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Yahoo brings you Finance Highlights, May 22, 2020

Here’s a compilation of all the crucial developments in the world of finance, markets, and economy today.

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‘Repo Rate cut to 4%, GDP to be in negative in FY 20-21’: RBI

Reserve Bank of India (RBI) Governor Shaktikanta Das briefed the media on Friday, 22 May, on the latest policy announcements as the COVID-19 lockdown weighs heavily on the Indian economy, The RBI governor announced slashing of repo rate by 40 basis points from 4.4 % to 4%. Meanwhile, the reverse repo rate stands reduced to 3.35%. The three-month loan moratorium has also been increased from 1 June to 31 August. Watch video

KKR invests Rs 11,367 crore in Reliance Jio for 2.32% stake, fifth deal in less than a month

Reliance Industries Limited (RIL) on Friday announced that private equity firm KKR will invest Rs 11,367 crore in Jio Platforms for a 2.32 per cent stake. This will be the fifth investment in RIL in succession, following those by social media major Facebook, private equity funds Silver Lake, Vista Equity Partners and General Atlantic. Read more

India plans scrutiny of new portfolio investors from China, Hong Kong: sources

India has drafted rules proposing tighter scrutiny of new Foreign Portfolio Investors (FPIs) from China and Hong Kong, three government sources told Reuters, its latest effort to check foreign inflows during the coronavirus pandemic. Read more

US class action lawsuit against Infosys & top brass dismissed

Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US District Court has been dismissed. The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year. Read more

Tomato price falls to Rs. 1-2/kg, onion to Rs. 8/Kg on weak demand

Owing to less demand and strong supply during the harvest season, prices of tomato and onion have come crashing down to Rs. 1-2 and Rs. 8 per kg, respectively in the wholesale market of Delhi. The direct purchase of these vegetables from farmers is also taking a toll on the wholesalers. Read more

Amazon launching food delivery operations in select parts of India

Amazon India on Thursday said it is launching its food delivery operations in select parts of Bengaluru, a move that will see the e-commerce giant compete against major players like Zomato and Swiggy in the country. Read more

Bank, NBFC stocks tumble after RBI's decision to extend moratorium on loan repayments

Bank and NBFC stocks on Friday tumbled up to 8 per cent after the Reserve Bank of India (RBI) extended moratorium on loan repayments. "The markets have initially reacted negatively to the RBI announcement. The Street keeps expecting more and more reliefs without knowing as to how each of these will be helpful. Shareholders of banks are worried by the current economic conditions and the pain that is postponed due to the moratorium being extended," said HDFC Securities MD & CEO Dhiraj Relli. Read more

Markets

Sensex drops 260 points, Nifty settles below 9,050-mark at close of trading session; banking, financial stocks drag

Tracking the sharp sell-off in the Asian market, domestic bourses made a negative start. The market extended its losses due to the sharp selling witnessed in the index heavy weight banking stocks after the RBI policy announcements. While, repo rate was cut by 40 bps to 4 percent, the markets were disappointed as they were expecting some measures on the loan restructuring front. Read more

Rupee falls 24 paise to 75.85 against US Dollar in early trade amid COVID-19, US-China trade tensions

The rupee depreciated 24 paise to 75.85 against the US dollar in opening trade on Friday tracking weak domestic equities and strengthening American currency overseas. Traders said the weakness in the local unit was largely due to correction in domestic equities and strengthening of the US dollar. Moreover, rising coronavirus cases in the country and US-China trade tensions weighed on the local unit. Read more

Trends

15 most 'food secure' nations; how does India fare?

Amidst the global coronavirus pandemic, China is planning to draft and carry out a response plan to ensure food security. The move comes in the wake of the pandemic having wreaked havoc in agriculture supply chains worldwide, which threatens to trigger a potential food crisis. As the world is poised at this precarious juncture, here’s a look at top 15 food secure countries as per the The Global Food Security Index assessment. Gallery

Recession – Know what the economists mean when they talk about different curves

If you’ve been following the news, one common debate you would’ve come across is that of estimating the Recovery Curve for various economies. You have different economists and financial institutions publishing various reports stating their views and expectations of how the Recovery Curve would look like for economies such as India! Read more

Personal Finance

You can now book/cancel railway tickets through post offices and agents

After bookings re-opened for both AC and non-AC trains that will run from 1 June, the Indian Railways in a statement on Thursday night said that it will re-open the booking and cancellation of train tickets through reservation counters, Common Service Centers which include post offices and ticketing agents. Read more

Your workplace post-lockdown

The novel Coronavirus brought with it a lockdown, the likes of which has never been witnessed before. The lockdown has drastically changed the way we work, interact, study and live! After spending weeks in complete lockdown, the Government is now beginning to reopen the economy, one step at a time. Obviously, going back to work comes with anxiety because most of us no longer know what to expect. We’ve done some research to help you get at ease and mentally prepare for office post-lockdown. Read more

4 simple strategies to ensure you don’t lose money in the stock market

The key to making money is to eliminate all risks that come with investing in the stock market. To be honest, there is no way to eliminate the risk entirely. But we sure can adopt strategies to minimise them. So, what kind of risks come with stock investing. Read more

Autos

Car sanitisation becomes a popular business model as govt eases COVID-19 restrictions

While the Delhi government reopened the doors for earning and restoring economic growth, after two months of lockdown as the Coronavirus pandemic continues to surge, people are innovating ways to earn their bread as old sources have shut shop. Read more

Maruti Suzuki introduces ‘Buy Now, Pay Later’ programme offering financial solution for car buyers

Maruti Suzuki partners with Cholamandalam Investment & Finance Company Limited (CIFCL) to offer a number of financial solutions for customers looking to purchase new vehicles. As part of their partnership, the two companies have come up with a new 'Buy Now, Pay Later' programme. Read more

Tech

Netflix inactive accounts to get cancelled starting this week

Netflix is one of the most popular OTT players across the globe and is a host to a wide range of movies and TV shows across several genres. Its popularity is justified with over 183 million subscribers all across the globe. If you are an active user or have tried using this service then you must be aware that it needs an active subscription plan to watch any movie or show. In the latest development, Netflix has announced that it will be canceling accounts that have been inactive for a while. Read more

Facebook work from home employees to face salary cuts based on their cost of living

Facebook CEO Mark Zuckerberg has laid out a detailed remote-working plan to make half of his 50,000-strong workforce work from home by 2030, and employees who move to cheaper areas will face pay cuts as salaries are based on the cost of living in each location. In a virtual town hall meeting with his employees, Zuckerberg said that Facebook employees who choose to relocate from the Silicon Valley may see a change in their salaries. Read more

World

China to draft food security plan amid global coronavirus epidemic

China will draft and carry out in 2020 a response plan for ensuring food security amid the global coronavirus pandemic, the country's state planner said on Friday. Beijing will also draw up a new national medium-to-long-term plan in the new year to secure food supplies, China's National Development and Reform Commission (NDRC) said in an annual report to parliament. The move came as the pandemic has roiled agriculture supply chains worldwide, and threatened to trigger a potential food crisis. Read more