Oil drops 9% following a record surge last week, as OPEC meeting on a production cut is delayed

CNBC Oil prices dropped during overnight trading on Sunday after OPEC+ announced it was delaying its meeting initially scheduled for Monday, stoking fears on the Street that a production cut might face hurdles. U.S. West Texas Intermediate crude fell 9.2% to trade at $25.72 per barrel, while international benchmark Brent crude dipped 8.7% to $31.15 […]

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Several may lose jobs amid coronavirus outbreak, says CEO Snap Poll

Business-standard Further, most firms (80 per cent) have claimed that their inventory was lying idle at present The coronavirus pandemic and the subsequent nationwide lockdown have deeply impacted the domestic economy, with a majority of firms expecting a significant decline in their top line and bottom line in the current and previous quarters, demand declining […]

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Coronavirus fear: Govt raises issue of layoffs, salary cuts with companies

Business-standard The Central government is scrambling to address distress calls of workers across the country, with the authorities intervening with employers to address concerns on layoffs or unpaid leave during the nationwide lockdown, which is aimed at minimising the spread of Covid-19. The office of the chief labour commissioner, under the Union Labour and Employment […]

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Covid-19 relief: Staggered 180-day bad-loan breather on cards for banks

Business-standard RBI may allow relaxation in delinquency period, go easy on additional collateral requirements Raghu Mohan  |  Mumbai  Last Updated at April 6, 2020 00:44 IST The Reserve Bank of India (RBI) and the finance ministry may take up the issue of relaxation in the delinquency period for the classification of banks’ non-performing assets (NPAs) […]

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Coronavirus impact: States can now borrow up to 50% of limit in April

Business-standard Centre’s resource crunch owing to dwindling revenues prompts move In an unprecedented move necessitated by the coronavirus (Covid-19) pandemic, the Centre has allowed states to avail of up to 50 per cent of their 2020-21 (FY21) borrowing requirements in April itself, Business Standard has learnt. The move became imperative because of the Centre’s resource […]

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It'll be a positive surprise if earnings grow in FY21, says Jigar Shah

Business-standard Further fall will depend on whether the coronavirus (Covid-19) situation lasts beyond May-June 2020 With the country mid-way through the lockdown triggered by the rampant spread of coronavirus, Jigar Shah, chief executive officer, Maybank Kim Eng Securities, tells Puneet Wadhwa that industry expects a gradual opening up after April 14. Slowly, supply chains would […]

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Brokerages prefer realty firms with annuity assets amid stable cash flows

Business-standard At beaten down valuations, annuity developers offer favourable risk-reward, it said. DLF, Prestige Estates, Phoenix Mills and others have large office properties Brokerages are recommending stocks of real estate companies with annuity assets because of stable cash flows. They believe that demand for office properties will bounce back faster than others. “While slowing global […]

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2020's economic free fall is not another Great Depression, Leuthold Group's Jim Paulsen says

CNBC The Leuthold Group’s Jim Paulsen expects the economic downturn from the coronavirus pandemic to reach epic proportions. But he believes it’s not another Great Depression. “We had the roaring 20s, and during that period people got over their skies,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on Friday. “The depression started in […]

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Boeing extends Seattle-area production shutdown until further notice amid coronavirus pandemic

CNBC A worker walks near a 747-8 airplane at the Boeing factory in Everett, Wash. David Ryder | Bloomberg | Getty Images Boeing is extending production shut down at its Seattle-area airplane factories “until further notice” because of the coronavirus pandemic, the company said Sunday. The manufacturer last month said it would pause production for two […]

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Relief for farmers: Centre eases agri produce sale rules amid Covid-19

Business-standard Allows farmers to sell produce directly to retail chains, bulk buyers for 3 months A series of central government notifications and letters to states in the past two days will enable agri and food products to reach consumers in a timely and efficient manner. The measures include limiting jurisdiction of APMCs (Agricultural Produce Market […]

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With no income and food, Dharavi gasps for air as Covid-19 cases increase

Business-standard Overcrowding, unsanitary conditions in Asia’s largest slum pose big challenges to containment The roads are empty, the shops closed, and some areas are cordoned off. Dharavi, Asia’s largest slum, is locked down like the rest of Mumbai. However, the rising number of coronavirus (Covid-19) cases in thisteeming shantytown, where people live in huts and […]

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British PM Boris Johnson admitted to hospital for tests over 'persistent' coronavirus symptoms

CNBC Boris Johnson, U.K. prime minister, speaks during a daily coronavirus briefing inside number 10 Downing Street in London, U.K., on Tuesday, March 17, 2020. Bloomberg Prime Minister Boris Johnson has been admitted to the hospital for tests 10 days after contracting the coronavirus. A Downing Street spokesperson said it’s a “precautionary step” since the […]

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New defence procurement policy gets mixed reaction from industry

Business-standard The MoD has invited suggestions and recommendations by April 17. After that, DPP-2020 will be promulgated and will govern all acquisitions initiated thereafter Ajai Shukla  |  New Delhi  Last Updated at April 6, 2020 01:22 IST The defence industry has expressed mixed reactions to the proposed Defence Procurement Procedure of 2020 (DPP-2020), which the […]

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Businesses likely to face challenges in preparing financial reports in FY21

Business-standard The spillover of compliance requirements from FY20 to FY21 makes experts wary of the ripple effect on business financials On April 1 every year, businesses unroll their budgets and targets for the new financial year. This financial year — FY21 — is different. As a relief from the pandemic situation, some compliance requirements of […]

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Market volatility challenge to PNB HFC's equity plans, says ICRA

Business-standard Further delay in fundraising will postpone the expected improvement in the leverage profile and limit the cushion available for absorbing contingencies Abhijit Lele  |  Mumbai  Last Updated at April 6, 2020 01:25 IST The capital market bloodbath due to the Covid-19 outbreak poses a challenge to PNB Housing Finance’s plan to raise Rs 1,700 […]

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Competitors join hands to tide over supply-chain challenges amid lockdown

Business-standard Towards the end of last week, at least three such tie-ups were announced Businesses, much like everything else, continue to reel under the impact of Covid-19 and the resultant preventive lockdown. Tie-ups among brands and corporations operating in seemingly unrelated or even competitive sectors seem to be one way of getting around the supply-chain […]

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Democratic lawmakers urge Mnuchin against 'unreasonable conditions' on airline coronavirus aid

CNBC American Airlines passenger planes crowd a runway where they are parked due to flight reductions to slow the spread of coronavirus disease (COVID-19), at Tulsa International Airport in Tulsa, Oklahoma, U.S. March 23, 2020. Nick Oxford | REUTERS Leading congressional Democrats on Sunday urged Treasury Secretary Steven Mnuchin to quickly reach agreements and not […]

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Navy captain fired after writing letter asking for coronavirus help has reportedly tested positive

CNBC Captain Brett Crozier, commanding officer of the U.S. Navy aircraft carrier USS Theodore Roosevelt, addresses the crew during an all-hands call on the ship’s flight deck in the eastern Pacific Ocean December 19, 2019. Mass Communication Specialist 3rd Class Nicholas Huynh | US Navy Capt. Brett Crozier, the now-fired Navy captain who wrote a […]

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Op-Ed: The US oil industry is more likely to be saved by a government bailout than by OPEC

CNBC Donald Trump has called himself a “war-time” president, referring to his campaign as commander-in-chief against coronavirus. In past days, he has taken on a new role as negotiator-in-chief trying to end the oil-price war that is endangering U.S. shale producers and hundreds of thousands of jobs. This week’s result is an emergency, virtual meeting […]

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'There is a light at the end of this tunnel.' Teamwork guru shares how to thrive at work amid coronavirus crisis

CNBC Author Simon Sinek speaks on stage during the Massachusetts Conference For Women 2019 in Boston on Dec. 12, 2019. Marla Aufmuth/Getty Images for Massachusetts Conference for Women 2019 Motivational speaker and author Simon Sinek also prefers to include another title alongside his name: optimist. Sinek’s books include titles like, “Find Your Why: A Practical […]

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Demand for jigsaw puzzles is surging as coronavirus keeps millions of Americans indoors

CNBC Grandparents with their grandchildren. Getty Images As coronavirus sweeps the country and sends millions sheltering in place, Americans are increasingly spending their time, and money, on jigsaw puzzles.  The majority of the U.S. population is now under stay-at-home instructions, and businesses across the country are sending employees home. In the face of what health officials warn […]

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Boutique fitness studios are going digital during coronavirus pandemic, but they're not making money yet

CNBC Barry’s instructor Nate Berry led thousands of people this week in a full-body workout from his beige, carpeted home over Instagram Live, a far cry from his normal studio setting in Northern California.  Barry’s, a boutique, high intensity fitness studio with more than 70 studios across the world, is known for its “Red Room,” […]

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Covid-19: Gartner revokes job offers at IIMs; IITs too witness cancellation

Business-standard Several students from Indian Institutes of Management (IIMs) in Ahmedabad, Bangalore and Calcutta have found their job offers revoked by US-based research and advisory firm Gartner, Inc. amidst the Covid-19 (coronavirus) pandemic. With countries closing borders and entering into lockdowns, recruiters, especially multinationals, are revisiting their hiring plans with their businesses taking a hit […]

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Substantial recovery likely against IL&FS Rs 94k cr debt: Injeti Srinivas

Business-standard With multi-pronged strategies in place for IL&FS resolution, the government expects “substantial recovery” against the group’s Rs 94,000 crore external debt and the recovered amount could be much more than the sum realised under the insolvency law so far. Apart from the exercise of recasting the financial statements, an SFIO probe report regarding an […]

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Life insurance policyholders get 30 days more to pay premium amid lockdown

Business-standard Irdai has already provided additional time for payment of renewal premium in case of health insurance policies and motor third party insurance. . Regulator Irdia has provided an additional 30-day grace period for policyholders to pay the premium on life insurance policies, whose renewal date fall in March and April amid the lockdown to […]

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Govt tightens export ban on anti-malarial drug amid coronavirus outbreak

Business-standard On March 25, the government banned export of anti-malarial drug hydroxychloroquine with immediate effect to ensure sufficient availability of the medicine in the domestic market. The government has tightened the export ban norms on anti-malarial drug hydroxychloroquine by including special economic zones (SEZs) under its prohibition ambit to ensure there is no shortfall during […]

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Lockdown would have deeper impact, 52% foresee job losses: CII CEOs Poll

Business-standard “The expectations of this sharp decline in both revenue and profit growth by domestic firms could foretell the significant impact of this outbreak on GDP growth,” CII stated. The coronavirus outbreak and the subsequent country-wide lockdown has deeply impacted India’s economy, with a majority of the firms expecting a significant decline in revenues, falling […]

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UAE's eWallet launches international remittance to 200 countries

Gulf Business Digital Financial Services, a joint venture between telecom operator Etisalat and Noor Bank, launched the eWallet’s service in partnership with MoneyGram International Zainab Mansoor Thursday 02 April 2020 UAE based digital payment service eWallet launches its international remittance service to 200 countries and territories worldwide, it announced on April 2. The service entails […]

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Covid-19: DRDO designs special chamber, face mask for healthcare workers

Business-standard The walk through enclosure is designed for personnel decontamination, one person at a time. Joining efforts to fight COVID-19, the Defence Research and Development Organisation (DRDO) has designed a full-body disinfection chamber and a special face protection mask for healthcare professionals, officials said. The special chamber called ‘PSE’ has been designed by Vehicle Research […]

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As coronavirus shatters dreams of studying abroad, students look for plan B

Business-standard Check the spread of the coronavirus pandemic across states in India in this interactive map BS Web Team  Last Updated at April 5, 2020 13:42 IST email this article Message: Recipients’ Email: Type address separated by commas Your Email: Enter the characters shown in the image. Send me a copy:   https://mybs.in/2YMN3Q4 Read our […]

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Dubai announces free public bus service, taxi discounts during extended sterilisation drive

Gulf Business During the sterilisation period, all metro and tram services will be suspended Zainab Mansoor Sunday 05 April 2020 Dubai’s Roads and Transport Authority (RTA) announced that its public bus services will be free of charge for exempted individuals during the extended disinfection period. In addition, Dubai Taxi vehicles and franchised taxis will offer […]

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Abu Dhabi extends closure of malls, cinemas, commercial establishments indefinitely

Gulf Business The Abu Dhabi Department of Economic Development will be carrying out inspection visits to ensure compliance with its directives Sunday 05 April 2020 The Abu Dhabi Department of Economic Development (ADDED) issued a new circular on Saturday, April 4, extending the closure of commercial centres, shopping malls, cinemas, electronic game halls and other […]

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