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NRAI writes to FM, seeks relief package for restaurant industry

IANS New Delhi The National Restaurant Association of India (NRAI) has written to Union Finance Minister Nirmala Sitharman to seek economic relief for the restaurant industry in view of the disruption caused by the coronavirus scare in the country. Anurag Katriar, President of NRAI, said on Monday that the restaurant industry with an annual turnover of around Rs 4 lakh …

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Asian markets sink as pandemic deaths soar

AFP Hong Kong Asian markets were hammered on Monday despite massive economic stimulus efforts worldwide, with investors spooked by the relentless march of the coronavirus pandemic. The negative mood was fuelled by the failure of US lawmakers to agree on a trillion-dollar emergency package to help the reeling American economy. The global death toll from the virus has surged past …

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Brakes on automobile production as plants shut down

IANS Chennai India’s second largest car maker Hyundai Motor India Ltd, two and three wheeler makers TVS Motor Company Ltd, Eicher Motors Ltd and Suzuki Motorcycle India Pvt Ltd have announced closure of their plants in order to contain the spread of coronavirus. In a statement Hyundai Motor India said it is suspending manufacturing operations near here from March 23 …

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Vedanta suspends operations at Amona plant

NT NETWORK Panaji Vedanta, on Monday, said that it has suspended production at its Amona-Navelim plant in view of the ongoing coronavirus pandemic.  The company said that it is halting Goa operations for three days in view of the extension in ‘Janata Curfew’ imposed by the state government.  “All operations at the plant in Amona-Navelim have been suspended including that …

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COVID-19 to permanently hit global economic activity: Moody’s

IANS New Delhi The rapid spread of coronavirus in the last two weeks causing widespread business closures and unprecedented restrictions on social interactions will result in a permanent hit to global economic activity this year, Moody’s Investors Service has said in latest global macroeconomic report It said that a sharp contraction of the global economy, at least in the second …

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India to top up strategic oil reserve with cheaper crude

New Delhi: India has decided to take advantage of the low oil prices in major producing centres in Saudi Arabia and the UAE to top up its strategic oil reserves created to meet the emergency in times of exigencies, two government officials privy to the information said. It has decided to buy oil worth Rs 5,000 crore (about $670 million) …

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RBI announces additional Rs 30K cr OMO purchase of govt securities

Mumbai: The Reserve Bank of India on Friday announced it would undertake additional purchase of government securities worth Rs 30,000 crore through open market operations (OMO) in a bid to increase liquidity and enhance confidence in the financial markets that remain under stress over COVID-19 related dislocations. The OMO would be conducted in two tranches of Rs 15,000 crore each …

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Rana Kapoor sent in JC till April 2

Mumbai: Yes Bank founder Rana Kapoor,  Arrested in a money laundering case, is “easily susceptible” to getting infected by the coronavirus in prison, his lawyer told a court here on Friday. Kapoor, arrested by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA) earlier this month, was remanded in judicial custody till April 2 as the investigation …

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Amazon, Flipkart in war mode as demand swell in India

New Delhi: With malls, shops, commercial establishments and retail stores being shut amid growing new coronavirus scare in India, leading etailers like Amazon and Flipkart have announced drastic measures to keep the orders moving albeit slowly as panic buying continues. According to Amazon, as COVID-19 has spread, it has seen an increase in people shopping online. “In the short term, …

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ICICI Prudential AMC is Gold Award winner

Panaji: ICICI Prudential Asset Management Company was awarded the Gold Award for Leadership in Credit Risk Management at Outlook Money Awards. The Award was announced under the Editor’s Choice segment where outstanding contributors in the BFSI segment were being honoured. The fund house was recognised for its exceptional performance in credit risk management at a time when several of the …

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