At poll rally, Yogi calls Indian Army 'Modi ji ki sena'

Rome, Mar 21: Italy on Friday reported a record 627 new deaths from the novel coronavirus, taking its overall toll past 4,000 as the pandemic gathered pace despite government efforts to halt its spread.

The total number of deaths was 4,032, with the number of infections reaching 47,021.

Italy's previous one-day record death toll was 475 on Wednesday.

The nation of 60 million now accounts for 36.6 percent of the world's coronavirus deaths.

Italy has seen more than 1,500 deaths from COVID-19 in the past three days alone.

Its current daily death rate is higher than that officially reported by China at the peak of its outbreak around Wuhan's Hubei province.

New Delhi, Jul 22: With a spike of 37,724 cases and 648 deaths reported in the last 24 hours, the total number of COVID-19 cases in India stands at 11,92,915, according to the Union Ministry of Health and Family Welfare.

The total number of cases includes 4,11,133 active cases, 7,53,050 cured/discharged/migrated and 28,732 deaths, the Health Ministry informed.

Maharashtra remains the worst affected state with 3,27,031 cases and 12,276 deaths.
The second worst-hit state, Tamil Nadu has reported 1,80,643 COVID-19 cases so far while Delhi has reported 1,25,096 cases, according to the Ministry.

Other states that have witnessed a higher number of COVID-19 positive cases include, Andhra Pradesh with 58,668 cases, Karnataka with 71,069 while Telangana has reported 47,705 COVID-19 positive cases.

Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), the total number of samples tested up to July 21 is 1,47,24, 546 including 3,43,243 samples tested yesterday.

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.