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New Delhi: At a time when the COVID-19 pandemic has disrupted the job landscape, gig employment is gaining ground and is offering huge potential for both blue-collar as well as white-collar workers, according to experts. Gig workers are independent contractual workers who are into flexible agreements with companies or through platforms for on-demand work completion. In a gig economy , temporary, flexible jobs are preferred by companies rather than hiring full-time employees.Experts believe that gig economy provides a win-win situation for both parties and its reach is slowly expanding from less-skilled services to high-skilled jobs."Gig economy has been there for a long time. It's being embraced like never before, that too in India, due to both economic conditions and COVID-19 situation," said Kaushik Banerjee, Vice President and Business Head of Teamlease.com and Freshersworld.com.According to TeamLease.com, a group company of TeamLease Services, the demand for gig workers is higher this year than last year."On Teamlease.com alone we have more than 11,871 job vacancies for gig profiles. In fact, there is a 2.5X jump in demand compared to last year," Banerjee said."Corporate workforce is making space to accommodate gig workers. We have already seen a good 12 per cent rise from pre-COVID times," he added.While delivery agents command the biggest slice of the pie, the other profiles which are in demand include warehouse helpers and assembly line operators.In white-collar gigs, designers, content writers and digital marketers are in demand as e-commerce sites require increased activity, Banerjee said."We have noticed that companies have now started shifting full-time entry-level roles to a gig model," GigIndia co-founder and CEO Sahil Sharma said, adding that after the lockdown, "we at GigIndia have uploaded around 3,500-plus job opportunities for giggers on our platform within six months".There has been a 115 per cent increase in work-from-home gigs during the lockdown and the percentage of women giggers grew from 12.07 per cent to 29.34 per cent within six months of the pre/post-lockdown period, Sharma said.However, in the absence of a steady salary, paid sick leave and other benefits, the chances of financial insecurity are much higher."Gig, being a new form of workforce engagement, remains untested in Indian courts, and with the absence of specific legislations, gig workers cannot claim consequential benefits such as minimum wages, hours of work, overtime, leave, etc as compared to most traditional long-term employees," said Nishith Upadhyaya, Director - Advisory Services, SHRM (APAC & MENA)."In our view, the government should aim to offer a reasonable amount of social security to gig workers as well as protection under employment laws while retaining the inherent flexible nature of the gig work arrangement," Upadhyaya further added.According to Abhay Mathur, Senior Vice President, Finance, Urban Company, "a flexible workforce helps organisations manage costs well with the peaks and troughs of demand. It also enables rapid scale up when exponential growth happens and helps provide specialist skills for one time/occasional use."For workers, the benefit is the flexibility to work when you want and on the jobs you want, across geographies (where possible), he added. Summarise this report in a few sentences.
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Gig workers are independent contractual workers who are into flexible agreements. a gig economy provides a win-win situation for both parties, experts say. a 2.5X jump in demand compared to last year, says teamlease.com. a 115 per cent increase in work-from-home gigs during the lockdown. a spokesman for the swiss government says it is preparing to launch a gig economy.
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live bse live nse live Volume Todays L/H More × This is not the first time the equity markets have witnessed sharp correction and it would not be the last time. Crisis-driven weakness and volatility is an opportunity to invest in the equity market for handsome returns over the next few years. This time is no different, Gaurav Dua, SVP, Head - Capital Market Strategy & Investments, Sharekhan by BNP Paribas, said in an interview with Moneycontrol’s Kshitij Anand. Edited excerpt: Q) IMF global outlook is slightly worrying but is not something that is not known to markets. We saw some knee-jerk reaction in equities across the globe, and India was no exception amid rising cases of COVID-19. Do you think these factors would cap the upside for Indian markets? A) Corona pandemic has serious consequences for Indian as well as the global economy. IMF and other reported institutions estimate contraction of 3-5 percent in the global economy in the year 2020. However, the policy response by central bankers and government across the world has been pretty aggressive. A fiscal and monetary stimulus to tune of US $19-20 trillion has been announced globally. In the US alone, the US Federal Reserve balance sheet has expanded by $6.2 trillion in 2020 (almost 30% of US economy). The gush of money and signs of flattening of the corona curve in many nations has supported equity markets. With the recovery of over 30 percent in Indian equities, the valuations are not cheap anymore and further upside would be dependent on the pace of recovery as the lockdown unwinds and businesses stabilise. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show Q) How would you describe the last six months of 2020 in one word? And why? A) Opportunity! This is not the first time the equity markets have witnessed sharp correction and it would not be the last time. However, it has been seen that eventually the economy stabilises and the markets recover over a period of time. The crisis-driven weakness and volatility are an opportunity to invest in the equity market for handsome returns over the next few years. This time is no different. Q) Where do you see markets, earnings heading in the next six months? Your outlook for the markets. A) Fundamentally, it is difficult to predict the market movement in the short term. Historically, we have seen that the markets have more than doubled over 18-24 months from the low levels. This has happened in 2000-2003 and again in 2008-2010. Q) In the first six months of 2020 we saw plenty of buybacks as well as companies announcing delisting. What is the rationale behind it, and do you think this trend would extend in the next six months as well? A) Tough times do not last forever. Thus, the sharp correction is seen as an opportunity by promoters and company management especially since they have a very long investment horizon. Moreover, buybacks are a good way of utilising free cash on the books and also rewarding for minority shareholders. Q) Which sectors are likely to turn out to be leaders and laggards in the next six months? A) As the lockdown unwinds and the economy stabilises, we see a lot of opportunity in the consumer discretionary companies which will see revival in demand and also share prices in certain consumer segments has been beaten down considerably. Pandemic has a relatively lower impact on rural and Agri economy, consequently, we also see rural demand-driven stocks outperforming in the near term. On the other hand, consumer staples (FMCG), capital goods and IT Services companies could underperform over the next six months. Q) Many new investors joined the party on D-Street in the first six months to start their journey of becoming a millionaire if they remain invested for the long term. But, as we head into the next six months – which are the survival tips you would like to share with them to keep them afloat amid volatility? A) Investors can stay invested in quality companies with a proven track record, healthy balance sheet, and reputed pedigree. However, one needs to be careful while investing in penny stocks and companies with stretched balance sheets. It is wise to always maintain 10-12 percent cash on hand to take advantage of volatility. Q) Gold hit a fresh record high in the week gone by. Do you think it could again outperform equities in 2020? What is your outlook on the yellow metal for the next six-12 month's perspective? A) We have a positive view on gold for the past 7-8 months and see no reason to change it despite the recent rally. We recommend some exposure to gold for investors in their portfolio as it is a hedge against volatility in equities and also weakness in rupee. With fiscal deficits set to surge for most countries including India and ample easy liquidity globally, we believe that gold prices will remain firm over the next couple of quarters. Q) Key 3-5 stock recommendations (value picks) to investors for 1-year perspective? A) Our Top Value Picks with 12-18 month investment horizon are: Bharti Airtel, ICICI Bank, Tata Consumer, Bajaj Finserv, and Hero MotoCorp. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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a fiscal and monetary stimulus of $19-20 trillion has been announced globally. the gush of money and signs of flattening of the corona curve has supported equity markets. a vaccine works by mimicking a natural infection. a vaccine works by building herd immunity to put an end to the pandemic. a vaccine works by mimicking a natural infection.
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Jimeet Modi The capital market shutdown has multifold ramifications of what a market shutdown would mean: Complete loss of reputation and confidence from a global standpoint. Most markets are trading online, including India. Shutting down India's markets when the rest of the world (including Italy, Spain, etc.) still operate online would mean and send a signal that we can't have minimal BCP as compared to the rest of the world? Let's take a few examples - What happens to someone who wants to redeem money from a liquid fund or a debt fund or an equity fund to pay for any expenses, hospitalization, or even any living expenses, etc.? What happens if you shut down the market for 5 days to see it reopen a 20-30% lower gap-down in 5 days? Say the Nifty does open lower, what happens to the systemic risks that get opened up for brokers, clients, clearing corporations, exchanges because of panic in re-opening? The capital markets historically have been positioned as a promise and symbol of liquidity as compared to real estate, etc. such that in case you need liquidity from on asset in 2 days, the stock markets will be liquid such that you can get money. What happens to that promise? Also, God forbid, this blows out of proportion (which I pray it doesn't) then will market be shut for 15, 20, 30, 60 days? Has anyone imagined what would happen in such a case? Also, when do you decide to reopen? When the last patient has recovered? When there are no new cases? No one knows what's happening and what's going to happen. In today's world, capital markets almost operate as a proxy to banks and banking services. All settlements, etc are extremely interconnected. Are banks being shut down as well? If doctors are custodians of people's health, people working in the stock markets are custodians of people's wealth. While wealth may be less important than health, but can't be completely ignored. While there will be disruptions and customer, the experience would be affected, but definitely not shattered as would happen in a complete market shutdown. While the argument for a shorter trading day could be made and would be a void, a complete shutdown would be disastrous. Regulators have looked at curbs to reduce panic and volatility; further steps could be looked at: • Reduce trading hours from the 10-2 in line with banking settlements • Gradually further increase margins in derivatives and cash segments to make excessive speculation difficult • For brokers, look at few relaxations on compliances pertaining to filing compliances, reporting compliances, etc. so that fewer people need to work (MCX has done this. Other yet to follow) (The author is Founder & CEO, Samco Securities) Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Summarise this report in a few sentences.
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a capital market shutdown would mean complete loss of reputation and confidence. a complete shutdown would be disastrous, says jim khan. khan: most markets are trading online, including india. he says the shutdown would be a void, but it would be disastrous. khan: if the shutdown were to happen, it would mean a complete loss of confidence.
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Wall Street's main indexes opened higher on Wednesday for the third straight session, on hopes that the coronavirus outbreak in the United States was nearing its peak and expectations the Congress will push through more aid for the battered economy. The Dow Jones Industrial Average rose 239.61 points, or 1.06 percent, at the open to 22,893.47. The S&P 500 opened higher by 25.59 points, or 0.96 percent, at 2,685.00. The Nasdaq Composite gained 88.46 points, or 1.12 percent, to 7,975.72 at the opening bell. Summarise this report in a few sentences.
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the Dow Jones industrial average rose 239.61 points, or 1.06 percent, at the open to 22,893.47. the S&P 500 opened higher by 25.59 points, or 0.96 percent, at 2,685.00. the Nasdaq Composite gained 88.46 points, or 1.12 percent, to 7,975.72 at the opening bell.
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The stock of off-highway tyre maker Balkrishna Industries has gained 77% in the past three months, outperforming the 45% return of the S&P BSE Auto index. While investors have rewarded the company for its resilient volume growth in challenging times, its current valuation looks stretched. In addition, given the slower expected volume growth for the current fiscal and dwindling demand from its overseas industrial clients, the upside for the stock looks to be limited.Mumbai headquartered Balakrishna caters to the agriculture, and industrial sectors including mining. The company’s volume grew by 5% in the March 2020 quarter thanks to a steady replacement demand from the overseas market. The demand for the agricultural tyres in the US and the European markets was able to offset lacklustre volumes from the industrial sectors.The demand for agricultural tyres, which form two-third of the total volume, grew by 8% year-on-year to 37,678 tonnes in the March quarter. On the other hand, the tyre volume from the industrial and mining operations fell by 2.7%. The company’s volume grew by 9% annually between FY10 and FY20 to 2,01,760 tonnes. But, the pace is likely to slow down.The demand from the industrial segment will be most affected due to slower ramping in mining activities and lower capital expenditure by global companies. The company expects FY21 volume trend to be similar to the previous year when the volume dropped by 4.5%. In addition, the revenue trajectory of global peers such as Trelleborg Wheel and Titan International has not been encouraging. The deceleration in volume from the historical average and a hazy demand visibility may impact the company’s stock valuation.On the flip side, a backward integration to produce carbon black, a key raw material, may support operating margin to some extent. Analysts expect a margin of 30% for the current and the next fiscal compared with 28.5% in the previous fiscal.Balkrishna has so far enjoyed a steep premium valuation over the conventional tyre makers due to superior margins and a higher market share led by a strong labour arbitrage. At Tuesday’s closing price of Rs 1,242, the stock was traded at 25 times one-year forward earnings. This was at a 45% premium to its five-year average, according to Bloomberg. The extent of the premium valuation may compress due to slow volume growth and muted global demand. Summarise this report in a few sentences.
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the stock of off-highway tyre maker balkrishna Industries has gained 77% in the past three months. the company's volume grew by 5% in the March 2020 quarter thanks to a steady replacement demand from the overseas market. the demand for agricultural tyres in the us and the european markets was able to offset lacklustre volumes from the industrial sectors.
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By Sanjiv Lal On May 15, the finance minister announced a string of reforms that promise to completely change the country’s farm sector, and more importantly the lives of millions of farmers. As part of the third tranche of the economic stimulus package announced to counter the impact of the Covid-19 pandemic, three major reforms were set in motion. First, a host of agriculture commodities were taken out of the ambit of the Essential Commodities Act (ECA). Two, the FM said a new set of legal framework will be created to promote contract farming in India, and three barriers that were hitherto restricting the movement of agricultural products across the states will be knocked out for good. These three reforms have the potential to completely change the face of rural India. For over seven decades, save for the Green Revolution initiated in the late-sixties to the early-seventies, the Indian farm sector has not seen any major reform. All discussions around this subject have been subordinated to the larger agenda of food security. Over the decades, the contribution of agriculture to the overall national GDP has continued to fall steadily. The sector continues to dominate the economy due to the sheer number of livelihoods it supports. Today, agriculture accounts for only a fifth of India’s GDP (around 17%) but provides a livelihood for nearly 50% of the working population. In financial terms, the third tranche of the stimulus package aimed at India’s rural economy is set to be around Rs 1 lakh crore, a substantial part of which will go into building a more modern and efficient agricultural infrastructure. But, the centre-piece of the latest round of measures are the new laws to promote contract farming. The changes in the ECA and creating a ‘One Nation One Market’ will now allow private sector investment. Large scale contract farming backed by the financial muscle of the private sector will solve two of the oldest and most persistent challenges faced by the Indian farm sector, which is the scale of operations and diversity of farm produce. Today, a little over 80% of Indian farmers are small and marginal. These cannot afford to mechanise operations or adopt modern agricultural practices. And, this has a bearing on productivity. Contract farming will allow large groups of small and marginal farmers to combine their efforts and resources to produce a single crop, thus, unleashing the potential of more modern and scientific agricultural practices. Contract farming will also provide small farmers with a certain level of income guarantee, which until now, was provided by the government in the form of MSP. Moving away from the MSP regime will encourage farmers to diversify into more value-added products. With the entry of private investors in the farm sector, the role of local mandis will be substantially reduced. Adopting a one-nation-one-market model, similar to the tax reforms that gave birth to the GST, will effectively address inefficiencies in the agrarian landscape, which is dominated by too many intermediaries. The latest round of reforms must be seen in the broader context of the government’s intention to double farmers’ income. These reforms have to been on the lines of the economic reforms of the early 1990s that benefitted the manufacturing and the service sector. Agriculture is an ‘economic activity’ that deserves all the benefits that come with a market economy approach, including technology, innovation, world-class infrastructure, and above all, a lot less dependence on government policies. MD & CEO, Rallis India, a subsidiary of Tata Chemicals. Views are persona Summarise this report in a few sentences.
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three major reforms set in motion as part of third tranche of stimulus package. a host of agriculture commodities taken out of ambit of the essential commodities act. two, new set of legal framework will be created to promote contract farming. three barriers that were hitherto restricting the movement of agricultural products across the states will be knocked out for good. contract farming will allow large groups of small and marginal farmers to combine their efforts and resources to produce a single crop.
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Haryana due to a lot of geographical similarities between the two markets. will host the next World Union of Wholesale Markets (WUWM) Conference at Gurugram in the month of October this year as an agreement in this regard has been signed between Agriculture and Farmers’ Welfare Minister, OP Dhankar and Don Donald chairman, WUWM at Barcelona.A high-level delegation led by Agriculture and Farmers’ Welfare Minister, Mr O.P Dhankar is on its visit to Barcelona, Spain to attend the WUWM Conference and study the best market practices. The WUHM is an International Organisation of 65 countries having members of around 200 Wholesale Markets across the World. It has its Four Regional Groups for Europe, Asia, Latin America and Africa. This is the only apex organization dealing exclusively in Agricultural Produce Wholesale Markets irrespective of their Management pattern, may be Government, Local Authority, Private, Public-Private jointly. The objective is to promote Wholesale Markets across the world in uniform manner by systems, processes, technology, transparency and trade by exchange of information.The agriculture minister, who visited largest fruit and vegetable market at Mercabarna, maintained that the world famous market, of Spain can be a model for the International fruits and vegetable being set up at Gannuar, Sonipat inHe said that this market has been developed over an area of 225 acres. More than 700 companies have set up their shops in this market and 1400 trucks carrying fruits and vegetables come to the market every day. He said that this market has a huge turnover of about Rs 2080 crore and has a sale of over ten lakh tonnes of fruits and vegetables, 73,000 tonnes of fish and 22,000 tonnes of meat. He said that 35 per cent of the stock arrived in the mandi is exported to other countries. Most importantly, 30,000 tones waste in the mandi is recycled. The mandi which has been set up in a planned manner could become a model for the international fruits and vegetable market at Ganaur in Sonepat district, he added. Summarise this report in a few sentences.
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agriculture and farmers’ welfare minister, OP Dhankar is on its visit to Barcelona, Spain to attend the WUWM Conference. the world famous market at Mercabarna has a huge turnover of about Rs 2080 crore and has a sale of over ten lakh tonnes of fruits and vegetables, 73,000 tonnes of fish and 22,000 tonnes of meat. the mandi which has been set up in a planned manner could become a model for the international fruits and vegetable being set up at Gannuar in Sone
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Markets regulator Sebi on Tuesday cancelled the registration of merchant banker Inter Corporate Financiers and Consultants Ltd for not paying registration fees. Sebi noted that the firm violated Sebi (Merchant Bankers) Regulations norms on account of non-payment of registration fees for the block May 24, 2014 to May 23, 2017. Referring to the merchant bankers' norms, Sebi said the provisions provide that where a merchant banker fails to pay the annual fees, Sebi may suspend the registration certificate, whereupon the merchant banker shall cease to carry on any activity as a merchant banker for the period during which the suspension subsists. "Accordingly, as per the ...provisions, the consequence of failure to pay fees would be the suspension of the certificate of registration resulting in a cessation of business as a merchant banker for the Noticee (Inter Corporate Financiers and Consultants)," Sebi said. Through a separate order, Sebi levied a fine of Rs 5 lakh on M G Capital Services Ltd, a member broker of the National Stock Exchange, for violating Stock Brokers and Sub Brokers Regulations. Sebi said that Rishabh Shares and Securities was a registered sub-broker of MG Capital Services. It was found that MG failed to segregate transactions of its own clients and that of Rishabh Shares'. Among other violations, MG Capital had allowed overexposure to Rishabh Shares, and there was no registration of clients of Rishabh Shares. Besides, it also did not enter into broker-sub broker-client agreement. Summarise this report in a few sentences.
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sebi cancels registration of merchant banker Inter Corporate Financiers and Consultants Ltd. regulator says firm violated norms on non-payment of registration fees. sebi levies a fine of Rs 5 lakh on a member broker for violating the Stock Brokers and Sub Brokers Regulations. MG Capital failed to segregate transactions of its own clients and that of Rishabh Shares'.
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Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operation Overview The following discussion should be read in conjunction with our audited financial statements and the related notes for the years ended September 30, 2019 and September 30, 2018 that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this annual report, particularly in the section entitled “Risk Factors”. Our financial statements are stated in United States Dollars and are prepared in accordance United States Generally Accepted Accounting Principles. Results of Operations The following results of operations, cash flows and changes in our financial position are for years ended September 30, 2019 and 2018. The Company had no revenue for the years ended September 30, 2019 and 2018. Expenses during the years ended September 30, 2018 were $1,100,880 and $170,886 for 2018. The increase in expenses in 2019 was due to payment to officer and director and consulting fees totaling $537,176, accrued rent of $225,750 plus marketing and travel expenses of $221,347. Other expense during the year ended September 30, 2018 was $5,147consisting of interest expense and currency loss compared to other expense of $603,621 consisting of interest expense of $185,814 change in fair value of $117,457, note origination fees of $163,704 and amortization of debt discount of $147,745. The Company incurred a net loss of $176,033 in the period ending September 30, 2018 compare to a net loss of $1,717,376 for the same period in 2019. Liquidity and Capital Resources As of September 30, 2019, the Company had current assets of zero. The company has $1,196,577 in current liabilities for negative working capital of $1,196,577. As of September 30, 2019, the Company had an accumulative deficit of $2,102,824. Cash used in operating activities was $683,639 for the year ended September 30, 2019 and cash used of $209,888. The increase in the loss from $176,033 in 2018 to $1,717,376 in 2019 was the major factor in the increased use of cash. Cash used in financing activities as of September 30, 2018 was $32,448 which was the repayment of advances from related parties compared to cash provided of $695,554 in 2019 from the proceeds from the sale of common stock for cash of $323,643 plus proceeds from convertible debt and note payable of $329,000 and advances from related party of $15,911. We do not currently engage in any business activities that provide cash flow. The costs of investigating and analyzing business combinations for the next 12 months and beyond such time will be paid with amounts to be loaned to or invested in us by our stockholders or other investors. We believe we will be able to meet these costs through amounts, as necessary, to be loaned to or invested in us by our stockholder plus the placement of common stock for cash. Off-Balance Sheet Arrangements The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors. Contractual Obligations As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information. Item 7A: Summarise this report in a few sentences.
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Management's Discussion and Analysis of Financial Condition and Results of Operations provides an overview of the Company's financial statements and results of operations for the years ended September 30, 2019 and 2018. The Company had no revenue for either year and incurred expenses of $1,100,880 in 2019 and $170,886 in 2018. Other expenses for 2018 were $5,147 compared to $603,621 in 2019. The Company had a net loss of $176,033 in 2018 and $1,717,376 in 2019. As of September 30, 2019, the Company had current assets of zero and current liabilities of $1,196,577, resulting in negative working capital of $1,196,577. Cash used in operating activities was $683,639 in 2019 and $209,888 in 2018. Cash used in financing activities was $32,448 in 2018 and $695,554 in 2019. The Company does not have any off-balance sheet arrangements and is not required to provide information on contractual obligations as a "smaller reporting company".
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In what can be seen as a sign of revival in economic activity, unemployment is back at pre-lockdown levels. Falling for the second consecutive week, the unemployment rate now sits at 11.6%, according to the weekly data released by CMIE. The unemployment rate was reported at 17.5% in the first week of June, down from 23% in April and May. This is the lowest unemployment rate since the lockdown began in March. The unemployment rate was at 8.4% in March, and it shot up to as high as 27% in May. The fall in unemployment is mirroring the jump that the indicator saw when the lockdown was imposed to tackle the spread of coronavirus. “The labour participation rate was 40.4% in the week ended June 14. The rate had fallen from 42.6% in the week ended March 22, which was just before the lockdown to 39.2%t in the first week of the lockdown and the further to 36.1% in the first week of April,” CMIE said. The data shows that labour participation is close to levels of the pre-coronavirus job market. Labour participation has been improving smartly since April. The surge in labour participation along with a fall in the unemployment rate implies an increase in the employment rate. “This, an increase in the employment rate, is the desired outcome. It, in fact, is a far more important indicator of the health of the economy than the unemployment rate,” it added. With the lockdown imposed from the last week of March, industries were asked to halt businesses temporarily, pushing urban India’s unemployment rate to close to 30% in April. This resulted in a large number of migrants taking the streets marching back to their villages. However, with the lockdown being lifted partially and industrial activity allowed, the recovery in the jobs market has been sharp. Falling unemployment rate hints at the revival of economic activity and the return labour to the job market that will act as a catalyst in pushing industrial activity. However, with the large migration of labour during the lockdown period, the recovery in labour markets has been better in rural India than in urban India. Rural India’s labour participation has recovered to 95.4% of its pre-lockdown-week level. In contrast, in urban India, labour participation has recovered lesser, at 93.2% and the unemployment rate is 51.3% higher than it was in the pre-lockdown-week, data showed. The unemployment rate of rural India stands at 11% while that of urban India stands at 13%. Summarise this report in a few sentences.
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unemployment rate falls for second consecutive week. lowest rate since lockdown began in march. labour participation rate falls to 39.2%t in first week of lockdown. unemployment rate falls to 11.6%. unemployment rate is 51.3% higher than it was in the pre-lockdown-week. rural and urban recovery better than urban recovery. unemployment rate is lower than in the pre-lockdown-week.
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Pune/Bengaluru: Midsize IT firm Mphasis expects to grow faster than the industry average in fiscal year 2021, as clients in banking and financial services spend more on technology to shift operations away from offices to the Cloud, following the Covid-19 pandemic.“Our exposure to segments affected by the shutdown hasn’t been much, it’s mainly financial services, wealth management and security houses. The crisis has shown how every business is a digital business,” CEO Nitin Rakesh told ET.In the weeks since the outbreak, Mphasis saw businesses forced to go digital in its main markets in the US and Europe and this is likely to continue.With companies needing to shift to a virtual model, most customers are looking at how they can engage with clients in a seamless and contactless manner. The company will focus on doing just that. “For us, the ability to have the security architecture and design layer to do this while ensuring that you can carry your past investments with you will be key,” Rakesh said.The further acceleration of digital transaction capability for digital contactless customer experience redesign and remote onboarding as well as leveraging data strategies could drive growth going forward.There would be some short-term concerns around the outbreak, but the company had negligible exposure to industries like airlines which have been hit the hardest.Mphasis has been growing at higher than market rates over the last few years, and Rakesh said he expected more clarity on growth numbers in July.The Europe region has grown at about 14% in the past year and the company expects this to continue in the next year as well.The company reported a nearly 11% increase in net profit at Rs 1,184.80 crore for the previous fiscal year that ended March 31.New deal wins were worth $751 million, of which 81% were in new-generation services.Revenue rose 14.3% to Rs 8,843.50 crore.The contribution of Blackstone portfolio companies is currently in the high single digits, and a growth driver for the business, said Rakesh.Blackstone is the majority shareholder in Mphasis.Rakesh also said that there could be vendor consolidation with companies preferring to work with fewer partners. It would not, however, be easy since the risk and complexity associated with remote working had to be balanced with business continuity and operations. Summarise this report in a few sentences.
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Mphasis expects to grow faster than the industry average in fiscal year 2021. clients in banking and financial services spend more on technology to shift operations away from offices to the Cloud. the company reported a nearly 11% increase in net profit at Rs 1,184.80 crore for the previous fiscal year. the european region has grown at about 14% in the past year.
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Representative Image In the past two decades, some significant structural changes have taken place in the Indian economy. For example, the external trade profile of India has seen a material transformation in the past decade. Imports have started to move away from traditional oil and gold domination; and exports have diversified away from traditional consumer goods such as textile, gems and jewellery and leather. Manufactured engineering goods have become a major source of export income. Electronics has become a major import item. Many global leaders like Samsung, MI, Apple and LG have decided to produce in India. A new biofuel policy raised the ethanol blending to 10 percent in transportation fuel. Massive investments in renewables have begun to yield results. Electric mobility is set to become a viable option in the next 10 years. And with various productivity enhancement missions in pulses and oilseeds achieving targets, we may see a definitive further shift in India's import profile going forward. Shifting away from colonial (cheap labour and material source) model, India is also becoming a research and development hub for global manufacturers and service providers. Ignoring these trends or taking these trends only as a measure of the shift from China due to geopolitical or tariff reasons would be a mistake, in my view. These changes are primarily the outcome of the massive investment made in infrastructure development over the past two decades. The investments that were primarily prompted by the economic sanction post-Pokhran tests in 1998, and accelerated as part of fiscal stimulus in the wake of global slowdowns in 2001 and 2009. We have paid a huge price for this massive infrastructure building drive in terms of crippling of the financial sector due to non-performing asset (NPA) problem, episodes of massive corruption leading to paralysis of policy administration and disruptions in the market place due to large scale bankruptcies. But it is also a fact that high-quality capacities in terms of power generation, ports, road network, railways, civil aviation, financial services, telecommunication, manufacturing, and GSTN have been created and/or shall be put in place in the next 2-4 years. This infrastructure surplus will be the primary driver of India's foreign trade (and trade balance), job creation and socio-economic transition. Related stories Market up despite low GDP, experts say 5700 a big challenge Will we make history or repeat it? There is no doubt that today India is standing at the threshold of an industrial revolution of its own. If the present trend continues, we may soon see the share of manufacturing in the national income rising materially. The fear, however, is that the current trend may reverse abruptly, just like it did in the mid-1990s, and we may remain stuck in the lower 5-6 percent growth orbit. At this point in time, I strongly disagree with this rather pessimistic and deeply prejudiced opinion. Nonetheless, I find it relevant to study more about the history of industrial development in India to find the fault lines that may still exit to derail the growth of manufacturing sector in India. One interesting thing that I noted was the role of three main development financial institutions or DFIs (ICICI, IDBI and IFCI) in creating a foundation for Indian manufacturing sector as well as the financial services infrastructure. Institutions such as NSE, NSDL, SHCIL, CARE, EXIM Bank, SIDBI, SCICI, CRISIL, HDFC, TDICI and TFCI were promoted by these institutions. All the three institutions suffered huge NPAs in the 1990s due to a variety of reasons, especially capacity creation in commodities like steel, fertiliser, textile becoming unviable. Narasimham Committee on Financial Sector Reforms noted that in a market-driven economy, the sustenance of DFIs may not be viable, since these institutions may be raising funds at the current market rates and lending to businesses with long gestation and often high risk of failure, therefore incurring high credit cost. These institutions cannot function as pure commercial entities unless adequately supported by the government. Accordingly, the committee recommended DFIs should be converted either to a bank or an NBFC and should be subject to the full rigour of RBI regulations as applicable to respective categories. Further, no DFI should be established in future without the Central government support. Accordingly, both ICICI and IDBI were converted into commercial banks, and IFCI was converted into an NBFC. Another reason for doing away with these DFIs was the feeling that since the banking system has acquired the skills in managing risks in extending finance to different sectors of the economy including the long-term finance and capital market, providing larger significant resources to the corporate sector, the need for the DFIs as an exclusive provider of the development finance has diminished. In the past 15 years, since the end of IDBI, a new category of infrastructure finance companies (specialised NFBCs) and government-supported DFIs like India Infrastructure Finance Company (IIFCL) have emerged. But the current NPA cycle has impacted almost all banks and most NBFCs. The impact on banks and some NBFCs is as bad as it was in case of DFIs, if not more. I feel that we need to study the evolution of the financial sector in India in depth. Drawing lessons from the present and previous NPA cycles and assimilating the emerging financing needs, a new paradigm needs to be evolved in the financial sector. At present, there is no specialised institution for manufacturing sector financing and funding of digital economy. My understanding so far suggests that we do need highly specialised DFIs for manufacturing, infrastructure and digital sectors. These institutions must be supported adequately by the government, but managed professionally. Leaving this space entirely to commercial banks and NBFCs may not be appropriate. That is if we really care about history and believe that historical mistakes are for learning and not for repeating. To begin with large commercial banks like ICICI, HDFC, AXIS and SBI may partner with the government to promote a Manufacturing Finance and Credit Institution (MFCI) to meet long-term funding needs of manufacturing units competing with global peers. Vijay Kumar Gaba explores the treasure you know as India, and shares his experiences and observations about social, economic and cultural events and conditions. He contributes his pennies to the society as Director, Equal India Foundation. The views are personal. Note to readers: Make In India — Reboot is a series of articles that will take a top-to-bottom look at ways to breathe life into manufacturing in India. Summarise this report in a few sentences.
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a number of structural changes have taken place in the past decade. massive investment made in infrastructure development over past two decades. infrastructure surplus will be primary driver of India's foreign trade (and trade balance). a new biofuel policy raised the ethanol blending to 10 percent in transportation fuel. a new e-commerce platform will help boost the growth of the economy.
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Mutual Fund Investment: Most people in India have a perception that investing directly in stocks delivers higher returns. Investors tend to put their hard-earned money in such stocks to chase returns. However, one must not forget that returns and risk go hand in hand. Also, there are other factors such as time horizon, goals, diversification and risk appetite which must be considered before investing. Mutual funds have various advantages listed below that make them a better option than investing directly in stocks: 1. Diversification & Risk: When one invests in stocks directly, one’s portfolio tends to be either over diversified or concentrated which may lead to lower returns or higher risk. However, equity mutual funds, for instance, invest in about 30-50 good stocks that gives an ideal spread to the portfolio and reduces the risk. 2. Professional Management: To invest directly in equities, one needs to dedicate an incredible amount of time studying the macro and micro environment, along with the company-specific fundamentals. “It is almost impossible for a lay investor to understand and factor in all these dynamics on a daily basis. This is where the role of a fund manager is crucial in constructing and managing a mutual fund portfolio. Professional fund managers along with their in-house financial analysts and research personnel are in a much better position to take better investment decisions,” says Amar Pandit, Founder & Chief Happiness Officer at HappynessFactory.in. 3. Variety of Schemes: Mutual funds offer a wide range of schemes that cater to investors with different investment time horizon, needs/ goals and risk profile. For instance, for short-term goals, one can opt for short-term debt funds or liquid funds. For long-term investment horizon, one can invest across different market cap funds, i.e. equity large cap, mid cap, small cap, across sectors i.e. infrastructure, pharma etc. “While it is clear that investing in mutual funds is better than investing directly in stocks, one should also have an investment strategy to invest in mutual funds. One of the best investment strategy is to set aside and save a portion of your monthly income and start fixed monthly investments – SIPs (Systematic Investment Plan) – in mutual funds. This helps in cost averaging in the long term as your SIP continues in the bull as well as the bear markets,” informs Pandit. Investing through SIP not only helps in cost averaging, but also inculcates the habit of regular saving and investing towards your goals. It is possible to start SIP even when you are starting off your career and have smaller amounts to invest. Summarise this report in a few sentences.
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mutual funds have various advantages listed below that make them a better option than investing directly in stocks. equity mutual funds invest in about 30-50 good stocks that gives an ideal spread to the portfolio and reduces the risk. professional management: to invest directly in equities, one needs to dedicate an incredible amount of time studying the macro and micro environment. for long-term goals, one can opt for short-term debt funds or liquid funds.
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The coronavirus outbreak and crash of crude price have hit the disinvestment plan of the government that planned to raise about Rs 2.1 lakh crore in 2020-21. The sale of Bharat Petroleum Corporation (BPCL) is in trouble because of the crash of crude price, while it's tough to find a buyer for Air India, especially when the global aviation sector is in doldrums after the outbreak. The sale of Container Corporation of India (Concor) has additional problems as its major valuation comes from the leased land that it took from Indian Railways at subsidised rates. Besides, the stock market crash is not a good news for the government, which wanted to divest its 47 per cent stake in IDBI Bank and 10 per cent stake in Life Insurance Corp of India (LIC). Overall, the government wanted to sell stakes in two dozen central public sector companies in 2020-21. Rating agency Fitch Solutions said that India's fiscal deficit in 2020-21 may skyrocket to 6.2 per cent of the GDP from 3.5 per cent that the government estimated. They expect that the revenue collection will contract in this financial year because of the weak economic activity. Fitch Solutions said the receipts may contract by 1 per cent from a growth of 11.8 per cent previously. Moody's slashed India GDP growth in 2020 to 2.5 per cent, while KPMG estimated below 3 per cent growth. Fitch quoted a 2 per cent GDP growth. Disinvestment is one of the major options to bridge budget deficits in this kind of economic scenario. Also read: Coronavirus India Live Updates: Varanasi reports first death; Noida police extends Section 144 till April 30 In the biggest privatisation drive ever, the union cabinet in November had approved sale of government's stake in BPCL, Shipping Corp of India (SCI) and on-land cargo mover Concor. Besides the privatisation, they decided to cut shareholding in select public sector firms to below 51 per cent to boost revenue collections that had been hit by the slowing economy. The government wanted to complete some of the sales in 2019-20 and achieve the disinvestment target of Rs 65,000 crore, which was revised downward following the delays. Finance Ministry had earlier extended the deadline for bids submission in Air India to April 30 from March 17. The government wants to offload 100 per cent of its stake in the beleaguered airline. In BPCL, the interested parties can submit preliminary information memorandum by May 16 instead of April 4 earlier and the expression of interest (EoI) by 13 June instead of May 2. For the 52.98 per cent government stake in the oil refiner, only private companies with a net worth of more than $10 billion are eligible. The market valuation of BPCL has crashed around 35 per cent to Rs 68,750 crore in the last two months. Also read: Coronavirus: Will intellectual property be a hurdle in India's fight against COVID-19? The Department of Investment and Public Asset Management (DIPAM) has appointed the asset valuer and transaction and legal advisors for the strategic sale of SCI stake. Concor's disinvestment process has hit the roadblock as it operates on the leased land of Indian Railways, valued Rs 16,500 crore. The government wants to sell the railway land to Concor at a subsidised rate, but the private container companies are objecting to the move. "The major worry at this point of time is that no buyer will risk their balance sheets to go for the acquisitions. But the government urgently needs capital for the fiscal stimulus and the planned budget expenditure. If all the revenue sources like tax income and disinvestments go dry, handling the situation will be tough," said an economist with a corporate house. Also read: Coronavirus in India: Over 83% patients below 60 yrs, says govt INDIA CORONAVIRUS TRACKER: BusinessToday.In brings you a daily tracker as coronavirus cases continue to spread. Here is the state-wise data on total cases, fatalities and recoveries in one comprehensive graphic. Summarise this report in a few sentences.
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government wanted to sell stakes in two dozen central public sector companies. the government wanted to raise about Rs 2.1 lakh crore in 2020-21. the sale of BPCL is in trouble because of the crash of crude price. it's tough to find a buyer for Air India, especially when the aviation sector is in doldrums. the government wanted to sell stakes in IDBI bank and life insurance corp of india.
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India's rigid, complicated and size-based labour laws (different laws kick in depending on the size of the workforce in a unit) are often blamed not only for widespread use of contract labour characterised by lower-wage, little or no job security, fewer benefits and social security but also for preventing small manufacturing units to grow in size and achieve economy of scale popularly understood as the 'missing middle'. New studies show such assessments may not be entirely true. Contract system and labour laws In her 2019 study, explaining the Contractualisation of India's Workforce, Prof Radhicka Kapoor of the Indian Council for Research on International Economic Relations (ICRIER), counters the attribution of widespread use of contract labour in organised (formal) manufacturing to the rigidity of labour laws alone. She studied plant-level data from the Annual Survey of Industries (ASI) from 2000-01 to 2013-14 to arrive at her conclusions. While asserting that labour regulations have not become more rigid in the period when contract worker intensity has surged, she presents three counter-arguments. One, even states like Gujarat, Rajasthan, Haryana and Maharashtra which amended their labour laws to make them more employer-friendly in recent years have witnessed a sharp increase in the number of contract workers. Second, contrary to what should have been expected, there is a larger usage of contract workers in capital intensive, rather than labour-intensive industries which should be hit harder because of the rigid laws. Third, real wages of directly hired workers are about one-half-times more than contract workers (hired through contractors) over the past decade which encourages hiring on contract. She argues that management has used contract workers to suppress the bargaining power of directly hired workers and keep wages low. Also Read: Labour Law reforms: Nobody knows who's a 'worker' under Indian laws! Do you? Of the 'missing middle' in organised manufacturing Rigid and size-based labour laws have also been blamed for the 'missing middle' - absence of mid-size industries in the organised manufacturing sector. A 2018 study of the Azim Premjit University, Of Missing Middle and Size-based Regulation by Prof R Nagaraj debunks this and says it is more likely to reflect the widespread and growing evasion of official registration and under-reporting or misrepresentation in the administrative data. Prof Nagaraj says it is a case of measurement error. Those employing 10 or more workers using power are to be registered (which is said to be costly) under the Factories Act of 1948. Comparing economic census and ASI data, he shows that in 1981, 52% of factories employing 10 or more workers were not registered. This went up to 57% in 1991 and 66% by 2013-14. But such units constitute only about 1% in total manufacturing and he blames it on dis-functionality of many labour regulations and corruption in their implementation. Another case of non-implementation he cites is prior government permission required for lay-off, retrenchment and closure of factories employing 100 or more workers under the Industrial Disputes Act of 1947. He shows that this regulation is more on paper as during 1997-2003 nearly 1 in 6 workers in the organised sector lost his/her job and again during 2008-09 (financial crisis) substantial job losses were recorded in the official survey. If the labour laws were really so strict, he argues, it should get reflected in a steady rise in real wages and earnings in organised manufacturing, commensurate with labour productivity growth. But evidence since 1970s showed otherwise. While labour productivity in real terms grew annually at nearly 6%, real wages grew just 1.2%, implying almost all the productivity gains accrued to employers. Also Read: Labour reforms: No one knows the size of India's informal workforce, not even the govt He attributes the apparent disconnect between the formal law and the reality of the labour market to "various loopholes that are built into the laws, providing enough escape routes for employers". To illustrates this, he gives the example of the definition of a worker which varies across the laws. Prof Jayan Jose Thomas of IIT-Delhi also makes similar points in the Azim Premji University's 2019 paper, State of Working India. He writes that employers find different ways to circumvent labour regulations while the authorities adopt a lax attitude towards implementing them. He cites a field study (2018) of women garment workers in Bangalore to show how the employers adopted different strategies to avoid paying gratuity, including persuading workers to terminate their current contract and re-join the same factory within a week or so, on a new contract. Relaxation in legal protections That being so, trade unions and economists have expressed serious reservations about the proposed increase in the threshold for application of the Industrial Dispute Act of 1947, Factories Act of 1948 and Contract Labour (Regulation and Abolition) Act of 1970 in the new labour codes being framed. They fear this would push more workers into unprotected territories and make them more vulnerable. The proposed changes envisage increase in threshold in the Factories Act of 1948 from 10 and 20 (if power is used) workers to 20 and 40 workers, respectively, for applicability of this law and from 100 to 300 workers in the Industrial Disputes Act of 1947 for requirement of government permission for lay-off etc. Trade union leader Tapan Sen of the CITU says, the increase of threshold in the Factories Act alone would take more than 70% of workers in the organised sector out of its legal protections. Also Read: Labour law reform crucial to boosting investment, generating employment: SBI report Yet another proposed change is an increase in the threshold for applicability of the Contract Labour (Regulation and Abolition) Act of 1970 from 20 to 50 in line with the ones adopted by Rajasthan, Haryana and Maharashtra. Prof KR Shyam Sundar of XLRI's Xavier School of Management, Jamshedpur, says this would remove a considerable number of contract workers from the purview of the law. "This has two major implications. One, small scale contractors will be least obliged to provide decent wages and conditions of work and two, regular workers employed by the principal employer in such cases can't demand for abolition of contract labour system. As a result, contractualisation and precaritisation of terms of employment in the labour market will be intensified". It remains to be seen how the government addresses such concerns while finalising the new labour codes. Also Read: Labour law reforms: Contractual workers hiring on rise in organised sector; is informal the new formal? Summarise this report in a few sentences.
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new studies show that contract labour is used in organised manufacturing. but the rigidity of labour laws is not the only reason for widespread use. a 2018 study by the Azim Premjit university debunks this. it says it is more likely to reflect the widespread and growing evasion of official registration and under-reporting or misreporting.
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A top executive of China’s Huawei Technologies Co Ltd who is under arrest in Canada is set to appear in a Vancouver court on Friday for a bail hearing as she awaits possible extradition to the United States. Huawei CFO Meng Wanzhou, 46, who is also the daughter of the company founder, was arrested on Dec. 1 at the request of the United States. The arrest, revealed by Canadian authorities late on Wednesday, was part of a U.S. investigation into an alleged scheme to use the global banking system to evade U.S. sanctions against Iran, people familiar with the probe told Reuters. The news roiled global stock markets on fears the move could escalate a trade war between the United States and China after a truce was agreed on Saturday between President Donald Trump and Xi Jinping in Argentina. Trump did not know about the arrest in advance, two U.S. officials said on Thursday, in an apparent attempt to stop the incident from impeding talks to resolve the trade dispute. Details of the case against Meng, to be heard in the Supreme Court of British Columbia, remain sparse. Canada’s Justice Department has declined to provide details of the case and Meng has secured a publication ban, which curbs the media’s ability to report on the evidence or documents presented in court. Chinese Foreign ministry spokesman Geng Shuang said on Friday that neither Canada nor the United States had provided China any evidence that Meng had broken any law in those two countries, and reiterated Beijing’s demand that she be released. The bail hearing could be just a preliminary session to set out a schedule, lawyers said. The Crown counsel is expected to argue that Meng poses a flight risk and should be kept in a detention facility, legal experts said. The onus will be on Meng’s lawyer to provide evidence that she will not flee, they added. Huawei, which has confirmed Meng was arrested, said on Wednesday that “the company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng.” Also read: Huawei CFO Meng Wanzhou’s arrest a ‘despicable rogue’ action, says Chinese media A Huawei spokesman declined to comment on Thursday and said that Wednesday’s statement still stands. Huawei staff briefed on an internal memo told Reuters on Friday the company had appointed Chairman Liang Hua as acting CFO following Meng’s arrest. Chinese state media have slammed Meng’s detention, accusing the United States of trying to “stifle” Huawei and curb its global expansion. LONG FIGHT If granted bail, Meng will likely have to post bail with “a surety of several million dollars”, Vancouver lawyer Gary Botting, who has experience with extradition cases, said. She would also have to give up her passport, he said. Meng could also be fitted with electronic monitoring equipment, and the court could go so far as to order security to monitor her while she awaits a decision on extradition, lawyers said. If Meng fights extradition, her case could go on for years, lawyers said, pointing to examples like Lai Changxing, a Chinese businessman who fled to Canada after he was implicated in a bribery case and fought extradition to China for 12 years. If she chooses not to fight, she could be in the United States within weeks, experts said. “You need massive material and evidence to support detention release,” said Richard Kurland, a Vancouver-based immigration lawyer. He said Meng would likely be returned to detention if there was no decision on bail. It is unclear where Meng is being held in Vancouver. Several lawyers have noted that detention facilities in the region are spartan and she would likely be sharing her quarters with other inmates. Huawei, which employs about 1,000 people in Canada, faces intense scrutiny from many Western nations over its ties to the Chinese government, driven by concerns it could be used by Beijing for spying. Japan could be the latest country to shun Huawei, with sources telling Reuters on Friday it plans to ban government purchases of equipment from Huawei and smaller Chinese peer ZTE Corp . The news came as the Financial Times reported that Huawei had agreed to demands by UK security officials to address risks found in its equipment and software in a bid to avoid being shut out from future 5G telecoms networks. The United States has also been looking since at least 2016 into whether Huawei violated U.S. sanctions against Iran, Reuters reported in April. More recently, the probe has included the company’s use of HSBC Holdings Plc to make illegal transactions involving Iran, people familiar with the investigation said. HSBC is not under investigation, according to a person familiar with the matter. Huawei, which generated $93 billion in revenue last year and is seen as a national champion in China, has said it complies with all applicable export control and sanctions laws and other regulations. Summarise this report in a few sentences.
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meng wanzhou, 46, was arrested on dec. 1 at the request of the united states. she is also the daughter of the company founder. the arrest was part of a u.s. investigation into an alleged scheme to use the global banking system to evade u.s. sanctions against Iran. the news roiled global stock markets on fears the move could escalate a trade war between the united states and china after a truce was agreed on Saturday between president. Donald Trump and
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SYDNEY/NEW YORK: Asian stocks dithered on Wednesday as an increase in new coronavirus cases in some parts of the world cast doubts over the economic recovery while oil prices eased on oversupply fears. MSCI 's broadest index of Asia-Pacific shares outside Japan were a tad lower after hitting a 4-1/2 month high just on Tuesday.Chinese shares flickered between green and red. Australian shares were down 0.4% as were indexes for New Zealand and South Korea. Japan's Nikkei was off 0.1% and Hong Kong's Hang Seng index was slightly firmer.E-mini futures for the S&P 500 added 0.18%.Overnight, U.S. stocks fell, halting a five-day winning streak by the benchmark S&P 500 index, its longest this year and driven by better-than-expected economic data.Following the recent rally, the declines looked like a consolidation, with the markets largely in "wait and see mode" ahead of the upcoming earnings session, said NAB economist Tapas Strickland.Second-quarter earnings season will begin in earnest from next week."It will be important to watch the number of U.S. deaths in coming weeks and whether greater questions will be asked about the extent of necessary restrictions," Strickland added.California reported more than 10,000 coronavirus cases on Tuesday, a record rise for a single day that also surpassed the number of contact tracers recently trained by the state to detect and prevent potential outbreaks.Coronavirus cases were also on the rise in the Australian state of Victoria, which led to lockdown measures being reimposed in Melbourne, the country's second-biggest city."The second wave of infection will see Victorian economic activity fall sharply and it will continue to lag the rest of Australia," said NAB economist Kaixin Owyong.Victoria makes up around a quarter of Australian economic activity, she said.Citi analysts predicted global equities would hang around current levels in twelve months' time."We expect bullish and bearish forces to cancel each-other out," they said in a note. "We would not chase markets higher from current levels, but would prefer to wait for the next dip."Citi has "overweight" positions on U.S. and Emerging Markets equities.Most major currencies were trapped in a range.The U.S. dollar was 0.15% higher on the Japanese yen at 107.65.The risk sensitive Australian and New Zealand dollars were a shade weaker at $0.6940 and $0.6544, respectively.The euro was barely changed at $1.1273.In commodities, gold hovered near a recent 8-1/2 year peak as investors preferred safe-haven assets. Spot gold was last a shade weaker after two straight days of gains at 1,792.5 per ounce.Brent crude futures fell 8 cents, or 0.2%, to $43 a barrel. U.S. West Texas Intermediate (WTI) crude futures slipped 6 cents, or 0.15%, to $40.56 a barrel. Summarise this report in a few sentences.
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new: u.s. stocks fall, halting a five-day winning streak by the benchmark index. new: a record number of cases in california surpasses the number of contact tracers trained. new: more than 10,000 cases reported in the state of florida on tuesday. a record number of cases in the united states is reported in the last week.
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Mumbai: In his third address since India was forced to go into a lockdown, Reserve Bank of India Governor Shaktikanta Das announced extension of moratorium on loans and asset classification standstill on stressed loans by another three months till August 31. The announcement, which came 10 days before the earlier May 31 deadline, almost allowed accumulation of interest payments on working capital loans, payable in a staggered manner between September and March 2021.The governor also painted a bleak picture of the economic growth indicating that these actions announced were quite warranted.“The MPC is of the view that the macroeconomic impact of the pandemic is turning out to be more severe than initially anticipated, and various sectors of the economy are experiencing acute stress,” Das said in a video-link address. “The impact of the shock has been compounded by the interaction of supply disruptions and demand compression.”Among its other measures, the regulator also rolled over the 15,000-crore Sidbi refinance facility by another 90-days, another 15,000-crore credit line was made available to Exim Bank to meet import-export credit demands while the group exposure limits were relaxed to 30%.“The latest round of rate cuts, moratorium extension, deferment of interest on working capital facilities and relaxation in asset classification will provide the requisite balm to the economy,” said Zarin Daruwala, CEO (India), Standard Chartered Bank. “The support shown to Exim Bank, Sidbi and to importers/exporters will also help boost sentiment.”Though in their wish-list to the RBI , lenders had also asked for a one-time restructuring of all loans, restructuring of overdue loans be considered standard loans, NPA classification extended to 180 days from the current 90 days and a special term-loan package be allowed for industries worst hit by the coronavirus-induced lockdown. These requests have so far not been entertained by the regulator.“Our tendency has become that whatever has been given, just take it and ignore it and then start talking about what has not been done,” said Rajnish Kumar, chairman, SBI. “The moratorium takes care of the situation around cashflow disruptions and if someone needs after 31 August, a recast then whatever is the policy response or if there are any amendments to 7 June circular of RBI, or no amendments, banks will have to deal with the situation.”The impact of the shock has been compounded by the interaction of supply disruptions and demand compression Summarise this report in a few sentences.
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the announcement came 10 days before the earlier may 31 deadline. the regulator also rolled over the 15,000-crore Sidbi refinance facility by another 90-days. lenders had also asked for a one-time restructuring of all loans. the latest round of rate cuts, deferment of interest on working capital facilities and relaxation in asset classification will provide the requisite balm to the economy.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS Commodity Risk The Company’s major market risk exposure is in the pricing applicable to its oil and gas production. Realized pricing is primarily driven by the prevailing worldwide price for crude oil and spot prices applicable to natural gas production. Historically, prices received for oil and gas production have been volatile and unpredictable and price volatility is expected to continue. Monthly oil price realizations during 2019 ranged from a low of $46.39 per barrel to a high of $58.60 per barrel. During the first quarter of 2020, the industry has seen a severe decline in oil commodity pricing from year-end 2019 pricing due to economic conditions worldwide caused by the novel virus outbreak, combined with an oil price war between Saudi Arabia and Russia which is further depressing crude oil pricing. The Company can operate in the short-term at these depressed levels, but would need to access additional capital should prices continue at these depressed level for an extended period of time. In addition, during 2010, 2011, and 2012 the Company participated in derivative agreements on a specified number of barrels of oil of its production. The Company did not participate in any derivative agreements during 2019 or 2018 but may participate in derivative activities in the future. Interest Rate Risk At December 31, 2019, the Company had finance leases outstanding of approximately $102,000, and no amounts owed on its credit facility with Prosperity Bank. As of December 31, 2019, the interest rate on the credit facility was variable at a rate equal to prime plus 0.50% per annum. The Company’s credit facility interest rate at December 31, 2019 was 5.25%. The Company’s finance leases of $102,000 has fixed interest rates ranging from approximately 5.0% to 6.5%. The annual impact on interest expense and the Company’s cash flows of a 10% increase in the interest rate on the credit facility would be approximately zero assuming borrowed amounts under the credit facility remained at the same amount owed as of December 31. The Company did not have any open derivative contracts relating to interest rates at December 31, 2019 or 2018. Forward-Looking Statements and Risk Certain statements in this Report including statements of the future plans, objectives, and expected performance of the Company are forward-looking statements that are dependent upon certain events, risks and uncertainties that may be outside the Company’s control, and which would cause actual results to differ materially from those anticipated. Some of these include, but are not limited to, the market prices of oil and gas, economic and competitive conditions, inflation rates, legislative and regulatory changes, financial market conditions, political and economic uncertainties of foreign governments, future business decisions, and other uncertainties, all of which are difficult to predict. There are numerous uncertainties inherent in projecting future rates of production and the timing of development expenditures. The total amount or timing of actual future production may vary significantly from estimates. The drilling of exploratory wells can involve significant risks, including those related to timing, success rates and cost overruns. Lease and rig availability, complex geology, and other factors can also affect these risks. Additionally, fluctuations in oil and gas prices or prolonged periods of low prices may substantially adversely affect the Company’s financial position, results of operations, and cash flows. ITEM 8. Summarise this report in a few sentences.
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The Company's major market risk exposure is in the pricing applicable to its oil and gas production, which is subject to volatility and unpredictability. The Company may participate in derivative activities in the future to manage this risk. Additionally, the Company has finance leases and a credit facility with variable interest rates, which could have an impact on its cash flows and interest expense. Finally, the Company is subject to risks related to fluctuations in oil and gas prices, lease and rig availability, complex geology, and other factors.
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S&P Global Ratings on Monday cut its estimate for India's GDP growth in the fiscal starting April 1 to 5.2 percent from its earlier estimate of 6.5 percent, as it saw the outbreak of coronavirus costing economies around the globe. It put "the total and permanent income loss for Asia-Pacific from COVID-19 at approximately USD 620 billion." "This loss will be distributed across sovereign, bank, corporate and household balance sheets," it said but did not give country-wise break up its estimated loss. S&P said it has revised estimates for real GDP, inflation and policy interest rates for Asia-Pacific nations. For India, it estimated a 5.2 percent growth in 2020-21 (April 2020 to March 2021), down from the previous estimate of 6.5 percent. In the following year, it projects a 6.9 percent growth, down from 7 percent earlier for 2021-22. For the current fiscal which ends on March 31, it put the real GDP estimate at 5 percent. It estimated a 7 percent growth in 2022-23 and 2023-24 fiscal years. The inflation rate was seen moderating to 4.4 percent in the next fiscal from 4.7 percent in the current. It would further drop to 4.2 percent in 2021-22 but rise to 4.4 percent in the following financial year and then to 4.5 percent in the year thereafter. Key policy interest rates are projected to fall to 4.25 percent in 2020-21 from current 5.15 percent but would rise to 4.5 percent in the 2021-21 financial year. "S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will peak in June or August, and we are using this assumption in assessing the economic and credit implications," it said. The rating agency said the measures to contain COVID-19 have pushed the global economy into recession and could cause a surge of defaults among nonfinancial corporate borrowers. S&P said a recession across Asia-Pacific is now guaranteed due to a deep first-quarter shock in China and the shutdown of activities across G7 economies. "S&P Global Ratings believe this, together with a loss of household and business confidence in these economies, will translate into severe and more persistent supply and demand shocks across the region. Unemployment rates will rise." Domestic demand will be hit almost everywhere by restrictions on movement and risk aversion. "External spillovers will be felt through four channels - people flows -- travel, tourism, and education; trade-demand for the region's exports; supply chains--disruptions to production; and commodity prices." Standard and Poor's (S&P) joins a chorus of international agencies that have made a similar cut in growth estimates in recent days. Fitch Ratings had on Friday slashed its growth forecast for India from 5.6 percent to 5.1 percent for 2020-21. Moody's Investors Service last week lowered India's GDP growth forecast for the 2020 calendar year to 5.3 percent from 5.4 percent it had projected earlier. The Organisation for Economic Cooperation and Development (OECD) has cut its 2020 growth projections for India to 5.1 percent. Summarise this report in a few sentences.
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S&P Global Ratings cuts its estimate for India's GDP growth to 5.2 percent. it puts the total and permanent income loss for Asia-Pacific from COVID-19 at approximately USD 620 billion. the agency estimates a 5.2 percent growth in 2020-21 (April 2020 to March 2021) it projects a 6.9 percent growth in the following year.
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MP Birla group's flagship company Birla Corporation Ltd on Friday reported a 53 per cent fall in its net profit to Rs 66 crore for the first quarter of the current fiscal. It had posted a net profit of Rs 141 crore in the year-ago period, the company said in a statement. The company's revenue was also down by around 35 per cent year-on-year to Rs 1,241 crore during the period under review. The Kolkata-headquartered firm said that the results show the impact of the severe disruptions in key markets in the wake of the coronavirus pandemic. The construction activities in urban areas have been affected due to substantial reduction in workforce, it said. Its cash profit declined by 44 per cent to Rs 172 crore in the first quarter of the 2020-21 fiscal as compared to Rs 305 crore in the year-ago period. The company's Ebitda (earnings before interest, taxes, depreciation, and amortisation) also fell by 37 per cent to Rs 252 crore during the April-June period as against Rs 402 crore in the corresponding quarter last year. Also Read: Emami Q1 results: Profit remains flat at Rs 39 crore, revenue falls 26% Also Read: M&M Q1 result: Net profit declines 97% YoY to Rs 68 cr; revenue down 56% Summarise this report in a few sentences.
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the company's net profit fell by 53 per cent to Rs 66 crore for the first quarter of the current fiscal. it posted a net profit of Rs 141 crore in the year-ago period. the company's revenue was also down by around 35 per cent year-on-year to Rs 1,241 crore. the results show the impact of severe disruptions in key markets in the wake of the coronavirus pandemic.
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Curious developments took place in Chhattisgarh on Thursday as the state government issued an order to take control of all private hospitals. However, the order issued by the Directorate of Health Services was rolled back just a few hours later. "This was a typo. An order to take over a private medical college was to be issued. The Directorate mistakenly issued the order," Niharika Barik Singh, Health Secretary, Chhattisgarh government told BusinessToday.In. The government had decided to take over private medical college Raipur Institute of Medical Sciences (RIMS) in Chattisgarh to treat COVID-19 patients. However, in a goof up within the directorate, the notification that was issued said the government wants to take over all private institutions in the state. The erronous order was withdrawn immediately. The flip-flop comes amid coronavirus outbreak in the country; Chhattisgarh has so far reported six cases, while the total cases in India have crossed 600. State governments are scrambling to set up healthcare facilities to treat coronavirus patients. Odisha has announced that it will set up two dedicated hospitals within a fortnight to treat only coronavirus patients. ALSO READ: COVID-19: Bhilwara district authorities take over 5 private hospitals, guest houses, resorts Chhattisgarh government too seems to be gearing for a situation where it needs many more beds and isolation centres than it currently has. Roping in the private hospitals could be a strategy in that direction. "Exercising the powers conferred under Clause 3 of the Chhattisgarh Epidemic Diseases COVID-19 Regulations, 2020, all private hospitals and nursing homes are acquired along with all human resources and available medical resources from the date of March 26, 2020 until further orders. The managers of concerned organisations will fully cooperate in running them in accordance to the guidelines issued by the government. This order will be immediately effective," Directorate Health Services, Chhattisgarh said in a statement on Thursday. However, the state government rolled back its decision to take over private medical facilities due to a clerical error. ALSO READ: Coronavirus lockdown: Brokers' body ANMI seeks closure of markets On Wednesday night, three new cases of coronavirus were identified in the state, taking the total count of patients to 6. One case each was reported from state capital Raipur, as Durg and Bilaspur. Earlier on Wednesday, two persons, a 26-year-old woman from Raipur and a 26-year-old man from Rajnandgaon, with recent foreign travel history, were found positive for the deadly virus. Last week, the state reported its first case of COVID-19 as a 24-year-old woman who had returned to Raipur from London. Of the six cases, four have been admitted in AIIMS, Raipur whereas two others are undergoing treatment at different government hospitals. Meanwhile, death toll in the country due to the respiratory infection reached 13, and total number of active case climbed to 649 on Thursday, according to Ministry of Health and Family Welfare. Of these, 593 patients are still undergoing treatment. ALSO READ: Coronavirus relief: Finance Ministry urges RBI to pause EMI, loan repayments Summarise this report in a few sentences.
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the state government issued an order to take over all private hospitals. the order was rolled back just a few hours later. the flip-flop comes amid coronavirus outbreak in the country. state governments are scrambling to set up healthcare facilities to treat coronavirus patients. a clerical error led to the rollback of the decision to take over private medical facilities.
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Indian rupee, the currency benchmark strengthened by 21 paise to 73.32 per dollar in Monday's opening deals, supported by weak US currency and positive domestic equities. The domestic unit opened at 73.40 per dollar and gained further ground to touch 73.32 against the US dollar, registering a rise of 21 paise over its previous close of 73.53 per dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.15 per cent to 93.19. Meanwhile, a COVID-19 vaccine is likely to be available by early next year and the government is considering its emergency authorisation for high-risk people, Union Minister Harsh Vardhan Sunday said, asserting he will take the first shot to address any trust deficit over its safety. According to a Health Ministry statement, he said while no date has been fixed for the launch of a vaccine, it may be ready by the first quarter of 2021, and made available first to those who need it the most, irrespective of their paying capacity. On the domestic equity market front, benchmark indices Sensex and Nifty turned bullish on Monday, tracking positive cues from global markets, after closing flat in the previous session. Sensex gained 282 points to 39,137 and Nifty gained 78 points to 11,542. Foreign portfolio investors (FPIs) bought shares worth Rs 1,175.81 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 724.31 crore in the Indian equity market on 11 September, provisional data showed. Brent crude futures, the global oil benchmark, rose 0.38 per cent to USD 39.98 per barrel. Oil price gained in a small way on Friday as gains were kept under check as investors expected global glut to last long if demand continues to weaken. On oil prices, Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking said," As per reports from the U.S. Energy Information Administration (EIA), Crude inventory levels increased by 2.0 million barrels in the week ending on 4th September'20. Oil prices extended the losses after top Crude exporter, Saudi Arabia, trimmed the Official Selling Price (OSP) to Asia for the month of October'20 considering the falling demand. OPEC & its allies are scheduled to meet on 17th September to review the current Oil market scenario. He added, "OPEC+ trimmed the production cuts down to 7.7 barrels per day since August considering the growing demand. However, surge in covid19 cases around the globe clouded the outlook for Crude. Concerns over bleak global demand and a slower than expected economic recovery might push Crude prices lower." Share Market News Live: Sensex rises 300 points, Nifty at 11,540; Infosys, HCL Tech, TCS top performers Gold prices may fall below Rs 50,000 in coming days; should you buy or wait? Summarise this report in a few sentences.
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rupee rises 21 paise to 73.32 per dollar in opening deals. dollar index falls 0.15 per cent to 93.19. a COVID-19 vaccine is likely to be available by early next year. Sensex and nifty turn bullish on monday. a crude futures index rose 0.38 per cent to USD 39.98 per barrel.
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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK RISK MANAGEMENT For a discussion of additional risks arising from our operations, see Part I, Item 1A "Risk Factors" included in this Report. Market Risk We are exposed to a variety of market risks, including the effects of changes in interest rates (including credit spreads), foreign currency exchange rates and fluctuations in fuel prices. We manage our exposure to these market risks through our regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Derivative financial instruments are viewed as risk management tools and have not been used for speculative or trading purposes. In addition, derivative financial instruments are entered into with a diversified group of major financial institutions in order to manage our exposure to counterparty nonperformance on such instruments. Interest Rate Risk We have assessed our exposure to changes in interest rates by analyzing the sensitivity to our earnings assuming various changes in market interest rates. Assuming a hypothetical increase of one percentage point in interest rates on our ABL Credit Facility, AR Facility and cash and cash equivalents as of December 31, 2020, our pre-tax earnings would decrease by an estimated $4.0 million over a 12-month period. From time to time, we may enter into interest rate swap agreements to manage interest rate risk on our mix of fixed and floating rate debt. Consistent with the terms of certain agreements governing our debt obligations, we may decide to hedge a portion of the floating rate interest exposure under the ABL Credit Facility to provide protection in respect of such exposure. Foreign Currency Risk We have foreign currency exposure to exchange rate fluctuations, primarily with respect to the Canadian dollar. We manage our foreign currency risk primarily by incurring, to the extent practicable, operating and financing expenses in the local currency in the countries in which we operate, including making fleet and equipment purchases and borrowing locally. We also manage exposure to fluctuations in currency risk on cross currency intercompany loans we make to certain of our subsidiaries by entering into foreign currency forward contracts, when appropriate, which are intended to offset the impact of foreign currency movements on the underlying intercompany loan obligations. We do not hedge our operating results against currency movement as they are primarily translational in nature. Using foreign currency forward rates as of December 31, 2020, each hypothetical one percentage point change in foreign currency movements would not have a significant impact on our revenue or earnings. HERC HOLDINGS INC. AND SUBSIDIARIES ITEM 8. Summarise this report in a few sentences.
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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Herc Holdings Inc. is exposed to a variety of market risks, including the effects of changes in interest rates, foreign currency exchange rates, and fuel prices. The company manages its exposure to these risks through regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Interest rate risk is managed by analyzing the sensitivity of earnings to changes in market interest rates. Foreign currency risk is managed by incurring operating and financing expenses in the local currency in the countries in which the company operates. The company does not hedge its operating results against currency movement as they are primarily translational in nature.
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Bengaluru: Confusion prevailed on the streets of Bengaluru and elsewhere in Karnataka on Tuesday as police used force to stop people from buying essentials like grocery and vegetables on the eve of the Ugadi festival.Trading was put off in the two bustling fruit and vegetable markets of Bengaluru — Yeshwanthpur APMC and KR Market — after the police allegedly caned farmers , merchants and buyers to disperse them in the morning.The desperate buyers clearly violated the government regulations which require people to maintain social distancing to contain the spread of Covid-19, forcing police to intervene. Several sellers looked crestfallen as they ended up with huge piles of stock, while buyers vanished.Opposition Congress leader Siddaramaiah condemned the police action as “inhuman” and urged the police to allow people to buy essential stuff and not use force on them. Responding to complaints, chief minister BS Yediyurappa said he was aware of the difficulties and stressed that essential services would remain open. He, however, did not specifically say how the issues would be fixed. “The police should not stop people who step out to buy essentials,” he told reporters.He cautioned those who venture out unnecessarily of stringent action. “We will be compelled to take strict action against those who refuse to stay at home. "This is my last warning,” Yediyurappa said.Growers from Bengaluru and the neighbouring districts bring vanloads of fruits, vegetables and flowers to the Yeshwanthpur APMC and KR Market area, and sell them to merchants. It is then picked up by retailers and vendors from different parts of the city. A farmer who had come all the way from Ballari to the state capital with his sapota (chikoo) crop said he burned his fingers as police stopped the trade. K Ashok, also a sapota merchant, showed 550 sacks of the fruit, each sack with 50 kg, dumped in his shop premises.“We asked farmers to bring the produce as the government had assured us that supply and sale of essentials are allowed. Now we have the stock, but are unable to sell,” the merchant complained.The police force kept a strict vigil in KR Market, closing most of the entry and exit points and preventing wholesalers, retailers and buyers from entering the market. As a result, sections of retailers made a fast buck selling vegetables at twice the normal price in many residential areas of Bengaluru.Chikke Gowda, secretary of the Yeshwanthpur APMC Vegetables Merchants’ Association, said that they purchased the produce from farmers on Tuesday and was unsure of how things will unfold from now on.“If the police prevent us from selling, then it will impact the supplies of essentials. Also, farmers are asking us what they should do with the crop. The government has to take a call to fix these issues,” he said. Following a meeting with police after the crackdown, the Yeshwanthpur APMC merchants decided to open the market only for wholesalers and retailers from Wednesday to avoid the crowd. “We will also distribute masks and sanitisers to farmers from Wednesday,” Gowda said. Summarise this report in a few sentences.
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police allegedly caned farmers, merchants and buyers to disperse them. buyers clearly violated government regulations. chief minister BS Yediyurappa said he was aware of the difficulties. he stressed that essential services would remain open. he did not specifically say how the issues would be fixed. 'the police should not stop people who step out to buy essentials'
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Washington: Only 6%of the total available green cards in 2016 went to employment-based categories, according to a report of the ruling Republican Party which notes that Indian skilled workers have more than 10 years of waitlist. The report said as of November 2017, around 112,000 people were on waitlists for all employment-based green cards combined. It said that only 6% of the green cards were issued by employment-based categories in 2016. Amidst a heated immigration debate, the party’s report said that in 2016, the US granted around 140,000 employment- based green cards, which was approximately 12% of total green cards issued that year. It said about five times as many people were awarded temporary employment-based visas like H-1B that expire after a period of time. In 2016, the report said the US issued almost 1.2 million green cards, granting immigrants legal permanent residence and the opportunity to apply for citizenship in the future. Around 800,000 green cards—close to 70% of the total—went to people immigrating to the US based on having relatives here. In contrast, about 140,000 green cards—less than 12%—were issued to immigrants for employment reasons, based on their skills, experience, education and on the needs of US employers. Of these 140,000 employment-based green cards, more than half went to the spouses and children of the primary applicants. “So, the number of green cards issued to people directly based on skills, experience, and education and on the needs of US employers is closer to 6% of the overall total," the report said. More than 80% of all employment-based green cards were issued to people already in the country who were changing from a temporary visa to permanent residence—a process call “adjustment of status", it said. The Immigration Nationality Act (INA) limits nationals of any single country to 7% of all family and employment-based green cards issued annually. Immigrants who get an employment-based green card may bring their spouses and minor children to the US. These “derivative" entrants count against the green card limits. When an employment-based green card preference is oversubscribed, prospective immigrants are put on a waitlist, it said. “As of November 2017, there were around 112,000 people on the waitlists for all employment-based green cards combined. Even if a preference category is not oversubscribed, nationals of some countries may face a wait because of the 7% per-country limit," the report said. “This limit affects people from countries that send a lot of people to the US such as China, India, and the Philippines. For instance, although there is no waitlist generally for EB-3 visas, the wait for EB-3 applicants from India is more than 10 years," it said. Noting that some recent reform proposals have centered on making the US immigration system more “merit-based", the report said many of these proposals would place more emphasis on providing for employment-based immigration and less on granting family-based and diversity-immigrant visas. The Immigration and Nationality Act (INA) provides five major categories—known as “preferences"—of green cards for people to immigrate to the US for employment reasons. These are EB-1 to EB-5. EB-1 visas are green cards for people with “extraordinary" abilities that have “been demonstrated by sustained national or international acclaim", “outstanding" professors and researchers who are “recognised internationally as outstanding in a specific academic area" and multinational executives. About 40,000 EB-1 visas are available each year. EB-2 category provides around 40,000 green cards annually to professionals such as architects, lawyers, doctors, teachers and engineers with advanced degrees. The category also includes immigrants “who because of their exceptional ability in the sciences, arts, or business" will “substantially benefit" the “economy, cultural or educational interests, or welfare" of the United States. EB-3 visas are for skilled and unskilled workers providing services that are not available from US workers, and for professionals such as engineers and teachers who do not have advanced degrees. Most of the Indian skilled immigrants apply for green cards in this category, thus the reason for their long agonising wait. Every year, the US issues about 10,000 green cards under EB-4 visas category, which are available for people such as religious workers, broadcasters, members of the armed services and Afghani and Iraqi translators. There are around 10,000 green cards available for immigrants under EB-5 category who invest at least $500,000 in certain US businesses. In addition to the employment-based green card programmes that allow people to live permanently in the US, there are around 20 visa programmes that allow people to live temporarily in the US for employment reasons. Some of the better-known categories of these temporary employment-based visas include H-2A visas for temporary or seasonal agriculture workers and H-2B visas for temporary or seasonal non-agricultural workers like hotel employees in seasonal tourist destinations. “Another significant category is H-1B visas for workers in occupations requiring the application of highly specialised knowledge, such as information technology and engineering," the report said. “In 2016, about 530,000 people got H-1B, H-2A, and H-2B visas, including spouses and children. There were more than 750,000 temporary employee-based visas issued across all categories," the report said. Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more. 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only 6% of the green cards were issued by employment-based categories in 2016. in 2016, the us issued almost 1.2 million green cards. more than half of these 140,000 employment-based green cards went to spouses and children of primary applicants. more than 80% of all employment-based green cards were issued to people already in the country who were changing from a temporary visa to permanent residence.
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Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced a cut in repo rate by 40 bps to 4 per cent from 4.40 per cent. The reverse repo rate now stands adjusted at 3.35 per cent. Accordingly, the marginal standing facility (MSF) rate and the Bank Rate stand reduced to 4.25 per cent from 4.65 per cent. The monetary policy committee (MPC) also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target. "RBI MPC voted 5-1 for a 40 bps repo rate cut to 4%," he added. "These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth," Das also said. "COVID Pandemic has crippled the global economy. We must have faith in India's resilience & come out of all odds," RBI Governor also said. The first address by Shaktikanta Das amid the lockdown was on March 27 and the second was on April 17. In April, the RBI had unexpectedly cut its key deposit rate to discourage banks from depositing idle funds with it and propel lending and boost the sluggish economy amid the coronavirus crisis. The RBI had cut its reverse repo rate by 25 basis points (bps) to 3.75 per cent. The central bank has infused funds totalling 3.2 per cent of GDP into the economy since the February 2020 monetary policy meeting. In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1 and May 31. SBI Research had recently said that with the government extending the nationwide lockdown up to May 31, the RBI may extend the moratorium on repayment of loans for three more months. An extended moratorium will imply that companies need not repay loans until August 31, 2020, it stated. That, however, will result in a build-up in interest that companies may not be able to service in September, it said, adding that such accounts will then run the risk of being classified as non-performing loans, according to RBI norms."Thus, the RBI needs to give operational flexibility to banks for a comprehensive restructuring of the existing loans and also a reclassification of 90 day norm," the report noted. Also read: Coronavirus Tracker Live Updates: 6,088 new cases in 24 hours, highest 1-day jump; India's tally-1.18 lakh Also read: Mukesh Ambani scores 5th cheque! KKR to invest Rs 11,367 cr into Jio Platforms Summarise this report in a few sentences.
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RBI governor announces 40bps cut in repo rate to 4% from 4.40 per cent. reverse repo rate now stands at 3.35 per cent. RBI has infused funds totalling 3.2 per cent of GDP into economy. in march, the central bank allowed a three-month moratorium on payment of all term loans due between March 1 and May 31.
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Those asking that the stock markets be shut down need to rethink their demand. It is true investors have been bruised, and promoters’ wealth has been eroded—and, possibly, their collateral against loans is eroding—but, discontinuing trading means taking away an opportunity from those who want to buy or sell. That is patently unfair, and will add to the pressure when the markets finally open. The regulator’s measures aimed at reining in excessive speculation should do the trick. Short positions in the derivatives segment can no longer exceed the underlying value of cash holdings, or the collateral provided. That is a fair rule as it keeps the market safe. Also, market-wide position limits for the extremely volatile stocks—those that see an average daily variation of 15% during the week—have been halved. So, just about 10% of the market cap of a company would be traded, compared with 20% before this. In addition, the margins for trading in these stocks have been raised, which would make it costlier for traders. And, for good measure, the penalties for any breach are now five times higher. In fact, the regulator has hiked penalties—by up to ten times—for various breaches. Sebi has also upped the margins to 40%—in a phased manner—for volatile stocks in the cash segment, a fairly high level. One could always argue that Sebi needed to have stepped in earlier and contained the damage, but a demand to ban short-sales totally, as has been done in other markets, is not justified. With naked shorts now banned, there is no reason not to allow intra-day short-selling. As is well-accepted, day trading adds to the volumes, and large volumes are particularly critical at times like these. For all the volatility and the big crash, it must be said that no defaults have been reported so far. Those who have lost money have only themselves to blame. It was evident, even before the coronavirus pandemic, that stocks were hugely over-valued, and that the benchmark indices were being driven up by just a dozen stocks. More than 80% of the stocks have lost value since early 2018, and the trend worsening over the past two years is not surprising since corporate earnings have been very poor. An FE Index that tracks how firms with a market capitalisation of Rs 1,000 crore plus have fared has done badly. The truth is, investors get carried away by fund managers, who are always talking up the market. Analysts, for their part, are often compelled to paint a picture that is rosier than it actually is, and brokerages need to get their clients to trade as much as possible so that they survive. But, the blame, for any loss, must ultimately lie with the investor who simply doesn’t believe in caveat emptor. A more cautious approach to investing would spare savers much grief. Summarise this report in a few sentences.
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short positions in derivatives segment can no longer exceed underlying value of cash. market-wide position limits for extremely volatile stocks have been halved. sebi has hiked penalties—by up to ten times—for various breaches. more than 80% of the stocks have lost value since early 2018,. a FE Index of 225 stocks has been lowered to a.1 level.
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Initial Market Reaction: IPOs Turn Superhits, Led by Big Tata Release The initial public offering (IPO) market is in an unprecedented bull wave. Three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening. IndiGo Checks in with Ease of Flying Business IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024, as India’s largest airline looks to court more business flyers and rival Air India on international routes, said people with knowledge of the matter. Summarise this report in a few sentences.
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three of the four IPOs — Tata Technologies, Flair Writing Industries, and Gandhar Oil Refinery — which opened on Wednesday were fully subscribed within hours of opening. IndiGo may introduce a premium class of seats along with hot food and a loyalty programme by the end of 2024. the airline may court more business flyers and rival Air India on international routes.
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Launching an attack on the previous UPA government, Prime Minister Narendra Modi on Saturday blamed the Manmohan Singh-led government for rising non-performing assets (NPAs) or bad loans in the banking sector. Just a few days after NDA came to power, the government realised that the Congress had left the nation’s economy on a land mine, said PM Narendra Modi at the launch of India Post Payments Bank (IPPB) on Saturday. Meanwhile, NPA write-offs by Public Sector Banks (PSBs) have more than doubled in the last four years, data from Parliament papers show. PSU banks wrote off Rs 49,018 crore in the financial year 2014-15, which increased by whopping 161 percent in the financial year 2017-18 to Rs 1,28,229 crore, data provided by Minister of State for Finance, Shiv Pratap Shukla, in the Rajya Sabha showed. State Bank of India (SBI) which is country’s largest lender wrote off Rs 39,151 crore in FY17-18, followed by IDBI Bank (Rs 12,515 crore) and Bank of India (Rs 8,976 crore). The NPA write-offs for agriculture and allied services were Rs 7,091 core in FY16-17 and Rs 10,345 crore in FY17-18, data showed. Earlier today, Prime Minister Narendra Modi launched the India Post Payments Bank (IPPB) at Talkatora Stadium in New Delhi. The bank in which the government owns 100 percent equity aims to leverage the vast network of the Department of Posts (DoP) that has over three lakh postmen and Grameen Dak Sewaks. IPPB will have 650 branches and 3250 Access Points across the country. Summarise this report in a few sentences.
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PM Narendra Modi blamed the Manmohan Singh-led government for rising non-performing assets (NPAs) or bad loans in the banking sector. he said the government had left the nation's economy on a land mine. meanwhile, NPA write-offs by public sector banks have more than doubled. the bank will have 650 branches and 3250 access points across the country.
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EdTech startup AceTute has awarded its branding, creative and digital mandate to Chimp&z Inc. The agency will act as a launchpad for the product in India by providing technology and digital marketing solutions. The account will be handled from the agency’s headquarter in Mumbai. As per the mandate, the agency will create brand strategy and build the technology for the product from scratch while also designing and developing the website and mobile application for the EdTech start-up, to be launched in June 2020. Furthermore, the mandate demands the agency to perform social media marketing, media planning and execution, creative strategy, and public relations for the brand. According to Dominic Shellard, founder and CEO, AceTute, the platform along with Chimp&z Inc aims to introduce a step-change in the educational achievements of the students. “EdTech was the future before March 2020, but its role is now absolutely essential to educational success, growing economies, and a safer world. With our digital partner Chimp&z Inc, we look forward to fulfilling our aspirations and revolutionizing EdTech.” The agency won the mandate following a multi-agency pitch. It is an opportunity for us to think holistically for a brand and get it ready for a digital-first economy, Angad Singh Manchanda, CEO and co-founder, Chimp&z Inc said. “Together with the team at Theseus Global (Education) Ltd, we aim to create a product which not only delivers to the objective but also leaves a memorable experience behind for its consumers. We plan to create a strong player in the education sector of the country and look forward to launching the product on a global platform soon.” Founded in 2013 by Angad Singh Manchanda and Lavinn Rajpal, Chimp&z Inc is a multi-dimensional marketing agency headquartered in Mumbai with a branch in Gurugram as well as operations in North America. Chimp&z Inc has been providing integrated solutions that enable data, media, and creative solutions to work together for optimal campaign performance across the entire customer journey. Read Also: IdeateLabs bags multiple new business accounts Follow us on Twitter, Instagram, LinkedIn, Facebook Summarise this report in a few sentences.
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the agency will act as a launchpad for the product in India by providing technology and digital marketing solutions. the agency won the mandate following a multi-agency pitch. Chimp&z Inc has been providing integrated solutions that enable data, media, and creative solutions to work together. the product is expected to be launched in June 2020. the agency will also design and develop the website and mobile application for the start-up.
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Washington: America's first-ever Hindu lawmaker Tulsi Gabbard has said that in this chaotic time, one can find certainty, strength and peace in Bhagavad Gita.In her message during a virtual commencement address, the 39-year-old Congresswoman from Hawaii said that it is a chaotic time and no one can say with certainty what tomorrow looks like."... but we find certainty, strength and peace in the practice of Bhakti Yoga and Karma Yoga taught to us by Krishna in the Bhagavad Gita," Gabbard told the 'Class of 2020 for Hindu students'.Her address came amidst protests in the US against the killing of African-American George Floyd by a white police officer in Minneapolis.The country has been swept by protests since Floyd's custodial death on May 25 with thousands of people mounting pressure for changes to the law enforcement practices.The first-ever virtual Hindu commencement was organised by the Hindu Students Council on June 7, which drew thousands of viewers on Facebook and YouTube Live, all coming together in solidarity during the ongoing COVID-19 crisis.According to Johns Hopkins Coronavirus Resource Center, the contagion has infected over 76,00,000 people and killed more than 4,25,000 across the world. The US is the worst affected country with over 2.04 million cases and more than 1,14,000 deaths.The COVID-19, which originated in China's Wuhan city in December last year, has also battered the world economy with the International Monetary Fund saying that the global economy is bound to suffer a "severe recession".Scientists are racing against time to find a vaccine or medicine for its treatment.Hundreds of graduates from the US, Canada, the UK, India and Australia attended to commemorate their graduation in a unique way - by celebrating their shared Hindu values.Professor Subhash Kak served as the ceremony's Grand Marshall."As you think about this new chapter in your lives, ask yourself what is my purpose in life? It is a deep question that if you can recognise now that your purpose is to serve God and God's children, practicing Karma Yoga, then you can lead a truly successful life," Gabbard said."Success is not defined by temporary material things, trinkets, glittery objects or accomplishments - but a deeply successful and happy life centered around service," she added.The Iraq war veteran ended her presidential campaign in March and offered her full support to former vice president Joe Biden, 77, who is all set to challenge Republican incumbent Donald Trump, 73, in November elections.The commencement address focused heavily on themes from the Bhagavad Gita, a timeless historical text that many Hindus consider their moral framework.Professor Kak, Regent Professor at Oklahoma State University and 2019 Padma Shri recipient, read out the names of the graduating students."I exhort you - the graduating students - to be the leaders of the new world where education is less of the mind of a vessel to be filled with information (usually forgotten after the semester is over), and more of a flame that is lit as envisioned by our Vedic sages," he said.The student speakers were from many university campuses, including the Massachusetts Institute of Technology, Princeton and Stanford The programme included offerings of Hindu prayers, recitation of a traditional graduation message from the Upanishads and a symbolic conferral of degrees to high school and college graduate.Founded in 1990, Hindu Students Council is North America's largest pan-Hindu youth organisation. Summarise this report in a few sentences.
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the 39-year-old congresswoman from Hawaii spoke at a virtual commencement. she said that in this chaotic time, one can find certainty, strength and peace in Bhagavad Gita. her address came amidst protests in the country against the killing of African-American George Floyd by a white police officer in Minneapolis. the country has been swept by protests since Floyd's custodial death.
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Troubled edtech major Byju’s on Saturday reported its delayed audited financial accounting for the year ended March 2022 — in parts — showing a 2.3 times growth in revenue to ₹3,569 crore in its standalone business. Ebitda loss of the core business — financials for which were reported — was down to ₹2,253 crore in FY22, from ₹2,406 crore in the previous year, according to a company statement. State Bank of India (SBI), the country’s largest lender by loans outstanding, met D-Street expectations to report an 8% increase in the second-quarter net profit on steady credit demand and lower provisions as the nation’s most-valued government entity wrote back some accounts where recovery was delayed. The lender expects robust loan growth, underpinned by broad-based economic expansion. India has cleared the first 100% foreign direct investment (FDI) in the defence sector, with permissions granted to Sweden’s Saab to set up a new facility that will manufacture rockets. Experience Your Economic Times Newspaper, The Digital Way! (What's moving Sensex and Nifty Track latest market news stock tips and expert advice on ETMarkets . Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Download The Economic Times News App to get Daily Market Updates & Live Business News. Top Trending Stocks: Sensex Today Live Summarise this report in a few sentences.
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byju's reported a 2.3 times growth in revenue to 3,569 crore in its standalone business. Ebitda loss of the core business was down to 2,253 crore in FY22, from 2,406 crore in the previous year. state bank of india (SBI) met D-Street expectations to report an 8% increase in the second-quarter net profit.
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The foreign direct investment (FDI) in the telecom sector rose to $6.2 billion in the last fiscal, a near five-fold increase from $1.3 billion in 2015-16, Union Telecom Minister Manoj Sinha. He further said the new sectoral policy in works envisages the FDI in the telecom space to reach $100 billion by 2022. "Foreign direct investment would be key to unleash the potential of upcoming modern technologies. FDI in the telecom sector has jumped nearly five times in the last three years from $1.3 billion in 2015-16 to $6.2 billion in 2017-18," Sinha said at a seminar on 'FDI in Telecom Sector'. The minister added that the government is keen on facilitating rollout of 5G services in India at par with the world in 2020 which will play a key role in harnessing new emerging technologies like machine-to-machine communications, internet of things, artificial intelligence, etc. He said keeping all the future technologies in mind and their potential, draft National Digital Communications Policy (NDCP) 2018 has been formulated. The new telecom policy is likely to be placed before the Cabinet for approval on September 26, according to official sources. "We need massive investments in developing newer technologies which are accessible and affordable for the people. We are poised to become the third largest economy in the world over the next two decades. It is the most opportune moment for the investors across the world to invest in India," Sinha said. He said there have been some upheaval in the last 2-3 years with mergers and acquisitions and a couple of unfortunate insolvency proceedings but "worst is now behind us". "As we move from telecom to digital India, it is pertinent to mention that the draft Digital Communications Policy 2018 aims to attract of $100 billion in the sector. India has announced plans to launch 5G service by 2020 which provides big investment opportunity," Sinha said. Telecom Secretary Aruna Sundararajan said the sector has been a poster of the Indian economy in the past and once of the sector stabilised from the current financial stress situation, it will regain the same status. "If we put our act together, we can attract $100 billion FDI and enhance share of telecom sector in GDP from 6.35 percent to 8 percent," Sundararajan said. Department of Telecom Special Secretary N Sivasailam said that if the telecom companies in the country want to grow they need to look at investing in overseas markets as well. "We have players from other markets present in India but we don't have presence there. Our investments abroad will leverage debt. That is how wealth is created. It is time to look into it," Sivasailam said. Summarise this report in a few sentences.
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foreign direct investment (FDI) in telecom sector rose to $6.2 billion in last fiscal. minister says the sector's share of GDP will increase to 8 percent by 2022. government keen on facilitating 5G services in india at par with world in 2020. telecom secretary says sector has been poster of the country in the past. FDI in telecom sector has jumped nearly five times in last three years.
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India is not insulated from the turmoil global financial markets, Principal Economic Adviser Sanjeev Sanyal told CNBC-TV18. On March 13, the Indian stock market hit the lower circuit for the first time in 12 years after 2008 crisis, halting trading for 45 minutes. "Have seen much worse on trading floors in the past," Sanyal told the news channel. On inflation, he sees inflation falling off sharply in the next two readings. Retail inflation, measured as Consumer Price Index (CPI), came in at 6.58 percent in February. Speaking about the coronavirus outbreak, Sanyal said first the medical angle needs to be taken care of before looking at the impact on the economy and markets. "India has monetary space to tackle the economic impact of coronavirus," he added. COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show Finance Minister Nirmala Sitharaman has held a meeting with the industry to address supply shortfalls, Sanyal said. The outbreak of coronavirus, or COVID-19, had disrupted the supply chain to some Indian industries since it hurt imports from China to India. Summarise this report in a few sentences.
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india is not insulated from the turmoil global financial markets, economic adviser says. he sees inflation falling off sharply in the next two readings. a vaccine works by mimicking a natural infection. a vaccine helps quickly build herd immunity to put an end to the pandemic. the good news is that SARS-CoV-2 virus has been fairly stable.
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Representative image The recent Q1FY21 GDP numbers “should alarm us all”, former Reserve Bank of India (RBI) Governor Raghuram Rajan said. In a document post titled ‘The Alarm in the GDP Numbers’ shared via his LinkedIn account, Rajan pointed out that the 23.9 percent contraction in India’s GDP numbers “will probably be worse” when informal sector estimates are accounted for. He compared the slump to numbers recorded worldwide, pointing out the 12.4 percent and 9 percent fall in GDP data in Italy and the United States, respectively – two of the worst affected advanced countries. “Yet India is even worse off than these comparisons suggest. The pandemic is still raging in India, he said adding that government relief becomes “all the more important” but has been “meagre and patchy.” Acknowledging the government's reluctance to do more as a means to conserve resources for a possible future stimulus, Rajan noted “this strategy is self-defeating.” COVID-19 Vaccine Frequently Asked Questions View more How does a vaccine work? A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine. How many types of vaccines are there? There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine. What does it take to develop a vaccine of this kind? Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time. View more Show “If you think of the economy as a patient, relief is the sustenance the patient needs while on the sickbed and fighting the disease. Without relief, households skip meals, pull their children out of school and send them to work or beg, pledge their gold to borrow, let EMIs and rent arrears pile up... by the time the disease is contained, the patient has become a shell of herself,” he reasoned. He then likened the economy to a tonic which can help the patient get out of her sickbed faster when the disease is vanquished. “…if the patient has atrophied, stimulus will have little effect. Even if they start earning, indebted households will not consume freely, especially if they believe they have to manage further periods without livelihoods or government help,” he noted. He called out government officials waiting for a stimulus once India has finally contained the virus for underestimating the damage. Adding: “Instead of claiming there is a V-shaped recovery round the corner, they should wonder why the US, despite spending over 20 percent of GDP in fiscal and credit relief measures, is still worried the economy will not return to pre-pandemic GDP levels by the end of 2021.” “This mindset is too pessimistic, but the government will have to expand the resource envelope in every way possible, and spend as cleverly as possible … this requires a more thoughtful and active government. Unfortunately, after an initial burst of activity, it seems to have retreated into a shell,” he added. For resources, Rajan suggested Indian could borrow from the bond markets if it committed to return to fiscal viability over the medium term and added that sale of public sector firm shares and assets, could also be employed. “Even if sales do not take place immediately, preparations for sale, as well as an announced time table, will give bond markets greater conviction the government is serious about restoring fiscal stability,” he noted. On government spending, Rajan emphasised the need to prioritise. Among his suggestions include: - Replenishing of “tried and tested” MNREGA, - Direct cash transfers to the poorest households, especially in urban areas without MNREGA, - Quick clearance of government and public sector firm payables, - Rebate in GST or corporate income tax for small and medium firms, - Recapitalisation of public sector banks (PSBs), - Encouragement of private sector to “give a helping hand”, where “cash-rich platforms like Amazon Reliance, and Walmart could help smaller suppliers get back on their feet, even funding them”, and - All large firms should be incentivized to clear their receivables quickly He also emphasised the need for a “well-thought-out plan to deal with the coming financial distress” as loan moratoriums come to an end. He suggested: - Structures to help debtors and claimants such as landlords and banks reach agreements, - Setting up of arbitration forums to renegotiate claims - Support to civil courts, debt recovery tribunals, and the NCLT to provide rapid back-up judgments Rajan also noted that given the depth of the contraction, stimulus will be needed – especially in infrastructure construction which creates jobs and increases demand. “The Centre should replenish the coffers of the state governments, which typically spend more on infrastructure,” he noted, adding that this can be accounted for as part of the GST dues the Centre owes states. “Reforms can be a form of stimulus, and even if not carried out immediately, a timeline to undertake them can boost current investor sentiment,” he noted. Pointing out if India wants to use exports as a way to grow, the government should reverse its recent raising of tariffs to be competitive. “Temporary half-baked "reforms", such as the recent suspension of labour protections in a number of states, will do little to enthuse industry or workers, and give reforms a bad name,” he added. “India needs strong growth, not just to satisfy the aspirations of our youth but to keep our unfriendly neighbours at bay,” Rajan said. He added that the recent pick-up in sectors such as auto do not evidence V-shaped recovery, but is instead pent-up demand, which will fade. “No doubt, the government and its bureaucrats are working hard as always, but they need to be frightened out of their complacency and into meaningful activity. If there is a silver lining in the awful GDP numbers, hopefully it is that,” he said. Summarise this report in a few sentences.
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former RBI governor Raghuram Rajan said the 23.9 percent contraction in India’s GDP numbers ‘will probably be worse’ when informal sector estimates are accounted for. he compared the slump to numbers recorded worldwide, pointing out the 12.4 percent and 9 percent fall in GDP data in Italy and the u.s.. he said government relief becomes “all the more important” but has been “meagre and patchy”.
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Despite COVID-19 stopping much of the world in tracks, tech giant Xiaomi appears to be going ahead with its plans for 2020 and beyond. Only yesterday, the company announced a new smartphone -- the Mi 10 Youth Edition -- in China and alongside it also unveiled its next-gen Android skin, MIUI 12. This latest version of the company's take on Google's Android OS comes with a number of new features and visual upgrades over its predecessor. With its upgrades, MIUI 12 promises not only smooth performance but also enhanced functionality with the help of features such as an updated version of dark mode, AI calling, new privacy and security tools, multi-tasking features, animations and wallpapers. Interestingly, Xiaomi also claims that MIUI 12 is also the first mobile operating system that has passed TV Rheinland's "Android System Enhanced Privacy Protection Test." MIUI 12: When will it be available? For now, Xiaomi has unveiled MIUI 12 in China and as such the software is expected to not be made available to international audiences for a few weeks at least. As of now, Xiaomi has released a closed beta program for users in China to receive early feedback on the ongoing development of the MIUI 12. The first stable build of the MIUI 12 OS is scheduled to be released in June this year, post which we can expect a timeline for the release of the software in markets such as India. This availability will also depend greatly on how the COVID-19 situation pans out across the globe in the coming months. MIUI 12: Eligible devices Xiaomi has also announced the list of devices that will be getting the new MIUI 12 update. While it does cover most of the Xiaomi and Redmi phones you'd expect to see getting the update, there are a few notable ommissions. The update is scheduled to be rolled out to Xiaomi phones in batches, with the company for now releasing a list of three batches for the roll-out of the MIUI 12 update. First Batch Xiaomi Mi 10 Pro Xiaomi Mi 10 Xiaomi Mi 10 Youth Edition Xiaomi Mi 9 Pro Redmi K30 Pro Redmi K30 Redmi K20 Pro Redmi K20 Second Batch Mi Mix 3 Xiaomi Mi 8 series Redmi Note 8 Pro Redmi Note 7 Redmi Note 7 Pro Third Batch Summarise this report in a few sentences.
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Xiaomi unveiled its next-gen Android OS, MIUI 12. the software is expected to be released in china in a few weeks. the company has also announced the list of devices that will be getting the update. the update is scheduled to be rolled out to Xiaomi phones in batches. a new version of the software is expected to be released in a few weeks.
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Global energy supermajor BP plc and Reliance Industries Ltd on Thursday announced the start of their fuel retailing joint venture under the brand ‘Jio-bp’. BP had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) for USD 1 billion. The joint venture, where RIL holds the remaining 51 per cent, has now commenced operations. Also Read: Fifth deal! KKR to buy 2.32% stake in Jio Platforms for $1.5 billion “Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned,” the companies said in a joint statement, adding the new fuels and mobility joint venture, Reliance BP Mobility Ltd (RBML), has started operations. Operating under the ‘Jio-bp’ brand, the joint venture aims to become a leading player in India’s fuels and mobility markets. RBML has received the marketing authorisation for transportation fuels, amongst other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to ‘Jio-bp’ in due course. “It will leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail, and advanced low carbon mobility solutions,” the statement said. India’s auto fuel retailing is dominated by public sector oil companies that own the majority of 69,392 petrol pumps in the country. State-owned IOC, BPCL and HPCL own 62,072 petrol pumps and 224 out of the 256 aviation fuel stations in the country. BP and RIL said they expect the venture to grow rapidly to help meet India’s fast-growing demands for energy and mobility. “India is expected to be the fastest-growing fuel market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold over the period. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years,” the statement said. This rapid growth will require a four-fold increase in staff employed in service stations — growing from 20,000 to 80,000 in this period. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years. RIL Chairman and Managing Director Mukesh Ambani said: “Reliance is expanding on its strong and valued partnership with bp, to establish a pan-Indian presence in retail and aviation fuels. RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers.” Bernard Looney, BP chief executive officer, said India has been leading the way with innovations in digital technology, value engineering and new energy solutions. “It is a country that will require more energy for its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. bp has a proud history in India spanning over a century. We are honoured to be a strategic partner with Reliance – India’s most valuable company – and pleased that our partnership has grown in both substance and spirit over this past decade,” he said. The new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonisation of its own operations as well as that of its wider ecosystem, the statement said. With its many investments in India and employing around 7,500 people in the oil, gas, lubricants, and petrochemical businesses, BP is one of the largest international energy companies in India. In addition to its gas value chain, retail, aviation fuels, and mobility alliance with RIL, BP’s activities include Castrol lubricants, oil and gas trading, clean energy projects through investment in Lightsource bp, IT back-office activities and a new global business services centre. BP owns 33.3 per cent stake in RIL-operated gas blocks in eastern offshore including the flagging KG-D6 block. Summarise this report in a few sentences.
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bp bought 49 per cent stake in 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) last year. joint venture has now commenced operations. operating under the ‘Jio-bp’ brand, the joint venture aims to become a leading player in India’s fuels and mobility markets.
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