut or even lost your job, you are definitely in a tight spot. Should you forfeit your vehicle or give up on the dream of owning a house?What to do...If your salary cut is such that you will be unable to repay the loans, approach each loan with a different strategy. In case of a small, expensive loan, such as a personal or credit card loan, use your existing savings to foreclose it. If it’s a mid-sized car loan, calculate the value of your car and the remaining loan. If the latter is less than the former, you could sell your car and repay the loan. If the car value is less than the loan, you should talk to the lender if he is willing to offer an EMI holiday for a few months till your finances get back on track. If it’s a big home loan, you could request the bank to increase the tenure and reduce your EMI or again ask for a buffer period and take an EMI holiday.You have suffered a salary cutIf Covid-related business losses have resulted in a salary cut for you, you wouldn’t be alone. While a salary cut of 5-10% may not impact your budget much, anything higher will need you to rejig your spending and saving.What to do...You can either look for a better paying job, which may not be likely in the current scenario, or try to live within the financial constraints. The latter will require a two-step process, wherein you will first have to reframe your budget factoring in the lower income and listing out the existing expenses. Then identify the expenses that can be avoided. In the next step, to make up for the shortfall, find out how you can increase your income. You could supplement it by finding a second job or freelancing (if your employer permits), or cashing in on your other skills and hobbies.You are likely to lose your jobThe pandemic has led to loss of jobs and livelihoods across various sectors. If your company too is facing massive losses and looking at downsizing, stay alert and take action before you are fired.What to do...First, research whether the entire industry has been affected or only your company. If your company seems to be facing bigger problems, start sending your resume to other firms or get in touch with head hunters. If possible, negotiate for a pay cut or even unpaid leave, since it will be better than losing your job. If, on the other hand, the entire industry is impacted, you may not easily find a job in the same stream in other companies. So it is better to use your time at home and upskill yourself or learn a new skill that will enable you to make a transition to allied industries. Start freelancing as well so you know of job opportunities in the market.You are not able to meet your goals at workIt is possible that you haven’t quite taken to the work-from-home option as well as your teammates, or perhaps the household and office work are overwhelming you to an extent that you are not able to meet your targets. Is there a way out?What to do...Unfortunately, you have very few options in the current circumstances. What you can do is streamline your work in such a way that it does not impact you or your targets. Firstly, you need discipline of work hours and clear demarcation of office area. If you fix the time and place, there will be less chaos and overlap between work and home activities. Next, interact with your colleagues even if the work does not demand it; it will keep you active and your creative juices flowing. Just because you are at home doesn’t mean you don’t need a leave. In fact, you need it more now. So talk to your boss about your problem and take a break to rejuvenate yourself.You are invested in high-risk instrumentsIf all your investments are in equity and or risky debt funds, you may have suffered losses in the past few months. You don’t want to take out money hoping the market will recover, but also want to quit the volatile market to secure your funds. What should you do?What to do...First check how far away your goals are. If they are a good 10 years away, it might make sense to stay put, especially if you are investing through SIPs. If your goal is just a year or two away, you should start a systematic withdrawal plan to retrieve the money. It’s a good idea to invest in government bonds and secure debt funds with AAA rated securities for capital safety. Remember to always have a diversified portfolio with investments in equity, bonds, gold and cash so that your losses can be minimised during volatile times.You are having more financial arguments with your spouseBeing together 24x7 in the house cannot be good for your marital relationship. Compound it with money problems and the situation can become explosive. Is there a way out?What to do...If you are working from home, try to keep your work area off limits for the family, including your spouse, for specified hours. Next, avoid bringing up money randomly in every conversation, especially in front of kids; fix a time when you are relaxed to discuss the issues. If the differences seem irreconciliable, you can even have a video call with a financial adviser or a behavioural therapist.Click here to download ET Online’s guide to everything personal finance in the times of Covid-19

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View: Investment must reach states to stop migration

By Bhupendra YadavMigrant workers provide the much-needed support to keep the wheels of economy moving. Nearly 80 million are working across our country currently. The sheer number of migrant workers has been the outcome of disproportionate economic development across different states in the post-Independence period. The government’s recently announced fiscal support measures for migrant workers include setting up of shelters where they are provided food and water. This has been done using a fund of Rs 11,000 crore, and through the provision of free supply of food and grains to 80 million workers over the next two months. Going ahead, through national portability of ration cards, the government would ensure that all migrants have access to subsidised food grains throughout the country.Finding employment opportunities amid the crisis would be a challenge for the migrant workers both in cities and back home in rural areas. Hence, the allocation of an additional sum of Rs 40,000 cr towards MGNREGA, including an additional Rs 300-crore man days of employment, would be the key to boost employment during this period.At the crossroads of the pandemic, it has become critical for the government to revisit the model for economic development in the country. As we plan to attract fresh investments within the country, for which the government has introduced a series of policy reforms ranging from commercial mining of coal, making India a global hub for aircraft maintenance and repair, and self-reliant in terms of indigenous manufacturing of defence products, it is important for policy-makers at the Centre to hold discussions with the states to attract investments somewhat uniformly across the country.The initiative would enable us to reduce the migration of workers from one state to another and develop an alternative model for employment. It will also dovetail with the government’s plan for MSMEs, which account for over 45 per cent of the country’s industrial output and 40 per cent of its exports. The economic stimulus measures for MSMEs include an allocation of collateral-free automatic loans worth Rs 3 lakh crore, with a one-year moratorium on principal repayment, Rs 20,000 crore subordinate debt for stressed MSMEs and additionally Rs 50,000 crore equity support.Historically, we have encountered many such instances in the UPA regime wherein one-time standalone support may have generated liquidity in such situations, but failed to provide long-term sustainable growth for businesses. Our government has tried to achieve the right combination of fiscal and policy measures.The agricultural sector along with dairy and aquaculture accounts for approximately 43 per cent of the total workforce in our country. To insulate small and marginal farmers from this crisis, a total of 63 lakh loans worth Rs 86,000 crore have been approved. Also, Rs 74,300 crore worth purchases have been made at minimum support price while Rs 18,700 crore have been directly transferred to the accounts of the farmers under the PM Kisan Samman Yojana.But for a long-term sustainable business model, it is important to implement structural reforms to ensure that all these sectors are able to benefit from increased earnings, which will only help deal with unforeseen circumstances. Amendments to the 1955 Essential Commodities Act of are aimed at this. They will enable deregulation of certain food crops to enable farmers to enjoy better prices for their produce. Also, a new central law will be introduced to provide barrier-free interstate trade of agricultural produce that will also allow farmers to trade online.(The writer is Member of Parliament, Rajya Sabha)

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Amid standoff, China builds road to mineral rich area

New Delhi: As the standoff with Indian troops was underway in Eastern Ladakh since early May, China constructed a new permanent road along the Line of Actual Control (LAC) that gives it access to a mountain area believed to be rich in natural deposits.The blacktopped road, designed to take on heavy transport vehicles, has come up right next to the LAC close to India’s Gogra post, in an area that satellite images suggest hold valuable natural resources like gold.Completed in barely three weeks, the road is just under four kilometres long and connects to a larger network that China has built along the LAC for the past few years. Satellite images show that less than 10 km away on the same road, the Chinese side has deployed heavy artillery and an armoured unit.Sources said that while a semi permanent track was present in the area, the Chinese side constructed two bridges and the blacktopped road at breakneck speed over the past weeks. While the road skirts along the LAC, it can be used to quickly move in vehicles and personnel to the resource rich mountain that lies on the Indian side of the LAC.While the Indian side has bolstered defences at the Gogra post, there is no equivalent road infrastructure for access to the deposit rich area. Satellite Imagery expert Colonel Vinayak Bhat (retd) believes that the mountain could contain gold deposits. His satellite imagery based analysis suggests that a larger area close to the what he terms as `gold mountain’ could also hold valuable natural resources.Besides the road near Gogra, the Chinese side has also built defences in the form of bunkers in the Finger 4 area along the Pangong Tso lake. This area has always been claimed by China but till now was being patrolled by both sides. The new defences suggest that China seeks to retain physical control. Talks continue between both sides to resolve the standoff that has entered its 26th day but there has been no improvement on the ground as thousands of troops remain deployed in Galwan valley and Pangong Tso lake.

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India unlocked but no one to stand guard

Mumbai: As the lockdown eases across the country, India could be faced with a shortage of private security guards, the Central Association of Private Security Industry (CAPSI) said. The industry employed 9 million people before Covid-19 struck but as retail outlets, malls, restaurants and movie theatres downed shutters, many returned to their villages.“We are preparing for post-Corona security challenges. There is a 35-40% shortage of private security guards pan-India,” said Kunwar Vikram Singh, chairman of CAPSI, which has 23,000 security agencies as members.The first wave of demand is coming from corporates, factories, hospitals, construction sites and vacant properties. In factories and offices, demand for trained guards at entry-exit points and other spaces has doubled due to mandatory Covid-related checks.The security industry has always been understaffed due to unequal and low wages. Currently, security guards get paid ₹5,000-16,000 a month depending on minimum wage rules in various states.“The need for Covid-trained people will put a strain on the industry already reeling under manpower shortage,” said Anil Puri, CMD, AP Securitas.76127513CAPSI’s Singh said, “Even in the pre-Covid times there was personnel shortage. Now, with many people returning to their villages, the demand-supply gap will widen.”To be sure, many guards, natives of Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh and North East, visit their villages at this time of the year to participate in harvest-related work.Cash CrunchBut there has been an exodus on top of that due to the lockdown. “As the economy opens up, there will be a demand for more security guards,” said Shibu Issac, another CAPSI official.Any large mall will need about 350-400 guards in the parking area and at entry-exit points. “With the lockdown, these places were functioning with barely 20-30 people,” said Vishwanath V Katti, MD of Bengaluru-based Guardwell Prime Services.Corporate demand has increased from earlier levels.“Companies with two guards earlier would now need three or four because of Covid checks,” Issac said.“A lot of unmanned factories are facing security issues,” Puri said. “When these reopen, there will be need for guards.”State police departments are also seeking support from private security guards to help with crisis management. “The Karnataka state government recently sought help of the Karnataka Security Services Association (KSSA), which gave 1,000 guards to the police department,” said Katti.Industry experts are concerned about a possible rise in social unrest as job losses lead to snatching, theft and street violence. “Social unrest is a big challenge we have to take care of,” said Singh.

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‘Govt didn’t take expert advice before lockdown’

NEW DELHI | MUMBAI: India is now in a community transmission phase, top public health experts have said, as the country starts a phased exit from a two-month lockdown they describe as “draconian.”In a joint statement to Prime Minister Narendra Modi, representatives of Indian Public Health Association (IPHA), Indian Association of Preventive and Social Medicine (IAPSM) & Indian Association of Epidemiologists said that the government should have consulted epidemiologists while formulating policies to tackle Covid-19.“Had the government of India consulted epidemiologists who had better grasp of disease transmission dynamics compared to modelers, it would have perhaps been better served,” the statement said. It pointed out that the government was primarily advised by “clinicians” and “academic epidemiologists” with limited field training and skills.“This draconian lockdown is probably in response to a modeling exercise from an influential institution which was a ‘worst-case simulation’. The model had come up with an estimated 2.2 million deaths globally. Subsequent events have proved that the predictions of this model were way off the mark,” it said. A study published by Imperial College London in March 2020 estimated 2.2 million deaths in the US alone, but it also assumed no containment measures or changes in behaviour by the public at large. 76125634The signatories include former advisors to the health ministry, current and former professors at the All India Institute for Medical Sciences, Benaras Hindu University, Jawaharlal Nehru University, Postgraduate Institute of Medical Education and Research, among others.When asked why these concerns were not raised earlier, Dr Shashi Kant, professor, Centre for Community Medicine AIIMS, who is one of the signatories told ET, “the deliberation of the task force is confidential in nature. Nonetheless as a member of the public health community in the country I was approached to look at the consensus communication and therefore I lent my name,” he said. The statement further says that the delay in allowing migrant workers to return home added to challenges in limiting the spread of virus. The signatories make a range of recommendations, including the setting up of a panel of inter-disciplinary preventive health and public health experts and social scientists at central, state and district levels to tackle both public health and humanitarian crises.Speaking to ET, DCS Reddy, another member, said, “We need to now have a pragmatic approach to the epidemic, the situation needs to be tailored to local situations and not be a blanket one. The government from the beginning should have advised states to take a local approach. We did not do badly, but we could have used our resources for better things and hence done more”.

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Domestic airlines curtail fleet expansion plans

Mumbai: India’s airlines are sharply curtailing their fleet expansion plans as the Covid-19 pandemic saps demand for travel and pushes prospects of a recovery to next year.Carriers are likely to take delivery of not more than 25 planes for the year ending December, less than a third of what they were collectively scheduled to get, said several people aware of the matter. This includes 10-15 planes already inducted, they said.Market leader IndiGo will take the majority of the planes, although at a slower pace than its rate of one plane every week last year/ A handful of aircraft, including one Boeing 787 Dreamliner, will likely go to Vistara. AirAsia India, GoAir and SpiceJet may not take any fresh aircraft deliveries in 2020.India’s passenger airlines operate a combined fleet of 650 planes. Last year, Airbus and Boeing delivered about 70 planes to airlines and several more were leased by carriers.AirAsia India CEO Sunil Bhaskaran said the airline has frozen its expansion plans for this year. Vistara chief strategy officer Vinod Kannan told ET the airline is in talks with Airbus and Boeing to defer deliveries.Vistara has inducted a Boeing Dreamliner 787 plane and two leased Airbus A320 aircraft into its fleet between January and March 2020. It couldn’t take delivery of its second Dreamliner in March as the country went into a lockdown.SpiceJet is awaiting deliveries of Boeing 737 Max planes, which is back in production after a year of being grounded after two crashes.IndiGo, SpiceJet and GoAir didn’t respond to ET’s queries.Discussions are ongoing and will change entirely if demand increases later this year, a senior IndiGo executive said. “There are a lot of moving parts,” the executive said.“Also please remember, it brings a lot of much-needed cash to Indian airlines if they can sell and leaseback planes. Also, all airlines would want to get the new upgraded versions of planes such as the Airbus A320 Neo and Boeing 737 Max for more cost-effective operations in these times,” said a senior executive at a leasing company.Airlines across the world, especially low-cost carriers, finance aircraft by selling it to a lessor at a premium immediately after it’s delivered. They then lease it back and pay monthly rentals. The premium from such aircraft sales shores up their finances and at times, even profits.Indian carriers had to ground 650 planes on March 24 when all operations were suspended as part of the nationwide lockdown to prevent the spread of the Covid-19 virus. They grappled with a no-revenue situation for two months before being allowed to resume operations in a calibrated manner.There has been a small spurt in demand from flyers wanting to get to their home towns from distant cities, helping airlines to fill less than half of their flights. Demand may fall in the next few weeks once everyone gets back home as people avoid non-essential travel.

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Auto majors struggle to convert online bookings to sales

Mumbai: With no sales in April during the lockdown, automobile manufacturers Hyundai, Maruti Suzuki, BMW, Mahindra & Mahindra, Mercedes-Benz and Toyota recently announced digital vehicle-buying initiatives. However, online enquiries are yet to translate into major sales.Dealers are far from convinced about the digital strategy. While online enquiries have increased in the past few weeks, they’re not getting converted into sales, dealers said.“Web enquiries have overtaken walk-ins and are likely to continue post-Covid,” said Shashank Srivastava, ED, marketing & sales, Maruti Suzuki. “Conversion to sales continue to be highest for referrals on back of consumer loyalty.”Vinay Raghunath, head, auto practice, EY, said, “There is income uncertainty that is pushing consumers to postpone discretionary purchases.” Tarun Garg, director, sales & marketing, Hyundai, which launched its ‘Click to Buy’ platform last January, said despite online enquiries, it’s taking longer for consumers to decide and buy. A typical conversion to sales takes more than a month nowadays compared with 15 days earlier.Dealer Nikunj Sanghi said, “While we have digitalised almost 25 points, financing, test drives/registration and delivery need physical interface. Consumers want to physically see and inspect the vehicle before taking delivery.” Vinkesh Gulati, vice-president, Federation of Automobile Dealers Associations, said online sales won’t be easy.

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Covid-19 disruption creates market boom for IoT, connected tech

New Delhi: The disruption that Covid-19 has brought about will trigger a boom in the market for Internet of Things, or connected technologies, say industry executives and analysts. They add that companies such as Infosys, Tata Communications, ThoughtWorks, Citius Tech and Hero Electronics are betting on these opportunities. “IoT has always existed as an automation tool but this disruption will enhance adoption of IoT just like it did for collaborative virtual meeting platforms,” said Alok Bhardiya, head (IoT Business Unit), Tata Communications.First, there was a dip. “The cellular-based IoT market is expected to have a YoY decline of 4.4% by end of CY2020,” said Apalak Ghosh, industry manager for digital transformation at market research and analysis firm Frost & Sullivan. He, however, expects the market to start reviving from 2021 and post as much as 22% growth the following year.NEW USE CASESRestaurants may have to attest to food quality in real time, said Selvakumar Natesan, the lead IoT tech consultant at ThoughtWorks. That should create a market for portable food sample analysers that give instant reports.Automatic disinfectants as well as air quality and cleanliness indicators would be needed in hotels, gyms and movie halls. Municipalities may also start deploying smart meters. 76127130Technology could be leveraged for remote monitoring, preventing failure of critical equipment, and disease prediction and diagnosis, said Sridhar Turaga, CitiusTech’s senior vice president for data science. There will likely be higher demand for wearable health devices and air quality and blood oxygen monitors.“There is an expectation that a digital health passport will become mandatory for train and public transportation,” ThoughtWork’s Natesan said.INDUSTRIAL IoTAutomation will be crucial for scaling production up and down according to short term demand fluctuations and also for adaptive manufacturing — for instance when ventilators are manufactured at an automobile plant, said Ravi Aggarwal, vice-president, Automation Industry Association, which represents the likes of Siemens, Larsen & Toubro, Mitsubishi and Rockwell Automation.Infosys expects Covid-19 to lead to higher digitisation in manufacturing.

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‘Smartphone sales to fall 15% in 2020’

IDC has now projected the smartphone market in India could hit as low as 130 million handsets as compared to earlier estimate of 140 million. Counterpoint has just revised its outlook pegging the industry at 137 million from earlier outlook of 142 million.

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Covid-19 disruption creates market boom for IoT, connected tech

Tech companies like Infosys, ThoughtWorks, Tata Comm, Citius Tech, Hero Electronics are looking to leverage opportunity created by Covid-19 disruption. Infosys expects Covid-19 to lead to higher digitisation in manufacturing.

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Covid Live: Brazil crosses half million cases

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Sebi mulls one-time listing window for unlisted NCDs

MUMBAI: The Securities and Exchange Board of India (Sebi) is considering an unprecedented one-time listing window for existing unlisted non-convertible debentures to ease stress at various mutual funds. Two people familiar with the matter said that mutual funds holding illiquid, lower-rated securities would be able to use this opportunity to offload them to buyers. The rise in risk aversion after the Covid-19 lockdown had made it very difficult for funds to sell these securities without incurring huge losses. The capital market regulator told the mutual fund industry last week in a letter to ask issuing companies whether they are interested in listing these NCDs. There are about 128 such issuing companies, the Sebi letter says, and they include marquee names like Tata Sons, ONGC Petro Additions, Adani Rail Infra, KKR India Financial Services and Hero Solar Energy. According to industry estimates, debt mutual fund schemes held unlisted NCDs worth Rs 41,500 crore on March 31.Email queries to Sebi and Association of Mutual Funds in India went unanswered till the time of going to print.76127027If majority of the companies agree to list, Sebi could permit a two-month window for trades in these securities on the stock exchanges, said the people in the know cited above.This will be the first time the regulator is permitting existing NCDs to be listed. Rules allow only fresh NCD issuances to be listed on stock exchanges. Many companies do not list their NCDs to avoid disclosures linked to listing requirements. They may agree to list if the regulator allows a one-time relaxation in rules, said industry officials.Meeting NCD Exposure CapA short-term listing window could help mutual funds meet the regulator’s October 2019 circular that mandated the industry to cap exposure to NCDs at 10% of the scheme’s corpus. This step had dried up demand for NCDs among mutual funds.Franklin Templeton’s global chief Jennifer Johnson had partly blamed the rule for the winding up of its six debt schemes, a comment which invited Sebi’s wrath forcing Franklin to later apologise. Sebi on April 28 extended the deadline for complying with these exposure caps to December 31 giving mutual funds a breathing space. The Franklin crisis broke out on April 24 after the global asset management firm decided to wind up six debt schemes due to rising redemptions and inability to find a market for its lower-rated paper. Franklin also halted payments to investors from these funds.Industry officials said majority of these unlisted NCDs are held by Franklin and other top seven mutual funds. “There is a better chance of mutual funds being able to sell illiquid debt if foreign funds and HNIs see value in some of the long-term papers,” said the chief executive of a mid-sized mutual fund.Sebi and RBI have been on high alert after the Franklin episode came to the fore. To contain its effect on the industry—mainly credit risk schemes—the RBI late in April allowed mutual funds to borrow from banks by keeping securities that are of investment grade as collateral. Though many in the industry have not utilised the central bank’s liquidity window in a big way, industry officials claim the move has infused confidence.The mutual fund industry’s troubles, however, may be far from over. Fund managers agree that the stressed companies, which have issued bonds to debt schemes, may struggle to repay money on time due to the recent losses on account of the lockdown.

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‘Smartphone sales to fall 15% in 2020’

KOLKATA: Market researchers International Data Corporation (IDC) and Counterpoint Research have downward revised their outlook for the Indian smartphone market estimating sales will decline by 13-15% due to Covid-19, making it the first year of decline ever.The trackers said this is going to be due to recent spate of job and salary cuts whereby consumers will postpone purchases, companies unable to ramp up production impacting supply of models, and the recent increase in GST on smartphones from 12-18% making models pricier.IDC has now projected the smartphone market in India could hit as low as 130 million handsets as compared to earlier estimate of 140 million. Counterpoint has just revised its outlook pegging the industry at 137 million from earlier outlook of 142 million.Last year, India sold 154-158 million smartphones and before Covid, high single digit growth was likely this year.In case of feature phones, the decline in sales is estimated to be a steep 42% from 130 million handsets sold last year to around 75 million with income of this set of consumers badly hit, as per IDC.

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'You need to give full credit to railway personnel'

ailway minister Piyush Goyal on Sunday said the public transporter, which is set to re-introduce several train services from Monday, transported nearly twice the amount of foodgrain as the corresponding period last year during the lockdown besides ensuring there was no shortage of coal to fire power plants or even milk and medicines.

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'Took a principled stand on India, Islamophobia'

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It’s ‘Mission Begin Again’ for Maharashtra

Maharashtra, Tamil Nadu and Telangana on Sunday extended the lockdown till June 30 even as other states like Karnataka and Uttar Pradesh released a roadmap to restore normalcy after 68 days of shutdown to fight Covid-19 by announcing that malls and restaurants will open and buses and cabs will operate from June 8.

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Modi has political capital to reform the power sector

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Such a comfort to be back in India: Viswanathan Anand

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Hockey India office shuts down after two staffers test positive

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No positive cases from latest coronavirus tests in Premier League

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Five-star Bayern thrash Fortuna to close in on title

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USCIS to resume premium processing from June

MUMBAI: The United States Citizenship and Immigration Services (USCIS), the immigration arm of the US government has announced a phased opening of premium processing for various visa applications.On June 1, premium processing will be open for all eligible employment-based green card (I-140) applications. From June 8, requests for premium processing can be filed for H-1B applications that are pending adjudication and those that are cap-exempt (certain category of US employers such as higher educational institutions, are not subject to the annual H-1B quotas).Premium processing for H-1B cap subject applications will not begin until the last phase of the time-line which is expected to start on June 22. These dates may be subject to change, cautions USCIS.Employers sponsoring H-1B employees find premium processing useful, as USCIS is required to make a decision on an application within 15 days. Currently the fee is $ 1,440 per application, but speculation is that an increase will be announced shortly, especially as USCIS is strapped for funds.Premium processing also helps take care of the cap-gap situation for international students who post their optional training program are migrating to an H-1B. These students need to stop work on October 1, if their H-1B application is still pending.H-1B cap visas have an annual quota of 65,000 in the general category and 20,000 in the Masters category (for which beneficiaries holding US advanced degrees are eligible). As mentioned by TOI earlier, for the current filing season – which would enable selected beneficiaries to start work from October 1, USCIS received 2.75 lakh registrations, nearly 67.7% or 1.86 lakh were for those from India. The lottery or random selection process then helps USCIS select the applications to keep to the limited quota.Meanwhile, more than half of the immigration agency’s 18,700 employees may be furloughed beginning in July. To prevent this and to enable USCIS to carry out its operations, it has asked for a government funding of $ 1.2 billion.The American Federation of Government Employees (AFGE) points out that furloughs of this magnitude will undoubtedly cripple the USCIS’ ability to carry out its mission – work and visa applications, asylum and citizenship/naturalization applications, green cards, and refugee applications will not be processed. USCIS plays an extremely important role in facilitating lawful immigration, helping immigrants attain a legal status as permanent residents and if they meet all criteria, eventually becoming U.S. citizens, it adds.

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Covid live: US records 960 deaths in 24 hours

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Donald Trump postpones G7 meeting

President Donald Trump said Saturday that he will postpone until the fall a meeting of Group of 7 nations he had planned to hold next month at the White House despite the ongoing coronavirus pandemic. And he said he plans to invite Russia, Australia, South Korea and India as he again advocated for the group's expansion.Trump told reporters on Air Force One as he returned to Washington from Florida that he feels the current makeup of the group is ``very outdated`` and doesn't properly represent ``what's going on in the world.''He said he had not yet set a new date for the meeting, but thought the gathering could take place in September, around the time of the annual meeting of the United Nations in New York, or perhaps after the U.S. election in November.Alyssa Farah, White House director of strategic communications, said that Trump wanted to bring in some of the country's traditional allies and those impacted by the coronavirus to discuss the future of China.The surprise announcement came after German Chancellor Angela Merkel's office said Saturday that she would not attend the meeting unless the course of the coronavirus spread had changed by then.The leaders of the world's major economies were slated to meet in June in the U.S. at Camp David, the presidential retreat in Maryland, but the coronavirus outbreak hobbled those plans. Trump announced in March he was canceling the summit because of the pandemic and that the leaders would confer by video conference instead. But Trump then switched course, saying a week ago that he was again planning to host an in-person meeting.``Now that our Country is `Transitioning back to Greatness', I am considering rescheduling the G-7, on the same or similar date, in Washington, D.C., at the legendary Camp David,'' Trump tweeted. ``The other members are also beginning their COMEBACK. It would be a great sign to all - normalization!''The G7 members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The group's presidency rotates annually among member countries.Trump has repeatedly advocated for expanding the group to include Russia, prompting opposition from some members, including Canada's Justin Trudeau, who told reporters he had privately aired his objection to Russian readmittance.``Russia has yet to change the behavior that led to its expulsion in 2014, and therefore should not be allowed back into the G7,'' he said at a news conference.The House also passed a bipartisan resolution in December 2019 that supports Russia's previous expulsion from the annual gathering.Russia had been invited to attend the gathering of the world's most advanced economies since 1997, but was suspended in 2014 following its invasion of Ukraine and annexation of Crimea.

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Trump says he is postponing G7 summit

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28% of Covid patients asymptomatic: ICMR Study

At least 28% of 40,184 people who tested positive for Covid-19 between January 22 and April 30 in India were asymptomatic, a study conducted by the Indian Council of Medical Research (ICMR) shows, underlining that a large proportion of those tested and found positive were family contacts who did not display symptoms.

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US protests over Minneapolis death rage on

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Vodafone Idea Says ‘No Proposal’ Before Board on Stake Sale to Google

Vodafone Idea today released a clarification about a media report suggesting an investment from Google. The operator said that “no proposal as reported by the media” has been considered by the board.

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TRAI Recommends 11-Digit Mobile Numbers, Prefix ‘0’ for Dialling Mobile Numbers From a Fixed Line

The Telecom Regulatory Authority of India (TRAI) on Friday released its latest recommendations for developing a ‘Unified Numbering Plan’ to ensure adequate numbering resources for fixed line (aka landline) and mobile services in the country.

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ACT Fibernet Increasing Broadband Plan Prices in Eight Cities Starting June 1

ACT Fibernet is increasing the rental for its broadband plans starting June 1. The increase is taking place in eight out of the total 19 cities where the Internet service provider (ISP) currently operates.

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Vodafone Idea: Google Reportedly Eyeing Stake in Struggling Operator, Share Price Jumps 30 Percent

Google is exploring an investment in Vodafone Group’s struggling India business, the Financial Times reported on Thursday, citing people familiar with the matter.

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BSNL Launches Rs. 1,599, Rs. 899 Recharge Plans With Up to 1,500 Talktime: Report

Bharat Sanchar Nigam Limited (BSNL) has reportedly been offering Rs. 1,599 and Rs. 899 prepaid plan vouchers under a special promotional offer in the Odisha circle.

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Abu Dhabi State Fund, Twitter Said to Be in Talks to Invest in Jio

Abu Dhabi state fund Mubadala is in talks with Reliance Industries about investing around $1 billion in the Indian conglomerate's Jio platforms, three sources told Reuters. Twitter is separately also in talks with Mumbai-based Reliance to invest more than $1 billion in the digital startup.

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BJP gears up for tech-driven political activity

Speaking at a media interaction, party chief J P Nadda made it clear that the ruling BJP plans to use new technology in a big way, in the time of social distancing, to campaign and reach out to people essentially on how the Modi government tackled the situation on the ground, arising out of the spread of the deadly virus, to provide health and economic security to save the lives people in the country.

from Times of India https://ift.tt/3dkam8v

Skymet announces arrival of monsoon over Kerala

The southwest monsoon has arrived in Kerala before its onset schedule, private agency Skymet Weather announced on Saturday, but India's official forecaster IMD said conditions are not yet ripe for the declaration. Skymet Weather said all conditions such as rainfall, Outwave Longwave Radiation value and wind speed have been met to declare the arrival of the monsoon.

from Times of India https://ift.tt/2Xg458d

Sharp GDP data revision triggers row

from Times of India https://ift.tt/2ySCPDq

Ailing passengers among 81 dead on spl trains

A total of 80 people died on board Shramik Special trains between May 9 and May 27, among them cancer patien​ts, those suffering from heart ailments, a few with paralysis and many who were too ill to travel. Data accessed by TOI showed that among those who lost their lives were a 63-year-old cancer patient, Indu Devi, who died on way from Mumbai to Bihar on May 12.

from Times of India https://ift.tt/2McQ18W

'Casteist slurs made on phone not an offence'

The Punjab and Haryana high court has made it clear that casteist remarks made over mobile phone against a member of the Scheduled Caste community does not constitute any offence under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989.

from Times of India https://ift.tt/2XhriqB

Vaccine could be ready by 2020 end: China body

A Chinese-made coronavirus vaccine could be ready for market as early as the end of this year, China’s State-owned Assets Supervision and Administration Commission (SASAC) said in a social media post. A vaccine could be ready for the market as early as the end of this year or early 2021, according to the May 29 post on Chinese social media platform WeChat.

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Accenture gives bonuses to a large part of its staff

The payouts have been made over the past few weeks to more than half its 2,00,000 employees in India across technology and business process management centres, multiple sources said.

from Tech-Economic Times https://ift.tt/2ZRAO5w

The pandemic isn’t India’s only curve to flatten

By Andy MukherjeeThe spread of the coronavirus in India is showing no sign of abatement. Unless it catches a lucky break, Asia’s No. 1 pandemic hotspot is still a month or more away from a peak in infections (currently above 165,000) despite a severe lockdown. Tricky as the situation is for the country’s patchy healthcare infrastructure, the disease won’t be India’s only curve to flatten. The squiggly line that joins the cost of money at different maturities — the yield curve — deserves just as much attention. It’s unhealthy in an economy headed for a recession that 10-year funds cost nearly 5.75%, almost 275 basis points more than the three-month treasury bill yield. The central bank is slashing short-term rates and flooding banks with liquidity, and yet the long-term cost of capital is refusing to head lower. In large developing economies deeply challenged by the virus, from Brazil to Indonesia, the yield curve, or the excess of longer-term bond yields over shorter-term bill rates, has steepened appreciably from a year ago. In the U.S., Europe and Japan, as well as in China, where the outbreak started, the difference has either remained at similar levels or gone down. Bond investors are more comfortable with fiscal expansion as a strategy to deal with the pandemic in countries that can issue large amounts of debt in their own currencies without facing exchange-rate instability or runaway inflation. 76102040The surge in India’s yield differentials has been both pronounced and problematic: Capital wasn’t cheap to begin with for corporate borrowers, and it’s getting more expensive. This comes just as migrant rural workers have been driven out of urban production centers because of shuttered factories, unpaid wages, and — in many cases — no food or shelter. Even if this labor is safely put back on, say, road construction, concessionaires might still go bankrupt before completing any projects. That’s because their annuity payments from the government are linked to falling short-term policy rates, whereas their long-term borrowing costs are both high and sticky. To face a downturn with a stubbornly elevated cost of borrowing is a recipe for a vicious cycle in which the economy produces and earns little, consumes less, and fetches meager taxes for the government. This limits avenues for purchasing faster growth with fiscal pump-priming. About 10% of real gross domestic product may be permanently lost, according to Crisil, an Indian affiliate of S&P Global Inc.Official data released Friday pegged GDP growth at 3.1% in the March quarter from a year prior, slowing sharply from 4.1% in the previous three months. Worse is yet to come. Getting stuck in a slow-growth, deflationary rut is a real possibility because capital was already expensive. Credit spreads, or what businesses have to pay over and above government bond yields, were wide even before the pandemic. Creditors’ trust in corporate borrowers — especially real-estate developers and shadow banks — was ebbing. Now, when 30%-plus of most credit portfolios are taking advantage of a six-month moratorium, nobody knows what delinquencies will be like when lenders finally get to demand repayment of the interest accumulating through the freeze.One thing is certain. The thriving consumer credit culture that was driving India in the absence of corporate investment before Covid-19 is on its last legs. Almost 360 million people who earn between $130 and $260 a month are staring at a 56% drop in April incomes from February, says research firm CreditVidya, which estimates this mass-market segment will be unlikely to fulfill its installment obligations beyond two months. India’s legacy corporate bad loan problem is far from resolved. According to Credit Suisse Group AG, accelerating ratings downgrades pose a refinancing risk for $33 billion in loans. Thanks to the lockdown, unsecured consumer credit is also toast. At the very least, Prime Minister Narendra Modi’s government will have to rescue state-owned banks. Credit Suisse estimates a recapitalization bill of $13 billion. Amid rising welfare expenditure, collapsing tax collections and fading hopes of privatization revenue, the falling debris of a broken financial system will hit India’s budget hard. Shutting down congested cities doesn’t defeat a contagion in the absence of aggressive testing. India’s untamed Covid graph demonstrates that. Unruly yields underscore the difficulty of convincing markets that the government will somehow limit the supply of new debt by using its fiscal firepower sparingly.The 6.5% of GDP in budgetary resources that Team Modi has committed to support the Covid-hit economy is heavily centered on credit guarantees. The deficit needle will move higher by just 0.8% of GDP, Nomura Research says. The pusillanimity is making investors nervous.New Delhi was less than sensitive to migrant workers’ precarious existence before launching its hasty lockdown in March. Now, when it comes to restarting the economy, the government is too fearful of a fragile currency, sovereign downgrades and capital outflows to spend boldly and pay for it by printing money. The strategy is simply not credible, and the yield curve shows that.

from Economic Times https://ift.tt/2MdVE6Q

Accenture gives bonuses to a large part of its staff

Mumbai: Global IT and professional services company Accenture has paid bonuses and given promotion to a large section of its India workforce. The payouts have been made over the past few weeks to more than half its 2,00,000 employees in India across technology and business process management centres, multiple sources said.“As part of our compensation programmes, we have recognised a number of our people with bonuses and promotions,” a spokesperson said in response to ET’s query. However, Accenture did not specifically respond to a question on how many people benefitted from the bonus payout.Earlier, ET had reported that Accenture in India had decided to honour job offers made to new hires. Accenture’s decision about bonus and promotions comes at a time when several industry peers have deferred or suspended pay hikes and promotions.

from Economic Times https://ift.tt/2ZRAO5w

India paves way for Apple, others to increase domestic production by removing a clause

New Delhi: The government has dropped contentious clauses including the evaluation of plant and machinery to be brought from China and South Korea, which had been opposed by smartphone makers, paving the way for Apple and others like Samsung, Foxconn, Oppo, Vivo, and Flextronics to make a larger play in local production using the production-linked incentive (PLI) scheme. “The empowered committee of secretaries met on Friday and decided to remove the clause, which evaluated plant and machinery brought into India at 40% of its value, and has agreed to a few other changes so that manufacturing could shift to India in a big way,” an official aware of the discussions at the meeting told ET.ET had reported in its May 11 edition that Apple through its contract manufacturers Wistron and Foxconn could shift a significant portion of its manufacturing facility to India under the proposed PLI scheme. However, the iPhone manufacturer had raised concerns regarding certain clauses, including valuation of plant and machinery with the government. The government is also in discussions with a third Apple contract manufacturer, Pegatron, to relocate part of its manufacturing to India, the official said.76098499 “The irritants have been resolved,” the official added. Through the scheme, India is trying to attract American investment with pressure on US companies now to diversify manufacturing out of China under the ‘China plus one strategy’. Among the changes agreed to on Friday were to include the industry in discussions before making any changes to the PLI scheme once these companies have invested and started producing in the country.

from Economic Times https://ift.tt/36KMJmM

Accenture gives bonuses to a large part of its staff

Mumbai: Global IT and professional services company Accenture has paid bonuses and given promotion to a large section of its India workforce. The payouts have been made over the past few weeks to more than half its 2,00,000 employees in India across technology and business process management centres, multiple sources said.“As part of our compensation programmes, we have recognised a number of our people with bonuses and promotions,” a spokesperson said in response to ET’s query. However, Accenture did not specifically respond to a question on how many people benefitted from the bonus payout.Earlier, ET had reported that Accenture in India had decided to honour job offers made to new hires. Accenture’s decision about bonus and promotions comes at a time when several industry peers have deferred or suspended pay hikes and promotions.

from Economic Times https://ift.tt/2ZRAO5w

West Indies approve 'bio-secure' Test tour of England

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Stuck in Germany for three months, Anand to return to India

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‘Ants are amazing scientific and social beings’

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India paves way for Apple, others to increase domestic production by removing a clause

The government is also in discussions with a third Apple contract manufacturer, Pegatron, to relocate part of its manufacturing to India, the official said.

from Tech-Economic Times https://ift.tt/36KMJmM

Covid impact: Proposed furloughs at fund-hit USCIS may bite India tech companies

More than half of the agency’s 18,700 employees may be furloughed beginning July, the USCIS is believed to have informally told staff, according to a letter sent by Everett Kelley, the national president of the American Federation of Government Employees, to the US Senate and Congress.

from Tech-Economic Times https://ift.tt/2ZPa1GX

Donald Trump's social media diktat may not shift India’s stand

India has been facing a challenge of misinformation on a large scale and has had to deal with situations such as mob lynching due to unchecked hate speech and fake news on social media.

from Tech-Economic Times https://ift.tt/3dgzhtx

India has surprised the world, says PM Modi in letter to nation

New Delhi: Prime Minister Narendra Modi said India will set an example in economic revival before the world just like it has outperformed many developed countries in fighting the Covid-19 pandemic.“In the economic domain, through their strength, 130 crore Indians can not only surprise the world but also inspire it,” said Modi in a letter to the country on Friday, on the first anniversary of his second term in office.“While on one hand are powers with great economic resources and state-of-the-art healthcare systems, on the other hand, is our country besieged with problems amidst a vast population and limited resources. Many feared that India will become a problem for the world when coronavirus hits India. But today, through sheer confidence and resilience, you have transformed the way the world looks at us. You have proven that the collective strength and potential of Indians is unparalleled compared even to the powerful and prosperous countries of the world,” the PM wrote.Modi said there is also a debate on how the economies of various countries, including India’s, will recover. Need to Follow All Rules, Says Modi“However, given the way India has surprised the world with its unity and resolve in the fight against coronavirus, there is a firm belief that we will also set an example in economic revival,” Modi wrote.The PM acknowledged that some people have undergone “tremendous” suffering due to the crisis, but urged all to ensure these “inconveniences” don’t turn into a bigger disaster.“In a crisis of this magnitude, it can certainly not be claimed that no one suffered any inconvenience or discomfort. Our labourers, migrant workers, artisans and craftsmen in small-scale industries, hawkers and such fellow countrymen have undergone tremendous suffering. However, we have to take care to ensure that inconveniences that we are facing do not turn into disasters,” the PM said.Further, the PM asked all citizens to stand united in firm resolve. “We must always remember that the present and future of 130 crore people will never be dictated by an adversity. We will decide our present and our future.”As Lockdown 4.0 draws to a close in the next 48 hours, Modi underscored the importance of following all rules and guidelines. “We have displayed patience so far and we should continue to do so… We have to move forward based on our own abilities, in our own way… the recent Rs 20 lakh crore package given for Aatmanirbhar Bharat Abhiyan is a major step in this direction.”

from Economic Times https://ift.tt/2XFt6IQ

Trump says US terminating relationship with WHO

US President Donald Trump on Friday said that America is terminating its relationship with the World Health Organization as he blamed it and China for the deaths and destruction caused by the COVID-19 pandemic across the globe. Stating that the funding of the WHO would now be diverted to other global public health organisations, Trump announced a series of decisions against China including issuing proclamation to deny entry to certain Chinese nationals and tightening of regulations against Chinese investments in America. Trump also announced that the US will end special treatment of Hong Kong in response to Chinese imposition of new controls. He said that the US will revise its travel advisory to warn of surveillance in Hong Kong. "The world needs answers from China," Trump said in his aggressive speech on a bright sunny day from the Rose Garden of the White House. The president, however, did not take any questions. For decades it has ripped off the US like no one has ever done before, he said, reiterating his charges against China. China not only stole intellectual property, took away billions of dollars from the US and offshored the jobs, but also violated its commitment under the World Trade Organization, he said, adding that it was able to get away with the theft, like no one before because of past politicians and past presidents. China, he alleged, has unlawfully claimed territories in the Indo-Pacific ocean, threatening freedom of navigation and international trade and broke its word to the world on ensuring the autonomy of Hong Kong. "The United States wants an open and constructive relationship with China, but achieving this relationship requires us to vigorously defend our national interest," he said. Trump alleged that the Chinese government has continually violated its promises to the US and many other nations. "These plain facts cannot be overlooked or swept aside," he said. Observing that the world is now suffering as a result of the malfeasance of the Chinese government, Trump reiterated that China's cover-up of the Wuhan virus allowed the disease to spread all over the world, instigating a global pandemic that has cost more than 100,000 American lives and over one million lives worldwide. "Chinese officials ignored their reporting obligations to the World Health Organization and pressured the World Health Organization to mislead the world when the virus was first discovered by Chinese authorities. Countless lives have been taken, and profound economic hardship has been inflicted all around the globe," he said. China, he said, has total control over the WHO despite only paying USD 40 million per year compared to what the US has been paying which is approximately USD 450 million a year. "We have detailed the reforms that it must make and engage with them directly, but they have refused to act. "Because they have failed to make the requested and greatly needed reforms, we will be today terminating our relationship with the World Health Organization and redirecting those funds to other worldwide and deserving urgent global public health needs," Trump said. The world needs answers from China on the virus, he said. "We must have transparency. Why is it that China shut off infected people from Wuhan to all other parts of China? It went nowhere else; it didn't go to Beijing, it went nowhere else, but they allowed them to freely travel throughout the world, including Europe and the United States. The death and destruction caused by this is incalculable," he said. "We must have answers not only for us but for the rest of the world. This pandemic has underscored the crucial importance of building up America's economic independence, reshoring our critical supply chains, and protecting America's scientific and technological advances. For years, the government of China has conducted illicit espionage to steal our industrial secrets of which there are many," Trump said. Trump said that later in the day, he will issue a proclamation to better secure America's vital university research and "to suspend the entry of certain foreign nationals from China who have been identified as potential security risks". Asserting that he is also taking action to protect the integrity of America's financial system, Trump said he is instructing his presidential working group on financial markets to study the differing practices of Chinese companies listed on the US financial markets with a goal of protecting American investors. "Investment firms should not be subjecting their clients to the hidden and undue risks associated with financing Chinese companies that do not play by the same rules. Americans are entitled to fairness and transparency," he said. Referring to the unilateral Chinese action control over Hong Kong security, Trump said that this was a plain violation of Beijing's treaty obligations with the UK in the declaration of 1984 and explicit provisions of Hong Kong's basic law which has 27 years to go. "China's latest incursion, along with other recent developments that degraded the territory's freedoms, makes clear that Hong Kong is no longer sufficiently autonomous to warrant the special treatment that we have afforded the territory since the handover," he said. "China has replaced its promised formula of one country, two systems with one country, one system; therefore, I am directing my administration to begin the process of eliminating policy exemptions that give Hong Kong different and special treatment," Trump added.

from Economic Times https://ift.tt/36HFM68

US stocks end mostly up despite bad data

Wall Street stocks finished a volatile session mostly higher on Friday after newly announced US policies to punish China did not threaten a trade detente between Washington and Beijing. At the closing bell, the Dow Jones Industrial Average stood at 25,383.11, down 0.1 percent. The broad-based S&P 500 gained 0.5 percent to 3,044.31, while the tech-rich Nasdaq Composite Index jumped 1.3 percent to 9,489.87. Trading was choppy throughout the session, with major indices sinking into negative territory as a mid-afternoon White House speech by President Donald Trump began. Trump harshly criticized China's handling of the coronavirus, blaming the country for the deaths of 100,000 Americans, and announcing new actions including an end to funding for the World Health Organization. He also ordered probes of Chinese companies listed on American financial markets. But Trump made no mention of the "phase one" trade agreement with China that walked back earlier trade tariffs, nor did he threaten new levies on US imports from the country. "When (Trump) first started talking, he sounded pretty hawkish, there was an initial knee-jerk selloff," said Briefing.com analyst Patrick O'Hare. "When it became clear he wasn't saying anything about tariffs, there was a snapback rally." Many analysts expect Trump to continue to rail against China in the months ahead as he faces a challenging path to re-election in light of COVID-19 and the resulting economic slowdown. A US government survey showed a record 13.6 percent drop in personal consumption in April, while personal income jumped 10.5 percent due to the surge in government aid and unemployment payments under federal emergency spending measures. Meanwhile, consumer sentiment gained slightly from March, but remains at its lowest since December 2012, according to a University of Michigan survey. However, confidence in the economic outlook ahead dropped sharply. Federal Reserve Chair Jerome Powell said the central bank would roll outs its lending program for small businesses in the coming days as he reiterated the central bank's plan to continue to take a muscular approach to supporting the US economy. Among individual companies, Williams Sonoma surged 14.0 percent as it reported a surprise profit despite having all its stores shuttered for more than half the quarter, fueled by surging sales of cooking equipment with much of the US stuck at home under quarantine orders. Salesforce.com fell 3.4 percent following a disappointing forecast as the software giant reported a drop in first-quarter profits.

from Economic Times https://ift.tt/2zIquC5

Hotels may reopen soon, but keys with states

NEW DELHI: The government is likely to take a decision on a calibrated reopening of hotels soon, said officials and industry executives aware of the matter. “We have been told a1.3b decision on the matter is likely in the next two to three days, but again, just as in the case of airlines, implementation will depend a lot on the states,” said a person, who did not wish to be identified.Hotels and other hospitality services have remained prohibited in phase four of the lockdown as per the Ministry of Home Affairs (MHA) order, except those meant for housing police and government officials, healthcare workers and stranded persons, including tourists, and those offering quarantine facilities.Industry bodies and associations have made repeated appeals, seeking a gradual reopening of hotels after the government allowed airlines to resume operations in a calibrated manner from May 25. Tourism ministry officials said tourism minister Prahlad Patel has also put in a fresh request to the MHA to consider a gradual reopening of the sector.On Friday, a delegation of industry executives including MakeMyTrip executive chairman Deep Kalra, Yatra.com CEO Dhruv Shringi and Oyo Hotels & Homes group CEO Ritesh Agarwal, met tourism minister Patel and discussed calibrated reopening of hotels and accommodation units and post-lockdown protocols for safety and hygiene.76101803ET was the first to report, on May 13, that the tourism ministry was working on guidelines for post Covid-19 protocols to ensure minimum, uniform standards for social distancing and safety measures for hotels and other accommodation units and had sought industry feedback on the matter.Hotel chains including Marriott International, Indian Hotels Company, Lemon Tree Hotels, ITC Hotels, Accor and Roseate Hotels & Resorts, have also been working on standard operating procedures at their end for ensuring safety and security of guests at their hotels. Dipak Haksar, chairman of the CII National Committee on Tourism and Hospitality, said several representations have been sent to the government for a calibrated reopening of hotels. “We are hopeful of a decision being taken in a few days by the government. However, it will also depend on the decision taken by the state governments,” he said.“Certain states such as Karnataka and West Bengal have understood our sectoral concerns and are keen on moving forward with a graded opening with the right procedures and hygiene protocols in place. There is complete consensus within the industry that a graded opening in unaffected areas is absolutely critical for its survival and we are keeping our fingers crossed,” said Haksar.Aashish Gupta, CEO of the Federation of Associations in Indian Tourism and Hospitality, said he is optimistic that the body’s ongoing discussions with multiple ministries will lead to some positive announcements. “We hope that the coordination between the states and the Centre is highly synchronised to avoid traveller discomfort,” he said.

from Economic Times https://ift.tt/3gAP5JF

Covid impact: Proposed furloughs at fund-hit USCIS may bite India tech companies

Pune: US visa applicants could be in for a long wait as the agency that administers the visa process is fast running out of funds. The pandemic and consequent lockdowns in many parts of the US has halved receipts from visa applications and petitions, impacting the US Citizenship and Immigration Services’ (USCIS) ability to function effectively. USCIS relies primarily on income from visa processing to run operations.More than half of the agency’s 18,700 employees may be furloughed beginning July, the USCIS is believed to have informally told staff, according to a letter sent by Everett Kelley, the national president of the American Federation of Government Employees, to the US Senate and Congress.USCIS told ET in an emailed response that without US Congressional intervention, it will “need to administratively furlough a portion of employees on approximately July 20. We continue to work with Congress to provide the necessary funding to avert this.”Immigration policy experts said the likely furloughs will extend processing times. The deadline to file select H-1B visa petitions is June 30, and if the agency is unable to process these on time, companies may not be able to send employees to the US before the October 1 start date of the visa. Over two-thirds of H-1B visa petitions submitted this year are by Indian nationals.“These furloughs will have a significant impact on visa applications as it will further delay adjudications. Processing times are already extensive, and this will further add to the problem,” said Nandini Nair, immigration partner at law firm Greenspoon Marder.

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Covid impact: Proposed furloughs at fund-hit USCIS may bite India tech companies

Pune: US visa applicants could be in for a long wait as the agency that administers the visa process is fast running out of funds. The pandemic and consequent lockdowns in many parts of the US has halved receipts from visa applications and petitions, impacting the US Citizenship and Immigration Services’ (USCIS) ability to function effectively. USCIS relies primarily on income from visa processing to run operations.More than half of the agency’s 18,700 employees may be furloughed beginning July, the USCIS is believed to have informally told staff, according to a letter sent by Everett Kelley, the national president of the American Federation of Government Employees, to the US Senate and Congress.USCIS told ET in an emailed response that without US Congressional intervention, it will “need to administratively furlough a portion of employees on approximately July 20. We continue to work with Congress to provide the necessary funding to avert this.”Immigration policy experts said the likely furloughs will extend processing times. The deadline to file select H-1B visa petitions is June 30, and if the agency is unable to process these on time, companies may not be able to send employees to the US before the October 1 start date of the visa. Over two-thirds of H-1B visa petitions submitted this year are by Indian nationals.“These furloughs will have a significant impact on visa applications as it will further delay adjudications. Processing times are already extensive, and this will further add to the problem,” said Nandini Nair, immigration partner at law firm Greenspoon Marder.

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Lockdown may be confined to 13 cities; malls could open

New Delhi: The Centre is working on new guidelines that will remove lockdown restrictions from most parts of the country, barring 13 cities, from June 1. Hotels, malls and restaurants are also likely to get the go-ahead, officials told ET.Home minister Amit Shah, who spoke with chief ministers on Thursday, is believed to have met Prime Minister Narendra Modi and briefed him on his discussions ahead of drawing up a new set of guidelines. The national directives are likely to be issued on May 31 for next fortnight.Those familiar with the deliberations told ET that there is a possibility of the PM touching upon some of these issues regarding the next phase of the lockdown in his Mann Ki Baat on Sunday, though a final call is yet to be taken. “Discussions are also underway to see how to avoid the use of the term lockdown from now on,” an official said, adding that states will still retain the flexibility to tighten norms if they feel necessary. While more public transport with social distancing norms will begin, sources said, metro services may not be allowed to resume immediately.76101482Recovery Rate HighAnother big issue under discussion is to find a solution to allow movement of traffic between Delhi and the larger NCR which includes Gurgaon, Faridabad, Noida and Ghaziabad. “From a UP standpoint, there cannot be one rule for Lucknow and another for Noida. So, we have to find a way,” said a senior government official.Both UP and Haryana governments have sealed borders with Delhi due to rising number of cases in the capital. Maharashtra, Gujarat and Himachal Pradesh during their discussions with the home ministry, sources said, sought to extend the lockdown in some form until June 30. The Centre, on its part, is keen to proceed with specific restrictions for 13 cities which, according to the government, account for about 70% of the Covid-positive cases in the country. These include Delhi, Mumbai, Chennai, Ahmedabad, Thane, Pune, Hyderabad, Kolkata/Howrah, Indore, Jaipur, Jodhpur, Chengalpattu and Tiruvallur, according to officials. The opening up is based on the assessment that though cases have risen, the recovery rate has been high in India.“There is a strong view that while backend business has been opened, the front-end consumer-facing business has not...The front-end needs to be opened to complete the cycle,” the official said.The big leap in the current lockdown cycle, officials said, has been the effort to resume domestic flights. This has given confidence to other sectors, especially hospitality, to open up for business with proper social distancing norms.

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Covid Live: Delhi case count now over 17,000

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Govt delinks site promoting drug sale from Setu

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Covid squeezes core sector in April, output slumps 38%

Output of eight core sector industries plunged 38.1% in April — probably the steepest ever — led by an over 80% slump in cement and steel production due to the nationwide lockdown. The numbers indicated that overall industrial production is headed for a high double-digit decline as the Covid-19-induced lockdown has taken a toll on economic activity.

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Medical problems? Don’t travel: Railways

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Trump says he spoke to PM Modi, govt denies it

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SIPs save the day for Dalal Street after FPIs sell big

Mumbai: As foreign funds took out over $6.6 billion (Rs 48,000 crore) from the Indian market during January-March, domestic funds — which saw Rs 8,500 crore coming in through the systematic investment plan (SIP) route every month — cushioned that selling to a large extent. With net buying of over $10 billion (Rs 73,500 crore), the domestic funds countered the outflow by foreign portfolio investors (FPIs), but the leading indices closed about 29 per cent lower, a report by Motilal Oswal Financial Services noted.As a result of this divergent trend in institutional trading, FPI holding in the NSE 500 companies during the quarter fell to a five-year low of 21 per cent, while domestic holding in these companies rose sharply to 14.8 per cent — a nearly four-year high. With domestic savings being channelised more towards financial savings in recent years, the FPI-DII holding ratio has also fallen to a multi-year low of 1.4 per cent, the report said. Total domestic holding in the NSE 500 companies got a further boost as promoters took advantage of the sharp slide in stock prices to hike their stakes.According to a top institutional dealer, one of the main reasons for this sharp dip in foreign holding was India’s weak economic fundamentals for over two years, which had initiated “risk-off trades” for FPI fund managers. Then Covid-19 issues “threw everything out of gear”. “Partially, the selling in January-February (2020) was India-specific and, to some extent, it was an emerging market issue,” the institutional dealer said. “It was a global call then, since India was not doing well on the economic front.” Just a day before India entered its first lockdown on March 25, both the sensex and the Nifty fell to multi-year lows as foreign funds continued their selling of risky emerging market stocks, including those of Indian companies. However, at the same time, domestic funds — led by strong inflows through the SIP route in mutual funds — bought stocks at beaten-down prices to partially cushion the foreign fund selling.“Over the last five years, the incremental dominance of domestic capital savings has gone up with consistent and rising SIP investments along with a shift toward financial savings. Consequently, the FII-DII ownership ratio in the Nifty 500 is at a new low and has declined to 1.4 from 2.2 in the last five years,” the report pointed out. “In the last one year, an increase in the FPI-DII ratio was recorded in the insurance sector. Telecom, real estate, private banks, cement, healthcare, automobiles, retail and technology were the key sectors to see a decline,” the report added.76082318The report also pointed out that in India’s top 500 companies, foreign funds have the highest ownership in private banks (at 44.6 per cent), followed by NBFCs (35.6 per cent), telecom (21.7 per cent), oil & gas (21.3 per cent) and real estate (20.4 per cent). On the other hand, domestic funds have the highest ownership in capital goods (23.9 per cent), metals (21.2 per cent), private banks (20.3 per cent), utilities (19.5 per cent) and PSU banks (17.8 per cent).

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Investors could look at top-rated company FDs as options shrink

Mumbai: Falling bank deposit rates should not make you lose heart. Fixed deposits of top-rated companies could be an attractive investment option, especially for those desiring safety and reasonable returns. With the Reserve Bank of India announcing the closure of government bonds that paid 7.75 per cent interest and the country’s largest lender State Bank of India slashing deposit rates, financial planners are advising investors to consider fixed deposits of companies such as HDFC, Bajaj Finance, ICICI Home Finance and Mahindra Finance.Investors in a corporate deposit can earn as much as 200-240 basis points higher than deposit with a nationalised bank like SBI. While an SBI deposit pays a maximum of 5.4 per cent, a deposit in Mahindra Finance pays 7.8 per cent for 40 months. Bajaj Finance offers 7.6 per cent for a five-year deposit. Investors can opt to receive interest payment on a monthly, quarterly or annual basis, and many retirees often use such products to meet their monthly expenses.76082206“Uncertainty in stock markets, negative environment around debt mutual funds and no fresh issuance of NCDs is turning investors towards corporate fixed deposits,” said Anup Bhaiya, CEO, Money Honey Financial, a Mumbai-based distributor.Investors prefer these companies because of their stable track record, strong parentage and top-notch ratings. While there is a preference for safety over higher returns, investors deem the current rates offered by banks to be unviable. The government bonds offered post-tax returns of 4.4 per cent annually for a person in the highest tax bracket. Though returns were not considered high, individuals preferred them for their safety. The highest interest rate offered by SBI is 5.4 per cent after the 40-basis point cut.“Investors are looking to lock money at higher rates in these corporate deposits as they believe rates will go down further,” said Rupesh Bhansali, head (distribution), GEPL Capital.Many senior citizens prefer corporate deposits over debt mutual funds as these are simple to understand, with defined rate of interest. The scrapping of six schemes by Franklin Templeton that has led to redemptions being stopped indefinitely has contributed to the aversion to debt funds. Returns after tax deductions in these fixed deposits work well for those whose income are not subject to tax or for people in the marginal tax bracket.Financial planners point out that investments in company FDs should be done after planning for emergency funds. “Build your contingency fund first through bank deposits and after that is done, opt for such deposits. Since they are illiquid, investment must be made with a view of holding till maturity,” says Vinayak Kulkarni, a Mumbai-based financial adviser.

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Gold clocks up as US-China tensions sour risk appetite

Palladium was flat at $1,930.67 per ounce, platinum declined 0.9% to $830.81, and silver fell 0.3% to $17.38.

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ICC-BCCI email exchange generates heat in board meeting

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ICC-BCCI emails generate heat in board meeting

The long-standing matter involving the tax dispute between the ICC and BCCI, one that has led to unpleasant exchange of emails between the two organisations, became the central talking point as members of the governing body met via a teleconference on Thursday for a pre-scheduled board meeting.

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Italy's Serie A to resume on June 20

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Top 10: Why govt stimulus is bad news for banks

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Boston Marathon cancelled due to COVID-19

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Athletes, hockey players return to training at SAI

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MeitY fast-tracks work on ₹5K-cr fund-of-funds

MeitY officials are expected to approach the finance ministry as early as next week with a detailed proposal for the Software Product Development Fund (SPDF), according to three sources aware of the developments.

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Plan on cards to keep tabs on migrants going home

New Delhi: The Indian Council of Medical Research (ICMR) is working on a new protocol for surveillance of migrants who moved home from cities to ensure that the infection doesn’t spread in a new wave in villages. “The ICMR is working on a new protocol for the returnees/migrants. The strategy needs to focus on the surveillance, tracing and testing,” said a senior government official.While the number of cases have risen exponentially over the last 10-12 days, quarantine centres appear to have become the new worry. “The stricter quarantine protocol is not an ultimate answer to contain the spread of the infection, hence there is a need to come out with certain directions to help states contain the infection,” added the official.The ICMR is considering the “Elisa test” for antibody detection in migrants. So far, due to the inter-district movement, 35 lakh migrants have travelled through trains and over 40 lakh by buses. "There is a need for broad guidelines to be sent out to states that are seeing an upsurge in cases due to the influx of migrants returning to their native villages,” added the official. Earlier, an health ministry advisory said those above 60 years or have co-morbidities would be shifted to a quarantine facility."Wherever a congregation of migrant workers has formed in bus stations/railway stations or any other place within the city of their local residence, the names, local residential and permanent addresses and mobile numbers of the migrant workers shall be recorded," the advisory said. District health administration will depute a team which would include district surveillance officer/his representative and public health personnel.It also makes thermal screening mandatory of all the migrants. “All such persons qualifying these criteria shall be referred to designated Covid-19 treatment hospital for isolation and testing,” it said. "Movement of migrant labour and international evacuations have added to numbers. States which have seen a lot of inter-district movement and movement of trains are the ones where the upsurge of numbers is seen," added the official.

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Flights will be at pre-Covid levels by Diwali: Hardeep Singh Puri, aviation minister

New Delhi: Flights across India will return to pre-Covid levels by Diwali, said aviation minister Hardeep Singh Puri, adding that restarting economic activity was critical as extending the lockdown could be “more devastating than Covid” for the country.“By Diwali (in November), we will have all our 650 aircraft operated by Indian carriers (flying),” Puri said in an interview. “This may sound optimistic but what else we are going to do?”He said the country’s recovery rate from Covid-19 was higher than those of other nations.“We need to revive economic activity in the country and extending the lockdown could be more devastating than Covid for the country,” the minister said.He said Indian aviation will recover quickly as the country has a huge captive market and people will feel the need to start flying again. Domestic flights restarted in a limited fashion on May 25 after two months. The sector is operating at 20% of pre-Covid capacity, which was 2,700 daily flights with 650 planes.“We will come out of the phase on top because we have a captive market unlike many other countries, which are aviation hubs,” he said. “This Covid situation will change the paradigm… Our greatest strength is we have our own people to fly, own travel demand and routes.”Revival of hospitality industry will depend on aviation coming back. “How can hotels function without flights?” he said.‘AI to Become More Attractive’On restarting flights, the central government had to face some resistance from states as they are struggling to curb disease numbers.“I fully understand their concerns, when they have to balance their international health requirements and opening up their economy,” said Puri.Karnataka said late on Thursday that it has asked for a reduction in flights from Maharashtra, Gujarat, Tamil Nadu, Madhya Pradesh and Rajasthan on account of the rising Covid-19 infections in those states.Puri said that Air India divestment’s programme may have been delayed further but he expects the national carrier to become more attractive for suitors.“We have only delayed the process by two months,” he said. “I think AI divestment will become a more attractive proposition after this because they have access and routes.”

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Households driving up power demand

NEW DELHI: Rural India and urban households are driving up the consumption for electricity and liquid fuels with gradual increase in economic activity but demand remains weak in industrialised regions.Peak-hour electricity demand in Punjab last Tuesday was 15% higher at 8,097 megawatts compared to a year ago. Consumption is higher by 3-5% in Haryana and Rajasthan also, but Gujarat, Maharashtra and Tamil Nadu, which have a high number of Covid cases, are lagging behind as industries are yet to operate in full capacity. In the union territories of Dadra & Nagar Haveli, power consumption fell 48%, while in Daman & Diu it fell 37%.Electricity demand is inching closer to last year's level but experts feel it is mostly due to hot weather, particularly in the plains of northern India. Andhra Pradesh, Madhya Pradesh, Bihar, Delhi and Uttar Pradesh are closer to last year’s electricity demand level.Industrial demand on power exchange is substantially lower than the average level but is still about 4-5 times after lockdown restrictions have been eased. Prices on India Energy Exchange have been in the range of ₹2.4-2.5 per unit since March.

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MeitY fast-tracks work on ₹5K-cr fund-of-funds

New Delhi | Bengaluru: The Ministry of Information Technology (MeitY) is fast-tracking its ambitious ₹5,000-crore fund-of-funds targeted at deploying much-needed domestic capital into India’s software products ecosystem, as the government looks to reopen the economy in a phased manner after a two-month lockdown. MeitY officials are expected to approach the finance ministry as early as next week with a detailed proposal for the Software Product Development Fund (SPDF), according to three sources aware of the developments. The SPDF was first announced in the National Policy on Software Products, which was approved by the Union cabinet in February last year. The Covid-19 pandemic-induced lockdown effectively shut down Asia’s third-largest economy, but with its gradual reopening under strict guidelines ministry officials are now speeding up the fine tuning of the fund and are expected to have a cabinet note ready by early-July. The ministry is also considering tapping the country’s bellwether information technology services companies, including TCS, Infosys and Wipro, apart from large family offices, to serve as limited partners or investors in the fund, sources told ET. 76082327They indicated that there was a preference towards raising domestic or Rupee capital for the proposed ₹5,000-crore fund-of-funds. “If companies like Infosys and TCS show interest in software product development, which carries good valuation, then we would be delighted to have them on board,” said a senior government official. “Of course, Rupee capital is more than welcome in the fund, compared to foreign capital.”While ministry officials are expected to formally approach corporates by end-June or early-July, back channel talks between the parties have already been initiated. “We are targeting that after cabinet approval, by the last quarter of this financial year we should be able to disburse something,” the official said on condition of anonymity.Sources also indicated that MeitY may look at third parties to manage the fund, with the likes of SBI Funds Management, which manages SBI Mutual Funds, and HDFC AMC being thrown into the mix as potential fund managers for SPDF.MeitY, Wipro, SBI and HDFC did not respond to ET’s emails till the time of going to press. Infosys declined to comment.MeitY’s current plan is to deploy the ₹5,000-crore corpus into at least 50 daughter funds that would comprise of Sebi-registered Category 1 and Category 2 Alternative Investment Funds, by the last quarter of the current financial year. These daughter funds would, in turn, back startups in the software products sector.

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Covid Live: Total no. of cases stands at 158333

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IBC deferral, absence of loan rejig put banks in a fix

MUMBAI: Banks are in a quandary over the resolution of stress among corporate borrowers as they find themselves caught between the government’s proposal to suspend the bankruptcy code for a year and the Reserve Bank of India’s reluctance to allow a one-time loan restructuring in the absence of adequate information and data. Legal experts and some of the resolution professionals are learnt to have sent feelers to senior government officials that deferring the admission of cases under the Insolvency and Bankruptcy Code (IBC) would not only prevent orderly resolution in the banking system, but could also be viewed as a retrograde step, two senior bankers told ET.According to banking circles, neither the government nor the regulator may approve a loan restructuring scheme without enough checks and balances — particularly, after the experience of loan rejigs carried out between 2009 and 2013 when many undeserving corporates took advantage of the offer. Bank CEOs in their meetings with RBI have proposed a midway path, where they will make balance-sheet provisioning for the unsustainable portion of the debt without tagging the account as a non-performing asset (NPA). This, they believe, would minimise misuse of the facility. 76078628“In fact the need for a loan restructuring will be particularly felt if IBC, which is the only sensible resolution option, is deferred. But the government is yet to change the law. On the other hand, RBI, which views one-time restructuring as a serious regulatory measure, is likely to wait for a clearer picture to emerge. A loan restructuring would enable a bank to disburse fresh loans and changing the entire outstanding to match the borrower’s cash-flow in the post-pandemic business environment,” said an industry source. At present, any change in the key terms of a loan — rate of interest, tenor, and principal — amounts to ‘restructuring’ that requires categorising the account as an NPA and providing for the entire amount. “Banks are proposing a partial provisioning — of only the unsustainable debt which cannot be serviced given the borrower’s reduced earnings. This would protect the bank’s books while the borrower preserves its credit score and reputation by staying out of the NPA list. Also, it may call for some tweaking of the earlier regulatory guidelines as any such restructuring would have to be done with the same promoter,” said a banker. (The unsustainable debt can be partly converted into equity and balance replaced with long-dated bonds with a lower coupon rate. The difference between the unsustainable debt and the net present value of the new instruments is roughly the haircut that lenders take in restructuring the loan.)Some of the IBC experts have suggested that the government should at least allow the corporate debtor to file for bankruptcy while others feel the IBC option should be kept open for financial creditors, operating creditors as well as the borrowing company. “The IBC suspension announcement also came as a surprise to many within RBI. Even if in case there is a rethink or delay by the government (in suspending the IBC), there is no reason to disallow a one-time loan restructuring,” said a banking source.A restructuring scheme for MSMEs is in place for this year. Under the circumstances, the government and the regulator may take a while before allowing banks to take a haircut for bigger corporates. However, unlike the meltdown of 2008-09, Covid-19 has impacted a far higher number of industries.

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Indian users target of ‘state-backed’ attackers: Google

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'18 flyers who flew in last 3 days test +ve for Covid-19'

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Infinix Hot 9, Infinix Hot 9 Pro Launching in India Today at 12 Noon: Expected Specifications

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