LIVE: Rs 2,000 relief to each household in flood-hit districts of Andhra

Andhra Pradesh CM YS Jagan Mohan Reddy announced Rs 2,000 relief for every household in districts affected by floods. Stay tuned for the latest news of the day

2:11 AM

World's largest sovereign wealth fund reports $21 bn loss

Norway’s $1.15 trillion sovereign wealth fund posted a loss of $21.27 billion in the first half of 2020 as stocks and real estate holdings fell in value during the Covid-19 pandemic, it said on Tuesday.
 

The decline followed record earnings in 2019, when the fund raked in profits of $180 billion as global stock markets soared. “Even though markets recovered well in the second quarter, we are still witnessing considerable uncertainty,” the fund's deputy chief executive, Trond Grande, said in a statement.
 

The world’s largest sovereign wealth fund holds stakes in some 9,200 companies globally, owning 1.5 per cent of all listed stocks. It also invests in bonds and real estate.

1:07 AM

Democrats' Day 2 focus: Trump's global leadership deficit

A day after Michelle Obama's passion wowed Democrats, Joe Biden is drawing on a collection of his party's most experienced leaders at the Democratic National Convention to underscore what he calls a global leadership deficit that threatens US national security.

 

In addition to the former foreign and domestic policy leaders, Jill Biden will introduce herself to the nation for the first time as the prospective first lady. A longtime teacher, she'll speak from her former classroom at Brandywine High School near the family home in Wilmington, Delaware.

1:07 AM

Oil steadies as demand fears offset high OPEC+ compliance

Oil prices steadied on Tuesday as high compliance with supply cuts from the OPEC+ producer group offset demand fears from the new coronavirus.

 

Brent crude futures rose 9 cents to settle at $45.46 a barrel. US West Texas Intermediate (WTI) crude futures settled flat at $42.89 a barrel.

 

Supporting prices on Tuesday, a technical panel found that compliance with OPEC+ oil output cuts in July was between 95 per cent and 97 per cent, according to a draft report seen on Monday by Reuters.

12:49 AM

Cancer cases in India estimated to be 1.3 million in 2020, may rise to 1.5 million by 2025: Report

12:48 AM

No differences in Bengal BJP, party to fight TMC unitedly: Dilip Ghosh

12:07 AM

14 IAS officers transferred in Rajasthan

Fourteen IAS officers, including two additional chief secretaries, were transferred in Rajasthan on Tuesday night, according to an order of the state Department of Personnel.

 

The order said Additional Chief Secretary Rajeshwar Singh was transferred from the Rural Development and Panchayti Raj Department to the Tribal Area Development Department.

11:55 PM

Flipkart gross merchandise value exceeds pre-Covid-19 level: Walmart

The gross merchandise value (GMV) of Flipkart has exceeded the pre-Covid-19 levels, global retail major Walmart Inc, which owns a majority share of India's leading e-commerce platform, said.

 

Walmart's overall revenue was up 5.6 per cent to $137.7 billion while its international sales were down 6.8 per cent to $27.2 billion in the second quarter, Walmart said in earning statement.

11:42 PM

Shringla meets PM Hasina; discusses issues of mutual interest and post-Covid-19 economic recovery

10:47 PM

Gehlot directs officials to check frauds by credit societies

Chief Minister Ashok Gehlot on Tuesday directed officials to put in place a strong system to protect people from frauds by various credit societies in the state.

 

The chief minister expressed concerns over complaints of multi-state cooperative societies cheating common people in the name of investment.

 

Gehlot instructed the officials to prepare such a system that in future no such cooperative society in the state could cheat poor people in the name of investment. He also stressed on making general public aware of such societies.

9:29 PM

Divest governance of PSBs from govt: Former RBI deputy guv

Former Reserve Bank deputy governor N S Vishwanathan on Tuesday said there is a need to separate governance of state-run banks from the government and pitched for doing away with the nationalisation laws from which the executive derives its powers.

 

Privatisation is a bigger political decision and not an economic one alone, Vishwanathan said, adding that a bank holding company needs to be created first.

 

Vishwanathan, who was head of banking regulation, said the first need is to "divest" governance of the lenders from the government, and suggested doing away with the powers vested with the government under the bank nationalisation laws as a starter. He said having a holding company structure is essential.