Top headlines: ED raids Cox & Kings offices, weak aviation sector and more

From fuel price hikes for the second day in a row to Moody's report on air passenger traffic in 2021, here are the top headlines of the day

ED searches Cox & Kings promoter offices, residences in YES Bank case

The Enforcement Directorate (ED) searched on Monday five places linked to Cox & Kings in connection with the tour operator’s financial dealings with Rana Kapoor, the co-founder of private lender YES Bank under arrest in Mumbai for alleged money laundering. An ED official said the government agency is searching the offices and the residences of the travel firm’s promoter of and other executives. The action is part of ED’s probe in a case involving half a dozen YES Bank borrowers with total loan claims of about Rs 30,000 crore. Read more here

Petrol, diesel price hiked by 60 paisa per litre for second straight day

Petrol and diesel prices were hiked by 60 paisa per litre on Monday, for the second day in a row, as state-owned oil firms reverted to daily price revisions after a 83-day hiatus. Petrol price in Delhi was hiked to Rs 72.46 per litre from Rs 71.86 on Sunday, while diesel rates were increased to Rs 70.59 a litre from Rs 69.99, according to a price notification of state oil marketing companies. Read more here

Aviation sector will not see a substantial recovery before 2023: Moody's

Air passenger demand globally will remain severely depressed in 2021 and will not see a substantial recovery before 2023, according to Moody's Investors Service. Health concerns, changes in corporate travel policies, potential restrictions on international arrivals, and lower discretionary spending because of weaker GDP and higher unemployment will constrain air passenger demand into 2022, Moody's said in its credit outlook released on Monday. Read more here

Pak rejects IMF demand to freeze govt employees salaries; budget on June 12

Pakistan has rejected the demand made by the International Monetary Fund (IMF) to freeze the salaries of government employees. Sources close to the matter informed Dunya News that IMF, during budget talks with Pakistan via two online digital meetings, urged for spending cuts in the next budget. On the other hand, Islamabad said that it cannot cut the salaries of government employees as it is necessary to protect government employees and pensioners from inflation. Read more here

Japan braces for worst post-war economic slump, pandemic tests response

Japan's economy braced for its worst post-war slump even as first-quarter GDP contracted less than initially thought, as the cornonavirus crisis slams the brakes on global growth and raises pressure on Tokyo to cushion the blow to business and consumers. Banks are doing their bit to help as lending rose at the fastest annual pace on record in May, a sign companies were tapping loans to meet immediate funding needs to survive slumping sales from the pandemic. Read more here