LIVE: US adds 4.8 million jobs in June as unemployment falls to 11.1%

Goa Tourism Minister Manohar Ajgaonkar said the coastal state would be opened for tourists starting July 2. Stay tuned with Business Standard for the latest news of today

1:46 AM

Terrorist killed in Jammu and Kashmir's Malbagh encounter, CRPF jawan succumbs to injuries

1:33 AM

Visa lottery winners feel cheated by Trump's visa ban

Noha, an Egyptian engineer, should feel lucky after winning a visa lottery that randomly selects people from a pool of more than 14 million applications for about 55,000 green cards that would let them live permanently in the United States.

 

But the hopes she and her husband had of moving with their two children to New York vanished last week when President Donald Trump extended a ban on many green cards issued outside the United States to the end of the year, including the lottery's diversity visas, which have been issued every year since 1990 to people from underrepresented countries.

 

This year's recipients learned of their good fortune about a year ago, but many had not yet completed the vetting process when American consulates closed in March due to the coronavirus pandemic. Now the administration's latest step to reduce legal immigration has upended their lives, and many find themselves stuck in a worse situation than the one they were trying to escape.

1:32 AM

ED questions Ahmed Patel for 10 hrs on third day in PMLA case

Enforcement Directorate (ED) investigators on Thursday questioned senior Congress leader Ahmed Patel at his residence for about 10 hours during the third round of his grilling in connection with the Sandesara brothers bank fraud and money laundering case probe, officials said.

 

A three-member team of the central agency along with a few other officials reached Patel's 23, Mother Teresa Crescent home in the Lutyens' zone of central Delhi around 11:30 am and left after 10 pm.

 

The team members carried files, wore masks and gloves and were seen sanitising their hands and shoes before beginning the questioning as a precautionary measure in view of the coronavirus pandemic.

 

Patel, while speaking to reporters outside his house, said the investigators put 128 questions to him.

 

"This is a political vendetta and harrasment against me and my family and I do not know under whose pressure they (investigators) are working," he said.

11:56 PM

'People's choice': China hails Russian vote to extend Putin's rule

China said on Thursday that Russia's national referendum on constitutional amendments, which will allow President Vladimir Putin to stay in power till 2036, was a "major event" reflecting Russian people's choice.

 

Nearly 78 per cent of voters in Russia have approved amendments to the country's Constitution that will allow President Putin to stay in power until 2036. Read more

11:44 PM

Eye on China: India to get Rs 38,900-cr defence upgrade amid border dispute

The Ministry of Defence (MoD) has acknowledged the seriousness of the situation in Ladakh, where Indian soldiers are facing off against Chinese intruders, by approving the purchase of weapons and equipment worth Rs 38,900 crore. 

The ministry said procurement from Russia and upgrade of MiG-29s would cost about Rs 7,418 crore, while Hindustan Aeronautics (HAL) would build the Sukhoi-30MKI fighters in Nashik for an estimated Rs 10,730 crore. Read more

 

11:39 PM

Malbagh encounter: 1 terrorist killed, operation on

11:35 PM

Tractor sales rise in June; commercial vehicles segment continues to skid

Timely arrival of monsoon, record rabi crop as well as government support for agri initiatives helped tractor sales grow in an otherwise dull auto market.

Escorts Agri Machinery Segment’s domestic tractor sales in June 2020 was at 10,623, registering a growth of 22.8% against 8,648 tractors sold in the same month previous year.

Sonalika Tractors also said the company had set a new record of domestic sales of 13,691 units in June, registering a 55 per cent growth against industry growth of 23 per cent. Read more

11:21 PM

Swiss restricts entry from 29 countries to prevent Covid-19 resurgence

Travellers to Switzerland from 29 countries will have to register with the authorities and go into self-isolation to prevent a resurgence of the coronavirus, the government said on Thursday. The list includes the United States, Sweden, Brazil and Russia, which have been designated as countries with a high risk of infection. Read more

11:13 PM

KKR to acquire controlling stake in JB Chemicals for about $500 million

Global investment firm KKR to pick up a controlling stake in Mumbai based branded formulations player JB Chemicals. As part of the deal, KKR will acquire the stake from the founding Mody family at Rs 745 per share or a 5 per cent premium to closing price on the BSE and also make an open offer for an additional 26 per cent of the company. The deal size is estimated to be around $500 mn. Read more

11:05 PM

India's GDP likely to contract by 6.4% in FY21, says Care Ratings

Care Ratings on Thursday revised India's GDP growth forecast for the current financial year to (-) 6.4 per cent as economic activity continues to be under restriction due to the lockdown on account of the Covid-19 pandemic.

The rating agency, in May, had projected a decline in GDP growth of 1.5-1.6 per cent in FY21.

It said given that the nation is into a lockdown for July too with several restrictions on resumption of services in particular as well as movement of people, the cutoff date for normalcy will spread into the latter part of the third quarter and more likely to the fourth quarter. Read more

10:56 PM

J&K: Encounter underway at Malbagh area of Srinagar

10:52 PM

Jeff Bezos's wealth soars to record $171.6 billion

Jeff Bezos’s net worth has smashed through its previous peak, even after he relinquished a quarter of his stake in Amazon as part of a divorce settlement last year.

Shares of the retailer surged 4.4 per cent to a record $2,878.70, boosting the founder’s world-leading fortune to $171.6 billion. That tops his previous high of $167.7 billion, set on September 4, 2018, according to the Bloomberg Billionaires Index. Read more.

10:16 PM

US adds 4.8 million jobs in June as unemployment falls to 11.1%

The US has added as many as 4.8 million new jobs in the month of June, bringing down the unemployment rate to 11.1 per cent, latest monthly figures said on Thursday, prompting President Donald Trump to say that the American economy was "roaring back" after being devastated by the deadly coronavirus pandemic.

The unemployment rate declined by 2.2 percentage points to 11.1 per cent in June, and the number of unemployed persons fell by 3.2 million to 17.8 million. In all, 4.8 million jobs were created in June, the US Bureau of Labor Statistics said in its latest monthly report.

10:11 PM

Modi, Putin discuss Covid-19 crisis, vow to boost Indo-Russia ties

PM Modi and Russian President Vladimir Putin discussed the coronavirus crisis \and resolved to strengthen the Indo-Russia ties for jointly addressing the challenges of the post-Covid world.

During a telephonic conversation, the two leaders agreed to maintain the momentum of bilateral contacts and consultations, leading to the annual bilateral summit to be held in India later this year. The prime minister conveyed his keenness to welcome Putin in India for the bilateral summit. Read more.

10:04 PM

Delhi govt to plant 3.1 mn trees to reduce pollution

10:01 PM

Clermont Group likely to join Clix Capital in Lakshmi Vilas Bank deal

As negotiations progress between capital-starved Lakshmi Vilas Bank and AION Capital-backed Clix Capital over a merger, sources in the know say Singapore-based private equity player Clermont Group has also joined the talks to pick up a sizeable stake in the bank.

With an investment of $150-200 million (Rs 1,100-1,500 crore), Clermont is eyeing a 15-20 per cent stake in LVB, say sources. “The capital infusion is likely to happen ahead of the merger with Clix and this should help the bank stay afloat till the merger is approved by the Reserve Bank of India (RBI) and concludes thereafter, a process that could take nine-12 months,” said a person working on the deal. Read more here

9:49 PM

China sees India's ban on apps as 'discriminatory', calls for reversal

Days after India banned 59 Chinese apps for engaging in activities "prejudicial" to the sovereignty and integrity of the country, Beijing on Thursday issued a predictable reaction, describing New Delhi's actions as "discriminatory" while calling for the reversal of the ban. 

Responding to reports that both countries are strengthening import regulations and suppressing each other's export goods amid the tense border situation and its impact on China's foreign trade enterprises exports to India, Chinese Commerce Ministry Spokesman Gao Feng said that China has not taken any restrictive measures against Indian products and services. Read More.

9:46 PM

Indian IT firms may report 5-9% contraction in revenues for June quarter

Indian IT services firms are likely to report 5-9 per cent contraction in revenues for the June quarter, even though deal pipeline is expected to remain firm.

 

According to industry analysts, margin will also face pressure, despite the various cost-cutting measures. The first quarter will see maximum impact of the pandemic on the profit and loss (P&L) account front, making it the worst quarter in the last three financial years.

 

“Most top-tier IT firm will see a 5-9 per cent drop in revenues in Q1 sequentially. The revenue contraction is mostly on account of demand deterioration and lower billing,” said Sanjeev Hota, head (research) at Sharekhan. Read more.

9:41 PM

Delhi govt sets up panel to suggest measures for economic recovery

The Delhi government has constituted a 12-member expert panel to suggest measures for economic recovery from the impact of coronavirus in the national capital. According to the government, the panel will do a comprehensive analysis and recommend measures to be initiated by various departments, autonomous bodies, local bodies and MCDs to help people and businesses during the pandemic.

9:37 PM

SpiceJet operates 200 charter flights to fly 30,000 Indians back home

SpiceJet has operated 200 charter flights since May till now to fly 30,000 Indian nationals back home. These charter flights were operated from the UAE, Saudi Arabia, Oman, Qatar, Lebanon and Sri Lanka to repatriate stranded Indian nationals.

"The airline has operated multiple charter flights for seafarers in addition to operating multiple charters within the country," the airline said in a statement. Read more.

9:29 PM

SoftBank-backed Lemonade soares 73% in US market debut

Shares of SoftBank-backed insurance startup Lemonade Inc surged 73% in their market debut, capitalizing on the rebound in U.S. investor demand for new listings following the coronavirus outbreak.

The company's shares opened at $50.06 on the New York Stock Exchange, compared to their initial public offering (IPO) price of $29. The opening price values the company at $2.75 billion.

9:26 PM

Maharashtra energy minister seeks Rs 10,000 cr grant for state discom

Maharashtra energy minister Nitin Raut has sought Rs 10,000 crore as grant from the Centre for state discom Mahavitaran, stating the utility faced huge financial losses due to decline in collections during the coronavirus-induced lockdown.

"During the three months of complete lockdown, electricity bill collection had dropped significantly. This has resulted in a financial burden on Mahavitaran," Raut said in a statement issued by the discom.

According to a Mahavitaran official, the discom suffered losses to the tune of Rs 7,000 crore during the three months of lockdown.

"Providing uninterrupted power supply to consumers is an essential service. However, since the discom is making huge losses, we have sought Rs 10,000 crore grant from the Centre to come out of the financial stress," Raut said in a letter to Union Power Minister R K Singh.

9:10 PM

CBI must have asked for assistance before registering case: MIAL

9:01 PM

Tourism industry seeks govt support for survival, meets Niti Aayog CEO

Representatives of the tourism industry bodies including the Indian Association of Tour Operators (IATO) on Thursday met Niti Aayog CEO Amitabh Kant, seeking government support for the tourism sector, which has been hit hard by the Covid-19 pandemic.

 

The associations sought government support for the survival and revival of tour operators and other stakeholders in the tourism industry, IATO said in a statement.

 

During the meeting, IATO President Pronab Sarkaremphasised that inbound tour operators are on the verge of collapse due to the pandemic and need urgent help to survive as there is zero billing and consequently zero cash flow, it added. READ MORE...

8:55 PM

2,373 coronavirus cases and 61 deaths reported in Delhi today; tally now 92,175

8:48 PM

Google, Apple remove most of the banned Chinese apps from their stores

Days after India banned 59 Chinese apps as the government cited security concerns, most of these apps have been removed from Google Play Store and Apple’s App Store. These apps include Bytedance's TikTok, Alibaba's UC Browser and Tencent's WeChat.

 

Initially, few apps voluntarily delisted themselves in accordance with the government’s order but now Google and Apple have blocked access to all other apps too, according to experts.

 

"While we continue to review the interim orders from the Government of India, we have notified the affected developers and have temporarily blocked access to the apps that remained available on the Play Store in India,” said a Google spokesperson on Thursday.

 

According to the experts, few Singapore and Hong Kong-based apps were also banned amongst 59 apps due to the Chinese parent companies or favourable Chinese interest. For instance, live streaming platform Bigo Live, one of the banned apps is owned and controlled by a Singapore-based company Bigo Technology, is ultimately controlled by the Chinese entities, said Sumit Kochar, corporate commercial lawyer and transaction advisory partner at Dolce Vita Trustees. READ MORE...

8:38 PM

Chinese imports, UDAY scheme on agenda of power ministers' meet on July 3

Union Power Minister R K Singh will discuss with his state counterparts a range of issues, including Chinese imports and the UDAY scheme, during a meeting called on Friday. The meeting, which is organised almost every year to discuss key issues pertaining to the power sector, will take stock of the progress made by states on central schemes.

The meeting, to be held virtually this year, assumes more significance as it is being organised at a time when there is a growing clamour for boycott of Chinese goods. It must be noted that there is a significant volume of imports of power sector equipment from China.

 

"Import of power and renewable energy equipment particularly solar is a key issue which is listed on the agenda for discussion in the energy ministers meet on Friday," a source said. READ MORE...

8:32 PM

Obtaining visa not a fundamental right of foreigners, Centre tells SC in Tablighi Jamaat case

8:32 PM

With 211 new coronaviurs cases, Ahmedabad's tally rises to 21,339; death of 7 patients takes toll to 1,456

8:29 PM

Boycotting Chinese products difficult as there is less manufacturing in India: Delhi shopkeepers