U.S. small firms leave $150 billion in coronavirus stimulus untapped
By Ann Saphir, Howard Schneider SAN FRANCISCO/WASHINGTON: When the U.S. government first rolled out forgivable loans to small businesses in early April under the Paycheck Protection Program, loan officers at Bank of the West in Grapevine, Texas worked nights and weekends to process a tsunami of applications. But since those first few frantic weeks, demand […]
Xanadu Realty announces orderbook of Rs 450 crore over the next two months
NEW DELHI: As the economy acclimatizes to the post-COVID world, Xanadu Realty sets to restart its operations with a new objective. The organization has laid out a foundational approach to get back to business as usual and intends to target customers in five different markets across eight different projects, to achieve Rs 450 Cr in […]
Salman Khan launches grooming and personal care brand
NEW DELHI: Superstar Salman Khan has launched his own grooming and personal care brand FRSH. The 54-year-old actor, who has been living at his Panvel farmhouse since the lockdown was announced on March 25 to rein in the spread of COVID-19, unveiled his new brand on social media on Sunday. Considering the importance of hygiene […]
Domestic flights resume after two months: Delhi’s first departure is to Pune and Mumbai’s first to Patna
NEW DELHI: Indian skies will open up for domestic passenger services from Monday after a gap of two months, with Delhi-Pune and Mumbai-Patna flights being among the first to take off, aviation industry sources said. All scheduled commercial passenger flights have been suspended since March 25 when the government imposed a nationwide lockdown to curb […]
American billionaires richer by $434 billion during the pandemic
NEW YORK: As millions of US citizens lost their jobs in the Covid-19 pandemic, nations billionaires saw their net worth jump $434 billion in the first two months of pandemic, led by Amazon Founder and CEO Jeff Bezos ($34.6 billion) and Facebook CEO Mark Zuckerberg ($25 billion). The top five US billionaires – Jeff Bezos, […]
South America becomes new epicentre of Covid-19: WHO
NEW YORK/ BRASILIA: South America has become the new epicentre of the coronavirus pandemic, according to the World Health Organisation (WHO). With a total of 330,098 COVID-19 cases, Brazil has since surpassed Russia as the country with the second-highest number of infections after the US. The rest of the continent has not fared much better. […]
No GST exemption to help businesses fight Covid-19 disruptions
NEW DELHI: The Finance Ministry has ruled out GST waiver or deference to businesses as part of the economic relief package to help them cope with the situation arising in the wake of Covid-19 pandemic and the resultant nationwide lockdown. In discussions within the ministry, it has been said that Goods and Sales Tax exemption […]
India might allow International flight operations from July
NEW DELHI: International flight operations from India might commence from July depending upon the circumstances surrounding the Covid-19 outbreak, Union Civil Aviation Minister Hardeep Singh Puri said on Saturday. The statement assumes significance as it comes just days ahead of the recommencement of domestic flight services from Monday. During an online question and answer session, […]
Markets in Ghaziabad to open from May 25
NEW DELHI: The Ghaziabad administration in Uttar Pradesh on Friday said markets in the district will open from May 25 on alternate days from 10 am to 5 pm. Two days’ time has been given to shopkeepers to make arrangements to ensure social distancing, it said. District Magistrate (DM) Ajay Shankar Pandey told PTI that […]
Virus-hit Hertz declares bankruptcy in US and Canada
Global car rental company Hertz became the latest economic casualty of the coronavirus pandemic Friday, filing for bankruptcy in the US and Canada after more than a century in business. “The impact of COVID-19 on travel demand was sudden and dramatic, causing an abrupt decline in the Company’s revenue and future bookings,” Hertz said in […]
Karnataka allows factories to extend working hours
BENGALURU: Amid the COVID-19 lockdown, the Karnataka government on Friday issued a notification allowing factories to extend working hours up to 10 hours a day and 60 hours a week till August 21. The extension of workhours is from the current eight hours a day and 48 hours a week. “In exercise of powers conferred […]
Uttar Praedsh government invokes ESMA for 6 months
LUCKNOW: The Uttar Pradesh government has invoked the Essential Services Maintenance Act (ESMA) banning strikes in all departments and corporations under it for a period of six months. The ESMA, as it is commonly known, gives the police right to arrest without a warrant anybody violating the Act’s provisions. It has been invoked after taking […]
Economic damage for India from lockdown to be significant: Moody”s
NEW DELHI: Moody”s Investors Service said on Friday that economic damage as a result of India”s coronavirus lockdown will likely be extensive and reflect the country”s inherent economic vulnerability and fiscal constraints. The report pointed out that this will have wide-ranging effects on both public and private sectors. Moody”s Investors Service has released a report […]
India issues tax refunds of over Rs 26, 000 crore since April 1
NEW DELHI: The government of India has given tax refunds worth Rs 26,242 crore to 16,84,298 tax assesses since April 1. Till May 21, the Central Board of Direct Taxes (CBDT) has issued Income Tax refund amounting to Rs 14,632 crore to 15,81,906 assesses and corporate tax refund amounting to Rs 11,610 crore to 1,02,392 […]
Real estate developers want banks to pass on benefit of rate cut to customers; demand one-time debt restructuring
NEW DELHI: Real estate developers on Friday welcomed cut in key interest rates but said the RBI needs to take more steps, such as one-time debt restructuring of builders loan, to provide relief to the industry which has been hit badly by the lockdown. The RBI needs to ensure that banks pass on the benefits […]
RBI extends moratorium on loans for another 3 months till August
NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis. In March, the central bank had allowed a three-month moratorium on payment of all […]