Top headlines: India can give befitting response, says PM, and more

From US closely monitoring Ladakh border row to usage of dexamethasone to treat Covid-19, Business Standard brings to you a snapshot of the top events of the day

1. India may not alter cornavirus treatment to add drug hailed in UK

India already uses steroids to treat coronavirus disease and may not immediately alter its protocol to include steroid dexamethasone, which has become the first drug shown to be able to save the lives of patients. Trial results announced on Tuesday in Britain showed dexamethasone, reduced death rates by around a third among the most severely ill Covid-19 patients admitted to hospital. Read on...

2. US says it's closely monitoring India-China border row, urges peace

The United States on Tuesday said it is "closely monitoring" the situation between India and China after a violent face-off between troops of the two countries at the Line of Actual Control and has extended support to a peaceful resolution of the current situation. This comes hours after India said that 20 of its Army personnel were killed in violent clashes with Chinese troops at Galwan Valley at the Line of Actual Control (LAC). Read more...

3. India can give befitting reply, if instigated: PM Modi on clash with China

Prime Minister Narendra Modi on Wednesday said India wants to have peace with its neighbouring countries but is capable to give befitting reply if instigated. PM Modi, along with Union Home Minister Amit Shah and the chief ministers of 15 states and union territories, who were present in the meeting via video-conferencing, observed two-minute silence as a tribute to the soldiers who lost their lives in Galwan Valley clash. Read more...

4. Beijing-based AIIB clears $ 750 mn India loan for Covid-19 response

Beijing-based Asian Infrastructure Investment Bank (AIIB) will give $ 750 million as a loan to India to help government to strengthen its response to the effect of the coronavirus pandemic on millions of poor households. AIIB’s total sovereign loans to India now amount to $ 3.06 billion, including a recent $500 million Covid-19 emergency response. Read more...

5. HSBC revives plan to slash 35,000 jobs, freeze hiring to cut costs: Report

HSBC is resuming a massive redundancy plan it had put on ice after the coronavirus outbreak, and will cut 35,000 jobs over the medium term, a memo seen by Reuters on Wednesday showed. The bank will also maintain a freeze on almost all external recruitment, Chief Executive Noel Quinn said in the memo sent to the bank's 235,000 staff worldwide. Read on...

6. Hugo Boss appoints ex-Tommy Hilfiger head Daniel Grieder as its CEO

German fashion house Hugo Boss has appointed former Tommy Hilfiger boss Daniel Grieder as its next chief executive, it said on Tuesday. Grieder, the former CEO of Tommy Hilfiger Global & PVH Europe, will start on June 1, 2021 and succeed Mark Langer, who is stepping down on Sept. 30, 2020 after serving as CEO of Hugo Boss since May 2016, the group said. Read more...