5 Minutes Read

US considering COVID-19 scanning for international air travellers: Trump

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

 Listen to the Article (6 Minutes)

Summary

Trump told reporters that this could be done in coordination with either the airlines or government. We’re working with the airlines. Maybe it’s a combination of both, he said.

The United States is considering coronavirus scanning of air travellers from countries hit hard by the virus to stop its spread in the country, President Donald Trump has said.

Trump told reporters that this could be done in coordination with either the airlines or government. We’re working with the airlines. Maybe it’s a combination of both, he said.

We’re looking at doing it on the international flights coming out of areas that are heavily infected, he said.

But, I think that we’re going to look at it from the standpoint–I was discussing that with the Governor of Florida, with Ron (DeSantis), a little while ago. So, we’re going to be looking at that coming in from other countries, frankly, but South America seems to be one that’s talked about because they have so much business going into Florida, he said.

Earlier in the day, DeSantis told reporters at the White House that Brazil and some of those places which have a lot of interaction with Miami are going to probably see the epidemic increase there is their season changes.

So one of the things I have mentioned to the President is you have this Abbott labs test if you have some of these international flights maybe some of these airliners should be on them to check before they are getting on and coming to this country so that we are able to keep it, the governor said.

Also Read: The US reopening is coming, but ‘normal’ is still a ways off

I mean you have seen what happened with the China flight restrictions. That kept a lot of people from ceding the West Coast more and so if we are in a situation you could potentially have from what’s coming in I think we’re technologically more advanced where there should be something like that.

So I’ve been advocating for that. I’ve talked with some other governors about it but for Florida clearly that is going to be an issue, the Florida governor 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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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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COVID-19: US provides nearly USD 5.9 million in health assistance to India

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

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Summary

The assistance is also being used to mobilize innovative financing mechanisms for emergency preparedness and response to this pandemic.

The US has provided nearly USD 5.9 million in health assistance to India to contain the spread of COVID-19, the State Department has said.

The amount is being used to help India hinder the spread of the disease by providing care for the affected, disseminating essential public health messages to communities and strengthen case-finding and surveillance, it said on Thursday.

The assistance is also being used to mobilize innovative financing mechanisms for emergency preparedness and response to this pandemic.

“This builds on a foundation of nearly USD2.8 billion in total assistance, which includes more than USD1.4 billion in health assistance, the United States has provided to India over the last 20 years,” it said in a update of the US efforts in response to the COVID-19 pandemic.

The State Department and the US Agency for International Development have now committed nearly USD 508 million in emergency health, humanitarian, and economic assistance.

This is on top of the funding the US has already provide to multilateral and non-governmental organisations (NGOs) that are helping communities around the world deal with the pandemic.

Coronavirus cases in India on Thursday crossed 13,000, while 420 people have died of the disease in the country.

In South Asia, America’s COVID-19 assistance has gone to Afghanistan (USD18 million), Bangladesh (USD9.6 million), Bhutan (USD500,000), Nepal (USD1.8 million), Pakistan (USD9.4 million) and Sri Lanka (USD1.3 million).

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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Coronavirus in United States: New York citizens to wear face coverings, maintain social distance

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

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Summary

New York Governor Andrew Cuomo said that he will require every person in the state to wear face coverings in public when people cannot keep six feet away from each other. “I am issuing an Executive Order today that all people must wear a mask or face covering in public in situations where social distancing …

New York Governor Andrew Cuomo said that he will require every person in the state to wear face coverings in public when people cannot keep six feet away from each other.

“I am issuing an Executive Order today that all people must wear a mask or face covering in public in situations where social distancing is not possible,” Cuomo tweeted on Wednesday.

For example, if a person is travelling on public transit where it is impossible to maintain social distancing, or walking on a busy sidewalk, “you must wear a face covering like a bandana or a mask”, Xinhua news agency quoted the Governor as saying.

Cuomo elaborated the order at his daily briefing, saying that face coverings could be worn below the chin when no one was nearby.

“You’re now at an intersection and there are people at the intersection and you’re going to be in proximity to other people? Put the mask on,” he noted.

New York state added another 752 COVID-19 fatalities overnight, bringing its death toll to more than 11,500 by Wednesday afternoon, according to official and Johns Hopkins University’s tallies.

The Governor said the state, the epicentre of the pandemic in the US, will revise its COVID-19 death toll reporting to include those who presumably died of the disease but had never got tested, a new method that New York City already took.

The death toll from COVID-19 in New York City increased by some 3,700 on Tuesday to exceed 10,000 after the city’s health department worked for weeks to collect the information of those suspected cases.

The overall US death toll from the coronavirus currently stands at 30,844, with a total of 638,111 confirmed cases.

The country now accounts for the highest number of cases and deaths in the world.

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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US has passed the peak on new coronavirus cases, says President Trump

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

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Summary

The United States has rapidly developed the most expansive and accurate testing system anywhere in the world and have completed more than 3.3 million tests.

The United States has passed the peak on new coronavirus cases, President Donald Trump said Wednesday, adding this has put the country in a very strong position to finalize new guidelines on social distancing.

More than 6.3 lakh Americans have tested positive for COVID-19 so far and total fatalities as on Wednesday were nearly 28,000, the highest for any country in the world.

“The battle continues, but the data suggest that nationwide we have passed the peak on new cases. Hopefully, that will continue, and we will continue to make great progress,” Trump told reporters at his daily White House news conference on coronavirus.

These encouraging developments, he said, has put the US in a very strong position to finalize guidelines for states on reopening the country. The new social mitigation measures, he said, would be announced Thursday.

Dr Deborah Brix, a member of the White House Task Force on coronavirus, said that over the last five or six days there has been decline in new cases across the country. “This has been very reassuring for us. At the same time, we know that mortality and the fatalities that we are facing across the United States continue,” she said.

Nine States have less than 1000 cases and less than 30 new cases per day. Some states like California and Washington State, Oregon never really had a peak because of so much work that their populations did to decrease and keep the new cases down, she said.

Two States, Rhode Island and Providence are in a unique situation, she said.

First, they had increasing cases from the New York City area and now they have new increasing cases from the Boston area. They are caught between two incredible hotspots in the country, she rued.

Reiterating that this is a highly contagious virus, Dr Brix said in social gatherings and coming together there is always a chance that asymptomatic person can spread the virus unknowingly.

No one is intending to spread the virus. We know if you are sick you will stay home. But to all of you that are out there that would like to join together and just have that dinner party for 20 don’t do it yet. Continue to follow the presidential guidelines. We really appreciate the work of the American people,” Dr Brix said.

Noting that this has been a horrible time to see such death and destruction in the country, the President said the medical and healthcare advances the US has made are critical to the continued progress.

The United States has rapidly developed the most expansive and accurate testing system anywhere in the world and have completed more than 3.3 million tests.

“To date, we have authorized 48 separate coronavirus tests and the FDA is working with 300 companies and labs to widen our capacity still further,” he said.

The Abbott Labs Wednesday announced that it is has developed an antibody test that will determine if someone has been previously infected with the coronavirus and potentially developed immunity. “It is a great test. The company says these tests could be available to screen up to 20 million people in a matter of weeks,” he added.

The administration, he said, is also distributing vast amounts of medical supplies to states across the country. Through project air bridge, which has been an amazing success they have completed 44 flights, and an additional 56 like scheduled in the near future. he said.

In total, through all channels, the federal government has developed and delivered 39.4 million N95 masks, 431 million gloves, 57 million surgical masks and 10.2 million gowns. It ordered 500 million masks and they will be coming shortly and have distributed 100 million masks, he said.

Trump said his administration is using every available authority to accelerate the development, study and develop therapies and treatments. “Ultimately, what we want to come up with is a safe vaccine, but frankly, the therapies to me are the most important because it takes care of people right now,” he said.

“The vaccines have to be tested because it takes a longer period of time, but we have some great potential therapies already, and we will see how they are working. We will be able to report on that over the next week or two,” he said, adding that at least 35 clinical trials of promising therapies are now underway.

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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US approves sale of anti-ship missiles, torpedoes worth USD 155 million to India

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

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Summary

The US recognised India as a “Major Defence Partner” in 2016. This designation allows India to buy more advanced and sensitive technologies from America at par with that of the US’ closest allies and partners.

The Trump administration has notified the Congress of its determination to sell Harpoon air-launched anti-ship missiles and Mark 54 lightweight torpedoes worth USD 155 million to India to enhance its deterrent capabilities against “regional threats” and to bolster its homeland defence.

The US recognised India as a “Major Defence Partner” in 2016. This designation allows India to buy more advanced and sensitive technologies from America at par with that of the US’ closest allies and partners.

The sale of 10 AGM-84L Harpoon Block II air-launched missiles is estimated to cost USD 92 million, while 16 MK 54 All Up Round Lightweight Torpedoes and three MK 54 Exercise Torpedoes are estimated to cost USD 63 million, the Defense Security Cooperation Agency said on Monday in two separate notifications to the Congress.

The US State Department made this determination following a request for these two military hardware made by the Indian Government, the Pentagon said amidst China flexing its military muscles in the strategic Indo-Pacific region and the Indian Ocean.

According to the Pentagon, the Harpoon missile system will be integrated into the P-8I anti-submarine warfare aircraft to conduct anti-surface warfare missions in defence of critical sea lanes while enhancing inter-operability with the United States and other allied forces.

“India will use the enhanced capability as a deterrent to regional threats and to strengthen its homeland defense. India will have no difficulty absorbing this equipment into its armed forces,” the Pentagon said.

While the Harpoon missiles will be manufactured by Boeing, the torpedoes would be supplied by Raytheon, the notification said.

The proposed sale, it said, will improve India’s capability to meet current and future threats from enemy weapon systems. The MK 54 Lightweight Torpedo will provide the capability to conduct anti-submarine warfare missions.

“India will use the enhanced capability as a deterrent to regional threats and to strengthen its homeland defense. India intends to utilize MK 54 Lightweight Torpedoes on its P-8I aircraft. India will have no difficulty absorbing these systems into its armed forces, it said.

In both the notifications, the Pentagon said that the proposed sale of these equipment and support will not alter the basic military balance in the region.

According to the Pentagon, this proposed sale will support the foreign policy and national security of the United States by helping to strengthen the US-India strategic relationship and to improve the security of a major defensive partner, which continues to be an important force for political stability, peace, and economic progress in the Indo-Pacific and South Asia region.

China is engaged in hotly contested territorial disputes in the South and East China Seas. Beijing has also made substantial progress in militarising its manmade islands in the past few years, which it says it has the right to defend.

China claims sovereignty over all of the South China Sea. But Vietnam, Malaysia, the Philippines, Brunei and Taiwan have counter claims. In the East China Sea, Beijing has territorial disputes with Japan.

The South China Sea and the East China Sea are stated to be rich in minerals, oil and other natural resources. They are also vital to global trade.

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: 11 Indian die in the US

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

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Summary

New York City has emerged as the US epicentre for COVID-19 spurt, accounting for more than 6,000 deaths and over 1,38,000 cases of infections. New Jersey accounts for 1,500 fatalities and nearly 48,000 infections.

At least 11 Indians have died of COVID-19 in the United States with another 16 testing positive for the infection which has claimed more than 14,000 lives and afflicted more than four lakh people in the US.

All Indian citizens who have succumbed to the deadly infection in the US are male, with ten of them from New York and New Jersey area. Four of the victims are said to be taxi drivers in New York City.

New York City has emerged as the US epicentre for COVID-19 spurt, accounting for more than 6,000 deaths and over 1,38,000 cases of infections. New Jersey accounts for 1,500 fatalities and nearly 48,000 infections.

One Indian national reportedly died in Florida because of coronavirus. Authorities are also ascertaining the nationality of some other Indian origin people in the States of California and Texas.

All 16 Indians, including four females, who have tested positive for coronavirus are in self-quarantine. Coming from diverse background, eight of them are from New York, three from New Jersey and rest from other states like Texas and California. They hail from Indian states like Uttarakhand, Maharashtra, Karnataka and Uttar Pradesh.

Indian Embassy and consulates across the United States are working closely with local authorities and Indian-American organizations to provide necessary assistance to Indian nationals and students affected with COVID-19.

Because of the strict travel restrictions and regulations to prevent the spread of the deadly virus, local city officials have been performing the last rites of the deceased and in many cases are not allowing even their immediate family members to attend their cremations, 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

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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
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US Senate passes $2 trillion coronavirus economic stimulus bill

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

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Summary

After bitter negotiations, the deeply divided Senate came together and passed the bill by a unanimous 96-0 vote.

The US Senate on Wednesday overwhelmingly backed a $2 trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus epidemic, as well as providing billions of dollars to buy urgently needed medical equipment.

After bitter negotiations, the deeply divided Senate came together and passed the bill by a unanimous 96-0 vote, which sent the massive stimulus package to the House of Representatives, which could vote sometime this week.

President Donald Trump, whose top aides helped negotiate the bipartisan measure, promised to sign it into law as soon as it reaches his desk. “I will sign it immediately,” Trump told reporters on Wednesday.

The massive bill – which would be the largest economic stimulus measure ever passed by Congress – includes a $500 billion fund to help hard-hit industries and a comparable amount for direct payments of up to $3,000 apiece to millions of US families.

The package is intended to flood the economy with cash in a bid to stem the impact of an intensifying epidemic that has killed more than 900 people in the United States and infected at least 60,000.

Only two other nations, China and Italy, have more coronavirus cases and the World Health Organization has warned the United States looks set to become the epicenter of the global coronavirus pandemic.

Top aides to Trump and senior senators from both parties announced that they had agreed on the unprecedented stimulus bill in the early hours of Wednesday after five days of talks.

But it was delayed by criticism from both the right and left on Wednesday, pushing the final vote on passage almost another full day.

Several Republican senators had insisted the bill needed to be changed to ensure that laid-off workers would not be paid more in unemployment benefits than they earned on the job. However, an amendment that would have changed the unemployment provision failed just before the Senate approved the measure.

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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Volkswagen, Ford to reveal deeper alliance next week, reveal sources

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

 Listen to the Article (6 Minutes)

Summary

Ford and Volkswagen have been exploring closer cooperation as trade frictions force car makers to rethink where they build vehicles for Europe, the United States and China, and as software companies prepare to launch their own self-driving cars.

Volkswagen AG and Ford Motor Co will unveil a deeper alliance next week that goes beyond cooperating in commercial vehicles in a move meant to save the automakers billions of dollars as they develop new technologies, two people familiar with the plan said on Wednesday.

Ford and Volkswagen have been exploring closer cooperation as trade frictions force car makers to rethink where they build vehicles for Europe, the United States and China, and as software companies prepare to launch their own self-driving cars.

“A global alliance is expected to be announced,” one person said, adding that the pact will be unveiled next Tuesday during the Detroit auto show. The companies have previously said any alliance would not involve a merger or equity stakes.

The expanding alliance highlights the growing pressure on all global automakers to manage the costs of developing electric and self-driving vehicles, as well as technology required to meet tougher emissions standards for millions of internal combustion vehicles they will sell in the years to come.

Slowdowns in the world’s largest auto markets – China and the United States – have ratcheted up the pressure to cut costs.

The scope of the alliance is still being determined, the people said, as talks about cooperation in the area of electric and autonomous cars continue. The sources asked not to be identified because the negotiations are ongoing.

“Talks are going well,” the second person said.

The framework of the alliance would include the pooling of resources in autonomous technology and Volkswagen investing in that Ford business, and Ford licensing Volkswagen’s MEB electric vehicles platform, the person added.

When the commercial vehicle alliance is announced next week, the companies will also say they are close on deals covering the autonomous and electric vehicle businesses, the person said.

Volkswagen officials have talked about gaining access to Ford’s Transit commercial van and the Ranger midsized pickup truck, as well as building their vehicles in Ford plants.

Speaking at an event in downtown Detroit to unveil the company’s revamped large Explorer SUV, Ford’s president of global markets Jim Farley said he had no news to share with reporters about the status of talks with Volkswagen, but said that they are “progressing well.”

“We see real value in working together,” Farley said. “The discussions have been very specific.”

He added that over the coming weeks Ford will share details on how it will restructure its global operations, including in South America and Europe.

VW had no immediate comment.

Ford shares were up 3.9 percent at $8.70 on Wednesday afternoon. Volkswagen shares gained 2.4 percent to close at 146.48 euros.

SEEKING A MASS MARKET FOR EVs

In June, Ford and Volkswagen unveiled a pact in commercial vehicles including vans, adding that they were investigating “several joint projects”.

In December, Volkswagen Chief Executive Herbert Diess said, “We are in quite advanced negotiations and dialogue with Ford Corporation to really build up a global automotive alliance, which also would strengthen the American automotive industry.”

At the time, Ford Executive Chairman Bill Ford Jr told reporters that talks with Volkswagen about an alliance were going “very well.”

Diess has talked openly about the savings and greater efficiencies that Europe’s largest automaker hoped to achieve through the potential alliance. Volkswagen officials also have repeatedly emphasized the only way to make electric cars a mass-market product is through economies of scale to make them as affordable as diesel vehicles.

The alliance with Volkswagen serves as a big bet for Ford CEO Jim Hackett since he took over in May 2017 from the ousted Mark Fields with the mandate to speed up decision-making and cut costs. Some analysts and investors have been frustrated by Ford’s laggard stock price and a perceived lack of details from Hackett about the Dearborn, Michigan-based automaker’s $11 billion restructuring.

Ford officials had called the commercial vehicle program a “quick win” and discussed how a broader tie-up would allow the No. 2 U.S. automaker to reduce the number of different vehicles it builds and shrink manufacturing, engineering and purchasing costs.

An alliance would help Ford achieve its goal of doubling global pretax profit margins to 8 percent by 2020, up from 4.4 percent in the third quarter of 2018.

In July 2018, Ford created a separate unit to house its self-driving vehicle operations and was seeking outside investors in a move similar to one made by General Motors Co with its Cruise Automation self-driving unit.

Ford said then it would invest $4 billion through 2023 in its newly formed Ford Autonomous Vehicles LLC, including the $1 billion it previously had earmarked for Argo AI, the Pittsburgh-based self-driving startup it acquired in 2017.

Ford expects to launch self-driving vehicles for sale by 2021, when a new vehicle architecture designed specifically for autonomous vehicles is expected to be ready.

The Detroit auto show runs from January 14 to January 27.

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

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?