Top headlines: UBS pegs FY21 growth at -0.4%, US death toll crosses 1 mn

The worst-case scenario, assumes that coronavirus (Covid-19) will continue to spread, possibly in waves, all the way through to mid-2021 | Photo of UBS headquarters in Zurich | Courtesy: Reuters
The global research and brokerage house, UBS, expects India's real GDP to contract to -0.4 per cent in the financial year 2020-21 (FY21). SpiceJet has told its pilots that most of them will not get paid for the months of April and May. There is a rising risk of an imminent downgrade by Moody’s (to Baa3 ‘stable’ from Baa2 ‘negative), bringing it on par with S&P and Fitch, both of which rate India at BBB, says chief India economist at Nomura, Sonal Varma. The US, which became the first country in the world to have more than one million cases of coronavirus, now accounts for nearly a third of the 3.1 million cases globally. Here are the top events that made to the headlines today.

1. Covid-19 fallout: UBS pegs FY21 India growth at -0.4%, a four decade low
Weaker-than-expected economic activity due to the nation-wide lockdown to contain the coronavirus pandemic and a looming global recession is likely to hit the Indian economy hard with UBS expecting real GDP to contract to -0.4 per cent in financial year 2020-21 (FY21). The global research and brokerage house has been trimming its expectations gradually and had earlier forecast a growth of 2.5 per cent. Read full story here...

 
2. Covid-19 impact: SpiceJet says pilots will not be paid for April and May
The airline will roster its pilots in a way that most get chances to operate the company's cargo aircraft in order to get minimal pay. Pilots who are operating cargo aircraft are getting paid according to the hours they fly. SpiceJet has five freighter aircraft which are ferrying cargo like medical and food supplies within India and abroad. Read more...

3. Rating downgrade by Moody's, negative outlook by Fitch likely, warns Nomura
India is on the cliff’s edge and is staring at a possibility of a downgrade in its sovereign rating by Moody’s and a negative outlook by Fitch against the backdrop of coronavirus pandemic that has brought the economic activity in the country to a standstill, said analysts at Nomura in a recent report. Read on...

 
4. Covid-19 death toll in US surpasses American fatalities in Vietnam War
The number of people infected by the coronavirus pandemic in the US crossed the one-million mark on Tuesday, while the fatalities spiked to over 58,300, exceeding the number of American soldiers who lost their lives in the two-decade-long Vietnam War. Read full story here...

5. Amid Covid-19, Indians got better internet speed last week as load reduced
India experienced faster internet last week but it was still below its peak speeds last seen in March. The fixed download speed in India was 35.84 megabits per second (Mbps) for the week ending April 27, shows data from global internet tracker Ookla. The mobile download speed was 10.35 Mbps in the same period. Read more...

6. Actor Irrfan Khan, 53, dies of colon infection at a Mumbai hospital
Actor Irrfan Khan, 53, died battling colon infection at a Mumbai hospital on Tuesday. Khan had been admitted to the intensive care unit of Mumbai's Kokilaben Dhirubhai Ambani Hospital. The news of his death was shared on Twitter by filmmaker Shoojit Sircar. Read on...


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel