Top 10 biz headlines: Brent crash adds to oil chaos; bank notice to malls

Here are the top 10 business headlines on Wednesday

After the historic fall in WTI crude oil futures, Brent crude plunged over 20 per cent on Tuesday.  In India, following the footsteps of Rajasthan, Gujarat and Punjab governments increased the working hours limit allowed in a day to 12 hours in manufacturing units. Here are the top ten business stories that made news on Tuesday:

Fearing NPAs, banks shoot off notices to malls for loan repayment

Leading public sector banks (PSBs) have shot off letters to shopping mall owners, invoking contractual obligations under the lease rental discounting (LRD) facility for loan repayments.
 

Fearing that these accounts might become non-performing assets (NPAs), the PSBs have directed them to raise invoices for the month of April and ask their tenants to make rental payments in the escrow account of the respective bank.  Read more here

Brent price crash adds to oil chaos even as OPEC rushes to cut output

The historic fall of the US benchmark West Texas Intermediate (WTI) crude oil futures for May to minus $37 a barrel on Monday created panic in the oil and financial markets across the globe. On Tuesday, the widely accepted benchmark Brent crude (cash) plunged more than 20 per cent to below $20 a barrel, triggering a sell-off in stock markets. Read more here

RBI considers standing deposit facility to manage extra liquidity

The Reserve Bank of India (RBI) is actively considering introducing Standing Deposit Facility (SDF) for liquidity management, based on which banks can park as much money as they want without getting collateral, and at a lower rate than the reverse repo. However, no decision has been taken yet, said banking sources.  Read more here

Bombay HC quashes criminal charges against ex-IFIN auditor Deloitte & KPMG

In a major relief to the former auditors of IL&FS Financial Services (IFIN), the Bombay High Court (HC) on Tuesday quashed the criminal complaint against Deloitte Haskins & Sells and BSR Associates, an affiliate of KPMG, filed by the Serious Fraud Investigation Office (SFIO) terming it unsustainable. Read more here

Covid-19 impact: Gujarat, Punjab increase working hours in factories

Gujarat and Punjab have become the latest states to increase working hours for factories, even as Andhra Pradesh has issued a strict directive to employers to not lay off contract workers during the lockdown period. 

The governments in Gujarat and Punjab followed the footsteps of the Rajasthan government and increased the working hours limit allowed in a day to 12 hours in manufacturing units. Read more here

Shale holdings of RIL, GAIL come under pressure amid oil price crash

The falling demand of crude oil in the US market will adversely impact investments made by Indian companies in the shale business there. American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate (WTI) going negative on Monday. Read more here

Lockdown hits production of anti-TB drugs, health min seeks to ban export

India’s fight against Covid-19 might be costing it in its battle against tuberculosis (TB) with supply and production of a key anti-TB drug taking a hit amid emergency measures being taken to tackle the spread of coronavirus. Read more here

Covid-19: Delhi extends subsidy on electricity, to pay for discoms' dues

Delhi on Tuesday said it will continue a subsidy offered on electricity for the current fiscal year as well. It also announced that it will pay 50 per cent of the subsidy amount for this quarter to the power distribution companies (discoms) to improve the cash flow. Read more here

Covid-19 impact: At malls, the last to recover will be cinemas and eateries post lockdown

According to Retailers Association of India, the two largest segments cinemas and food & beverage that attract footfall at malls will be hit the hardest within discretionary categories post lockdown, the Economic Times reported.

Coronavirus: Stem cells offer a ray of hope in battle against Covid-19

A study has found stem-cells to be possible cure for Covid-19,  which involves intravenous injection of mesenchymal stem-cells (MSC) from a human placenta into a covid-19 patient to boost the body’s immune response against the infection, Livemint report said.