Markets
Sensex, Nifty End Marginally Higher, Axis Bank Surges
IndusInd Bank was the top gainer in the Sensex pack, soaring around 7%, followed by Axis Bank , Bajaj Finance , ONGC, Titan, Infosys and Tech Mahindra. Market opened on a positive note following positive cues from Asian peers as OPEC+ output cut extension for additional month, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi. [Full Article...]
COVID-19 to Shrink Global Economy by 5.2% in 2020
S&P Global Ratings on Monday said the Indian economy will shrink 5 per cent in the current fiscal, and that the fiscal stimulus worth 1.2 per cent of the GDP will not be enough to provide significant growth support. "This is a deeply sobering outlook, with the crisis likely to leave long-lasting scars and pose major global challenges", World Bank Group Vice President Ceyla Pazarbasioglu said. [Full Article...]
Here are the American sectors where jobs are coming back
Instead, they should have been considered as "unemployed on temporary layoff". 367,800 jobs returned in the retail industry, clothing stores saw the biggest gain. That's good news for an industry that saw its largest drop in production in March since 1946. Factory work has also made a comeback, as they are adapting to phase one reopening. [Full Article...]
Nasdaq hits new record on swift economic recovery hopes
The S&P 500 was up 0.3% in morning trading on Monday, bringing it back within 5.4% of its record set in February, as optimism strengthens that the worst of the coronavirus-induced recession may have already passed. Underscoring that disconnect and confirming wide expectations, the private research group that acts as the arbiter for determining USA business cycles said on Monday that the US econo... [Full Article...]
Black Lives Matter movement not an insult to others: Amazon CEO Bezos
Bezos said the sender, named Dave, was the "kind of customer I'm happy to lose". " 'Black lives matter " does not suggest other lives don't matter'. It speaks about racism and the disproportionate risk that black people face in the country's law enforcement and justice system. [Full Article...]
Ontario restaurants can reopen this week
Also not reopening is Haldimand-Norfolk because of an outbreak of COVID-19 among migrant farm workers. "In many areas of the province, it is safe to ease restrictions", Ontario health minister Christine Elliott said. Measures announced Monday will let licensed establishments set up a new patio or expand an existing patio without the Alcohol and Gaming Commission of Ontario requiring an applicati... [Full Article...]
Ryanair refuses to cancel flights in face of 'stupid' quarantine rules
Ryanair, EasyJet, and British Airways owner IAG wrote to the government threatening legal action to stop the disproportionate and unfair measure, warning that it would have a devastating effect on UK's tourism industry. "Ryanair is operating a thousand daily flights to points all over Portugal, Spain, Italy, Greece from the 1st of July, the 2nd, the 3rd and every day after that". [Full Article...]
BP will cut 10,000 jobs from its global workforce
Looney told employees in a global online call that the London-based company will cut 10,000 jobs from the current 70,100, a lot of them by the end of this year, according to sources listening to the call. Reducing operating costs by $2.5 billion in 2021, with additional operating cost reductions likely on the horizon. He also pledged to make the company largely carbon-neutral by 2050. [Full Article...]