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LIVE: Govt invites proposals for developing EV charging infra on highways

Indian economy to dip 10.3 per cent in 2020; rebound with 8.8 per cent growth in 2021, says IMF

BS Web Team New Delhi

Photo: Shutterstock

The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday.

However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.

The Supreme Court heard a batch of petitions today seeking a waiver of interest on loans during the moratorium period and seeking an extension of the moratorium. The top court will decide if any further relief is to be given on loans over 2 crores, apart from what has been prescribed by the Kamath Committee recommendations. First hearing was conducted on October 5 and the hearing on October 13 (today) was deferred as Judge Bhushan is required to sit in a different combination of Judges in the post lunch session.

Amazon.com Inc will hold its annual shopping event, Prime Day, today and tomorrow as the e-commerce giant aims for an early kickstart to the holiday season. The company earlier this year had postponed the two-day shopping event, started in 2015 to drum up sales during the summer shopping lull, due to the Covid-19 pandemic.

Prime Minister Narendra Modi will release the autobiography of Dr Balasaheb Vikhe Patil and rename Pravara Rural Education Society as Loknete Dr Balasaheb Vikhe Patil Pravara Rural Education Society today at 11 am via video conferencing.

Stay tuned for the latest news of the day.

1:53 AM

Disney’s Kareem Daniel rises from intern to streaming czar

As a kid, Kareem Daniel used to spend hours at the comic-book store at his local mall poring over the titles, sometimes with his mom waiting patiently in the car.

On Monday, he ascended to a top job at the dominant force in comic-book lore -- and many other forms of entertainment -- Walt Disney Co.

The native of Chicago’s South Side leapfrogged colleagues to become head of a newly formed Media and Entertainment Distribution group. In that position, he’ll make decisions over pricing, marketing and how consumers connect with Disney+, the company’s flagship effort to take on Netflix Inc. in the fast-growing business of online video.

The 46-year-old executive owes his rise in large part to his connection with Disney’s new chief executive officer, Bob Chapek, who said he first hired him as an intern years ago when Daniel was in graduate school.

“He is a brilliant executive who has an unbelievable objectivity when it comes to fact-based decision making,” Chapek said in an interview. “It perfectly positions him to be the right guy to make decisions. Not because there’s a legacy of the business, but because it’s right for today.”

1:14 AM

Car sales in China shine as rest of the world reels from virus

Demand for cars in China is going from strength to strength, making the automobile market in Asia’s biggest economy a lone bright spot as the coronavirus pandemic puts a damper on sales in Europe and the US.

Sales of sedans, SUVs, minivans and multipurpose vehicles jumped 7.4 per cent in September from a year earlier to 1.94 million units, the China Passenger Car Association said Tuesday. That’s the third straight monthly increase, and it was driven primarily by demand for SUVs.

Passenger vehicle deliveries to dealers rose 8 per cent to 2.1 million units, while total vehicle sales, including trucks and buses, expanded 13 per cent to 2.57 million, data released later by the China Association of Automobile Manufacturers showed.

12:57 AM

SoftBank plans blank-check company to raise funds

SoftBank Group Corp.’s Vision Fund will outline plans for a blank-check company in the next two weeks, seeking to capitalize on the investor frenzy surrounding the unusual fundraising vehicle.

Rajeev Misra, the head of the Vision Fund, teased the effort in an interview with Bloomberg at the Milken Institute’s virtual conference, without providing details. Misra separately addressed reports from last month that SoftBank was the “Nasdaq whale” and downplayed its influence in stirring froth in the market for tech stocks.

11:40 PM

Govt focussing on growth of food processing to boost farmers' income: Tomar

11:24 PM

UN warns of 'staggering rise' in natural disasters, urge leaders to take action

11:23 PM

IMD predicts heavy rainfall in Telangana districts

The India Meteorological Department (IMD) on Tuesday issued a red alert and predicted heavy to very heavy rains in most places across Telangana till Wednesday morning.

"Heavy to very heavy rain at a few places with extremely heavy rain at isolated places very likely to occur in the districts of Mancherial, Peddapalli, Karimnagar, J Bhupalapally, Siddipet, Rajanna Sirisilla, Mulugu, Bhadradri Kothagudem, Warangal (Urban and Rural), Mahabubabad, Khammam, Suryapet, Nalgonda, Nagarkurnool, Y.Bhuvanagiri and Jangaon, and heavy to very heavy rain very likely to occur at isolated places in remaining districts of Telangana," the IMD said in its forecast till 8.30 am on October 14.

11:21 PM

Delta posts $5.4 billion Q3 loss as pandemic hammers travel

The summer travel season was even worse than expected for Delta Air Lines, which said Tuesday that it lost $5.4 billion in the third quarter as people hunkered down at home during the pandemic.

Delta officials pushed back their timetable for breaking even, from year-end to next spring, as their previous expectation that Covid-19 would be contained proved too rosy. The airline's shares slipped in afternoon trading.

However, executives said passengers are starting to return and bookings for Thanksgiving and Christmas are looking up.

It's slow, but it's steady week by week, they are coming back, CEO Ed Bastian said of passengers.

11:17 PM

US elections: Joe Biden says Barack Obama is 'doing enough' for campaign

11:11 PM

Apple unveils iPhone 12 with 5G, HomePod Mini smart speaker

Apple Inc on Tuesday launched the iPhone 12 with faster 5G connectivity, which the Cupertino, California company hopes will spur a wave of upgrades and keep its sales booming through the end of the year.

Verizon Communications Inc CEO Hans Vestberg said the new iPhones would work with the carrier's "ultrawideband" 5G network designed to alleviate bottlenecks in major cities like New York and Los Angeles as well as in crowded areas like NFL stadiums.

Apple also announced a HomePod Mini smart speaker that will come in white and gray, cost $99 and be shipped starting Nov. 16.

The new HomePod offers features like allowing use by multiple users in a home and sending information to car-based systems. For example, a user can tee up driving directions to a store after asking the HomePod what time it closes. Many of the features serve as a catch-up to similar offerings from Amazon.com Inc and Alphabet Inc's Google.

The annual launch event is nearly one month later than normal and comes as the coronavirus pandemic has disrupted Apple's well-oiled machine for designing and churning out its biggest-selling product.

10:50 PM

Woman law student who accused former Union minister Chinmayanand of sexually exploiting her disowns statement in Lucknow court

9:56 PM

Govt yet to take any decision on Vodafone tax arbitration case

The government is yet to take a call on appealing against an arbitration award relating to retrospective tax demand against British telecom player Vodafone.

Last month, an international arbitration court ruled that the Indian government seeking Rs 22,100 crore in taxes from telecom giant Vodafone using retrospective legislation was in "breach of the guarantee of fair and equitable treatment" guaranteed under the bilateral investment protection pact between India and the Netherlands.

According to sources, the government has not taken a call on challenging the award yet.

While the cost implication in the case is limited to having to pay Rs 85 crore to Vodafone in legal cost, what is weighing on the government mind is a separate arbitration involving UK's Cairn Energy plc.

9:55 PM