India extends $1 billion line of credit for development of Russia's Far East

Islamabad, May 24: Pakistan recorded 32 coronavirus-related deaths during the last 24 hours, taking the total number of fatalities in the country to 1,133, the health ministry said on Sunday.

The total number of COVID-19 patients in Pakistan also jumped to 54,601, it said.

Read: Coronavirus India update: State-wise total number of confirmed cases, deaths

Sindh reported the maximum number of 21,645 coronavirus cases, followed by Punjab at 19,557, Khyber-Pakhtukhwa at 7,685, Balochistan at 3,306, Islamabad at 1,592, Gilgit-Baltistan at 619 and Pakistan-occupied Kashmir (PoK) at 197.

According to the health ministry, 17,198 coronavirus patients have recovered and 473,607 tests, including 12,915 in the last 24 hours, have been conducted so far.

The government also issued strict instructions to observe social distancing while offering Eid prayer and asked people to avoid visiting relatives and hosting parties.

Eid congregations were held at open places, mosques and Eidgahs in all major cities and towns while following strict standard operating procedures (SOPs) of social distancing and other precautionary measures.

Pakistan Prime Minister's Special Assistant on Health Zafar Mirza on Friday said the deadly infection would continue to multiply if precautions are not taken.

Earlier this month, the government had announced the lifting of the countrywide lockdown imposed to curb the spread of the virus in phases, even as infections continued to rise in the country.

Prime Minister Imran Khan had cited the economic havoc the virus restrictions had wreaked on citizens as the reason behind the decision.

The prime minister on Saturday urged Pakistanis to forgo traditional Eid festivity in view of the hundreds of fatalities caused by the coronavirus and the lives lost in Friday's plane crash in Karachi.

Ninety-seven people, including nine children, were killed and two passengers miraculously survived a fiery crash when a Pakistan International Airlines plane with 99 travellers on board plunged into a densely populated residential area near the Jinnah International Airport in Karachi. Most of the victims were travelling home to celebrate Eid.

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.

Mar 30: Thomas Schaefer, the finance minister of Germany's Hesse state, has committed suicide apparently after becoming "deeply worried" over how to cope with the economic fallout from the coronavirus, state premier Volker Bouffier said Sunday.

Schaefer, 54, was found dead near a railway track on Saturday. The Wiesbaden prosecution's office said they believe he died by suicide.

"We are in shock, we are in disbelief and above all we are immensely sad," Bouffier said in a recorded statement.

Hesse is home to Germany's financial capital Frankfurt, where major lenders like Deutsche Bank and Commerzbank have their headquarters. The European Central Bank is also located in Frankfurt.

A visibly shaken Bouffier recalled that Schaefer, who was Hesse's finance chief for 10 years, had been working "day and night" to help companies and workers deal with the economic impact of the pandemic.

"Today we have to assume that he was deeply worried," said Bouffier, a close ally of Chancellor Angela Merkel.

"It's precisely during this difficult time that we would have needed someone like him," he added.

Popular and well-respected, Schaefer had long been touted as a possible successor to Bouffier.

Like Bouffier, Schaefer belonged to Merkel's centre-right CDU party.

He leaves behind a wife and two children.