US economy purged 17 million jobs amid pandemic

WASHINGTON: US unemployment is rising at a jarring rate, with data on Thursday showing 17 million have lost their jobs since mid-March, as officials scramble to apply a tourniquet to stem the damage from the coronavirus pandemic. The Federal Reserve launched a series of new lending programs to pump $2.3 trillion into the damaged US […]

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To help small firms, India may unveil second coronavirus stimulus worth Rs 1 lakh crore

NEW DELHI: A second stimulus package India is poised to announce in coming days will be worth around Rs 1 lakh crore ($13 billion) and focus on help for small and medium businesses weathering the coronavirus outbreak, two senior officials said on Wednesday. Coronavirus outbreak: Live updatesLast month, India outlined a Rs 1.7 lakh crore […]

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World Trade Organisation: Global trade will plunge by up to a third in 2020 amid pandemic | International Business News

GENEVA: Global trade growth is expected to plummet by up to a third in 2020 due to the coronavirus pandemic, the World Trade Organisation (WTO) said on Wednesday, warning that the numbers would be “ugly”. “World trade is expected to fall by between 13 per cent and 32 per cent in 2020 as the Covid-19 […]

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UN Report on Poverty in India: About 400 million workers in India may sink into poverty | India Business News

UNITED NATIONS: About 400 million people working in the informal economy in India are at risk of falling deeper into poverty due to the coronavirus crisis which is having “catastrophic consequences”, and is expected to wipe out 195 million full-time jobs or 6.7 per cent of working hours globally in the second quarter of this […]

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Loan EMI News: Banks yet to process EMI deferment requests | India Business News

BENGALURU: Bank borrowers, including small businesses, startups and individuals, who have sought EMI deferment are finding that their accounts are getting debited. Banks, operating under reduced staff strength and processing delays, say they are working on delaying debits so that they can attend to all the moratorium requests. Take the case of S Lalitha (33), […]

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Indian Rupee slides 70 paise to record low of 76.34 against dollar | India Business News

MUMBAI: The rupee plunged by 70 paise to its life-time low of 76.34 against the US dollar on Wednesday as a rise in coronavirus cases in the country fanned fears of the government extending the lockdown to contain the pandemic. Forex traders said rising Brent crude prices and a firm US currency also weighed on […]

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Hydroxychloroquine Tablet: Zydus Cadila boosts key Covid drug hydroxychloroquine production 10X | India Business News

MUMBAI: Zydus Cadila, one of the two largest manufacturers of key Covid drug hydroxychloroquine (HCQ), has ramped up its production by nearly 10X to 30 metric tonnes (15 crore tablets of 200mg) per month in view of the huge spike in demand expected due to rising cases of Covid-19. The company with over Rs 13,000-crore […]

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Steps taken by Centre to contain economic fallout of coronavirus

NEW DELHI: The government and central bank are trying to cushion an economy that was slowing even before the coronavirus outbreak. Here’s a guide to the measures announced so far: Coronavirus outbreak: Live updatesFor banks:Cheaper cash: A series of steps announced this year aim to encourage banks to lend. Measures announced by the Reserve Bank […]

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H-1Bs can go on unpaid leave, it’s a better option, say immigration experts

MUMBAI: Immigration attorneys are inundated with queries from their clients, owing to the various intricate issues related to their H-1B employees. Can we furlough (bench) our H-1B employees? Or terminate their services? Can a salary cut be offered to them? Or can they go on unpaid leave? These are some of the many issues that […]

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Indian American’s US pharma firm donates 3.4 million hydroxychloroquine tablets

WASHINGTON: An Indian American-owned pharma firm has pledged to donate 3.4 million hydroxychloroquine sulphate tablets to some of the key COVID-19 battleground states, including New York and Louisiana, joining the war against the dreaded coronavirus which by Tuesday had taken lives of more than 12,800 people in the US alone. Coronavirus outbreak: Live updatesOwned by […]

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