Top headlines: US to suspend immigration, HC's relief for Deloitte, KPMG

From US President Donald Trump's announcement on suspending immigration to Bombay HC decision to quash criminal charges against ex-IFIN auditor Deloitte & KPMG, here are top stories of the day

Trump to suspend immigration temporarily, Indian IT industry awaits details

The Indian information technology services industry, a big beneficiary of US work visas, is awaiting details of US President Donald Trump’s announcement on suspending immigration because of the ongoing Covid-19 pandemic. “In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States!” Trump tweeted early Tuesday morning. No further details were available about the salient points of this proposed executive order. Read More

Bombay HC quashes criminal charges against ex-IFIN auditor Deloitte & KPMG

In a major relief to the former auditors of IL&FS Financial Services (IFIN), the Bombay High Court on Tuesday quashed the criminal complaint against Deloitte Haskins & Sells and BSR Associates, an affiliate of KPMG, filed by Serious Fraud Investigation Office (SFIO) terming it to be “bad in law”. The court upheld the constitutionality of Section 140 (5) of the Companies Act 2013, but said that it is not applicable to auditors who have already resigned. Read more

Gold can rise further if China diverts some of its forex: Nilesh Shah

Nilesh Shah, the MD & CEO of Kotak AMC, said that gold can see a bigger jump if China decides to diversify part of its forex reserves from USD to gold. There is a nascent but growing movement in the US and the world to seize Chinese assets and use them to settle Coronavirus claims, he said. Read more

US oil futures continue to tread in negative territory, Brent plunges

US oil futures continued to trade in negative territory on Tuesday, after closing down nearly $40 on Monday in their first ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown. Global benchmark Brent crude also fell sharply in response to the collapse of demand following reduced economic activity. Read more

Need exceptional measures to help countries deal with Covid-19: IMF MD

Managing Director Kristalina Georgieva on Monday said the International Monetary Fund (IMF) may need to step outside its comfort zone and consider "exceptional measures" to help countries deal with economic slowdown due to coronavirus pandemic. IMF had already taken extraordinary steps, especially for emerging markets and developing countries, but more resources may be needed if market pressures continue to mount, said Georgieva, in a blog published on the IMF website. Read More

Amazon employees to strike over 'unsafe' conditons amid Covid-19 pandemic

Hundreds of Amazon employees are expected to strike from Tuesday to protest conditions they say are unsafe and demand better protection in the workplace against the coronavirus pandemic. This is "the biggest mass action by workers yet, as frustrations mount around the company's failure to protect workers and public health in the wake of the coronavirus epidemic," said the Athena coalition, a group of workers' rights organizations, in a statement released on Monday, news agency PTI reported. The protest by more than 300 warehouse workers comes three days before an online strike by Amazon coders and engineers. Read More