BJP set to retain power in Gujarat, headed to win in Himachal Pradesh

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

New Delhi, Jul 13: The Land & Development Office, which comes under the Union Ministry of Housing and Urban Affairs, has sent a notice to news agency PTI, demanding it to cough up more than Rs 84 crore as penalty. The notice dated July 7 says that the penalty has been imposed due to "breaches" at its office in Delhi.

The notice that sought Rs 84,48,23,281 argues that "the less will be pleased to regularise the breaches in the premises temporarily up to 14.07.2020 and withdraw the right of re-entry of the premises subject to the following conditions being fulfilled by you within 30 days from the date of issue of this letter."

The notice also stipulates that the news agency needs to give an undertaking on non-judicial stamp paper stating that it will pay the difference of "misuse/damage charges" if the land rates are revised with effect from 01.04.2016 by the government and will also remove the "breaches" by 14.07.2020 or get them regularised by paying charges.

The notice also warns that further action to execute the deed has to be subject to complete payment and putting the premise to use according to the masterplan.

The Land & Development Office so warned that an additional 10 per cent interest may need to be coughed out by PTI if it fails to furnish the concerned amount within the stipulated time period.

Additionally, if the news agency fails to comply with the terms within the said period, the concession will be withdrawn. In other words, they will have to pay the penalty up to the actual date of payment then and will also be subject to actions.

This stern notice for alleged violations by PTI comes closely on the heels of national broadcaster Prasar Bharati locking horns with PTI over its reportage that it called "anti national".

Prasar Bharti had recently sent a letter threatening to end its "relationship" with PTI after it carried an interview of Chinese Ambassador Sun Weidong, where he blamed India for the India-China violent standoff that saw 20 Indian bravehearts getting martyred.

Jan 22: Microsoft Corp’s chief executive officer said he worries that mistrust between the US and China will increase technology costs and hurt economic growth at a critical time.

Using the $470 billion semiconductor industry as an example of a sector that is already globally interconnected, Satya Nadella said the two countries will have to find ways to work together, rather than creating different supply chains for each country.

“All you are doing is increasing transaction costs for everybody if you completely separate,” Nadella said in an interview with Bloomberg News Editor-in-Chief John Micklethwait at Bloomberg’s The Year Ahead conference in Davos. That’s a concern as the executive said the world is on the cusp of a revolution around technology and artificial intelligence.

“If we take steps back in trust or increase transaction costs around technology, all we are doing is sacrificing global economic growth,” he said.

The agreement signed last week between the US and China was “not sufficient,” said Nadella, but represented “progress” on the issue of intellectual property protections for US technology companies working with China.

Nadella said he worries about the development of two separate internets, noting that to some degree they already exist “and they will get amplified in the future” with massive technology companies already in place in China.

The viewpoint clashes with Microsoft co-founder Bill Gates, who has been sceptical about the idea that ongoing US-China trade tensions could ever lead to a bifurcated system of two internets.

China and the US are the two leading AI superpowers, however the cooling political relations between them have slowed the international collaboration.

Nadella also warned that countries that fail to attract immigrants will lose out as the global tech industry continues to grow. The CEO has previously voiced concern about India’s Citizenship Amendment Act, calling it “sad.”

“However, Nadella said he remained hopeful.

“The fact that there is a 70-year history of nation-building, I think it’s a very strong foundation. I grew up in that country. I’m proud of that heritage. I’m influenced by that experience.”