Supreme Court hands hedge fund loss, rules Puerto Rico financial oversight board is legal

CNBC (L-R) Natalie Jaresko Executive Director of for the Financial Oversight and Management Board for Puerto Rico ,Noel Zamot Revitalization Coordinator for the Financial Oversight and Management Board for Puerto Rico and Angel Perez Otero Mayor of the City of Guaynabo at the House Natural Resources Committee Hearing on Examining Challenges in Puerto Rico’s Recovery […]

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Moody's downgrades India's ratings to Baa3; maintains negative outlook

Business-standard Moody’s Investors Service (Moody’s) has downgraded the Government of India’s foreign-currency and local-currency long-term issuer ratings to Baa3 from Baa2. The rating agency has also downgraded India’s local-currency senior unsecured rating to Baa3 from Baa2, and its short-term local currency rating to P-3 from P-2. The outlook remains negative. “The decision to downgrade India’s […]

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Internet speed to power: Weekly indicators show economy is picking up

Business-standard India’s economy was picking up when the government announced on Saturday a plan to ease a nationwide lockdown to contain the coronavirus outbreak, Business Standard’s analysis shows. Weekly economic indicators showed a rise in economic activity even in days leading up to the announcement, continuing a trend seen over the last few weeks as […]

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U.K. government's impatience with lockdown risks a second wave of the coronavirus, scientist warns

CNBC Britain’s government is putting the country at risk of a second wave of Covid-19 by rushing out of lockdown, a leading scientist has warned. Speaking to CNBC’s “Street Signs Europe” on Monday, David King, who served as the U.K. government’s chief scientific advisor between 2000 and 2007, said he “absolutely” believed policymakers were moving […]

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Lowe's launches virtual tool for home visits to boost pros' business—and its own

CNBC Source: Lowe’s Many Americans are reluctant to allow visitors inside their homes during the coronavirus pandemic. So Lowe’s is offering plumbers, electricians and other contractors a new way make visits virtually. Starting Monday, professionals can use a video chat service from the home improvement retailer. By providing the service, called Lowe’s for Pros JobSight, the company is trying […]

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The coronavirus pandemic is a 'defining moment' for Gen Z — Here's how it's impacting their future

CNBC lorenzoantonucci Generation Z’s future looked bright just a few months ago. The economy was strong and unemployment was at record lows. It was just February when the unemployment rate was 3.5%, matching the lowest level in more than 50 years. Now, with the coronavirus pandemic upending the economy and sending unemployment skyrocketing to 14.7% […]

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Protests across the U.S. prompt concerns over exacerbating the world's worst coronavirus outbreak

CNBC As the U.S. erupted in protest over the weekend in response to the police killing of George Floyd, an unarmed black man, health officials are warning that mass gatherings will likely exacerbate the coronavirus outbreak in the most vulnerable communities. The protests come as schools and businesses across the country have been closed for […]

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Shares of Axon, a maker of non-lethal weapons and cameras for police, jump amid nationwide protests

CNBC Rick Smith, CEO of Axon Enterprises. Adam Jeffery | CNBC Shares of law enforcement supplier Axon Enterprise spiked more than 9% in premarket trading after protests against police brutality turned violent in many cities across the country.   Axon, formerly known as Taser International, sells electrical weapons and body cameras for law enforcement officers. The stock’s […]

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China reportedly says Trump's plan to sever ties with WHO shows U.S. has become 'addicted to quitting'

CNBC President Donald Trump meets with China’s President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019. Kevin Lemarque | Reuters China’s foreign ministry has accused the U.S. of selfishly pursuing unilateralism, Reuters reported on Monday, following President Donald Trump’s decision to withdraw from […]

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OYO announces ESOPs for furloughed employees impacted by Covid-19 pandemic

Business-standard On April 8, OYO founder and Group CEO Ritesh Agarwal had said in a letter and video message that the company will place a certain number of employees on furloughs or temporary leaves, globally TopicsOyo | OYO Rooms | Coronavirus Hospitality firm OYO is granting Employee Stock Ownership Plans (ESOPs) worth around Rs 130 crore to all its […]

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India coronavirus dispatch: Why heart surgeries have got scaled back

Business-standard From informal Indian economy in the time of pandemic, to making cities liveable for migrants, and why Mumbai still struggles to cope with coronavirus – read these and more in today’s India dispatch TopicsIndian Economy | hospitals | Coronavirus Sarah Farooqui  |  New Delhi  Last Updated at June 1, 2020 16:52 IST Here is a selection of important […]

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Corporation tax rate cut may save the day for Britannia in Q4, say analysts

Business-standard Fast-moving consumer goods (FMCG) major Britannia Industries is expected to report a weak set of numbers for the quarter ended March 2020 (Q4FY20), owing to disruptions caused by Covid-19-induced lockdown. The company, according to analysts, may see up to 7 per cent volume decline in domestic business while revenue is likely to dip up […]

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Facebook staff are angry with Zuckerberg for leaving up controversial Trump post

CNBC Facebook Chairman and CEO Mark Zuckerberg testifies at a House Financial Services Committee hearing in Washington, October 23, 2019. Erin Scott | Reuters Facebook employees have spoken out in anger after CEO Mark Zuckerberg said he planned to take no enforcement action against U.S. President Donald Trump’s controversial post following the killing of George […]

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Global CFOs more negative on economy and expect big coronavirus hit to their company in 2020: Survey

CNBC CFOs of major corporations around the globe are increasingly certain of a negative coronavirus impact on their business in 2020. iStock/ Getty Images Plus / MicroStockHub Nearly half (48.8%) of leading chief financial officers surveyed in the latest CNBC Global CFO Council Survey say the Covid-19 pandemic will have a “negative” impact on their […]

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How will shopping malls function after June 8: All you need to know

Business-standard As part of Unlock 1.0 the Union government has allowed shopping malls to resume operations from June 8, 2020. After being locked for more than 2 months because of the Covid-19 lockdown, shopping malls will welcome shoppers while following standard operating procedures (SOP). Shopping malls have submitted these SOPs to the Union government. Here […]

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Govt rejects Flipkart’s proposal for entry into food retail business

Business-standard The Department for Promotion of Industry and Internal Trade (DPIIT) on Monday rejected Walmart-backed Flipkart’s proposal seeking approval for entry into the food retail sector citing a regulatory issue, PTI reported. The government permits 100 per cent foreign direct investment in food retail for items produced and manufactured in India. The grocery segment accounts […]

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Factory slump deepens in May, job cut gathers pace: PMI data

Business-standard India’s manufacturing activity contracted in May due to weak demand and logistic challenges, said the monthly IHS Markit India Manufacturing Purchasing Managers’s Index (PMI) survey on Monday. The fall was slightly slower than April’s historic contraction. Manufacturing PMI stood at just 30.8 in May, marginally up from April’s 27.4. In PMI parlance, a print […]

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Dell Latitude 9510 PCs with Intel vPro processors launched: Price, and more

Business-standard Dell Technologies on Monday launched in India its business-centric Latitude 9510 notebooks for working professionals at a starting price of Rs 1,49,000. The notebook is touted to have built-in artificial intelligence that aids its performance, power efficiency, sign-in experience and audio output by learning users’ usage patterns. With a touted on-battery time of 34 […]

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Japan's May factory activity falls as Covid-19 lockdown hit demand: PMI

Business-standard The survey pointed to the quickest contraction in output, new orders and work backlog since early 2009 TopicsJapan economy | Coronavirus Reuters  |  Tokyo  Last Updated at June 1, 2020 12:26 IST Japan’s factory activity shrank at the fastest pace since March 2009 in May, a private sector survey showed on Monday, as manufacturers widely struggled […]

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Pak hits back, summons Indian diplomat after New Delhi expels 2 for spying

Business-standard Pakistan on Monday summoned a senior Indian diplomat to protest New Delhi’s decision to expel two officials of its High Commission for alleged spying. The Pakisani officials in Delhi were declared “persona non grata” and ordered to leave the country within 24 hours, said India’s Ministry of External Affairs (MEA). Pakistan condemned India’s decision […]

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Russians claim to have an effective treatment for the coronavirus, which hospitals will start using in June

CNBC Finished tablets cascade down the channels of a packaging machine during the manufacture of the Favipiravir antiviral medicine, a joint venture between the Russian Direct Investment Fund (RDIF) and ChemRar group, at a plant in Khimki, Russia, on Monday, May 18, 2020. Bloomberg Russia has approved an anti-influenza drug to treat Covid-19 and will […]

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Four or more dosage of HCQ helped health workers ward off Covid-19: ICMR

Business-standard According to the National Task Force for Covid-19 in India recommended once a week maintenance dose for seven weeks (400 mg once weekly), following the loading dose (400 mg bd) TopicsCoronavirus | health workers in India | Health Ministry ANI  |  New Delhi  Last Updated at June 1, 2020 11:19 IST Citing noteworthy benefits of Hydroxychloroquine (HCQ) prophylaxis […]

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India's factory slump deepens in May, headcount slides: PMI

Business-standard India’s factory activity contracted sharply in May following a historic decline in April as a government-imposed lockdown to control the coronavirus hammered demand, a survey showed, leading firms to cut jobs at the fastest pace on record. Asia’s third-largest economy will contract this quarter for the first time since the mid-1990s, a may Reuters […]

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Covid-19 Factoid: Roughly 6% of all closed cases in India are deaths

Business-standard While India has been the fourth-biggest contributor of new daily case additions globally in the past 10 days, the country has added the fifth block of 1,000 cases to its toll in just 5 days TopicsCoronavirus | Indian healthcare | Health Ministry The global tally of coronavirus cases has now crossed 6 million, while there have been over […]

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Consumer durable stocks rally; Voltas jumps 10%, Symphony up 7% post-Q4 nos

Business-standard For the quarter under review, Voltas reported a 12.52 per cent year-on-year (YoY) increase in its consolidated net profit at Rs 159.50 crore TopicsVoltas | Symphony | Markets Sensex Nifty SI Reporter  |  New Delhi  Last Updated at June 1, 2020 10:10 IST Shares of consumer durable companies, Voltas and Symphony, were trading in the green on Monday […]

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Protesters start fires near White House in US divide over Floyd murder

Business-standard America’s cities boarded up windows, swept up glass and covered graffiti as the country’s most significant night of protests in a half-century spilled into another day of unrest TopicsUS police | White House | Black Lives Matter AP | PTI  |  Washington  Last Updated at June 1, 2020 09:42 IST Protesters started fires near the White House as […]

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Tariffs not top concern if Hong Kong's favored trade status with U.S. is revoked, says ex-Trump negotiator

CNBC Protesters gather inside a mall during a demonstration in Hong Kong. Willie Siau | SOPA Images | LightRocket via Getty Images While Hong Kong’s trade with the U.S. would be immediately affected once Washington revokes the Chinese city’s special status, tariffs won’t be the most pressing concern, former top White House trade negotiator Clete […]

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China’s May PMIs Indicate Expansion

investing.com Investing.com – China’s official manufacturing Purchasing Manager’s Index (PMI) indicated that manufacturing activity continued its expansion in May, with the National Statistics Bureau announcing a figure of 50.6 on Sunday. PMI figures above 50 indicate an expansion. But May’s figure came in below April’s 50.8 level, as well as below the 51-level predicted by […]

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Best of BS Opinion: Slowing down coronavirus, acknowledging migrant workers

Business-standard Various ideas of statecraft and humanitarianism are emerging from the pandemic. Uddalok Bhattacharya sums up We haven’t flattened the curve but it’s not rising as steeply as feared, says Karan Thapar. The later the peak the easier for our health care system to cope Read here Local and state governments should invite voluntary participation […]

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Top stock picks by CapitalVia Global Research: Buy RIL, Piramal Enterprises

Business-standard Indices rallied for third consecutive day; Nifty closed above 9,500 Market traded with positive sentiments on Friday and witnessed strong momentum despite soft global cues. Nifty managed to close above 9,500-mark which shows confidence from bulls. Nifty managed to close at 9,580.30, adding 90.20 points. Realty, pharma, and FMCG closed on a positive note, […]

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Asian Stocks Up After China’s Economy Returning to Expansion

investing.com Investing.com – Asian stocks were up on Monday morning with China releasing data indicating that its economy moved from contraction into expansion in May. China’s National Bureau of Statics reported an official manufacturing Purchasing Manager’s Index of 50.6 on Sunday, above the 50-level indicating an expansion. The Caixin/Markit manufacturing PMI for May corroborated the […]

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Gujarat minister Nitin Patel's ambitions may have to take a back seat now

Business-standard The Division Bench of the high court had last week described Ahmedabad Civil Hospital, the state’s biggest Covid-19 facility, as being “worse than a dungeon” TopicsCoronavirus | Gujarat | Lockdown Not so long ago, on 29 February, Gujarat’s Health Minister, Nitin Patel bared his heart. At the stone-laying ceremony of the Maa Umiya temple — the tallest to […]

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Govt losing ground in battle of public perception over handling pandemic

Business-standard Health and Home Ministries have discontinued their daily press briefings on the disease and the Prime Minister his TV addresses to the nation. TopicsCoronavirus | PM Modi | Lockdown Prime Minister Narendra Modi’s “Letter to the Nation” calls the first anniversary of his re-election as the beginning of “a golden chapter in the history of India”. Home Minister […]

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A private survey shows China's manufacturing activity unexpectedly expanded in May

CNBC Workers make toys at a plastic product factory in Zhangjiajie, central China’s Hunan Province, May 27, 2020. Xue Yuge | Xinhua News Agency | Getty Images A private survey showed manufacturing activity in China expanded for the month of May. The Caixin/Markit Manufacturing Purchasing Manager’s Index came in at 50.7 for May. PMI readings above 50 indicate expansion, […]

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