5 Minutes Read

Former Fed Chair Janet Yellen says second-quarter GDP could decline by 30%

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

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Summary

Former Federal Reserve Chair Janet Yellen said the economy is in the throes of an “absolutely shocking” downturn that is not reflected yet in the current data.

Former Federal Reserve Chair Janet Yellen said the economy is in the throes of an “absolutely shocking” downturn that is not reflected yet in the current data.

If it was, she said, the unemployment rate probably would be as high as 13 percent while the overall economic contraction is about 30 percent.

“If we had a timely unemployment statistic, the unemployment rate probably would be up to 12 or 13 percent at this point and moving higher,” Yellen told CNBC’s Sara Eisen during a “Squawk on the Street” interview. She said gross domestic product is down “at least 30 percent and I’ve seen far higher numbers.”

“This is a huge, unprecedented, devastating hit, and my hope is that we will get back to business as quickly as possible,” she added.

However, the former central bank leader expressed some doubt as to whether the U.S. recovery will look like a “V,” where the sharp and sudden downturn will be followed by an aggressive upturn once the economy is reopened after dealing with the coronavirus.

“I think a ‘V’ is possible, but I am worried that the outcome will be worse and it really depend to my mind on just how much damage is down during the time that the economy is shut down in the way it is now,” Yellen said.

That will be determined by whether employers can bring workers back quickly and if consumers aren’t too badly damaged to return to spending once social distancing associated with the coronavirus is rolled back.

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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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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Coronavirus crisis: There is a light at the end of this tunnel, says Teamwork guru; shares how to thrive at work

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

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Summary

While you may be displaced from your physical office, that shouldn’t stop you from still doing the social things that make offices great, said Simon Sinek.

Motivational speaker and author Simon Sinek also prefers to include another title alongside his name: optimist.

Sinek’s books include titles like, “Find Your Why: A Practical Guide for Discovering Purpose for You and Your Team” and “Leaders Eat Last: Why Some Teams Pull Together and Others Don’t.”

Those may sound like impossible missions amid a coronavirus pandemic that has left many businesses scrambling to survive, and many teams displaced amid quarantine orders.

But this unprecedented time is an opportunity for the leaders and team members who decide to use it wisely, Sinek said.

That does not mean it won’t be difficult. Workers will have to adapt to new roles and businesses will have to change, and sometimes overhaul, their models. But if they accept the challenge, they will be better off, Sinek predicts.

“There is a light at the end of this tunnel, ” Sinek said. “This will end.

“We want to mitigate the damage that is done until we get to that light,” he added. “But at the end of the day, we can rebuild our trains, so by the time we come out of this tunnel, this train is even better than when it went into the tunnel.”

In a recent interview with CNBC, Sinek shared his tips on how leaders and all professionals can pursue that goal while working together as a team.

Double down on empathy

Amid the coronavirus pandemic, many workers are dealing with unspoken challenges. And because of that, we need to treat everyone with empathy.

“We’re all battling the up-and-down roller coaster emotions of, ‘I’ve got this, and I don’t got this,’” Sinek said.

Moreover, it’s difficult to know how every individual processes stress. While some people become hyper-productive, others shut down.

“We cannot start attacking, if they’re struggling and their performance is struggling, that there’s something wrong with them, because we just don’t know,” Sinek said.

Instead, the best approach is to double down on empathy.

“When people feel that somebody actually cares about them as a human being, they will be inspired,” Sinek said.

Keep up with your office social habits

While you may be displaced from your physical office, that shouldn’t stop you from still doing the social things that make offices great.

Have lunch or coffee with your colleagues or friends like you used to via video chat.

“The social stuff is equally, if not more, important than just the work stuff,” Sinek said. “And use the phone more than you used to.

“That human voice is really reassuring and really important.”

When it comes to meetings, just going down a checklist of what everyone is working on is not enough, Sinek said.

While those necessary meetings should still take place, you also want to make sure you’re holding what Sinek calls huddle meetings either daily or weekly.

“A huddle is two things: What’s on your heart and mind and let’s answer a fun question and go around the room,” Sinek said. “It’s basically just a human connection.”

Remember leadership has nothing to do with rank

If you don’t feel that your team leader is setting the example you want, don’t be afraid to take action yourself.

“Anyone can be the leader they wish they had,” Sinek said. “If the team needs it, do it.

“Just say, ‘Hey guys, I’m doing a huddle,’ and invite the formal leader.”

Also remember that it’s never too late to brush up on your leadership skills, whether it be reading books or articles or watching TED Talks videos.

“This is the time when leaders are made,” Sinek said. “People crumble or they get to it.

“And even if your education is a little bit behind, OK, you have a steeper learning curve than some,” he added. “Get to it.”

Ideas can come from anywhere

Throughout history, businesses have had to either transform or perish. Just think of the video-rental stores that went out of business.

But some companies, like Nintendo, have managed to stand the test of time. The consumer electronics and video game company has actually been around for more than 100 years, Sinek said.

The company started out selling dominoes. And throughout the years, it has stayed true to its core mission — the “business of fun,” according to Sinek — while adapting what that means for the times.

All businesses need to strive to adapt the same way, Sinek said.

One way of doing that is by encouraging all employees to think up new ways of doing things.

“We are all part of the solution,” Sinek said. “Ideas can come from anywhere.”

Sinek said he tells his own team members to bounce their ideas off one another and test each other with questions. Once the idea has been thought through, it can be presented in a huddle meeting.

One question Sinek said helps for idea generation: “What’s the cheapest, simplest thing we can do with the highest probability of success?”

“Do that, and then once that’s done, improve it,” Sinek said. “And then once that’s done, improve it again.

“By the end, you actually have something pretty dynamic.”

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

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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
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 5 Minutes Read

Swiss hotel offers luxury ‘quarantine’ apartments along with free Rs 38,000 worth COVID-19 test

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

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Summary

Le Bijou introduced the quarantine service after its CEO, Alexander Hübner, noticed fewer of the typical three-night bookings and more reservations for 14 days or more. When asked why guests were extending their stays, many said they were specifically booking the apartment for quarantine.

Le Bijou, a luxury Swiss hotel brand, has set up “quarantine apartments” which include in-room health services, such as coronavirus testing.

A stay in one of these apartments ranges from USD 800 to USD 2,000 per night. Facilities include food delivery and a personal chef, as well as a private gym, in-room spa treatments and a home office.

Previous guests at Le Bijou include the “Wolf of Wall Street” Jordan Belfort and Apple co-founder Steve Wozniak.

In addition to COVID-19 testing, which costs USD 500, guests can also pay for other coronavirus health services such as twice-daily nurse visits for USD 1,800 and an around-the-clock nurse for USD 4,800 a day.

Le Bijou introduced the quarantine service after its CEO, Alexander Hübner, noticed fewer of the typical three-night bookings and more reservations for 14 days or more. When asked why guests were extending their stays, many said they were specifically booking the apartment for quarantine.

He then decided to adapt its traditional services to make the apartments fully automated, including extending its digital services with a virtual butler called James, removing the need for human contact at check-in and check-out, for example.

Le Bijou is also offering free stays for health-care workers, working overtime to help cope with the virus outbreak, as well as for people “in great need.”

‘Irresponsible’

René Frey, CEO of travel guide publisher Rough Guides, left his company’s headquarters in London to head back to his home in Switzerland for lockdown nearly two weeks ago.

While the Swiss government has kept hotels open, he believed that it was “irresponsible, unethical and commercially wrong” for Le Bijou to be operating in such a way during the pandemic.

Switzerland has implemented social-distancing measures similar to many other countries around the world, including the closure of its borders to people from high-risk countries, banning gatherings of more than five people and encouraging people to stay at home.

According to the latest data compiled by Johns Hopkins University, 16,605 have so far tested positive for COVID-19 and 433 people have died from the virus in the country.

Frey said that he thought it was irresponsible to take new bookings in the current situation, adding that it showed a “lack of solidarity with all the small shops closed by federal law.”

Besides food shops and other outlets selling essential everyday items, such as pharmacies, other stores and markets have been closed down by the Federal Council.

Frey also criticized Le Bijou for charging USD 500 for coronavirus tests, pointing out that the Swiss government has said the diagnostic test will be paid for by its compulsory health care insurance. The Federal Council said it would pay 180 Swiss francs (USD 187) for the cost, according to a translation of the announcement on its website.

A spokesperson for Le Bijou said that the USD 500 covers the cost of a certified health-care provider privately administering the COVID-19 test in guests’ rooms. The spokesperson said that Le Bijou hosts a lot of non-Swiss citizens, who may not be covered by the government’s health insurance.

The spokesperson said the hotel has no common areas. So guests come into contact with someone only when they request it, such as a health-care professional or a personal chef.

“We are a family-run SME trying to survive and save jobs for around 60 people, without filing for a government bailout,” the person said.

The spokesperson added that it therefore did not make sense to shut down when Le Bijou could provide “safe and comfortable accommodations for those seeking it away from home and for local healthcare workers who need a place to rest free-of-charge.”

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

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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
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 5 Minutes Read

Investors can do some buying as markets are ‘a lot cheaper,’ but key is moderation, says billionaire investor Howard Marks

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

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Summary

Marks cautioned that uncertainty around the coronavirus pandemic remained high, saying he’s “a little more partial to the negative case than the positive” when asked if he was bullish or bearish on the economic outlook.

Oaktree Capital co-chairman Howard Marks is leaning toward a more negative outlook because of the uncertainty from the coronavirus pandemic, but still, he said investors can do some buying as “things have gotten cheap enough.”

Speaking to CNBC on Tuesday night Eastern Time, the billionaire investor said: “I personally think that securities are low enough to buy a little. Somebody said to me, ‘is this the time to buy?’ I say no, ‘this is a time to buy.’”

On Tuesday, the Dow secured its worst first-quarter performance ever, losing more than 23% of its value in the first three months of 2020. The 30-stock benchmark had its worst quarter since 1987. The S&P 500 fell 20 percent in the first quarter, its worst first quarter ever and its biggest quarterly loss since 2008. The Nasdaq fell more than 14 percent in the first quarter.

“I never believe that I know when’s the bottom, but I know things have gotten a lot cheaper and it’s reasonable to do some buying. If it goes lower, do more buying,” Marks told CNBC’s Tanvir Gill. “There’s no argument for spending all your money now, but there’s also no argument for not spending any of your money now. I would do something moderate, in between.”

Oaktree, for instance, has been buying into high-yield bonds in the US, as yields jumped from around 3.5 percent six weeks or two months ago (excluding energy), to around 10 percent today, Marks said.

Still, Marks cautioned that uncertainty around the coronavirus pandemic remained high, saying he’s “a little more partial to the negative case than the positive” when asked if he was bullish or bearish on the economic outlook.

“I am worried about what we don’t know about the disease and the economic impact … I lean towards the negative and I’m cautious,” he said. “Nobody knows how bad this disease will get, how bad the economic ramifications will be, or whether government programs will save the day. You just can’t have that answer.”

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
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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?