5 Minutes Read

China on brink of biggest COVID-19 crisis since Wuhan as cases triple

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

After topping 1,000 new cases for two days in a row, new locally transmitted cases in China surged to more than 3,100, the National Health Commission reported on Sunday. This is the highest in two years. All outbound travellers from Shenzhen must submit negative nucleic acid test results taken within the previous 24 hours

China’s high-tech Shenzhen city, which has a population of over 17 million, was the latest to shut down to control the surge of COVID-19 cases, as the government scrambled to contain the worst outbreak of virus cases in the last two years. Shenzhen will seal all communities, villages and suspend bus and metro services from Monday to Sunday due to the latest COVID-19 outbreak, state-run China Daily reported on Sunday.

Shenzhen which has been battling an Omicron surge since late February, will carry out three rounds of citywide COVID-19 tests next week. In a statement, city authorities urged the residents to work from home and to step out only to buy daily necessities.

After topping 1,000 new cases for two days in a row, new locally transmitted cases in China surged to more than 3,100, the National Health Commission reported on Sunday. This is the highest in two years. All outbound travellers from Shenzhen must submit negative nucleic acid test results taken within the previous 24 hours, Hong Kong-based South China Morning Post reported. The situation is such that China is on the brink of its biggest COVID-19 crisis since Wuhan, the Post report said.

The coronavirus first broke out in Wuhan in December 2019 before it spread to almost all parts of the world, claiming over 6 million lives so far. It is significant that cases in China are on the rise when most of the countries are opening up following decrease in cases.

China’s Zero COVID-19 case policy is coming increasingly under stress in the past few weeks as several cities including Shanghai and Beijing are witnessing fresh wave of cases. It came as 16 provinces reported new coronavirus infections, as did the four mega cities – Beijing, Tianjin, Shanghai and Chongqing.

Some local health authorities have attributed the surge to the Omicron variant, which is more transmissible but causes less severe symptoms than the original COVID-19 virus, the Post report said. Chinese Vice Premier Sun Chunlan on Saturday urged regions experiencing severe epidemic outbreaks to clear COVID-19 cases among the general public in the shortest time possible.

As part of its COVID-19 responses, China has added antigen detection as an option for COVID-19 testing among the public, in efforts to boost the early discovery of COVID-19 cases. Shanghai asked the people of the city not to leave and those who do must hold a certificate for a negative nucleic acid test results taken 48 hours before departure, state-run Xinhua news agency reported.

The big spikes in cases came after a top Chinese official claimed on March 4 that China is one of the best performers in curbing the COVID-19 pandemic and attributed the success to its stringent zero-case policy of restricting national and international travel with proactive local lockdowns wherever the virus surfaced. China’s dynamic zero-COVID approach has worked in the country’s context, Zhang Yesui, spokesperson for National People’s Congress, the country’s Parliament, told media.

Meanwhile, the situation continues to deteriorate in Hong Kong where officials confirmed 27,647 new Covid-19 cases, including 11,858 positive, the Hong Kong-based South China Morning Post reported on Sunday. The former British colony also reported 87 COVID-related deaths taking the overall toll to 3,729, the report said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Budget 2022: Priorities could be on restoring livelihoods hit due to pandemic

printing currency, COVID, RBI

Finance ministers yet again going to build upon the mantra of inclusive growth, which is likely to be the key mandate to stare out the pandemic hit economy towards the aim of $5 trillion.

Finance minister Nirmala Sitharaman is likely to announce measures with an aim to reduce poverty, increase employment opportunities, allocate more funds towards housing for all, and restoring the livelihoods of those who were hit the most during the pandemic.

Some of the focus areas would be to continue to support those at the bottom of the pyramid like migrant labourers. Government is also likely to enhance the ongoing food security scheme of providing free ration, focus will also be on building health infrastructure in villages and smaller towns where the government feels that it is now the need to give that kind of social security.

Watch the accompanying video of CNBC-TV18’s Timsy Jaipuria for more details.

 5 Minutes Read

China fears COVID-19 might arrive via overseas mail; thinks its first Omicron case came in Canada package

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

In recent weeks, China has also been pushing a narrative via state media that the novel coronavirus existed abroad before it was discovered in late 2019 in the central city of Wuhan and triggered the pandemic.

China–where SARS-COV-2 that currently raving the world first emerged–is now urging its citizens to wear masks and gloves whie opening mail, especially that from abroad, after authorities suggested the first case of the Omicron coronavirus virus variant found in Beijing could have arrived via a package from Canada.

Authorities vowed to step up disinfection of overseas mail and are insisting that postal staff handling it are fully vaccinated.

The precautions come less than three weeks before the capital opens the Winter Olympic Games and as several cities work to stamp out new outbreaks of coronavirus infections.

“Minimise purchases of overseas goods or receiving mail from abroad,” state broadcaster CCTV said late on Monday in a social media post.

“Be sure to protect yourself during face-to-face handovers and wear masks and gloves; try to open the package outdoors.”

Health officials said the person found infected with the Omicron variant opened a package from Canada that had been routed through the United States and Hong Kong and transmission via the package “could not be ruled out”.


Also read: China’s economy grows by 8.1% in 2021 despite challenges


The case highlighted the importance of “personal defence”, CCTV said.

Similar suggestions on how to handle parcels, not just those from overseas, were made by the National Health Commission on its official WeChat account and reposted by authorities in the cities of Shanghai and Nanjing.

China has been an outlier in asserting that COVID-19 can be transmitted via cold-chain imports such as frozen meat and fish, even though the World Health Organisation has played down the risk, and has been pushing a narrative via state media that the virus existed abroad before it was discovered in late 2019 in the central city of Wuhan.

In recent weeks, China has been battling a resurgence in cases in several cities, some of them of the highly transmissible Omicron variant. On Tuesday, it reported 127 new local cases with confirmed symptoms.

The State Post Bureau issued a notice on Monday stating that international mail must be disinfected after reaching China, and staffers who process and deliver international mail must have received COVID-19 vaccinations and a booster.

China Post has also been reminding recipients of overseas mail to disinfect the contents “in a timely manner” with stickers pasted on parcels.

Also read: Beijing tightens rules for entering city after Omicron case ahead of Winter Olympics

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Jharkhand health minister Banna Gupta reveals how state is battling COVID-19 crisis

Jharkhand is one of the five states in the eastern belt that witnessed a sharp rise in COVID-19 cases in April and early May. But there has been a steady decline in the number of new infections and vaccinations have picked up especially in the 18 to 44 years age group.

CNBC-TV18’s Archana Shukla spoke to Jharkhand Health Minister Banna Gupta and talked about the current coronavirus situation, the strategies adopted in the state, and the progress of the vaccination drive.

To know more, watch the video.

 5 Minutes Read

IPL 2021: COVID-19 forces CSK-RR clash to be rescheduled

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The BCCI will reschedule Wednesday’s IPL match between Chennai Super Kings and Rajasthan Royals here as CSK has been forced into hard quarantine after bowling coach L Balaji tested positive for COVID19. As per the Board’s Standard Operating Procedure, anyone who has come in contact with an infected person has to undergo six days of hard quarantine and return three negative RTPCR reports during the course of it.

The BCCI will reschedule Wednesday’s IPL match between Chennai Super Kings and Rajasthan Royals here as CSK has been forced into hard quarantine after bowling coach L Balaji tested positive for COVID-19.

As per the Board’s Standard Operating Procedure, anyone who has come in contact with an infected person has to undergo six days of hard quarantine and return three negative RT-PCR reports during the course of it.

Also Read: IPL 2021 Points Table, Orange Cap, Purple Cap holders: Updated after PBKS vs DC

”Tomorrow’s match at the Arun Jaitley Stadium between CSK and RR will be rescheduled as per SOP rules. As Balaji was in contact with the players, all of them have gone into hard quarantine. They are supposed to be tested every day,” a senior BCCI official told.

Also Read: IPL match between KKR and RCB rescheduled after two test positive

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Facebook blocks #ResignModi posts for hours, restores it calling it a mistake

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

According to reports, a hashtag calling for the resignation of Prime Minister Narendra Modi was blocked on Facebook for hours on Wednesday. Users searching the hashtag were given a message that said such posts were ”temporarily hidden here” because ”some content in those posts goes against our Community Standards”.

Facebook blocked posts tagged #ResignModi amid raging criticism of the government’s handling of the COVID crisis but restored it hours later calling it a mistake. The blocking on Wednesday, Facebook said, wasn’t at the behest of the government.

Facebook isn’t the first social media company to censure posts critical of government handling of the COVID-19 crisis. Twitter had removed or restricted access to several critical posts on orders from the government, which called it fake news. ”We temporarily blocked this hashtag by mistake, not because the Indian government asked us to, and have since restored it,” a Facebook spokesperson said in a statement on Thursday.

It however did not elaborate. According to reports, a hashtag calling for the resignation of Prime Minister Narendra Modi was blocked on Facebook for hours on Wednesday. Users searching the hashtag were given a message that said such posts were ”temporarily hidden here” because ”some content in those posts goes against our Community Standards”.

Facebook periodically blocks hashtags and posts for a variety of reasons. Some of the blocks are done manually and some are automated. The blocking of posts tagged #ResignModi came ahead of polling in the last phase of West Bengal assembly elections.

The Modi government has drawn a lot of flak in domestic and international media for handling of the second wave of COVID infections, which on Thursday crossed the 1.8-crore mark. India reported 3,79,257 new COVID-19 cases and 3,645 new deaths – the deadliest day so far for any country hit by the pandemic.

The US government has told its citizens to leave India as soon as possible. Social media timelines are filled with SOS calls with people looking for oxygen cylinders, medicines, hospital beds, plasma donors and ventilators. Organisations across the spectrum have come forward to support the fight against the COVID pandemic.

Just a few days back, Twitter and other social media platforms removed about 100 posts and URLs after the government asked them to remove content that was critical of the handling of the current medical crisis or spreading fake news around the pandemic. Reports citing Lumen database, an independent research project studying cease and desist letters concerning online content, suggested that more than 50 posts – including those by a Member of Parliament, MLA and filmmakers – were removed by Twitter on government request.

Government sources had said the social media platforms were asked to remove the posts and URLs (uniform resource locators) to ”prevent obstructions in the fight against the pandemic” and disruption of public order due to the said posts. They had added that the order was issued in view of the misuse of social media platforms by certain users to spread fake or misleading information and create panic about the pandemic in the society ”by using unrelated, old and out of the context images or visuals, communally sensitive posts and misinformation about COVID-19 protocols”.

Follow our LIVE COVID-19 blog for the latest

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Indian Premier League under fire for plan to keep playing despite COVID-19 crisis

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The New Indian Express and a sister publication said on Sunday they had decided to suspend its IPL coverage, while hundreds of fans lambasted the league on social media.

The Indian Premier League (IPL) will carry on with games, its organisers said on Sunday but came under heavy criticism for the plan as the country grapples with a massive surge in coronavirus cases. The New Indian Express and a sister publication said on Sunday they had decided to suspend its IPL coverage, while hundreds of fans lambasted the league on social media.

An IPL governing council member told Reuters the league has ”a robust bio-bubble” and is being played without fans which made it safe to continue. ”IPL provides a much-needed distraction for all from the doom and gloom around us,” the official said, requesting anonymity.

”Yes, cases have surged in venues like Delhi, but we have two standby venues in Hyderabad and Indore and we’d use them if needed.”

India’s number of COVID-19 cases surged by 349,691 on Sunday, a new global record, and hospitals in Delhi and across the country are turning away patients after running out of medical oxygen and beds.

The Chennai-based New Indian Express said its decision to suspend coverage was ”a small gesture towards keeping the nation’s attention focused on life and death issues.”

Australia’s Adam Gilchrist, who led now-defunct Deccan Chargers to their maiden IPL victory in 2009, also waded into the debate. ”Best wishes to all in India. Frightening Covid numbers. #IPL continues. Inappropriate? Or important distraction each night? Whatever your thoughts, prayers are with you,” tweeted the former test player.

India’s tally of infections stands at 16.96 million with 192,311 deaths.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

COVID crisis: Don’t administer adult medication to kids, warns Dr Anupam Sibal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

India’s COVID-19 crisis is in top gear as the country reported the highest-ever single-day cases in the world since the pandemic outbreak. CNBC-TV18 spoke to a panel of eminent doctors who answered important queries.

India’s COVID-19 crisis is in top gear as the country reported the highest-ever single-day cases in the world since the pandemic outbreak. CNBC-TV18 spoke to a panel of eminent doctors who answered important queries.

When asked about treating COVID-19 in children and what are the medical protocols to be followed, Dr Anupam Sibal said, “In the second wave we are definitely seeing a lot more children than we saw the first time. The presentation of course is typical with fever, this time around we are also seeing a typical with diarrhoea and a gastrointestinal (GI) upset – of course, cough, feeling pretty miserable, and losing the sense of smell and taste. We are seeing a very infectious variant that has come to light in the last few weeks.”

Also Read: Oxygen concentrator versus oxygen cylinder; Dr Priya Sampathkumar explains the difference

Dr Sibal added, “Kids are not miniature adults so you can’t really take a prescription from an adult and say okay I will make the dose half or whatever and give it. As far as kids are concerned what we are interested is in fever management with paracetamol, while Vitamin C is fine, we might want to give some Zinc, but that is where it stops. Beyond that, we won’t really rush into giving medication unless it is absolutely indicated and that could be for the cough that we might give something to soothe the throat.”

“If the child starts to deteriorate and the child becomes breathless or the fever is not settling then we order some blood tests, we might do a CT scan, but there is a radiation exposure to a growing child so we don’t rush into doing a CT and that is something that parents should keep in mind,” he added.

India recorded 3,14,835 new COVID-19 cases in a single day, the highest-ever in the world since the pandemic outbreak, as per the data shared by the Union Health Ministry. With this new surge, the total number of cases rose to 1,59,30,965, while the active cases crossing the 22-lakh mark. A total of 2,104 people lost their lives in the last 24 hours, also a single-day record for the country, taking the toll to 1,84,657.

Registration for vaccination against COVID19 for all those aged above 18 will begin on the CoWIN platform and Aarogya Setu app from April 28, officials said on Thursday. The inoculation process and documents to be submitted to get the jab remains the same.

Watch this video for more.

Click here the for the full  interview

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Get your COVID relief exit plan ready, regulator tells the G20

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

FSB Chair Randal Quarles said in a letter to G20 members there were signs of an emerging ”inflection point” as vaccines are rolled out, albeit at different paces.

While ending COVID economic relief measures too soon would present more of a threat to financial stability than leaving them in place too long, it was time for G20 countries to decide how it should be done, the Financial Stability Board said on Tuesday.

The FSB, which coordinates financial rules for the G20 group of rich nations, said the speedy, sizeable and sweeping measures introduced by governments in the past year have limited economic fallout from the COVID-19 shock, but phasing them out will also present risks given continued uncertainties.

Despite the arrival of vaccines, the withdrawal of relief measures is not imminent given the pandemic is worse in some countries than had been anticipated a few months ago, the FSB said.

In a report to help G20 countries exit the measures, the FSB recommended a flexible approach that withdraws relief gradually in a sequenced way to avoid a ”cliff-edge” effect from simultaneous expiries.

Withdrawals could be based on narrowing the scope of relief measures, requiring beneficiaries to opt-in, making the support progressively less generous, and sequencing the expiry of different relief.

A ”state-contingent” approach rather than a pre-announced timetable for withdrawal could help to minimize long-term financial stability risks, the FSB said.

”For many support measures, authorities need to take a decision on whether to extend, amend or unwind them,” the FSB said in its report for G20 finance ministers meeting virtually this week.

”Prematurely withdrawing temporary measures designed to support bank lending could lead to an unintended tightening of bank lending.”

FSB Chair Randal Quarles said in a letter to G20 members there were signs of an emerging ”inflection point” as vaccines are rolled out, albeit at different paces.

”While it is sensible to keep measures that support financial system stability and financing of the real economy in place as long as needed, the factors to be considered in deciding whether to extend, amend and, eventually, end support measures are taking shape,” said Quarles, who is also vice-chair for supervision at the US Federal Reserve.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

 5 Minutes Read

G20 to discuss uneven recovery from COVID crisis, officials say

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Italy, which chairs the G20 this year, held a briefing ahead of Wednesday’s meeting and officials said the group would reaffirm the need not to ease stimulus measures too soon and discuss how to help debt-laden poor countries.

The world’s financial leaders will discuss on Wednesday how to coordinate policies to prevent their virus-battered economies emerging from recession at highly different speeds, officials said ahead of the virtual meeting. When finance ministers and central bank governors of the world’s top 20 economies hold their video-conference the patchy response to the ongoing COVID-19 crisis will be high on their agenda, officials from the Italian presidency said.

Italy, which chairs the G20 this year, held a briefing ahead of Wednesday’s meeting and officials said the group would reaffirm the need not to ease stimulus measures too soon and discuss how to help debt-laden poor countries.

In contrast to the first meeting of Italy’s presidency in February, this one will be followed by an official communique.

”The first signals are uneven, some economies are picking up well and others are being left behind, this is something that is clouding the global economic outlook,” said one official.

COVID inoculation rates vary widely, with Britain and the United States far outstripping most European Union, Asian and especially African countries.

”At the moment the main instrument of economic policy is vaccinations,” the official said, noting that the United States is also adopting massive fiscal stimulus, which analysts expect will lead to a faster recovery.

”We’re aware that it’s not possible for some countries to get out of this crisis and others not to … so the G20 is the best venue to discuss these aspects and find solutions,” he added.

The G20 will maintain a commitment to reach a deal on minimum corporate taxation levels and taxation of internet giants by mid-year, and will also focus on debt relief for poor countries, the officials said.

For these nations, one option under consideration is to extend a suspension of debt servicing costs that is currently in place until June.

However, there are no proposals at the G20 level to broaden the policy framework for debt restructuring with any new initiatives to forgive debt for countries struggling to pay, the officials said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?