Markets
General Atlantic Invests $870 Million in Reliance Jio
With this investment, Jio Platforms, which includes telecoms business Jio Infocomm, has raised nearly 672 billion rupees from investors including Facebook Inc, Silver Lake and Vista Equity Partners in less than four weeks. "General Atlantic's endorsement and partnership energises Jio's young team to set, and achieve, even more ambitious goals", said Akash Ambani, director of Reliance Jio, and ... [Full Article...]
Nissan in talks to move Renault production to the UK
Other changes being considered include Nissan closing its van manufacturing site in Barcelona, and moving production of its Navara pick-up to South Africa and that of the electric e-NV200 van to Renault's French plant. The Nissan plant in Barcelona now employs around 3,000 people directly and is also responsible for thousands of other posts in the logistics and transport sectors. [Full Article...]
Taiwan's TSMC keeps eye on China with $12 bln U.S. plant
The order means that within 120 days, companies that manufacture or design chips that end up in Huawei equipment will need a licence to use USA equipment. Huawei did not respond to Newsweek's request for comment in time for publication. "China will take forceful countermeasures to protect its own legitimate rights", a source told the Global Times , a subsidiary newspaper of China's Communis... [Full Article...]
IndiGo to buy Virgin Australia? InterGlobe Enterprises to participate in sale process
So we are unable to say anything further at this time. It is the parent company of airline major IndiGo and its largest shareholder. However, the company denied it in a filing with the exchanges. Virgin Australia, co-founded by British businessman Richard Branson, had filed for bankruptcy in April after its request to the Australian government for financial aid was turned down. [Full Article...]
McDonald's closes down 12 stores across Victoria after COVID-19 test
A second McDonald's restaurant has also been closed for deep cleaning after a staff member at its Craigieburn premises tested positive for COVID-19. Authorities insist it will be some time before Cedar Meats resumes full operations after 99 coronavirus cases were linked to the meatworks. [Full Article...]
India joins 62 nations seeking probe into Covid outbreak
A coalition of 62 countries has backed Australia's push for an independent inquiry into the CCP virus outbreak which will be put forward at the World Health Assembly (WHA) meeting in Geneva on Tuesday, The Australian reports . Australia isn't ruling out taking China to the World Trade Organisation over the 80 per cent tariff on barley. The reference to World Health Organization will also allo... [Full Article...]
Fed chair Powell warns of "lasting" economic damage without more stimulus
But, what happens if the Fed's current policy doesn't work, what then? The Dow Jones Industrial Average plunged over 500 points following the Fed chairman's remarks, indicating investors' concerns over the prospect of economic recovery as USA states race to reopen. [Full Article...]
Fed's Powell: Economy may need vaccine for full recovery
Federal Reserve Chair Jerome Powell said a USA economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine. The pandemic has caused massive job cuts in the USA, with reports of more than 36 million Americans losing their jobs since February as the economy shattered. [Full Article...]