Join us as we follow the top service news through the day.
4: 15 PM
‘ Big Short’ popularity Michael Burry slams financial lockdowns
A highly controversial take. “I would lift stay-at-home orders except for recognized danger groups … Given that young healthy lungs tend to be resistant, I would let the infection circulate in [that population.] … Natural immunity is the only way out in the meantime.” https://t.co/9Ny92 B1foU
— Lisa Abramowicz (@lisaabramowicz1) April 7, 2020
4: 00 PM
RBI relaxes overdraft center norms for states, UTs
To relieve the pain on states that are unable to meet their revenue targets amidst the nation-wide lockdown, the RBI has actually created more easing of obtaining norms.
Reuters reports: “The Reserve Bank on Tuesday unwinded standards for state governments to obtain overdraft centers for a longer duration up until September 30 as they are facing cashflow inequalities in the middle of coronavirus outbreak leading to countrywide lockdown.
In a circular, the central bank stated it has permitted “greater space” to state federal governments/ Union Territories for availing overdraft facilities.
In order to provide greater flexibility to the state federal governments to tide over their cashflow inequalities, the RBI has actually increased the variety of days for which a state can be in overdraft.
The number of days for which a State/ UT can be in overdraft continuously has been increased to 21 working days from the existing specification of 14 working days.
Similarly, the number of days for which a State/ UT can be in overdraft in a quarter has been increased to 50 working days from the present 36 working days.”
3: 30 PM
Stocks end day up nearly 9%
The benchmark stock indices, the Nifty and the Sensex, ended the day up almost 9%
The Sensex has actually gained almost 2,500 points while the Nifty ended the day near to the 8,800 mark.
Indian stocks are now up well over 10%from their bottom last month.
3: 15 PM
Russia verifies its participation in OPEC conference on April 9
Russia has verified that it will exist at the meeting today of significant oil producers to discuss a cut in supply to support oil rates.
Reuters reports: “Russia on Tuesday confirmed its involvement in the OPEC meeting of leading oil producers set for April 9, a spokeswoman for energy ministry informed Reuters.
The conference, due to be held through a video link as a preventive step against the coronavirus, had actually been initially scheduled for April 6 however was postponed “to enable more time for negotiations”, according to the OPEC sources.”
3: 00 PM
Worldwide leaders urge G20 countries to approve $8 billion in emergency financing to eliminate COVID-19
Numerous former worldwide leaders and other VIPs prompted the world’s 20 major industrialised nations to authorize $8 billion in emergency situation financing to speed the search for a vaccine, cure and treatment for COVID-19 and prevent a 2nd wave of the coronavirus pandemic.
In an open letter to federal governments of the Group of 20 countries, the leaders, ministers, magnates and scientists also required $35 billion to support countries with weaker health systems and especially susceptible populations, and a minimum of $150 billion for developing nations to fight the medical and economic crisis.
2: 30 PM
IPO fund-raising up 60%in FY20
Fund raising by means of public equity markets rose by more than 60%in 2019-20 even as the fiscal ended on a highly unstable note with a drop of practically 30%in the Sensex.
In 2019-20, a total of91,670 crore was raised, which was 62%greater than the previous fiscal’s56,485 crore, as per information from Prime Database.
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