Trump's offer of mediation on Kashmir more than Pak's expectations: Qureshi

London, Feb 14: Five years ago Britain’s new finance minister Rishi Sunak wasn’t even a member of parliament and now he is running the world's fifth largest economy.

The 39-year-old former Goldman Sachs banker was appointed in dramatic fashion on Thursday when incumbent Sajid Javid unexpectedly quit — in a row over advisers — during what Downing Street had cast as a routine ministerial reshuffle.

Sunak is married to the daughter of Infosys co-founder NR Narayana Murthy, and was hand-picked to take over an ultra-safe seat in northern England, previously represented by former Conservative Party leader William Hague. The Murthy family was not reachable for comment.

In July, when he was promoted chief secretary to the Treasury, Murthy had said: “Our advice to our children, including Rishi, has been to work hard, be honest, and do good for society…We wish him well.”

After Thursday’s announcement, Sunak said: “Delighted to be appointed... Lots to get on with.”

Tipped for Promotion

As Boris Johnson moves to increase control of the finance ministry, one of the youngest chancellors in history will face a prime minister who wants to increase government spending on everything from infrastructure and police to health and education.

Sunak, seen as a rising star in the ruling Conservative Party since he entered Parliament in 2015, had been tipped for promotion to a senior post in the ministerial rejig as Johnson put together his post-Brexit cabinet.

But, despite an already rapid ascent through the ranks of government, few expected the Oxford University Politics, Philosophy and Economics graduate to ascend to one of the highest offices in the land.

Sunak had been serving as Javid’s deputy in the finance ministry since Johnson promoted him upon taking office in July 2019. Prior to that he had served as a junior housing minister.

“From working in my mum’s tiny chemist shop to my experience building large businesses, I have seen first-hand how politicians should support free enterprise and innovation to ensure our future prosperity,” Sunak says on his website.

Smooth and loyal

Seen as a smooth media performer and ultra-loyal member of the Conservative Party, Sunak has been used by the government to present and defend their policies in television interviews — a sign of trust from Johnson, who has a fraught relationship with Britain’s media.

Sunak takes control at a critical juncture for Britain’s $2.7 trillion economy. He will have to steer the economy through the turbulence of leaving the European Union and the forging of new trade links that will define Britain’s new relationship with the world.

However, the power struggle that forced his predecessor Javid to quit hints at a more diminished role for what is the second most powerful position in the government — with Johnson’s office wanting to centralise control and minimise dissent.

Sunak is one of the three ministers of Indian origin in Johnson’s cabinet, the other two being Priti Patel and Alok Sharma. Patel remains the interior minister after the cabinet reshuffle while Sharma, a former minister for international development, was appointed the new minister for business. Sunak’s father was a doctor and his mother ran a chemist shop. Before entering politics he worked for Goldman Sachs and a hedge fund, then co-founded an investment firm. He also has an MBA from Stanford University.

Paris, May 10: The number of coronavirus cases worldwide topped four million as some of the hardest-hit countries readied Sunday to lift lockdown restrictions despite concern about a second wave of infections.

Governments around the world are trying to stop the spread of the deadly disease while scrambling for ways to relieve pressure on their economies, which are facing a historic downturn with millions pushed into unemployment.

Despite the intense political pressure to reopen, nations are also keen to avoid second waves of infections that could overwhelm healthcare systems, with reminders over the weekend of the threat posed by the virus.

In the United States, media reported Saturday that the nation's top infectious disease expert, Anthony Fauci, was among three members of the White House coronavirus task force who will self-isolate after potential exposure.

And in South Korea, the capital Seoul shut all bars and clubs on Saturday as more than 50 cases were linked to a man who tested positive after spending time in one of the city's busiest nightlife districts.

Despite the risks, some governments in hard-hit Europe have said are signs of progress that justify cautious steps towards normality.

Officials in France on Saturday said the day's death toll of 80 was the lowest since early April, while nursing home fatalities also fell sharply as the nation prepared to relax curbs on public movement imposed eight weeks ago.

The easing, to begin Monday, has brought mixed reactions.

"I've been scared to death" about the reopening, said Maya Flandin, a bookshop manager from Lyon. "It's a big responsibility to have to protect my staff and my customers."

French health officials have warned that social distancing must be kept up even as restrictions are eased.

In Spain, about half the population will be allowed out on Monday for limited socialisation, and restaurants will be able to offer some outdoor service as the country begins a phased transition set to last through June.

With lingering fears of a resurgence, authorities excluded Madrid and Barcelona -- two COVID-19 hotspots -- from the first phase.

Belgium is also easing some restrictions on Monday, and in some parts of Germany, bars and restaurants reopened on Saturday with further easing set for Monday.

In Britain, Prime Minister Boris Johnson is expected Sunday to lay out a plan for the nation to emerge out of its current lockdown.

Media reports have suggested that Britain may introduce a mandatory 14-day quarantine for international arrivals to stop the spread of the virus.

Global economic figures are pointing to the most acute downturn in nearly a century, with businesses forced to shut and supply lines badly disrupted, and pressure is growing on leaders around the world to find a way out as the worldwide death toll topped 277,000 and infections crossed four million.

In the United States, the country with the highest death toll and where more than 20 million people have lost their jobs, President Donald Trump has insisted that next year would be "phenomenal" for the economy, urging reopening despite the virus still claiming well over 1,000 lives daily in the country.

The scale of the challenge was brought in sharp focus over the weekend as US media reported that top disease expert Anthony Fauci, who has become the trusted face of the government response to the pandemic, is going to self-isolate after possible exposure to an infected White House staffer.

Fauci told CNN that he will undergo a "modified quarantine" as he had not been in close proximity to the staffer, the network reported. He will remain at home teleworking, and will wear a mask for two weeks.

Robert Redfield, the director of the Centers for Disease Control and Prevention, and Stephen Hahn, the commissioner of the Food and Drug Administration, will also self-isolate, CNN added.

All three will still testify at Tuesday's Senate coronavirus hearing, with Redfield and Hahn participating via video link, according to Senator Lamar Alexander, chairman of the chamber's health committee.

It is believed Fauci will attend wearing a mask, CNN reported.

President Trump has faced sharp criticism from his predecessor Barack Obama, who said on a leaked tape that Trump's handling of the crisis was an "absolute chaotic disaster".

With people wearying of being indoors and under economic pressure, anti-lockdown protests have been held in a number of countries in recent weeks, with some demonstrators arguing that such restrictions violate their rights and others promoting conspiracy theories about the pandemic.

Ten people were arrested and a police officer injured in Melbourne, Australia, on Sunday in the latest such protest, where around 150 people gathered to demand an end to the shutdown.

Participants were promoting a number of conspiracy theories, such as linking 5G cellular communications to the disease.

Australian chief medical officer Brendan Murphy said there was "a lot of very silly misinformation out there", including the 5G allegation.

"I have unfortunately received a lot of communication from these conspiracy theorists myself," he said.

"It is complete nonsense. 5G has got nothing at all to do with coronavirus."

Washington, May 6: At a time when the coronavirus pandemic has squeezed them, multi-national companies in America are laying off workers while paying cash dividends to their shareholders. Thus making the workers bear the brunt of the sacrifices while the shareholders continue to collect.

The Washington Post said in one of its reports that five big American companies have paid a combined USD 700 million to shareholders while cutting jobs, closing plants and leaving thousands of their workers filing for unemployment benefits.

Since the pandemic was declared an emergency, Caterpillar has suspended operations at two plants and a foundry, Levi Strauss has closed stores, and toolmaker Stanley Black & Decker has been planning layoffs and furloughs.

Steelcase, an office furniture manufacturer, and World Wrestling Entertainment have also shed employees.

Executives of those companies told the Post that the layoffs support the long-term health of their companies, and often the executives are giving up a piece of their salaries. Furloughed workers can apply for unemployment benefits.

But distributing millions of dollars to shareholders while leaving many workers without a paycheck is unfair, critics argue, and belies the repeated statements from executives about their concern for employees' welfare during the coronavirus crisis.

Caterpillar, for example, announced a USD 500 million distribution to shareholders April 8, about two weeks after indicating that operations at some plants would stop. The company however declined to divulge how many workers are affected.

"We are taking a variety of actions globally, but we aren't going to discuss the number of impacted people," spokeswoman of the company, Kate Kenny, said in a reply to an email by the Post.

This spate of dividends is also likely to revive long-standing debates about economic rewards.

"There are no hard-and-fast rules about this," said Amy Borrus, deputy director of the Council of Institutional Investors, a group that argues for shareholder rights and represents pension funds and other long-term investors.

Many large US companies choose to issue a regular, quarterly dividend to shareholders, often increasing it, and they boast about these payments because they help keep the share price higher than it might otherwise be. Those companies might be reluctant to announce that they are cutting or suspending their dividend during a crisis, Borrus was further quoted as saying.

But "companies have to be mindful of the optics of paying dividends if they're laying off thousands of workers," she added.

On March 26, Caterpillar had announced that because of the pandemic, it was "temporarily suspending operations at certain facilities." Two plants, in East Peoria, Ill., and Lafayette, Ind., were coming to a halt, as well as a foundry in Mapleton, Ill., according to news reports.

"We are taking a variety of actions at our global facilities to reduce production due to weaker customer demand, potential supply constraints and the spread of the covid-19 pandemic and related government actions," Kenny said via email.

"These actions include temporary facility shutdowns, indefinite or temporary layoffs," she added.

Similarly, Levi Strauss announced April 7 that the company would stop paying store workers, and about 4,000 are now on furlough. On the same day, the company announced that it was returning USD 32 million to shareholders.

"As this human and economic tragedy unfolds globally over the coming months, we are taking swift and decisive action that will ensure we remain a winner in our industry," Chip Bergh, president and chief executive of the company, also told the Post.

Stanley Black & Decker announced on April 2 that it was planning furloughs and layoffs because of the pandemic. Two weeks later, it issued a dividend to shareholders of about USD 106 million.

The notion that a company's primary purpose is to serve shareholders gained prominence in the 1980s but has come under attack in recent years, even from business executives, the newspaper reported.

Corporate decisions to suspend dividends and buybacks are complex, however, and it is difficult to know whether these suspensions of dividend and buyback programs were motivated by a desire to conserve cash in anticipation of bad times, and how much they are prompted by a sense of obligation to employees.

Over recent decades, the mandate to "maximize shareholder value" has become orthodoxy, for many, and it is often unclear what motivates companies to pare dividends or buybacks for shareholders, said William Lazonick, an emeritus economics professor at the University of Massachusetts at Lowell, who has been one of the leading critics of companies that distribute cash to shareholders through stock buybacks and dividends rather than reinvesting the profits into employees, innovation and production.