2 hatemongers claim responsibility for attack on Umar Khalid

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

London, May 12: British Prime Minister Boris Johnson has warned that a mass vaccine for the novel coronavirus may be over a year away and, in the worst-case scenario, may in fact never be found.

In his foreword to the government’s new 50-page guidance on a step by step easing of the lockdown measures in place to control the spread of the deadly virus, the UK prime minister lays out plans for businesses to gradually start reopening with “COVID-19 Secure” measures of social distancing and for the public to use “good solid British common sense” as the economy is unlocked.

“A mass vaccine or treatment may be more than a year away,” said Johnson, highlighting the work being done in the UK by scientists at Oxford University and Imperial College London towards this mission.

“Indeed, in a worst-case scenario, we may never find a vaccine. So our plan must countenance a situation where we are in this, together, for the long haul, even while doing all we can to avoid that outcome,” he said.

Admitting that a vaccine or drug-based treatment is the only “feasible long-term solution”, he said the UK has accelerated this with “promising” vaccine development programmes and a collaboration between Oxford University and pharma major AstraZeneca was a vital step that could help rapidly advance the manufacture of a Covid-19 vaccine when it is ready.

As part of global efforts, he flagged the GBP 388 million in aid funding for research into vaccines, tests and treatment, including GBP 250m to the Coalition for Epidemic Preparedness Innovations.

“But while we hope for a breakthrough, hope is not a plan,” he said, as he unveiled his plan for starting to lift lockdown restrictions from this week in phases.

Following a televised address to the nation on Sunday night and a statement in Parliament on Monday, the guidance comes into effect in public life across England from Wednesday when people will be allowed one-to-one contact with people other than those they live with, as long as they remain outside and two metres apart.

They are allowed to play sport with a friend or family member from outside their household or socialise with them in the open air for the first time in more than six weeks since the lockdown was imposed.

People are still advised to work from home where possible but start heading into work where necessary, in sectors such as construction and manufacturing, keeping the social distancing norms in place.

Under the step by step plan, by the start of next month non-essential shops will also reopen, with some hairdressers, pubs and cinemas to follow from July. However, as part of a Covid-19 Alert System, if infection rates are seen to be rising again, restrictions would be tightened “possibly at short notice”.

Fines for breaching the new rules will also be increased to GBP 100 and will double for each repeat offence, up to a maximum of GBP 3,200.

Johnson said: "I must ask the country to be patient with a continued disruption to our normal way of life, but to be relentless in pursuing our mission to build the systems we need. The worst possible outcome would be a return to the virus being out of control – with the cost to human life, and – through the inevitable re-imposition of severe restrictions – the cost to the economy. We must stay alert, control the virus, and in doing so, save lives.

“Then, as vaccines and treatment become available, we will move to another new phase, where we will learn to live with Covid-19 for the longer term without it dominating our lives.”

The devolved administrations of Scotland and Wales are putting their own measures in place and keeping the “stay at home” message in place, rather than switch to the new “stay alert” message.

The UK government’s latest messaging has come under attack from the Opposition and other sections of society over a feared lack of clarity for the general public.