Union minister Nitin Gadkari said he expects the Centre to unveil a financial package in two-three days, observing that the economic situation "was very bad" despite the three-month moratorium on loan repayments announced by the RBI. The minister said the government stands with the industry but it also needs to understand the government's limitations.
Rakesh Jhunjhunwala cuts stake in Titan, Lupin, Escorts
Ace investor Rakesh Jhunjhunwala rejigged his stake in 11 companies in March quarter and kept it unchanged in 8, as per the latest shareholding pattern filed by the companies till May 8, 2020. Jhunjhunwala increased his stake in six companies during the period under review, including Rallis India, VIP Industries, Federal Bank, Jubilant Life Sciences, GMR Infrastructure, and Orient Cement. Read more
Nirav Modi's extradition trial in PNB fraud case to begin in London
Fugitive diamond merchant Nirav Modi, fighting extradition to India on charges over the nearly $2 billion Punjab National
Bank (PNB) fraud and money laundering case, is set to be produced before a UK court for his trial on Monday, to take place in a part-remote setting due to the coronavirus lockdown.
The 49-year-old jeweller, who has been lodged at Wandsworth Prison in south-west London since his arrest in March last year, is expected to be produced physically at Westminster Magistrates' Court in London. Read More
Tax-burden on India's GDP to rise further, hitting consumption and savings
The latest increase in indirect taxes on commodities like diesel, petrol and alcohol by the central and various state governments is likely to lead to a further rise in the tax burden on India's Gross Domestic Product (GDP). In FY19, indirect taxes (net of subsidies) accounted for nearly 10 per cent of GDP, up from 9.3 per cent a year ago and a low of 6.1 per cent in FY10. This. say economist, will negatively impact household disposable income and may hit consumer demand and savings and investments by the household. According to the Organisation of Economic Co-operation and Development (OECD), disposable income is closest to the concept of income as generally understood in economics. Read More
Worst yet to come: Fed official after US loses 20.5 mn jobs due to Covid-19
A US Federal Reserve official said that the worst was yet to come on the employment front after a staggering 20.5 million jobs were slashed in April amid the Covid-19 pandemic. "I mean the worst is yet to come on the job front, unfortunately. And that it really is going to be, you know, as these states start to reopen and as businesses start to reopen, obviously we need them to reopen safely," Neel Kashkari, president of the Federal Reserve Bank of Minneapolis said to ABC News on Sunday. Read More
Covid-19 impact: International tourism may decline by 60-80% in 2020
International tourism could shrink by a whopping 60-80 per cent in 2020 due to the Covid-19 pandemic, resulting in the revenue loss of $910 billion to $1.2 trillion and placing millions of livelihoods at risk, according to the World Tourism Organization (UNWTO). The pandemic, spread across every country on the planet, has so far infected 4.1 million people and killed 282,719 people. The US has been the worst-affected country with 1.3 million confirmed coronavirus
cases and nearly 80,000 deaths. Read More