Top headlines: China protests India's new FDI rules, Mallya loses UK appeal

From businesses seeing a fall in optimism to Donald Trump planning to Vijay Mallya losing UK High Court appeal in the extradition case. Here are top headlines of the day

Business optimism index falls to record low, worse than 2009 crisis: Report

Business optimism for the ongoing April-June quarter has slumped to a record low level, reflecting the plunge in business sentiment owing to the heightened uncertainty around the impact of Covid-19, according to a report. The Dun & Bradstreet Composite Business Optimism Index stood at 49.40 per cent for Q2 2020 (April-June), a record low and worse than during the 2009 financial crisis. The index registered a decrease of 37 per cent as compared to the year-ago period. Read More

Mumbai, Pune, Indore: 11 places where the situation is 'especially serious'

The Centre on Monday said the Covid-19 situation is "especially serious" in Mumbai, Pune, Indore, Jaipur, Kolkata and a few other places in West Bengal, and violation of lockdown measures risk the spread of the novel coronavirus. In a communication to state governments and union territories, the home ministry said there have been several incidents of violence against Covid-19 frontline healthcare professionals, complete violation of social distancing norms and movement of vehicles in urban areas. These should be stopped, it said. Read More

Covid-19: Fitch cuts India's FY21 GDP growth forecast to 1.8% from 4.6%

Fitch Solutions on Monday cut India's economic growth forecast for the financial year 2020-21 to 1.8 per cent. It said that the private consumption is likely to contract due to large-scale loss of income in the face of worsening domestic outbreak of Covid-19. "Over the past week, we have continued to adjust down our country-specific real GDP growth forecasts on the back of persistent low oil prices and the widening spread of Covid-19. Our forecasts remain fluid and, even despite the recent downward revisions, we believe that the risks remain skewed to the downside," the rating agency said. Read More

China protests India's new FDI norms, calls them against trade

India's new rules on allowing foreign investment from foreign countries go against trade and investment, said China on Monday. India on Saturday mandated that all the investments from neighbouring countries would now require government approval, effectively closing the “automatic route” used by foreign firms and individuals to set up business in the country. Read More

Vijay Mallya loses UK High Court appeal in extradition case

Embattled Liquor tycoon Vijay Mallya on Monday lost his High Court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores. The 64-year-old former Kingfisher Airlines boss had appealed to the High Court against his extradition to India at a hearing in February this year. Lord Justice Stephen Irwin and Justice Elisabeth Laing, the two-member bench at the Royal Courts of Justice in London presiding over the appeal, dismissed the appeal in a judgment handed down remotely due to the current coronavirus lockdown. Read More

Covid-19 pandemic takes toll on global M&A as $1 billion deals disappear

For the first time since September 2004, no merger and acquisition deal worth more than $1 billion was announced worldwide last week, according to data provider Refinitiv, as the new coronavirus stifles global M&A. The dearth of mega deals comes as countries across the world have shut down large swathes of their economies as they battle the COVID-19 pandemic that has infected over 2.33 million people and claimed 165,000 lives. Read More